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

                     A S I A   P A C I F I C

          Thursday, March 28, 2024, Vol. 27, No. 64

                           Headlines



A U S T R A L I A

AKASHA BREWING: First Creditors' Meeting Set for April 3
ALLROADS PTY: High Court Orders Builder Into Liquidation
BLACKWATTLE RMBS 4: S&P Assigns B(sf) Rating on Class F Notes
BUILD QLD: First Creditors' Meeting Set for April 4
ILLUMINATE COMMUNICATIONS: 1st Creditors' Meeting Set for April 3

MB CHADSTONE: First Creditors' Meeting Set for April 4
RESIMAC BASTILLE 2024-1NC: Moody's Assigns (P)B2 Rating to F Notes


C H I N A

AGILE GROUP: Moody's Lowers CFR to Caa2 & Unsecured Notes to Caa3
COUNTRY GARDEN: Hires Kroll to Carry Out Liquidation Analysis
ISETAN MITSUKOSHI: To Shut Shanghai Outlet After 27 Years
SENSETIME GROUP: Net Loss Widens to CNY6.4 Billion in 2023


H O N G   K O N G

HK01 COMPANY: Founder Yu Pun-hoi Declared Bankrupt


I N D I A

ASHOKA DESIGNS: Liquidation Process Case Summary
B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating
BALASORE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
BEST GOLDEN: Insolvency Resolution Process Case Summary

BHARAT CARRIERS: CRISIL Lowers Rating on INR1.23cr Term Loan to D
BHARAT MOTORS: CRISIL Lowers Long and Short Term Ratings to D
BHARAT MOTORS: CRISIL Lowers Rating on INR5.5cr Debt to D
CORODEX INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
DANESITA PHADNIS: Liquidation Process Case Summary

DEVSHAKTI FREE: Voluntary Liquidation Process Case Summary
DEWAN HOUSING: NCLT Admits Insolvency Plea Against Former Promoter
ENRICH SHREYA: Liquidation Process Case Summary
H R B FLORICULTURE: Voluntary Liquidation Process Case Summary
IMPERIAL AUTO: Voluntary Liquidation Process Case Summary

JASSI PROPERTIES: Insolvency Resolution Process Case Summary
JOVIAL TRADING: Voluntary Liquidation Process Case Summary
KANDIVLI BALAJI: Liquidation Process Case Summary
KOSAS INDUSTRIES: Insolvency Resolution Process Case Summary
LAGROWTH ASSOCIATES: Liquidation Process Case Summary

MAHARASHTRA AYURVED: Liquidation Process Case Summary
METROSTAR PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating
MOHAN MOTOR: CRISIL Keeps D Debt Rating in Not Cooperating
MUGHAL FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating
MUKTAR AUTOMOBILES: Insolvency Resolution Process Case Summary

MY OWN: Insolvency Resolution Process Case Summary
NANCY KRAFTS: CRISIL Keeps D Debt Ratings in Not Cooperating
NCR RAIL: Insolvency Resolution Process Case Summary
NIRMAL CARS: Liquidation Process Case Summary
OPTO IFRASTRUCTURE: Liquidation Process Case Summary

RAJAN JEWELLERY: CRISIL Keeps D Debt Rating in Not Cooperating
RAJDHANI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
RASH BUILDERS: CRISIL Moves D Debt Ratings to Not Cooperating
RC&M EXPERIENTIAL: Voluntary Liquidation Process Case Summary
RITESH EXPORTS: Voluntary Liquidation Process Case Summary

S A MULLA: CRISIL Keeps D Debt Ratings in Not Cooperating
SENAPATI MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
SITI NETWORKS: NCLT Adjourns Bankruptcy Hearing to April 3
SOMERSET ESTATE: Insolvency Resolution Process Case Summary
STANLEY HOTEL: Insolvency Resolution Process Case Summary

SWAPNIL TRADING: Voluntary Liquidation Process Case Summary
THERMOSOL GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
TRI-STAR CREATIVE: Voluntary Liquidation Process Case Summary
V M YARNS: CRISIL Keeps D Debt Rating in Not Cooperating Category
VAS INFRASTUCTURE: Insolvency Resolution Process Case Summary

VENUS GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
VINDHYAVASINI ISPAT: Insolvency Resolution Process Case Summary
WIZAMAN IMPEX: Insolvency Resolution Process Case Summary
YASHWANT SUGAR: Insolvency Resolution Process Case Summary


