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

                     A S I A   P A C I F I C

          Friday, March 15, 2024, Vol. 27, No. 55

                           Headlines



A U S T R A L I A

ALLROADS PTY: Appoints Cor Cordis as Voluntary Administrators
BIG SHED: Second Creditors' Meeting Set for March 20
CHECHO'S: Popular Mexican Restaurant Shuts Doors
EASTON INDUSTRIES: Second Creditors' Meeting Set for March 20
GOODHUMAN: Enters Liquidation, Owes Staff AUD3MM in Unpaid Wages

GRAND VIEWS: Second Creditors' Meeting Set for March 20
LATITUDE AUSTRALIA 2019-1: DBRS Confirms BB Rating on E Notes
LONGREACH OIL: First Creditors' Meeting Set for March 20
PANORAMA AUTO 2024-1: Fitch Assigns B+(EXP)sf Rating to Cl. F Notes
ROSEBERY RSL: First Creditors' Meeting Set for March 20



C H I N A

CHINA VANKE: Sells Assets to Avoid Default as Sales Nosedive
COUNTRY GARDEN: Misses Yuan Bond Coupon Payment for First Time
ZHONGXUEGAO: Founder Banned From High-Level Consumption


I N D I A

AABAN APPARELS: Insolvency Resolution Process Case Summary
AASRA FOUNDATIONS: ICRA Keeps D Debt Ratings in Not Cooperating
ACTIVE SPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
ADGAONKAR SARAF: Liquidation Process Case Summary
ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating

AGSON GLOBAL: Insolvency Resolution Process Case Summary
ALASKA FABTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
ALFARA'A INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating
ALWAYSBLUE LABS: Voluntary Liquidation Process Case Summary
AMRUTVAHINI SHETI: CRISIL Keeps B Debt Ratings in Not Cooperating

ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
BAJRANG MINT: CRISIL Keeps B Debt Rating in Not Cooperating
CARNIVAL TECHNO: Insolvency Resolution Process Case Summary
DHARA CEMENTS: Insolvency Resolution Process Case Summary
DRD GEMS: Liquidation Process Case Summary

GALORE DEVELOPERS: Insolvency Resolution Process Case Summary
GANAPATHI SPINNING: CRISIL Lowers Rating on INR14cr Loan to D
GLENMARK PHARMACEUTICALS: S&P Raises ICR to 'BB+', Outlook Stable
GORINTA PROTEIN: Voluntary Liquidation Process Case Summary
GSA TECH: Voluntary Liquidation Process Case Summary

KAMRUP PACKAGING: CRISIL Keeps B Debt Ratings in Not Cooperating
KHANNA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA BHAGAVAN: CRISIL Keeps B+ Debt Rating in Not Cooperating
KRISHNA CONTAINERS: CRISIL Keeps D Ratings in Not Cooperating

LAXMI BALAJI: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAXGROW OVERSEAS: Liquidation Process Case Summary
MORARJEE TEXTILES: Insolvency Resolution Process Case Summary
MUDITA VENTURES: Voluntary Liquidation Process Case Summary
PETERESA REALTORS: CRISIL Keeps D Debt Ratings in Not Cooperating

PREMIER EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating
PRIME HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
RAVI IRON: ICRA Keeps B+ Debt Rating in Not Cooperating Category
RENAISSANCE INVESTMENT: Voluntary Liquidation Process Case Summary
SATSANGI SAKET: CRISIL Keeps C Debt Ratings in Not Cooperating

SHARDA HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating
SUVARNA LAKSHMI: ICRA Keeps B+ Debt Ratings in Not Cooperating
TECHNOVISION AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating
VERA SECURITY: Voluntary Liquidation Process Case Summary
VIDHATA METAL: Insolvency Resolution Process Case Summary

VISHWANATH SPINNERZ: CRISIL Keeps D Ratings in Not Cooperating
WB PRECISION: Liquidation Process Case Summary
ZAVERI EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

BASTIAN WELLINGTON: Creditors' Proofs of Debt Due on April 16
CRYPTOPIA LTD: To Start Returning Cryptocurrency to Creditors
DEM HOME: Grant Bruce Reynolds Appointed as Liquidator
ORTHO LIMITED: First Creditors' Meeting Set for March 25
STAN SEMENOFF: Multispares Files Liquidation Bid Over Unpaid Debt

SWD LIMITED: Court to Hear Wind-Up Petition on March 21
UNITED EARTHWORKS: Court to Hear Wind-Up Petition on March 19


S I N G A P O R E

AMPHORA SOFTWARE: Commences Wind-Up Proceedings
LEON SYNERGY: Court to Hear Wind-Up Petition on April 5
MED TRAVEL: Commences Wind-Up Proceedings
TAYLOR B: Court Enters Wind-Up Order
UGLY FOWL: Creditors' Meeting Set for March 28



S O U T H   K O R E A

TERRAFORM LABS: Gets Court OK to Hire Law Firm Dentons

                           - - - - -


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

ALLROADS PTY: Appoints Cor Cordis as Voluntary Administrators
-------------------------------------------------------------
Darryl Kirk and Stephen Earel of restructuring advisory firm Cor
Cordis were appointed Voluntary Administrators of Allroads Pty Ltd
and Allroads Plant Pty Ltd on March 4, 2024.

The appointment of Voluntary Administrators to Allroads Pty Ltd was
in response to an application to wind up the Company that had been
previously filed in the Supreme Court of Queensland. That
winding-up application was heard on March 7, 2024 and is adjourned
to be heard again on March 21, 2024.

In the lead-up to the appointment of Administrators, it's
understood the Company made efforts to negotiate positions on its
contracts with counterparties. Unfortunately, these negotiations
mostly failed to secure a path for the Company to sustain trading.
Consequently, the majority of staff have ceased employment with the
Company.

"We were appointed by the Directors of the Company.  Our role as
Administrators is to undertake a review of the operations of the
Company and assess whether the Company can continue with any
contractual obligations and whether there is merit in completing
works for the benefit of the creditors of the company", stated
Darryl Kirk.

Darryl Kirk added, "Ultimately, whether the Company is placed in
Liquidation is a decision for the Court to make. A key factor in
this decision is whether a proposed Deed of Company Arrangement
offers creditors a better outcome than winding up. Our role is to
evaluate whether this option is viable for the company and its
stakeholders".

The Administrators are continuing to investigate the underlying
reasons leading up to the appointment of Voluntary Administrators.
Further information will be provided to all stakeholders as the
Voluntary Administration process progresses.

The Administrators also noted, that seeking assistance from
qualified advisors early on is crucial for enabling business
restructuring.


BIG SHED: Second Creditors' Meeting Set for March 20
----------------------------------------------------
A second meeting of creditors in the proceedings of Big Shed
Brewing Concern Pty Ltd has been set for March 20, 2024 at 2:00
p.m. virtually using Microsoft Teams.

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 19, 2024 at 12:00 p.m.

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


CHECHO'S: Popular Mexican Restaurant Shuts Doors
------------------------------------------------
News.com.au reports that tough trading conditions in the
hospitality sector have struck again, with the collapse of another
popular restaurant resulting on the loss of 15 jobs.

Mexican restaurant Checho's, in Sydney's outer western suburb of
Penrith, closed its doors on March 10, with the directors putting
the company into liquidation on March 12, news.com.au relates.

Checho's had traded in the suburb since October 2020.

In an announcement on the company's Instagram page on March 9, the
company's directors, James Crowe, Melissa Kingston and Aaron
Carrasco blamed tough hospitality trading conditions for the
restaurant's demise.

News.com.au contacted the directors for comment.

"We regret to inform you all that this will be the last weekend of
operations for the Checho's team in our home on High St."

"It's been an incredible four years at the heart of this community
and we cannot thank every single one of our loyal customers enough
for your support."

"It's been a hell of a ride and we're so proud of what we've been
able to create."

"This being said, is a really tough time for hospitality and our
only parting wish is that you guys continue to support local
restaurants, cafes and bars."

"There are so many incredible operators and businesses hurting and
can't get through this period without you."

Checho's Penrith Pty Ltd is owned by the Cinco Hombres Hospitality
Group.

Chad Rapsey, from Rapsey Griffiths Turnaround + Advisory, is
overseeing the liquidation, news.com.au discloses.

In an email to news.com.au, the liquidators said it was too early
to comment on the reasons behind the collapse.

