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

                     A S I A   P A C I F I C

          Wednesday, March 13, 2024, Vol. 27, No. 53

                           Headlines



A U S T R A L I A

ADG CORPORATION: First Creditors' Meeting Set for March 18
ARCO WINDOWS: First Creditors' Meeting Set for March 20
CUBITT'S GRANNY: Administrators Get Early Interest from Bidders
MAN COMMUNICATIONS: First Creditors' Meeting Set for March 18
PEPPER SPARKZ: Fitch Hikes Rating on Two Tranches to 'BBsf'

REAL RESPONSE: First Creditors' Meeting Set for March 19
TERENCE DEAN: First Creditors' Meeting Set for March 18
VIETNAM INDUSTRIAL: Squire Patton Boggs Advises on Asset Divestment


C H I N A

CHINA VANKE: Moody's Assigns 'Ba1' CFR, On Review for Downgrade


I N D I A

ALLIED REALBUILD: Insolvency Resolution Process Case Summary
AMBIKA PULSES: CARE Lowers Rating on INR15.00cr LT Loan to B+
APOLLO VIKAS: CARE Lowers Rating on INR50.00cr LT/ST Loan to B+/A4
AVAIL HOLDING: Insolvency Resolution Process Case Summary
BRIDGE & ROOF: Insolvency Resolution Process Case Summary

BVM FINANCE: Insolvency Resolution Process Case Summary
COSMAS RESEARCH: Insolvency Resolution Process Case Summary
ECO AUTO: Liquidation Process Case Summary
FAIME MAKERS: Insolvency Resolution Process Case Summary
GEO API: Insolvency Resolution Process Case Summary

GO FIRST: Delhi HC Issues Contempt Notice to RP
HEO HYDRO: Voluntary Liquidation Process Case Summary
JAISWAL BATTERY: CRISIL Keeps D Debt Ratings in Not Cooperating
JAMMU CASTING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
JMS LOGISTICS: Insolvency Resolution Process Case Summary

JOGESHWARI BREWERIES: Insolvency Resolution Process Case Summary
JUPITER FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KADAMBRI HEALTHCARE: CRISIL Keeps D Rating in Not Cooperating
KAMLESHKUMAR BALUBHAI: CRISIL Keeps D Ratings in Not Cooperating
KARO COILS: CRISIL Keeps D Debt Ratings in Not Cooperating

KARUNAMAYE BEVERAGES: CRISIL Keeps B- Ratings in Not Cooperating
KRISHNA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
MANGAL TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating
MAVIN SWITCHGEARS: Insolvency Resolution Process Case Summary
OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating

OVERSEAS LOGISTICS: CRISIL Keeps B Debt Rating in Not Cooperating
PADAM CARS: CRISIL Keeps D Debt Ratings in Not Cooperating
PADMAVATHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
PANDIT JAVDEKAR: CRISIL Keeps B Debt Ratings in Not Cooperating
PRASAD FIBERS: CRISIL Keeps B Debt Ratings in Not Cooperating

PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAGHURATNA AGRO: CARE Lowers Rating on INR14.36cr LT Loan to B+
S.K. FARMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SAIBABA SHIP: CARE Lowers Rating on INR50cr LT/ST Loan to B+/A4
SAILEELA STEAMS: CRISIL Lowers Rating on INR9.5cr Term Loan to B

SAV WIRES: Liquidation Process Case Summary
SHIVSAMARTH MOTORIDERS: CRISIL Keeps B Ratings in Not Cooperating
SITARA CONDUCTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SUMTECH INFOSYSTEM: Insolvency Resolution Process Case Summary
TATA CHEMICALS: Fitch Affirms BB+ LT IDR, Alters Outlook to Stable

WHISKERS INFRACARE: Insolvency Resolution Process Case Summary


N E W   Z E A L A N D

ALICON LIMITED: Creditors' Proofs of Debt Due on April 8
DU VAL: Contractors File Court Application to Liquidate Company
JM HOLDINGS: Court to Hear Wind-Up Petition on April 18
LEH1 LIMITED: Roxy & Everybody's Close Doors Permanently
NORSKE SKOG: Creditors' Proofs of Debt Due on April 5

RAPID BUILD: Court to Hear Wind-Up Petition on April 8
SPEEDY MOVERS: Creditors' Proofs of Debt Due on April 8
STRIPE MEDIA: Auckland TV Production Companies in Receivership


S I N G A P O R E

DASIN RETAIL: Gets Demand Letter from Ex-Director for Fees Owed
DINGX PTE: Court to Hear Wind-Up Petition on March 22
HERITAGE MARITIME: Creditors' Proofs of Debt Due on March 22
HOCK GUAN: Commences Wind-Up Proceedings
INFRONT CONSULTING: Court to Hear Wind-Up Petition on March 22

NO SIGNBOARD: To Hold Dialogue Session with Sias Today
RITUAL GYM: In Provisional Liquidation, Shuts All 4 Branches in SG
RIVEREDGE DEVELOPMENT: Creditors' Proofs of Debt Due on April 8
UOL DEVELOPMENT: Commences Wind-Up Proceedings

                           - - - - -


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

ADG CORPORATION: First Creditors' Meeting Set for March 18
----------------------------------------------------------
A first meeting of the creditors in the proceedings of ADG
Corporation Pty Ltd will be held on March 18, 2024 at 2:00 p.m. at
the offices of Rodgers Reidy at Level 2A, 181 Elizabeth St in
Brisbane.

David James Hambleton of Rodgers Reidy was appointed as
administrator of the company on March 6, 2024.


ARCO WINDOWS: First Creditors' Meeting Set for March 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of ARCO Windows
Pty Ltd will be held on March 20, 2024 at 11:00 a.m. via virtual
meeting only.

Mervyn Jonathan Kitay of Worrells was appointed as administrator of
the company on March 8, 2024.


CUBITT'S GRANNY: Administrators Get Early Interest from Bidders
---------------------------------------------------------------
Almost 40 parties have expressed an interest in buying Cubitt's
Granny Flats and Home Extensions which went into administration on
Feb. 26, 2024 after 30 years of family ownership.

Early buyer interest in the company was a key update company
Administrator RSM Australia Partner Richard Stone provided at the
company's first creditor meeting, which was held virtually and
in-person in Sydney on March 7, 2024.

More than 150 customers, suppliers and other individuals and
businesses who believe they are owed money by the construction
company - which built granny flats and home extensions in NSW and
the ACT - attended the meeting.

Mr. Stone told creditors Cubitt's faced financial difficulties due
to a range of reasons including fixed price contracts, record
levels of material costs, and insurance prices.

"Our investigations are ongoing, however, to date we have
identified more than AUD1 million in assets and about AUD6.8
million in liabilities," he said.

"We appreciate this is an incredibly difficult and uncertain time
for everyone associated with the company - customers, staff,
sub-contractors, and suppliers - however we are working as quickly
as possible to find a quality purchaser to take over this business
and to re-engage workers and recommence projects. That is our
primary objective at this point in time."

"We advertised the sale of the business within three days of being
appointed to take control of Cubitt's. The sale includes more than
100 housing contracts that were either underway or ready to start
(at the time of the Administrators' appointment); four showrooms
located in Sydney, Newcastle, Wollongong and Canberra; vehicles and
equipment; and the business name," he said.

"To date we have received 38 expressions of interest, which
reflects market confidence in the quality of the business."

Expressions of interest to purchase the company closed on March 8,
2024.  

Mr. Stone also updated creditors on their initial investigations
into the financial records of the company.

"To date we have identified 373 creditors who are owed
approximately AUD6.8 million. However, these figures may change as
we continue our investigations," he said.

"The Cubitt family are working alongside the Administrators as are
key staff members who have been retained to provide continuity and
support during the Administration process."

Creditors have been advised that the Administrators will lodge
their first statutory report on the company's affairs with the
Australian Securities and Investments Commission (ASIC) by April 5,
2024.

Richard Stone and Brett Lord of RSM Australia Partners were
appointed as administrators of the company on Feb. 26, 2024.


MAN COMMUNICATIONS: First Creditors' Meeting Set for March 18
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of The Man
Communications Pty Ltd will be held on March 18, 2024 at 11:00 a.m.
via Microsoft Teams video conference.

Shaun Matthews and Daniel Juratowitch of Cor Cordis were appointed
as administrators of the company on March 5, 2024.


PEPPER SPARKZ: Fitch Hikes Rating on Two Tranches to 'BBsf'
-----------------------------------------------------------
Fitch Ratings has upgraded 14 and affirmed 13 classes of
asset-backed floating-rate notes from four Pepper SPARKZ
transactions due to the build-up of credit enhancement and the fact
that asset performance continues to be robust. The Outlook is
Stable on all notes.

The transactions are backed by pools of first-ranking Australian
automotive and equipment loan and lease receivables originated by
Pepper Asset Finance Pty Limited, a subsidiary of Pepper Money
Limited (Pepper). The notes were issued by BNY Trust Company of
Australia Limited as trustee.

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Pepper SPARKZ
Trust No.4

   A1-a AU3FN0064515    LT AAAsf  Affirmed   AAAsf
   B AU3FN0064531       LT AAAsf  Affirmed   AAAsf
   C AU3FN0064549       LT AAAsf  Upgrade    AA-sf
   D AU3FN0064556       LT A+sf   Upgrade    BBB+sf
   E AU3FN0064564       LT BBB+sf Upgrade    BB+sf
   F AU3FN0064572       LT BBsf   Upgrade    Bsf

Pepper SPARKZ
Trust No.5

   A1-a AU3FN0068276    LT AAAsf  Affirmed   AAAsf
   A1-x AU3FN0068268    LT AAAsf  Affirmed   AAAsf
   B AU3FN0068250       LT AAAsf  Upgrade    AA+sf
   C AU3FN0068243       LT AA+sf  Upgrade    A+sf
   D AU3FN0068235       LT A+sf   Upgrade    BBBsf
   E AU3FN0068227       LT BBB+sf Upgrade    BBsf
   F AU3FN0068219       LT BBB-sf Upgrade    B+sf

Pepper SPARKZ
Trust No.6

   A1-a AU3FN0077558    LT AAAsf  Affirmed   AAAsf
   A1-x AU3FN0077541    LT AAAsf  Affirmed   AAAsf
   B AU3FN0077533       LT AAAsf  Upgrade    AAsf
   C AU3FN0077525       LT AA-sf  Upgrade    Asf
   D AU3FN0077517       LT A-sf   Upgrade    BBBsf
   E AU3FN0077509       LT BBB-sf Upgrade    BBsf
   F AU3FN0077491       LT BBsf   Upgrade    Bsf

Pepper SPARKZ
Trust No.7

   A1-a AU3FN0080073    LT AAAsf  Affirmed   AAAsf
   A1-x AU3FN0080081    LT AAAsf  Affirmed   AAAsf
   B AU3FN0080099       LT AAsf   Affirmed   AAsf
   C AU3FN0080107       LT Asf    Affirmed   Asf
   D AU3FN0080115       LT BBBsf  Affirmed   BBBsf
   E AU3FN0080123       LT BB+sf  Affirmed   BB+sf
   F AU3FN0080131       LT BB-sf  Affirmed   BB-sf

KEY RATING DRIVERS

Resilient Asset Performance: Obligor default is a key assumption in
its quantitative analysis. The performance of the underlying assets
has been better than its base-case default expectations for Pepper
SPARKZ Trust No.4 (SPARKZ 4) and Pepper SPARKZ Trust No. 5 (SPARKZ
5). Pepper SPARKZ Trust No.6 and Pepper SPARKZ Trust No.7 closed in
May 2023 and August 2023, respectively, resulting in limited
performance data to date. The revised assumptions in this analysis
are below.

Weighted-average (WA) base-case remaining default expectations and
'AAAsf' default multiples used are as follows:

SPARKZ 4: 3.14% (5.8x)

SPARKZ 5: 4.18% (5.3x)

SPARKZ 6: 4.33% (5.3x) - unchanged from closing

SPARKZ 7: 3.51% (5.1x) - unchanged from closing

Base-case recovery expectations (and 'AAAsf' recovery haircuts) are
as follows:

SPARKZ 4: 38.67% (42.7%)

SPARKZ 5: 35.00% (50.0%)

SPARKZ 6: 35.00% (50.0%)

SPARKZ 7: 35.00% (50.0%)

For the SPARKZ 4 base-case recovery expectation and 'AAAsf'
recovery haircut, credit was given to the government's SME
Guarantee Scheme, which covers 13.3% of the receivables.

