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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

          Monday, March 4, 2024, Vol. 27, No. 46

                           Headlines



A U S T R A L I A

AHS TRADING: ASIC Disqualifies NSW Director for Five Years
DALTEX INDUSTRIES: Second Creditors' Meeting Set for March 8
DIGIVIZER PTY: Second Creditors' Meeting Set for March 7
G-STORE PTY: Collapses Into Administration
HULK HEAVY: First Creditors' Meeting Set for March 6

LOKIER GROUP: Second Creditors' Meeting Set for March 7
PEPPER RESIDENTIAL 39: Moody's Assigns B2 Rating to Class F Notes
PROSPERO MARKETS: ASIC Seeks Orders to Wind up Firm
RECYCLE AND RESOURCE: Moody's Affirms B3 CFR, Alters Outlook to Neg
SANTA ROCKET: Second Creditors' Meeting Set for March 7



C H I N A

CHINA EVERGRANDE: Chairman's 2nd Seized HK Mansion Put Up for Sale
EHI CAR SERVICES: Fitch Lowers LongTerm IDR to 'CCC+'
GEMDALE CORP: Keeps Its Streak of Not Defaulting Alive
HUMAN HORIZONS: Urges Workers to Voluntarily Quit


I N D I A

ADANI GREEN: Moody's Rates $409MM Gtd. Senior Secured Notes 'Ba1'
ALPINE PANELS: ICRA Keeps D Debt Ratings in Not Cooperating
ARCHON POWERINFRA: CRISIL Keeps C Debt Ratings in Not Cooperating
BHALKESHWAR SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating

DURLAX TOP: CRISIL Withdraws D Rating on INR9.0cr Term Loan
DURLAX TOP: CRISIL Withdraws D Rating on INR9cr Term Loan
ESGI GARMENTS: CRISIL Moves D Debt Ratings to Not Cooperating
JALDHAKA COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating

JSRM FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
KARNATAKA HOUSING: ICRA Lowers Rating on INR1,000cr Loan to B+
LAXMI NARASIMHAA: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHAKALI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
MANAN APPARELS: Insolvency Resolution Process Case Summary

MARKSMEN DIGI: Insolvency Resolution Process Case Summary
NOBLE MOULDS: ICRA Keeps D Debt Ratings in Not Cooperating
PEEL WORKS: ICRA Keeps D Debt Rating in Not Cooperating Category
RITZY CHEMICALS: Insolvency Resolution Process Case Summary
SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating

SILVERLINE INVESTMENTS: ICRA Keeps D Ratings in Not Cooperating
SION CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
SWASTIK PANELS: CRISIL Keeps D Debt Ratings in Not Cooperating
SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating
T&U SYSTEMS: Insolvency Resolution Process Case Summary

TAPTI AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category
TRUWOODS PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
VENU INDUSTRIES: ICRA Keeps B Debt Rating in Not Cooperating


J A P A N

NISSAN MOTOR: S&P Affirms 'BB+/B' ICRs, Outlook Stable


M A L A Y S I A

PHARMANIAGA BHD: Net Loss Narrows to MYR77.45 Million in 2023


N E W   Z E A L A N D

AFFINITY DIAMONDS: Creditors' Proofs of Debt Due on March 25
GOLDLINE PROPERTIES: Creditors' Proofs of Debt Due on March 28
HIIT CONTRACTORS: Waterstone Insolvency Appointed as Receivers
LOVE ROSIE: Court to Hear Wind-Up Petition on March 19
NEW ZEALAND WORKERS: First Creditors' Meeting Set for March 8



P H I L I P P I N E S

PXP ENERGY: 2023 Net Loss Widens by Nearly 170% to PHP97.4MM


S I N G A P O R E

CAFE OASIS: Court to Hear Wind-Up Petition on March 15
GRAB HOLDINGS: S&P Upgrades Long-Term ICR to 'B+', Outlook Stable
PSD SINGAPORE: Commences Wind-Up Proceedings
RAYSDATA GROUP: Court to Hear Wind-Up Petition on March 22
SSM GENESIS: Court to Hear Wind-Up Petition on March 15

WWL SHIPOWNING: Creditors' Proofs of Debt Due on April 1


T A I W A N

FIH MOBILE: Annual Net Loss Widens to US$120 Million in 2023

                           - - - - -


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

AHS TRADING: ASIC Disqualifies NSW Director for Five Years
----------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
disqualified Alaa El Hassan of Sydney, New South Wales, from
managing corporations for 5 years due to his involvement in the
failure of seven companies that went into liquidation during 2018
and 2019. Mr. Hassan was a director of seven companies which
operated across a variety of industries including the hospitality,
construction, cleaning and electrical industries:

     * AHS Trading Trading Australia Pty Ltd (ACN 153 753 756)
     * Rentile Management Services Pty Ltd (ACN 160 321 433)
     * MZ Superior Cleaning Pty Ltd (ACN 143 106 441)
     * Seacliff Functions Pty Ltd (ACN 145 066 084)
     * Unique Cleaning Australia Pty Ltd (ACN 616 277 975)
     * M.O. Electromaster Group Pty Ltd (ACN 149 213 329), and
     * FF Investments Australia Pty Ltd (ACN 159 748 026).

At the time of ASIC's decision, the seven companies owed a combined
total of AUD3,723,402.16 to unsecured creditors. This included
AUD2,879,671.46 owed to the ATO, AUD547,346 owed to Revenue NSW and
AUD23,246 was owed to former employees, which included AUD21,246 of
unpaid superannuation.

ASIC found that Mr. Hassan acted improperly and failed to meet his
obligations as an officer when he:

     * failed to ensure that the companies (excluding Rentile
       Management Services Pty Ltd) paid their tax debts

     * failed to maintain books and records to allow for accurate
       financial statements to be prepared for AHS Trading Trading

       Pty Ltd and MZ Superior Cleaning Pty Ltd

     * failed to exercise his powers and discharge his duties as a

       director of AHS Trading Trading Pty Ltd by failing to
       participate in the management of the company in
       circumstances where the company sold its only incoming
       producing assets and did not receive any proceeds for the
       sale

     * was a director of the companies in name only and was
       appointed to shield the true directors from the personal
       liability associated with the companies' significant
       statutory liabilities

     * failed to ensure that AHS Trading Trading Pty Ltd, MZ
       Superior Cleaning Pty Ltd and Seacliff Functions Pty Ltd
       complied with their statutory lodgement obligations with
       the ATO, and

     * on Dec. 10, 2019, Mr Hassan was convicted and fined a total

       of AUD800 for breaching section 530A of the Corporations
       Act for failing to deliver all of books and records of
       Rentile Management Services. On June 15, 2021, Mr. Hassan
       was again convicted and fined a total of AUD3,000 for
       breaching section 530A of the Corporations Act for
       continuing to fail to deliver the books and records of
       Rentile Management Services.

In disqualifying Mr. Hassan, ASIC relied on supplementary reports
lodged by liquidators Mr. David Hurst of Mackay Goodwin, and Mr.
Daniel Frisken of O'Brien Palmer.

ASIC assisted Mr. Hurst and Mr. Palmer to prepare their statutory
reports by providing funding from the Assetless Administration
Fund.

Mr. Hassan is disqualified from managing corporations until Feb.
14, 2029.

Mr. Hassan has the right to seek a review of ASIC's decision by the
Administrative Appeals Tribunal.

DALTEX INDUSTRIES: Second Creditors' Meeting Set for March 8
------------------------------------------------------------
A second meeting of creditors in the proceedings of Daltex
Industries Pty Ltd has been set for March 8, 2024 at 10:00 a.m. via
virtual meeting.

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 March 7, 2024 at 4:00 p.m.

Michael Gregory Jones of Jones Partners Insolvency & Restructuring
was appointed as administrators of the company on Feb. 1, 2024.


DIGIVIZER PTY: Second Creditors' Meeting Set for March 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Digivizer Pty
Ltd has been set for March 7, 2024 at 10:00 a.m. at the offices of
Rodgers Reidy at Level 12, 210 Clarence Street in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 6, 2024 at 12:00 p.m.

Andrew James Barnden of Rodgers Reidy was appointed as
administrator of the company on Feb. 1, 2024.


G-STORE PTY: Collapses Into Administration
------------------------------------------
News.com.au reports that all staff have lost their jobs while
suppliers are millions of dollars out of pocket after a solar
energy provider collapsed.

News.com.au can reveal that Victorian electricity and energy
business G-Store Pty Ltd went into administration in February and
the company ceased to trade immediately.

G-Store, headquartered in Melbourne's Malvern East and also with
premises in regional Victoria in Warragul, specialised in
installing custom solar energy and sustainability options into
homes.

It had been in business since 2007 but the company had racked up
large debts amid the economic downturn and also because its sole
director Dion Epstein was battling a cancer diagnosis which caused
the company to slide.

Philip Newman of restructuring firm PCI Partners was appointed as
the administrator of G-Store, news.com.au discloses.

In a statutory report lodged to the corporate regulator and
obtained by news.com.au, Mr. Newman stated that the company had
total liabilities of AUD3.8 million and more than 100 creditors.

"The employment of the majority of the company's employees was
terminated on 7 February, with only a small number of staff
retained to assist with ongoing enquiries," Mr. Newman wrote.

"The remaining staff were terminated by close of business on 13
February."

G-Store owes 139 unsecured creditors AUD2.2 million, while secured
lenders are owed the remainder of the AUD3.8 million debt.

Of that, some customers are also owed money, after paying for solar
energy to be installed into their homes, but with the installation
never eventuating, news.com.au discloses.

"The company did not complete a number of works for which it had
received deposits from customers," the report noted.