However, they said the company had AUD704,000 in debts at the time
of its collapse, with the Australian Taxation Office (ATO) the
major creditor.

Staff are also owed an undisclosed sum of superannuation
contributions.

Customers took to social media to express their disappointment at
the closure:

"This is so sad! We love your restaurant and it always seems busy!"
one wrote.

"It is definitely a hard time at the moment for all hospitality
venues," another customer commented. "Very sad to see you guys
go."

"You will be so missed. I will always remember my birthday in
lockdown we had your take home dinners and it made my day so much
brighter," wrote another fan.

"This is extremely sad news. There isn't and never will be another
place like it. Such a great venue," wrote another customer.

But some customers also questioned why the business continued to
sell gift vouchers in the lead up to its closure and take bookings
for dates beyond its final trading day.

"Can I ask the date as we have a gift voucher and I know others who
do also

I also have a gift voucher - what will happen with this?" one
customer asked on Instagram.

"What will happen with those that have gift cards from Christmas to
use?" questioned another.

"Why did you let me make a booking then for a party of 12 in
April?" one unhappy customer wrote.


EASTON INDUSTRIES: Second Creditors' Meeting Set for March 20
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Easton
Industries Pty Ltd has been set for March 20, 2024 at 10:00 a.m.
via teleconference.

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 19, 2024 at 5:00 p.m.

Richard Albarran and Roberto Crispino of Hall Chadwick were
appointed as administrators of the company on Feb. 16, 2024.


GOODHUMAN: Enters Liquidation, Owes Staff AUD3MM in Unpaid Wages
----------------------------------------------------------------
BNN Breaking reports that Melbourne-based NDIS software provider
GoodHuman has been forced into liquidation, leaving its workforce
grappling with substantial financial losses. The Supreme Court of
Victoria ordered the company's closure, revealing nearly AUD3
million in debts, including unpaid wages and superannuation to its
employees.

Founded in 2018 by Jonathan Murray, GoodHuman aimed to
revolutionize administration for NDIS service providers. However,
financial turmoil ensued, leading to months of delayed salary
payments, BNN Breaking relates. Despite efforts to secure funding
and stabilize operations, the company's financial woes deepened,
culminating in a court ruling for its liquidation. Employees, now
facing severe financial strain, express both relief and sorrow over
the company's demise.

According to BNN Breaking, GoodHuman's financial instability has
had a profound impact on its staff, with some owed up to AUD50,000
in wages and superannuation. The delayed and missing payments
forced many employees into dire situations, including having to
sell personal assets and struggle to meet basic living expenses.
The liquidation ruling allows employees to seek government
assistance, but the situation remains a bittersweet resolution to
months of uncertainty.

BNN Breaking relates that Jonathan Murray, GoodHuman's founder,
expressed deep regret over the situation, emphasizing the company's
efforts to innovate in the NDIS sector. The focus now shifts to
ensuring that employees receive the entitlements they are owed
through the liquidation process. This event serves as a cautionary
tale for startups in high-stakes industries, highlighting the
importance of financial stability and responsibility towards
employees.


GRAND VIEWS: Second Creditors' Meeting Set for March 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of Grand Views Pty
Ltd has been set for March 20, 2024 at 11:30 a.m. via virtual
facilities only.

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 19, 2024 at 5:00 p.m.

Graeme Beattie of Worrells was appointed as administrator of the
company on Feb. 14, 2024.


LATITUDE AUSTRALIA 2019-1: DBRS Confirms BB Rating on E Notes
-------------------------------------------------------------
DBRS Ratings Limited confirmed its credit ratings on the Series
2019-1 notes (the Notes) issued by Latitude Australia Credit Card
Loan Note Trust as follows:

Series 2019-1:

-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)

The credit ratings on the Notes address the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date.

CREDIT RATING RATIONALE

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, charge-off
rates, principal payment rates, and yield rates, as of the January
2024 payment date;

-- Current available credit enhancement to the Notes to cover the
expected losses at their respective credit rating levels; and

-- No revolving termination events have occurred.

The transaction is a securitization of credit card receivables
related to credit agreements originated or acquired by Latitude
Finance Australia (Latitude) to customers in Australia and assigned
to the Latitude Australia Credit Card Master Trust. The portfolio
is serviced by Latitude. The Series 2019-1 is currently in its
revolving period with an expected redemption date in September 2024
and legal final maturity date in September 2033.

PORTFOLIO PERFORMANCE

As of the January 2024 payment date, the monthly principal payment
rate (MPPR) was 15.9%, averaging 13.4% since closing. The
annualized gross charge-off rate was 3.6%, averaging 4.3% since
closing. The annualized yield rate was 14.5%, averaging 13.9% since
closing.

As of the January 2024 payment date, receivables that were two to
three months in arrears represented 0.6% of the outstanding
receivables balance, slightly up from 0.5% at the last annual
review. Receivables more than three months in arrears represented
1.2% of the outstanding receivables balance, slightly up from 1.0%
since the last annual review.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS maintained its expected MPPR, charge-off rate, and
yield rate assumptions at 11.3%, 6.3%, and 12.5%, respectively.

CREDIT ENHANCEMENT

With respect to Series 2019-1, the Class A1 Notes benefit from
credit enhancement of 32.5%. Credit enhancement to the Class A2,
Class B, Class C, Class D, and Class E Notes is 22.5%, 17.0%,
12.0%, 8.0%, and 4.5%, respectively. Credit enhancement consists of
subordination of the junior notes and the series-specific
originator variable funding note (VFN), and remains unchanged as
the transactions remains in the revolving period.

The required retained principal ledgers of the series and the
originator VFN required retained principal ledger provide liquidity
support to the transaction. The series required retained principal
ledger is funded to 1% of the outstanding Notes' balance.

Westpac Banking Corporation (Westpac) acts as the account bank for
the transaction. Based on Morningstar DBRS' Long-Term Issuer Rating
on Westpac of AA, the downgrade provisions outlined in the
transaction documents, and other mitigating factors inherent in the
transaction structure, Morningstar DBRS considers the risk arising
from the exposure to the account bank to be consistent with the
credit ratings assigned to the Notes, as described in Morningstar
DBRS' "Legal Criteria for European Structured Finance Transactions"
methodology.

Morningstar DBRS' credit rating on the Notes addresses the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents.

Morningstar DBRS' credit rating does not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in Australian dollars unless otherwise
noted.


LONGREACH OIL: First Creditors' Meeting Set for March 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Longreach
Oil Limited will be held on March 20, 2024 at 11:00 a.m. at the
offices of Setter Shepard at Level 2, 117 Clarence Street in
Sydney.

Adam Shepard of Setter Shepard was appointed as administrator of
the company on March 8, 2024.



PANORAMA AUTO 2024-1: Fitch Assigns B+(EXP)sf Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Panorama Auto Trust
2024-1's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd (AAF). The
notes will be issued by Perpetual Corporate Trust Limited as
trustee for Panorama Auto Trust 2024-1.

AAF was formed in June 2021 through a joint venture between
Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG,
Sydney Branch (20%). In March 2022, AAF completed the acquisition
of Westpac Banking Corporation's (WBC, A+/Stable/F1) motor-vehicle
dealer finance and novated leasing business.

The acquisition included front book origination relationships with
dealer groups and novated leasing introducers, as well as the
majority of the business's employees in the areas of sales and
distribution, credit, underwriting and risk. Origination processes,
underwriting policies and procedures, and collections processes are
consistent with those that were in place at WBC.

   Entity/Debt      Rating           
   -----------      ------           
Panorama Auto
Trust 2024-1

   A            LT AAA(EXP)sf Expected Rating
   B            LT AA(EXP)sf  Expected Rating
   C            LT A(EXP)sf   Expected Rating
   Commision    LT AAA(EXP)sf Expected Rating
   D            LT BBB(EXP)sf Expected Rating
   E            LT BB(EXP)sf  Expected Rating
   F            LT B+(EXP)sf  Expected Rating
   G            LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The total collateral pool at the 31 December 2023 cut-off date was
AUD500.0 million and consisted of 11,913 receivables with a
weighted-average (WA) seasoning of 4.2 months, WA remaining
maturity of 54.5 months and an average contract balance of
AUD41,971.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples for the
sub-pools of novated leases, consumer loans and commercial loans.
Its base-case gross-loss expectations and 'AAAsf' default multiples
are as follows:

Novated leases: 1.00% (7.5x)

Consumer loans: 3.50% (5.25x)

Commercial loans: 3.25% (5.5x)

The recovery base case is 35.0%, with a 'AAAsf' recovery haircut of
50.0% across all sub-pools. The weighted-average (WA) base-case
default assumption is 2.3% and the 'AAAsf' default multiple is
5.8x.