The transactions' 30+ day arrears ranged from 1.6% for SPARKZ 6 to
1.9% for SPARKZ 4 at end-January 2024, and 60+ day arrears ranged
from 0.7% for SPARKZ 6 to 0.9% for SPARKZ 4. All transactions
tracked above Fitch's 3Q23 Dinkum ABS Index 30+ arrears of 1.19%
and the Dinkum ABS Index 60+ day arrears of 0.55%. Cumulative
defaults ranged from 0.3% for SPARKZ 7 to 1.8% for SPARKZ 4.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite numerous interest
rate hikes in 2022-2023. GDP growth in the year to September 2023
was 2.1% and unemployment was 4.1% in January 2024. Fitch expects
GDP growth of 1.5% in 2024, with unemployment rising to 4.2%. This
reflects the expected impact on Australia's economy from China's
property downturn and lagged effects of tighter monetary policy on
consumption.

Notes Pass Cash Flow Modelling at Assigned Rating: Updated cash
flow analysis was performed on Pepper SPARKZ 4, 5 and 6 and
incorporated Fitch's default and recovery expectations. All notes
can withstand all Fitch stresses at their assigned rating levels.
Cash flow analysis was not performed on Pepper SPARKZ 7, as the
transaction recently closed and none of the variables affecting
transaction performance has changed beyond that expected at
closing.

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated an adequate capability
as originator, underwriter and servicer. Fitch undertook an
operational review and found that the operations of the servicer
were consistent with the market standards for auto and equipment
lenders.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions. Fitch stresses the recovery rate to isolate the effect
of a change in recovery proceeds at the borrower level.

Downgrade Sensitivity

SPARKZ 4

Note: A1-a / B / C / D / E / F

Rating: AAAsf / AAAsf / AAAsf / A+sf / BBB+sf / BBsf

Rating Sensitivity to Increased Default Rates

Defaults increase 10%: AAAsf / AAAsf / AA+sf / Asf / BBBsf / BBsf

Defaults increase 25%: AAAsf / AAAsf / AA+sf / A-sf / BBB-sf
/BB-sf

Defaults increase 50%: AAAsf / AAAsf / AA-sf / BBB+sf / BB+sf /
Bsf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAAsf / A+sf / BBBsf /
BBsf

Recoveries decrease 25%: AAAsf / AAAsf / AA+sf / Asf / BBBsf /
BBsf

Recoveries decrease 50%: AAAsf / AAAsf / AA+sf / A-sf / BBB-sf /
BB-sf

Rating Sensitivity to Increased Defaults and Reduced Recoveries

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf /
AA+sf / Asf / BBBsf / BBsf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AAAsf / AAsf
/ BBB+sf / BB+sf / B+sf

Defaults increase 50%/recoveries decrease 50%: AAAsf / AA+sf / Asf
/ BBB-sf / BB-sf / below Bsf

SPARKZ 5

Note: A1-a / A1-x / B / C / D / E / F

Rating: AAAsf / AAAsf / AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf

Rating Sensitivity to Increased Default Rates

Defaults increase 10%: AAAsf / AAAsf / AAAsf / AA+sf / Asf / BBBsf
/ BBB-sf

Defaults increase 25%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf /
BBB-sf / BB+sf

Defaults increase 50%: AAAsf / AAAsf/ AA+sf / A+sf / BBBsf / BB+sf
/ BB-sf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAAsf / AA+sf / A+sf /
BBB+sf / BBB-sf

Recoveries decrease 25%: AAAsf / AAAsf / AAAsf / AA+sf / Asf /
BBBsf / BBB-sf

Recoveries decrease 50%: AAAsf / AAAsf / AAAsf / AAsf / Asf / BBBsf
/ BB+sf

Rating Sensitivity to Increased Defaults and Reduced Recoveries

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf /
AAAsf / AAsf / Asf / BBBsf / BB+sf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AAAsf /
AA+sf / AA-sf / BBB+sf / BBB-sf / BBsf

Defaults increase 50%/recoveries decrease 50%: AAAsf / AAAsf / AAsf
/ A-sf / BBB-sf / BBsf / Bsf

SPARKZ 6

Note: A1-a / A1-x / B / C / D / E / F

Rating: AAAsf / AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BBsf

Rating Sensitivity to Increased Default Rates

Defaults increase 10%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BB+sf / BB-sf

Defaults increase 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf /
B+sf

Defaults increase 50%: AAAsf / AAAsf/ A+sf / A-sf / BBB-sf / BB-sf
/ B-sf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AA+sf / AA-sf / A-sf /
BBB-sf / BBsf

Recoveries decrease 25%: AAAsf / AAAsf / AA+sf / AA-sf / A-sf /
BB+sf / BB-sf

Recoveries decrease 50%: AAAsf / AAAsf / AA+sf / A+sf / BBB+sf /
BB+sf / B+sf

Rating Sensitivity to Increased Defaults and Reduced Recoveries

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf /
AA+sf / A+sf / BBB+sf / BB+sf / BB-sf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AAAsf /
AA-sf / Asf / BBBsf / BBsf / Bsf

Defaults increase 50%/recoveries decrease 50%: AA+sf / AAAsf / Asf
/ BBBsf / BB+sf / Bsf / below Bsf

SPARKZ 7

For Pepper SPARKZ Trust No.7, Fitch's previous rating sensitivities
were discussed in the rating action commentary dated 23rd August
2023.

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

Macroeconomic conditions, collateral performance and credit losses
that are better than Fitch's baseline scenario or sufficient
build-up of credit enhancement that would fully compensate for the
credit losses and cash flow stresses commensurate with higher
rating scenarios, all else being equal.

Upgrade Sensitivities

The notes are at 'AAAsf', which is the highest level on Fitch's
scale, and cannot be upgraded. For these notes that are at 'AAAsf',
upgrade sensitivity stresses are not relevant. However, results for
the remaining rated notes are as follows:

SPARKZ 4

Rating Sensitivity to Reduced Defaults and Increased Recoveries

Note: D / E / F

Rating: A+sf / BBB+sf / BBsf

Defaults decrease 10%/recoveries increase 10%: AA-sf / A-sf /
BBB-sf

SPARKZ 5

Rating Sensitivity to Reduced Defaults and Increased Recoveries

Note: C / D / E / F

Rating: AA+sf / A+sf / BBB+sf / BBB-sf

Defaults decrease 10%/recoveries increase 10%: AAAsf / AA-sf / A-sf
/ BBBsf

SPARKZ 6

Rating Sensitivity to Reduced Defaults and Increased Recoveries

Note: C / D / E / F

Rating: AA-sf / A-sf / BBB-sf / BBsf

Defaults decrease 10%/recoveries increase 10%: AA+sf / Asf / BBBsf
/ BB+sf

SPARKZ 7

For Pepper SPARKZ Trust No.7, Fitch's previous rating sensitivities
were discussed in the rating action commentary dated 23rd August
2023.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for these
transactions.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

ESG CONSIDERATIONS

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

REAL RESPONSE: First Creditors' Meeting Set for March 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Real
Response Pty Ltd will be held on March 19, 2024 at 10:30 a.m. via
electronic means.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of the company on March 6, 2024.


TERENCE DEAN: First Creditors' Meeting Set for March 18
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Terence Dean
Pty Ltd will be held on March 18, 2024 at 10:30 a.m. via Microsoft
Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on March 6, 2024.


VIETNAM INDUSTRIAL: Squire Patton Boggs Advises on Asset Divestment
-------------------------------------------------------------------
Squire Patton Boggs has advised Mr. David Mansfield and Mr. Matthew
Donnelly of Deloitte, in their capacities as joint and several
liquidators of the formerly publicly listed Vietnam Industrial
Investments Limited, in a series of cross-border transactions
concerning key assets located in Vietnam. The firm also acted
alongside the liquidators' appointed controller, Mr. Cosimo
Borrelli of Kroll.

The Squire Patton Boggs team advising on the transactions was led
from Sydney by Restructuring partner Masi Zaki, senior associate
Kate Spratt and Financial Services partner Hai-dang Nguyen.

The transactions involved various dealings with the Hanoi-based VN
Steel Corporation, Vietnam's leading steel manufacturing and
trading enterprise.

Prior to completing the transaction, the team advised and
represented the liquidators in successfully navigating various
judicial processes, including proceedings in the Supreme Court of
New South Wales, a scheme of arrangement in the High Court of
Singapore, and enforcement proceedings in the District Court of
Haiphong, Vietnam.

Mr. Zaki commented: "The successful completion of the cross-border
change in control and divestment transactions and the associated
court processes demonstrates the capabilities of our team in
dealing with stakeholders across key APAC jurisdictions, including
Australia, Singapore, Hong Kong, Malaysia and Vietnam."

Based in Perth, Western Australia, Vietnam Industrial Investments
Limited manufactures steel and metal products in Vietnam. The
Company operates steel rolling mills in Haiphong, a steel roofing
factory in Hanoi, and a welded steel mesh factory in Ho Chi Minh
City along with providing total building solutions.




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

CHINA VANKE: Moody's Assigns 'Ba1' CFR, On Review for Downgrade
---------------------------------------------------------------
Moody's Ratings has taken the following rating actions on China
Vanke Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate
(Hong Kong) Company Limited:

1. Withdrawn China Vanke's Baa3 issuer rating and assigned the
company a Ba1 corporate family rating (CFR);

2. Downgraded the backed senior unsecured rating on the
medium-term note (MTN) program of Vanke Real Estate to (P)Ba2 from
(P)Ba1; and

3. Downgraded the backed senior unsecured rating on the bonds
issued by Vanke Real Estate to Ba2 from Ba1.

The MTN program and senior unsecured bonds are supported by a deed
of equity interest purchase undertaking and a keep-well deed
between China Vanke, Vanke Real Estate and the bond trustee.

Moody's has placed all the ratings on review for downgrade.
Previously, the outlooks on all the entities were negative.

"The rating actions reflect Moody's expectation that China Vanke's
credit metrics, financial flexibility and liquidity buffer will
weaken over the next 12-18 months because of its declining
contracted sales and the rising uncertainties over its access to
funding amid the prolonged property market downturn in China," says
Kaven Tsang, a Moody's Senior Vice President.

The company's continuing exposure to funding volatility, on top of
is high refinancing needs, does not support an investment-grade
rating.


"The review for downgrade reflects Moody's concern over the
company's ability to recover its sales and improve its access to
funding, as well as maintain an adequate liquidity buffer for its
ongoing refinancing needs," adds Tsang.

RATINGS RATIONALE

Moody's expects volatile operating and funding conditions for
China's property sector to continue to drag on China Vanke's
contracted sales, access to funding and liquidity.

Moody's estimates China Vanke's contracted sales declined around
40% to RMB34.5 billion in the first two months of 2024, after
falling 10% to RMB376 billion in 2023.

China Vanke's falling sales will undermine its revenue recognition
and operating cash flow generation over the next 12-18 months. The
company would also have to offer discounts on certain projects to
strengthen its sales in the downcycle, which will weaken its profit
margin.

Moody's forecasts China Vanke's EBIT/interest to drop to 3.5x-4.0x
over the next 12-18 months from 6.3x for the 12 months ended June
2023, and its adjusted debt/EBITDA to rise to 5.0x-5.5x from 3.5x
over the same period. These projected credit metrics would position
the company at the Ba rating category.

The company's access to long-term unsecured funding remains
constrained, reflected in the volatile performance of its secondary
bond prices, which continue to constrain its ability to refinance
its maturing bonds in a timely manner.

China Vanke will have a total of around RMB14 billion of offshore
bonds and around RMB20 billion of onshore bonds coming due or
becoming puttable through to June 2025. Its use of internal
resources to repay these maturing debts will weaken its liquidity
buffer.

As of September 2023, the company had RMB101 billion of
unrestricted cash, which covered 2.0x of its short-term debt.

