/raid1/www/Hosts/bankrupt/TCRAP_Public/240314.mbx        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

          Thursday, March 14, 2024, Vol. 27, No. 54

                           Headlines



A U S T R A L I A

BASE JOINERY: First Creditors' Meeting Set for March 20
BAY GROUP: Second Creditors' Meeting Set for March 18
BRIGHTE GREEN 2021-1: Moody's Ups Rating on Class F-G Notes to Ba3
EPOCA (QLD): First Creditors' Meeting Set for March 20
ESC GAMING: Sydney Restaurant Closes; Eight Staff to Lose Jobs

GDK GROUP: Debts Explode to AUD78 Million, Liquidators Reveal
SEARANGE HOLDINGS: First Creditors' Meeting Set for March 19
SWAG RURAL: Second Creditors' Meeting Set for March 19


C H I N A

CHINA VANKE: In Debt Swap Talks With Banks to Stave Off Default
CHINA: Minister Says Developers in Crisis Must Declare Bankruptcy
GUIRENNIAO CO: Delists Due to Too Low Share Price


H O N G   K O N G

FUNG CHEUNG: Owes HK$150MM, Trade Union Leader Says


I N D I A

AASRA FOUNDATIONS: ICRA Keeps D Debt Rating in Not Cooperating
AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating Category
ANANTHA AGENCYS: CARE Keeps B- Debt Rating in Not Cooperating
BALAJI FIBER: Liquidation Process Case Summary
EVERNOTE TECHNOLOGIES: Voluntary Liquidation Process Case Summary

FUJIN WIND: CARE Keeps D Debt Rating in Not Cooperating Category
GALAXY STONEMART: CARE Keeps B- Rating in Not Cooperating Category
GITANJALI GEMS: Liquidation Process Case Summary
GREENKO ENERGY: Moody's Affrims 'Ba2' CFR, Alters Outlook to Neg.
GREENLACE BUILDERS: Insolvency Resolution Process Case Summary

JASBIR SINGH: CRISIL Keeps B Debt Ratings in Not Cooperating
JOMER PROPERTIES: Insolvency Resolution Process Case Summary
JYOTI THREADS: CRISIL Lowers Rating on INR9cr Cash Loan to B
LAXMI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAHA LUXMI: CRISIL Keeps B Debt Ratings in Not Cooperating

MYCOZOOM BIOTECH: Insolvency Resolution Process Case Summary
NATURE INDIA: Liquidation Process Case Summary
PHATAK CLEANTECH: CRISIL Keeps B Debt Rating in Not Cooperating
PRASAD COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
PRECIOUS INFRAPROJECTS: CRISIL Keeps B Rating in Not Cooperating

QUICK ACT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
RAVI IRON: ICRA Keeps B+ Debt Rating in Not Cooperating Category
RELIANCE MEDIAWORKS: CARE Keeps D Debt Rating in Not Cooperating
SHAKTHI SAGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SHARIKA ENTERPRISES: CARE Assigns B Rating to INR7.80cr LT Loan

SHIV ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating
SHIVA INDUSTRIAL: CARE Moves D Debt Ratings to Not Cooperating
SHIVASHISH MOTORS: CRISIL Keeps B+ Ratings in Not Cooperating
SHRI VISHNU: Liquidation Process Case Summary
SIDDHIVINAYAK SALES: CRISIL Keeps B Rating in Not Cooperating

SIVANTA INFRATECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
SIYOTA HYDRO: Voluntary Liquidation Process Case Summary
SNEHANJALI SB: Admitted Under Insolvency; IRP Appointed
ST PETERS: CRISIL Raises Rating on INR12.36cr Loan to B+
SUPERKISAN E-COMMERCE: Liquidation Process Case Summary

SUVARNA LAKSHMI: ICRA Keeps B+ Debt Ratings in Not Cooperating
UNITED CAPZ: CARE Lowers Rating on INR17.26cr LT Loan to B
YRR TEX: CARE Reaffirms B+ Rating on INR11.35cr LT Loan
ZAVERI EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating


N E W   Z E A L A N D

EDJ DEVELOP: Creditors' Proofs of Debt Due on April 8
EKG CONSTRUCTION: Creditors' Proofs of Debt Due on April 9
ELANZA FRESH: Creditors' Proofs of Debt Due on April 9
LCNZ ROTORUA: Mohammed Tazleen Nasib Appointed as Administrator
MASH INTERNATIONAL: Before and After-School Care Co. In Liquidation

PIZZA FEAST: Grant Bruce Reynolds Appointed as Liquidator


S I N G A P O R E

EVCO: JV to Shut After Arrest of Key Executives
JU FENG: Court to Hear Wind-Up Petition on March 22
SHEENWAY EXHIBITION: Court to Hear Wind-Up Petition on April 5
STRIDES DST: Placed in Provisional Liquidation
TOUREGO GLOBAL: Creditors' Meetings Set for March 22

TRAVECTA THERAPEUTICS: Commences Wind-Up Proceedings

                           - - - - -


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

BASE JOINERY: First Creditors' Meeting Set for March 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Base Joinery
Pty Ltd will be held on March 20, 2024 at 10:00 a.m. at the offices
of SV Partners, 22 Market Street in Brisbane and via virtual
meeting technology.

Anne Meagher and David Stimpson of SV Partners were appointed as
administrators of the company on March 8, 2024.


BAY GROUP: Second Creditors' Meeting Set for March 18
-----------------------------------------------------
A second meeting of creditors in the proceedings of The Bay Group
Pty Limited has been set for March 18, 2024 at 3:00 p.m. at Level
2, 72 Pitt Street in Sydney

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 15, 2024 at 4:00 p.m.

Antony Resnick and Suelen McCallum of dVT Group were appointed as
administrators of the company on Feb 12, 2024.


BRIGHTE GREEN 2021-1: Moody's Ups Rating on Class F-G Notes to Ba3
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on three classes of notes
issued by Brighte Green Trust 2021-1.

The affected ratings are as follow:

Issuer: Brighte Green Trust 2021-1

Class C-G Notes, Upgraded to Aa3 (sf); previously on Sep 15, 2022
Upgraded to A1 (sf)

Class E-G Notes, Upgraded to Baa3 (sf); previously on Sep 15, 2022
Upgraded to Ba1 (sf)

Class F-G Notes, Upgraded to Ba3 (sf); previously on Sep 15, 2022
Upgraded to B1 (sf)

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

RATINGS RATIONALE

The upgrade was prompted by an increase in note subordination
available for the affected notes and the good performance of the
underlying portfolio to date.

No action was taken on the remaining rated classes in the deal as
credit enhancement remain commensurate with the current rating for
the respective notes.

Following the February 2024 payment date, the note subordination
available for the Class C-G, Class E-G and Class F-G Notes has
increased to 14.3%, 5.2% and 2.9%  respectively, from 11.8%, 3.5%
and 1.4% at the time of the last rating action for these notes in
September 2022.

As of end-January, 1.1% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The portfolio has
incurred 0.5% (as a percentage of the original portfolio balance)
of net losses to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected default assumption to 3.25% as a
percentage of the outstanding pool balance (equivalent to 1.8% of
the original balance) from 3.4% of the outstanding pool balance
(equivalent to 2.2% of the original balance) at the time of the
last rating action for this deal in June 2023 . Moody's has also
lowered its portfolio credit enhancement assumption to 22% from 23%
at the last rating action.

The transaction is a securitisation of a portfolio of Australian
unsecured consumer, Buy Now Pay Later (BNPL) and personal loan
receivables originated by Brighte Capital Pty Ltd.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

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

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

EPOCA (QLD): First Creditors' Meeting Set for March 20
------------------------------------------------------
A first meeting of the creditors in the proceedings of Epoca (QLD)
Pty Ltd will be held on March 20, 2024 at 10:00 a.m. virtual via
teleconference.

Jarvis Lee Archer of Revive Financial was appointed as
administrators of the company on March 8, 2024.


ESC GAMING: Sydney Restaurant Closes; Eight Staff to Lose Jobs
--------------------------------------------------------------
News.com.au reports that ESC Gaming Restaurant Sydney, a popular
Sydney restaurant, has broken its silence in the wake of news that
it is closing down.

Last week, news.com.au reported that Japanese gaming restaurant ESC
is shutting down permanently at the end of this month, on March
29.

The restaurant, located in Chatswood in Sydney's north, offered
private gaming rooms with PS5s and Nintendo switches.

In a statement to news.com.au, ESC's business owner said they had
no plans to place the company into liquidation.

The owner said there are currently eight staff employed who are all
set to lose their jobs when ESC closes its doors for good.

"Staff have been informed in mid February so they would have
sufficient time to search for new jobs, and we will continue to
provide any support as much as we can during the transition," the
owner said.

"We can tell you frankly and proudly that the business has not owed
any employee salary by using our personal funds to keep the
business running for the last two months."

News.com.au relates that ESC's owner also noted that there are no
outstanding debts to supplier as they have also been paying that
out of their own personal funds to keep the business debt-free.

The owner added that the restaurant and bar was shutting down
"partially" because of the economic slowdown hitting many
hospitality ventures but also "because of our own inefficacious
management that failed to sustain the business".

"As a retail business owner I have noticed that customers are now
more cautious on how to spend their money on dining and
entertainment," she added.

"We did receive quite some feedback regarding the pricing."

In a message to customers, ESC said they were shutting down the
restaurant "with a heavy heart," news.com.au relays.

According to news.com.au, the restaurant offered patrons 25 games
on the PS5 and 32 on the Nintendo including Super Smash Bros and
Mario Kart.

ESC had a slogan of "Eat, Play, Chill".

The business had nearly 9,000 followers on social media.

It appears that ESC had been in business for less than two years,
having launched at the end of 2022.

Its popular menu items included a deluxe sashimi platter, wagyu
skewers and a cheesy mashed potato volcano.


GDK GROUP: Debts Explode to AUD78 Million, Liquidators Reveal
-------------------------------------------------------------
News.com.au reports that the debts of a collapsed group of
manufacturing companies based out of a Western Sydney factory have
snowballed as liquidators wade through the mess.

In the past few months, 12 companies linked to Sydney-based cabinet
making and panelling factory GDK Group have gone into liquidation,
news.com.au says.

Some of these businesses were named after obscure Lord of the Rings
references, "confusing" some staff members and leaving them unaware
that some of the companies were in operation.

Four of those businesses now owe an eye-watering AUD48.7 million to
159 creditors, liquidators have just told news.com.au.

That is on top of AUD29.8 million that another company linked to
the group already owes.

As a result, the total debt figure of the GDK Group of companies
now stands at more than AUD78 million.

News.com.au understands GDK had a number of high profile jobs with
well-known companies, including supplying acoustic panelling to
Canberra's law courts, Sydney Dance Company and the Lyric Theatre,
and panelling to the NRMA's head office and Huawei's offices in
Sydney.

All of GDK's staff were brutally sacked right before Christmas,
leaving some in tears and many out of pocket.

Emotions ran high, with one worker telling news.com.au at the time
"it was very sad to see grown men crying".