"Unfortunately, these customers will now rank as unsecured
creditors for the deposits paid to the company."

Staff are also owed a hefty amount - AUD437,000 - from unpaid
annual leave, long service leave, superannuation and redundancy
payments.

The company hadn't paid superannuation since January 1, racking up
AUD24,000 in super debts to employees.

Of the total amount owed to staff, AUD123,000 is owed to the
director, Mr. Epstein, and his wife.

Complicating matters further is that Mr. Epstein personally
guaranteed a number of loans so he is personally in debt to the
tune of AUD1.182 million.

G-Store started making losses in 2021. In the last full financial
year it made a loss of AUD503,000

"The above indicates that the company may have been technically
insolvent since at least June 30, 2021," Mr. Newman noted in his
report.

However, he pointed out it was more likely the business had access
to finance, most of it from the Epstein family, which meant it only
became insolvent for a "short period of time" before going into
administration last month.

Indeed, the director's wife is owed AUD85,000 for propping up the
company while the Epstein Family Trust provided AUD247,012.75 by
way of funding which it is now owed.

Mr Epstein's father, Robert Einstein, is the director of one of
G-Store's secured creditors, Coltvale Pty Ltd.

Coltvale Pty Ltd has put forward a deed of company arrangement
(DOCA) which is where they offer to buy back G-Store and wipe its
debts at a fraction of the cost.

The DOCA put forward will give creditors 2.2 cents back for every
dollar they are owed, if it is executed.

On March 8, at the next creditor meeting, creditors will decide if
they will accept the DOCA or if they will place the company into
liquidation.

As Mr Epstein personally guaranteed a large chunk of his company's
debts, he could be facing bankruptcy if the DOCA is not accepted.

G-Store had AUD142,000 left in its bank account when Mr Newman took
over.

The stock the business had has been valued at AUD145,000.

On top of that, the company's plant and other office equipment has
an estimated worth of between AUD122,000 and AUD171,000.


HULK HEAVY: First Creditors' Meeting Set for March 6
----------------------------------------------------
A first meeting of the creditors in the proceedings of Hulk Heavy D
Pty Ltd will be held on March 6, 2024 at 1:00 p.m. via
teleconference facilities.

Domenico Alessandro Calabretta and Andrew Quinn of Mackay Goodwin
were appointed as administrators of the company on Feb. 23, 2024.


LOKIER GROUP: Second Creditors' Meeting Set for March 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Lokier Group
Pty Ltd has been set for March 7, 2024 at 3:00 p.m. via Microsoft
meeting.

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 March 6, 2024 at 4:00 p.m.

Gavin Moss of Chifley Advisory was appointed as administrator of
the company on Feb. 14, 2024.


PEPPER RESIDENTIAL 39: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Permanent Custodians Limited as
trustee of Pepper Residential Securities Trust No. 39.

Issuer: Pepper Residential Securities Trust No. 39

AUD150.00M Class A1-s Notes, Assigned Aaa (sf)

AUD412.50M Class A1-a Notes, Assigned Aaa (sf)

AUD97.50M Class A2 Notes, Assigned Aaa (sf)

AUD50.25M Class B Notes, Assigned Aa2 (sf)

AUD5.25M Class C Notes, Assigned A2 (sf)

AUD12.75M Class D Notes, Assigned Baa2 (sf)

AUD6.75M Class E Notes, Assigned Ba2 (sf)

AUD9.75M Class F Notes, Assigned B2 (sf)

The AUD5.25 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of residential mortgage loans
originated by Pepper Homeloans Pty Limited (Pepper Homeloans,
unrated) and serviced by Pepper Money Limited (Pepper, unrated).
Pepper is an Australian non-bank lender specialising in
non-conforming and prime residential lending. It also has
operations in New Zealand. As of June 30, 2023, Pepper's mortgage
portfolio totalled AUD12.4 billion, including residential mortgages
in Australia and New Zealand, and commercial real estate mortgages
in Australia.

RATINGS RATIONALE

The ratings take into account, among other factors:

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

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

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

-- The liquidity facility in the amount of 1.5% of the notes
balance with a floor of AUD1,125,000;

-- The experience of Pepper as the servicer; and

-- The back-up servicer available in this transaction (BNY Trust
Company of Australia Ltd).

According to Moody's, the transaction benefits from credit
strengths, such as relatively high subordination to the Class A1-s
and Class A1-a Notes, and turbo repayment of the junior notes,
starting from the Class F Notes. However, Moody's notes that the
transaction also features some credit weaknesses such as material
portion of loans in the portfolio extended to borrowers with prior
credit impairment (18.8%), loans granted to self-employed borrowers
(51.0%) and loans underwritten on an alternative documentation
basis (39.6%).

Moody's Individual Loan Analysis (MILAN) stressed loss for the
collateral pool — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 7.4%. Moody's median expected loss for this transaction is 1.3%,
which represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

-- Principal collections will be first used to repay the Class
A1-s Notes in full, and then Class A1-a and Class A2 Notes on a
pari passu basis.  Starting from the second anniversary from
closing, and provided subordination to the Class A2 notes has at
least doubled since closing, all notes may participate in
proportional  allocation of principal. While any of the other notes
are outstanding, the Class G Notes' share of principal will be
allocated in reverse sequential order starting from the Class F
Notes. If step-down criteria are breached, principal allocation
will revert to sequential, although Class A1-a and A2 will continue
to receive principal collections on a pari-passu basis until the
call date. The step-down criteria include, among others, no
charge-offs that remain unreimbursed on any of the notes and no
outstanding principal draw.

-- Class A2 and Class A1-a Notes rank pari passu in relation to
principal payments, based on their stated amounts, before the call
option date, although Class A2 are subordinate to the Class A1-s
and Class A1-a Notes in relation to charge-offs. This feature
reduces the absolute amount of credit enhancement available to the
Class A1-a Notes.

-- In accordance with the retention amount mechanism, on each
payment date until the call option date, excess spread of up to
0.20% per annum of the outstanding principal balance of the
portfolio will be used to repay junior notes, starting from the
Class F notes. The subordination to the senior notes will be
preserved by maintaining a ledger equivalent to the excess spread
used towards the retention amount.

-- A yield enhancement reserve account will be funded by trapping
excess spread at a rate of 0.3% per annum of the outstanding
principal balance of the portfolio, subject to a maximum balance of
AUD1.5 million. While the Class A and Class B Notes are
outstanding, the reserve is available to meet the required
payments. Once Class B Notes are repaid in full, the yield
enhancement reserve will be used to pay the junior notes, starting
from the Class F notes.

The key portfolio characteristics are as follows:

-- The portfolio has a weighted average scheduled loan-to-value
(LTV) ratio of 68.4%, and a relatively high proportion of loans
(21.7%) with scheduled LTV above 80%.

-- Based on Moody's calculations, the portfolio has a
weighted-average seasoning of 18.5 months.

-- Investment loans represent 33.9% of the portfolio.

-- Loans with an interest only term of up to 5 years represent
16.8% of the portfolio.

Methodology Underlying the Rating Action:

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

This methodology relates to Australian transactions.

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

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

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

PROSPERO MARKETS: ASIC Seeks Orders to Wind up Firm
---------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
applied to the Federal Court to wind up retail OTC derivative
issuer Prospero Markets Pty Ltd on just and equitable grounds.

ASIC commenced its investigation into Prospero following the
Australian Federal Police's Operation Avarus-Nightwolf which
resulted in former officers and responsible managers of Prospero
being charged with money-laundering offences in October 2023
relating to the Changjiang Currency Exchange money remitting
chain.

ASIC holds a broad range of concerns regarding the management of
Prospero's business, including in relation to compliance with its
Australian Financial Services (AFS) Licence conditions and
obligations as an OTC derivatives issuer under the Corporations
Act.

Prospero's AFS Licence was suspended in December 2023, after
Prospero failed to lodge its 2023 audited financial accounts.

ASIC understands that Prospero holds substantial client funds and
is concerned to see these returned to clients as a priority. ASIC
considers that the best way to secure the efficient return of funds
to clients is the appointment of liquidators.

ASIC has applied for the Court to appoint Andrew Cummins, Jonathon
Keenan and Peter Krejci, of BRI Ferrier, as joint and several
liquidators of Prospero.

The matter is listed for a hearing in the Federal Court on March
20, 2024.

Prospero holds AFS Licence, number 423034, which authorised it to
provide the following services to retail and wholesale clients:

     * issue and make a market in derivatives and foreign exchange

       contracts,

     * deal in derivatives and foreign exchange contracts on
       behalf of clients, and

     * provide financial product advice in relation to derivatives

       and foreign exchange contracts.

ASIC has received enquiries from clients who are concerned about
return of their funds. If liquidators are appointed, ASIC will be
seeking to make available to them the information obtained by ASIC
during the course of its investigation, including in relation to
funds held in client money accounts, to facilitate to the extent
possible the expeditious return of client funds.


RECYCLE AND RESOURCE: Moody's Affirms B3 CFR, Alters Outlook to Neg
-------------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating of Recycle and Resource Operations Pty Limited ("Bingo") and
changed the outlook to negative from stable. At the same time,
Moody's has affirmed the B3 senior secured ratings on the company's
first lien term loan and revolving credit facility.

RATINGS RATIONALE

Bingo's outlook change to negative reflects Moody's view that
weaker than expected earnings growth coupled with elevated capital
expenditures, high interest expense and the penalty payments will
continue to reduce liquidity buffers beyond Moody's initial
expectations, absent any additional measures to rebuild or protect
cash buffers.