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

Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, and will amortise in line with an amortisation
schedule. Its repayment limits the availability of excess spread to
cover losses, as it ranks senior in the interest waterfall, above
the class B to F notes.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to F notes
will receive principal repayments pro rata upon satisfaction of
stepdown criteria. The percentage of credit enhancement provided by
the class G notes will increase as the A to F notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing. All notes have passed their relevant rating
stresses.

Low Operational and Servicing Risk: All receivables were originated
by Angle Auto Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Servicer disruption risk is
mitigated by back-up servicing arrangements. The nominated back-up
servicer is Perpetual Corporate Trust. Fitch undertook an
operational and file review and found that the operations of the
originator and servicer were comparable with those of other auto
lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. Howeourver, 54.1% of the portfolio by receivable count
has balloon amounts payable at maturity.

RATING SENSITIVITIES

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

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

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions; these include increasing WA defaults and decreasing
the WA recovery rate.

Downside Sensitivities

Note: Commission / A / B / C / D / E / F

Expected Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Rating Sensitivity to Increased Default Rates

Increase defaults by 10%: AAAsf / AAAsf / AA-sf / A-sf / BBB-sf /
BBsf / B+sf

Increase defaults by 25%: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf /
BB-sf / Bsf

Increase defaults by 50%: AAAsf / AA-sf / A-sf / BBBsf / BBsf / Bsf
/ below Bsf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ B+sf

Recoveries decrease 25%: AAAsf / AAAsf / AA-sf / A-sf / BBBsf /
BBsf / B+sf

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

Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates

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

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

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

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

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

Upgrade Sensitivities

The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.

Note: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BB+sf / BBsf

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

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

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

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

ESG CONSIDERATIONS

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

ROSEBERY RSL: First Creditors' Meeting Set for March 20
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Rosebery RSL
Sub Branch Inc. will be held on March 20, 2024 at 10:00 a.m. at the
offices of Rodgers Reidy (Tas) Pty Ltd at Cnr Bathurst & Argyle
Street in Hobart.

Shelley-Maree Brooks of Rodgers Reidy was appointed as
administrator of the company on March 11, 2024.




=========
C H I N A
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CHINA VANKE: Sells Assets to Avoid Default as Sales Nosedive
------------------------------------------------------------
Yicai Global reports that China Vanke and Gemdale, both large
Chinese real estate developers with a good record, are being forced
to offload properties and stocks in order to repay their maturing
debts amid a prolonged downturn in the country's real estate
market.

Vanke has sold CNY3.7 billion (USD515.5 million) worth of assets
since the second half last year, industry insiders told Yicai. This
includes a 50 percent stake in one of its biggest revenue
generators, the Shanghai Qibao Vanke Mall.

And Vanke had to step in last week to quash rumors circulating on
social media earlier this month that it was attempting to seek an
extension on a USD630 million bond due on March 11 as the
speculation was hammering its bond prices, Yicai relates. The funds
are ready, it said on March 5.

According to Yicai, the bond prices have since recovered, but Vanke
is still under great liquidity pressure. The builder had issued 75
bonds, both onshore and offshore, worth CNY87.2 billion (USD12.1
billion) as of March 4, according to Wind data. Of this, CNY15
billion is due to mature in the first half and CNY32.6 billion over
the course of the year.

Yicai says the Shenzhen-based firm also holds over CNY20 billion of
non-traditional debt from banks or trust institutions, with one
such debt of CNY2.6 billion (USD370 million) needing to be repaid
by the end of this year.

Meanwhile Vanke's cash and cash equivalents had shrunk 24 percent
as of Sept. 30 last year, from the same period a year earlier, to
CNY103.7 billion (USD14.4 billion), Yicai discloses citing company
data. This gives it a short-term coverage ratio of 2.2 times.

Yicai notes that Gemdale is in a similar position and had 15
outstanding bonds, both onshore and offshore, totalling CNY21
billion (USD2.9 billion), as of March 4, according to Wind figures.
Of these, CNY4.1 billion are due to mature this month and CNY15.8
billion over the course of the year.

Yet tumbling sales are making it increasingly difficult for these
two real estate giants to honor their debts, Yicai states. Vanke's
sales plunged 32 percent in January from a year earlier to CNY19.4
billion (USD2.7 billion), its lowest monthly sales ever. And last
year sales slumped 9.8 percent year on year, Yicai relates.

While Gemdale's sales plummeted 40 percent in January from the same
time last year to just CNY5.5 billion. In 2023, sales were down 30
percent from the year before, Yicai discloses.

Most real estate firms' available cash needs to go towards
finishing the construction of projects that have already been
pre-sold, and cannot be spent on paying back debts, industry
insiders told Yicai. Therefore, when short of cash, developers
usually have to sell assets to raise money.

Vanke holds about CNY90 billion (USD12.5 billion) in commercial
properties and logistics assets as well as CNY13 billion in stocks,
according to unconfirmed internal meetings minutes reportedly from
Vanke. If it sells off valuable assets in the biggest, first-tier
cities, it could raise around CNY30 billion. If it sells stock, it
could raise about CNY8 billion.

It is not known how much financing Vanke can raise to avoid selling
more assets, Yicai says.

According to Yicai, creditors and investors have always believed
that in the event of default by these developers, banks or
governments would step in to save them, after all they are also
shareholders, said Dennis Huang, president of Wilson Capital
International. But if this does not happen, then investors' trust
in these businesses will be further eroded and confidence in the
entire real estate sector will take a further knock, Yicai notes.

                         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.  

COUNTRY GARDEN: Misses Yuan Bond Coupon Payment for First Time
--------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings missed a coupon
payment on a yuan bond for the first time, according to sources
familiar with the matter, adding to the woes of the Chinese
developer that is now facing a lawsuit seeking its liquidation
offshore.

According to Bloomberg, the builder's main onshore unit has not
paid a CNY96 million coupon that came due on March 12 for a 4.8 per
cent yuan bond maturing in 2026, said the sources, who asked not to
be identified, citing disclosure rules. There is a 30 trading-day
grace period for the payment, before any default could be called,
the sources added.

Country Garden roiled markets when it defaulted on its US dollar
debt in October, but has so far managed to avoid doing so on its
local-currency obligations, Bloomberg recalls. In September, the
developer extended more than CNY10 billion of yuan bonds by three
years. After that, it paid several coupons and in December paid off
an CNY800 million note.

Mainland media outlet The Paper reported the missed payment
earlier.

Bloomberg says the developer's shares snapped a three-day advance
on Tuesday to fall as much as 4.9 per cent to 58 Hong Kong cents.
Its US dollar bonds still trade at deeply distressed levels of
around 8 Hong Kong cents on the dollar.

Bloomberg notes that Country Garden's crisis entered a new chapter
after a Hong Kong court last month received a creditor's petition
to wind up the Guangdong-based company. The lawsuit may add to
pressure on the developer to advance a debt restructuring plan.

A sales drought for the builder has worsened. Contract sales for
February plunged 85 per cent from a year earlier, widening from a
75 per cent slide in January, Bloomberg discloses citing corporate
filings.

Homebuyers in China are avoiding defaulted developers on concerns
about their ability to complete housing projects. Now the focus is
turning to China Vanke, a state-backed builder that is in talks
with creditors to stave off a default, Bloomberg notes.

                         About Country Garden

Country Garden Services Holdings Co Ltd (HKE:6098) is an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.

The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.

Fitch has chosen to withdraw CGS' ratings for commercial reasons.

ZHONGXUEGAO: Founder Banned From High-Level Consumption
-------------------------------------------------------
Yicai Global reports that the founder of Zhongxuegao was banned
from lavish consumption after the Chinese ice cream sensation faced
troubles for failing to meet payment obligations.

Zhongxuegao and its founder Li Sheng were restricted from high
spending, and the company has been ruled to pay CNY810,000
(USD112,670), according to corporate information platform
Tianyancha, Yicai relays.

Prices of Zhongxuegao's ice cream products have recently plunged
from the highest of CNY60 (USD8.35) to about CNY10 at the firm's
official store and CNY4 (56 US cents) in other online stores.