China Vanke will likely maintain its access to bank loans,
supported by its linkage with Shenzhen Metro Group Co., Ltd., which
could temper the impact of a near-term funding volatility.

Moody's has also downgraded Vanke Real Estate's senior unsecured
ratings.

The senior unsecured ratings on the Vanke Real Estate's notes and
MTN program incorporate the company's standalone credit strength
and a three-notch uplift for parental support to reflect the
agency's expectation that China Vanke will provide financial
support to Vanke Real Estate when needed.

Vanke Real Estate's senior unsecured ratings are unaffected by
subordination to claims at the operating company level because
Moody's expects that support from the parent will flow through the
holding company.

In terms of environmental, social and governance (ESG) factors,
China Vanke's issuer rating considers the company's (1) weakened
ability and track record to maintain stable access to funding and a
strong liquidity buffer amid difficult market conditions; (2) track
record of disciplined approach in balancing its growth and
financial management; and (3) low risk of concentrated ownership,
given that no shareholder holds a stake of more than 30% in the
company and the largest shareholder is not involved in the
company's daily operations.

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

Moody's will review the company's 2023 financial results and its
ability to enhance its contracted sales and financial metrics,
restore stable and diversified access to funding, and maintain a
strong liquidity buffer amid volatile operating and funding
conditions.

An upgrade of China Vanke's ratings is unlikely given the review
for downgrade.

However, Moody's could confirm the ratings if the company
strengthens its contracted sales and financial metrics, improves
its access to funding and maintains adequate liquidity.

On the other hand, Moody's could downgrade the ratings if China
Vanke's contracted sales, credit metrics or liquidity buffer
further deteriorates. The ratings will also come under pressure if
the company's access to funding is unlikely to improve and its
financial flexibility and liquidity comes under strain.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

China Vanke Co., Ltd. was founded in 1984 and started its real
estate operations in 1988. It is one of China's largest property
developers in terms of contracted sales. As of the end of June
2023, it had a total land bank of 107.7 million square meters in
gross floor area across China's seven major economic regions. The
company listed on the Shenzhen Stock Exchange in 1991 and on the
Hong Kong Stock Exchange (HKSE) in 2014.

Shenzhen Metro, which is wholly owned by the State-owned Assets
Supervision and Administration Commission of the Shenzhen
government, was China Vanke's largest shareholder with a 27.18%
stake in the company as of the end of June 2023.



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

ALLIED REALBUILD: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Allied Realbuild Private Limited
        (formerly known as "Allied Software
         Development Private Limited")

        Registered Address:
        House No. 24
        Harijan Basti Gadaipur
        South Delhi, Delhi
        Delhi, India 110030
        
Insolvency Commencement Date: February 7, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 5, 2024

Interim Resolution
Professional: Gagan Gulati
              A-179, First Floor
              Sudershan Park
              New Delhi 110015
              Email: advocategulati@gmail.com
                     allied.cirp@gmail.com

Last date for
submission of claims: February 23, 2024


AMBIKA PULSES: CARE Lowers Rating on INR15.00cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ambika Pulses (AP; combined, hereafter refers to the Ambika Group),
as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from AP to monitor
the rating vide e-mail communication dated February 20, 2024,
February 13, 2024, January 31, 2024, November 29, 2023 and numerous
phone calls. However, despite repeated requests, the company has
not provided requisite information for monitoring the rating.
Further, Ambika group has also not submitted the No Default
Statements (NDS) for the months ending December 2023, January 2024
and February 2024.

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

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

The ratings assigned to the bank facilities of Ambika group has
been revised on account of non-availability of requisite
information.

The rating also factors in low profitability, group's presence in a
highly fragmented and competitive agro-commodity industry and below
average financial risk profile. The rating also remains constrained
due to partnership nature of constitution of entities under Ambika
Group. However, the rating derives benefit from extensive
experience of promoters, established track record in agro industry
& diversified and established customer base.

Analytical approach: Combined

CARE Ratings Limited (CARE Ratings) has considered a combined view
of – Ambika Marketing (AM), Ambika Pulses (AP) and Raghuratna
Agro Industries (RAI), as all these entities are engaged in the
same line of business, have common promoters, and have operational
and financial linkages.

Outlook: Stable

Detailed description of the key rating drivers: At the time of last
rating on August 28, 2023 following were the rating strengths and
weaknesses:

Key Weaknesses

* Low profitability: The group's PBILDT margins remained thin at
around 2% in the past three fiscals ended FY23 on account of low
value addition. Further, the PBILDT margins are susceptible to
volatility in agro commodity prices. CARE Ratings expects the
PBILDT margins to remain at the similar level over the medium
term.

* Presence in a highly fragmented and competitive agro-commodity
industry: Ambika Group operates in a competitive and highly
fragmented agro-commodity industry which has a presence of large
number of small and medium scale players. Further, the group faces
tough competition from the large players holding prominent position
in the industry. Consequently, the operating profitability remains
under pressure owing to high competition.

* Below Average financial risk profile: The capital structure of
the group improved however, remained leveraged marked by high total
outside liabilities to tangible networth (TOLTNW) ratio of 5.46x as
on March 31, 2023 (16.57x as on March 31, 2022) due to higher
reliance on external borrowings to fund the working capital
requirements. Also, the networth remained moderate at INR21.57
crore as on March 31, 2023 (INR14.97 crore as on March 31, 2022).
The below average debt protection metrices are 1Complete definition
of the ratings assigned are available at marked by interest
coverage ratio and TDGCA ratio of 1.95x and 9.13x in FY23. CARE
Ratings expects the financial risk profile to remain below average
over the medium and any higher than expected debt-funded capex may
strain the liquidity and will remain key monitorable.

* Constitution as a proprietorship firm: The credit risk profile of
Ambika group is constrained by its partnership constitution wherein
there is an inherent risk of withdrawal of the capital. Any
significant withdrawals from the capital account will affect its
capital structure.

Key strengths

* Experienced promoters along with established track record in agro
industry: Ambika group belongs to Latur based Kalantri family
having presence in dal milling for over 3 decades. The firms are
managed by Mr.Pannalal Kalantri along with his son Mr. Rahul
Kalantri who has experience of over a decade in dal milling
business.

* Diversified and established customer base: The group benefits
from diversified customer base and has a strong network of brokers.
Some of its key customers includes Tata Consumer Products Limited,
Avenue Supermarts Limited and others. Also, the top 10 customers
form less than 20% of total revenue thus, leading to low customer
concentration in revenue profile. Over the years, the group has
established longstanding relationship with its customers thus,
resulting in repeated orders.

Formed in 2012, Ambika Marketing (AM) is a proprietorship firm
managed by Mr. Pannalal Kalantri. It is a part of Ambika group and
is engaged in processing of Chana dal, Toor dal and packaging for
Tata Sampanna. The processing unit is situated in Latur,
Maharashtra and has processing capacity of 80 MTPD. Formed in 2001,
Ambika Pulses (AP) is a proprietorship firm managed by Mr.
Shrikanta Kalantri. It is a part of Ambika group and is engaged in
sorting and grading of pulses (toor and chana). The processing unit
is situated in Latur, Maharashtra and has processing capacity of
24000 MTPA. Formed in 2001, Raghuratna Agro Industries (RAI) is a
proprietorship firm managed by Mrs. Sapna Kalantri. It is a part of
Ambika group and is engaged in trading, sorting and grading of
pulses. The processing unit is situated in Latur, Maharashtra and
has processing capacity of 80MTPD.


APOLLO VIKAS: CARE Lowers Rating on INR50.00cr LT/ST Loan to B+/A4
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Apollo Vikas Steels Private Limited (AVSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           50.00      CARE B+; Stable/CARE A4
   Short Term                      Revised from CARE BB-; Stable/
   Bank Facilities                 CARE A4

Rationale and key rating drivers

For arriving at the rating of AVSPL, CARE has taken a combined view
on AVSPL and Saibaba Ship Breaking Corporation (SSBC); together
referred to as Apollo Vikas group (AVG), as both the entities are
in same line of business, have common promoters and have
operational and financial linkages.

The revision in the ratings assigned to the bank facilities of M/s
Apollo Vikas Steels Private Limited (AVSPL) factors in significant
decline in total operating income in FY23 and also in the current
year i.e FY24. The ratings are further tempered by its levered
capital structure with moderate debt coverage indicators,
volatility in raw material prices, cyclical and competitive nature
of the industry, constitution of SSBC being a partnership firm and
exposure to regulatory and environment hazard risk. However the
ratings also considers the experienced promotor group, favourable
location suitable for ship breaking business.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Substantial improvement in scale of operations over the current
levels with Profit Before Interest, Lease rentals, Depreciation and
Taxation (PBILDT) margin above 3% on sustained basis.

Negative factors

* Substantial decline in TOI over current levels with PBILDT margin
below 1.5% on sustained basis.

* Deterioration of financial risk profile and stretched working
capital cycle on combined basis.

Analytical approach: Combined

CARE has combined the business and financial risk profiles of
Saibaba Ship Breaking Corporation (SSBC) and Apollo Vikas Steels
Private Limited (AVSL). This is because the two entities, together
referred to as the Apollo group, are under a common management and
have mutual operational and financial linkages including financial
support.

Outlook: Stable

Stable outlook reflects that the Apollo Vikas group will continue
to benefit from the experience of the promoters.

Detailed description of the key rating drivers:

Key weaknesses

* Leveraged capital structure with moderate debt coverage
indicators: The Apollo Vikas group's (AVG) capital structure was
moderate with overall gearing of 1.29x as on March 31, 2023 which
was around 1.02x as on March 31, 2022. Outstanding debt was on
account of unsecured loan from its promotors and increase
utilzation in its working capital facility. Net worth of the firm
stood modest at INR15.81 crore as on March 31, 2023. Debt coverage
indicators were also modest on the back of thin profitability and
reliance on debt for ship purchase as well as operations resulting
in interest coverage of 2.11 times and total debt to GCA of 7.23
times in FY23.

* Moderate scale of operations and thin profitability margins: Over
the years, AVG's scale of operations remained moderate and volatile
as per availability of ships and volatility associated with steel
prices. During FY23, the group has reported moderate total
operating income (TOI) of INR49.73 crore due to limited
availability of ships at competitive price during FY23.
Furthermore, in current year, AVG reported sales of ~ INR1.1 crore
till January 31, 2024. The profitability margins of the firm
remained thin due to trading nature of its operations. PBILDT
margin however improved to 8.01% in FY23 from 2.78% in FY23 on
account of improved realisation from sale of its non-ferrous
metals.

* Partnership nature of constitution: Sai Baba Ship Breaking
Corporation's (SSBC) constitution as a partnership firm restricts
its overall financial flexibility in terms of limited access to
external funds for any future expansion plans. Further, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of
death/retirement/insolvency/personal contingency of any of the
partners. However during FY23, the partners made a net infusion of
INR0.09 crore whereas SSBC had done net withdrawal of INR2.75 crore
in FY22.

* Exposure to volatility in steel/scrap prices: The volatility in
steel prices driven by demand and supply conditions in the global
as well as local markets exposes AVG to any adverse price movement
on the uncut ship inventory (which depends on the time elapsed
since the purchase of the ship and the size/tonnage of the ship) as
well as unsold inventory of steel scrap held by the firm (which is
generally minimal).

* Cyclicality associated with ship breaking industry coupled with
competition of global peers: The ship breaking industry is cyclical
in nature as supply of old ships for recycling is inversely
proportional to freight rates in the global economy. These freight
rates take into account the global demand of seaborne transport and
supply of new vessels which in turn depends on global merchandise
trade. Better availability of old ships for recycling is ensured at
the time of recession and when freight rates are low which makes it
economical to dismantle the ship rather than continue to operate
it. Indian ship recycling yard face intense competition from the
neighbour countries like Bangladesh and Pakistan due to
availability of low wage labour, lax occupational health and
environment related regulations.

* Exposure to Regulatory and environment hazard risk: The
ship-breaking industry in the Alang-Sosiya belt of Gujarat is
highly regulated with strict working and safety standards to be
maintained by the ship-breakers for their labourers and
environmental compliance. Furthermore, the industry is prone to
risks related to pollution as it involves dismantling of ships
which contain various hazardous substances like lead, asbestos,
acids, hazardous paints, etc. that have to be properly disposed-off
as per the regulatory guidelines.

