/raid1/www/Hosts/bankrupt/TCRAP_Public/240327.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, March 27, 2024, Vol. 27, No. 63

                           Headlines



A U S T R A L I A

AZURITE CORPORATION: First Creditors' Meeting Set for April 2
GOLD TIGER-EYE: First Creditors' Meeting Set for April 5
GUNCOM PTY: First Creditors' Meeting Set for April 3
K & T TRADING: 5-Venue Restaurant Chain Calls in Administrators
MESOBLAST LTD: Gregory George, 3 Others Report Stakes

NICKEL INDUSTRIES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
PANORAMA AUTO 2024-1: Fitch Assigns 'BB-sf' Rating on Class F Notes
PROJECT CO-ORDINATION: First Creditors' Meeting Set for April 2
RENAISSANCE CAPITAL: First Creditors' Meeting Set for March 28
RORK PROJECTS: Owes Nearly AUD30 Million, Creditors Reveal



C H I N A

FWD GROUP: Moody's Rates Junior Subordinated Notes Due 2029 'Ba1'
KAISA GROUP: Expects Net Loss of Between CNY19BB-CNY21BB in 2023
RADIANCE HOLDINGS: Moody's Cuts CFR to Ca & Unsecured Notes to C
SCANDINAVIA FARMS: Large Pig Farm Files for Bankruptcy


I N D I A

A E INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
A-1 COLD: CARE Keeps C Debt Rating in Not Cooperating Category
AARTI SUITINGS: CARE Keeps D Debt Ratings in Not Cooperating
ABHIJEET INTEGRATED: Liquidation Process Case Summary
ADIG JEMTEX: CARE Keeps D Debt Rating in Not Cooperating Category

ALLAM INFINITE: Insolvency Resolution Process Case Summary
AMBITION MICA : Insolvency Resolution Process Case Summary
BLUEBIRD SOFTWARE: CARE Moves D Debt Rating to Not Cooperating
ERWIN INDIA: Voluntary Liquidation Process Case Summary
ESAPLLING PRIVATE: Insolvency Resolution Process Case Summary

EURO WOOD: Insolvency Resolution Process Case Summary
FEEDBACK INFRA: CARE Keeps D Debt Ratings in Not Cooperating
FEPL ENG: CARE Keeps D Debt Ratings in Not Cooperating Category
GJS INFRATECH: Insolvency Resolution Process Case Summary
GULAM MUSTAFA: Insolvency Resolution Process Case Summary

ILD HOUSING: Insolvency Resolution Process Case Summary
ISKRUPA MALL: CARE Keeps D Debt Rating in Not Cooperating Category
JAYPEE INFRATECH: CARE Moves D Debt Rating to Not Cooperating
JSR MULBAGAL: CARE Reaffirms D Rating on INR90.82cr LT Loan
KARRM INFRASTRUCTURE: Insolvency Resolution Process Case Summary

LEEL ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
M J ENGINEERING: CARE Keeps C Debt Ratings in Not Cooperating
MICRO STOCK: Liquidation Process Case Summary
NEWLINK OVERSEAS: CARE Moves D Debt Ratings to Not Cooperating
NIMITAYA INFOTECH: CARE Moves D Debt Rating to Not Cooperating

R J BIO-TECH: Liquidation Process Case Summary
RAM COMMODITIES: CARE Moves D Debt Rating to Not Cooperating
RAMCHANDER STRAW: CARE Lowers Rating on INR8cr LT Loan to C
RUBY BUILDERS: CARE Lowers Rating on INR17.15cr LT Loan to D
SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating

SOUTHERN INVESTMENTS: Liquidation Process Case Summary
SURABHI AGRICO: CARE Keeps C Debt Rating in Not Cooperating
T R S TECHNOLOGY: Liquidation Process Case Summary
TATTVA VALUERS: Liquidation Process Case Summary
ZETWERK FABPLUS: Voluntary Liquidation Process Case Summary



M A L A Y S I A

SARAWAK CABLE: Seeks More Time Over PN17 Regularisation Plan


N E W   Z E A L A N D

ALDERMAN INVESTMENTS: Creditors' Proofs of Debt Due on April 19
CBL CORP: Managing Director Admits Fair Dealing Contraventions
INDUSTRIAL PARK: Creditors' Proofs of Debt Due on April 15
K & T BARNES: Creditors' Proofs of Debt Due on April 17
STRIDE CONTRACTING: Court to Hear Wind-Up Petition on April 8

WINIPAC LOGISTICS: Court to Hear Wind-Up Petition on April 18


S I N G A P O R E

DA HANG: Court Enters Wind-Up Order
GL BUILDER: Court to Hear Wind-Up Petition on April 5
MARINE BOOKINGS: Court to Hear Wind-Up Petition on April 5
SSM GENESIS: Court Enters Wind-Up Order
TERRAFORM: Built a 'House of Cards' as US Civil Fraud Trial Begins

ZHONGSEN TRADING: Court Enters Wind-Up Order


S R I   L A N K A

SRI LANKA: Unexpectedly Cuts Interest Rates to Spur Growth

                           - - - - -


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

AZURITE CORPORATION: First Creditors' Meeting Set for April 2
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Azurite
Corporation Pty Ltd will be held on April 2, 2024, at 11:00 a.m. at
the offices of Pitcher Partners, Level 11, 12-14 The Esplanade, in
Perth, WA.

Daniel Johannes Bredenkamp and Christopher James Pattinson of
Pitcher Partners were appointed as administrators of the company on
March 19, 2024.


GOLD TIGER-EYE: First Creditors' Meeting Set for April 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Gold
Tiger-Eye Investments Pty Ltd will be held on April 5, 2024, at
10:00 a.m. at the offices of Mcleods Accounting, Level 9, 300
Adelaide Street, in Brisbane, QLD.

Jonathan McLeod of Mcleods Accounting was appointed as
administrator of the company on March 22, 2024.


GUNCOM PTY: First Creditors' Meeting Set for April 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Guncom Pty
Limited, Formerly Trading as Gunning Commercial, will be held on
April 3, 2024, at 11:00 a.m. at the offices of Mackay Goodwin,
Suite 1202, Level 12, 20 Bridge Street, in Sydney, NSW.

Domenico Alessandro Calabretta and Edwin Narayan of Mackay Goodwin
were appointed as administrators of the company on March 20, 2024.


K & T TRADING: 5-Venue Restaurant Chain Calls in Administrators
---------------------------------------------------------------
News.com.au reports that woes continue in the hospitality industry
as a five-venue restaurant chain has called in administrators in
the hopes of saving the ailing business.

Six businesses, which comprise the steakhouse chain Elements Bar &
Grill, with restaurants in the Sydney inner-city locations of
Darlinghurst, Pyrmont, Woolloomooloo and Haberfield, and sister
venue Elements Seafood Grillhouse in Walsh Bay, all went into
administration on March 21, news.com.au discloses.

Administrators John McInerney and Philip Campbell-Wilson of Grant
Thornton have been appointed by owners and directors Tasso
Konstantakos and Kazi Navid Haq to run the business.

Mr. Konstantakos and Mr. Haq have been contacted by news.com.au for
comment.

In a statement, Mr. McInerney told news.com.au: "The restaurants
and shared head office will continue to trade during the voluntary
administration period".

He added that all of the companies' approximately 180 staff,
including full-time, part-time and casual employees continue to be
employed.

According to news.com.au, Mr. McInerney said a "preliminary review
of the companies' financial position by the administrators suggests
the primary creditors are likely to be the tax office and related
entities, although this is subject to further detailed
investigation."

He added that "the object of the voluntary administration is to
attempt to preserve the value of the business and to provide the
owners with an opportunity to consider a formal restructuring
plan".

The administrators are seeking proof of debts from creditors and a
creditor's meeting will be held on April 4.

The companies under administration are K & T Trading Pty Ltd -
trading as Elements Bar & Grill Darlinghurst, Elements Bar And
Grill Woolloomooloo Pty Ltd, Elements Bar & Grill Walsh Bay Pty
Ltd, Elements Bar & Grill Haberfield Pty Ltd, Elements Bar & Grill
Pyrmont Pty Ltd and Elements Holding Group Pty Ltd, news.com.au
discloses.

Elements Bar & Grill was established in 2018, while Elements
Seafood Grillhouse in Walsh Bay opened in August 2023.


MESOBLAST LTD: Gregory George, 3 Others Report Stakes
-----------------------------------------------------
Gregory George, James George, Grant George and G to the Fourth
Investments, LLC disclosed in a Schedule 13G/A Report filed with
the U.S. Securities and Exchange Commission that as of March 18,
2024, they beneficially owned ordinary shares of Mesoblast Limited.
The Shares beneficially owned are as follows:

Reporting Person        Shares Owned       Percent of Class

Gregory George        123,247,397             10.83%

James George          2,500,000                0.22%

Grant George          2,405,000                0.21%

G to the Fourth        36,273,792        3.19%
Investments, LLC

The ownership represents beneficial ownership of ordinary shares as
represented by American Depositary Receipts by the Reporting
Persons as of March 20, 2024, based upon 1,137,611,751 ordinary
shares of the issuer outstanding as of March 20, 2024.

Gregory George is the sole beneficial owner of 82,068,605 ordinary
shares, which include 6,830,602 ordinary shares underlying warrants
and 25,224,710 ordinary shares held in the form of American
Depositary Receipts ("ADRs").

Gregory George is a manager of G to the Fourth Investments, LLC and
has discretionary authority to vote and dispose of 36,273,792
ordinary shares held by G to the Fourth Investments, LLC. Gregory
George may be deemed to be the beneficial owner of these shares.

Gregory George has discretionary authority to vote and dispose of
2,500,000 ordinary shares held in the form of ADRs by his son James
George. Gregory George may be deemed to be the beneficial owner of
these shares.

Gregory George has discretionary authority to vote and dispose of
2,405,000 ordinary shares held in the form of ADRs by his son Grant
George. Gregory George may be deemed to be the beneficial owner of
these shares.

A full-text copy of the Report is available at
https://tinyurl.com/pua5486v

                   About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited --
www.mesoblast.com -- is a developer of allogeneic (off-the-shelf)
cellular medicines for the treatment of severe and life-threatening
inflammatory conditions.  The Company has leveraged its proprietary
mesenchymal lineage cell therapy technology platform to establish a
broad portfolio of late-stage product candidates which respond to
severe inflammation by releasing anti-inflammatory factors that
counter and modulate multiple effector arms of the immune system,
resulting in significant reduction of the damaging inflammatory
process. Mesoblast has locations in Australia, the United States
and Singapore and is listed on the Australian Securities Exchange
(MSB) and on the Nasdaq (MESO).

As of June 30, 2023, the Company had $669.41 million in total
assets, $167.58 million in total liabilities, and $501.84 million
in total equity.

Melbourne, Australia-based PricewaterhouseCoopers, the Company's
auditor since 2008, issued a "going concern" qualification in its
report dated Aug. 31, 2023, citing that the Company has net cash
outflows from operating activities and is dependent upon
implementing cost containment and deferment strategies and
obtaining additional funding from one or more sources to meet the
Company's projected expenditure consistent with its business
strategy, and has stated that these events or conditions result in
material uncertainty that may cast significant doubt (or raise
substantial doubt as contemplated by PCAOB standards) on the
Company's ability to continue as a going concern.