A wholesaler told Yicai that his store no longer sells Zhongxuegao
products as they are not worth it, especially because Chinese
consumers mainly follow internet trends.

Yicai visited Zhongxuegao's headquarters in Shanghai and found the
main entrance locked. The company's research and development center
in the same building was open, but many office chairs were piled up
in the hallway.

According to Yicai, Zhongxuegao's official accounts on Chinese
social media platforms Weibo and WeChat have been silent since
August last year. But the company's last livestreaming event on
short-video platform Douyin was held on March 8. Zhongxuegao is
still recruiting personnel for Douyin.

Founded in 2018, Zhongxuegao was an ice cream sensation in China
for a few years. Between 2019 and 2022, it beat Haagen-Dazs to
become the top ice cream brand in China by sales during the Double
11 Shopping Festival by racking up over CNY100 million (USD14
million).

But in July 2022, Zhongxuegao's ice creams were under fire on
social media because it seemed like they could not melt under the
sun, Yicai relates. Last October, Zhongxuegao was accused of having
arrears. The company later responded that it was resolving related
disputes and it was operating normally.




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

AABAN APPARELS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Aaban Apparels and Realcon Private Limited
Unit No. 6 Ground Floor, Kamath Industrial Estate
        Opp. Siddhi Vinayak Temple, Mumbai,
        Maharashtra, India, 400025

Insolvency Commencement Date: February 7, 2024

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Sandeep Jawaharlal Singhal
       313/314 GiriShikhar CHS, Plot No. 88-91,
              Opposite Goenka Hall, J B Nagar, Andheri (East)
              Mumbai-400059
              Email: sandeepjsinghal@hotmail.com
                     aaabancirp@gmail.com

Last date for
submission of claims: February 23, 2024


AASRA FOUNDATIONS: ICRA Keeps D Debt Ratings 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%.


ACTIVE SPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Active Sports
(ACTSPO) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

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

Active Sports was established in 1999 as a proprietorship concern
by Mr Dinesh D Patel. The firm trades in knitted fabrics and
manufactures active wear for women. Mr Patel has been engaged in
the same line of business since 1995 through own retail shops. The
manufacturing facility is in Jogeshwari, Mumbai. Other units have
also been established in Mumbai for cutting, pressing, stitching,
and quality inspection of garments.


ADGAONKAR SARAF: Liquidation Process Case Summary
-------------------------------------------------
Debtor: ADGAONKAR SARAF PRIVATE LIMITED
Viraj Corner, Canada Corner,
        Sharanpur Road, Nashik - 422 002

Liquidation Commencement Date: February 9, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  Adv Viral Vora
      3, Shanti Kunj, Lala Lajpatrai Road,
             Near HDFC Bank,
             Vile Parle West, Mumbai - 400056
             Email: ipviral.vora@gmail.com
             Email: cirp.adgaonkarsarafnashik@gmail.com

Last date for
submission of claims: March 10, 2024


ADVAIT STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Advait Steel
Rolling Mills Private Limited (ASR) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit          2.75         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            3.04         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital      4.21         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Set up in 2004 by Mr B S Garg, ASR has a thermo-mechanically
treated bar manufacturing facility in Puducherry, with a capacity
of 36,000 tonne per annum.


AGSON GLOBAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Agson Global Private Limited
JA-1218-1225, 12th Floor DLF Tower-A,
        Jasola, New Delhi-110025
  
Insolvency Commencement Date: January 30, 2024

Estimated date of closure of
insolvency resolution process: July 28, 2024  

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

Insolvency
Professional: Mr. Shailesh Verma
              E1004, Vijaya Apartments, Mall Road,
              Ahinsa Khand 2, Near Shanti Gopal Hospital
              Indirapuram, Ghaziabad
              Uttar Pradesh-201014
              Email: shailesh3108@gmail.com

              Deloitte India Insolvency Professionals LLP,
              7th Floor, Building 10,
              Tower-B, DLF Cyber City, Phase-II,
              Gurugram, Haryana-122002
              Email: agson.cirp@gmail.com

Last date for
submission of claims: February 22, 2024


ALASKA FABTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alaska
Fabtech Private Limited (AFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.75        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4.5         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility    1.75        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        2           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             4           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             9           CRISIL D (Issuer Not
                                     Cooperating)

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

AFPL, based in Derabassi (Punjab), manufactures terry towels, bath
robes, hooded towels, and children's bibs. It was incorporated in
2011 to take over SR Industries Ltd (SRIL). In April 2012, after
all the legal formalities were completed, the new management took
over and renamed it AFPL. Mr Shankar Bansal manages operations.


ALFARA'A INFRAPROJECTS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alfara'A
Infraprojects Private Limited (AIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         40         CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        106.09      CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        249         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            41         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            36.5       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            50.5       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       75         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       45         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       20         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         30         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          5         CRISIL D (Issuer Not
                                     Cooperating)

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

AIPL, which was set up in 2011, undertakes civil construction
activities in India.   The Alfara'a group has a long track record
of operations in the civil construction industry in the UAE, having
delivered projects both for private as well as government sectors.


ALWAYSBLUE LABS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Alwaysblue Labs Private Limited
        F-188, G/F Vikas Puri Oxford School
        New Delhi, lndia 110018

Liquidation Commencement Date: January 4, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Thirupal Gorige
            No. 87, 2nd Floor, 21st Cross
            7th Main, N S. Palya, btm 2nd Stage
            Bangalore 560076
            Karnataka, India
            Cellphone: +91 94483 84064
            Landline:  +080 7963 4233
            Email: gthirupal@gmail.com

Last date for
submission of claims: February 3, 2024


AMRUTVAHINI SHETI: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amrutvahini
Sheti and Shikshan Vikas Sanstha (ASSVS) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    7.5         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

ASSVS was established in 1978 by the late Mr Bhausaheb Thorat. It
has set-up 10 educational institutions in Sangamner (Maharashtra).
It offers school level education, junior college and dental,
engineering, management, and pharmacy courses. The trust is
currently managed by Mr. Balasaheb Thorat (son of Mr Bhausaheb
Thorat).


ARPORA PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arpora
Projects Private Limited (APPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Short Term       2         CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Term Loan                10.5       CRISIL D (Issuer Not
                                       Cooperating)

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

APPL was incorporated by Mr Pawan Yadav and Mr Bhupendra Yadav in
2014. The company manages a holiday resort, Aromiaa, comprising 15
villas, at Arapora in Goa.


BAJRANG MINT: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Bajrang
Mint (SBM) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

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

SBM was set up in 2005 as a sole proprietorship by Ms Sadhana
Agarwal. The firm manufactures mentha flakes, mentha crystals and
dementholised oil from mentha oil. Its manufacturing unit is based
in Rampur (Uttar Pradesh).


CARNIVAL TECHNO: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Carnival Techno Park Private Limited
5th Floor Carnival House, Gen. A K Vaidya Marg,
        Off Western Express Highway,
        Dindoshi Malad East, Mumbai 400097

Insolvency Commencement Date: February 13, 2024

Estimated date of closure of
insolvency resolution process: August 11, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Bhavesh Manshukbhai Rathod
       12th Floor, 12D, A Wing, CTS No. 165 and 163A,
              White spring, Rivali Park, Western Express Highway,
              Near Metro Mall, Magathane, Borivali (East),
              Mumbai, Maharashtra, 400066
              Email: bhavesh76@gmail.com

              Office No. 515, 5th Floor
              Dimple Arcade, Near V Mall,
              Asha Nagar, Behind Saidhan, Thakur Complex,
              Kandivali East, Mumbai-400101
              Email: cirp.carnival@yahoo.com

Last date for
submission of claims: February 27, 2024



DHARA CEMENTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Dhara Cements (India) Private Limited
M/S Dhara Cement (India) Pvt. Ltd. At Gadu,
        Te - Khedbhrahma, Sabar Kantha,
        Khedbhrahma, Gujarat, India, 383255
  
Insolvency Commencement Date: February 13, 2024

Estimated date of closure of
insolvency resolution process: August 11, 2024  

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Gyaneshwar Sahai
       OS-2, 2nd Floor, The Next Door, Sector 76,
              Faridabad, Haryana -121004
              Email: gyaneshwar.sahai@gmail.com
                     dharacementibc@yahoo.com

Last date for
submission of claims: February 27, 2024


DRD GEMS: Liquidation Process Case Summary
------------------------------------------
Debtor: DRD GEMS LLP
        137, 4TH FLOOR, SAMRAT ASHOK CHS -3,
        7-R.R. THAKKAR MARG, MALABAR HILL MUMBAI
        Mumbai City Maharashtra 400006