Bingo's outlook change to negative also reflects its higher than
expected leverage and Moody's view that the increase in its
earnings, which has shown some traction in the first quarter of the
fiscal year ending June 2024 (fiscal 2024), will be challenged
going forward by limited growth in construction waste volumes and
overall construction activity in Bingo's key markets. Nevertheless,
Moody's does anticipate some growth in Bingo's earnings and cash
generation over the next 12 to 18 months resulting from a better
performance of MPC2, higher pricing levels and the recent opening
of Patons Lane landfill. However, the agency still expects that
deleveraging will take longer than it initially forecasted and, in
part, depend on Bingo's capacity to capture market share and
achieve further operational efficiencies.

The affirmation reflects Moody's expectation that Bingo's earnings
and cash flows will continue to improve as evidenced in the first
quarter of fiscal 2024, although at a slower pace than originally
anticipated. The rating agency expects earnings growth to reduce
leverage – as measured by Moody's adjusted gross debt to EBITDA,
including lease liabilities - to around 7.0x-7.5x over the next 12
to 18 months from 9.4x in fiscal 2023.

As of September 30, 2023, Bingo held a cash balance of AUD74
million and had undrawn revolver availability of AUD75 million.
Moody's considers Bingo's liquidity to be adequate over the next 12
months. However, high capital spending will continue to drive
negative free cash flow and limit the build-up of cash reserves. In
regards to the regulatory penalties, Moody's has considered Bingo
will pay around AUD50 million over the next 12 months, which
includes the recently announced ACCC penalty of AUD30 million and
the agency's estimates of potential EPA fines.

Absent any additional measures to protect its liquidity profile,
the rating agency anticipates Bingo will have to draw on its
revolver for liquidity in fiscal 2025, leaving the company with
limited liquidity headroom, with Moody's forecasting around
AUD50-60 million of total liquidity by June 2026.

Bingo also faces a sizable cash payment of around AUD103 million
relating to the further acquisition of land at Eastern Creek over
the short term. However, Moody's expects this to be fully funded
with the sale of a non-core portion of the land to be acquired.
Further negative rating pressure could emerge if the company is
unable to execute its funding strategy on Eastern Creek land
option, or arrange additional liquidity availability, well in
advance of the due date for this payment in December 2024.

Bingo has no major upcoming debt maturities until July 2026, when
its currently undrawn committed revolver facility matures. The
revolver has a springing first lien net leverage covenant that
would require Bingo to maintain net leverage below 6.75x, tested
quarterly, if more than 40% of the revolver is drawn. Moody's
expects Bingo to maintain cushion under this covenant for the next
12 to 18 months.

Bingo's B3 rating continues to reflect its strong market position
as the leading vertically integrated player in B&D waste, in the
Australian state of New South Wales. The company owns a network of
well-located post-collection waste facilities that is difficult to
replicate, supporting its earnings generation and providing
considerable barriers to entry. Bingo has historically generated
solid margins due to its vertical integration and advanced
recycling capabilities, which help raise margins through diversion
of waste from landfill, thereby avoiding substantial landfill
levies imposed by the government.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Environmental, social and governance (ESG) considerations have a
negative impact on Bingo's credit ratings (CIS-4) reflecting
exposure to environmental and governance risks. Bingo's exposure to
environmental considerations reflect physical climate risk, given
abnormally wet weather can negatively impact earnings as
highlighted in recent periods. Environmental considerations also
include stringent regulations and monitoring of waste management
activities, where no material issues have been disclosed recently
but there have been breaches in the past which may result in future
penalties. Bingo's governance risks reflect its concentrated
private equity ownership, which can result in prioritization of
shareholder interests over creditor interests, such as more
aggressive growth plans and strategies, including a tolerance for
higher debt and leverage.

OUTLOOK

The negative outlook reflects Moody's expectation that Bingo's
liquidity will deteriorate further over the next 12 to 18 months
absent of any actions to rebuild cash buffers or protect liquidity.
The negative outlook also reflects Bingo's high financial leverage
and Moody's expectations that earnings growth and deleveraging will
be weaker than previously expected reflecting an overall softness
in construction waste volumes and the overall construction market
growth.

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

An upgrade of the ratings is unlikely in the near term. However,
Moody's could stabilize the outlook if Bingo takes action to
improve or maintain adequate liquidity. At the same time, a
stabilization of the outlook would require Bingo consistently
reducing leverage below 7.5x and interest coverage – as measured
by EBITDA to interest expense – approaching 2.0x.

Longer term, Moody's could upgrade the ratings if: (1) Bingo's
total available liquidity improves from current levels and
demonstrates the ability to sustainably generate positive free cash
flow; and (2) Moody's adjusted debt/EBITDA declines below 6.5x, all
on a sustained basis.

Moody's could downgrade the ratings if: (1) Bingo's liquidity
continues to deteriorate or is likely to become inadequate; (2)
Moody's adjusted debt/EBITDA remains above 7.5x, and/or; (3)
Moody's adjusted EBITDA/Interest expense remains below 1.25x, all
on a sustained basis.

The principal methodology used in these ratings was Environmental
Services and Waste Management published in May 2023.

Recycle and Resource Operations Pty Limited ("Bingo") is an
Australian recycling and waste management company that provides
end-to-end solutions across the resource management supply chain
including collection, processing and recovery, disposal and waste
equipment manufacturing. Bingo primarily operates in the New South
Wales (NSW) building & demolition (B&D) waste market, which
accounts for the majority of its earnings. The company also
operates in the states of Victoria and Queensland and in commercial
& industrial (C&I) waste. In 2021, Bingo was acquired by Macquarie
Infrastructure and Real Assets and its managed funds for an
enterprise value of AUD2.6 billion.

SANTA ROCKET: Second Creditors' Meeting Set for March 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Santa Rocket
Pty Ltd has been set for March 7, 2024 at 11:00 a.m. virtually by
video conference or telephone.

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 March 6, 2024 at 4:00 p.m.

Shaun Matthews and Daniel P Juratowitch of Cor Cordis were
appointed as administrators of the company on Feb. 1, 2024.




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

CHINA EVERGRANDE: Chairman's 2nd Seized HK Mansion Put Up for Sale
------------------------------------------------------------------
Reuters reports that a second mansion in Hong Kong that once
belonged to China Evergrande Group's chairman has been put up for
sale by its receivers, according to property agent Savills.

Evergrande, the world's most indebted property developer which
defaulted its offshore debt in late 2021, was liquidated by a Hong
Kong court in January. The personal assets of chairman Hui Ka Yan
are not expected to be included in the liquidation process.

Hui owned three mansions in the same residential development on the
Peak in Hong Kong. One was put on the market by receivers a year
ago, another was seized by Hui's creditor late last year, local
media outlet HK01 reported in November.

Savills said in a statement that the tender for the latest mansion,
valued at HK$500 million ($63.9 million) according to HK01, will
close on April 22.

The mansion, with sweeping views of the city's skyscrapers, is a
three-storey single-family house equipped with a private garden and
an internal elevator, with 4,933 square feet of saleable area.

It was pledged to Orix Asia Capital Ltd in November 2021 for
undisclosed amounts, according to the Land Registry.

Other assets of Evergrande in Hong Kong have all been seized or
sold, after the world's most indebted property developer defaulted
on its debt in late 2021.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

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


EHI CAR SERVICES: Fitch Lowers LongTerm IDR to 'CCC+'
-----------------------------------------------------
Fitch Ratings has downgraded eHi Car Services Limited's Long-Term
Issuer Default Rating to 'CCC+', from 'B-'. Fitch has also
downgraded eHi's senior unsecured rating to 'CCC+', from 'B-', with
a Recovery Rating of 'RR4'. All ratings have been removed from
Rating Watch Negative (RWN).

The downgrade is driven by a lack of evidence of refinancing
progress for eHi's US dollar bond due in November 2024 since
Fitch's last rating action in December 2023. The rating reflects
the potential for limited refinancing options as the bond maturity
nears. Its relatively large maturing debt combined with the low
liquidity headroom requires a combination of funding sources for
repayment or refinancing, including vehicle disposals.

Fitch believes eHi's operating cash flow can be sustained under the
current favourable operating conditions, but its capital structure
and liquidity buffer have deteriorated due to its sustained high
capex and fleet expansion. Further weakening in liquidity as well
as uncertainty over its ability to repay the US dollar bond could
lead to negative rating action.

KEY RATING DRIVERS

Lack of Progress in Refinancing: Fitch has not observed significant
progress in eHi's plan to refinance or repay its 2024 US dollar
bond, which indicates heightened uncertainty around available
funding channels. Moreover, Fitch expects available funding
channels to narrow and/or refinancing terms to become less
favourable as the bond maturity nears.

The outstanding amount of USD381.5 million as of 29 November 2023
is substantial relative to its liquidity and cash flow generation.
The large amount means eHi is likely to turn to a combination of
funding sources, including disposing of old vehicles and
discussions with onshore and offshore banks on potential syndicated
loan financing.

Reliance on Vehicle Disposal: Fitch expects eHi to work on
maintaining a large fleet size to meet rising travel demand during
Chinese New Year. The company plans to use vehicle disposals as one
of its funding channels to repay capital-market debt in 2024, then
partly transition to utilising operating leases to rent, rather
than purchase, cars to maintain its fleet size. The transition will
allow eHi to capture market growth while utilising less capital.
Fitch views this as an option for eHi to continue its business
while replenishing liquidity that can partially contribute towards
the bond repayment.

However, Fitch expects eHi to face challenges related to the amount
raised and timing of proceeds from vehicle sales. Risks from
prolonged receivables have eased, but the discount rate of used-car
sales and collection of proceeds in China may still be affected by
volatile automotive market conditions and the financial situation
of dealers. In addition, eHi will need to spread out disposals, as
the market cannot absorb a significant number of used vehicles
within a short time.