The last remaining entity of the defunct business group, Joinery
Manufacturing Solutions Pty Ltd, was ordered into liquidation in
early February over a AUD315,000 tax debt.

Liquidators from insolvency firm RSM Australia were appointed to
wind up the business.

RSM Australia had previously been appointed to oversee the
liquidation of four other related companies - GDK Group Pty Ltd,
GDK Holdings Australia Pty Ltd, GDK Projects Pty Ltd and Belegaer
Pty Ltd - in December.

When they were first appointed, their initial estimates put the
debt of those four companies at AUD15 million.

But deeper investigations in the following months has seen that
figure explode by three times the original estimate to come in at
AUD48.7 million, news.com.au relays.

News.com.au relates that an RSM Australia spokesperson said they
had identified at least 50 staff owed money from unpaid employee
entitlements.

Tristana Steedman, of RSM, said she had referred the current and
former director of the business to the corporate regulator, ASIC,
for failing to comply with her demands.


SEARANGE HOLDINGS: First Creditors' Meeting Set for March 19
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Searange
Holdings Pty Ltd will be held on March 19, 2024 at 2:00 p.m. at the
offices of Mackay Goodwin at Level 2/68 St George Terrace in
Perth.

Domenico Alessandro Calabretta and Mathieu Tribut of Mackay Goodwin
were appointed as administrators of the company on March 7, 2024.


SWAG RURAL: Second Creditors' Meeting Set for March 19
------------------------------------------------------
A second meeting of creditors in the proceedings of Swag Rural Pty
Ltd has been set for March 19, 2024 at 10:00 a.m. via
teleconference meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 18, 2024 at 5:00 p.m.

S R Sellahewa and S G Reid of Rodgers Reidy NT were appointed as
administrators of the company on Feb. 13, 2024.




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

CHINA VANKE: In Debt Swap Talks With Banks to Stave Off Default
---------------------------------------------------------------
Bloomberg News reports that China Vanke Co. is in talks with banks
on a debt swap that would help the cash-strapped developer stave
off its first-ever bond default, according to people familiar with
the matter.

According to Bloomberg, Vanke's major creditor banks are
considering a plan to swap bond holdings worth tens of billions of
yuan in principal into secured debt, the people said, asking not to
be identified discussing a private matter. The swap would help
China's second-largest real estate company avoid a public default
while giving banks collateral to protect against any potential
losses.

Bloomberg relates that the talks, coordinated by China's financial
regulators and the local government of Shenzhen, are ongoing and
the plan is subject to change, the people said.

Vanke's cash crunch has become a major focus for investors trying
to gauge how much help China's government and its banks will
provide to the nation's few remaining property giants to avoid
default, Bloomberg notes. Vanke's shares and bonds jumped on March
12 amid speculation authorities would support the company, which
had about US$181 billion of liabilities as of mid-2023.

Even after the rally, investors have significant doubts about the
developer's financial health, Bloomberg says. Vanke's longer-dated
dollar bonds are trading at distressed levels below 47 US cents on
the dollar, suggesting a high chance of default amid depressed
property sales and a wobbly Chinese economy. Moody's Ratings cut
the company's credit rating into junk territory on March 11.

Vanke is facing liquidity pressure on multiple fronts. Several
insurers are seeking to protect payments on private debt issued to
Vanke, Bloomberg notes. At least three such firms based in Beijing
sent executives to the company's headquarters in Shenzhen recently
to hammer out a plan, people familiar have said.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-March 2024, 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.


CHINA: Minister Says Developers in Crisis Must Declare Bankruptcy
-----------------------------------------------------------------
NewsBytes reports that China's housing minister, Ni Hong, has
announced that real estate developers facing severe insolvency must
declare bankruptcy and undergo restructuring.

This statement comes amid rumors of China easing its crackdown on
real estate sector debt.

Experts believe that Beijing's main focus is on ensuring the
completion of property projects rather than rescuing developers.

NewsBytes says the government's decision comes at a time when the
Asian giant's real estate sector, which is the biggest contributor
to its GDP, is battling a slowdown.

According to NewsBytes, Ni clarified that the Chinese government
will not bail out struggling property developers.

"Real-estate companies that are seriously insolvent and have lost
their operating capabilities must go bankrupt and be restructured
in accordance with the principles of the rule of law and
marketization," the minister stated.

This remark sheds light on Beijing's approach to tackling its
long-standing real estate crisis, NewsBytes notes.

Last month, it was reported that China's biggest private property
firm Country Garden Holdings is facing liquidation.



GUIRENNIAO CO: Delists Due to Too Low Share Price
-------------------------------------------------
Yicai Global reports that Guirenniao, a struggling Chinese
sportswear brand, was removed from the Shanghai Stock Exchange due
to its share price breaching the bourse rules.

Guirenniao closed below CNY1 (14 US cents) on Feb. 1 and failed to
recover by March 7, triggering the mandatory delisting condition,
it announced late on March 11, citing a notice issued by the SSE on
the same day, Yicai relays. It closed at 67 Chinese cents (9 US
cents) on its final trading day on March 7 with a market
capitalization of less than CNY1.1 billion (USD153.1 million).

Stocks should be booted from Chinese mainland exchanges if their
price stays below CNY1 for 20 straight trading days, according to
regulations.

Set up in 1987, Shanghai-based Guirenniao was once a well-known
sportswear brand that went public in 2014. However, because of
over-expanding after its listing, it had a net loss from 2018 to
2020, leading to a bankruptcy crisis.

Taifujingu Network Technology, a Heilongjiang province-based grain
giant, bought a 20 percent stake in Guirenniao for CNY417 million
(USD58 million) in April 2021 to help the sportswear firm complete
its bankruptcy reorganization while shifting its business focus to
grain trading from clothing, Yicai recalls.

Guirenniao swung into the black in 2021 with a net profit of CNY361
million but turned a loss of CNY9.4 million the next year.
According to a performance warning issued in January, its net loss
widened to CNY485 million in 2023, according to Yicai.

In addition to its poor performance, Guirenniao also faces
regulatory risks. In late February, the China Securities Regulatory
Commission probed its de facto controller and Chairman Li Zhihua,
who is also the owner of Taifujingu, for alleged information
disclosure violations.

Yicai adds that the SSE also issued a regulatory notice to
Guirenniao yesterday, requiring its major shareholders and
executives to continue to fulfill their previous commitments to
increase holdings and performance compensation after the company's
delisting. If they fail to do so within the time limit, the bourse
will punish the relevant responsible persons, it noted.

Guirenniao Co., Ltd. designs, manufactures, and sells apparels and
shoes. The Company produces skateboard shoes, basketball shoes,
running shoes, sports track suits, sports shirts, sports jackets,
and other products. Guirenniao also operates import and export
businesses.




=================
H O N G   K O N G
=================

FUNG CHEUNG: Owes HK$150MM, Trade Union Leader Says
---------------------------------------------------
South China Morning Post reports that a decades-old Hong Kong
construction company closed down owing HK$150 million (US$19
million) to subcontractors, suppliers and employees, a trade union
leader has said.

According to the report, Ryan Ng Wai-leung, rights and complaints
officer at the Hong Kong Construction Industry Employees General
Union, on March 7 said he had received inquiries from 40
subcontractors and suppliers after prominent contractor Fung Cheung
Kee entered liquidation last week.

More than 20 employees of the firm and 80 subcontractor-affiliated
workers had sought guidance on how to collect their unpaid wages
amounting to about HK$30 million, he added. The company was
estimated to have owed HK$120 million to subcontractors and
suppliers.

"The most unfortunate case we have heard of is a site manager,
hired by Fung Cheung Kee. He paid more than HK$200,000 upfront from
his pocket for urgent construction materials," Ng told a radio
programme, notes the report. "But the money cannot be compensated
by the Protection of Wages on Insolvency Fund and it may also be
challenging to claim it through the Small Claims Tribunal."

The Post relates that the union leader said it would be best if the
financially stable subcontractors paid the owed wages.

But if they faced financial difficulties as a result of the
incident, affected workers would have no choice but to file formal
claims through the Labour Department, he added.

The department said it was highly concerned about the impact of the
liquidation of Fung Cheung Kee on its workers, adding it would
proactively follow up with individual employees, the Post relays.

It added it had also obtained information on existing project
contracts and liaised with project owners to understand the salary
arrangements for subcontracted workers and provide help to affected
employees.

Established in 1980, Fung Cheung Kee was involved in a Mid-Levels
luxury flats project by Emperor International Holdings, the Mount
Pokfulam development, a residential block in Cheung Sha Wan, as
well as a one-storey structure at Discovery Bay on Lantau Island.

A second-tier subcontractor representative, surnamed Cheung, told
the same programme that Fung Cheung Kee had defaulted on project
fees over the past six to seven years, involving 17 construction
locations with a total amount of about HK$71 million, according to
the Post.

The subcontractor was responsible for fixing reinforcement,
erecting formboard and concreting at Fung Cheung Kee's sites.

"We have pursued the outstanding debts, but often the company will
not settle up the payments from previous projects before starting
new ones, resulting in the accumulation of more debt," the report
quotes Cheung as saying. "Even if they have new funds, they will
not."

While he acknowledged that such situations were common in the
industry, the subcontractor said he had been willing to continue
working with Fung Cheung Kee because of their 30-year relationship
when it had new funds and projects.

"Just like if you have eight lids for 10 pots, the pots will not
boil over immediately. That is how the debt keeps accumulating. We
never expected it to go into liquidation," Cheung, as cited by the
Post, said.

He added he had contacted the liquidator, who had indicated that
priority would be given to compensating the workers, followed by
addressing the secured loans.

"I believe the chances for us as second-tier subcontractors to
recover the outstanding debt are low," he said. "I hope the
government will investigate whether there has been any capital
outflow from Fung Cheung Kee. In the long term, authorities need to
enhance the financial transparency of major contractors."

Cheung Kee Fung Cheung Construction Co Ltd was founded in 1980. The
company's line of business includes providing special trade
contracting services.




=========
I N D I A
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AASRA FOUNDATIONS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating of Aasra Foundations (Regd.) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–       112.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        17.70      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Aasra Foundations (Regd.) is a society established in 1996 by Dr
Zora Singh and his family members. It established a private
university by the name Desh Bhagat University under Punjab Govt's
Desh Bhagat University Act. Desh Bhagat United has its campuses at
Mandi Gobindgarh, Shri Muktsar Sahib, Moga, Chandigarh and Kenya.
The various courses taught in the university include Agriculture
Sciences, Airlines, Animation, Applied Sciences, Art & Craft and
Fashion Technology, Ayurveda, Commerce, Computer Sciences,
Education, Engineering, Hospitality and Tourism, Hotel Management,
Languages, Law, Management, Media, Nursing, Performing arts,
Physical Education, and Social Sciences. The university has a total
capacity of 21000 students with an average occupancy of 42%.


AMODA IRON: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Amoda Iron
And Steel Limited (AISL) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank      5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of AISL under the 'issuer
non-cooperating' category as AISL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AISL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 20, 2023, November 30, 2023, December
10, 2023.