Liquidation Commencement Date: February 7, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  Hirachand N Bafna
             21A, 1st Floor, Soni Bhavan, 47/51,
             Kalbadevi Road, Mumbai- 400002
             Email: Hnb1502@rediffmail.com

Last date for
submission of claims: March 13, 2024


GALORE DEVELOPERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Galore Developers Private Limited
        4, "Vishnu Prasad"
        783/B, Erandwane, Pune-411004
  
Insolvency Commencement Date: February 9, 2024

Estimated date of closure of
insolvency resolution process: August 10, 2024  

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Ravindra Chaturvedi
       Parekh Shah & Lodha,
              31E, Laxmi Industrial Estate,
              New Link Road, Andheri (W),
              Mumbai City, Maharashtra, 400053
              Email: ravinchaturvedi@hotmail.com
                     cirp.galoredevelopers@hotmail.com

Representative of
creditors in a class: 1. Anil Seetaram Vaidya
                      2. Rajesh S. Shah
                      3. Milind Kasodekar

Last date for
submission of claims: February 26, 2024



GANAPATHI SPINNING: CRISIL Lowers Rating on INR14cr Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Ganapathi Spinning Mill (GSM).to 'CRISIL D' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            14         CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term      0.5       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Working Capital         4         CRISIL D (Downgraded from
   Term Loan                         'CRISIL B+/Stable')

The revision in rating to 'CRISIL D' reflects delay in debt
servicing of term loan and overdraws in Working capital limit for
the months of Jan 2024 to Feb2024.

The rating continues to reflect GSM modest scale of operation,
Large working capital operations, and moderate financial risk
profile. These weaknesses are partially offset by its extensive
industry experience of the promoters.

Analytical Approach

The USL of INR11.99 crore as on March 31, 2022, has been treated as
'Neither debt nor equity' (NDNE) as it is expected to be retained
in the business in the medium term and do not carry any interests.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The revenues have improved to
INR64.14 crore in fiscal 2022 from INR58.81 crore in fiscal 2021
and are estimated to be over INR66 crore in fiscal 2023. The
increment was a result of higher demand and better yarn
realizations in the domestic market. The fabric manufacturing
segment is fragmented on account of low entry barriers and low
capital requirement. This restricts bargaining power with customers
and suppliers.

* Large working capital requirement: Operations are working capital
intensive, as reflected in large gross current assets (GCA) of 255
days as on March 31, 2022, on account of substantial inventory of
190 days. The GCA is estimated at 246 days as on March 31, 2023.
The firm maintains high levels of inventory and extends moderate
credit period to its customers.

* Moderate financial profile: GSM's capital structure has been at
moderate level due to limited reliance on external funds, yielding
gearing of 2.08 times as on March 31, 2022, and estimated gearing
of 1.38 times as on March 31, 2023. The networth has also been
moderate at about INR12.47 crore as on March 31, 2022, and
estimated at INR12.61 crore as on March 31, 2023. This is on
account of modest profitability and thus, modest accretion to
reserves. The debt protection measures have also been subdued
marked by interest coverage and net cash accrual to total debt
(NCATD) ratio are at 1.68 times and 0.04 times for fiscal 2022 and
estimated at 1.53 times and 0.1 times for fiscal 2023. Debt
protection measures are expected to remain at a similar level over
the medium term.

Strengths:

* Extensive experience of the promoters: Longstanding presence of
over 3 decades in the textile industry has enabled the promoter to
develop strong relationships with suppliers and customers.

Liquidity: Poor

GSM has access to fund-based limit of INR14 crore, which was
utilized over 83% for the 12 months through March 2023. Cash
accruals are estimated to be over INR1.8-2.6 crores and are
expected to be adequate to meet the repayment obligations of
INR0.6-2.2 crore over the medium term. The current ratio is
moderate at 1.41 times on March 31, 2022. Support from promoters in
the form of unsecured loan aids the liquidity

Rating Sensitivity Factors

Upward Factor

* Track record of timely debt servicing for at least 90 days
* Improvement in working capital cycle

Set up in 1997, GSM manufactures grey cotton fabric in Palladam,
Tamil Nadu. The firm is managed by Mr Shantakumar and his family
members.


GLENMARK PHARMACEUTICALS: S&P Raises ICR to 'BB+', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Glenmark Pharmaceuticals Ltd. to 'BB+' from 'BB'.

The stable rating outlook reflects S&P's view that Glenmark will
maintain its strengthened financial position over the next 12-24
months, with help from a stable operating performance and limited
investment requirements.

Glenmark will strengthen its financial position over the next 12
months.

S&P expects the company to repay all its Indian rupee (INR) 39.5
billion long-term debt. This represented about 80% of its total
outstanding debt as of Dec. 31, 2023.

Glenmark will fund the accelerated repayment with proceeds of about
INR56.5 billion from the sale of GLS. Following the debt paydown,
the company's capital structure will consist mainly of short-term
working capital borrowings. S&P expects its FFO-to-debt ratio to
rise above 90% by fiscal 2025.

Glenmark completed the divestment of its 75% stake in GLS to Nirma
Ltd. earlier this week. GLS was the company's subsidiary making
active pharmaceutical ingredients (API).

Healthy revenue growth and lower research and development (R&D)
costs will support earnings. We expect Glenmark's revenue to
increase about 7% in fiscal 2025 on the back of new product
launches and steady performances from its core portfolio. Good
revenue visibility for Ryaltris (nasal spray) in Australia, South
Africa, and other European markets, and entry into new markets such
as China and Brazil will support growth.

S&P said, "We also expect Glenmark to lower its R&D expenses. The
company plans to consolidate all its investments in new drug
discovery and novel drugs under its subsidiary, Ichnos Sciences
Inc. It expects this subsidiary to self-fund through partnerships
and external fund raising.

"We anticipate annual R&D expenditure will decline by about INR2.5
billion starting fiscal 2025."

Glenmark's EBITDA margin may improve to 15%-16% in fiscal 2025 from
about 10% in fiscal 2024, absent sizable remediation costs. R&D
savings and revenue growth could partly offset the impact of the
company's exit from GLS (a higher-margin API business) and higher
input costs of INR6 billion-INR7 billion when the company purchases
API from GLS as an external party.

Glenmark previously sourced 15%-20% of its API needs from GLS. S&P
expects the company to maintain this arrangement after the
transaction.

Prudent capital spending and preference for low leverage will help
Glenmark conserve its financial strength. Following the sizable
debt paydown, we expect financial flexibility to materially
improve, with a sufficient buffer to the rating. Even if the
company's EBITDA were to drop 50%-60% from S&P's base case starting
fiscal 2025, its FFO-to-debt ratio will likely remain above its
downside trigger of 45%.

S&P said, "Although not part of our base case, Glenmark could also
raise an additional INR15 billion in debt before breaching our
downside trigger.

"We believe financing needs are limited. This is given earnings
will be sufficient to fund annual maintenance capital expenditure
(capex) that we estimate at INR6 billion-INR7 billion. We also
expect Glenmark to maintain shareholder distributions at INR1.4
billion annually.

"An increased focus on branded and complex generics could entail
acquisitions. However, given Glenmark's track record of limited
inorganic growth investments and management's preference for low
leverage, we expect the company to remain prudent on such
spending."

Glenmark's weak business position constrains further rating upside.
The company's revenue scale of about US$1.5 billion is materially
less than peers. Hikma Pharmaceuticals PLC (BBB-/Stable/--) had
revenue of US$2.8 billion in 2023 while Jazz Pharmaceuticals PLC
(BB-/Positive/--) had revenue of US$3.8 billion.

Following Glenmark's exit from the API segment, the company will
also have weaker EBITDA margin of 15%-16% than peers in the generic
pharmaceutical industry. These peers typically have margins that
are materially higher than 20%.

In addition, recurring regulatory issues at Glenmark's
manufacturing sites continue to constrain the company's business
profile. The company is still awaiting the resolution of
observations, a warning letter, and an import alert that the U.S.
Food and Drug Administration (USFDA) issued for its various
manufacturing facilities.

S&P said, "The stable outlook on Glenmark reflects our expectation
that the company will maintain its strengthened financial position
over the next 12-24 months, with aid from stable operating
performances and limited investment requirements. We expect the
company's FFO-to-debt ratio to remain comfortably above 45% during
this period.