NICKEL INDUSTRIES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Nickel Industries Limited's (NIC)
Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is
Stable. Fitch has also affirmed NIC's senior unsecured notes at
'B+' with a Recovery Rating of 'RR4'.

The affirmation reflects its expectation that NIC will maintain
EBITDA leverage below its negative sensitivities of 3.5x through to
2027 following the final investment decision for the Excelsior
Nickel HPAL Project (ENC). The project's total capex is USD1.3
billion, with USD316 million paid before 2024. The remaining
portion will be funded through equity and debt capital sourced by
NIC in 2023.

The Stable Outlook is further supported by NIC's robust liquidity,
sufficient to repay its 2024 debt obligations and funding
commitments related to the ENC project.

KEY RATING DRIVERS

Manageable Liquidity Risk: NIC had robust liquidity in December
2023, consisting of cash and term deposits of USD779 million in
total and undrawn credit facilities of USD210 million. These are
sufficient to cover its liquidity needs in 2024, including
repayments for the remaining USD245 million senior unsecured notes
due 2024 and USD696 million committed to the ENC stage 1 project.

NIC would still need to access external funding for operations in
2025 if it uses up all its available cash to meet its obligations.
However, it has a proven record of capital raising, with around
USD1.9 billion sourced through a combination of equity, bonds and
loan facilities in 2023.

Short-Term Regulatory Risks Subside: Fitch believes the recent
renewal of NIC's Rencana Kerja dan Anggaran Biaya Indonesian mining
licence (RKAB licence) at its Hengjaya mine for a period of three
years has reduced its exposure to regulatory risks over the short
term. NIC's operations were affected in January and February 2024
by the implementation of new regulations in Indonesia, delaying
licence renewals. Deliveries have resumed following the renewal.
The company has stated that EBITDA could fall by around 40% in 1Q24
compared with the prior year as a result.

Fitch expects that NIC will be able to absorb this within the
sensitivities for its current rating. The rating incorporates its
exposure to higher-risk mining jurisdictions, with the risks also
demonstrated by the imposition of export bans on Indonesian miners.
However, any further regulatory reforms in the country that affect
operations for a longer period could have a more material impact on
its operations and credit profile.

Cost Position Protects EBITDA Margin: Fitch expects NIC's solid
cash cost position at its nickel pig iron (NPI) facilities and
ownership of power stations at the Angel Nickel Project (ANI) and
Oracle Nickel Project (ONI) will help it absorb the impact of soft
nickel prices and the delayed licence renewals. As a result, Fitch
forecasts the 2024 EBITDA margin to remain at around the same level
as in 2023. Fitch expects full-year operations at ONI and the
recently completed power station to drive an increase in EBITDA
margins to 23%-30% over 2025-2027 under its nickel price
assumptions.

Rising Capex Fully Funded: NIC made a positive final decision in
2023 on the ENC project, with USD696 million to be spent in 2024
and USD253 million in 2025. NIC has already secured funding for its
commitment through a USD628 million placement to a subsidiary of PT
United Tractors Tbk, and established loan facilities of USD400
million. The equity component in the funding structure limits the
impact on NIC's leverage. Fitch forecasts NIC's EBITDA leverage to
peak at 2.9x in 2024, before declining to below 2.5x by end-2025.

Improving Diversification: The acquisition of 10% of the Huayue
Nickel Cobalt Project, the completed conversion of Hengjaya Nickel
to Class 1 nickel, and the completion of the under-construction ENC
will increase NIC's product diversification, exposure to
higher-grade nickel and reduce dependence on Tsingshan Holdings
Group as NIC's sole off-taker. NIC estimates Class 1 nickel output
can rise to 50%-78% of total attributable production after the
projects are completed, and expects all the higher-grade metal to
be sold to customers not affiliated with Tsingshan.

DERIVATION SUMMARY

NIC's business profile is supported by its low-cost operations,
which have placed it in a better position on the industry cost
curve compared to that of Cleveland-Cliffs Inc. (BB-/Stable) and
Guangyang Antai Holdings Limited (B/Stable). NIC's financial
profile is also stronger than that of highly leveraged Guangyang
Antai.

However, NIC's higher-rated peers are typically significantly
larger in operational scale and revenue generation, including
Cleveland-Cliffs. The production of the most sophisticated grades
of advanced high-strength steels and value-added stainless steel
products also supports Cleveland-Cliff's stronger business
profile.

NIC is also smaller in operational scale than JSW Steel Limited
(BB/Stable), along with its smaller proportion of value-added
products and assets concentration in one country. In contrast, JSW
is the largest steelmaker in India, but it also has assets in the
US and Italy. NIC's profitability and leverage are somewhat
stronger due to a sharp decline in JSW's margin in 2023; however,
their financial profiles are largely similar on a through-the-cycle
basis.

KEY ASSUMPTIONS

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

- Nickel spot prices of USD17,000/tonne (t) in 2024, USD16,000/t in
2025, and USD15,000/t thereafter;

- NPI price is around 25% to LME nickel price on average in
2024-2027;

- Stable production of NPI at RNI, ANI, and ONI and nickel matte at
HNI in 2024-2027;

- Capex on the ENC project of USD949 million and first mixed
hydroxide precipitate (MHP) production in 2026;

- EBITDA margin of between 25% and 35% in 2024-2027;

- Dividend payout ratio at 40% in 2024, before gradually increasing
to 60% by 2027.

RECOVERY ANALYSIS

The recovery analysis assumes NIC would be reorganised as a going
concern in bankruptcy rather than liquidated.

Fitch assumes a 10% administrative claim.

Its going-concern EBITDA estimate of USD500 million reflects its
view of a sustainable, post-reorganisation EBITDA level on which
Fitch bases the enterprise valuation as well as the mid-cycle
nickel price and stable lateritic nickel rotary kiln operations at
HNI, RNI, ANI and ONI. Fitch does not include the ENC project in
the going-concern calculation, as the project will be under
construction over the next two years.

Fitch uses a multiple of 5x to estimate a value for NIC, because of
its geographical concentration in Indonesia and smaller operational
scale compared with peers. This is despite stronger growth
prospects following ONI's production commencement.

The going-concern enterprise value corresponds to a 'RR3' Recovery
Rating for NIC's senior unsecured bonds after adjusting for
administrative claims and secured credit facilities. Nevertheless,
we rate the senior unsecured notes at 'B+' and 'RR4', because NIC's
operating assets are located in Indonesia. Under its
Country-Specific Treatment of Recovery Ratings Criteria, Indonesia
is classified under the Group D of countries in terms of creditor
friendliness and Recovery Ratings are subject to a cap at 'RR4'.

RATING SENSITIVITIES

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

- An increase in production scale, while demonstrating improved
customer diversification;

- EBITDA leverage sustained below 2.5x.

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

- An increase in EBITDA leverage to above 3.5x for a sustained
period;

- A decrease in EBITDA interest coverage to below 4.0x for a
sustained period;

- Weakening funding access;

- Weakening of Tsingshan's ability to make timely payments to NIC.

LIQUIDITY AND DEBT STRUCTURE

Sufficient liquidity. NIC had USD288 million in cash and a term
deposit of USD491 million with an Australian bank as of end-2023.
This is sufficient to repay NIC's USD245 million notes maturing in
April 2024. The longer-term debt consists of USD400 million notes
due 2028 and USD190 million loan draw down from its USD400 million
credit facilities due in 2028. Still, NIC's long-term debt includes
annual amortisation translating into around USD150 million in
repayments, on average, in 2025 and 2027.

ISSUER PROFILE

NIC is a producer of Class 2 and Class 1 nickel, with four smelter
assets and one mining asset in Indonesia. NIC's ownership interest
in all four smelters, HNI, RNI, ANI, and ONI, is 80%, with the
remaining 20% owned by Shanghai Decent Investment (Group) Co., Ltd,
a Tsingshan group company. NIC is progressing with the construction
of ENC, where the company's interest will be 55%. NIC also holds an
80% share in PT Hengjaya Mineralindo, a nickel and cobalt deposit
in the Morowali area.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating         Recovery   Prior
   -----------               ------         --------   -----
Nickel Industries
Limited               LT IDR  B+   Affirmed             B+

   senior unsecured   LT      B+   Affirmed   RR4       B+

PANORAMA AUTO 2024-1: Fitch Assigns 'BB-sf' Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final 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 were 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' 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             Prior
   -----------             ------             -----
Panorama Auto
Trust 2024-1

   Commision
   AU3FN0085353        LT   AAAsf   New Rating   AAA(EXP)sf
   A AU3FN0085361      LT   AAAsf   New Rating   AAA(EXP)sf
   B AU3FN0085379      LT   AAsf    New Rating   AA(EXP)sf
   C AU3FN0085387      LT   Asf     New Rating   A(EXP)sf
   D AU3FN0085395      LT   BBBsf   New Rating   BBB(EXP)sf
   E AU3FN0085403      LT   BB+sf   New Rating   BB(EXP)sf
   F AU3FN0085411      LT   BB-sf   New Rating   B+(EXP)sf
   G                   LT   NRsf    New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The total collateral pool at the 8 March 2024 cut-off date was
AUD1.0 billion, an increase from AUD500.0 million. The pool
consisted of 23,766 receivables with weighted-average (WA)
seasoning of 5.8 months, WA remaining maturity of 53.0 months and
an average contract balance of AUD42,077.

The final ratings on the class E and F notes are one notch higher
than the expected ratings, due to a decrease in margins on all
rated notes. Credit enhancement on the rated notes remains
unchanged.

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 WA base-case default assumption was
2.3% and the 'AAAsf' default multiple was 5.8x.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid
interest-rate hikes during 2022-2023. GDP growth in 2023 was 1.5%
and unemployment was 3.7% in February 2024. Fitch expects economic
conditions to stabilise in 2024, with a slight deceleration of the
GDP growth rate to 1.4% and an increase in unemployment to 4.2%.
This reflects Fitch's anticipation of the effects of China's
property downturn and the ongoing impact of the recent monetary
tightening on consumer spending.

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 AAF, 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. However, 54.3% of the portfolio by receivable
outstanding balance 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

Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf / BB-sf

Rating Sensitivity to Increased Default Rates

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

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

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

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ BB-sf

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

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

Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates

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

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

Rating: AAsf / Asf / BBBsf / BB+sf / BB-sf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BBB-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.

PROJECT CO-ORDINATION: First Creditors' Meeting Set for April 2
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Project
Co-ordination (Australia) Pty. Limited will be held on April 2,
2024, at 2:00 p.m. Hybrid physical and virtual meeting will be held
at QT Canberra, 1 London Circuit, in Canberra, ACT.

Jonathon Kingsley Colbran and Frank Lo Pilato & Brett Lord of RSM
Australia Partners were appointed as administrators of the company
on March 19, 2024.


RENAISSANCE CAPITAL: First Creditors' Meeting Set for March 28
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Renaissance
Capital Management Pty Ltd will be held on March 28, 2024, at 10:00
a.m. at the offices of WA Insolvency Solutions, Suite 6.02, Level
6, 109 St Georges Terrace, in Perth, WA, and via teleconference.