Limited Deleveraging Capacity: Fitch views eHi's room to deleverage
as limited based on its current capital structure. The capital
structure has become increasingly reliant on debt, particularly
non-bank debt funding. Net losses from the prolonged pandemic
lockdowns in the last several years have eroded the company's
equity base. Its operating cash flow may be sufficient to cover
cash repayments for borrowings from banks and leasing companies,
but will not be adequate to deleverage meaningfully or to rebuild a
significant equity buffer.

Thin Liquidity Buffer: Fitch believes eHi can take operational
measures to increase liquidity, such as vehicle disposals, but the
impact will be limited relative to the size of its maturing debt.
The company's readily available cash fell to CNY406 million by
end-September 2023, from CNY611 million at end-2022, as it expanded
its fleet to meet strong travel demand. In addition, maintenance of
the fleet size requires a minimum fixed capex and limits free cash
flow generation.

DERIVATION SUMMARY

eHi's ratings are supported by its leading market position as
China's second-largest car rental company. However, it has a
smaller operating scale and weaker financial profile than other
Fitch-rated car rental operators, such as Localiza Rent a Car S.A.
(BB+/Stable), the leading rental car operator in Brazil. eHi also
has a smaller operating scale and higher capex requirements, but
has more favourable operations and profitability, than China Grand
Automotive Services Group Co., Ltd. (CCC-), one of the largest auto
dealers in China.

KEY ASSUMPTIONS

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

- Revenue to rebound in 2023 and stabilise over 2024-2026 (2022:
-12.7%)

- EBITDA margin to improve in 2023 and moderate from 2024 (2022:
29.9%)

- Net capex to resume in 2023 and moderate from 2024 as the company
starts to use operating leases (2022: net capex of CNY185 million)

Recovery Rating Assumptions:

- Fitch applies the going-concern value as it is higher than the
liquidation value

- A 25% discount to EBITDA in 2024

- 5x EBITDA multiple to going-concern EBITDA

- 10% administrative claim

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR4' Recovery Rating for senior
unsecured debt.

RATING SENSITIVITIES

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

- Lack of progress in addressing the November 2024 US dollar bond
maturity;

- Further deterioration in liquidity due to weakened free cash flow
generation

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

- Fitch does not expect positive rating action until eHi addresses
its November 2024 US dollar bond maturity

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: eHi had readily available cash of CNY364 million
at end-June 2023, against short-term debt of CNY2.5 billion (or
CNY2.9 billion if payables for purchases of accounts-payable model
cars are included). The company has repurchased a portion of the US
dollar senior notes due in November 2024, and the outstanding
amount is USD381.5 million as of 29 November 2023.

ISSUER PROFILE

eHi is a leading car-rental and chauffeur operator in China. It had
a total fleet of more than 90,000 vehicles and covered more than
500 cities in China by end-September 2023. The company was listed
on the New York Stock Exchange before it was privatised in April
2019.

SUMMARY OF FINANCIAL ADJUSTMENTS

Payables for vehicles purchased are included as debt in Fitch's
leverage calculations, as these are interest-bearing in nature.

Capex is calculated as gross capex for car purchases net of
proceeds from used-car sales.

ESG CONSIDERATIONS

eHi has an ESG Relevance Score of '4' for Financial Transparency
due to its status as a private company with less stringent timing
requirements for financial disclosures, compared with publicly
listed companies. This has a negative impact on the credit profile,
and is relevant to the rating in conjunction with other factors.

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           Recovery   Prior
   -----------             ------           --------   -----
eHi Car Services
Limited              LT IDR CCC+  Downgrade            B-

   senior
   unsecured         LT     CCC+  Downgrade   RR4      B-

GEMDALE CORP: Keeps Its Streak of Not Defaulting Alive
------------------------------------------------------
Caixin Global reports that Gemdale Corp. has managed to avoid
defaulting on a major onshore bond, Caixin learned, but remains
deep in debt as it ramps up efforts to offload assets and secure
new sources of credit.

Gemdale has transferred funds to an escrow account to cover
repayments on a CNY2 billion ($278 million) bond, people familiar
with the matter told Caixin, after investors exercised an option to
get their money back two years earlier than the maturity date of
March 2026.

                         About Gemdale Corp

Gemdale Corp -- https://www.gemdale.com/ -- is a China-based
company principally engaged in the development and sales of real
estate. The Company's main businesses include residential real
estate development, commercial real estate and industrial real
estate development and operation, real estate finance, property
leasing and property management services. The Company mainly
conducts its businesses in the domestic market.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Moody's Investors Service has downgraded the
corporate family rating of Gemdale Corporation to Caa1 from B3 and
the CFR of Famous Commercial Limited, Gemdale's wholly-owned
subsidiary, to Caa2 from Caa1.

Moody's has also downgraded the backed senior unsecured rating on
the bonds to Caa2 from Caa1 and the backed senior unsecured rating
to (P)Caa2 from (P)Caa1 on the medium-term note (MTN) program. The
bonds and the MTN program are issued by Gemdale Ever Prosperity
Investment Limited (Gemdale Ever Prosperity) and guaranteed by
Famous. Gemdale Ever Prosperity's offshore bonds and MTN programs
are supported by Gemdale through keepwell deeds and deeds of equity
interest purchase undertaking.

At the same time, Moody's has maintained the negative rating
outlooks for all the entities.

HUMAN HORIZONS: Urges Workers to Voluntarily Quit
-------------------------------------------------
Yicai Global reports that Human Horizons, the struggling Chinese
maker of HiPhi-branded premium electric vehicles, is encouraging
employees to leave voluntarily with financial incentives.

According to Yicai, employees who decide to go will be paid an
equivalent of one month's salary for each past year of service, the
Shanghai-based producer of new energy vehicles announced on Feb.
29. Workers can join the program by tomorrow evening [March 1] and
all transfers are scheduled by September.

Founded in 2017, Human Horizons unveiled its first model HiPhi X in
2020. Launches of two other models, HiPhi Z and Y, followed until
the startup was overshadowed by rivals in China's crowded NEV
market.

On Feb. 18, Human Horizons announced that it would suspend
production for at least six months due to its distressed capital
chain. On Feb. 22, founder Ding Lei said that the startup has three
months to save itself and that many companies have shown interest
in acquiring or investing in it, Yicai relates.

A media report claimed on Feb. 28 that state-backed Changan
Automobile intends to buy a 51 percent stake in Human Horizons. Zhu
Huarong, chairman of the Chongqing-based auto giant, confirmed to
Yicai that negotiations are ongoing but the firms are not yet close
to a deal.

Yicai says Human Horizons added that the voluntary severance will
be based on the average pay of the past 12 months before quitting.
The sum cannot be more than three times the average per capita
salary in the area. Besides this, the automaker will pay another
compensation of one month of pay to everyone who quits due to late
notice.

The scheme takes recently hired workers into account as six months
of service is rounded up to one year and those who worked for less
than six months for the NEV firm will receive additional pay of two
weeks, Yicai adds.

Headquartered in Shanghai, China, Human Horizons Technology --
https://www.human-horizons.com/ -- makes electric cars under the
HiPhi brand and develops autonomous driving technology. It operates
its production and assembly smart plant in Yancheng, Jiangsu
Province, and its parts boutique prototype factory in Jinqiao,
Shanghai.




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

ADANI GREEN: Moody's Rates $409MM Gtd. Senior Secured Notes 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the 18-year
USD409 million guaranteed senior secured notes to be issued by the
Adani Green Energy Restricted Group-1 (RG-1).

RG-1 is Adani Green Energy Limited's (AGEL) restricted group and
comprises three 50%-owned indirect subsidiaries: (1) Parampujya
Solar Energy Private Limited, (2) Prayatna Developers Private
Limited, and (3) Adani Green Energy (UP) Limited. All three
restricted group entities are 100%-owned subsidiaries of Adani
Green Energy Twenty-Three Limited (AGE23L), which is a 50/50 joint
venture between AGEL and Total Gas & Power Business Services SAS
(Total Group).

The proceeds from the notes (USD409 million) will be used to
refinance the existing USD500 million senior notes issued by RG-1,
which will come due in December 2024. RG-1 intends to repay the
remaining USD91 million through the group entities' accumulated
cash and reserves.

The notes are (1) issued in part by each of the three subsidiaries,
and (2) stapled together to form a restricted group. The cash flow
waterfall, creation of reserves, default and acceleration
conditions will be based on the group and will have no trigger at
the restricted subsidiary level.

All three restricted subsidiaries cross guarantee the senior notes,
and noteholders will benefit from a security package that includes
assets, a pledge of the restricted subsidiaries' shares and an
assignment of key project documents. Each lender to a restricted
subsidiary will have a pari passu first-ranking charge on all of
AGE23L's holdings in all three subsidiaries.

The rating outlook is stable for all three entities.

RATINGS RATIONALE

"The Ba1 rating on the USD notes reflects the credit quality of
RG-1, which in turn is supported by its predictable revenues from a
diversified set of projects in India, operating under long-term
power purchase agreements with fixed tariffs," says Abhishek Tyagi,
a Moody's Vice President and Senior Credit Officer.

RG-1's underlying credit quality also reflects (1) the uneven past
performance of the restricted subsidiaries' projects; (2) its
moderate financial leverage; (3) its exposure to financially weak
counterparties with a history of payment delays for around 40%-45%
of its revenues, and (4) its residual exposure to INR/USD currency
fluctuations.

"The rating benefits from the group's fully amortizing fixed cost
debt structure, which further enhances its cash flow visibility,"
adds Tyagi.