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

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

Amoda Iron & Steel Limited (AISL), was incorporated in the year
2003 as a public limited company (unlisted). The company is
promoted by Mr. Upputhulla Kondala Rao, Mr. T. Satish Kumar, Mr. T.
Satish Kumar and others. The company is engaged in manufacturing of
sponge iron, which is used in manufacturing of steel bars. The
company has a total installed capacity of around 200 tons per hour,
and the plant is located at Jaggayyapet, Andhra Pradesh. The
company procures basic raw material, viz. Iron Ore, Coal and
Limestone from in and around Jaggayyapet. The company sells its
products to the steel plants in the adjoining areas.


ANANTHA AGENCYS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anantha
Agencys Private Limited (AAPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of AAPL under the 'issuer
non-cooperating' category as AAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 20, 2023, November 30, 2023, December
10, 2023.

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

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

Anantha Agency's Private Limited (AAPL) was incorporated in 2013
and promoted by Mr Ravi Anantha and his wife Mrs. Indrani Anantha.
The company has taken up dealership of e-rickshaw (battery powered)
from M/s Saera Electric Auto Pvt Ltd (SEPL, a New Delhi based
company engaged in manufacturing battery operated tricycles
popularly termed as "ERickshaws"). The company is setting up office
building and warehouse to start the trading of e-rickshaw across
southern India. The total cost proposed to set up the facility is
INR1.20 crore funded by bank term loan of INR1.00 crore with equity
share capital of INR0.10 crore and unsecure loan of INR0.10.
Furthermore, the company has proposed working capital facility of
INR14.00 crore to manage day to day operations. The company is
planning to deal with passengers as well as in cargo loading
e-rickshaw segments under brand name of 'Mayuri E-rickshaw' and
'Cheeta E-Ricksaw' of SEPL. The on-road price for e-rickshaw ranges
between INR85, 000 to INR1, 30,000.


BALAJI FIBER: Liquidation Process Case Summary
----------------------------------------------
Debtor: Balaji Fiber Reinforce Private Limited
        Survey No. 293, Sakarda Badrva Road,
        Near SD Finechem, Village Poicha
        Ta-Savli, Vadodara 391780 (Gujarat)

Liquidation Commencement Date: February 16, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Ashish Anantray Shah
            Ashish Shah & Associates
            402, Shaival Plaza
            Nr. Gujarat College
            Ellisbridge, Ahmedabad 380006
            Tel: 079 2642 0336
            Email: cirpbalajifiber@gmail.com

Last date for
submission of claims: March 16, 2024


EVERNOTE TECHNOLOGIES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: Evernote Technologies India Private Limited
        108, First Floor, Plot No. 17
        Sachdeva Tower
        Karkardooma Community Center
        Karkardooma East Delhi
        Delhi 110092

Liquidation Commencement Date: February 15, 2024

Court: National Company Law Tribunal, Indore Bench

Liquidator: Navin Khandelwal
            206, Navneet Plaza 5/2
            Old Palasia, Indore
            Madhya Pradesh 452018
            Email: navink25@yahoo.com
                   liquidator.evernote@gmail.com
            Tel: 07312563618

Last date for
submission of claims: March 16, 2024


FUJIN WIND: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Fujin Wind
Parks Private Limited (FWPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      296.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the rating(s) of FWPPL under the 'issuer
non-cooperating' category as FWPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. FWPPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 20, 2023, November
30, 2023, December 10, 2023.

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

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

Incorporated in September 2011, Fujin Wind Parks Private Limited
(FWPPL) is a wholly owned subsidiary of Ecoren One Wind Energy
Private Limited (EOW) which is part of Ecoren Energy India Private
Limited. EOW is a Joint Venture (JV) between Ecoren and GE
Affiliate; Guayama P.R. Holdings BV (Guayama) in the ratio of
51:49. EOW was incorporated on July 1, 2015 and is an investment
holding company for the Independent Power Producer (IPP) executed
under the JV. Guayama is a 100% subsidiary of GE Capital
International Holdings Limited whose ultimate holding company is
General Electric Company (GE); New York.

GALAXY STONEMART: CARE Keeps B- Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Galaxy
Stonemart Private Limited (GSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

GSPL has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with extent SEBI
guidelines, CARE Ratings Ltd.'s ratings on Galaxy Stonemart Private
Limited'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 Galaxy Stonemart
Private Limited (GSPL) continues to remain constrained on account
of small scale of operations with net loss as well as cash loss,
leveraged capital structure and weak debt coverage during FY23
(April 1 to March 31). The ratings further remained constrained on
account of presence in a highly competitive stone industry with
linkage to cyclical real estate sector, vulnerability of margins to
fluctuation in raw material prices and foreign exchange rates and
easy availability of substitute products. However, the rating
derives benefit from experienced management.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on February 16, 2023 following were the
rating strengths and weaknesses (updated from information available
from client).

Key Weaknesses

* Small scale of operations with net loss as well as cash loss:
During FY23, the scale of operation marked by total operating
income (TOI) of the company reported growth of 20.96% but
remained small at INR5.01 crore as against INR4.14 crore during
FY22. The improvement was on account of higher demand of the
company's products. Further, due to higher material costs, the
company's PBILDT margin has declined and remained at 7.62% during
FY23 as against 17.96% during FY22. Moreover, due to high interest
on unsecured loans during FY23, the company has continued to report
net loss of INR2.40 crore as against loss of INR1.12 crore during
FY22. Resultantly, the company has reported cash loss of INR2.11
crore during FY23 as against loss of INR0.82 crore during FY22.
Additionally, during 9MFY24(Prov), the company has achieved TOI of
INR3.15 crore with PBILDT of INR0.65 crore.

* Leveraged capital structure and weak debt coverage indicators:
The company has continually reported losses for five out of the
past six years thereby resulting in erosion of its networth base.
Consequently, the capital structure of the company stood highly
leveraged marked by negative overall gearing ratio. Further, debt
coverage indicators of the company also stood weak owing to
reporting cash losses and negligible operating profitability marked
by negative total debt to GCA and below unity interest coverage.
However, promoters of the company are resourceful enough and
infused funds in form of unsecured loan in the business on regular
basis to meet its working capital need as well as repayment
obligation. During FY23, promoters have infused INR10.59 crore in
the form of Unsecured loans in the company.

* Vulnerability of margins to fluctuation in raw material prices
and easy availability of substitute products: The major raw
material required by GSPL is natural stones. The profitability of
the company is vulnerable to any adverse movement in raw material
prices as the company will not be able to pass on the any increase
in prices to its customers. Furthermore, there are various
substitute products which are easily available in the market and
GSPL faces competition from same.

* Presence in a highly competitive stone industry with linkage to
cyclical real estate sector: GSPL functions in a highly fragmented
industry with presence of large number of organized and unorganized
players. The entry barriers to the industry are very low and the
operating margin is susceptible to new capacity additions in the
industry. The industry is primarily dependent upon demand from real
estate and construction sector across the globe. The real estate
industry is cyclical in nature and is exposed to various external
factors like the disposable income, interest rate scenario, etc.

Key strengths

* Experienced Management: Mr Daulat Daga, Director, is post
graduate by qualification and has around 30 years of experience in
same line of business. He looks after finance function of the
company. Mr Kailash Kumar Daga, director, is post graduate by
qualification and looks after marketing function of the company. He
has more than 25 years of experience in same line of business. Mr
Pratap Daga and Mr Abhineet Daga have more than 25 years of
experience and look after purchase, production, and marketing
function of the company. However, promoters of the company are
resourceful enough and infused funds in form of unsecured loan in
the business on regular basis to meet its working capital need as
well as repayment obligation. During FY23, promoters have infused
INR10.59 crore in the form of Unsecured loans in the company.

Galaxy Stonemart Private Limited (GSPL) was incorporated in 2004 by
Mr Daulat Daga along with his family members. GSPL is engaged in
the business of processing of natural stones at its plant located
at Shivdaspura, Jaipur having total installed capacity of one lakh
square feet per Month to process natural stones. It procures marble
slabs and stones from Rajasthan and Madhya Pradesh and after
processing (cutting and polishing) in plant sell its products in
domestic markets. GSPL is also engaged in the business of trading
of tiles and hydromx.

GITANJALI GEMS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Gitanjali Gems Limited
A-1, 7th Floor, Laxmi Tower Bandra Kurla Complex,
        Bandra (East), Mumbai, Maharashtra,
        India, 400051

Liquidation Commencement Date: February 7, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Santanu T Ray
            AAA Insolvency Professionals LLP
     144, 14th Floor, Mittal Court, B Wing,
            Nariman Point, Mumbai - 400021
            Email: santanutray@aaainsolvency.com
            Email: gitanjaligemsliq@gmail.com

Last date for
submission of claims: March 8, 2024


GREENKO ENERGY: Moody's Affrims 'Ba2' CFR, Alters Outlook to Neg.
-----------------------------------------------------------------
Moody's Ratings has affirmed Greenko Energy Holdings (GEH)'s Ba2
corporate family rating and the Ba2 backed senior unsecured ratings
for Greenko Dutch B.V. (GDBV), Greenko Power II Limited (GPII),
Greenko Solar (Mauritius) Limited (GSML), Greenko Wind Projects
(Mauritius) Ltd (GWPM) and Greenko Mauritius (GM). Moody's has
changed the outlook to negative from stable.

RATINGS RATIONALE

The change in outlook to negative reflects the near-term weakening
of GEH's standalone credit quality, due to concurrent large scale
capital expenditure projects which are currently being, or will be,
undertaken by GEH, such as several pumped hydro storage projects
(PHSPs) and the latest announced acquisition of a large hydropower
project. Although GEH has a track record of execution, these
projects will generate cashflow with a lag due to complexity. This
rating action follows GEH's announcement to acquire a 60.08% equity
stake in in Sikkim Urja Limited (SUL) that owns and operates a
1,200 megawatt (MW) Teesta III hydropower project in the state of
Sikkim, India.

Teesta III's rock-filled dam experienced a breach due to a flash
flood triggered by a cloudburst in October 2023, leading to a
suspension of its power generation activities. After the
acquisition, GEH expects a 12-18 month timeframe to construct a
cofferdam, a temporary structure that allows the work to continue
on the main dam, and restart power production at the Teesta III
project to 60% of its typical plant loading factor (PLF) level.
While PLF is maintained at this 60% level, repair work on the main
dam will be conducted concurrently, until the dam is fully
operational again.

GEH expects a completion period of two to three months for the
proposed acquisition, contingent upon meeting several
preconditions. These include the successful completion of necessary
documentation, obtaining regulatory and lender approvals, and
more.

"Moody's expect the acquisition cost, as well as a capital
expenditure of USD300-400 million to restore Teesta III's
operations, to be funded through a combination of equity,
incremental debt and insurance proceeds. The increased financial
leverage, coupled with interest costs, is poised to adversely
impact GEH's financial metrics during periods when Teesta III is
not generating cash flow," says Erman Zhang, a Moody's Analyst.

In addition to the capital expenditure for the Teesta III
acquisition and restoration, GEH has a significant capital spending
program, primarily for PHSPs, which is largely debt-financed. This
sizable capital spending program will also weigh on GEH's
already-weak financial metrics amid the high interest rate
environment.  As a result, Moody's expects GEH's funds from
operations (FFO)/debt to be close to, or below zero over the next
12-18 months. The financial metrics have also factored in the GEH's
updated business strategy to develop on its own the input solar
capacity required to service the 900MW Solar Energy Corporation of
India (SECI) peak power contract of its first PHSP in Andhra
Pradesh, India.