Jimmy Trpcevski and Greg Prout of WA Insolvency Solutions were
appointed as administrators of the company on March 19, 2024.


RORK PROJECTS: Owes Nearly AUD30 Million, Creditors Reveal
----------------------------------------------------------
News.com.au reports that a national building company that collapsed
earlier this month owes AUD29.7 million to creditors.

News.com.au previously reported that a group of companies linked to
a major building firm with construction sites spanning across four
Australian states had gone into administration and had paused all
work.

Rork Projects (Holdings) Pty Ltd, Rork Projects (QLD) Pty Ltd and
Rork Projects Pty Ltd specialised in refurbishment for the past 26
years, with 63 current projects across NSW, the ACT, Victoria and
Queensland.

The appointed administrators, Anthony Connelly, Jamie Harris and
Mark Holland of insolvency firm McGrath Nicol revealed in a report
to creditors last week sighted by news.com.au that the businesses
had racked up debts of nearly AUD30 million.

In comparison, the company has assets worth an estimated
AUD697,000.

Of its debts, about half - AUD15.1 million - are owed to unsecured
creditors such as subcontractors, trade suppliers, utility
providers landlords and statutory authorities, news.com.au
discloses.

However, the administrators warned that this figure was likely to
be higher by the time they finish their assessment.

"The administrators consider there may be additional unsecured
debts not yet taken to account by the Rork Group at the appointment
date," the report, as cited by news.com.au, noted.

"In addition, claims may be received from Rork Group's customers
for breaches pursuant to building contracts.

"Accordingly, the value of secured claims is likely to increase."

They pointed out that customers owe the company around AUD3.8
million for work already carried out.

However, they don't anticipate much of a return, as they expect a
number of these claims "to be disputed and offset against damages
and defect claims for incomplete works".

Rork's collapse has left the fate of all 80 of its staff up in the
air, news.com.au relays.

Staff are owed AUD2.25 million in employee entitlements, including
AUD143,000 in unpaid super.

The business had offices in each of the states that it operated
in.




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

FWD GROUP: Moody's Rates Junior Subordinated Notes Due 2029 'Ba1'
-----------------------------------------------------------------
Moody's Ratings has assigned a Ba1 rating to FWD Group Holdings
Limited (FWD Group, issuer rating Baa2 positive)'s junior
subordinated notes due 2029.

The assigned rating is subject to receipt of final documents, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's has reviewed.

RATINGS RATIONALE

The Ba1 rating on the junior subordinated notes due 2029 is
positioned two notches below FWD Group's Baa2 issuer rating, to
reflect the fact that these securities will rank behind senior and
subordinated debt obligations, rank pari passu with preference
shares and are only senior to ordinary shares.

The two-notch difference between FWD Group's Baa2 senior unsecured
rating and the junior subordinated notes' rating is in line with
Moody's typical notching guidance for debts ranking pari passu with
preferred securities.

The notes are expected to qualify as Tier 2 group capital of FWD
Group under the Hong Kong Insurance Authority's Insurance (Group
Capital) Rules under transitional arrangements upon repayment of
the existing $900 million junior subordinated debt due 2024.
Therefore, Moody's expects FWD Group to use the issuance proceeds
mainly for refinancing and thus will not materially affect FWD
Group's capital adequacy and adjusted financial leverage, which are
within Moody's expectation for the current rating level.

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

As the debt rating has been notched based on FWD Group's issuer
rating, the factors that can cause FWD Group's ratings to be
upgraded or downgraded will also drive the debt rating.

Moody's could upgrade the ratings of FWD Group, its subsidiaries
and other debts if FWD Group's A3 notional insurance financial
strength rating(IFSR) is upgraded.

FWD Group's notional IFSR could be upgraded if FWD Group continues
to (1) improve its profitability, for example, with positive return
on capital consistently; (2) increase its earnings coverage
consistently; (3) maintains strong capital position with
strengthened internal capital-generating capabilities across key
markets; and/or (4) spread out its debt maturity profile through
its refinancing plans.

Given the positive outlook on FWD Group, a downgrade is unlikely.
The outlook of FWD Group and its subsidiaries could return to
stable if (1) the improvement in its profitability is weaker or
slower than Moody's expectation such that the group continues to
record net losses; (2) the group's adjusted financial leverage
rises substantially from current levels and its earnings coverage
further deteriorates, which could arise from additional debt
issuances or much weaker earnings; (3) the group's capital position
deteriorates significantly — for example, due to volatile capital
markets or changing interest rates — such that its GPCR coverage
ratio falls below 200% on a sustained basis; and/or (4) its
distribution channels are significantly disrupted, resulting in a
weaker market position.

The principal methodology used in this rating was Life Insurers
Methodology published in January 2023.

FWD Group Holdings Limited is a holding company that owns FWD
Limited, FWD Life Insurance Company (Bermuda) Limited and other
life insurance subsidiaries across 10 markets in Asia Pacific. FWD
Group's assets and shareholders' equity - on an IFRS basis -
totaled $52.7 billion and $7.6 billion, respectively, as of the end
of December 2023.


KAISA GROUP: Expects Net Loss of Between CNY19BB-CNY21BB in 2023
----------------------------------------------------------------
Nikkei Asia reports that Kaisa Group Holdings on March 22 said it
anticipates its net loss for the year to range from CNY19 billion
to CNY21 billion, which would be worse than the CNY13 billion loss
the year before.

Nikkei Asia relates that the Shenzhen-based real estate company
said the worsening is mainly due to an increase in the impairment
provision for property projects and expected credit losses.

Kaisa Group Holdings Limited is an integrated real estate company.
The Group focuses on urban development and operation. Kaisa Group's
real estate business covers the planning, development and operation
of large-scale residential properties and integrated commercial
properties.

As reported in the Troubled Company Reporter-Asia Pacific in July
2023, Kaisa Group said on July 10 a winding-up petition has been
filed against it in a Hong Kong court in relation to CNY170 million
(US$23.50 million) non-payments on onshore bonds.

According to Reuters, Kaisa said the petition was filed by Broad
Peak Investment Pte Advisers Ltd at the Hong Kong High Court on
July 6, and the issuer of the yuan bonds is its wholly-owned
subsidiary, Kaisa Group (Shenzhen) Co Ltd.

Kaisa has been working on a debt restructuring for two years after
defaulting its $12 billion of offshore debt in late 2021, Reuters
said.


RADIANCE HOLDINGS: Moody's Cuts CFR to Ca & Unsecured Notes to C
----------------------------------------------------------------
Moody's Ratings has downgraded Radiance Holdings (Group) Co. Ltd.'s
corporate family rating to Ca from Caa1, and the company's senior
unsecured rating to C from Caa2. Moody's has also maintained the
negative rating outlook.

"The downgrade of Radiance's ratings with a negative outlook
reflects the company's weak liquidity and Moody's expectation of
weak recovery prospects for the company's creditors," says Kelly
Chen, a Moody's Vice President and Senior Analyst.

RATINGS RATIONALE

On March 20, 2024, Radiance announced that the company has not paid
the total outstanding principal of the 2024 Notes of
US$300,000,000, which was due and payable on the maturity date of
March 20, 2024.

This loan non-payment reflects Radiance's weak liquidity and
constrained financial flexibility. It could potentially also
trigger an acceleration of repayments for its other debt
obligations. Moody's expects the recovery prospects for Radiance's
creditors, especially for its offshore bondholders, to be low in a
bankruptcy scenario, given its high debt leverage and the large
amount of liabilities at the operating subsidiary level.

Radiance's senior unsecured debt rating is one notch lower than the
company's CFR due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Radiance's senior unsecured
claims in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.
As a result, the expected recovery rate for claims at the holding
company will be lower.

The rating also reflects environmental, social and governance (ESG)
considerations. The company's Credit Impact Score (CIS) of CIS-5
indicates that the rating is lower than it would have been if ESG
risk exposures did not exist. In particular, the assessment of the
company's governance risk of G-5 considers its weak financial and
liquidity management, as well as management credibility, in view of
its failure to service the principal payment of its offshore bond.

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

Moody's could further downgrade Radiance's CFR if the recovery
prospects for its creditors deteriorate.

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could develop if Radiance
improves its liquidity position materially and repays its maturing
debt obligations on time.

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

Established in 1996, Radiance Holdings (Group) Co. Ltd. is a
Chinese property developer with more than 25 years of experience in
property development. As of June 30, 2023, it had a total land bank
of 24.4 million square meters with coverage of different regions in
China.


SCANDINAVIA FARMS: Large Pig Farm Files for Bankruptcy
------------------------------------------------------
ScandAsia reports that the Danish company Scandinavia Farms Invest
have gone bankruptcy after only a few years and at least half a
billion danish crowns invested.

Scandinavian Farm Invest has been running a big pig farm between
Beijing and Shanghai, ScandAsia relates. It was one of the most
effective farms in the country before everything started to go
wrong.

It wasn't just one drop that made the cup overflow but many things
that started to go wrong for the pig production in China. Tricky
market conditions including a increase in the price of the feed
while the price on the pig meat has decreased. On top of that the
Covid 19 and an outburst of African Swine Fewer which wiped out an
entire pig herd, ScandAsia relays.

All of these things combined made the business which only created a
loss for the owners.

The news to declare bankruptcy in China was released earlier this
month, March 2024, in a press statement by the owners, the report
notes.




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

A E INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A E Infra
Projects Private Limited (AEIPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 16,
2023, placed the rating(s) of AEIPPL under the 'issuer
non-cooperating' category as AEIPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. AEIPPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 2, 2023, December 12,
2023, December 22, 2023.

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

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

M/s AE Infra Projects Private Limited (AEIPPL) was established in
the year 2009 as a private limited company by Mr. Rajesh Barot
and Mr. Mukesh Barot and is engaged into construction of civil
engineering projects such as in the field of Water supply,
Sewerage, Housing, BRTS and allied infrastructure works. AEIPPL is
a Class I registered organization with Govt. of Maharashtra and
Govt. of Gujarat executing large turnkey projects in Water Supply,
Waste Water, Mass Housing with Cement Concrete Roads (CC road)
etc. for Govt. of Maharashtra & Govt. of Gujarat and Municipal
corporations and Govt. departments on EPC basis.


A-1 COLD: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A-1 Cold
Storage Private Limited (ACSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.55       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 13,
2023, placed the rating(s) of ACSPL under the 'issuer
non-cooperating' category as ACSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ACSPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 29, 2023, December 9,
2023, December 19, 2023.

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

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

A1 Cold Storage Private Limited (ACSPL) was incorporated in the
year 2015 with its registered office at Somajiguda, Hyderabad. The
promoters of the company are Mrs. Duvvuru Varija (Managing
Director) and Mrs. Bollu Hymavathi (Director). Both the directors
have experience for more than two decades in agricultural business.
Presently, the company is establishing a cold storage plant at
Jadcherla village, Mahabubnagar District, Telangana with the total
project cost of INR8.92 crore which is to be funded through a bank
term loan of INR5.55 crore and balance of INR3.37 crore from
promoter's fund. Till date, the company has incurred INR0.77 crore
for land registration and development purpose. ACSPL is planning to
start its commercial operations from December 2018. The company is
expected to preserve fruits, vegetables and other agricultural
products like seeds post completion of cold storage plant.