Moreover, the terms of the notes restrict RG-1 from making
distribution payments if its EBITDA derived from sovereign-backed
entities falls below 55%. The notes' covenants also require that
cash flow from sovereign-backed entities be sufficient to service
all interest and 75% of the principal amount of senior debt.

Moody's expects RG-1 will have moderate financial leverage, with
its debt service coverage ratio (DSCR) to average 1.35x-1.40x over
the term of the proposed bonds under the agency's base case, which
would support the rating and provide the group some flexibility to
manage residual exposure to currency movements.

The terms of the USD notes include restrictions on RG-1's payments
to the parent and other group entities, debt incurrence and a
forward-looking cash sweep mechanism, which will enhance the
resilience of RG-1's financial metrics in a downside scenario.

To mitigate the currency risk stemming from the absence of US
dollar revenue, which is needed to service the US dollar notes,
RG-1 plans to have rolling three to five year currency swaps
covering the coupons and the entire principal amount outstanding at
financial closing. According to the bond documents, RG-1 is
contractually obligated to retain any gains realized at each swap
rollover in a dedicated reserve account, to offset any
corresponding increases in its INR-denominated debt-servicing
obligations caused by a decline in the Indian rupee.

In terms of environmental, social and governance (ESG) factors,
RG-1 benefits from positive macroeconomic and sectoral trends in
renewable energy and has low exposure to carbon transition risk.
The group's renewable energy business is aligned with India's
target to reduce its carbon footprint to meet nationally determined
contributions.

The Ba1 rating on the notes also factors in moderate governance
risk arising from the concentrated shareholding of AGE23L. However,
its experienced management team, which has demonstrated its strong
commitment and ability to manage solar projects, tempers this
risk.

The USD notes will be secured by a first-priority pledge of the
restricted subsidiaries' shares, the moveable and immovable assets
of the restricted subsidiaries and the assignment of key project
documents. The proposed notes will be cross guaranteed by each of
the restricted subsidiaries.

The stable rating outlook reflects Moody's expectation that RG-1's
financial metrics will remain within the tolerance level set for
the Ba1 rating over the next 12-18 months, supported by its
long-term power purchase agreements and high EBITDA margin
operation.

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

An upgrade of the rating is unlikely because of the limited
opportunities available to RG-1 to significantly increase its
revenue, both organically and on a sustained basis.

Moody's could downgrade the bond ratings if the sovereign rating is
downgraded, RG-1's DSCR deteriorates toward 1.20x-1.30x on a
sustained basis, and/or the credit profile of the restricted
group's off-takers deteriorate.

The principal methodology used in these ratings was Power
Generation Projects published in June 2023.

Adani Green Energy Restricted Group-1 comprises three of Adani
Green Energy Limited's (AGEL) operating subsidiaries. The
restricted subsidiaries operate solar power plants with a total
capacity of 930 megawatts (MW) as of the end of January 2024.

AGEL is one of India's largest independent renewable power
producers by operational generation capacity. As of September 2023,
AGEL had 8.4 GW of operational renewable energy capacity. AGEL is
also developing 12 GW of new projects that it plans to commission
over the next two to three years.

ALPINE PANELS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Alpine Panels
Pvt. Ltd in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         0.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'

   Long-term/         3.25      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

Alpine Panels Private Limited (APPL) was incorporated in 2005 and
is engaged in the manufacturing of veneer and cutting and
processing of timber (sawn timber and wooden plates). These are
primarily used as the raw material in the manufacturing of plywood.
The manufacturing unit is located in Visakahapatnam with an
installed capacity of 24,000 Cubic meters per annum.


ARCHON POWERINFRA: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Archon
Powerinfra India Private Limited (APIPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         4.5        CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            1.5        CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Bank          4.5        CRISIL C (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash          1.5        CRISIL C (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with APIPL 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 APIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APIPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Incorporated in 2010, APIPL constructs buildings for various state
government departments. Operations are managed by Mr Kapil Sharma.


BHALKESHWAR SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of
Bhalkeshwar Sugars Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D ; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        24.50       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–       175.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with Bhalkeshwar Sugars Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance. But,
Despite multiple requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Bhalkeshwar Sugars Limited (BSL) was incorporated in 2000 and is
operating an integrated sugar plant in Bhalki in Bidar district of
North Karnataka. The first phase of the sugar plant started
commercial operations since February 2014, with a capacity of 2500
TCD and cogeneration capacity of 14 MW. As part of second phase,
the company has expanded the sugar capacity to 4000 TCD in October
2017 and set up a distillery capacity of 60 KLPD, which
commissioned in October 2018. The company has recently increased
the distillery capacity to 120 KLPD which will be available from
October 2021.


COZY TOUCH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cozy Touch
Poly Foams India Private Limited (CPPL) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.5         CRISIL C (Issuer Not
                                     Cooperating)

   Letter of Credit      3.0         CRISIL A4 (Issuer Not
                                     Cooperating)

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


   Term Loan             0.47        CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CPPL 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 CPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Incorporated in 2007 and promoted by Mr Inderjit Khurana, CPPL
manufactures foam, bonded, and spring mattresses. Operations began
from 2010 and current capacity utilisation is about 50%. Products
are sold under the Coir Foam brand.


DURLAX TOP: CRISIL Withdraws D Rating on INR9.0cr Term Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Durlax Top Surface Limited (DTSL; Formerly known as Durlax India
Private Limited) 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            5          CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit            5          CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Letter of Credit       3.3        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan              9.0        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

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

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

Detailed Rationale

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

Based in Mumbai, DTSL sells solid surface sheets and adhesives
under the Luxor and Aspiron brands. The company has a manufacturing
plant in Valsad, which commenced operations in December 2017. It is
managed by the Suthar family with Mr Shravan Suthar as Chairman.

Status of noncooperation with previous CRA

DTSL has not cooperated with INFOMERICS Valuation and Rating
Private Limited (Infomerics) which has classified it as
non-cooperative vide release dated 23-Feb-2023. The reason provided
by Infomerics is non-furnishing of information for monitoring of
ratings.


DURLAX TOP: CRISIL Withdraws D Rating on INR9cr Term Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Durlax Top Surface Limited (DTSL; Formerly known as Durlax India
Private Limited) 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            5          CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit            5          CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Letter of Credit       3.3        CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

   Term Loan              9          CRISIL D/Issuer Not
                                     Cooperating (Withdrawn)

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

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

Detailed Rationale

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

Based in Mumbai, DTSL sells solid surface sheets and adhesives
under the Luxor and Aspiron brands. The company has a manufacturing
plant in Valsad, which commenced operations in December 2017. It is
managed by the Suthar family with Mr Shravan Suthar as Chairman.


ESGI GARMENTS: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of ESGI
Garments Private Limited (EGPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.7        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Foreign Bill          8          CRISIL D (ISSUER NOT
   Purchase                         COOPERATING; Rating Migrated)

   Packing Credit        8          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    0.6        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Working Capital       3          CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with EGPL for
obtaining information through letter and email dated January 10,
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 EGPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EGPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of EGPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up as a partnership entity, ESGI Leather Exports, the firm got
reconstituted into a private-limited company with the current name
in 2012. This Chennai-based company manufactures leather apparel
such as jackets, skirts, shorts, and trousers, and predominantly
exports to the US and Europe.


JALDHAKA COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jaldhaka Cold
Storage Private Limited (JCSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.3        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1.25       CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest        1.3        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Long Term Loan         0.07       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3.58       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        7.5        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Incorporated in 1997, JCSPL provides cold storage facilities to
potato farmers and traders. It also trades in potatoes. Its current
owners-directors, Mr Gobinda Das Pal and Mr Pradyut Kumar Pal,
purchased JCSPL on January 1, 2010. The cold storage at Jalpaiguri
has a capacity of 21,900 tonne.


JOHNS GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Johns Gold &
Diamonds (JGD) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in the 2015, JGD is a partnership firm between Mr. Sijo John
and Mr. Jesmy Sijo, Which is engaged in jewellery manufacturing and
retailing. The firm started operation from July 2016.


JSRM FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J. S. R. M.
Foods (JSRMF) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.92       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              1.08       CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 2012 and based in Gondia (Maharashtra), JSRMF is a
proprietorship firm of Mr Abhinav Agrawal. It processes paddy into
rice, rice bran, and broken rice. It has installed paddy milling
capacity of 160 tonne per day (tpd).


KARNATAKA HOUSING: ICRA Lowers Rating on INR1,000cr Loan to B+
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of The
Karnataka Housing Board (KHB), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-        1,000.00      [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable)and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

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

As part of its process and in accordance with its rating agreement
with Karnataka Housing Board, ICRA has been trying to seek
information from the entity to monitor its performance.

Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of the requisite information and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.

The Karnataka Housing Board (KHB) was established under the
Karnataka Housing Board Act, 1962 as a successor to the Mysore
Housing Board, which was constituted in 1956. The primary objective
of the KHB is to provide housing to various sections of people in
Karnataka at an affordable price, with special emphasis on the
economically weaker sections and the low-income group. The entity
is administered by the Housing Department of the GoK and it is the
nodal agency for delivering housing in the state. The KHB is
governed by a Board of Directors (BoD), headed by a Chairman
(appointed by the GoK). Other members of the BoD are also appointed
by the GoK (mainly representatives of various stakeholder
departments). The Housing Commissioner, who is also a member of the
BoD, is the executive officer and is responsible for regular
operations of the board. The Housing Commissioner is supported by
the heads of various functions. The KHB's headquarter is in
Bengaluru and there are coordinating/project offices across the
state. At present, the KHB has about 600 employees across its
offices, out of which 150 are contractual.