"We could lower our rating on Glenmark if it fails to maintain low
leverage due to weaker operating performances than we expect or an
increase in debt-funded growth investments. Failure to resolve
regulatory issues at the company's manufacturing sites resulting in
loss of revenue, substantial remediation costs, and potential
litigation could magnify downside risks. An FFO-to-debt ratio that
was not expected to remain comfortably above 45% would indicate
such weakness.

"We could upgrade Glenmark if its business position improves
materially. Significant increases in revenue with EBITDA margin
staying consistently above 20% and a stable record of regulatory
compliance would indicate such improvement. A higher rating will
also predicate on a strong commitment from management to
maintaining a disciplined financial policy and a record of
operating at net cash and low leverage.

"Governance factors are a neutral consideration in our credit
rating analysis of Glenmark. Mr. Glenn Saldanha and family (through
trusts) own about 47% of the company. Despite the entrepreneurial
ownership, we have not seen any evidence of negative influences
from the owners on the company's financial policies."

Effective oversight by seven independent directors on Glenmark's
12-member board mitigates the risk of shareholder interest being
prioritized over that of other stakeholders. Glenmark also
maintains acceptable standards on reporting, transparency, and
internal controls.

Regulatory risks for Glenmark remain elevated. The company received
observations on regulatory compliance from USFDA for its facilities
in Monroe, North Carolina (U.S.) and Aurangabad (India). The
regulators also took stronger actions against the company's Goa and
Baddi units in India by issuing a warning letter and an import
alert respectively.

These issues are pending resolution. Failure to satisfactorily
remediate these observations could result in stringent actions from
the regulators, affecting Glenmark's market position.


GORINTA PROTEIN: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Gorina Protein Foods Private Limited
Door No. 50-53-1/4, Plot No. 255,
        N.E. Layout, Seethammadhara
        Visakhapatnam-530013, Andhrapradesh, India

Liquidation Commencement Date: February 3, 2024

Court: National Company Law Tribunal, Amaravati Bench

Liquidator:  CS. Ramesh Atluri
             Company Secretary & Insolvency Professional
      Plot No. 165, Door No. 4-12-208/7, BDL Colony,
             Vanasthalipuram Bhagyalatha,
             Hyderabad-500 070 Telangana India
             Email: atlurifcs@gmail.com
             Mobile: 9247177852

Last date for
submission of claims: March 4, 2024

GSA TECH: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: GSA Tech Pack Private Limited
        B-1/H-4, M.C.I.E.
        Near Haldiram Sweets Mathura Road
        South Delhi
        New Delhi, India 110044

Liquidation Commencement Date: February 1, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Kailash Chander Jain
            D 32 East of Kailash
            New Delhi 110065
            Email: sasd32@yahoo.com
                   gsa.liquidation@gmail.com
            Mobile: 9810037365

Last date for
submission of claims: March 2, 2024


KAMRUP PACKAGING: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamrup
Packaging Udyog (KPU) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.9        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              6.6        CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

Guwahati (Assam)-based KPU, manufactures different types of
corrugated boxes for use in various fast moving consumer goods
industries. The unit is located in Kamrup (Assam) and operations
are managed by Mr Arya.


KHANNA AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khanna Agro
Industries (KAI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Rupee Term Loan       2.07        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Working Capital       1.43        CRISIL B/Stable (Issuer Not
   Demand Loan                       Cooperating)

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

KAI was set up by Mr Rakesh Khanna and Mr Vinod Khanna in 2013 as a
partnership firm. It manufactures farm equipment, primarily
rotavator blades and disc equipment in carbon and boron steel. Its
manufacturing facility is in Karnal, Haryana.


KHUKHRAIN COLD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khukhrain
Cold Storage & Ice Factory (KCS) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              1.05       CRISIL D (Issuer Not
                                     Cooperating)

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

Chandigarh-based KCS is a partnership firm promoted by the Sahni
family. The firm provides warehousing and logistics services for
dairy products, frozen meat products and vegetables, and beverages
through a cold storage and a fleet of refrigerated vehicles.


KRISHNA BHAGAVAN: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree Krishna
Bhagavan Prasad (SKBP) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

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

SKBP was set up in 1996, by Karnataka-based Mr Shree Krishna
Bhagvan Prasad as a proprietorship company. The company provides
finishing services to real estate builders for commercial as well
as residential premises. Mr Prasad manages the operations.


KRISHNA CONTAINERS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishna
Containers (KC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.3        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      15          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2.7        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      20          CRISIL D (Issuer Not
                                     Cooperating)

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

KC, established in 1999, is promoted by Mr Dinesh Arora and his
family, who have been in the business of oil refining and palm oil
trading for over two decades. It is based in Kanpur, Uttar Pradesh.
The firm trades in crude palm oil (CPO) on a high-seas sale basis.
It imports CPO from Malaysia and sells in the domestic market,
mainly to refineries based in Uttar Pradesh and Punjab. It also
trades in CPO in the domestic market and manufctures corrugated
boxes.


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

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          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 Laxmi Balaji Industries, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

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).


MAXGROW OVERSEAS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Maxgrow Overseas Limited

        Registered Address:
        Natural Height Complex
        1C Building No. 5 Phase I
        VIP Road, Opp. Haldiram (Airport)
        Kolkata, West Bengal 700052

        Address other than R/o:
        103, Hubtown Solaris
        N S Phadke Marg
        Andheri (East)
        Mumbai, Maharashtra 400069

Liquidation Commencement Date: December 21, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Sandip Kumar Kejriwal
            Maxgrow Overseas Limited
            1 , R.N. Mukherjee Road
            #322, 3rd Floor Martin Burn House
            Kolkata 700001
            Email: sandipkej2@gmail.com

Last date for
submission of claims: January 20, 2024

MORARJEE TEXTILES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Morarjee Textiles Limited
242, Floor G-1, New Mahalaxmi Silk Mill,
        Harishchandra L Nagoankar Marg,
        Mathuradas Mills Compound,
        Lower Parel Delisle Road, Mumbai,
        Mumbai, Maharasthra, India, 400013

Insolvency Commencement Date: February 9, 2024

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

Court: National Company Law Tribunal, Gurugram, Haryana Bench

Insolvency
Professional: Ravi Sethia
              KPMG Restructuring Services LLP
       8th Floor, Building No. 10 DLF Cyber City,
              Phase II, Gurgaon, Haryana, 122002
              Email: ravisethia@kpmg.com
                     morarjeecirp@gmail.com
                     cirpmorarjee@kpmg.com

Last date for
submission of claims: February 23, 2024



MUDITA VENTURES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Mudita Ventures Private Limited
        Jains West Minister
        A Block, 16D Arunachalam Road
        Saligramam, Chennai 600093
        Tamil Nadu, India

Liquidation Commencement Date: February 15, 2024

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Premnarayan Ramanand Tripathi
            Door A, Second Floor
            97 Kundrathur Main Road
            Kumananchavedi, Poonamalee
            Chennai 600056
            Tamil Nadu, India

               - and -

            606, 6th Floor, Shivalik Square
            Nr. Adani CNG Pump
            132 Ft. Ring Road, New Vadaj
            Ahmadabad Gujarat 380013
            Tel. No: +91-8980026497
            Email: premnarayan.cs@gmail.com

Last date for
submission of claims: March 16, 2024


PETERESA REALTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Peteresa
Realtors (PR) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         8.5        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    21.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

Established in 2008, PR is partnership firm which is engaged in
residential real estate activities.  PR is undertaking a
residential real estate project in Borivali, Mumbai and is managed
by Mr Robert Dsouza.


PREMIER EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Premier
Exports International (PEI) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

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

   Foreign Bill           10         CRISIL B/Stable (Issuer Not
   Discounting                       Cooperating)

   Proposed Standby        2         CRISIL B/Stable (Issuer Not
   Line of Credit                    Cooperating)

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

PEI was set up as a partnership firm of Mr. A Musthaf in 1982. The
Alappuzha (Kerala)-based firm processes and exports seafoods.


PRIME HITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prime Hitech
Engineering Limited (PHEL; part of the Prime group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         4          CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         5          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7.2        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       4          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      10          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             45          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             28.3        CRISIL D (Issuer Not
                                     Cooperating)

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

For arriving at the ratings, CRISILRatings has de-consolidated
Prime Hitech Engineering Limited (51 per cent subsidiary of PCI
Limited (PCI) and PCI on account of expectations that there will be
no financial support provided from PCI to PHEL or vice-versa backed
by managements stance.