AARTI SUITINGS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aarti
Suitings Private Limited (ASPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.72       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.55       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2023, placed the rating(s) of ASPL under the 'issuer
non-cooperating' category as ASPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ASPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 25, 2023, December 5, 2023, December
15, 2023.

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

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

Bhilwara based Aarti Sutings Private Limited (ASPL) was
incorporated in 1994 by Mr. Nand Kishore Jindal, Mr. Madhur Jindal
and Mrs. Nidhi Jindal. The company is engaged in the manufacturing
of grey fabrics and sells grey and finished fabrics in the market.
The company gets processing work done on job work basis from other
processing units. The company is also engaged in trading of grey
and finished fabrics.


ABHIJEET INTEGRATED: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Abhijeet Integrated Steel Limited
Plot No. 06, SI Arra Degul Avenue,
        Bardhaman, Dargapur,
        West Bengal, India, 713212

Liquidation Commencement Date: March 6, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Rachna Jhunjhunwala
            Siddha Weston, 9 Weston Street,
            Suite No. 134
            Kolkata - 700013
            Email: egress.rac@gmail.com
            Email: cirp.abhijeetintegratedsteel@gmail.com

Last date for
submission of claims: April 6, 2024


ADIG JEMTEX: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Adig
Jemtex Private Limited (AJPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      27.43       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2023, placed the rating(s) of AJPL under the 'issuer
non-cooperating' category as AJPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AJPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 25, 2023, December 5, 2023, December
15, 2023.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Bhilwara (Rajasthan) based Adig Jemtex Private Limited (AJPL) was
incorporated by Mr. Nand Kishore Jindal and Mr. Madhur Jindal in
2010. Subsequently, there was change in share holding pattern in
2014 with exit of Mr. Madhur Jindal and entry of two new directors
namely, Mr. Akash Jindal and Mrs. Kavita Jindal. Initially, AJPL
was engaged in the business of seizing of yarns (mainly starching
process) and trading of grey and finished fabrics. However, from
June 2017, it has started commercial production of grey fabrics.
The plant of the company is located at Bhilwara.

ALLAM INFINITE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Allam Infinite India Private Limited
G.M. Pearl, No. 06,
        B.T.M. 1st Stage, 1st Phase
        Bangalore, Karnataka,
        India 560068

Insolvency Commencement Date: March 1, 2024

Estimated date of closure of
insolvency resolution process: August 28, 2024 (180 Days)

Court: National Company Law Tribunal, Bangalore Bench

Insolvency
Professional: Balakrishnan Venkatachalam,
       4C-420, 3rd Floor, Kempe Gowda Underpass Road,
              (5th Main), Ramamurthy Nagar,
              Bangalore, Karnataka, 560016
              Email: cabalakrishnanig@gmail.corn
              Email: ip.aiipvtld@gmail.com


Last date for
submission of claims: March 15, 2024


AMBITION MICA : Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ambition Mica Limited
Anand Timber Mart Compound,
        Bh Karnavati Hospital
        Opp. Saijpur Tower,
        Saijpur Bigha, Ahmedabad,
        Gujarat, India 382345

Insolvency Commencement Date: March 6, 2024

Estimated date of closure of
insolvency resolution process: September 2, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Gautam Deswal
       A-401, India Textile Market,
              Ring Road, Opp. Rathi Palace,
              Surat, Gujarat 395002
              Email: deswal101@hotmail.com
              Email: cirp.ambition@gmail.com

Last date for
submission of claims: March 20, 2024


BLUEBIRD SOFTWARE: CARE Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Bluebird
Software Private Limited (BSPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible     155.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE has been seeking information from BSPL to monitor the ratings
vide e-mail communications dated March 4, 2024, March 5, 2024,
March 6, 2024 and March 11, 2024 and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on
Bluebird Software Private Limited instruments will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

Rating sensitivities: Factors likely to lead to rating actions

Positive factors
* Timely liquidation of immovable assets for repayment of NCDs.
* Growing revenue from operations and profitability at PAT level
coupled with operational cash flows at sustained basis.

Analytical approach: Combined

The combined financials of Nimitaya Infotech Private Limited (NIPL)
and Bluebird Software Private Limited (BSPL) have been considered
as both the entities are in the same line of business with common
promoters and are controlled by common promoter group. Also, there
is corporate guarantee for each other debt and the proposed term
sheet for NCD is combined for INR310cr.

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* History of default: NIPL and BSPL has history of default is
ultimately proposed to be settled through refinancing of debts with
the issuance of proposed NCD both the companies have availed
project finance from Indiabulls and Allahabad bank respectively for
construction of IT Parks, but due to certain cashflow mis-match
which were re-finance in March, 2019 through issue of
Non-Convertible debentures (NCD) availed from Blackrock for INR365
Crore maturing on March, 2023. There has been default in the
repayment of interest and principal on these NCD, due to Covid-19
Pandemic. During Covid-19 the revenue of the companies as well as
the occupancy level dropped precipitously, as these service sectors
are mostly affected sector during Covid-19 Pandemic. However, the
company has proposed to refinance the outstanding through fresh NCD
from Edelweiss INR300 Crore (plus upsizing by an amount up to INR10
Crore depend upon investor discretion) and remaining INR365 Crore
will be brought by the promoters whereas interest portion of
existing NCDs of INR365 Crore is being proposed to be waived off.

* Low Revenue visibility from co-working spaces and repayment of
NCDs dependent on liquidation of assets and funds infused by
promoters: NIPL & BSPL holds commercial IT properties in Udyog
Vihar, Gurgaon and Nimitya Group also has property in Punjabi Bagh
fully leased out for healthcare usage. All three properties
combinedly generating monthly rental of INR2.45 crores as of now
which is likely to be increased going forward. Apart from these
three properties NCD holders will also have mortgage of two
farmhouses held by the promoters/group companies which are proposed
to be liquidated for redemption of NCDs. Thus, company's repayment
capabilities are highly dependent on timely
liquidation of immovable properties at market rates and infusion of
funds by the promoters.

Liquidity: Stretched

The liquidity of the groups are likely to remain stretched on
account of high dependence on liquidation of immovable assets and
funds infused by promoters as company has low cash flows from
rental income. Therefore, the company has to pay substantially
large amount of money at the maturity of NCD to meet the investor
required IRR of 20% as well company has to liquidate assets on
timely basis so as to meet redemption of NCDs based on term sheet
of Edelweiss.

Bluebird Software Private Limited (BSPL) is an SPV under Nimitaya
Group holding IT Building in Udhyog Vihar, Gurgaon which is
provided as Co-working Space generating rental income to the
companies. Nimitaya Group has "Go-Work" Brand for its co-working
space which is being used for leasing of IT Spaces in its SPVs.
These IT parks are nearby some of the reputed IT Companies and
fully equipped with modern facilities.

ERWIN INDIA: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Erwin India Private Limited
Floor 1, Block B, The Q City,
        Survey Nos. 109, 110, 111/2,
        Nanakramguda Village,
        Serilingampally Mandal,
        Hyderabad 500032
        Telangana, India

Liquidation Commencement Date: March 6, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Shashikant Shravan Dhamne
            10, Shreeban,
            Opp. Police Ground, F. C. Road,
            Shivajinagar,
            Pune - 411016, Maharashtra
            Email: ssdhamne@yahoo.com.in
            Tel No: 020-25565551

Last date for
submission of claims: April 5, 2024


ESAPLLING PRIVATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: ESAPLLING PRIVATE LIMITED
OFFICE NO. 513, RAINBOW PLAZA
        RAHATANI, PUNE, MAHARASHTRA
        INDIA-411027

Insolvency Commencement Date: March 1, 2024

Estimated date of closure of
insolvency resolution process: August 28, 2024  (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Hardev Singh
              101, PLOT NO. 6, LSC
              VARDHMAN RAJDHANI PLAZA,
              NEW RAJDHANI ENCLAVE, DELHI- 110092
              Email: singh_hardev@rediffmail.com
              Email: cirpesaplling@gmail.com

Last date for
submission of claims: March 15, 2024


EURO WOOD: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Euro Wood Lumber Private Limited
Opp. Sudhahospital Film City Road,
        Gokuldham, Malad (E),
        Mumbai Maharashtra 400097 India

Insolvency Commencement Date: March 7, 2024

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

Court: National Company Law Tribunal Mumbai Bench-I

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

Last date for
submission of claims: March 22, 2024


FEEDBACK INFRA: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Feedback
Infra Private Limited (FIPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      273.41      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          239.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      22.59      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Compulsorily         50.00      CARE D; ISSUER NOT COOPERATING
   Convertible                     Rating continues to remain
   Debentures                      under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 30, 2023,
placed the ratings of FIPL under the 'issuer non-cooperating'
category as FIPL had failed to provide information for monitoring
of the rating. FIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated February 13, 2024, February
23, 2024 & March 4, 2024.

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

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

The ratings continue to take into account the delays in debt
servicing obligation attributable to poor liquidity position of the
company and the account has been classified as NPA by lenders.

Analytical approach: Consolidated

CARE has considered consolidated financials of FIPL, its
subsidiaries and associate companies. The list of group companies
considered for consolidated financial statements for FY23 are given
in Annexure-6.

Detailed description of the key rating drivers

At the time of last rating on March 30, 2023, the following was the
rating weakness (updated for the information available from stock
exchange)

Key weaknesses

* Weak financial performance and poor liquidity position: The
liquidity position of the company continues to remain poor on
account of weak financial performance, leading to ongoing delays in
debt servicing. On a consolidated level, company reported total
operating income of INR768.80 crore in FY23. The net loss reported
by the company amounts to INR112.11 crore in FY23 as against net
loss of INR257.37 crore in FY22. Company is in discussion with
lenders for the debt resolution options for the entire debt of FIPL
and FEDCO with options of OTS or revised debt restructuring
proposal.

Key strengths

* Experienced management team and long track record of operations:
The founder promoters own 41.16% of FIPL through investment
vehicle, Missions Holdings Private Limited and remaining ownership
lies with banks and financial institutions. The board members
include persons having vast experience in the field of
infrastructure management and advisory. Feedback Infra Group is in
the business of engineering consultancy, design, project
supervision and management consultancy for more than 25 years. The
group is diversified in infrastructure sector with core presence in
transportation, energy, real estate & social infra.

Liquidity: Poor

The liquidity profile of the company remained poor as reflected by
delay in servicing of debt obligations. Company has reported
negative GCA in FY23 & FY22. The current ratio of the company also
remained low at 0.26x as on March 31, 2023 (PY: 0.24x).

Feedback Infra Group, established in 1990, is an integrated
infrastructure services provider offering design and engineering
consultancy, project management, operations & management as well as
asset improvement services. The group is providing services in
various infrastructure segments, viz, transportation (highways,
metro projects etc), energy, real estate and social infrastructure.
While commencing its operations in 1990 through FIPL in the
infrastructure services business, over the years, the group entered
into the operations and maintenance business for power plants and
highways and energy distribution business. FIPL continues to
provide advisory, construction management and engineering services
and is the holding entity for companies that are into the business
for operations & management, power distribution as well as entities
for the international business in infrastructure sector. FIPL's
shareholding includes banks and financial institutions, apart from
the founder promoters' investment through Missions Holdings Private
Limited. FIPL's wholly owned subsidiary FEDCO is operating
distribution franchisee business at four divisions in Meghalaya,
four divisions in Tripura and executes projects pertaining to
Network Roll out Implementation (NRI).