GEH's standalone credit quality continues to reflect its diverse
portfolio of operating renewable energy assets backed by long-term
contracts, track record and large operating scale. GEH's PHSPs will
further enhance its portfolio diversification once completed, which
help mitigate the resource risk from seasonal variability of
renewable resources and exposure to off-takers' weak financial
profiles.

GEH's Ba2 CFR incorporates two notches of uplift stemming from
likely shareholder support, which is underpinned by the very strong
credit quality of, and strategic oversight by, the majority
shareholder, GIC Private Limited (GIC), a sovereign wealth fund of
the Government of Singapore (Aaa stable). Moody's expects GIC to
continue to support GEH's growth strategy based on the unique
importance of its investment in GEH. The control exercised by the
majority shareholder that has a very strong credit profile enhances
GEH's credit quality.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

ESG attributes have a moderately negative credit impact on GEH's
current rating, primarily due to environmental challenges,
specifically, the company's increased vulnerability to physical
climate risk following the acquisition of Teesta III, given
increased exposure to flood risks arising from glacier melting and
heavy rainfall.

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

The negative outlook reflects Moody's expectation that GEH's
financial metrics will weaken over next 12-18 months and its
Moody's-adjusted debt will remain elevated for the current rating
over the same period. The negative outlook also factors in the
uncertainties surrounding the timeline of Teesta III's restoration
and potential execution risks associated with PHSP projects.

Moody's could revise the outlook back to stable if the capital
programme progresses without cost or time overruns. For example,
the restoration of Teesta III progresses within budget, such that
it is on track for completion within the scheduled timeline; and
the PHSP projects proceed as expected. Such progress should result
in FFO/debt returning to above 1% within the next 12-18 months.

Although currently unlikely given the company's negative outlook,
upward rating momentum could develop if GEH maintains a higher
consolidated FFO/debt of above 3%-4% on a sustained basis or if
Moody's assesses that shareholder support is likely to be
materially stronger than the agency's current assumption.

Moody's could downgrade the ratings due to (1) weak operational
performance, a delay in Teesta III restoration, crystallization of
execution or other risks in relation to PHSPs, or more aggressive
acquisitions and capital spending would result in projected
FFO/debt staying below 1% until FY2026; or (2) support from GEH's
shareholders weakens, as reflected by a significant decrease in
GIC's ownership or a more-than-expected increase in debt leverage
without new equity capital.

LIST OF AFFECTED RATINGS

Issuer: Greenko Energy Holdings

Affirmations:

Corporate Family Rating, Affirmed Ba2

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Greenko Mauritius

Affirmations:

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Ba2

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Greenko Dutch B.V.

Affirmations:

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Ba2

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Greenko Power II Limited

Affirmations:

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Ba2

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Greenko Solar (Mauritius) Limited

Affirmations:

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Ba2

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Greenko Wind Projects (Mauritius) Ltd

Affirmations:

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Affirmed Ba2

Outlook Actions:

Outlook, Changed To Negative From Stable

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in December
2023.

Greenko Energy Holdings (GEH), a Mauritius-based company focused on
renewable energy generation in India, is a major energy company
that owns and operates a diversified portfolio of hydro, wind,
solar and biomass power plants. After acquiring Teesta III, GEH's
total consolidated capacity will increase to 6,725 megawatts (MW),
including 3,158 MW of wind, 1,950 MW of hydro, 1,538 MW of solar
and 78 MW of biomass.

Greenko Mauritius (GM) is an intermediate holding company in the
Greenko group, wholly and directly owned by GEH. Greenko Mauritius
holds directly and/or indirectly the capital stock of GEH's other
subsidiaries that comprise substantially all of the business,
including Greenko Dutch B.V. (Ba2 negative), Greenko Solar
(Mauritius) Limited (Ba2 negative), Greenko Power II Limited (Ba2
negative) and Greenko Wind Projects (Mauritius) Ltd (Ba2 negative).
These four restricted subsidiaries are part of their restricted
groups. The senior secured notes issued by GM and the restricted
subsidiaries are unconditionally and irrevocably guaranteed by GEH.

GREENLACE BUILDERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Greenlace Builders and Developers Private Limited

        Registered Address:
        28, 2nd Floor, Asten NH Bye Pass
        Opposite Spices Board
        Ernakulam, Vennala P O
        Kerala, India 682028
        
Insolvency Commencement Date: February 16, 2024

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: August 13, 2024             

Interim Resolution
Professional: Sreenivasan P R
              PSDY & Associates
              Plot No. 9-A
              Deepam, Jawahar Nagar
              Kadavanthra
              Kochi, Kerala 682020
              Email: sreenivasan.p.r@icai.org

                 - and -

              PSDY & Associates
              #38/516, 1st Floor Tripti Lane
              Opposite Metro Pillar No.770
              Kochi, Kerala 682016
              Email: greenlace.cirp@hotmail.com

Last date for
submission of claims: March 1, 2024


JASBIR SINGH: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jasbir Singh
and Sons Hotels Private Limited (JSSHPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term     3.44       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              8.56       CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in 2010 and promoted by Mr Jasbir Singh, Mr Kulwant
Singh, and Mr Jaspal Singh, JSSHPL operates a four-star hotel, The
Wave International, in Jamshedpur. The hotel has facilities such as
gym, spa, restaurant, bar, banquet, and an open party plot.
Operations began in fiscal 2016.

JOMER PROPERTIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jomer Properties And Investments Pvt Ltd

        Registered Address:
        Jomer Arcade, 2nd Floor
        South Junction Chittoor Road
        Ernakulam, Kerala, India 682016
        
Insolvency Commencement Date: February 16, 2024

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: August 14, 2024

Interim Resolution
Professional: Kizhakkekara Kuriakose Jose
              KK Jose & Associates
              Yenvee Complex
              Temple Road
              Aluva, Kerala 683101
              Email: kkjoseca@gmail.com
                     jomercirp@abaaffiliates.com

Last date for
submission of claims: March 1, 2024


JYOTI THREADS: CRISIL Lowers Rating on INR9cr Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Jyoti
Threads India Limited (JTIL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

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

   Cash Credit            4          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Fund-         3          CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                 COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

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

JTIL, incorporated in 2007, is a Samana (Punjab)-based company that
undertakes open-ended cotton yarn spinning (count: 8s to 26s). Mr
Manish Singla, his brother, Mr Ashok Singla, and their father, Mr
Madan Lal Singla, are the promoters.


LAXMI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating of Laxmi Balaji Industries (LBI)
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          0.39       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         12.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.11       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Laxmi Balaji Industries (LBI) was setup in the year 2006 and is
engaged in milling of paddy to produce raw and boiled rice. It is
promoted by Mr. V. Mohan Reddy and partners who have an experience
of more than 21 years in the milling industry. The company has a
milling unit in Khanapoor (Nizamabad district) of Andhra Pradesh
with a milling capacity of 70,100 MTPA (8 tonnes per hour).


MAHA LUXMI: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Maha
Luxmi Bricks Co. (SMLBC) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Long Term Loan         8          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Fund-         3          CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

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

Shree Maha Luxmi Bricks Company (SMLBC) is a proprietorship concern
incorporated in 2017. The company is planning to setup bricks and
tiles manufacturing unit in Safidon District in Jind, Haryana,
wherein bricks manufacturing would constitute around 90-95% of the
operations and revenues. The company is managed and promoted by Mr.
Pradeep Kumar Bansal. The operations are expected to commence from
fiscal 2019.

MYCOZOOM BIOTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mycozoom Biotech India Private Limited

        Registered Address:
        23/7, Second Floor
        Old Rajender Nagar
        Delhi  110060
        
Insolvency Commencement Date: February 5, 2024

Court: National Company Law Tribunal, New Delhi Bench

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

Interim Resolution
Professional: Rakesh Jindal
              RR Insolvency Professionals LLP
              C-51, RDC, Raj Nagar
              Ghaziabad - 201002
              Email: ipreshma@rrinsolvency.com

                  - and -

              II/E-64 Nehru Nagar
              Ghaziabad. U.P. - 201001
              Email: ibc.mbipl@gmail.com and
                     rakesh.jindal@rrinsolvency.in

Last date for
submission of claims: February 26, 2024


NATURE INDIA: Liquidation Process Case Summary
----------------------------------------------
Debtor: Nature India Communique Limited
        R-815 New Rajinder Nagar, North East
        New Delhi, Delhi 110060

Liquidation Commencement Date: October 30, 2023

Court: National Company Law Tribunal, New Delhi Bench IV

Liquidator: Prabhat Jain
            B-61, Flatted Factory Complex
            Jhandewalan
            New Delhi 110055
            Mobile: 9810290371
            Email: prabhat@pdmco.in

Last date for
submission of claims: February 18, 2024


PHATAK CLEANTECH: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Phatak
Cleantech Private Limited (PCPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan     15         CRISIL B/Stable (Issuer Not
                                     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 B/Stable Issuer Not Cooperating'.

PCPL was incorporated in 2017 to develop, manage, and operate a
100-MW solar power project. It is promoted by Mr Keshav Phatak. The
project is divided into phases, and phase 1 (15 MW) would be set up
by March 2020.

PRASAD COTTON: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prasad Cotton
Industries Private Limited (PCIPL; part of Prasad group) continue
to be 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term
   Bank Loan Facility     1          CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PCIPL 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 PCIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCIPL 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 PCIPL and Prasad Fibers Pvt
Ltd (PFPL), 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.


PRECIOUS INFRAPROJECTS: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Precious
Infraprojects Private Limited (PIPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Lease Rental           10         CRISIL B/Stable (Issuer Not
   Discounting Loan                  Cooperating)

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

Incorporated in 2009, Precious Infraprojects Private Limited (PIPL)
constructed a shopping complex in Thrissur Kerala. Currently entire
area of 12900 square meters is given on rental basis to Mall Of Joy
Private Limited (MOJ, part of Joyalukkas India Private Limited
rated CRISIL A/Stable/CRISIL A1). The promoters Mr. Leo Louis and
Mr. Joe Louis have more than two decades of experience in the
industry.


QUICK ACT: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Quick Act
Light Systems and Cables Private Limited (Quick Act) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.85       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Channel Financing      4          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     6.15       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

Quick Act was set up in 2012, with Mr Dinesh K Pherwani and his
wife, Ms Varsha K Pherwani, as directors. The company distributes
products such as power cables, switchgears, electric bulbs, and
industrial pipe fittings. The family has been in the cable trading
business in Pune (Maharashtra) since 1983.


RAVI IRON: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating of Ravi Iron Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         24.40       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1997 by Mr. Ravindra Kumar Garg and his son, Mr.
Manu Garg, RIL is a part of the Ghaziabad-based GargGroup that has
operations in various sectors like education, steel, publication,
real estate, etc. The company trades inlong and flat steel
products. Its product portfolio includes various products such as
mild steel bars, plates, angles,structures, rounds, and channels.
The company procures steel primarily from Steel Authority India
Ltd. and RashtriyaIspat Nigam Ltd. in Ghaziabad and other large
traders.