LAXMI NARASIMHAA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Laxmi
Narasimhaa Spinning Mill Private Limited (SLN) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan         7          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        3          CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Set up in 2007 and based in Tiruppur, Tamil Nadu, SLN manufactures
cotton yarn.


MAHAKALI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahakali
Foods Private Limited (MFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit          24.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Credit Limit          3           CRISIL D (Issuer Not
   Under Gold Card                   Cooperating)

   Letter of Credit      1.75        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             3.62        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             3.6         CRISIL D (Issuer Not
                                     Cooperating)

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

MFPL was set up in 1990, by the Saha family of Indore, Madhya
Pradesh. The company manufactures soya products, including
unrefined soya oil, edible and non-edible DOC, and value-added soya
products such as soya nuggets and granules, full fat grit, and soya
flour.


MANAN APPARELS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Manan Apparels Limited
AJ-121-124, Shree Raj Laxmi Commercial Complex,
        1st Floor, Kalher, Bhiwandi, Thane, Maharashtra - 421 302

Insolvency Commencement Date: January 30, 2024

Estimated date of closure of
insolvency resolution process: July 27, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ms. Rekha Kantilal Shah
       201, Leela Apartment,
              JK Paradise & Rajanand Complex,
              Off Eksar Road, Near MCF Joggers Park,
              Borivali (West), Mumbai - 400 092
              Email: iprekhashah@gmail.com
              Email: mananapparel.cirp@gmail.com

Last date for
submission of claims: February 13, 2024



MARKSMEN DIGI: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Marksmen Digi Technologies Private Limited
No. T2, IV Floor, Sait Manor Apartment,
        1st Cross, BM Krishnappa Layout, Shampur, R T Nagar,
        Bangalore, Bengaluru, Karnataka, India, 560032

Insolvency Commencement Date: January 10, 2024

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

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Shivadutt Bannanje
       2nd Floor, No. 12, Vanivillas Road,
              Near Lal Bag Metro Station West Gate,
              VV, Puram -560004
              Email: ip.shivaduttb@gmail.com
              Email: marksmenundercirp@gmail.com

Last date for
submission of claims: January 24, 2024



NOBLE MOULDS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
facilities of Noble Moulds Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         7.90      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term–        17.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 1992, NMPL is engaged in manufacturing of plastic
mouldings for use in manufacturing of washing machines, air coolers
and LED televisions. Along with manufacturing of plastic mouldings,
the company is also engaged in assembling of air coolers with its
manufacturing unit located in Noida, Uttar Pradesh. The company has
35 machines which presently operate 10-12 hours per day. Further,
the company offers its own design manufacturing (ODM) which is
approved by its client.


PEEL WORKS: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Debenture Programme of Peel - Works Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term–         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Compulsorily                 Rating continues to remain under  
   Convertible                  'Issuer Not Cooperating' category
   Debentures                                         
                                
As part of its process and in accordance with its rating agreement
with Peel - Works Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Peel-Works Pvt. Ltd. was set up in September 2010 by Mr. Sachin
Chhabra (ex-HUL) as a 'Software as a Service' (SaaS) and big data
analytics company focused on the general trade (mom-and-pop retail)
channel. It is headquartered in Gurugram (Haryana), with offices
across India, including Mumbai, Pune, and Bengaluru. The company
provides software products to retailers and consumer-packaged goods
(CPG) companies and other corporates.


RITZY CHEMICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ritzy Chemicals Private Limited
DTJ 132, First Floor, DLF Tower-B, Jasola,
        South Delhi, New Delhi, India, 110025

Insolvency Commencement Date: January 17, 2024

Estimated date of closure of
insolvency resolution process: July 15, 2024

Court: National Company Law Tribunal, New Delhi-II

Insolvency
Professional: Parminder Singh Bhullar
       E-10/313, Mangal Puri Gali, Ghanupur Road, Khandwala,
              Near Water Tank, Amritsar-143104, Punjab
              Email: advocate.psb@gmail.com

              Unit No. 302, 3rd Floor, Plot No. D-190, Sector-74,
              Industrial Area, Phase-8B, SAS Nagar, Mohali-160071,
Punjab
              Email: cirpritzy@gmail.com

Last date for
submission of claims: February 15, 2024


SAINATHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Sainatha
Rice Industries (SSRI) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          4         CRISIL D (Issuer Not
                                     Cooperating)

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

Established as a partnership firm in 2013 and based in Nizamabad
(Telangana), SSRI mills and processes paddy into rice, rice bran,
broken rice, and husk. The firm is promoted by Mr. Ravinder Kuna
and Mrs. Shashikala Kuna. The operations are managed by Mr. Naresh
Kuna.


SILVERLINE INVESTMENTS: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term rating of Silverline Investments in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         7.40      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Formed in January 2004, Silverline Investments (the firm) is a
partnership firm engaged in development of residential and
commercial properties. The firm has completed 6 residential
projects and two commercial projects till date. Currently the firm
focuses only on commercial projects. The same promoters have a
different entity names Srivastav Buildeers, which undertakes
residential projects.


SION CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sion Ceramics
Private Limited (SCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.32       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              6.18       CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2013, SCPL, promoted by Mr Pravin Karshan Patel,
Mr. Himalay Narbheram Patel, and Mr Dilip Prabhu Dangroshiya,
manufactures ceramic wall tiles.


SWASTIK PANELS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Panels Private Limited (SPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       3          CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2002, SPPL is promoted by Mr Ashok Jain (managing
director). The company manufactures veneer and trades in timber.
Its manufacturing facility is in Jaipur.


SWASTIK PLYBOARD: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swastik
Plyboard Limited (SPL) 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            3          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1996, SPL is promoted by Mr Sumer Chand Jain. The
company manufactures plyboard, block boards, and flush doors, and
also trades in timber. Its manufacturing facility is in Jaipur.


T&U SYSTEMS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: T & U Systems Automobiles Private Limited
56, State Bank Colony, Gopal Nagar
        Nagpur, MH 440022 India

Insolvency Commencement Date: January 9, 2024

Estimated date of closure of
insolvency resolution process: July 7, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Megha Agrawal
       001, Shivranjini Apartments in Circle of Congress
              Nagar Garden, Congress Nagar,
              Nagpur-440012 (M.S)
              Email: ip.meghaagrawal@gmail.com


              Plot No. 72, Anjaneya Niwas,
               Opp. Dew Trinity Hospital,
              Hindustan Colony, Near Sai Mandir,
              Wardha Road, Nagpur 440015
              Email: cirp.tusystems@gmail.com

Last date for
submission of claims: February 12, 2024


TAPTI AGRO: ICRA Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term rating of Tapti Agro Industries in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.50       [ICRA]B (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

M/s Tapti Agro Industires (TAI) incorporated in 2015 is setting up
a Khandsari (semi-white centrifugal sugar) manufacturing facility
having crushing capacity of 1,500 Tonnes of Cane per Day (TCD) at
Betul District of Madhya Pradesh. The firm plans to commence the
operations of the facility by December 2016.The firm is promoted by
Mr. Rahul Kumar Sao and Mr. Dharmveer Juneja who have significant
experience in the sugar industry through their association with
other firms which are also engaged in sugar manufacturing.


TRUWOODS PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the long-term and Short-Term ratings of Truwoods
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Short-term         13.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term–          7.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Truwoods Pvt. Ltd. (TPL) was incorporated in 2001 and is engaged in
manufacturing of plywood and Veneers. The company is part of the
Deccan Group, which has a history of about two decades in the
plywood business. The other group companies include Deccan Veneers
Pvt Ltd, Maxworth Plywoods Pvt Ltd, Alpine Panels Pvt Ltd, and
Indus tropics ltd. All the group companies are involved in plywood
and Veneer related business. Truwoods is an ISO 9001, 14001 and
18001 company and has www.icra .in Page |2 diverse product
portfolio which include Marine Plywood, Shuttering and Film Faced
Plywood, Fire guard Plywood, Block Boards, Flush doors, and
Decorative Veneers. TPL has its manufacturing facility in
Visakhapatnam, which is currently producing Plywood, Block boards,
Flush doors and Veneers with an installed annual capacity of
2400000 Sq. Mt for Plywood and 12000 CBM for Veneers. The company
has been primarily concentrating on sales through dealers and
distributors. The company produces a variety of plywood and Veneers
under the brand name 'Truwoodply' based on the market scenario and
demand from dealers and distributors.


VENKATESWARA RICE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of Sri
Venkateswara Rice Industries Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         0.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        70.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         4.70      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Founded in 2005, Sri Venkateswara Rice Industries (SVRI) is engaged
in the milling of paddy and produces raw and boiled rice. In
September 2015, company has been reconstituted as private limited
company and is named Sri Venkateswara Rice Industries Private
Limited (SVRIPL). The milling unit is located at Kodada village of
Nalgonda district, Andhra Pradesh with milling capacity of 24 tons
per hour (TPH). The company has four 4 plants with 250 drying
capacity and 1MW captive power plant.


VENU INDUSTRIES: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of Venu
Industries in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         15.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Venu Industries is engaged in the milling of paddy and produces raw
and boiled rice. The rice mill is situated in Nizamabad district of
Telangana. It has an installed production capacity of 67,200 metric
tonnes per annum. The firm is managed by Mr. Srinivas, Mr. Sai
Rahul, Mr Venugopal and Mr. Balaji who belong to the same family.
The firm sells rice under the brand name "Healthy Rice".




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

NISSAN MOTOR: S&P Affirms 'BB+/B' ICRs, Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-term
issuer credit ratings on Nissan Motor Co. Ltd. and its overseas
subsidiaries. The outlook on the long-term rating is stable. S&P
affirmed all issue ratings on the companies.