FEPL ENG: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Fepl Eng
Private Limited (FEPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           3.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 16,
2023, placed the rating(s) of FEPL under the 'issuer
non-cooperating' category as FEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. FEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 2, 2023, December 12, 2023, December
22, 2023.

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

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

Incorporated in 2004, FEPL is engaged in SI (System Integration) of
SPV (Solar Photovoltaic)-based power systems, manufacturing of oil
mist systems viz. oil mist lubrication systems, blaze flow oil
purification systems, etc. coupled with trading of solar products,
chemicals and providing consultancy services of SPV-based
products.


GJS INFRATECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: GJS Infratech Private Limited
Plot No: 852&853, Sri Swamy Ayyappa Co-Operative Society
        Road No 45, Madhapur, Hi-Tech city,
        Hyderabad, Telangana, India, 500081

Insolvency Commencement Date: March 4, 2024

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

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Mr. Dommeti Surya Rama Krishna Saibaba
       Flat No. A-105, Mahindra Ashvita,
              Hafeejpet Road, Near Hi-Tech City
              MMTS Railway Station, KPHB Colony,
              Hyderabad, Telangana 500085
              Email: dsrk39@yahoo.com

              Plot No. 4&5, Flat No 104, Kavuri Supreme Enclave,
              Kavuri Hills, Madhapur,
              Hyderabad, Telangana 500081
              Email: gjscirp@yahoo.com

Last date for
submission of claims: March 20, 2024


GULAM MUSTAFA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Gulam Mustafa Enterprises Private Limited
No. 06, G.M Pearl
        1st Stage, 1st phase, BTM Layout,
        Bangalore, Karnataka,
        India, 560068

Insolvency Commencement Date: February 29, 2024

Estimated date of closure of
insolvency resolution process: August 27, 2024 (180 Days)

Court: National Company Law Tribunal, Bangalore Bench

Insolvency
Professional: Balakrishnan Venkatachalam,
       4C-420, 3rd Floor, Kempe Gowda Underpass Road,
              (5th Main), Ramamurthy Nagar,
              Bangalore, Karnataka, 560016
              Email: cabalakrishnanig@gmail.corn
              Email: ig.gmegl@gmail.com

Last date for
submission of claims: March 14, 2024


ILD HOUSING: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: ILD Housing Projects Private Limited
        (Formerly Known as International Land Developers Private
Limited)
        611-A, Devika Tower 6,
        Nehru Place, Delhi-110019,
        India

Insolvency Commencement Date: February 29, 2024

Estimated date of closure of
insolvency resolution process: August 27, 2024 (180 Days)

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Mr. Sanyam Goel
       Unit No. 110, First Floor, JMD Pacific Square,
              Sector 15, Part III, Gurugram-122001,
              Haryana, India
              Email: goelsanyam@gmail.com
              Email: ild.cirp@gmail.com

Last date for
submission of claims: March 14, 2024

ISKRUPA MALL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Iskrupa
Mall Management Company Private Limited (IMMCPL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      80.85       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Limited had, vide its press release dated March 30,
2023, placed the rating of IMMCPL under the 'Issuer
Non-Cooperating' category as the company had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The company continues to be non-cooperative
despite repeated requests for submission of information through
e-mails dated February 13, 2024, February 23, 2024, February 28,
2024 and March 4, 2024.

In line with the extant SEBI guidelines, CARE Ratings Limited
has reviewed the rating on the basis of the best available
information.

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

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on March 30, 2023 the following was the
rating weakness (updated for the information available from stock
exchange/Lender/Latest available financials/Debenture Trustee):

* Delays in servicing of debt obligation: There are delays in debt
servicing as reported in the audited financial statement for year
ended March 31, 2023.

M/s. Iskrupa Mall Management Company Private Limited (IMMCPL) is a
wholly subsidiary of Bansi Mall Management Co. Private Limited, a
company fully owned by the promoters of Future Group led by Mr.
Kishore Biyani. The company is engaged in the business of mall
management advisory services, space hire, consultancy, and fabric
trading business. The company has also emerged as an Innovation and
Incubation Center for Future group. The company owns a property
(1.08 lsf) at Vadodara, which has been entirely given on a leave
and license basis to Future Lifestyle Fashions Limited (CARE D;
ISSUER NOT COOPERATIONG).


JAYPEE INFRATECH: CARE Moves D Debt Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Jaypee
Infratech Limited (JIL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible     211.95      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE has been seeking information from JIL to monitor the ratings
vide e-mail communications dated Feb. 15, 2024, Feb. 19, 2024 and
Feb. 20, 2024 and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on Jaypee
Infratech Limited instruments will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely repayment of its debt on timely basis.

Analytical approach: Standalone

Detailed description of the key rating drivers:

Key weaknesses

* Weak financial performance and stretched liquidity position: The
liquidity position of the company continues to remain weak on
account of weak financial performance, leading to ongoing delays in
debt servicing.

Liquidity: Poor

The liquidity position of the company continues to remain poor on
account of weak financial performance, leading to ongoing delays in
debt servicing.

JIL is a special purpose vehicle promoted by Jaiprakash Associates
Ltd (JAL, rated 'CARE D'), holding 60.98% stake as on December 31,
2019, to develop and operate a 165-km six-lane (extendable to eight
lanes) access-controlled toll expressway between Noida and Agra in
Uttar Pradesh (E'way project). The E'way project achieved
Commercial Operations Date (COD) and commenced toll collection in
August 2012, post receipt of substantial completion certificate.
Also, JIL has been granted rights by Yamuna Expressway Development
Authority (YEA), a state government undertaking, for the
development of approximately 6,175 acres of land (443.30 mn sq ft
of real estate) along expressway in five different parcels in Uttar
Pradesh for residential, commercial, amusement, industrial and
institutional development. The land for real estate development is
provided on 90-year lease. On account slowdown in real estate sales
and high debt levels, the company's financial performance in FY20
(refers to the period April 1 to March 31) was weak, resulting in
weak liquidity position and continuing delays in debt servicing as
discussed with the company and bankers. Further Suraksha Realty has
submitted the resolution plan with NCLT for the resolution of
company's debt and the same has been accepted by the NCLT vide its
order dt. March 7, 2023.


JSR MULBAGAL: CARE Reaffirms D Rating on INR90.82cr LT Loan
-----------------------------------------------------------
CARE Ratings has reaffirmed the rating on bank facilities of JSR
Mulbagal Tollways Private Limited (JSRMTL) to Issuer Not
Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term
   Bank Facilities      90.82      CARE D Reaffirmed

Rationale and key rating drivers

The rating assigned to the bank facilities of JSRMTL continues to
factor in the delays in debt servicing by company. This is due to
continuing lower traffic than anticipated being witnessed in the
road stretch built by the company.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delay free track record of operations for a continuous period of
three months led by sustained improvement in the toll collection or
infusion of long term funds to ensure that such delays wont recur.

* Winning of the ongoing arbitration claim with NHAI in favour of
the company.

Negative factors: Not Applicable

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* Continuing delay in meeting the debt obligations since inception:
The company is not able to meet the debt obligations on a timely
basis on account of the lower traffic movement than the
anticipated, which resulted to mismatch in the cash flows. It is
observed that the traffic movement is improving Y-o-Y in the last
two years. In addition, with the incremental toll prices Y-O-Y, the
company scale of operations has shown improvement, However, these
cash flows are still not sufficient to meet its debt obligations.

* Timely resolution of claim/arbitration award from NHAI is
crucial: The company has filed claims with NHAI amounting to
INR2279.63 crores (which includes loss of return envisaged by the
concessionaire because of default of the authority of INR1900.10
Crore) which was under arbitration. The decision of the arbitration
tribunal dated August 3, 2023 has awarded INR106.48 Cr. in favour
of the company. Apart from that, no premium is payable for the said
period. However, the claim amount is still pending as NHAI has
filed for appeal.

Liquidity: Poor

The company's liquidity is poor due to consistently low traffic
levels leading to lower cash profit generation vis-à-vis debt
repayments. The company is dependent upon the unsecured loans from
its sponsor company for meeting the debt obligations. Going
forward, ability of the company to generate adequate cash accruals
for timely meeting its debt obligations is a key rating
metric.

Incorporated in 2012, based in Bangalore, JSRMTL is an SPV floated
by JSR Constructions Private Limited (Sponsor, which holds 70%
stake in the company) to undertake construction, operation and
maintenance of section of NH-4 on Design, Build, Finance, Operate
and Transfer (DBFOT) Toll basis. The Stretch was to augment the
existing two-lane road that starts from Andhra Pradesh border at Km
216.912 and ends at Km 239.100, Mulbagal, Kolar District, Karnataka
(approximately 22.188 Km) with a total project cost of INR154
crore. The project was awarded by NHAI to JSRCPL
(contractor-cum-main sponsor) and JSRCPL has since promoted JMTPL,
which has entered into the Concession Agreement as Concessionaire
with NHAI. The concession period is 29 years, which included
construction period of 365 days from the appointed date (May 22nd
2013). The project received provisional completion
certificate on June 9th, 2015, and commercial operations of the
company were started from June 11, 2015 (PCOD- I for 79.26%) and
November 2, 2016 (PCOD for 100%).

KARRM INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Karrm Infrastructure Private Limited
Shop No. L-261, Lower Ground Floor, Dreams-The Mall,
        Near LBS Marg, Bhandup, West, Mumbai City,
        Mumbai Maharashtra, India, 400078

Insolvency Commencement Date: February 29, 2024

Estimated date of closure of
insolvency resolution process: August 29, 2024  

Court: National Company Law Tribunal, Mumbai Bench-II

Insolvency
Professional: Mr. Arun Kapoor
       G-601, Army Co-operative Housing Society,
              Sector-09, Nerul (East), Navi
              Mumbai, Maharahstra-400706
              Email: arun.kaapor58@yahoo.in

              c/o Ancoraa Resolution Private Limited
              1412, 14th Floor, Real Tech Park,
              Sector 30 A, Vashi, Navi Mumbai 400703
              Email: cirp.karrmipl@ancoraa.com

Last date for
submission of claims: March 16, 2024


LEEL ELECTRICALS: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Leel
Electricals Limited (LEEL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      455.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          595.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 20,
2022, placed the rating(s) of LEEL under the 'issuer
non-cooperating' category as LEEL had failed to provide information
for monitoring of the rating. LEEL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and emails dated November 5, 2023, November
15, 2023, November 25, 2023, among others.