RELIANCE MEDIAWORKS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliance
Mediaworks Financial Services Private Limited (RMFSPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      638.20     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited has been seeking information from RMFSPL to
monitor the rating(s) vide e-mail communications/letters dated
February 20, 2024, February 10, 2024 and January 31, 2024 and
numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, RMFSPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
Reliance Mediaworks Financial Services Private Limited instruments
will now be denoted as CARE D; 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(s).

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers:

At the time of last rating on March 17, 2023, Debenture trustee
given feedback that company has defaulted in servicing of
principal/interest on its capital market instruments.

Reliance Mediaworks Financial Services Private Limited (RMFSPL) was
incorporated on March 10, 2017 which is engaged in to carry on the
business of an investment company and invest, buy, sell, transfer
deal in and dispose of any shares, stocks, debentures, debenture
stock bonds, mortgages, obligations and securities of any kind
issued or guaranteed by any company, corporation or undertaking of
whatever nature whether incorporated or otherwise; and where so
ever constituted or carrying on business of immovable property and
rights directly or indirectly connected therewith and or bullion,
including gold, silver and other precious metals and/ or precious
stones such as diamonds, rubies and/or any other asset.


SHAKTHI SAGO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shakthi Sago
Factory (SSF) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         1.19       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.31       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

Set up in 1981, SSF, a proprietorship concern of Mr B. Shakthi
Kumar, manufacturers sago.


SHARIKA ENTERPRISES: CARE Assigns B Rating to INR7.80cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned the ratings on certain bank facilities of
Sharika Enterprises Limited (SEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.80       CARE B; Stable Assigned
   Facilities           

   Long Term/Short      2.20       CARE B; Stable/CARE A4;
   Term Bank                       Assigned
   Facilities                      

   Short Term          10.00       CARE A4; Assigned
   Bank Facilities                 

Rationale and key rating drivers

The ratings assigned to the bank facilities of SEL are primarily
constrained by its small and fluctuating scale of operations
coupled with losses in FY23, weak debt coverage indicators,
elongated operating cycle, low and concentrated order book
position. Further, the ratings are also constrained by risk
associated with project execution risk inherent in various
infrastructure projects and its presence in a highly competitive
industry with business risk associated with tender-based orders.

The ratings, however, draw comfort from the experienced management
coupled with long track record of operations and comfortable
capital structure.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in scale of operations as marked by total operating
income of above INR80.00 crore by timely execution of projects in
hand and improvement in the order book position to more than 2.00x
of previous year turnover.

* Improvement in profitability margins as marked by PBILDT margin
above 5.00% on sustained basis.

* Improvement in the collection period of the company for less than
100 days.

Negative factors

* Deterioration in the capital structure as marked by overall
gearing ratio of above 1.20x.

* Continued significant losses incurred by the company putting
further stress on the liquidity position of the company.

Analytical approach: Standalone

Outlook: Stable

The "Stable" outlook reflects that the entity will continue to
benefit from the experience of the promoters in the industry along
with its established track record of operations.

Detailed description of the key rating drivers:

Key weaknesses

* Small and fluctuating scale of operations coupled with losses in
FY23: SEL's scale of operations stood small as evident from total
operating income (TOI) of INR50.40 crore and cash losses of
INR(2.65) crore respectively, during FY23 (FY refers to the period
April 1 to March 31). Nevertheless, the scale remains small, it
limits the company's financial flexibility in times of stress and
deprives it of scale benefits. Moreover, SEL's scale of operations
remained fluctuating for the period FY21-FY23 (refers to the period
April 1 to March 31). TOI declined in FY22 over FY21 and thereafter
registered improvement in FY23. The same was on account of higher
execution of contracts. Further the company has incurred net losses
of INR(3.07) crore in FY23 due to written

off obsolete inventory and bad debts to the tune of INR3.96 crore.
Furthermore, the company has achieved total operating income of
INR49.07 crore and incurred net losses of INR(5.96) crore during
9MFY24 (refers to the period from April 1, 2023 to December 31,
2023; based on unaudited results) and is expected to clocked
revenue of ~INR80.00 crore in FY24 owing to major billing and
revenue generation gets done in the last quarter of year.

* Weak debt coverage indicators: SEL has weak debt coverage
indicators owing to cash losses incurred in FY23. The debt coverage
indicators of the company as marked by interest coverage ratio and
total debt to GCA is expected to remain weak over the medium term.

* Elongated operating cycle: The operations of the company stood
elongated to 186 days for FY23 as against 183 days for FY22 with
majority of funds blocked with debtors leading to elongated
collection period. The company raises bills on milestone basis i.e.
on the completion of certain percentage of work i.e. 70% against
the supply of material, 10% at the time of erection, 10% after
testing & commissioning and rest 10% is kept as retention money and
thereon which gets acknowledged by customer after necessary
inspection of work done by the respective departments. Post
inspection, the department clears the payment within 5-6 months
(maximum) by deducting certain percentage of bill raised (10% of
bill amount) to be held for the warranty period in
the form of retention money (usually upto 5 years), which can be
released after submission of bank guarantee. Furthermore, there is
normally a procedural delay in relation being customers are
primarily government departments/public sector undertakings.
Moreover, major portion of contracts are executed in the last
quarter of financial year and hence, the bills raised mostly gets
realized in the first quarter of the next financial year. Thus, the
average collection period stood at 185 days for FY23.

The inventory is in the form of raw materials and work in progress
at different sites on account of procedural delays involved in the
certifications/validation of the invoices for the contracts
executed resulting in an average inventory holding period of 74
days for FY23. Further, owing to long standing presence in the
industry, the company receives an average credit period of around
2-3 months from its suppliers resulting in an average creditor's
period of around 72 days for FY23. The average utilization of
fundbased working capital limits remained almost 85% utilized for
past 12 months ending February, 2024.

* Low and concentrated order book position: SEL has low unexecuted
order book position of ~INR38.73 crore as on September 30, 2023
which is equivalent to ~0.77x the total operating income achieved
in FY23, thereby reflecting short-term revenue visibility in the
near term. Further, the present entire unexecuted order book is
concentrated ~76.61% towards contracts LS Cable India Private
Limited. Thus, the company is exposed to risk of any unfavourable
changes in the policies towards award of new contracts by LS Cable
India Private Limited. Furthermore, the effective and timely
execution of the orders has a direct bearing on the total income
and margins of the company.

* Project execution risk inherent in various infrastructure
projects: Given the nature of projects awarded, SEL is exposed to
inherent risk in terms of delays in certain projects undertaken by
the company due to delay in approvals and sanction from regulatory
bodies thus exposing SEL towards the risk of delay in projects
resulting in a delay in the realization of revenue growth.

Further, the company's ability to execute a project in timely
manner would be led by its own operational efficiency and timely
stage payments received from its clients which are crucial from
credit prospective.

* Highly competitive industry with business risk associated with
tender-based orders: SEL operates in a highly competitive industry
wherein it faces direct competition from various organized and
unorganized players in the market given the low barriers to entry.
There are number of small and regional players catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins. Further, the company majorly
undertakes government and private projects, which are awarded
through the tender-based/bidding system. This exposes the company
towards risk associated with the tender-based business, which is
characterized by intense competition. The growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder. This apart, any changes in the
government policy or government spending on projects are likely to
affect the revenues and profits of the company.

Key strengths

* Experienced management coupled with long track record of
operations: SEL is currently being managed by Mr. Rajinder Kaul and
Mr. Sanjay Verma. Mr. Rajinder Kaul (Managing Director) has done
B.Tech and M.B.A. He holds experience of more than three decades in
varied sectors such EPC business, power generation, transmission
and distribution sector through his association with this entity
and in individual capacity. Before that, he was associated with the
companies namely; "Cable Corporation of India Limited" and
"Schneider Electric India Private Limited" at a managerial
position. The other director; Mr. Sanjay Verma holds experience of
more than two decades in EPC business through his association with
this entity. Further, SEL is also supported by a team of qualified
engineers, supervisory staff and technical team to work on various
sites having relevant experience in their respective fields. The
company is having a considerable track record in this business
which has given them an understanding of the dynamics of the market
and enabled them to establish a long-term relationship with both
suppliers and customers.

* Comfortable capital structure: The capital structure of the
company stood comfortable as on the past three balance sheet dates
ending March 31, '21-'23 on account of comfortable net worth base
against the limited debt levels. The overall gearing ratio
moderated though stood comfortable at 0.50x as on March 31, 2023 as
against 0.49x as on March 31, 2022 primarily on account of erosion
of net worth base owing to losses incurred by the company. Further,
the capital structure is expected to remain comfortable at below
unity level as envisage in the near to medium term on account of
limited debt levels coupled with comfortable tangible net worth
base.

Liquidity: Stretched

The liquidity position of the company remained stretched
characterized by high average utilization of its working capital
limits which stood ~85% for the past 12 month's period ending
February, 2024 along with elongated collection period due to delay
in the realization from the various government departments.
Further, the company has low free cash & bank balances which stood
at INR0.22 crore as on September 30, 2023. Moreover, the company
has incurred cash losses to the extent of INR(2.65) crore during
FY23 and INR(5.49) crore in 9MFY24. However, the company has
positive cash flow from operations to the tune of INR4.02 crore as
on March 31, 2023 to support the short-term liquidity. Further, it
is expected to generate net cash accruals (NCA) of
INR1.50 crore for FY24 against repayment obligations of INR1.97
crore. The promoters will also infuse funds to support the
liquidity of the company as per requirement. In FY24, the
promoters, liquidated one of the properties to the tune of INR4.75
crore and the same is being used for the debt repayment
obligations.

Sharika Enterprises Limited (SEL) (erstwhile known as Sharika
Enterprises Private Limited) was incorporated in May, 1998 as a
private limited company. Later, in 2017, it was converted into
public limited company (Listed). The company is currently being
managed by Mr. Rajinder Kaul and Mr. Sanjay Verma. The company
undertakes engineering procurement construction (EPC) contracts
wherein it is engaged in the designing, supply, installation,
testing, laying, commissioning and maintenance of power
transmission EHV cables & accessories, electrical sub-stations,
switchyards, power capacitors, switchgears, cast resin
transformers, auto re-closers, fault passage indicators (FPI), LED
street lighting system, solar home lighting system, grid & offgrid
rooftop solar power plants, etc. The company is also engaged in
proving consultancy for project management and EPC contracts in the
field of power generation, transmission and distribution sector
which contributes ~10% of the total income in FY23. The company
caters to different government departments/public sector
undertakings and private entities such as Tata Power Delhi
Distribution Limited, Bharat Heavy Electrical Limited, NHPC
Limited, Himachal Pradesh State Electricity Board Limited, NTPC
Limited, etc. SEL participate in tenders/bids floated by
government/public sector undertakings and private entities.