Key strengths

* Experience of promoters: Benefits from the promoters' experience
of above three decades, their strong understanding of the local
market dynamics, and healthy relations with customers and suppliers
should continue to support the business.

* Location of yard at Alang which has unique geographical features
suitable for ship-breaking operations: The AVG ship breaking yards
are located at Alang-Sosiya belt, which constitutes nearly 90% of
India's ship-breaking activities and it is India's largest
ship-breaking cluster. The unique geographical features of the area
include a high tidal range, wide continental shelf, adequate slope
and a mud free coast. These conditions are ideal for a wide variety
of ships to be beached easily during high tide. The cluster
accommodates nearly 170 plots spread over around 10 km long stretch
along the sea coast of Alang- Sosiya. Alang has been a consistent
player in ship breaking and accounts for 98% of total ships
recycled in India.

Liquidity: Stretched

The group (AVG) has stretched liquidity marked by modest free cash
balance of INR1.40 crore as on January 31, 2024. However, AVG had
no o/s term loan as on date and the group's LC facility has
remained fully unutilized for the last 12 months ended January 31,
2024.

The Apollo Vikas group is in the business of ship breaking and owns
two plots at the Alang Port (Gujarat). The group has a track record
of over 25 years in the shipbreaking business. Apollo Vikas Steels
Private Limited (AVSL) also has a furnace division where it
produces steel ingots from scrap. Saibaba Ship Breaking Corporation
(SSBC) is a partnership firm and has ship-breaking capacity at
Alang, Gujarat.

AVSPL was incorporated in year 1982 in Bhavnagar. The company has
its registered office and a plot at Alang port, Bhavnagar, Gujarat.
The business operation of AVSPL are managed by Mr. Vinod Rai Patel
along with other directors.


AVAIL HOLDING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Avail Holding Limited

        Registered Address:
        209, Bhanot Plaza - II
        3, D.B. Gupta Road
        New Delhi 110055, India
        
Insolvency Commencement Date: January 29, 2024

Court: National Company Law Tribunal, New Delhi Bench

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

Interim Resolution
Professional: Parveen Bansal
              J-347, Block J, Sarita Vihar
              New Delhi-110076
              Email: pkbansal00@gmail.com
                     avail.holding@truproinsolvency.com

Last date for
submission of claims: February 23, 2024


BRIDGE & ROOF: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Bridge & Roof Co (India) Ltd
2/1, Russel Street, 5th Floor
        Kolkata, 700071, West Bengal, India

Insolvency Commencement Date: February 9, 2024

Estimated date of closure of
insolvency resolution process: August 6, 2024 (180 Days)

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Subodh Kumar Agarwal
       301, 3rd floor, 1,
              Ganesh Chandra Avenue,
              Kolkata-700013
              Email: subodhka@gmail.com
              Email: cirp.bridgeroof@gmil.com

Last date for
submission of claims: February 24, 2024


BVM FINANCE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: BVM Finance Private Limited
Block No. 457, Vill- Chhatral, Ta-Kalol,
        Dist Gandhinagar, Gujarat-382729, India

Insolvency Commencement Date: February 8, 2024

Estimated date of closure of
insolvency resolution process: August 6, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Sachin Dinkar Bhattbhatt
       A-604, Royal Edifice, Behind Iscon Heights,
              Kunal Cross Roads, Gotri, Vadadora - 390 023,
Gujarat
              Email: sachin.bhattbhatt@gmail.com
              Email: cirp.bvm@gmail.com

Last date for
submission of claims: February 22, 2024


COSMAS RESEARCH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Cosmas Research Lab Limited

        Registered Office:
        Village Gaunspura Bhattian Road
        Hambran, Ludhiana
        Punjab - 141110

        Corporate Office:
        B-1-1446, Haibowal Khurd
        Hambrain Road Distt.
        Ludhiana, Punjab-141001
        
Insolvency Commencement Date: February 9, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: August 7, 2024

Interim Resolution
Professional: Rajender Kumar Jain
              House no.3698/1, First Floor
              Sector 46-C, Chandigarh - 160047
              Email: amicusthe@gmail.com

              Address for Correspondence:
              SCO-818, 1st Floor, NAC
              Manimajra, Chandigarh - 160101
              E-mail: cosmasresearchcirp@gmail.com
              Mobile No: +91-9915592262

Last date for
submission of claims: February 23, 2024


ECO AUTO: Liquidation Process Case Summary
------------------------------------------
Debtor: Eco Auto Components Limited
Plot No-388 Sector-24,
        Faridabad, Haryana-121004

Liquidation Commencement Date: February 1, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator:  Sudhanshu Gupta
      311, Agarwal Chamber-2 Plot No. 30,31
             Veer Savarkar Block, opp. Metro Pillar No-58,
             Shakarpur, East, New Delhi, Delhi-110092
             Email: sg_1973@rediffmail.com
             Email: liquidation.ecoauto@gmail.com

Last date for
submission of claims: March 9, 2024

FAIME MAKERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Faime Makers Private Limited
        (formerly known as Fairmont Constructions
         Private Limited)

        Registered Address:
        201/202 Vastu Prestige
        Near Fame Adlabs
        Andheri Link Road
        Andheri (W), Mumbai 400053
        
Insolvency Commencement Date: February 7, 2024

Court: National Company Law Tribunal, Mumbai Bench Court III

Estimated date of closure of
insolvency resolution process: August 5, 2024

Interim Resolution
Professional: Pramod Dattaram Rasam
              Room No. 5 Shri Niwas Chawl
              J.B. Nagar, Andheri (E)
              Mumbai - 400059
              Email: pdrasam@gmail.com
                     cirp.faimemakers@gmail.com

Representative of
creditors in a class:  1. Mr. Anish Gupta
                          E-mai: ipanishgupta@gmail.com

                       2. Mr. Sanjay Bansilal Kathane
                          E-mail: sanjaykathane@yahoo.com

                       3. Mr. Vikas Khiyani
                          E-mail: cavikas.khiyani@gmail.com  

Last date for
submission of claims: February 22, 2024


GEO API: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: M/s Geo Api Solutions Private Limited
Shop No. 539, 4th Floor, Orchard Road Mall,
        Survey No. 169, Aarey Milk Colony,
        Goregaon (East), Mumbai MH 400065
  
Insolvency Commencement Date: February 5, 2024

Estimated date of closure of
insolvency resolution process: August 3, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench-VI

Insolvency
Professional: Anish Gupta
       105, Lotus Business Park,
              Ram Baug Lane, Off S V Road,
              Malad (West), Mumbai-400064
              Email: ipanishgupta@gmail.com

Last date for
submission of claims: February 22, 2024



GO FIRST: Delhi HC Issues Contempt Notice to RP
-----------------------------------------------
Business Standard reports that the Delhi High Court (HC) on March 7
issued a contempt notice to Shailendra Ajmera, the Resolution
Professional (RP) of insolvent airline Go First for not maintaining
the leased aircraft.

Even though Ajmera has not been asked to be present in the court
now, he has been asked to respond as to why contempt proceedings
should not be initiated against him, Business Standard relates.

Business Standard says the RP has also agreed to hand over the task
of maintenance of the aircraft to the lessor. The lessor has sought
time to respond to this suggestion before the next hearing on March
15.

The court on March 1 observed that the RP was unable to maintain
the aircraft, according to its records.

Business Standard relates that Justice Tara Vitasta Ganju had told
the RP to tell the court if they would hand over the maintenance of
the aircraft in question to a third-party facility or the lessors.

This was on a plea of contempt filed by lessor DAE (SY22) 13
Ireland Designated Activity Company in November last year against
the RP for not complying with the court's orders to provide
maintenance records to the lessors.

Ten of the fourteen lessors in the case supported the plea for
contempt proceedings against the RP, the report states.

The RP told the court in December last year that aircraft lessors
have proposed a third-party agency to provide documentation and
maintenance of the aircraft, Business Standard recalls.

According to Business Standard, the RP said that certain aircraft
lessors namely SMBC Aviation Capital, Aviation Capital Group,
Jackson Square Aviation and EOS Aviation (cumulatively owning 23
Aircraft) held in-person meetings with them on November 9 last year
at Mumbai, wherein the lessors proposed a third-party agency as the
MRO/CAMO (Maintenance, Repair, and Overhaul/Continuing
airworthiness management organisation) tasked to provide aircraft
documentation and undertake aircraft maintenance.

It was informed by the aforesaid lessors that once a contract is
executed with the proposed MRO, a communication will be issued to
the DGCA seeking the required approvals to allow the said MRO to
proceed with maintenance activities on the aircraft, the RP told
the court.

He also told the court that the lack of operational cash flows has
made it impossible for it to retain technical professionals
entrusted with the responsibility of maintaining the aircraft.

On February 13, the National Company Law Tribunal (NCLT) extended
the insolvency process of the grounded airline Go First by 60 days
after the RP of the airline told the tribunal that some parties has
expressed interest in taking over the carrier, Business Standard
notes.

Budget carrier SpiceJet's managing director, Ajay Singh, and Busy
Bee Airways have jointly submitted a bid of $193.10 million for the
airline.

The airline has also received a financial bid from Sharjah-based
Sky One Airways, which is lower than the competing bid.

                          About Go First

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

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

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

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

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

HEO HYDRO: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Heo Hydro Power Private Limited
No.572, SamruddhiNilaya, 2nd Floor,
        1st Cross, Police Station Road,
        Behind Govt. High school,
        Hebbal, Bangalore, Karnataka, India, 560024

Liquidation Commencement Date: February 6, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator:  Gigi Joseph K J, FCS
             M/s Joseph & Chaklo LLP
      Company Secretaries #48,
             2nd Block, 100Ft Road, Opp. KendriyaSadan,
             Koramangala Bangalore-560 034
             Email: gigi@jandc.in

Last date for
submission of claims: March 7, 2024

JAISWAL BATTERY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jaiswal
Battery Service (JBS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JBS for
obtaining information through letter and email dated February 15,
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 JBS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JBS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JBS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

JBS is a proprietorship firm, set up in 1985, by Mr Raj Kumar
Jaiswal in Lucknow. The firm manufactures and assembles various
types of solar power products such as street lamps, home light
systems and power plants. The firm, which has an ISO 9001:2008 and
ISO 14001:2004 certification, derives around 90% of revenue from
government projects, run by Uttar Pradesh New and Renewable Energy
Development Agency (UPNEDA), and the rest, from private players.


JAMMU CASTING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jammu Casting
Private Limited (JCPL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            0.25       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JCPL for
obtaining information through letter and email dated February 15,
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 JCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JCPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

JCPL, incorporated in 1990, manufactures mild steel ingots in
Jammu. Mr Sandeep Gulati, Mr Vishal Gupta, and Ms Ritu Gupta are
the promoters.


JMS LOGISTICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: JMS Logistics and Express Private Limited

        Registered Address:
        Shop 28, Goyal Trade Centre
        Shantivan, Borivali East
        Mumbai City, Mumbai
        Maharashtra-400066 India
        
Insolvency Commencement Date: June 6, 2023

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 12, 2024

Interim Resolution
Professional: Gaurav Mittal
              23-A, 2nd Floor
              Ch. Kishan Chand Complex
              Jwala Heri, Paschim Vihar
              New Delhi-110063
              Email: gauravmittal.ipprofessional@gmail.com

Last date for
submission of claims: February 19, 2024


JOGESHWARI BREWERIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Jogeshwari Breweries Private Limited
Rs No.  286, Shinde Residency, Near Ruikar Colony,
        Plot No-194 Kolhapur, Maharashtra 416005

Insolvency Commencement Date: February 9, 2024

Estimated date of closure of
insolvency resolution process: August 6, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Jitendra Palande
       Office No. 411, 4th Floor,
              Kakade Bizz Icon, Pune 411005
              Email: jitendra@7crllp.com
              Email: cirp.jogeshwari@gmail.com

Last date for
submission of claims: February 24, 2024



JUPITER FOOD: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jupiter Food
Products India Private Limited (JFPIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan              1.75       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JFPIPL for
obtaining information through letter and email dated February 15,
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 JFPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
JFPIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of JFPIPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

JFPIPL was incorporated in 1992, it is located in Kanpur, UP.
JFPIPL is owned and managed by Mr. Suresh Chand Jain, Mr. Alok Jain
& Ms. Shalini Jain. JFPIPL is engaged in processing of chicory
(roasted & liquid).