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

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

Analytical approach: Standalone

Outlook: NA

LEEL was incorporated in 1987 and operates in the HVAC segment. It
is engaged in the manufacturing of condenser and evaporator coils
and contract manufacturing for Air Conditioners (ACs) for various
brands. LEEL was also into retailing ACs and consumer durable
products like LCD/ LED TVs, washing machines, freezers, etc. The
Company, however had sold its Consumer Durable Business comprising
of business of importing, trading, marketing, exporting,
distribution, sale of air conditioners, televisions, washing
machines and other household appliances and assembling of
televisions under the brand "LLOYD" and all of the rights, title,
interest, licensees, contracts, assets, continuing employees,
intellectual property including the brand, logo, trademark "LLOYD"
as a going concern on slump sale basis to Havells India Ltd.
Pursuant to the transaction, the Company has also changed its name
to 'LEEL Electricals Ltd.' LEEL has six manufacturing/ assembly
units located at Rajasthan, Himachal Pradesh, Tamil Nadu, Haryana
and Uttarakhand. On a consolidated basis, LEEL operates two
subsidiaries, namely, Lloyd Coils Europe s.r.o (LCE) engaged in
manufacturing of coils and finned pack heat exchangers and Noske
Kaeser Company (NKC) which is engaged in engineering, manufacturing
and providing system solutions and components for the transport
industry in the fields of air conditioning, refrigeration, piping,
firefighting, CBRN protection and related services.


M J ENGINEERING: CARE Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of M J
Engineering Works Private Limited (MJEWPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.35       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           2.70       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2023, placed the rating(s) of MJEWPL under the 'issuer
non-cooperating' category as MJEWPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MJEWPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 3, 2023, December 13,
2023, December 23, 2023.

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

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

MJEWPL was incorporated in 1991 and is currently being managed by
Mr Pradeep Kumar Jain. The company is engaged in designing and
manufacturing of transmission line towers, microwave towers,
sub-station structures, and cable trays up to 400 Kilovolts along
with hot-dip galvanizing at its manufacturing facility located at
Alwar, Rajasthan.


MICRO STOCK: Liquidation Process Case Summary
---------------------------------------------
Debtor: M/S Micro Stock Holding Private Limited
98, Shahzada Bagh, Industrial Area
        Old Rohtak Road, East Delhi,
        Delhi, India, 110035

Liquidation Commencement Date: March 4, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Gaurav Katiyar
            D-32, East of Kailash,
            New Delhi - 110065
            Email: cagauravkatiyar@gmail.com
            Email: liquidator.msh@gmail.com

Last date for
submission of claims: April 3, 2024


NEWLINK OVERSEAS: CARE Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Newlink
Overseas Finance Limited (NOFL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      3.12       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Non Convertible      6.68       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Non Convertible      9.77       CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Fixed deposit       15.12       CARE D; ISSUER NOT COOPERATING
                                   Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from NOFL to monitor the rating vide e-mail communications dated
January 23, 2024, January 30, 2024, February 7, 2024 and February
14, 2024, among others and numerous phone calls. However, despite
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
Securities and Exchange Board of India (SEBI) guidelines, CARE
Ratings has reviewed the rating on the basis of the best available
information. The rating on Newlink Overseas Finance Limited's
instruments will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Ratings take into account the delays in debt servicing including
ongoing delays in the repayment of dues to debenture holders and
fixed deposits due to the acute shortfall in cashflow.

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last ratings on April 3, 2023, the following were
rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key weaknesses

* Liquidity: Poor; Instances of delays in debt servicing: With the
lower collections in FY21 accentuated by outbreak of COVID19 the
company has defaulted in the repayment of dues to debenture holders
and deposits. As per the auditor report for FY23
dated July 24, 2023, NOFL defaulted in the repayment of dues to
debenture holders and deposits. As on March 31, 2023, the company
had cash and bank balance of INR1.49 crore.

* Small scale of operations: NOFL completely paused the
disbursements since FY21 and as a result, loan portfolio declined
and stood at INR48.84 crore as on March 31, 2023 as against
INR50.84 crore as on March 31, 2022. Also, the Reserve Bank of
India (RBI) vide its letter dated May 26, 2023, has cancelled the
Certificate of Registration of the company, restricting the company
to carry out business operations of a non-banking finance company
(NBFC) as defined in clause (a) of Section 45-IA of the RBI Act
1934.

* Weak asset quality: Gross non-performing assets (GNPA) and net
non-performing assets (NNPA) stood at 100% and 0% as on March 31,
2023 from 100% and 30.42% as on March 31, 2022, respectively. With
higher provisions made in FY23, Provision Coverage Ratio (%) stood
at 100% in FY23.

* Continuation of losses in FY23: With the significant increase in
NPA, interest income has dropped 42% Y-O-Y from INR0.60 crore in
FY22 to INR0.35 crore in FY23. However, with the profit from the
sale of asset and other income, total income stood at INR3.21 crore
in FY23 as compared to INR1.74 crore in FY22. With credit cost
remaining high, the company reported net loss of INR22.93 crore in
FY23 as against a loss of INR23.29 crore in FY22.

* Capital adequacy falling below regulatory requirement: With
significant losses reported in the period from FY21 to FY23, the
networth completely deteriorated and remained negative as on March
31, 2023.

* Concentrated funding profile: Funding profile of NOFL has
remained concentrated over the years with dependence on
nonconvertible debentures (NCDs) and fixed deposits (FDs). RBI vide
their letter dated February 13, 2021 has advised the company
to stop accepting fresh public deposits and renew existing deposits
and that all the existing deposits shall run off till maturity. The
share of FDs as percentage of total borrowings stood at 57% (PY:
50%) and share of NCDs stood at 32% (PY: 32%) as on March 31, 2022.
Apart from these, inter corporate deposits (ICDs) (9%) and working
capital loans from banks (2%) account for the
balance portion of the funding mix as on March 31, 2022. The public
deposits held by the company as on March 31, 2022 stood
at INR24.59 crore.

Key strengths

* Long standing track record of the company: NOFL was incorporated
in January 1991 and has a long-standing track record of around 30
years of operations. Post the demise of A. Namasivayam (Former MD)
in December 2018, there were many changes in the board of directors
and currently the board comprises of four directors as on March 31,
2022 namely O.P.Garg, U.P.Prakasham, Denise Marcelle Mollex
Panjwani and S.Deivanai.

NOFL is a Chennai-based deposit taking NBFC registered with RBI. It
was promoted in January 1991 by retired bankers in Chennai, along
with Mumbai-based businessmen. The company was engaged in
hypothecation loans, hire purchase financing and shortterm
lending.


NIMITAYA INFOTECH: CARE Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Nimitaya
Infotech Private Limited (NIPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible     155.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE has been seeking information from NIPL to monitor the ratings
vide e-mail communications dated March 4, 2024, March 5, 2024,
March 6, 2024 and March 11, 2024 and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on
Nimitaya Infotech Private Limited instruments will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely liquidation of immovable assets for repayment of NCDs.
* Growing revenue from operations and profitability at PAT level
coupled with operational cash flows at
sustained basis.

Analytical approach: Combined

The combined financials of Nimitaya Infotech Private Limited (NIPL)
and Bluebird Software Private Limited (BSPL) have been considered
as both the entities are in the same line of business with common
promoters and are controlled by common promoter group. Also, there
is corporate guarantee for each other debt and the proposed term
sheet for NCD is combined for INR310cr.

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* History of default: NIPL and BSPL has history of default is
ultimately proposed to be settled through refinancing of debts with
the issuance of proposed NCD both the companies have availed
project finance from Indiabulls and Allahabad bank respectively for
construction of IT Parks, but due to certain cashflow mis-match
which were re-finance in March, 2019 through issue of
Non-Convertible debentures (NCD) availed from Blackrock for INR365
Crore maturing on March, 2023. There has been default in the
repayment of interest and principal on these NCD, due to Covid-19
Pandemic. During Covid-19 the revenue of the companies as well as
the occupancy level dropped precipitously, as these service sectors
are mostly affected sector during Covid-19 Pandemic. However, the
company has proposed to refinance the outstanding through fresh NCD
from Edelweiss INR300 Crore (plus upsizing by an amount up to INR10
Crore depend upon investor discretion) and remaining INR365 Crore
will be brought by the promoters whereas interest portion of
existing NCDs of INR365 Crore is being proposed to be waived off.

* Low Revenue visibility from co-working spaces and repayment of
NCDs dependent on liquidation of assets and funds infused by
promoters NIPL & BSPL holds commercial IT properties in Udyog
Vihar, Gurgaon and Nimitya Group also has property in Punjabi Bagh
fully leased out for healthcare usage. All three properties
combinedly generating monthly rental of INR2.45 crores as of now
which is likely to be increased going forward. Apart from these
three properties NCD holders will also have mortgage of two
farmhouses held by the promoters/group companies which are proposed
to be liquidated for redemption of NCDs. Thus, company's repayment
capabilities are highly dependent on timely liquidation of
immovable properties at market rates and infusion of funds by the
promoters.

Liquidity: Stretched

The liquidity of the groups are likely to remain stretched on
account of high dependence on liquidation of immovable assets and
funds infused by promoters as company has low cash flows from
rental income. Therefore, the company has to pay substantially
large amount of money at the maturity of NCD to meet the investor
required IRR of 20% as well company has to liquidate assets on
timely basis so as to meet redemption of NCDs based on term sheet
of Edelweiss.

Nimitaya Infotech Private Limited (NIPL) is an SPV under Nimitaya
Group holding IT Building in Udhyog Vihar, Gurgaon which is
provided as Co-working Space generating rental income to the
companies. Nimitaya Group has "Go-Work" Brand for its co-working
space which is being used for leasing of IT Spaces in its SPVs.
These IT parks are nearby some of the reputed IT Companies and
fully equipped with modern facilities.


R J BIO-TECH: Liquidation Process Case Summary
----------------------------------------------
Debtor: R J Bio-Tech Limited
GUT No. 245, Bidkin, Taluka Paithan,
        Aurangabad, Maharashtra
        431105 India

Liquidation Commencement Date: February 29, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Harish Kant Kaushik
     1904, Sapphire Regency Towers,
            Kavesar, Ghodbundar Road, Thane (W),
            Thane, Maharashtra, 400615
            Email: harishkant2007@gmail.com
            Email: liquidator.rjbiotech@aegisipe.com

Last date for
submission of claims: April 5, 2024


RAM COMMODITIES: CARE Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shri Ram
Commodities (SRC) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      13.23      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from SRC to monitor the rating(s) vide e-mail communications dated
February 5, 2024, February 13, 2024, February 16, 2024, February
21, 2024, and February 23, 2024, among others and numerous phone
calls. However, despite CARE Ratings' repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant Securities and Exchange Board of
India (SEBI) guidelines, CARE Ratings has reviewed the rating based
on the best available information, which however, in CARE Ratings'
opinion is not sufficient to arrive at a fair rating. SRC has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on Shri Ram Commodities'
short-term bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of the key rating drivers:

At the time of last rating on March 21, 2023, the following were
the rating strengths and weaknesses (updated for the information
available from FY22 audited financial statements.

Key weaknesses

* Ongoing delays: According to the feedback received from the
banker on February 7, 2023, there is ongoing overdue in repayment
of term loan and CC/OD limit is overdrawn. Overdue on term loan has
been continuing since November 2022.

* Small scale of operations: The firm's operations remain small
with total income of INR4.13 crore in FY22, decreased from INR5.38
crore in FY21 due to decline in net brokerage income.

* Inherent volatility in the revenue profile with majority income
coming from brokerage segment: The firm's majority income is
derived from trading in commodities and is highly volatile and
speculative. Though the income from the segment has increased
year-on-year in FY22, the firm's ability to continue achieving
profits in the segment remains a key rating consideration.