SHIV ENGINEERING: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv
Engineering (SVE) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.7        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              8.3        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Established in 1999 as a proprietorship firm, Shiv Engineering
undertakes heavy machining jobwork and heavy sheet metal
fabrication. It offers heavy machining services such as base frame
machining, jobwork on plano and boring machining, heavy t-slot bed
machining, etc.


SHIVA INDUSTRIAL: CARE Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has moved the ratings on certain bank facilities of
Shiva Industrial Security Agency (Gujarat) Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          14.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating moved to
   Bank Facilities                 ISSUER NOT COOPERATING category

   Short Term Bank      8.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

Shiva Industrial Security Agency (Gujarat) Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. In line with extent SEBI guidelines, CARE Ratings
Ltd.'s ratings on Shiva Industrial Security Agency (Gujarat)
Limited's (SISA's) bank facilities will now be denoted as CARE D/
CARE D; 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 SISA continue to
remain constrained on the back of on-going delay in debt servicing
due to legal restriction arising out of order passed by Honourable
National Company Law Tribunal (NCLT), Ahmedabad bench under
Insolvency and Bankruptcy Code (IBC), 2016.

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on January 11, 2024, the following were
the rating weaknesses:

Key weaknesses

* On-going delays in debt servicing: As per interaction with the
lender, there are on-going delays in debt servicing and the account
has been classified as nonperforming asset (NPA) due to legal
restriction arising out of order passed by NCLT, Ahmedabad Bench.
NCLT vide its order dated October 16, 2023, admitted an application
filed by operational creditor under IBC for initiation of Corporate
Insolvency Resolution Process (CIRP) against the company and also
appointed Interim Resolution Professional (IRP).

Subsequently, the operations of the company are being managed by
IRP. Further, one of the suspended director filed an appeal in
National Company Law Appellate Tribunal (NCLAT) against the order
passed by NCLT. NCLAT vide its order dated December 22, 2023, has
stated that RP may not take any further steps in the CIRP and shall
keep the Corporate Debtor i.e. SISA as a going
concern.

SISA was incorporated as a private limited company in July 1997 by
Mr. Major S Sharma and is now converted into a closely held public
limited company. The company is primarily engaged in providing
security services like manned guarding, cash handling, emergency
response services and electronic security. Currently, the company
is being managed by Mr. Major S Sharma's sons -
Mr. Sushil Sharma and Mr. Sameer Sharma. SISA is an ISO 9001:2008
certified company.


SHIVASHISH MOTORS: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivashish
Motors India Private Limited (SMIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            3.05       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            4.95       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

Incorporated in 2014 and promoted by Mr Virendra Kumar, Ms Sunita
Rani and Mr Prashant Chauhan, SMIPL is an authorised dealer of
trucks, and light and defense vehicles of Ashok Leyland Ltd. It has
showrooms and a service centre in Meerut, Uttar Pradesh.


SHRI VISHNU: Liquidation Process Case Summary
---------------------------------------------
Debtor: Shri Vishnu Eatables (India) Limited
        812, D Mall, 8th Floor
        Netaji Subhash Palace
        Pitampura, New Delhi 110034

Liquidation Commencement Date: January 16, 2024

Court: National Company Law Tribunal Court II, New Delhi

Liquidator: Prabhjit Singh Soni
            GGI/144/C Vikas Puri
            Near PVR Cinema
            New Delhi 110018
            Email: psgurleensoni@gmail.com
                   liquidationvishnu@gmail.com

Last date for
submission of claims: February 15, 2024


SIDDHIVINAYAK SALES: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree
Siddhivinayak Sales Corporation (SSSC; a part of the Bajoria group)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SSSC and Rajesh Steel and
Wire Industries (RSWI, rated 'CRISIL BB/Stable') collectively
referred to as the Bajoria group. Both the firms are in a similar
line of business.

SSSC is a proprietorship concern set up in 1991, by Mr Suresh
Bajoria. The firm trades in thermo-mechanically treated (TMT) bars,
ingots, fillets, and sponge iron. The firm operates from Nagpur,
Maharashtra.

RSWI was set up in 1987, as a partnership firm, between Mr Rajesh
Bajoria and Mr. Suresh Bajoria. The partnership was later
transferred to Mr Rajesh Bajoria and his wife, Ms. Jyoti Bajoria.
The firm trades in mild steel products, mainly TMTs. The firm has
recently started trading of e- rickshaws.

The group is engaged in trading of thermo-mechanically treated
(TMT) bars, ingots, fillets, sponge iron, etc


SIVANTA INFRATECH: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sivanta
Infratech (SI) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Rupee Term Loan         20        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

SI was established in 2015 by Mr Dhananjay Singh, Mr Vikram Singh,
and Mr Shashi Bhushan Rai. Mr Vikram Singh and Mr Shashi Bhushan
Rai are father and brother-in-law, respectively, of Mr Dhananjay
Singh. They have been in the construction business for the past two
decades. The firm is based out of Jhansi, Uttar Pradesh. The firm
is currently setting up a residential-cum-shopping complex behind
Hazi Petrol Pump, Lahargird, Block Babina, Shivpuri Road, Jhansi
(U.P.). The residential project is in front of Jai Academy School,
Jhansi.


SIYOTA HYDRO: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Siyota Hydro Power Private Limited
No. 572, "Samruddhi Nilaya" Unit No. 2,
        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

SNEHANJALI SB: Admitted Under Insolvency; IRP Appointed
-------------------------------------------------------
Livemint reports that the National Company Law Tribunal (NCLT) has
admitted real estate developer Snehanjali S. B. Developers Pvt Ltd
for insolvency. The tribunal has appointed Dinesh Kumar Deora as
the interim resolution professional for the company.

Snehanjali's promoters - Jagdish and Gautam Ahuja - have been under
the scanner of various police and investigating agencies for
allegedly cheating more than 1,000 homebuyers, according to
Livemint.

A plea was filed by nearly 67 prospective homebuyers, who as
financial creditors dragged the realtor to the dedicated bankruptcy
tribunal. Under the 2018 amendment to the Insolvency and Bankruptcy
Code, homebuyers have been given the stature of financial
creditors.

"The default has occurred on part of the corporate debtor
(Snehanjali) due to non-fulfilment of its obligations under the
sale agreements executed with the financial creditors. Hence, it is
found to be a fit case for directing initiation of CIRP in respect
of the corporate debtor", a bench led by justices K R Sajikumar and
Sanjiv Dutt said, Livemint relays.

Incorporated in 2019, the developer was earlier under a partnership
with S.B. Developers.

In 2015, Snehanjali started collecting money from home buyers
against booking of flats/units in respect of a redevelopment
project (O2 Project) located on Sion-Chembur Road, Mumbai. It
issued letters of allotment and also entered into agreements for
sale in favour of the home buyers from time to time.

Thereafter, the project was to be completed initially by June,
2019. However, the real estate developer was unable to complete the
project till June, 2023. The developer neither handed over
possession of the respective flats/units to the home buyers nor
refunded the amounts with interest. Aggrieved by the situation an
appeal was lodged by them seeking initiation of insolvency
proeedings against the company.

Livemint say the homebuyers submitted that collectively they had
invested more than INR81 crore in the project which was duly
acknowledged by the developer. The timelines were extended from
2019 to 2023; however, despite indefinite extensions the project
remains to be completed, they added. July 2023 was set as the date
of default in the application.


ST PETERS: CRISIL Raises Rating on INR12.36cr Loan to B+
--------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of St Peters Institute of Higher Education and Research
(SPIHER) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. The short
term rating has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5.50       CRISIL A4 (Reaffirmed)

   Overdraft Facility    12.36       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Term Loan            157.43       CRISIL A4 (Reaffirmed)

   Term Loan            108.71       CRISIL A4 (Reaffirmed)

The upgrade in the rating reflects the improving business risk
profile, with improving occupancy levels. The institute has
reported about INR68 crore in fiscal 2023 and about INR48.55 crore
revenue up to Q3 of fiscal 2024 and the revenues are estimated to
be over INR100 crore for the current fiscal, supported by the
revenues from the new hospital as well as the existing courses. The
financial risk profile continues to remain moderate. Further, the
upgrade also reflects the track record of timely repayment of debt
for over 6 months owing to an improved liquidity profile.

The rating continues to reflect SPIHER's modest scale of operations
amidst intense competition from other institutions, geographical
concentration in revenue and vulnerability to regulatory risks
associated with educational institutions. These weaknesses are
partially offset by the established market position in the
education sector, with diversified revenue streams.

Key Rating Drivers & Detailed Description

Weaknesses:

* Moderate scale of operations amidst intense competition from
other institutions: Moderate scale of operations as reflected by
the revenues of INR68 crore in fiscal 2023. Exposure to intense
competition given the huge number of players in the education
sector coupled with exposure to regulations constrains scale up of
operations. The occupancy is also at a moderate level at about 75%
on average in current fiscal. The improvement in revenues,
supported by higher occupancy levels will remain a key
monitorable.

* Geographical concentration in revenues: SPIHER derives its
revenues from its colleges and hospital, all in Tamil Nadu. This
leads to geographic concentration in revenues. Sustained inflow of
students will depend on the ability to offer quality education
through continuous infrastructure development and by recruiting and
retaining good faculty.

* Vulnerability to regulatory risks associated with educational
institutions: The courses must comply with operational and
infrastructure norms set by regulatory bodies. Society may need to
regularly invest in its workforce and infrastructure to comply with
the norms. Any non-compliance will result in withdrawal of the
required status and affiliation, affecting operations and revenue.

Strengths:

* Average financial risk profile: The financial risk profile is
average marked by net worth at INR139.42 crores and gearing at 1.32
times as on March 31, 2023. The debt protection metrics continue to
remain moderate as reflected by the interest coverage and NCATD at
over 1.79 times and 0.08 times in fiscal 2023.

* Established market position in the education sector, with
diversified revenue streams: The trustees have an experience of
over 3 decades in education services industry. This has given them
an understanding of the dynamics of the market and helped the trust
to set up the institutes in Tamil Nadu and ramp up operations
quickly. Good reputation in and around the region has helped the
university to achieve a healthy occupancy ratio, supported by
diversified revenue streams and addition of courses.

Liquidity: Stretched

Bank limit utilisation is moderate at around 38.5 percent for the
past twelve months ended December 2023. Cash accruals are expected
to be over INR16-36 crores, which are sufficient against term debt
obligation of INR6-30 crores over the medium term. In addition, it
will act as a cushion to the liquidity of the company. Moderate
cash and bank balance of around INR48.54 crores as on March 31,
2023. The institute has about INR5.5 crore of free fixed deposits
that supports the liquidity profile. The sustenance of the same
will remain a key monitorable. They have also created a DSRA of
INR6 crore (3 months) for one term loan (INR163 crore), in Oct
2023. Further, another DSRA is expected to be created for the other
term loan (INR108 crore) by July 2024.

Outlook: Stable

CRISIL Ratings believes SPIHER will continue to benefit over the
medium term from its established position & management extensive
experience in the sector.

Rating Sensitivity Factors

Upward factors

* Improvement in the financial risk profile with better liquidity.
* Sustained improvement in revenues, with growth of over 20%,
driven by improved occupancy levels in the key courses and healthy
occupancy of the hospital, with margins over 40%, leading to higher
cash accruals.