KADAMBRI HEALTHCARE: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kadambri
Healthcare Private Limited (KHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan        13.05       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KHPL for
obtaining information through letter and email dated February 15,
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 KHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KHPL continues to be 'CRISIL D Issuer Not Cooperating'.

KHPL, incorporated in 2015, is managed by Dr Nishant Tyagi and Dr
Ashok Gupta. The company has set up a 50-bed, mother-and-child
hospital at Ghaziabad, specialising in gynaecology and
paediatrics.


KAMLESHKUMAR BALUBHAI: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamleshkumar
Balubhai Lad (KBL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        5.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           6.25        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KBL for
obtaining information through letter and email dated February 15,
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 KBL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KBL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KBL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 1983 as a proprietorship firm and promoted by Mr
Kamlesh Lad, KBL executes road construction contracts in Gujarat.


KARO COILS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karo Coils
Private Limited (KCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.01        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             8.65        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letter and email dated February 15,
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 KCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2006, by Mr. Savmit Grover, KCPL manufactures
cold-formed coil springs at its facility in Bhivadi, Rajasthan,
which has an installed capacity of 300 tonne per month.


KARUNAMAYE BEVERAGES: CRISIL Keeps B- Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Karunamaye Beverages Private Limited (SKBPL) continue to be 'CRISIL
B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          2         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      5         CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SKBPL for
obtaining information through letter and email dated February 15,
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 SKBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKBPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

SKBPL was set up in 2013 by Mr Manas Chakraborty. The company
manufactures polyethylene terephthalate (PET) bottles and
polypropylene (PP) caps. It started commercial operations in July
2017. The company is currently setting up a facility for
manufacturing packaged drinking water, soda, and soft drinks under
own brands.


KRISHNA EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Krishna
Educational And Charitable Society (REGD) (SKECS) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Drop Line              1.97        CRISIL D (Issuer Not
   Overdraft Facility                 Cooperating)

   Funded Interest        0.08        CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Funded Interest        0.04        CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Long Term Loan         1.15        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         2.26        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SKECS for
obtaining information through letter and email dated February 15,
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 SKECS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKECS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKECS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SKECS was registered as charitable trust in 2008, under income tax
act. It operates two institutes Aryabhatta Engineering and
Management Institute and Aryabhatta Group of College that offer
courses in various disciplines, such as engineering, management,
along with other graduation courses and are located at Punjab. It
is currently managed by Mr. R.K. Gupta, Mr. Vicky Singhal and Mr.
Inderpal Goyal.


MANGAL TRADING: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Mangal
Trading Company (SMTC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMTC for
obtaining information through letter and email dated February 15,
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 SMTC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMTC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMTC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SMTC was established in 2014 as a proprietorship firm by Mr.
Ramniwas Yadav. The firm is engaged in trading of construction
material like stone grit, stone dust, and bricks. Apart from this,
the firm has also started manufacturing of readymade garments in
current fiscal 2019.


MAVIN SWITCHGEARS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Mavin Switchgears and Control Private Limited

        Registered Address:
        Plot No. 9, N-11
        CIDCO, Aurangabad
        Maharashtra, India - 431003
        
Insolvency Commencement Date: February 7, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 5, 2024

Interim Resolution
Professional: Indrajit Mukherjee
              Flat No. B 405
              Siddhivinayak Twins, Plot No.9
              Sector 17, Roadpali, Kalamboli
              Navi Mumbai, Raigad
              Maharashtra - 410218
              Email: indrajitmukherjee15@yahoo.com
                     cirp.msgpl@gmail.com

Last date for
submission of claims: February 21, 2024


OPTIMAL POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Optimal Power
Synergy India Private Limited (OPS) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           1.85        CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter        1           CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Proposed Long Term    3.65        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with OPS for
obtaining information through letter and email dated February 15,
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 OPS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OPS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

OPS, incorporated in 2007, is a subsidiary of Optimal Power
Solutions Pty Ltd, Australia. The company is involved in renewable
energy business, specifically in the manufacture and design of
power conditioning units such as inverters and various control
systems. OPS also manufactures rooftop solar inverters of 3-30
kilowatt. Dr Swati Purakayastha manages the operations.


OVERSEAS LOGISTICS: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Overseas
Logistics Private Limited (OLPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     0.4        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with OLPL for
obtaining information through letter and email dated February 15,
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 OLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OLPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2004, OLPL is an ISO 9001-2000-certified courier
company. It is a channel partner for all major multinational
courier companies, providing international courier and freight
forwarding services. Mr Ashok Kumar Gupta is the promoter.


PADAM CARS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Padam Cars
Private Limited (PCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Inventory Funding      16         CRISIL D (Issuer Not
   Facility                          Cooperating)

   Inventory Funding      10         CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with PCPL for
obtaining information through letter and email dated February 15,
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 PCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCPL continues to be 'CRISIL D Issuer Not Cooperating'.

PCPL, based in Amritsar, is promoted by Mr. Amarijt Mehta and his
wife Ms. Babita Mehta. The company is a dealer for passenger cars
of Renault and GM. It has 10 showrooms spread across Punjab.


PADMAVATHI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Padmavathi
Cotton Industries (PCI) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Cash          0.71       CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

   Term Loan              5.79       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PCI for
obtaining information through letter and email dated February 15,
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 PCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCI continues to be 'CRISIL D Issuer Not Cooperating'.

PCI, located at Chintapally mandal in Nalgonda district of
Telangana, is a partnership firm set up in March 2015 and started
its operations on 28th January 2016. Mr Ganta Narayana Reddy and Mr
Ganta Rajashekar Reddy are the managing partners of the firm. Mr
Narayana Reddy has over 2 decades of experience in cotton trading
business. The ginning facility includes 48 double roller gins, an
auto pressing unit and an auto feeder unit. The installed
processing capacity of the unit is ~351,000 kappas per annum.


PANDIT JAVDEKAR: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pandit
Javdekar Associates (PJA) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              7          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              3          CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PJA for
obtaining information through letter and email dated February 15,
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 PJA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PJA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PJA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

PJA was set up in 2010 by Mr Rahul Pandit and Mr. Shivkumar
Javdekar. The firm, which is a part of the Pandit Javdekar group,
is engaged in real estate development, largely in Pune.


PRASAD FIBERS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prasad Fibers
Private Limited (PFPL; part of Prasad Group continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             12.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              7.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PFPL for
obtaining information through letter and email dated February 15,
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 PFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PFPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of PFPL and Prasad Cotton
Industries Pvt Ltd (PCIPL), together referred to as the Prasad
group. This is because both entities are managed by the same
promoter and operate in similar lines of business.

                          About the Group

The Prasad group, set up by Mr Hari Prasad Soni and his family
members, gins and presses raw cotton into bales and extracts oil
from cotton seed. Operations are jointly managed by Mr Ramprasad
Soni and his brothers, Mr Hariprasad Soni, Mr Dwarkaprasad Soni,
and Mr Shivprasad Soni.

PCIPL, originally set up in 2003 as a partnership firm, was
reconstituted as a private limited company in May 2013. PFPL was
established in 2008 and is engaged in the same line of business.


PROTAC FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ProTAC Foods
International Private Limited (PFIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Proposed Long Term      2.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              13         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               5.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PFIPL for
obtaining information through letter and email dated February 15,
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 PFIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PFIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PFIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Protac Foods International Pvt Ltd was promoted by Mr Tarun Kunzru
(managing director), Mr Chethan MV and Mr Abhishek Gowda M.N to
engage in chicken processing, with an integrated cold chain
preservative system and sales. The company was incorporated on
February 5, 2014. The company has commenced operations since June
2016.


RAGHURATNA AGRO: CARE Lowers Rating on INR14.36cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Raghuratna Agro Industries (RAI; combined, hereafter refers to the
Ambika Group), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.36       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from RAI to monitor
the rating vide e-mail communication dated February 20, 2024,
February 13, 2024, January 31, 2024, November 29, 2023 and numerous
phone calls. However, despite repeated requests, the company has
not provided requisite information for monitoring the rating.
Further, Ambika group has also not submitted the No Default
Statements (NDS) for the months ending December 2023, January 2024
and February 2024.

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

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

The ratings assigned to the bank facilities of Ambika group has
been revised on account of non-availability of requisite
information.

The rating also factors in low profitability, group's presence in a
highly fragmented and competitive agro-commodity industry and below
average financial risk profile. The rating also remains constrained
due to partnership nature of constitution of entities under Ambika
Group. However, the rating derives benefit from extensive
experience of promoters, established track record in agro industry
& diversified and established customer base.

Outlook: Stable

Detailed description of the key rating drivers: At the time of last
rating on August 28, 2023 following were the rating
strengths and weaknesses:

Key Weaknesses

* Low profitability: The group's PBILDT margins remained thin at
around 2% in the past three fiscals ended FY23 on account of low
value addition. Further, the PBILDT margins are susceptible to
volatility in agro commodity prices. CARE Ratings expects the
PBILDT margins to remain at the similar level over the medium
term.

* Presence in a highly fragmented and competitive agro-commodity
industry: Ambika Group operates in a competitive and highly
fragmented agro-commodity industry which has a presence of large
number of small and medium scale players. Further, the group faces
tough competition from the large players holding prominent position
in the industry. Consequently, the operating profitability remains
under pressure owing to high competition.

* Below Average financial risk profile: The capital structure of
the group improved however, remained leveraged marked by high total
outside liabilities to tangible networth (TOLTNW) ratio of 5.46x as
on March 31, 2023 (16.57x as on March 31, 2022) due to higher
reliance on external borrowings to fund the working capital
requirements. Also, the networth remained moderate at INR21.57
crore as on March 31, 2023 (INR14.97 crore as on March 31, 2022).
The below average debt protection metrices are marked by interest
coverage ratio and TDGCA ratio of 1.95x and 9.13x in FY23. CARE
Ratings expects the financial risk profile to remain below average
over the medium and any higher than expected debt-funded capex may
strain the liquidity and will remain key monitorable.

* Constitution as a proprietorship firm: The credit risk profile of
Ambika group is constrained by its partnership constitution wherein
there is an inherent risk of withdrawal of the capital. Any
significant withdrawals from the capital account will affect its
capital structure.

Key strengths

* Experienced promoters along with established track record in agro
industry: Ambika group belongs to Latur based Kalantri family
having presence in dal milling for over 3 decades. The firms are
managed by Mr.Pannalal Kalantri along with his son Mr. Rahul
Kalantri who has experience of over a decade in dal milling
business.

* Diversified and established customer base: The group benefits
from diversified customer base and has a strong network of brokers.
Some of its key customers includes Tata Consumer Products Limited,
Avenue Supermarts Limited and others. Also, the top 10 customers
form less than 20% of total revenue thus, leading to low customer
concentration in revenue profile. Over the years, the group has
established longstanding relationship with its customers thus,
resulting in repeated orders.

Formed in 2012, Ambika Marketing (AM) is a proprietorship firm
managed by Mr. Pannalal Kalantri. It is a part of Ambika group and
is engaged in processing of Chana dal, Toor dal and packaging for
Tata Sampanna. The processing unit is situated in Latur,
Maharashtra and has processing capacity of 80 MTPD. Formed in 2001,
Ambika Pulses (AP) is a proprietorship firm managed by Mr.
Shrikanta Kalantri. It is a part of Ambika group and is engaged in
sorting and grading of pulses (toor and chana). The processing unit
is situated in Latur, Maharashtra and has processing capacity of
24000 MTPA. Formed in 2001, Raghuratna Agro Industries (RAI) is a
proprietorship firm managed by Mrs. Sapna Kalantri. It is a part of
Ambika group and is engaged in trading, sorting and grading of
pulses. The processing unit is situated in Latur, Maharashtra and
has processing capacity of 80MTPD.