S&P said, "We affirmed the ratings based on our view that the
company has steadily stabilized its earnings base thanks to reduced
fixed costs and a sales strategy focused on profitability. However,
it also reflects our view that it will take time for the company to
achieve a sustainable EBITDA margin of above 6%, with auto sales
well above our assumptions, while maintaining the geographic
diversification of its auto sales and earnings."

S&P Global Ratings has observed Nissan Motor making steady progress
in stabilizing its earnings base. The company has reduced costs
significantly by closing overseas plants, scaling back its lineup,
and introducing competitive new models. Its EBITDA margin is likely
to improve to over 6% in fiscal 2023 (ending March 2024), due to
the positive impact of these measures. Other contributing factors
are: strong sales in the U.S., Europe, and other regions except
China; improved sales prices and lower sales incentives due to a
tight supply and demand balance; and the weak yen.

S&P said, "However, we believe that it will likely take time for
the company to achieve a sustainable EBITDA margin of above 6%
while also achieving auto sales well above our assumptions and
maintaining geographic diversification of auto sales and earnings
in an increasingly challenging business environment. We believe
that pressure on profitability will increase over the next one to
two years, compared with 2023. Specifically, we assume: (1)
pressure on sales prices will increase amid slowing growth in auto
sales volumes due to persistently high overseas interest rates and
a sluggish economy, (2) R&D costs will remain high to maintain
global competitiveness, particularly in the field of
electrification, (3) labor costs and payments to parts suppliers
will increase due to inflation.

"In addition, we expect Nissan Motor's factory utilization rates in
China will remain low for the foreseeable future and performance
will be sluggish. The company is struggling to sell cars in this
key market, which is experiencing a rapid shift to electric
vehicles (EVs) with swiftly growing local automakers. Sales in
China fell 16% to 790,000 units in 2023, excluding Dongfeng
Automobile Co. Ltd., which was deconsolidated in October 2022.

"S&P Global Ratings also believes that Nissan Motor's ability to
increase unit sales as planned needs to be carefully monitored. For
fiscal 2023, we assume that the company is not likely to meet our
previous assumptions of 3.6-3.7 million units. It sold 2.44 million
units in the fiscal 2023 third quarter (April to December),
reflecting the challenges in the Chinese market and its lack of
global logistics capacity. We expect global unit sales to grow just
1%-3% in the 2024 calendar year (the company sold 3.37 million
units in 2023). Failure to further increase factory utilization
could limit sustained improvement in profitability.

"Nissan Motor's healthy financial base and net cash in its
automotive segment will likely continue to underpin our ratings on
the company for the next one to two years. We believe that
investments for growth and shareholder returns are unlikely to
cause a significant deterioration in finances, given the auto
business' net cash of over ¥1.3 trillion (as of the end of
December 2023) and the company's conservative policy of focusing on
financial soundness. We also believe that the ratio of free
operating cash flow (FOCF) to sales, which is expected to remain
above 2%, will help maintain investment capacity. However, the
automotive industry is facing an increasing investment burden
including R&D to keep up with next-generation technologies and meet
environmental regulations. In addition, Nissan Motor will incur an
additional financial burden when it invests in Ampere, a new EV
company being set up by alliance partner Renault S.A., and when
Nissan repurchases shares that were placed in trust by Renault.

"The stable outlook reflects our view that Nissan Motor's earnings
will remain stable through efforts to strengthen its business base
despite the challenging business environment, and that it will
maintain conservative financial discipline and a healthy net cash
position in its automotive segment."

S&P will consider upgrading the company if both of the following
scenarios materialize over the next 12-18 months:

-- Prospects of the EBITDA margin further stabilizing above 6%
strengthen thanks to improved plant capacity utilization by
increasing car sales well above our assumptions with geographically
diversified business among U.S., China, and other regions.

-- S&P comes to expect Nissan Motor's ratio of free operating cash
flow (FOCF) to sales will remain stable above 2% with the company
maintaining a healthy net cash position in the automotive segment.

S&P may consider downgrading the company in either of the following
scenarios:

-- Pressure builds on its strong financial standing because of
sizable strategic investments or free cash flow turning deeply
negative for multiple years.

-- Nissan Motor's market position significantly deteriorates in
key markets such as the U.S. and China, weakening the geographical
diversification of its business.

  Ratings List

  RATINGS AFFIRMED

  NISSAN MOTOR CO. LTD.

   Issuer Credit Rating     BB+/Stable/B

   Senior Unsecured         BB+

  NISSAN FINANCIAL SERVICES AUSTRALIA PTY. LTD.

   Issuer Credit Rating     BB+/Stable/B

   Short-Term Debt          B

  NISSAN INTERNATIONAL FINANCE (NETHERLANDS) B.V.

   Issuer Credit Rating     BB+/Stable/B

  NISSAN MOTOR ACCEPTANCE CO. LLC

   Issuer Credit Rating     BB+/Stable/B

   Senior Unsecured         BB+

   Commercial Paper         B

  NISSAN NORTH AMERICA INC.

   Issuer Credit Rating     BB+/Stable/B




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

PHARMANIAGA BHD: Net Loss Narrows to MYR77.45 Million in 2023
-------------------------------------------------------------
The Sun reports that Pharmaniaga Bhd's net loss for the financial
year ended Dec. 31, 2023 (FY23) narrowed to MYR77.45 million from
MYR629.92 million in FY22.

Revenue dropped to MYR3.4 billion from MYR3.48 billion,
representing a 2.2% decrease, mainly due to the reduction in
revenue from its concession business as a result of a lower budget
allocation.

For the fourth quarter (Q4), its net loss shrank to MYR32.72
million from a loss of MYR644.39 million, while revenue slid to
MYR789.81 million from MYR862.72 million in the previous year, The
Sun discloses.

According to The Sun, the pharmaceutical group sees a promising
outlook this year following a comprehensive restructuring of
business operations and the implementation of numerous initiatives
aimed at revitalising the group in 2023.

"(The better performance) was anchored by a coherent strategic
blueprint, articulated through five principal pillars - fortifying
our engagement in the public sector, enhancing our
biopharmaceutical endeavours, streamlining costs, expanding into
private markets, and transforming our operations in Indonesia.

"These efforts are intended to promote long-term growth and spark
opportunities for value creation," it said in a stock exchange
filing.

The Sun says Pharmaniaga revealed that it is finalising an
acquisition vaccine development grant from the Ministry of Science,
Technology, and Innovation (Mosti).

"This grant not only underscores the government's support for our
endeavours but will also position the group at the forefront of
healthcare innovation, particularly in the critical area of vaccine
development," it said.

The Sun adds the group said that it will continue to navigate
through several challenges that impact its financial and
operational performance.

"Factors such as global fluctuations in the US dollar, increased
finance costs due to the rising Overnight Policy Rate, elevated
electricity tariffs, and higher labour costs following amendments
in the Employment Act collectively exert pressure on our margins
and overall profitability.

"In addressing these challenges, the group remains dedicated to the
initiatives on improving profit margin and cost optimisation to
ensure resilience and sustainability," it said.

                         About Pharmaniaga

Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.

It was reported on Feb. 28, 2023, that Pharmaniaga had been
classified as an affected listed issuer under PN17 of the Main
Market Listing Requirements of Bursa Malaysia. The pharmaceutical
company said it had triggered the PN17 criteria pursuant to its
audited consolidated financial statements for the period ended Dec.
31, 2022.




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

AFFINITY DIAMONDS: Creditors' Proofs of Debt Due on March 25
------------------------------------------------------------
Creditors of Affinity Diamonds Limited are required to file their
proofs of debt by March 25, 2024, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Elliot Bell
          Grant Thornton New Zealand
          PO Box 10712
          Wellington


GOLDLINE PROPERTIES: Creditors' Proofs of Debt Due on March 28
--------------------------------------------------------------
Creditors of Goldline Properties Limited are required to file their
proofs of debt by March 28, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 27, 2024.

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 2241


HIIT CONTRACTORS: Waterstone Insolvency Appointed as Receivers
--------------------------------------------------------------
Damien Mitchell Grant and Adam Stevenson Botterill of Waterstone
Insolvency on Feb. 20, 2024, were appointed as receivers and
managers of HIIT Contractors Limited and Hernando III Llasos.

The receivers and managers may be reached at:

          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632


LOVE ROSIE: Court to Hear Wind-Up Petition on March 19
------------------------------------------------------
A petition to wind up the operations of Love Rosie Limited will be
heard before the High Court at Rotorua on March 19, 2024, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 7, 2023.

The Petitioner's solicitor is:

          Timothy Saunders
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


NEW ZEALAND WORKERS: First Creditors' Meeting Set for March 8
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of New Zealand
Workers' Association Co-Op Co. Limited will be held on March 8,
2024, at 11:00 a.m. at the offices of of BDO Tauranga Limited,
Level 1, The Hub, 525 Cameron Road, in Tauranga.

Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga were
appointed as administrators of the company on Feb. 28, 2024.

The administrators may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          Tauranga 3110




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

PXP ENERGY: 2023 Net Loss Widens by Nearly 170% to PHP97.4MM
------------------------------------------------------------
INQUIRER.net reports that Manuel Pangilinan-led PXP Energy Corp.
widened its net loss by 169.81 percent to PHP97.4 million in 2023
due to lower returns from its operations in the Galoc oil field and
higher interest expenses.

In a stock exchange filing on Feb. 29, PXP Energy said consolidated
costs and expenses slightly rose to PHP102.6 million from PHP99.6
million on the back of a rise in administrative costs of its
foreign subsidiaries.