Downward factors

* Decline in revenues by over 20% or dip in profitability below
37%, leading to lower cash accruals.
* Any large debt funded capex weakening the financial and liquidity
profile.

Registered as charitable trust in 1992 and later become private
deemed to be university in 2008. The institution is engaged in
providing education in engineering, technology, architecture,
management studies, science and humanities programmes which are
approved by UGC and AICTE. It has campus near Paruthipattu in
Tiruvallur district-Tamil Nadu.

SPIHER is promoted by Mr. M. Thambidurai and managed by his wife
and recently set up 750 bedded medical college cum teaching
hospital with super speciality department at Hosur in two phases.


SUPERKISAN E-COMMERCE: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Superkisan E-Commerce Private Limited
        M-3, LGF
        Green Park Extension
        South Delhi, New Delhi
        Delhi, India 110016

Liquidation Commencement Date: November 10, 2023

Court: National Company Law Tribunal, Delhi

Liquidator: Ankit Goel
            E-10A, Kailash Colony, South,
            National Capital Territory of Delhi 110048
            E-mail: ankitgoel@aaainsolvency.in
                    cirp.superkisanecommerce@gmail.com

Last date for
submission of claims: March 13, 2024


SUVARNA LAKSHMI: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating of Suvarna Lakshmi Jewellers
(SLJ) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         18.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          9.20       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Suvarna Lakshmi Jewellers (SLJ) was founded in FY2009 to start the
business of branded jewellery retail. The firm operates as a
level-3 dealer of Tanishq's jewellery products. SLJ operates
through its own showroom located at Dilsukhnagar, Hyderabad. The
firm is promoted and managed by Mr. B Satya Prakash Rao and his
family members.


UNITED CAPZ: CARE Lowers Rating on INR17.26cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
United Capz Private Limited (UCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.26      CARE B; Stable Revised from
   Facilities                      CARE B+; Stable

Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of UCPL
is primary on account decrease in scale of operation with net
losses reported during FY23 (refers to period from April 1 to March
31) and 9MFY24 (Prov) along with deterioration in capital structure
as well as debt coverage indicators and stretched liquidity. The
ratings are further constrained on account of the company's small
scale of operation, presence in highly fragmented and competitive
nature of industry and exposure to government regulations.

The ratings, however, derive comfort from the experience of its
promoters in diversified industries as well as the strategic
location of the company's operations.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in scale of operations with TOI of more than INR60
crore on sustained basis with sustaining profitability marked by
PBILDT margin of more than 15%
* Improvement in solvency position marked by overall gearing of
around 2 times

Negative Factor

* Any major debt funded capex adversely affecting the capital
structure and debt coverage indicators
* Any further deterioration in cash accruals putting stress on
liquidity

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook on the ratings of UCPL reflects CARE's belief
that UCPL shall sustain its modest financial risk profile in medium
term.

Detailed description of the key rating drivers

Key Weaknesses

* Decrease in scale of operations coupled with loss in FY23 and
9MFY24: In FY23, UCPL's TOI witnessed a degrowth of 29% to INR36.54
crores in FY23 from INR51.71 crore in FY22, primarily driven by a
combination of dip in market prices of capsules as well as supply
surplus. For 9MFY24, UCPL has clocked sales worth INR18.66 crore
and expects a final revenue of INR25.00 crores by end of March
2024. Further, in FY23, the cost of sales increased to 72.33% of
total revenue from 67% in FY22, as the price of key raw materials
such gelatine witnessed an upsurge. Thus, a combination of reduces
sales and high raw material prices impacted the profit margins of
the company which came down to 11.24% during FY23 compared to
32.85% during FY22. Further, owing proportionately high interest
and depreciation costs, UCPL reported a net loss of INR3.48 crore
vis-à-vis a net profit of INR8.59 crore during FY22.

* Deterioration in capital structure and debt coverage indicators:
Due to accretion of losses to reserves, UCPL's networth base
deteriorated and stood at INR2.41 crore as on March 31, 2023. This
weakened the company's capital structure thus remaining highly
leveraged as marked by an overall gearing of 13.22x as on March 31,
2023 compared to 5.83x as on March 31, 2022. Further, owing to
decline in operating profitability and high interest costs, UCPL's
debt coverage indicator also deteriorated and remained weak as
marked by an interest coverage of 1.85x during FY23 compared to
7.28x during FY22. Additionally, high overall debt coupled with a
decline in cash profit (GCA) meant that TD/GCA stood high at 14.85
years as on March 31, 2023 compared to 2.26 years as on March 31,
2022.

* Presence in highly fragmented and competitive nature of industry
and exposure to government regulations: UCPL is engaged in the
manufacturing of vide variety of gelatine and cellulose based
capsule shells which serve as raw material (excipient) for
pharmaceutical and food supplement industry. The industry is
characterized by a high level of competition having presence of a
large number of small and big players. All the products and
companies of pharmaceutical industry are regulated by several
policies and bodies in terms of pricing, quality control, safety,
health standards, several other certifications, control standards.
Also, APIs, excipients (e.g., shell capsules) and other
pharmaceutical products have to maintain compliance with regulatory
policies of each export destination like the US FDA, EUGMP etc. in
order to sustain sales. UCPL, being present in the highly regulated
industry is susceptible to any adverse change in the Government
policy regarding the same.

Key Strengths

* Experienced promoters in diversified industries: UCPL was
initially promoted by Late Mr. Dahyabhai, Mr. Mahesh Panchal and
Mr. Rakesh Dahanuwala. Mr. Mahesh Panchal resigned as director and
Mr. Bhavesh Dahanuwala and Ms. Jagruti Patel appointed as director
of UCPL in 2018. Late Mr. Dahyabhai Patel was one of the founders
of Daman Industries Associations (DIA). He was the president of DIA
and interacted will all the government authorities for various
issues concerning the industries, while overall operations of UCPL
are managed by Mr. Rakesh and Mr. Bhavesh, who have an average
experience of over decade and half years of handling various
industries at executive level.

* Location advantage due to cluster presence: The manufacturing
facility of UCPL is in Valsad (Gujarat) which is one of the largest
pharmaceutical clusters in India. The primary raw material i.e.,
gelatine, water and food colour are easily available from Gujarat
and Maharashtra. Other reasons include easy availability of labour
as well as accessibility of water and power.

Liquidity: Stretched

UCPL's liquidity remained stretched marked by full utilization of
its working capital limits for the past 12 month as on February 29,
2024. Additionally, the company has also availed ad-hoc limits
during past one year to fund its working capital requirements. The
company continued operate with a negative working capital cycle for
FY23 as it delayed payments to its suppliers which lead to an
increase in creditor days from 121 days during FY22 to 164 days.
Unencumbered cash and bank balance remained low at INR0.01 crore as
on March 31, 2023 whereas its current ratio also slipped below
unity at 0.28 times as on March 31, 2023. Further, net cash flow
from operations stood positive although declined to INR5.02 crore
during FY23 (P.Y.: INR17.31 crore) owing to decline in revenue
compared to during FY22. Further, its cash accruals are expected to
remain tightly matched to meet its gross loan repayments worth
INR3.24 crore for FY24.

Thane-based (Maharashtra) UCPL was incorporated on October 8, 2015
as a private limited company by Late Mr. Dahyabhai Patel, Mr.
Rakesh Dahanuwala and Mr. Mahesh Panchal. Currently, Mr. Rakesh
Dahunuwala, Mr. Bhavesh Dahanuwala and Ms. Jagruti Patel holds
directorship in UCPL. UCPL is engaged into manufacturing of Empty
Hard Gelatin Capsule (EHGC) shells operating from plant situated in
Valsad (Gujarat) with an installed capacity of manufacturing 750
crore capsule shells per annum as on March 31, 2023. UCPL commenced
its operations from newly commissioned plant from May, 2019
onwards.


YRR TEX: CARE Reaffirms B+ Rating on INR11.35cr LT Loan
-------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of YRR Tex Fab Private Limited (YTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.35       CARE B+; Stable; Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   Category and Reaffirmed

Rationale and key rating drivers

The ratings to the bank facilities of YTPL takes into consideration
growth in TOI in FY23 and further growth in ToI during 11MFY24.
However, it is constrained by modest scale of operations,
relatively low profit margins, highly working capital-intensive
nature of operations, moderately leveraged capital structure, weak
debt coverage indicators and stretched liquidity position. The
rating further continues to be constrained by presence in highly
fragmented and competitive nature of industry.

The rating, however, continues to derive strength from long track
record of the company with highly experienced promoter in the
textile industry and moderately diversified customer and supplier
base.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in scale of operations with total operating income
exceeding INR75 crore on a sustained basis.

* Improvement in capital structure with overall gearing reaching
below 1.2 times on a sustained basis.

* Improvement in the debt coverage indicators with interest
coverage exceeding 2 times and total debt to gross cash accruals
reaching below 10 times on a sustained basis.

* Improvement in the collection and inventory periods below 150 and
90 days respectively with utilization level of the fund based
working capital limits reaching below 80% on a sustained basis.

Negative factors

* Deterioration in profit margins with PBILDT and PAT margins
reaching below 5% and 1% on sustained basis.

* Deterioration in TOI below INR30 crore.

Analytical approach: Standalone

Outlook: Stable

CARE Ratings believes that entity will continue to benefit from its
experienced promoters along with long track record of
operations.

Detailed description of the key rating drivers:

Key weaknesses

* Modest scale of operations; albeit growth in ToI in FY23 and
11MFY24: During FY23, the ToI of the company has grown by 60.68% to
INR67.98 crore (vis-à-vis INR42.30 crore in FY22) on account of
increase in volume of yarn sold. Furthermore, the company has
registered ToI of INR65.89 crore during 11MFY24 (refers to the
period April 1, 2023, to February 29, 2024) vis-à-vis INR52.03
crore during 9MFY23 (refers to the period April 1, 2022, to
December 31, 2022). During FY23, the sales realisation per meter of
yarn cloth sold decreased by INR28.66 per meter. However, the
volume of yarn sold increased by 47.57% (from 23,25,184 meters in
FY22 to 44,34,712 meters in FY23) primarily on account more demand
from its customers.

* Relatively low profit margins, with PBILDT margin declining to
5.13%in FY23: During FY23, the PBILDT margin of YRR has declined by
238 bps to 5.13% (vis-à-vis 7.51% in FY22) on account of increase
in cost of grey cloth by 41.90% (from INR31.49 crore in FY22 to
INR54.20 crore in FY23) along with increase in employee cost by
15.45% (from INR2.90 crore in FY22 to INR3.43 crore in FY23).
Furthermore, the PAT margin declined by 26 bps to 0.86% in FY23
(vis-à-vis 1.12% in FY22) owing to increase in depreciation from
INR0.22 crore in FY22 to INR0.30 crore in FY23 along with interest
expenses from INR2.25 crore in FY22 to INR2.35 crore in FY23.