* Increasingly competitive business segment: Broking business in
India is highly competitive. SRC faces fierce competition from
large broking firms, which are in better position to reduce
operating expenses and maintain their margins. Broking business in
India is becoming increasingly competitive with reduced brokerage
fees and volatile volumes.

* Constitution of the entity being a partnership firm: SRC's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factor affecting lenders'
credit decision.

Key strength

* Experienced partners: Rattan Lal Aggarwal, Deepa Gupta, and
Ramesh Bansal are partners for SRC. They have nine years of
industry experience through their association with only SRC.
Partners have adequate acumen about various business aspects, which
is likely to benefit SRC in the long run.

SRC was established in June 2010 as a partnership firm, and its
commercial operations started in 2011. The firm is being currently
managed by Rattan Lal Aggarwal, Deepa Gupta, and Ramesh Bansal as
its partners. SRC is a trading member of Multi Commodity Exchange
of India Limited (MCX Member ID - 46005) with clearing support of
Globe Commodities limited and trading-cum-clearing member of
National Commodity and Derivatives exchange Limited (NCDEX Member
ID - 01059) since 2011. The firm has also taken the membership from
Bombay Stock Exchange Ltd. (BSE- Member id: 6693) and National
Stock Exchange of India Ltd. (NSE - Member id: 90150). SRC has 30
franchisees spread across India.

RAMCHANDER STRAW: CARE Lowers Rating on INR8cr LT Loan to C
-----------------------------------------------------------
CARE Ratings has revised the rating on bank facilities of Shri
Ramchander Straw Products Limited (SRSPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      8.00       CARE C; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category
                                  and Revised from CARE B

   Short Term Bank     0.60       CARE A4; ISSUER NOT
   Facilities                     COOPERATING; Rating continues
                                  to remain under ISSUER NOT
                                  COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 10,
2023, placed the rating(s) of SRSPL under the 'issuer
non-cooperating' category as SRSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SRSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 26, 2023, December 6,
2023, March 14, 2024.

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

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

The ratings assigned to bank facilities of SRSPL have been revised
on account of non – availability of requisite information.

Shri Ramchander Straw Products Ltd (SRSPL) was incorporated in 1994
as a public limited company. It is promoted by Mr. Ram Agarwal and
Mr. Ravi Kumar Singhal along with their family members. SRPL's
manufacturing facility is located at Moradabad (U.P.) for
processing of kraft paper. The product is used for making
corrugated boxes, cartons, paper bags etc. and thus the main
consumption of kraft paper is in packaging.


RUBY BUILDERS: CARE Lowers Rating on INR17.15cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ruby Builders and Promoters (RBP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.15       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB; Stable

   Short Term Bank      4.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4


Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 15, 2023,
placed the rating(s) of RBP under the 'issuer non-cooperating'
category as RBP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RBP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 29, 2024, February 08, 2024, February 18, 2024, March 15,
2024.

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

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

The ratings assigned to the bank facilities RBP have been revised
on account of delays in debt servicing recognized from publicly
available information.

Analytical approach: Standalone

Outlook: Not Applicable

Ruby Builders and Promoters (RBP), established by Mr. R. Manoharan
in the year 1997, is a Chennai based firm primarily engaged in
development of residential real estate projects in Chennai. RBP is
a closely held partnership firm with Mr. R. Manoharan and his wife
Mrs. K. Ruby Manoharan holding 45% share each and his son Mr. Ashok
Manor holding 10% share in the firm. RBP has completed over 185
projects covering 3.5 million square feet of developed area in its
24 years of operations.


SHREENIDHI METALS: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shreenidhi
Metals Private Limited (SMPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.22       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2023, placed the rating(s) of SMPL under the 'issuer
non-cooperating' category as SMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SMPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 28, 2023, December 8, 2023, December
18, 2023.

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

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

Vadodara (Gujarat) based Shreenidhi Metals Private Limited (SMPL)
was incorporated in 2013 as a private limited company and is run by
Ms. Sadhna Maloo and Ms. Nikita Jain. The company is engaged into
manufacturing of aluminum circles and sheets, which find its
application in utensils industry and power sector with installed
capacity of 1800 MT per annum as on March 31, 2018. Plant of the
company is located at Waghodia, Gujarat.


SOUTHERN INVESTMENTS: Liquidation Process Case Summary
------------------------------------------------------
Debtor: Southern Investments Private Limited
Montieth Court, 65 Montieth Road,
        Egmore Chennai 8,
        Tn 60008 India

Liquidation Commencement Date: March 1, 2024

Court: National Company Law Tribunal, Chennai Bench-I

Liquidator: S Kangayan
            Plot No. 81, 3rd Street, Phase I, Dollars Colony,
            Vengambakkam, Tambaran East,
            Chennai 600 127
            Email: kangayan.s@gmail.com

Last date for
submission of claims: March 31, 2024


SURABHI AGRICO: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surabhi
Agrico Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 3,
2023, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 19, 2023, November 29, 2023, December
9, 2023.

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

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

Uttar Pradesh based Surabhi Agrico Private Limited (SAPL) was
incorporated in 2011 by Mr. Anil Kumar Maurya and Mr. Munna Lal and
commenced its operations in September, 2013. SAP is engaged in
manufacturing of engaged in manufacturing of beverages such as
Frooti, Appy fizz, Bailley Soda etc. Prior to this, the company was
known as "RNG Hotels and Resorts Private Limited" with the
objective to carry hospitality business.

T R S TECHNOLOGY: Liquidation Process Case Summary
--------------------------------------------------
Debtor: T R S Technology Private Limited
Property No. 2289, Plot No-141/9,  Ground Floor Street
        No-61, Block B, Sant Nagar Village,
        Burari New Delhi - 110084

Liquidation Commencement Date: February 28, 2024

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

Liquidator: Vijender Sharma
     Building No. 11, 3rd Floor Hargovind Enclave,
            Vikas Marg, Delhi - 110092
            Email: vijender@vsa.net.in
            Email: ip.trstechnology@gmail.com

Last date for
submission of claims: April 5, 2024


TATTVA VALUERS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Tattva Valuers Private Limited
Plot No. X- 1, 2 & 3, Block - EP,
        Sector - V, Salt Lake City,
        Kolkata, PIN - 700091
        West Bengal, India

Liquidation Commencement Date: March 5, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Pratap Mukherjee  
     27A, Bhattacharjee Para Road,
            Paschim Barisha,
            P.O. Thakurpukur,
            Kolkata 700063
            Email: pratapmukherjee62@gmail.com

            Gouranga Bhavan
            27A, Bhattacharjee Para Road,
            Paschim Barisha,
            P.O. Thakurpukur,
            Kolkata 700063
            Email: lbc.tattva@gmail.com

Last date for
submission of claims: April 4, 2024


ZETWERK FABPLUS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Zetwek Fabplus Private Limited
No 461 17th Cross 4th Sector HSR Layout,
        Bangalore, Karnataka,
        India, 560102

Liquidation Commencement Date: March 6, 2024

Court: National Company Law Tribunal New Bengaluru Bench

Liquidator: Mr. Vighneshwar Bhat
     No. 202, A block Sree Laxmi Nivas Apartments
            Wilson Garden 13th Cross
            Near Wilson Manor Apartments
            Bangalore, Karnataka, 560027
            Email: bhatvighnesh@gamil.com
            Tel No: 91 95902 52851

Last date for
submission of claims: April 5, 2024




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

SARAWAK CABLE: Seeks More Time Over PN17 Regularisation Plan
------------------------------------------------------------
theedgemalaysia.com reports that loss-making Sarawak Cable Bhd has
requested for a second extension of time from Bursa Securities to
resolve its Practice Note 17 (PN17) status.

The group had previously obtained an extension from Nov. 1, 2023 to
March 31 this year to formulate a plan to regularise its financial
condition, the report says.

"The company will announce further developments on the above matter
in due course," the group said in a bourse filing on March 19.

Sarawak cable was flagged as a PN17 company in September 2022 due
to concerns raised by its external auditor about its viability as a
going concern.

Over the past year, the group has taken steps to strengthen its
financial position by selling non-core businesses unrelated to
cable manufacturing.

In February, the group disclosed that Serendib Capital Ltd, a white
knight, would conduct a revitalisation exercise involving MYR250
million, theedgemalaysia.com recalls.

This investment was aimed at reducing debt and provide capital for
the group to meet the increasing demand for infrastructure grid
development and high-voltage cables, theedgemalaysia.com notes. The
nature of the MYR250 million injection - whether it is a loan or
equity - was not specified.

On Jan. 24, Sarawak Cable entered into negotiations for a new
restructuring plan with its creditors, following the rejection of
its initial proposal. This was to address the halt in credit and
financing lines.

For the second quarter ending Nov. 30, 2023 (2QFY2024), the group
reported a net loss of MYR35.82 million, a significant increase
from the MYR11.74 million loss in the previous year,
theedgemalaysia.com discloses. Revenue decreased by 26.46% to
MYR107.46 million, down from MYR146.12 million.

For the first half of FY2024, its net loss expanded to MYR48.54
million from MYR12.28 million during the same period of FY2023,
with revenue falling 38.68% to MYR199.52 million from MYR352.4
million.

                        About Sarawak Cable

Malaysian-based Sarawak Cable Bhd manufactures cables and wires. It
operates in four segments The Sale of power cables and conductors
segment supplies power cables and conductors components, Sale of
galvanized steel products, and steel structures segment supplies
galvanized steel products and steel structures and galvanizing
services. The transmission lines construction segment involves
supply, installation, and commissioning of transmission line
projects. And the corporate segment is involved in Group-level
corporate and management services.

In September 2022, Sarawak Cable Bhd said it triggered the criteria
of a Practice Note 17 (PN17) company following a disclaimer of
opinion expressed by its external auditor. It said it is in the
midst of formulating a regularisation plan to address the PN17
status.




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

ALDERMAN INVESTMENTS: Creditors' Proofs of Debt Due on April 19
---------------------------------------------------------------
Creditors of Alderman Investments Limited are required to file
their proofs of debt by April 19, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 13, 2024.

The company's liquidators are:

          Tony Leonard Maginness
          Jared Waiata Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


CBL CORP: Managing Director Admits Fair Dealing Contraventions
--------------------------------------------------------------
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko -
has reached agreement with former CBL Corporation Limited (CBLC)
managing director Peter Harris on claims relating to continuous
disclosure breaches and misleading conduct (the Continuous
Disclosure Proceeding).    

The Continuous Disclosure Proceeding relates to CBLC, a listed
entity, failing to disclose material information to the market
during 2017 and 2018. The FMA alleged that:

   * CBLC failed to comply with its continuous disclosure
     obligations in relation to:    

     - the need for its primary operating subsidiary, CBL
       Insurance Limited (In Liquidation), to strengthen its
       reserves;    

     - the existence and impact of a large amount of aged
       receivables (insurance premiums owed but not paid) in
       respect of business originated by Securities and Financial
       Solutions Europe SA, a French insurance business; and    

     - directions issued to and conditions imposed on CBLC's
       subsidiary in Ireland, CBL Insurance Europe dac, by the
       Central Bank of Ireland; and  

   * CBLC engaged in misleading and deceptive conduct in
     respect of its market announcement on Aug. 24, 2017.  