Incorporated in April 2010 as a joint venture by Prime Chemfert
Industries Pvt. Ltd. (PCI) (51%), Keliburg Holding Ltd (Russian
company, 30%), and the promoters of PCI (19%), PHEL carries out
fabrication work for transformers and also manufactures turbine
parts and drill bits used in in oil exploration and mining
operations.


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.


RENAISSANCE INVESTMENT: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: RENAISSANCE INVESTMENT SOLUTIONS ARC PRIVATE LIMITED
        A 401/402, 4th Floor, Delphi
        Orchard Avenue, Powai
        Mumbai - 400076
        Maharashtra

Liquidation Commencement Date: February 15, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Kumudini Dinesh Bhalerao
            Ecstasy, 803/804
            8th Floor, City of joy
            J.S.D Road, Mulund(W)
            Mumbai 400080
            Email: kumudinparanjape@mmjc.in
            Tel: +91 9819087717

Last date for
submission of claims: March 16, 2024


SATSANGI SAKET: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Satsangi Saket Dham Ram Ashram (SSSDRA) continue to be 'CRISIL
C/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility     2.66        CRISIL A4 (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.82        CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

   Rupee Term Loan        6.67        CRISIL C (Issuer Not
                                      Cooperating)

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

SSSDRA was set up as a trust in 2001 by Mr. Bharatbhai Rao and his
family. It operates KJ College of Pharmacy, KJ Institute of
Management, and KJ Institute of Engineering and Technology,
offering bachelors and masters courses in pharmacy, management, and
engineering.


SHARDA HEALTH: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sharda Health
Care Private Limited (SHPL) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.37        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        7.36        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Working      1.27        CRISIL B-/Stable (Issuer Not
   Capital Facility                  Cooperating)

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

SHPL, is a Rajasthan based company incorporated in 2016 by Mr.
Bhagat Singh, is involved in manufacture of medical equipment's.
The company has manufacturing facility based in Bhiwadi, Alwar.


SUVARNA LAKSHMI: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating of Suvarna Lakshmi Jewellers 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 Suvarna Lakshmi Jewellers, 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.

TECHNOVISION AUTO: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Technovision
Auto Components Private Limited (TACPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.25      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

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

TACPL was set up in 2000 in Kolhapur as a proprietorship concern by
Mr Nilesh Kulkarni, and was reconstituted as a private limited
company in 2006. The company manufactures machined iron and steel
castings used in the automotive industry. Mr Nilesh Kulkarni and
his brother, Mr Tushar Kulkarni, manage operations.


VERA SECURITY: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Vera Security India Private Limited
        Ground Floor, lndiqube Hexa
        Site No.191 and 218/A 9th Main Road
        Sector 6, HSR Layout
        Bangalore 560102
        Karnataka, India 560102

Liquidation Commencement Date: January 25, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Thirupal Gorige
            No. 87, 2nd Floor, 21st Cross
            7th Main, N S. Palya, btm 2nd Stage
            Bangalore 560076
            Karnataka, India
            Cellphone: +91 94483 84064
            Landline:  +080 7963 4233
            Email: gthirupal@gmail.com

Last date for
submission of claims: February 24, 2024

VIDHATA METAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vidhata Metal Private Limited
Room No.2, 2nd Floor, House No. 280 Pocket-7,
        Sector-24, Rohini, North West, Delhi,
        Delhi, India, 110085

Insolvency Commencement Date: February 6, 2024

Estimated date of closure of
insolvency resolution process: August 4, 2024  

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Ashish Vyas
       B-1A Viceroy Court CHS, Thakur Village,
              Kandivali (East), Mumbai Suburban,
              Maharashtra-400 101
              Email: ashishvyas2006@gmail.com
                     cirp.vidhatametal@dimax.in

Last date for
submission of claims: February 20, 2024


VISHWANATH SPINNERZ: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishwanath
Spinnerz India Limited (VSIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          12.5         CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest       6.21        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Long Term Loan       10           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       18.38        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       21.41        CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 2010, VSIL manufactures cotton yarn. Promoted by Mr
Sridhar Reddy and his family, the company's spinning mill is at
Pedavuru in Nalgonda, Telangana.


WB PRECISION: Liquidation Process Case Summary
----------------------------------------------
Debtor: WB PRECISION ENGINEERING SOLUTIONS PRIVATE LIMITED
        1B PAL STREET KOLKATA
        4 KOLKATA WB 700004 India

Liquidation Commencement Date: February 9, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator:  Subrata Ghosh
             Shibalay, P-130, Usha Park
             (Near Usha Play Ground)
             Kolkata - 700084
             Email: subhomusic@gmail.com

             Intelligent IP Management Solutions Private Limited
             YMCA Building, 2nd Floo, 25 Jawaharlal Nehru Road
             Kolkata- 700087
             Email: liquidator.wbpesl090224@gmail.com

Last date for
submission of claims: March 3, 2024


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

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        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 Zaveri Exports Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

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
=====================

BASTIAN WELLINGTON: Creditors' Proofs of Debt Due on April 16
-------------------------------------------------------------
Creditors of Bastian Wellington Limited, Can Do Installations
Limited, Lifestyle Roofing Limited, Swen's Tree Removal Limited and
Can Do R Limited are required to file their proofs of debt by April
16, 2024, to be included in the company's dividend distribution.

Bastian Wellington Limited commenced wind-up proceedings on March
5, 2024.
Can Do Installations Limited commenced wind-up proceedings on March
6, 2024.
Lifestyle Roofing Limited commenced wind-up proceedings on March 7,
2024.
Swen's Tree Removal Limited and Can Do R Limited commenced wind-up
proceedings on March 8, 2024.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington, Business Restructuring
          Level 1, 50 Customhouse Quay
          Wellington 6011


CRYPTOPIA LTD: To Start Returning Cryptocurrency to Creditors
-------------------------------------------------------------
FinanceFeeds reports that Cryptopia, the New Zealand-based
cryptocurrency exchange that fell victim to a cyber attack in 2019
and subsequently entered liquidation, has announced plans to start
returning cryptocurrency to some of its account holders.

In an email sent to users on March 7, Cryptopia outlined the first
phase of distribution, which will see qualifying users receive
their bitcoin (BTC) and dogecoin (DOGE) over the next three months,
FinanceFeeds relates.

According to FinanceFeeds, the distribution initiative comes after
a March 1 ruling in the company's bankruptcy case at a high court
in Wellington, New Zealand. The email assured users that the
distribution process will adhere to approved procedures, with
additional distributions planned before the end of 2024.

Cryptopia provided instructions in the email detailing who is
eligible to make claims and how to do so. Users who contributed to
hack recovery costs and those who had their funds stolen may be
eligible to receive recovered crypto assets. The liquidators of
Cryptopia, along with the exchange itself, can leverage assets
recovered by the FBI for further tracing and recovery efforts.

The exchange's troubles began in 2019 when NZD15.5 million was
stolen from its platform, leading to its closure, FinanceFeeds
recalls. In 2021, while undergoing liquidation proceedings,
Cryptopia was targeted in another hack, this time by a former
employee who stole NZD170,000 in cryptocurrency from a wallet
linked to the platform.

More than four years on from the beginning of the liquidation
process, liquidators Grant Thornton have yet to return any account
funds to Cryptopia's customers, FinanceFeeds says. The liquidation
process which began in May 2019, following the all-encompassing
exchange hack of January 2019, remains ongoing. Grant Thornton
first began referring account holders to the Cryptopia claims
portal in December of 2020.

According to FinanceFeeds, the liquidators stated that as of June
2023, they are currently in stage 3 of the process. They are
continuing to verify and finalize user balances and are in the
process of pre-distributing owed assets. While they have indicated
that they will file for distribution and anticipate the start of
fund returns shortly, past delays have been experienced. In the
liquidators' report from November 2022, Grant Thornton anticipated
that distribution and the onset of the fourth stage of liquidation
would commence in Q1 2024. However, this did not materialize.

                      About Cryptopia Limited

Cryptopia Limited -- https://support.cryptopia.co.nz/csm -- was a
cryptocurrency exchange based in New Zealand.

On May 15, 2019, David Ruscoe and Russell Moore from Grant Thornton
were appointed as liquidators to wind up the company's affairs.