* Moderately leveraged capital structure and weak debt coverage
indicators; albeit improvement witnessed during FY23: As on March
31, 2023, the overall gearing improved to 1.03 times (vis-à-vis
1.08 times as on March 31, 2022). Also, TD/GCA has improved to
19.94 times in FY23 (vis-à-vis 23.50 times in FY22) on account of
improvement in GCA, however continues to remain weak. Furthermore,
interest coverage has improved from 1.41 times in FY22 to 1.48
times in FY23 due to increase in PBILDT.

* High working capital-intensive nature of operations; albeit
improvement in FY23: The operations of YRR are working capital
intensive in nature with majority of funds being blocked in debtors
due to liberal credit period given to its customers. The collection
period continues to remain stretched though improved to 195 days in
FY23 (vis-àvis 299 days in FY22) due to faster recovery from
debtors. The inventory period though improved also remained high at
85 days in FY23 (vis-à-vis 139 days in FY22) due to faster
inventory turnaround during the year. Also, creditor's period has
improved to 112 days in FY23 (vis-à-vis 185 days in FY22). The
operating cycle of the company has improved from 253 days in FY22
to 168 days in FY23 primarily on account of improvement in average
inventory period along with average collection period.

Key strengths

* Long track record of the company with experienced promoter: The
company has established long standing track record of operations
through 20 years of existence in the textile trading industry. The
promoter of the firm i.e. Mr. Praful Kumar Somaiya holds
significant experience of around five decades in the textile
industry and he his assisted by his two sons namely Mr. Yash
Somaiya and Mr. Viral Somaiya. The extensive experience of the
promoter enables the firm to establish strong marketing connects
and business excellence for YRR Texfab Private Limited (formerly
Yash Knitwear).

* Diversified Customer and supplier: The customer profile of the
company remained diversified as it supplies to various
manufacturers and traders across local market. The top 5 customers
accounted for 26.91% of total sales in FY23 (vis-à-vis 63.79% of
total sales in FY22). Furthermore, the company purchases from local
suppliers wherein top 5 suppliers contribute 37.94% of total
purchases in FY23 (vis-à-vis 80.47% of total purchases in FY22).

Liquidity: Stretched

Liquidity position remained stretched marked by tightly matched
accruals against its repayment obligations. The free cash and bank
balance and liquid investments stood low at INR0.05 crore as on
March 31, 2023. The average utilization of the fund based working
capital borrowing (cash credit) remained utilised around 95%
utilized during past 12 months ended February 29, 2024.
Current ratio and quick ratio stood moderate at 2.05 times and 1.46
times respectively as on March 31, 2023. Cash flow from operating
activities stood positive at INR0.35 crore in FY23 (vis-à-vis
positive at INR3.68 crore in FY22).

Established in April 2002, YRR Texfab Private Limited (YTPL) is
engaged in the trading of finished fabrics viz. cotton, polyester,
linen, etc. YTPL purchases fabrics from local manufacturers, as per
designs provided/pre-approved by customer and then subsequently
sells to customers in the domestic market to the manufacturers of
men's wear and children's wear. YTPL has its warehousing facility
located in Bhiwandi, Thane for meeting its storage requirements of
36,000 sq. ft. and the administrative office located at Lower Parel
(Mumbai).


ZAVERI EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating of Zaveri Exports Private
Limited (formerly Zaveri Jewellers, ZEPL) in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ; ISSUER
NOT COOPERATING".

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

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

Zaveri Exports Private Limited (formerly Zaveri Jewellers, ZEPL)
was incorporated as a private limited company in 2001 and is
promoted by Mr. Sunil Tayal. The company manufactures, and exports
studded and plain gold, silver and platinum jewellery. The
company's jewellery collection ranges from 22karat gold jewellery
to 18 karat jewellery studded with diamonds, gemstones like rubies,
emeralds, sapphires, semi-precious stones. ZEPL sells all forms of
jewellery including earrings, necklaces, bangles, rings, anklets,
pendants, bracelets, brooches, pins and silverwares. The company
has 1 retail show room at Abids, Hyderabad.




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

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

The High Court at Auckland appointed Kristal Pihama and Leon
Francis Bowker of KPMG as liquidators on March 8, 2024.


EKG CONSTRUCTION: Creditors' Proofs of Debt Due on April 9
----------------------------------------------------------
Creditors of EKG Construction Limited are required to file their
proofs of debt by April 9, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Steven Khov and Kieran Jones
of Khov Jones Limited as liquidators on March 8, 2024.


ELANZA FRESH: Creditors' Proofs of Debt Due on April 9
------------------------------------------------------
Creditors of Elanza Fresh Limited are required to file their proofs
of debt by April 9, 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:

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


LCNZ ROTORUA: Mohammed Tazleen Nasib Appointed as Administrator
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of LCNZ Rotorua
Pty Limited and LCNZ Whangarei Pty Limited will be held on March
20, 2024, at 4:00 a.m.

Mohammed Tazleen Nasib Jan was appointed as administrator of LCNZ
Rotorua and LCNZ Whangarei on March 8, 2024.

The administrator may be reached at:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua, 5240


MASH INTERNATIONAL: Before and After-School Care Co. In Liquidation
-------------------------------------------------------------------
Newshub reports that the company behind the before and after-school
care and holiday programmes Mash Kids, Caspa and Magic Kids has
been placed in liquidation.

On March 7, staff at Christchurch-based after-school care
programmes MASH and CASPA were told that the programmes would
close, Newshub relates.

According to Newshub, parents arrived at one school on March 8 to
find no one there to look after their children, while others were
contemplating dropping working hours or study and worried they
would not get refunds for prepaid care.

Brenton Hunt from Insolvency Matters confirmed that on March 8 MASH
International and CASPA New Zealand went into liquidation and the
centres were permanently closed.

Owner Craig Fortune had emailed staff, telling them the company had
major cashflow problems.

He promised them he would do everything he could to ensure that
their wages would be paid in full, Newshub relays.

PIZZA FEAST: Grant Bruce Reynolds Appointed as Liquidator
---------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on March 7,
2024, was appointed as liquidator of Pizza Feast Limited, Pizza
Mania Limited and Quay Pizza Limited.

The liquidators may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163




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

EVCO: JV to Shut After Arrest of Key Executives
-----------------------------------------------
The Straits Times reports that EVCo, the joint venture company set
up by the business arm of SMRT and a Chinese electric vehicle firm,
is being wound up, several months after its two key executives were
arrested in connection with a police investigation.

In a March 1 post on EVCo's LinkedIn page, its chairwoman Judy Lee
announced that the company - owned by Strides Holdings and
Dishangtie Green Technology (Hong Kong) - would go into
liquidation, ST relays.

The "difficult decision" was made after "careful consideration,
deliberation and thorough evaluation" of the company's financial
situation, she said.

"We understand that this news would be disappointing to our staff,
customers, shareholders and partners. All staff have been informed,
and we are committed to supporting them during this transition,"
she added.

According to the report, EVCo's former chief executive officer Fuji
Foo and former chief financial officer Janice Low were arrested
late in 2023 in connection with a police probe after irregularities
were detected, and an internal audit was started.

On Jan. 31, the electric van leasing company - which had about 30
staff as at mid-December - let some of its employees go, including
those who did sales, operations, marketing and communications.
Sources said between 10 and 20 workers were let go.

Asked what would happen to EVCo's remaining staff, Ms Lee said no
employees will be transferred out, as they are needed to "maintain
service level to our existing customers during the liquidation
process". She did not say how many employees were affected by the
liquidation, the report relates.

On whether EVCo's vehicles would be transferred to Strides, she
said the liquidator would decide on the "appropriate approach to be
taken on the assets to maximise recovery for creditors".

When posed the same questions, Strides Holdings spokeswoman
Margaret Teo said: "Notwithstanding the setback, Strides remains
fully committed to the goal of decarbonisation and assisting our
small and medium-sized enterprise (SME) customers in embracing
green mobility and adopting environmentally friendly practices.
Forging forward, we will work with like-minded partners, on a more
robust and sustainable approach to achieve this goal."

Strides Holdings owns 60 per cent of EVCo's shares while Dishangtie
Green Technology (Hong Kong) holds the rest, the Straits Times
discloses.

Based on a business profile search lodged on March 4, the company,
incorporated as Strides DST on March 11, 2022, had a paid up
capital of $10 million.

In November 2022, EVCo said it would launch a ride-sharing service
targeted at SMEs, allowing them to have access to electric vans at
20 locations in Singapore, the report recalls. It would deploy 550
electric vans initially, with plans to grow to 2,000 vehicles.

EVCo was looking to provide a range of electric vehicles sourced
directly from manufacturers. Among them was the Shineray electric
van, which only EVCo imported to Singapore. The Land Transport
Authority's records show that there were 218 Shineray electric vans
registered in 2023.

As at February, there were still motor dealers that put out
listings of registered but unused units of the Shineray van for
sale on online used car portal Sgcarmart. The last unit listed
appears to have been removed on Feb. 23, the report adds.


JU FENG: Court to Hear Wind-Up Petition on March 22
---------------------------------------------------
A petition to wind up the operations of Ju Feng Le International
Pte Ltd will be heard before the High Court of Singapore on March
22, 2024, at 10:00 a.m.

RHB Bank Berhad filed the petition against the company on Feb. 26,
2024.

The Petitioner's solicitors are:

          Messrs Harry Elias Partnership LLP
          SGX Centre 2
          #17-01, 4 Shenton Way
          Singapore 068807


SHEENWAY EXHIBITION: Court to Hear Wind-Up Petition on April 5
--------------------------------------------------------------
A petition to wind up the operations of Sheenway Exhibition &
Projects Pte Ltd will be heard before the High Court of Singapore
on April 5, 2024, at 10:00 a.m.

Tey Leng Yen filed the petition against the company on Feb. 22,
2024.

The Petitioner's solicitors are:

          Titanium Law Chambers LLC
          30 Cecil Street
          #11-03, Prudential Tower
          Singapore 049712


STRIDES DST: Placed in Provisional Liquidation
----------------------------------------------
Timothy James Reid and Ng Yau Yee Theresa of Baker Tilly Reid on
March 6, 2024, were appointed as provisional liquidators of Strides
DST Pte. Ltd.

The provisional liquidators may be reached at:

          Timothy James Reid
          Ng Yau Yee Theresa
          Baker Tilly Reid
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


TOUREGO GLOBAL: Creditors' Meetings Set for March 22
----------------------------------------------------
Tourego Global Pte. Ltd. and Tourego Pte. Ltd. will hold a meeting
for their creditors on March 22, 2024, at 4:00 p.m. and 3:00 p.m.
via via electronic means.

Agenda of the meeting includes:

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

   b. to consider the nomination of the Liquidators for the
      Company and on the appointment of Mr. Saw Meng Tee and
      Mr. Ong Shyue Wen as the Liquidators of the Company;

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

   d. Any other business.

Mr. Saw Meng Tee and Mr. Ong Shyue Wen of EA Consulting Pte Ltd (a
subsidiary of EisnerAmper PAC) on March 1, 2024, were appointed as
provisional liquidators of Tourego Global and Tourego Pte.


TRAVECTA THERAPEUTICS: Commences Wind-Up Proceedings
----------------------------------------------------
Members of Travecta Therapeutics Pte Ltd, on Feb. 29, 2024, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is Ms. Valerie Lim Lee Huang.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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