S.K. FARMS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.K. Farms -
Namakkal (SKF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/          3.5         CRISIL B+/Stable (Issuer Not
   Overdraft facility                Cooperating)

   Key Cash Credit       2.3         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan             1.08        CRISIL B+/Stable (Issuer Not
                                     Cooperating)


CRISIL Ratings has been consistently following up with SKF for
obtaining information through letter and email dated February 15,
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 SKF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKF continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Based in Tiruchengode, SKF is a proprietorship, set up by Mr
Subramaniam in 1981. The firm is engaged in the poultry and
hatchery business, and has a capacity of 160,000 egg-laying hens.


SAIBABA SHIP: CARE Lowers Rating on INR50cr LT/ST Loan to B+/A4
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Saibaba Ship Breaking Corporation (SSBC), CARE has taken a combined
view on AVSPL and Saibaba Ship Breaking Corporation (SSBC);
together referred to as Apollo Vikas group (AVG), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/           50.00      CARE B+; Stable/CARE A4
   Short Term                      Revised from CARE BB-; Stable/
   Bank Facilities                 CARE A4

Rationale and key rating drivers

For arriving at the rating of SSBC as both the entities are in same
line of business, have common promoters and have operational and
financial linkages. The revision in the ratings assigned to the
bank facilities of M/s SSBC factors in significant decline in total
operating income in FY23 and also in the current year i.e FY24. The
ratings are further tempered by its levered capital structure with
moderate debt coverage indicators, volatility in raw material
prices, cyclical and competitive nature of the industry,
constitution of SSBC being a partnership firm and exposure to
regulatory and environment hazard risk. However the ratings also
considers the experienced promotor group, favourable location
suitable for ship breaking business.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Substantial improvement in scale of operations over the current
levels with Profit Before Interest, Lease rentals, Depreciation and
Taxation (PBILDT) margin above 3% on sustained basis.

Negative factors

* Substantial decline in TOI over current levels with PBILDT margin
below 1.5% on sustained basis.

* Deterioration of financial risk profile and stretched working
capital cycle on combined basis.

Analytical approach: Combined

CARE has combined the business and financial risk profiles of
Saibaba Ship Breaking Corporation (SSBC) and Apollo Vikas Steels
Private Limited (AVSL). This is because the two entities, together
referred to as the Apollo group, are under a common management and
have mutual operational and financial linkages including financial
support.

Outlook: Stable

Stable outlook reflects that the Apollo Vikas group will continue
to benefit from the experience of the promoters.

Detailed description of the key rating drivers:

Key weaknesses

* Leveraged capital structure with moderate debt coverage
indicators: The Apollo Vikas group's (AVG) capital structure was
moderate with overall gearing of 1.29x as on March 31, 2023 which
was around 1.02x as on March 31, 2022. Outstanding debt was on
account of unsecured loan from its promotors and increase
utilzation in its working capital facility. Net worth of the firm
stood modest at INR15.81 crore as on March 31, 2023.  Debt coverage
indicators were also modest on the back of thin profitability and
reliance on debt for ship purchase as well as operations resulting
in interest coverage of 2.11 times and total debt to GCA of 7.23
times in FY23.

* Moderate scale of operations and thin profitability margins: Over
the years, AVG's scale of operations remained moderate and volatile
as per availability of ships and volatility associated with steel
prices. During FY23, the group has reported moderate total
operating income (TOI) of INR49.73 crore due to limited
availability of ships at competitive price during FY23.
Furthermore, in current year, AVG reported sales of ~ INR1.1 crore
till January 31, 2024. The profitability margins of the firm
remained thin due to trading nature of its operations. PBILDT
margin however improved to 8.01% in FY23 from 2.78% in FY23 on
account of improved realisation from sale of its non-ferrous
metals.

* Partnership nature of constitution: Sai Baba Ship Breaking
Corporation's (SSBC) constitution as a partnership firm restricts
its overall financial flexibility in terms of limited access to
external funds for any future expansion plans. Further, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of
death/retirement/insolvency/personal contingency of any of the
partners. However during FY23, the partners made a net infusion of
INR0.09 crore whereas SSBC had done net withdrawal of INR2.75 crore
in FY22.

* Exposure to volatility in steel/scrap prices: The volatility in
steel prices driven by demand and supply conditions in the global
as well as local markets exposes AVG to any adverse price movement
on the uncut ship inventory (which depends on the time elapsed
since the purchase of the ship and the size/tonnage of the ship) as
well as unsold inventory of steel scrap held by
the firm (which is generally minimal).

* Cyclicality associated with ship breaking industry coupled with
competition of global peers: The ship breaking industry is cyclical
in nature as supply of old ships for recycling is inversely
proportional to freight rates in the global economy. These freight
rates take into account the global demand of seaborne transport and
supply of new vessels which in turn depends on global merchandise
trade. Better availability of old ships for recycling is ensured at
the time of recession and when freight rates are low which makes it
economical to dismantle the ship rather than continue to operate
it. Indian ship recycling yard face intense competition from the
neighbour countries like Bangladesh and Pakistan due to
availability of low wage labour, lax occupational health and
environment related regulations.

* Exposure to Regulatory and environment hazard risk: The
ship-breaking industry in the Alang-Sosiya belt of Gujarat is
highly regulated with strict working and safety standards to be
maintained by the ship-breakers for their labourers and
environmental compliance. Furthermore, the industry is prone to
risks related to pollution as it involves dismantling of ships
which contain various hazardous substances like lead, asbestos,
acids, hazardous paints, etc. that have to be properly disposed-off
as per the regulatory guidelines.

Key strengths

* Experience of promoters: Benefits from the promoters' experience
of above three decades, their strong understanding of the local
market dynamics, and healthy relations with customers and suppliers
should continue to support the business.

* Location of yard at Alang which has unique geographical features
suitable for ship-breaking operations: The AVG ship breaking yards
are located at Alang-Sosiya belt, which constitutes nearly 90% of
India's ship-breaking activities and it is India's largest
ship-breaking cluster. The unique geographical features of the area
include a high tidal range, wide continental shelf, adequate slope
and a mud free coast. These conditions are ideal for a wide variety
of ships to be beached easily during high tide. The cluster
accommodates nearly 170 plots spread over around 10 km long stretch
along the sea coast of Alang- Sosiya. Alang has been a consistent
player in ship breaking and accounts for 98% of total ships
recycled in India.

Liquidity: Stretched

The group (AVG) has stretched liquidity marked by modest free cash
balance of INR1.40 crore as on January 31, 2024. However, AVG had
no o/s term loan as on date and the group's LC facility has
remained fully unutilized for the last 12 months ended January 31,
2024.

The Apollo Vikas group is in the business of ship breaking and owns
two plots at the Alang Port (Gujarat). The group has a track record
of over 25 years in the shipbreaking business. Apollo Vikas Steels
Private Limited (AVSL) also has a furnace division where it
produces steel ingots from scrap. Saibaba Ship Breaking Corporation
(SSBC) is a partnership firm and has ship-breaking capacity at
Alang, Gujarat.

AVSPL was incorporated in year 1982 in Bhavnagar. The company has
its registered office and a plot at Alang port, Bhavnagar, Gujarat.
The business operation of AVSPL are managed by Mr. Vinod Rai Patel
along with other directors.


SAILEELA STEAMS: CRISIL Lowers Rating on INR9.5cr Term Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Shri
Saileela Steams (SSS) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.5        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan              9.5        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Warehouse Receipts     6          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with SSS for
obtaining information through letter and email dated February 15,
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 SSS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSS Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

Incorporated in 2006 as a partnership concern, by Urade family, SSS
processes and mills rice. The firm has milling unit situated in
Chandrapur district, Maharashtra and has capacity of 16 tonnes per
hour.


SAV WIRES: Liquidation Process Case Summary
-------------------------------------------
Debtor: Sav Wires Pvt Limited
5/53 Jagatipota, Krishan Market Road
        P.O - Dhalua, Kolkata-700152
        West Bengal, India

Liquidation Commencement Date: January 30, 2024

Court: National Company Law Tribunal, Kolkata Bench-I

Liquidator:  Mr. Subodh Kumar Agrawal
      Room No-301, 3rd Floor,
             1 Ganesh Chandra Avenue,
             Kolkata-700013
             Email: subodhka@gmail.com
             Email: liquidation.savwires@gmail.com

Last date for
submission of claims: March 6, 2024


SHIVSAMARTH MOTORIDERS: CRISIL Keeps B Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivsamarth
Motoriders Private Limited (SSMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             1         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Electronic Dealer       5.35      CRISIL B/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                 

CRISIL Ratings has been consistently following up with SSMPL for
obtaining information through letter and email dated February 15,
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 SSMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSMPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2003, SSMPL is the flagship company of the
ShivSamarth Group. The company is the authorised dealer of
two-wheelers of HMSI in Goa. It has one 3S (sales-service-spares)
showroom and four sales outlets in the state. The company is
promoted and managed by Mr Rajesh Khaunte.


SITARA CONDUCTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sitara
Conductors and Cables Private Limited (SCCPL) 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)
   Proposed Long Term
   Bank Loan Facility      3         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SCCPL for
obtaining information through letter and email dated February 15,
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 SCCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SCCPL, established in 1997 is engaged in manufacturing overhead
electricity transmission conductors, stay wires/earth wires,
paper-covered aluminium round and rectangular conductors, and
hard-drawn copper conductors. The company is certified under ISO
9001:2008 and has an office at Liluah, in Howrah, West Bengal.


SUMTECH INFOSYSTEM: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sumtech Infosystem Private Limited

        Registered Address:
        A-402, Panchseel Co-operative Housing Society
        Radhagram, Dhobi Ghat, Vakola
        Santacruz East, Mumbai City
        Mumbai, Maharashtra, India, 400055
        
Insolvency Commencement Date: February 7, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 5, 2024

Insolvency professional: Surendranath Karat Thazhethethil Nair

Interim Resolution
Professional: Surendranath Karat Thazhethethil Nair
              Villa No 263/Ward No XXXVIII "Kedar"
              Nandanam Gardens, House No
              Anakkotta Road, Guruvayoor
              Thamarayoor Post Thrissur Dist.
              Kerala State
              Near Devees Bakery And Supermarket
              Thrissur, Kerala, 680505
              Email: surendranathnair@gmail.com

              Address for correspondence:
              Suite No. 5, 8th Floor
              207, Embassy Centre
              Jamnalal Bajaj Marg
              Nariman Point, Mumbai
              Maharashtra - 400021
              Email: cirpsumtechinfosystem@gmail.com

Last date for
submission of claims: February 21, 2024


TATA CHEMICALS: Fitch Affirms BB+ LT IDR, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Tata Chemicals Limited's
(TCL) Long-Term Foreign-Currency Issuer Default Rating (IDR) to
Stable from Positive and affirmed the rating at 'BB+'.

The Outlook revision follows its view that the global soda ash
industry will remain oversupplied for longer than Fitch previously
anticipated. Demand in Europe (particularly the glass segment) has
been weaker than expected in the financial year ending March 2024
(FY24) so far, leading Turkish soda ash exports to pivot to Asia,
resulting in industry oversupply pressuring TCL's EBITDA margins.
Fitch expects persistent oversupply to weaken TCL's profits and
credit metrics in FY25, before a gradual recovery from FY26.

However, Fitch expects TCL's EBITDA net leverage to average 2.2x
over FY25-FY27 and be commensurate for its rating, driving the
Stable Outlook, despite the near-term industry pressures. The
rating also incorporates TCL's leading and geographically
diversified market position, cost-competitive operations, and the
sector's end-market diversification, mitigating risks to TCL's
credit profile from its smaller EBITDA scale versus 'BBB-' rated
chemical industry peers.

KEY RATING DRIVERS

Industry Oversupply: Fitch expects the excess supply in the soda
ash industry to continue in FY25 as demand growth remains weak in
the US and UK, and new capacities are commissioned in the US and
China. Fitch expects industry conditions to start rebalancing from
FY26, as improving market growth spurs demand, sustainable end-use
industries like lithium processing and solar panels aid growth, and
producers rationalise capacity amid cost and sustainability
pressures. Fitch expects low-single-digit percentage growth in
industry demand to balance supply additions over the long term.