At the same time, petroleum revenues declined by 14.7 percent to
PHP63.2 million, as average crude prices were lower at $80.5 per
barrel, down from $94.5 per barrel, INQUIRER.net discloses.

Yields from service contract (SC) 14C-1, or the Galoc oil field,
slightly decreased to 475,183 barrels from 479,955 barrels.

According to INQUIRER.net, PXP Energy again said it would continue
to coordinate with the government for the possible resumption of
activities in both SC 72 and 75.

The Department of Energy placed both service contracts under force
majeure in April 2022, suspending oil and exploration activities
amid tensions in the West Philippine Sea.

SC 72 in Recto Bank covers 8,800 square kilometers and is located
west of Palawan island. SC 75, meanwhile, is located in northwest
Palawan spanning 6,160 square kilometers.

"Meanwhile, PXP will assess and study other projects in the
Philippines," the company said.

PXP Energy was present during the launch of the Department of
Energy's first conventional energy bid round for the Bangsamoro
Autonomous Region in Muslim Mindanao earlier this week.

The company did not disclose whether it planned on bidding for any
of the three areas up for grabs for petroleum exploration,
INQUIRER.net notes.

                          About PXP Energy

PXP Energy Corporation is a Philippines-based upstream oil and gas
company. The Company is engaged in the businesses related to all
kinds of petroleum and petroleum products, mineral oils, and other
sources of energy. The Company operates through two segments,
namely oil and gas activities and coal mining activities. The
Company is primarily involved in the exploration and maturation of
local and international hydrocarbon resources.

PXP Energy reported net losses of PH32.35 million, PHP3.14 billion,
and PHP76.27 million for the years ended Dec. 31. 2022, Dec. 31.
2021, and Dec. 31. 2020, respectively.




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

CAFE OASIS: Court to Hear Wind-Up Petition on March 15
------------------------------------------------------
A petition to wind up the operations of Cafe Oasis Pte Ltd will be
heard before the High Court of Singapore on March 15, 2024, at
10:00 a.m.

The Oyster Vault Pte Ltd filed the petition against the company on
May , 2024.

The Petitioner's solicitors are:

          Quahe Woo & Palmer LLC
          180 Clemenceau Avenue
          #02-02 Haw Par Centre
          Singapore 239922


GRAB HOLDINGS: S&P Upgrades Long-Term ICR to 'B+', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Grab Holdings Ltd. to 'B+' from 'B'. At the same time, S&P raised
its long-term issue rating on the company's term loan B to 'B+'
from 'B'.

The stable rating outlook reflects S&P's expectation that Grab will
maintain ample liquidity while it develops a track record of
positive EBITDA and cash flow.

Grab's adjusted EBITDA will improve in 2024, following two
consecutive quarters of positive EBITDA. Rising gross merchandise
value (GMV) and take rates (revenue as a proportion of GMV), and a
continued focus on profitability, will drive this. Operating cash
flow (OCF) will also remain positive in 2024.

The Singapore-based platform provider of mobility, delivery, and
digital financial services can maintain a strong liquidity buffer,
even after it prepays its remaining term loan B in 2024. S&P
expects its debt-to-EBITDA ratio to improve to 2.0x-2.5x in 2024.

Grab is past its cash-burn stage. S&P's base case assumes positive
OCF in 2024. The company generated about US$170 million OCF in
2023, from a negative US$918 million in 2022. Improving earnings
quality, cash interest income from ample cash holdings, and growing
deposits from customers in its financial services segment drove
this notable turnaround.

S&P said, "We believe the improvement reflects less fierce
competition, and better partner and consumer stickiness to the Grab
platform. Grab's operating metrics have improved, with higher take
rates amid rising GMV and declining partner and consumer
incentives. Take rates rose for the eighth consecutive quarter to
12.0% in the quarter ended Dec. 31, 2023. This compares with 2.7%
in the fourth quarter of 2021.

"We believe EBITDA will turn positive for the first full year in
2024. A rebound in the deliveries segment's GMV after the
post-pandemic slowdown, a continued recovery in mobility GMV as
international travel picks up, and marginally improving take rates
will fuel this. Economies of scale and restructuring efforts since
2022 also support stronger earnings.

"Grab's workforce reduction of 11% in June 2023 will alone
translate to annual cost savings of US$80 million, according to
management. We project adjusted EBITDA of US$180 million-US$200
million for 2024."

Grab almost reached breakeven EBITDA on an S&P Global
Ratings-adjusted basis in 2023. The company's EBITDA turned
positive in the last two quarters of 2023.

Grab will maintain a robust liquidity buffer over the next 24
months. S&P's base case assumes over US$3.0 billion of unrestricted
cash and cash equivalents through 2025. This is even after
factoring in: (1) the prepayment of the remaining term loan B
amounting to US$497 million; and (2) share repurchases of US$500
million. As of Dec. 31, 2023, the company had an unrestricted cash
balance of US$4.9 billion.

Grab has demonstrated prudent risk management in ensuring ample
liquidity. The company had close to US$10 billion in cash and cash
equivalents at its peak after its public listing. This liquidity
helped cushion operating cash burn.

S&P said, "However, Grab's leverage tolerance remains to be
seen.Beyond sustainable EBITDA and OCF, we believe the company's
leverage tolerance will become increasingly relevant in our
assessment of its creditworthiness. We project a debt-to-EBITDA
ratio of 2.0x-2.5x for 2024. This assumes debt reduction after the
early repayment of its term loan B. The repayment will save the
company annual interest of about US$50 million.

"We estimate the term loan B made up about 55% of Grab's adjusted
debt as of Dec. 31, 2023, including lease liabilities. This loan
will originally mature in 2026.

"We believe Grab will undertake more shareholder-friendly actions
as its earnings and cash flow strengthen. This follows the
company's recently announced inaugural share repurchase program.
Under the program, the company may repurchase up to US$500 million
worth of common shares. Significant shareholder-friendly actions
will be a drag on leverage improvement.

"The stable rating outlook reflects our expectation that Grab will
maintain ample liquidity while it develops a track record of
positive EBITDA and cash flow. It also reflects our view that the
company will remain focused on improving profitability with easing
cash burn and reinvestments."

Downside scenario

S&P said, "In a less likely scenario, we may lower the rating on
Grab if we believe it is unlikely to achieve sustainable positive
EBITDA and operating cash flow, or if the company's liquidity
buffer weakens. This could happen because of heightened competition
in the markets that the company operates in or if it undertakes
more aggressive tactics to boost market share. Declining GMV, take
rates or monthly transacting users, as well as rising incentive
spending, could signal such circumstances.

"We may also lower the rating if we believe Grab's leverage
tolerance is significantly higher than we expect. This could happen
if the company undertakes large debt-funded shareholder-friendly
actions or inorganic growth."

Upside scenario

S&P could raise the rating if Grab establishes a track record of
positive EBITDA and OCF over the next year, while maintaining ample
liquidity and a conservative balance sheet.


PSD SINGAPORE: Commences Wind-Up Proceedings
--------------------------------------------
Members of PSD Singapore Pte Ltd on Feb. 27, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


RAYSDATA GROUP: Court to Hear Wind-Up Petition on March 22
----------------------------------------------------------
A petition to wind up the operations of Raysdata Group Pte Ltd will
be heard before the High Court of Singapore on March 22, 2024, at
10:00 a.m.

Capital Square Pte Ltd filed the petition against the company on
Feb. 24, 2024.

The Petitioner's solicitors are:

          Tan Peng Chin LLC
          50 Raffles Place
          #27-01, Singapore Land Tower
          Singapore 048623


SSM GENESIS: Court to Hear Wind-Up Petition on March 15
-------------------------------------------------------
A petition to wind up the operations of SSM Genesis Pte Ltd will be
heard before the High Court of Singapore on March 15, 2024, at
10:00 a.m.

Standard Chartered Bank (Singapore) Limited filed the petition
against the company on Feb. 23, 2024.

The Petitioner's solicitors are:

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


WWL SHIPOWNING: Creditors' Proofs of Debt Due on April 1
--------------------------------------------------------
Creditors of WWL Shipowning Singapore Pte. Ltd. are required to
file their proofs of debt by April 1, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 28, 2024.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591




===========
T A I W A N
===========

FIH MOBILE: Annual Net Loss Widens to US$120 Million in 2023
------------------------------------------------------------
The Standard reports that FIH Mobile said its net loss widened to
US$120.8 million in 2023, compared to a net loss of US$72.1 million
in 2022.

This was primarily because of a drop in gross profit due to a
decline in sales.

Revenue decreased 31 percent from US$9.39 billion in 2022 to
US$6.45 billion, mainly due to continuous and suppressed demand
which dampened global mobile phone shipments, The Standard
discloses.

The share of losses of the group's joint venture amounted to around
US$20.2 million for the full year, compared with losses of US$4.4
million for the previous year, including the share of impairment of
goodwill of US$16.2 million.

The joint venture suffered a loss mainly because hardware sales
have been facing headwinds as the electric vehicle market in
mainland China is becoming hypercompetitive, thereby impacting the
sales, it said.

Global mobile phone shipments have declined 3.2 percent over the
past year, with a reported total of 1.175 billion units marking the
lowest volume in a decade, according to reports.

Taiwan-based FIH Mobile Limited provides integrated manufacturing
services for the handset industry in Asia, Europe, the United
States, and internationally. The company designs, manufactures, and
trades handsets, as well as offers repair services. It is also
involved in the research and development activity; manufacturing
and sale of electronic products; import and export activities. The
company was formerly known as Foxconn International Holdings
Limited and changed its name to FIH Mobile Limited in May 2013.



                           *********


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
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