Cryptopia Limited filed a Chapter 15 petition (Bankr. S.D. New York
Case No. 19-11688) on May 24, 2019.  Timothy E. Graulich, Esq.,
Davis Polk & Wardwell LLP, in New York, is the U.S. counsel.


DEM HOME: Grant Bruce Reynolds Appointed as Liquidator
------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on March 8,
2023, were appointed as liquidators of Dem Home Limited.

The liquidators may be reached at:

          Reynolds & Associates Limited
          PO Box 259059, Botany
          Auckland 2163


ORTHO LIMITED: First Creditors' Meeting Set for March 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of .Ortho
Limited will be held on March 25, 2024, at 10:00 a.m. via Zoom.

Benjamin Francis and Garry Whimp on March 25, 2023, were appointed
as administrators of the company.

The administrators may be reached at:

          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


STAN SEMENOFF: Multispares Files Liquidation Bid Over Unpaid Debt
-----------------------------------------------------------------
NZ Herald reports that a vehicle parts business is chasing
Whangarei's former mayor Stan Semenoff for more than NZD30,000 it
claims is still owed to it by his defunct log trucking business.

On December 8, last year, the New Zealand arm of Australian-owned
trucking parts business Multispares Ltd filed an application in the
High Court at Whangarei to have Stan Semenoff Logging Ltd (SSLL)
put into liquidation, NZ Herald notes.

Multispares NZ Ltd claims SSLL owes it NZD32,014.25 (GST inclusive)
in respect of an invoice for products held in remote stores,
together with interest and legal costs.

NZ Herald relates that Multispares had tried to get SSLL to pay the
invoice last December but the company was insolvent and unable to
pay its debts.

Given that, it was "just and equitable" for SSLL to be put into
liquidation, Multispares claimed.

According to NZ Herald, Mr. Semenoff said he doesn't intend to
oppose the application - there was no point as he had closed the
business with its 50-plus-strong fleet, more than three years ago.

And he still blames NZTA for its demise.

"It was "nothing to do with us really", the report quotes Mr.
Semenoff as saying.

"If it wasn't for NZTA it [SSLL] would still be going," albeit the
business had "also struggled to get good staff", he said.

During 2019, Mr. Semenoff was embroiled in a year-long court battle
with the transport agency over alleged breaches of the trucking
company's obligations under safety legislation, NZ Herald recalls.
After three years of warnings and two NZTA audits, the agency
wanted Mr. Semenoff stripped of his operating licence.

However, it later dropped the case saying the fleet had since been
made safe by the addition of electronic logbooks and GPS and would
be audited again within six months.

While he won that case, he tried unsuccessfully the following year
to appeal the imposition of NZD532,878 in road user fees, which the
NZTA said related to SSLL repeatedly running its trucks overweight
for 10 months between July 2016 and April 2017.

The Multispares claim, scheduled to be heard in the High Court on
April 8, was advertised last week in the New Zealand Gazette.

Other potential creditors were advised to ensure they filed
applications to appear at the hearing, no later than two days ahead
of it.

The claim and supporting affidavit can be viewed, free of charge,
at the High Court in Whangārei and Auckland, NZ Herald notes.


SWD LIMITED: Court to Hear Wind-Up Petition on March 21
-------------------------------------------------------
A petition to wind up the operations of SWD Limited will be heard
before the High Court at Dunedin on March 21, 2024, at 10:00 a.m.

F M Custodians Limited filed the petition against the company on
Feb. 7, 2023.

The Petitioner's solicitor is:

          C. T. Jolliffe
          Level 9, Anthony Harper Tower
          62 Worcester Boulevard
          Christchurch 8140


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

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 4, 2024.

The Petitioner's solicitor is:

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




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

AMPHORA SOFTWARE: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Amphora Software Pte Ltd, on March 7, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


LEON SYNERGY: Court to Hear Wind-Up Petition on April 5
-------------------------------------------------------
A petition to wind up the operations of Leon Synergy Pte Ltd will
be heard before the High Court of Singapore on April 5, 2024, at
10:00 a.m.

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

The Petitioner's solicitors are:

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


MED TRAVEL: Commences Wind-Up Proceedings
-----------------------------------------
Members of Med Travel Pte Ltd on March 7, 2024, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

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


TAYLOR B: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on March 1, 2024, to
wind up the operations of Taylor B. Fine Design Group Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


UGLY FOWL: Creditors' Meeting Set for March 28
----------------------------------------------
Ugly Fowl Pte Ltd will hold a meeting for its creditors on March
28, 2024, at 3:30 p.m. via video conferencing.

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

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

   d. Any other business.

Mr. Goh Tiong Hong was appointed as the provisional liquidator of
the company on March 4, 2024.




=====================
S O U T H   K O R E A
=====================

TERRAFORM LABS: Gets Court OK to Hire Law Firm Dentons
------------------------------------------------------
Reuters reports that Terraform Labs received a U.S. bankruptcy
judge's permission on March 12 to hire Dentons to defend the
company from a U.S. Securities & Exchange Commission lawsuit, after
the law firm agreed to return $48 million that Terraform had
pre-paid for legal work.

According to Reuters, U.S. Bankruptcy Judge Brendan Shannon
approved the Dentons hire at a hearing in Wilmington, Delaware,
bankruptcy court, finding that Terraform's legal spending was a
"necessary appropriate" use of the blockchain and software
company's limited resources.

Reuters says Dentons' large retainer had sparked objections from
Terraform's creditors, the SEC, and the Office of the U.S. Trustee,
which is the U.S. Justice Department's bankruptcy watchdog.

Those objectors argued that Terraform had funneled a large portion
of its available cash out of the reach of its creditors and outside
of bankruptcy court oversight, by sending Dentons a total of $166
million since the start of 2023. They also said that Dentons still
held more than $70 million in advance legal fees, Reuters relates.

To resolve those concerns, Dentons agreed to send $48 million back
to Terraform, and to subject its future legal work, including any
potential appeal in the SEC case, to more oversight from
Terraform's bankruptcy court, according to court documents.

Reuters relates that Dentons will keep some of the remaining
retainer and use it to pay legal costs for an upcoming trial to
determine how much the crypto company must pay in a securities
fraud lawsuit brought by the SEC.

A federal judge in December ruled that Terraform Labs and its
founder Do Kwon violated U.S. law by failing to register two
digital currencies whose collapse roiled cryptocurrency markets in
2022, but he did not determine how much Terraform will have to
pay.

The SEC has asserted that the company's actions caused $40 billion
in damages, an amount that far exceeds Terraform Labs' assets.

While Terraform was able to resolve most of the objections to its
legal spending before the hearing, the U.S. Trustee continued to
object to a separate piece of the company's legal defense, arguing
that Terraform should not spend about $733,000 to reimburse a law
firm working with Kwon, who is imprisoned in Montenegro, Reuters
states.

Terraform said that it needed to work with Kwon's attorneys at the
Law Office Rodic, to ensure access to information that it needs for
its legal defenses. Terraform attorney Ronit Berkovich said at a
hearing on March 12 that it was "not a good look" for one
government agency to interfere with the company's defense against
another government agency's lawsuit.

The judge agreed, overruling the U.S. Trustee's objection and
finding that Terraform's proposed payments to Rodic were
appropriate, Reuters adds.

                        About Terraform Labs

Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup
that created Terra, a blockchain protocol and payment platform used
for algorithmic stablecoins. It was co-founded by Do Kwon and
Daniel Shin in 2018 in Seoul, South Korea.

Terraform Labs introduced its first cryptocurrency token, TerraUSD,
in 2019. Investment firms like Arrington Capital, Coinbase
Ventures, Galaxy Digital, and Lightspeed Venture Partners helped
Terraform Labs raise more than $200 million.

The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022
caused the temporary suspension of the Terra network, wiping out
over $45 billion in market capitalization in a single week.

Both of Terra Form Labs' founders have encountered legal problems
as a result of the devaluation of the company's currency. In
September 2022, South Korean prosecutors filed a warrant for Do
Kwon's arrest. He was also added to Interpol's Red Notice list,
which urges other law enforcement to find and detain him.

Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22,
2024. In the petition filed by Chris Amani, as chief executive
officer, the Debtor reported between $100 million and $500 million
in both assets and liabilities.

Judge Brendan Linehan Shannon oversees the case.

The Debtor is represented by Zachary I Shapiro, Esq., at Richards,
Layton & Finger, P.A.


                           *********


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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