Near-Term Margin Pressure: Fitch expects the oversupplied industry
conditions to drive a 5% fall in volumes and a 20% fall in prices
for TCL's soda ash business in FY25, squeezing its EBITDA margins
to 14% in FY25 (FY24 forecast: 18%). Margins will improve to 17%
from FY26 supported by a gradual demand recovery, supply
tightening, and lower energy cost. However, a prolonged period of
unfavorable economic conditions and supply glut in the industry
could limit margin improvement.

Capex to Aid Growth: Fitch expects TCL's capex intensity to remain
high at an average of 12% over FY24-FY27 (FY20-FY23 average: 11%).
This will be driven by its plan to increase domestic soda ash and
sodium bicarbonate capacities by 30% and 40%, respectively, beyond
the ongoing expansion, which is likely to be complete by FYE24, on
top of investments in specialty products. TCL will also invest in
raising its soda ash capacity in the US and Kenya by 0.6 million
metric tonnes over the next few years. Fitch expects the capacity
increase to support TCL's revenue growth over the long term.

Adequate Financial Profile: Fitch believes that TCL's credit
metrics provide adequate headroom for its current rating, although
Fitch expects EBITDA net leverage to rise to 2.1x - 2.4x over
FY25-FY27 (FY23: 1.1x, FY24 forecast: 1.5x). The increase in
leverage will be driven by EBITDA falling from high levels over
FY23-FY24, and the company generating mildly negative free cash
flows given its capex and shareholder distribution needs.
Weaker-than-expected EBITDA or higher-than-expected capex could
limit the financial buffers.

Strong Market Position: TCL is the world's third-largest soda ash
producer. Its soda ash capacity in the US and Kenya (64% of total
capacity) benefits from natural trona deposits, which require low
conversion costs. TCL's capacity in Gujarat, India (24% of total)
is one of the lowest-cost producers of synthetic soda ash, aided by
proximity to limestone quarries, economies of scale, and an
integrated cement plant utilising waste generated from soda-ash
manufacturing. These underpin the company's cost competitiveness
relative to peers.

Diversification Mitigates Volatility: Fitch believes that TCL's
geographically diversified operations and soda ash's diverse
end-markets reduce the risk of volatility in operating earnings
associated with regional downturns and product concentration. TCL's
soda ash capacity is diversified across India 24%, the US 56%, the
UK 12%, and Africa 8%, and the sector has end-uses across multiple
non-discretionary sectors, such as salt, detergents, glassware and
chemical products, and discretionary segments like flat glass.

DERIVATION SUMMARY

Both TCL and WE Soda Ltd. (BB-/Stable) are among the top three
global soda ash producers and their business profiles are
comparable. TCL's geographic diversification is better than WE's,
although TCL's EBITDA margins are lower than those of WE, whose
entire production comes from the lower cost natural trona-based
mining in Turkiye. WE's lower rating also incorporates a weaker
operating environment and corporate governance limitations compared
with TCL.

TCL's EBITDA scale is slightly larger and its operations more
geographically diversified than those of Cydsa, S.A.B. de C.V.
(BB+/Stable), with Mexico contributing to 90% of Cydsa's economic
value. However, Cydsa's ratings are supported by around 39% of
EBITDA exposure to the energy processing and logistics and salt
segments, which Fitch considers as more resilient than pure
chemical portfolios.

KEY ASSUMPTIONS

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

- Soda ash prices to fall by 20% in FY25 amid industry oversupply
and falling input energy costs. Prices to stabilise thereafter.

- Soda ash sales to fall by 5% in FY25 amidst weak demand and
competition from cheaper imports in some regions. Volumes to
stabilise thereafter.

- EBITDA margins falling to 14%-17% over FY25-FY27 (FY23: 22%, FY24
forecast: 18%) amid industry oversupply.

- Capex of INR17 billion per year over FY24-FY27.

- Dividend pay-out of INR12.5 per share (around INR3 billion) per
year over FY25-FY27.

RATING SENSITIVITIES

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

- TCL generating at least neutral FCF over a sustained period,
while maintaining EBITDA net leverage below 2.0x.

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

- EBITDA net leverage exceeding 3.0x for a sustained period.

- EBITDA margin deteriorating to below 15% for a sustained period
on account of a weaker business profile.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: TCL's liquidity is strong, supported by its cash
balance of INR15 billion and undrawn working capital limits of INR9
billion at end-December 2023, versus INR17 billion of debt
maturities in FY25 (none in 4QFY24). TCL also had investments of
INR50 billion at book value in various Tata group entities as of
FYE23 (including unquoted ones, such as a 2.5% stake in Tata Sons
Private Limited), which boosts its liquidity options. TCL has easy
access to credit markets being part of the Tata group, and its
financial flexibility remains strong.

ISSUER PROFILE

TCL is the world's third-largest producer of soda ash, with a
global capacity of 4.117 million tonnes per annum (4.359 million
tonnes including sodium bicarbonate). Its manufacturing operations
are spread across India, the US, the UK and Kenya.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Tata Chemicals
Limited              LT IDR BB+  Affirmed   BB+

WHISKERS INFRACARE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Whiskers Infracare Private Limited

        Registered Address:
        Shop No.6, Ground Floor
        Building No.25
        Plot-H-35, Mhada Complex
        Oshiwara, Andheri (w)
        Mumbai City, Mumbai
        Maharashtra, India 400053

Insolvency Commencement Date: February 9, 2024

Court: National Company Law Tribunal, Mumbai Bench Court - I

Estimated date of closure of
insolvency resolution process: August 7, 2024

Interim Resolution
Professional: Mr. Raghunath Sabanna Bhandari
              Flat No.501 Raj Atlantis 2
              Opp. SVP High School
              Kanakia, Mira Road, Thane,
              Maharashtra 401107
              Email: raghunathsb@yahoo.com

              Address for correspondence:
              402, 4th Floor, "A" Wing, Pushp Vinod
              No.2, S. V. Road, Borivali West
              Mumbai - 400092
              Email: cirpwhiskers@yahoo.com
              
Last date for
submission of claims: February 23, 2024




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

ALICON LIMITED: Creditors' Proofs of Debt Due on April 8
--------------------------------------------------------
Creditors of Alicon Limited are required to file their proofs of
debt by April 8, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 8, 2024.

The company's liquidators are:

          Gareth Russel Hoole
          Raymond Paul Cox
          Ecovis KGA Limited, Chartered Accountants
          PO Box 37223
          Parnell
          Auckland


DU VAL: Contractors File Court Application to Liquidate Company
---------------------------------------------------------------
Newsroom reports that building contractors have made good on their
threat to take court action to recover money they claim is owed to
them by Du Val Construction, one of Auckland's biggest housing
developers.

Newsroom understands that at the High Court at Hamilton on Feb. 20,
lawyers for a group of contractors filed an application to
liquidate the big Du Val Construction business.

The companies had previously lodged final statutory demands for
more than a million dollars they say they're owed.

There were initially seven or eight companies in the syndicate
taking the group action, but they're now backed by many more. Their
lawyer Alistair van Schalkwyk said he has no instructions to
comment publicly, Newsroom relates.

They had worked on two projects overlooking State Highway 1 in
Auckland's Mt Wellington: the Parry Terraces project (now complete)
and the two big Verge apartment buildings at nearby Hillside Rd.
Together, the projects represent nearly 100 residences.

According to Newsroom, one contractor that said it's taking court
action is Crown Flooring. Managing director Timur Galiyev claims
his company is owed nearly NZD100,000 for its work on the floors in
the Parry Terraces development.

Crown Flooring's lawyer has filed a statutory demand that hasn't
been met, he said, so the company has moved to a liquidation
application. And he's supporting the syndicate represented by van
Schalkwyk, Newsroom relays.

"My personal sentiment is that now it's public in the media, it
reduces our chances of seeing our money," Newsroom quotes Mr.
Galiyev as saying. "Ultimately it depends on whether they want to
continue trading or not."

The Parry Terraces are seemingly close to the heart of company
directors Kenyon and Charlotte Clarke. They front onto a small
private road, which Auckland Council named Helen Jenepher Lane at
Du Val's request.

In 2012, companies owned by John Kenyon Clarke and his mother Helen
Jenepher Clarke were liquidated. They had owed more than NZD56
million to lenders including the Bank of Scotland and Heartland
Building Society.

Now, in a teaser for a self-produced reality TV show The Property
Developers that the Clarkes have been pitching to broadcasters,
Kenyon Clarke says: "I lost it all, and had to start right again
from my beginnings."

But last night, Clarke said he wasn't aware of the new court
action. "I haven't heard anything."

Around the corner at Verge, building stopped weeks ago. When
Newsroom first visited the site, it was open and unsecured. Subbies
for SW Scaffolding, who were stripping their steel off the
buildings, said the company was owed money.

One contractor told Newsroom his company has issued Du Val
statutory demands for hundreds of thousands of dollars owed on
Hillside project; most of that has now been paid. But others aren't
so lucky. "It's never good when a company struggles with payments
– the ripples are felt everywhere in the industry."

Jonathan Williams, a director of project management consultant
CPMC, confirmed the Hillside site was closed, Newsroom relays.
"There are a number of design changes that are being made, and it's
not prudent to be carrying on during that time, in relation to the
project."

All eyes will now be on the project's financier, US-based, Cayman
Islands-registered 1543 Capital. The question is whether it will
put more money in, to get the cash flowing and persuade contractors
to pick up their tools again - or how it too will seek to recover
its investment.

It's not the only investor looking on with concern. Newsroom has
also spoken to lawyers and representatives of three different
groups of mum-and-dad investors in sister companies Du Val Property
Group and Du Val Mortgage Fund. The Mortgage Fund has stopped
payments to investors. One woman reportedly put in up to NZD1.2
million - all the proceeds from selling her house.

Some of those investors, too, are looking at liquidation action;
Newsroom has been told they may call a public meeting.

According to an information memorandum offering shares in Du Val
Property Group, just two months ago, settlement for the Verge
apartments would be in Q2 of 2024. But as of February 2024, the
apartment buildings remain concrete shells.

Newsroom adds that Du Val has already been arguing over NZD16
million in claims against Lakewood General Partner, the development
vehicle for its 17-storey Lakewood Plaza apartment building in
Manukau. The building is complete and tenanted, but it put the
partnership with Hamilton construction firm Downey Management into
liquidation last year.


JM HOLDINGS: Court to Hear Wind-Up Petition on April 18
-------------------------------------------------------
A petition to wind up the operations of JM Holdings 2019 Limited
will be heard before the High Court at Auckland on April 18, 2024,
at 10:45 a.m.

Hongli Chen and Geyuan Li filed the petition against the company on
Feb. 20, 2024.

The Petitioner's solicitor is:

          Loo & Koo Solicitors
          Level 1, 8 Manukau Road
          Epsom
          Auckland




LEH1 LIMITED: Roxy & Everybody's Close Doors Permanently
--------------------------------------------------------
NZ Herald reports that two popular downtown Auckland entertainment
venues have closed their doors permanently after its owner went
into liquidation.

Bar and eatery Everybody's, and nightclub Roxy, had been a fixture
in Auckland's nightlife for more than 12 years.

The neighbouring joints are both located in the Imperial building
on Fort Lane in the CBD.

Leh1 Limited, trading as Roxy & Everybody's, went into liquidation
on Feb. 16 by appointment of the High Court of New Zealand, NZ
Herald discloses citing Companies Office records.

The liquidator is the official assignee.

According to NZ Herald, Samuel Rollason Ansley is listed as the
company's sole director. The company is owned by a trust whose
independent trustees are Peter Rust and Simon Ansley.

Samuel Ansley was also previously a director of Si2 Limited -
formally Shaky Isles Britomart - which was put into liquidation in
May last year. The same trust owned the shares in Si2.

The first liquidators' report for Si2 stated the reason for
liquidation as "failure to provide for taxation".

In a post to Instagram on Feb. 21, Roxy & Everybody's cited tough
trading conditions and the lasting impact of Covid-19 as the
reasons for the closure, NZ Herald relays.

"It is with great sadness that Everybody's & Roxy was forced to
close their doors permanently yesterday (20 Feb)," the post reads.