The FMA and Mr Harris have entered an in-court settlement to
resolve the Continuous Disclosure Proceeding on terms acceptable to
both parties. A penalty hearing before the High Court in Auckland
will take place in due course.    

In addition to admitting to contraventions of the Financial Markets
Conduct Act 2013, Mr Harris has also offered to provide, and the
FMA has agreed to accept, an Enforceable Undertaking that he will
not hold any management or directorship positions with any listed
issuer or licenced insurer in New Zealand and will not participate
in any regulated offer in New Zealand. The duration of this
undertaking is until the final determination by the courts of the
relief sought by the FMA in its separate proceeding alleging
failures in disclosure during CBLC's initial public offering in
2015 (the IPO Proceeding) (including any appeals).
   
FMA Head of Enforcement, Margot Gatland, said: "The FMA took these
civil proceedings in the public interest to meet our regulatory
objectives, including to hold significant misconduct to account by
several directors and officers of CBLC. We are satisfied this
agreement to move to a penalty hearing, with in-court admissions of
contraventions, and the management restrictions to which Mr Harris
is now subject, meets our objectives at this time in relation to Mr
Harris and the Continuous Disclosure Proceeding."  

The FMA filed two proceedings in 2019 alleging breaches of the
Financial Markets Conduct Act 2013, namely the Continuous
Disclosure Proceeding and the IPO Proceeding.     

In December 2023, the Court made pecuniary penalties orders against
CBLC and its four former independent directors in the CD Proceeding
after they admitted continuous disclosure and misleading conduct
breaches.  
  
The Continuous Disclosure Proceeding continues against former CBLC
chief financial officer Carden Mulholland, as does the IPO
Proceeding. The IPO Proceeding is brought against CBLC, Mr Harris,
Mr Mulholland and the estate of former non-executive director
Alistair Hutchison. A trial for these proceedings is set down for
June 2024.    

The defendants have settled separate civil proceedings brought by
shareholders and liquidators for a sum of NZD72.5 million, which
includes a personal contribution by Mr Harris. Approximately 53% of
that settlement sum has been or will be paid to CBLC shareholders
who participated in the proceedings. The settlement was entered
into without any admission of liability by the defendants and the
sum is payable on behalf of CBLC and all of CBLC's directors.   

CBLC was listed on the NZX Main Board in 2015. It had a market
capitalisation of NZD747 million, and a share price of NZD3.17,
when trading of its shares was halted and then suspended in
February 2018. The company was put into voluntary administration in
February 2018, and then placed in liquidation in May 2019.  

                          About CBL Corp.

Founded in 1973, CBL Corporation Limited together with its
subsidiaries, provided insurance and reinsurance products and
services primarily in New Zealand. It offered financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provided a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as well
as distributes construction-sector insurance products in France
through a network of brokers.

CBL Corp. went into voluntary administration in late February 2018,
in a move to prevent other regulators from taking action after the
Reserve Bank moved to have its subsidiary CBL Insurance placed in
interim liquidation.

On Feb. 23, 2018, KordaMentha New Zealand partners Brendon Gibson
and Neale Jackson were appointed Voluntary Administrators by the
Board of CBL Corporation Ltd and certain of its subsidiaries.

The administration relates to New Zealand-domiciled companies.

Messrs. Gibson and Jackson are administrators to these CBL
entities: CBL Corporation Limited; LBC Holdings New Zealand Ltd;
LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings Europe
Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company Ltd;
Deposit Power Ltd; South British Funding Ltd; and CBL Corporate
Services Ltd.

In November 2018, the High Court in Auckland placed CBL Insurance
into liquidation with Kare Johnstone and Andrew Grenfell from
McGrathNicol appointed as liquidators.


INDUSTRIAL PARK: Creditors' Proofs of Debt Due on April 15
----------------------------------------------------------
Creditors of Industrial Park Holdings Ltd are required to file
their proofs of debt by April 15, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 13, 2024.

The company's liquidators are:

          Jared Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


K & T BARNES: Creditors' Proofs of Debt Due on April 17
-------------------------------------------------------
Creditors of K & T Barnes Limited, K. Barnes Builders Limited and
KKI Investments Limited are required to file their proofs of debt
by April 17, 2024, to be included in the company's dividend
distribution.

The companies commenced wind-up proceedings on March 17, 2024.

The companies' liquidator is David Thomas.


STRIDE CONTRACTING: Court to Hear Wind-Up Petition on April 8
-------------------------------------------------------------
A petition to wind up the operations of Stride Contracting Limited
will be heard before the High Court at Tauranga on April 8, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 9, 2024.

The Petitioner's solicitor is:

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


WINIPAC LOGISTICS: Court to Hear Wind-Up Petition on April 18
-------------------------------------------------------------
A petition to wind up the operations of Winipac Logistics Limited
will be heard before the High Court at Auckland on April 18, 2024,
at 10:00 a.m.

Ultimate Transport Solutions Limited filed the petition against the
company on March 1, 2024.

The Petitioner's solicitor is:

          Brendan John Lawler
          Lawler & Co, Solicitors
          Level 2, 110 Lunn Avenue
          Stonefields, Auckland
          Email: Brendan.Lawler@Lawler.co.nz




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

DA HANG: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on March 15, 2024, to
wind up the operations of Da Hang Trading Pte. Ltd.

The Hongkong And Shanghai Banking Corporation Limited filed the
petition against the company on Jan. 24, 2024.

The company's liquidators are:

          Ng Kian Kiat
          Goh Wee Teck
          c/o RSM Corporate Advisory
          8 Wilkie Road
          #03-08, Wilkie Edge
          Singapore 228095


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

United Overseas Bank Limited filed the petition against the company
on March 13, 2024.

The Petitioner's solicitors are:

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


MARINE BOOKINGS: Court to Hear Wind-Up Petition on April 5
----------------------------------------------------------
A petition to wind up the operations of Marine Bookings 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 15, 2024.

The Petitioner's solicitors are:

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


SSM GENESIS: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on March 15, 2024, to
wind up the operations of SSM Genesis Pte. Ltd.

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

The company's liquidators are:

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


TERRAFORM: Built a 'House of Cards' as US Civil Fraud Trial Begins
------------------------------------------------------------------
Reuters reports that Terraform Labs and its founder Do Kwon built a
"house of cards" and lied to investors about the stability of a
cryptocurrency whose collapse rippled through markets in 2022, a
lawyer for the U.S. Securities and Exchange Commission told a
Manhattan jury as its civil fraud trial began on March 25.

According to Reuters, the SEC accused Kwon and the Singapore-based
blockchain company of misleading investors in 2021 about the
stability of TerraUSD, a stablecoin designed to maintain a value of
$1. The regulator also accused them of falsely claiming Terraform's
blockchain was used in a popular Korean mobile payment app.

"Terra was a fraud, a house of cards, and when it collapsed,
investors lost nearly everything," Reuters quotes SEC attorney
Devon Staren as saying at trial.

Louis Pellegrino, an attorney for Terraform, said the regulator's
case relies on cherry-picked evidence and the testimony of
witnesses hoping for whistleblower payouts if the SEC wins.

Kwon's attorney David Patton said the crypto entrepreneur never
represented Terra's cryptocurrency as risk-free.

"Failure doesn't equal fraud," Mr. Patton said.

Kwon will not attend the trial, which is expected to last around
two weeks, Reuters relays. He was arrested in Montenegro in March
2023 and is awaiting extradition to his native South Korea, where
he faces criminal charges. A Montenegro court on Friday delayed his
extradition after the prosecutor's office there voiced concerns
about the process.

Federal prosecutors in New York have also charged Kwon with fraud
and are seeking his extradition to the United States, Reuters
notes.

Kwon designed TerraUSD and Luna, a more traditional token that
fluctuated in value but was closely linked to TerraUSD.

The SEC estimates that investors lost more than $40 billion on the
two tokens combined when the TerraUSD peg to the dollar could not
be maintained in May 2022.

Their collapse also dragged down the value of other
cryptocurrencies, including bitcoin, and caused wider havoc in the
crypto market, leading several companies to file for bankruptcy in
2022, adds Reuters.

                         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 estimated assets and liabilities between $100
million and $500 million each.

The Debtor is represented by:

     Zachary I Shapiro, Esq.
     Richards, Layton & Finger, P.A.
     1 Wallich Street
     #37-01
     Guoco Tower 078881


ZHONGSEN TRADING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 15, 2024, to
wind up the operations of Zhongsen Trading Pte. Ltd.

Standard Chartered Bank (Singapore) Limited filed the petition
against the company.

The company's liquidators are:

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




=================
S R I   L A N K A
=================

SRI LANKA: Unexpectedly Cuts Interest Rates to Spur Growth
----------------------------------------------------------
Reuters reports that Sri Lanka's central bank lowered interest
rates by 50 basis points in an unexpected move on March 26 and said
there was space to ease policy further as it prioritises growth to
steer the economy out of its worst financial crisis in decades.

The Central Bank of Sri Lanka (CBSL) reduced the Standing Deposit
Facility Rate to 8.50% and the Standing Lending Facility Rate to
9.50%, catching markets by surprise as 11 out of 16 economists and
analysts polled by Reuters had expected rates to remain unchanged.

"Going forward, if we see that inflation on a stable basis remains
between 4%-5%, I see space for monetary policy to be reduced
further in the current cycle," Reuters quotes CBSL Governor P.
Nandalal Weerasinghe as saying.

Addressing a post-policy press conference, Weerasinghe noted that
monetary conditions still remain tight, adding current projections
suggest inflation will track between 4% to 5% over the next 12 to
18 months, Reuters relays.

The latest easing brings the total interest rate cuts to 700 basis
points since last year as Sri Lanka began a painful recovery after
slipping into its biggest economic crisis since independence from
the British in 1948.

"The decision seems to be very much driven by a desire to support
demand conditions and boost growth further, taking advantage of the
impact of electricity tariff reduction and appreciation of
currency," said Thilina Panduwawala, head of research at Frontier
Research.

Reuters notes that the bank had kept its policy rates unchanged in
January to tame inflation after a 3% sales tax increase at the
start of the year pushed up prices and boosted inflation to 5.9% in
February.

"The possible upside risks to inflation in the near term would not
materially change the medium-term inflation outlook, as economic
activity is projected to remain below par for an extended period,"
the central bank said in its policy statement.

Reuters relates that the decision to lower rates would help
maintain inflation at the targeted level of 5% over the medium
term, while enabling the economy to reach its potential, CBSL
added.

The central bank stressed the need for market interest rates to
continue to move down, and said demand conditions remain subdued
while the recent tax policy change was having a lower-than-expected
impact on inflation.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific in early
October 2023, Fitch Ratings upgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CCC-' from 'RD'
(Restricted Default). Fitch typically does not assign Outlooks to
sovereigns with a rating of 'CCC+' or below. The Long-Term
Foreign-Currency IDR has been affirmed at 'RD' and the Country
Ceiling at 'B-'.  The Short-Term Local-Currency IDR has been
downgraded to 'RD' from 'C' following the exchange of treasury
bills held by the central bank and subsequently upgraded to 'C' in
line with the Sovereign Rating Criteria, as Fitch believes the
local-currency debt exchange has now been completed.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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