"Although it will not be a surprise to anyone who understands how
tough trading conditions have been for the hospitality world for
the past four years, it was still a shock to us. We had been
fighting so hard to make what we were doing better, despite all the
headwinds, however, yesterday those winds blew us over."

NZ Herald relates that Roxy & Everybody's said there had been
incredible highs and lows for the business.

"The highs came from the amazing customers over the years, and the
incredible people involved all the way through . . . this is the
joy of serving people and creating memories.

"The lows however were just as frequent . . . Covid and the
lockdowns hit . . . losing our lifeblood of office workers,
function goers, tourists and visitors starved the city of its
oxygen.

"The barren landscape was then filled with violence, pushing the
younger generations to avoid the city, and the late-night trade,
which was our bastion, became an anchor dragging further into the
sea."


NORSKE SKOG: Creditors' Proofs of Debt Due on April 5
-----------------------------------------------------
Creditors of Norske Skog Tasman Limited are required to file their
proofs of debt by April 5, 2024, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          David Ian Ruscoe
          Adele Irene Hicks
          Grant Thornton New Zealand Ltd
          PO Box 10712
          Wellington


RAPID BUILD: Court to Hear Wind-Up Petition on April 8
------------------------------------------------------
A petition to wind up the operations of Rapid Build NZ Limited will
be heard before the High Court at Tauranga on April 8, 2024, at
10:00 a.m.

Plumbing World Limited filed the petition against the company on
Feb. 8, 2024.

The Petitioner's solicitor is:

          Catherine Louise Waugh
          c/- Credit Consultants Group NZ Limited
          Level 6, 15 Willeston Street
          Wellington Central
          Wellington 6011


SPEEDY MOVERS: Creditors' Proofs of Debt Due on April 8
-------------------------------------------------------
Creditors of Speedy Movers Limited and Rinoa Construction Limited
are required to file their proofs of debt by April 8, 2024, to be
included in the company's dividend distribution.

Speedy Movers Limited commenced wind-up proceedings on March 4,
2024.

Rinoa Construction Limited commenced wind-up proceedings on March
7, 2024.

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 2241


STRIPE MEDIA: Auckland TV Production Companies in Receivership
--------------------------------------------------------------
Stuff.co.nz reports that a number of companies, related to the TV
production outfit that Stuff revealed owed US star David Hasselhoff
money, are in receivership.

Stuff, citing documents on the New Zealand Companies Office,
relates that Kiwibank NZ appointed receivers for eight Stripe Media
Group - or associated - companies on March 6, 2024.

Rees Logan, appointed receiver of the companies confirmed to Stuff
that two holding companies are included: Stripe Media Limited and
AM Media Corporation Limited, which is owned by Stripe Media
Limited.

Six special purpose companies, which relate to a specific show in
various stages of production, are also in receivership. These are
Stripe Studios (Circus 4) Limited, Stripe Studios (France) Limited,
Stripe Studios (Gold) Limited, Stripe Studios (Rich Listers 2)
Limited, Stripe Studios (Snow 2) Limited and Stripe Studios (Snow)
Limited, Stuff discloses.

In a statement to Stuff, Mr. Logan said, "following a request made
by the Companies Director, Rees Logan and Andrew McKay of BDO
Auckland were appointed Receivers over certain Stripe Media Group
companies including two holding companies and six special purpose
vehicles."

"The receivers are undertaking an urgent assessment of the status
and financial position of each of the entities before determining
their next steps in relation to each of the productions," he said.

Stripe Media is an Auckland-based company specialising in
unscripted or reality shows, whose back catalogue includes Circus,
Rich Listers and Snow Crew - which were previously aired by Bravo,
but are not currently available on demand on ThreeNow.

Notice of the receivership came less than three months after US
star, comedian Iliza Shlesinger, filed an application with the
Auckland High Court to put another of Stripe Media's production
entities, Stripe Studios (Comedy) LTD, into liquidation, Stuff
notes.

That application will be heard on March 13, Stuff discloses.

In February, Stuff revealed that former Baywatch and Knight Rider
star, David Hasselhoff, is still owed an undisclosed amount of
money from Stripe Media Group, following his 2023 filming in New
Zealand, according to a source close to the actor.

Mr. Hasselhoff, 71, was in New Zealand for a month in September,
2023, to film an unscripted show with Kiwi comedian Rhys Darby,
titled Hoff the Beaten Track - produced by Auckland-based company
Stripe Media.

Stripe Studios (Hoff) Limited is not one of the companies in
receivership.

In February, a Google Maps search of the Stripe Studios Grey Lynn
offices listed the business as, "permanently closed".

Stuff has approached Stripe Media managing director Alex Breingan
for comment.




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

DASIN RETAIL: Gets Demand Letter from Ex-Director for Fees Owed
---------------------------------------------------------------
The Business Times reports that the trustee-manager of Dasin Retail
Trust has received a letter of demand dated March 4 regarding
SGD99,139.13 in alleged fees due and owed to Sun Shu, a former
independent non-executive director.

BT relates that the trustee-manager, Dasin Retail Trust Management
(DRTM), said on March 7 that the former director resigned on Aug.
29, 2023, and is seeking his fees for the period from Aug. 1, 2022,
to Aug. 29, 2023.

It is seeking legal advice over the letter.

According to BT, the move comes weeks after Wang Qiu, DRTM's former
chief executive fired in February, filed a winding-up application
against the trustee-manager.

Zhang Guiming, the nephew of Zhang Zhencheng, a non-executive
director on the trust's board, also filed a winding-up application
against DRTM the week before Wang did.

BT relates that the trustee-manager also received letters of demand
for alleged outstanding sums owed in respect of monthly salary,
payments made on behalf of the trustee-manager, and/or a loan
extended to the trustee-manager.

The letters came from Zhang Guiming, Wang, chief financial officer
Ng Mun Fai, former investment division general manager Lu Zhiqi,
and executive secretary Liu Ting.

                         About Dasin Retail

Dasin Retail Trust's principal investment mandate is to invest in,
own or develop land, uncompleted developments and income-producing
real estate in Greater China (comprising People's Republic of
China, Hong Kong and Macau), used primarily for retail purposes, as
well as real estate-related assets, with an initial focus on retail
malls. The portfolio of Dasin Retail Trust comprises seven retail
malls strategically located in Foshan, Zhuhai and Zhongshan Cities
in PRC. Dasin Retail Trust is managed by Dasin Retail Trust
Management Pte. Ltd.("Trustee-Manager"). The Trustee-Manager's key
objectives are to provide Unitholders of Dasin Retail Trust with an
attractive rate of return on their investment through regular and
stable distributions to Unitholders and to achieve long-term
sustainable growth in DPU and net asset value per Unit, while
maintaining an appropriate capital structure for Dasin Retail
Trust.

As reported in the Troubled Company Reporter-Asia Pacific on March
7, 2024, a petition to wind up the operations of Dasin Retail Trust
Management Pte Ltd will be heard before the High Court of Singapore
on March 15, 2024, at 10:00 a.m.

Wang Qiu filed the petition against the company on Feb. 21, 2024.

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


Maybank Singapore Limited filed the petition against the company on
Feb. 29, 2024.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


HERITAGE MARITIME: Creditors' Proofs of Debt Due on March 22
------------------------------------------------------------
Creditors of Heritage Maritime Ltd S.A. are required to file their
proofs of debt by March 22, 2024, to be included in the company's
dividend distribution.

The company's liquidator is Yit Chee Wah.


HOCK GUAN: Commences Wind-Up Proceedings
----------------------------------------
Members of Hock Guan Cheong Builder Pte Ltd on March 1, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Seah Chee Wei
          60 Paya Lebar Road
          #04-23 Paya Lebar Square
          Singapore 409051


INFRONT CONSULTING: Court to Hear Wind-Up Petition on March 22
--------------------------------------------------------------
A petition to wind up the operations of Infront Consulting Group
(S) Pte Ltd will be heard before the High Court of Singapore on
March 22, 2024, at 10:00 a.m.

The Petitioner's solicitors are:

          Prolegis LLC
          50 Raffles Place
          #24-01 Singapore Land Tower
          Singapore 048623


NO SIGNBOARD: To Hold Dialogue Session with Sias Today
------------------------------------------------------
The Business Times reports that No Signboard Holdings will be
having a dialogue session for shareholders with the Securities
Investors Association (Singapore) or Sias today, March 13.

BT relates that the in-person session will be held from 7:30 p.m.
to 8:30 p.m. at Suntec Singapore Convention & Exhibition Centre.
Sias founder and chief executive David Gerald, who organised the
session, will be the moderator.

Last month, the company was served a notice from its largest
shareholder GuGong alleging that interim chief executive Lim
Teck-Ean breached his fiduciary duties to the company, especially
in relation to the acquisition of Dining Haus, BT recalls.

Shares of No Signboard have been suspended from trading since
January 2022, as it was unable to demonstrate that it can continue
as a going concern, adds BT.

                         About No Signboard

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

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

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

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

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

RITUAL GYM: In Provisional Liquidation, Shuts All 4 Branches in SG
------------------------------------------------------------------
The Straits Times reports that members of Ritual Gym were caught by
surprise on Feb. 29, when the boutique fitness outlet announced the
sudden closure of all four branches in Singapore as it has "placed
the company into provisional liquidation".

Started in 2013 by personal trainer Ian Tan, mixed martial arts
athlete Brad Robinson and television host Olli Pettigrew, Ritual
was touted as a first-of-its-kind fitness gym to offer 30-minute
high intensity interval training (HIIT) workouts.

In an email sent to members and seen by The Straits Times, the
Ritual team wrote: "We share this message with you today with great
sadness. Unfortunately, despite our best efforts to continue
operating, we have decided to close the business and have ceased
operations at all locations in Singapore.

"While we have placed the company into provisional liquidation, we
are also exploring ways to get the Ritual experience back up and
running as soon as possible."

Cameron Lindsay Duncan and David Dong-Won Kim of KordaMentha Pte
Ltd have been appointed provisional liquidators to handle the
proceedings, said the email, The Straits Times discloses.

According to The Straits Times, Ritual gym members were saddened
and shocked to hear of the abrupt closure on Feb. 29, as they were
still able to attend training sessions the day before. Promotions
for its memberships were also still running up to the day it
shuttered.

Ritual's website is still up but its Facebook page is no longer
accessible and the Instagram account is now private, the report
says.

The gyms were located in Holland Village, Orchard Road, Tiong Bahru
and Joo Chiat, and memberships were priced from SGD219 a month
(three months unlimited, off peak hours) and from SGD349 for 10
sessions.

One member who only wanted to be identified as Ms Liu joined the
gym in 2016 and used it regularly until she moved overseas for
work. She rejoined recently when she returned to Singapore and
signed up for a SGD215.20 per month membership after a 20 per cent
discount.

She said: "I started getting suspicious when I saw ads online,
given that this was a fairly premium, no free trials gym. But I
didn't think too much about it and signed up again during a
year-end Christmas promotion last year.

"Given that we're charged for this monthly, I don't feel as
'cheated' as if I had paid thousands of dollars upfront. But it's
shocking because again, this is a gym that survived the pandemic
largely intact. Personally, it feels troublesome having to find a
new gym and fitness routine to fit into my schedule," The Straits
Times relays.

Others took to social networks like Reddit to air their grievances,
with one member who reportedly paid the membership fee two days ago
asking, "what are the chances of getting back my money?"

Another customer said: "Unfortunately, I have a package with them
with a large number of sessions unused. Other affected members PM
(private message) me, maybe good to start a group to pursue some
recourse collectively."


RIVEREDGE DEVELOPMENT: Creditors' Proofs of Debt Due on April 8
---------------------------------------------------------------
Creditors of Riveredge Development Pte. Ltd. are required to file
their proofs of debt by April 8, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 29, 2024.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         Seah Roh Lin
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


UOL DEVELOPMENT: Commences Wind-Up Proceedings
----------------------------------------------
Members of UOL Development (St Patrick) Pte Ltd on March 4, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ms. Chin Moy Yin
          101 Upper Cross Street
          #05-24 People’s Park Centre
          Singapore 058357



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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