I N D O N E S I A

BUKIT MAKMUR: Moody's Affirms Ba3 CFR & Cuts Secured Notes to B1


N E W   Z E A L A N D

935 WHANGAPARAOA: Creditors' Proofs of Debt Due on April 26
FP COMMERCIAL: Court to Hear Wind-Up Petition on April 19
SIDAK ENTERPRISES: Creditors' Proofs of Debt Due on May 10
SNJ CONSTRUCTION: Court to Hear Wind-Up Petition on April 24
TALEGEO LIMITED: Court to Hear Wind-Up Petition on April 19



S I N G A P O R E

ARMADA 98/2 PTE: Moody's Rates $948MM Secured Term Loan 'B2'
B&S SERVICES: Court to Hear Wind-Up Petition on April 5
CRYSTAL-MOVEON: Court Enters Wind-Up Order
KITTY FOOD: Creditors' Proofs of Debt Due on April 22
SEA HUB: Creditors' Meetings Set for April 5

VEOLIA INDUSTRIAL: Commences Wind-Up Proceedings


V I E T N A M

SAIGON THUONG: Moody's Upgrades Deposit & Issuer Ratings to B2

                           - - - - -


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

AKASHA BREWING: First Creditors' Meeting Set for April 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Akasha
Brewing Company Pty. Ltd. will be held on April 3, 2024, at 11:00
a.m. at the offices of Vincents, Level 14, 25 Martin Place, in
Sydney, NSW, and via Zoom.

Henry McKenna of Vincents was appointed as administrator of the
company on March 20, 2024.


ALLROADS PTY: High Court Orders Builder Into Liquidation
--------------------------------------------------------
News.com.au reports that Queensland construction company Allroads
Pty Ltd has collapsed, plunging into jeopardy the fate of multiple
state government-funded building projects worth hundreds of
millions of dollars.

The Queensland Supreme Court ordered Allroads Pty into liquidation
on March 21.

Allroads specialised in civil construction and had taken on a
number of major road and defence projects in Brisbane, Townsville
and the Gold Coast adding up to more than AUD200 million. It was
headquartered in Larrapinta in outer Brisbane.

According to the report, the company had fallen into financial
strife recently, going into administration earlier this month while
at the same it was facing a winding up application from a pipe
supplier over an unpaid debt.

Ultimately at the court hearing last week, the registrar deemed
that Allroads should be shut down for good and appointed David
Stimpson of insolvency firm SV Partners as liquidator.

A CreditorWatch report obtained by news.com.au shows that the civil
engineering company had racked up a long list of payment defaults
in the past several months.

"There have been worrying signs these guys were not in a good place
for a long time with multiple subcontractors and suppliers walking
off sites due to unpaid bills," one person familiar with the matter
told news.com.au.

According to them, the administrators' investigations identified
that in all, there are 721 creditors owed AUD24.5 million. Of that,
145 staff are owed AUD3.9 million in wages, super and entitlements,
news.com.au discloses.

They said many of these creditors were small businesses "who will
feel the pinch if not break" from these massive losses.

News.com.au says Allroads reportedly had more than 12 multimillion
dollar jobs underway when it collapsed, including a AUD50 million
project for an Australian Defence Force base in Central Queensland,
a AUD35 million project for RAAF barracks in Townsville and a AUD92
million contract to build a metro depot in Brisbane's CBD.

The Queensland builder was classified as a large proprietary
company on the ASIC register.

Documents obtained by news.com.au show that in previous financial
years, it was experiencing a drop in profitability.

A report submitted by the company's directors shows that Allroads
made AUD413,000 in profit in 2020. That was a significant drop from
the year before, where the business made AUD1 million in profit.

At the time the document was submitted, at the end of 2022, the
business said it had total liabilities of AUD19.5 million,
news.com.au discloses.

Allroads claimed to have AUD28 million worth of assets at that
time.

News.com.au notes that insolvency firm Cor Cordis oversaw its
administration before the control of the business was passed to the
court-appointed liquidator, Mr. Stimpson.

In a statement to news.com.au, a Cor Cordis spokesperson said that
they had offered creditors a deed of company arrangement, or a
DOCA, where a portion of the debt is paid back.

But ultimately, creditors rejected this proposal and opted to place
the business into liquidation instead.

"Regrettably, the proposed Deed of Company Arrangement lacked
substantive provisions for providing returns to all creditors of
the company," a Cor Cordis spokesperson said.

"Consequently, as the winding up application had been filed before
the appointment of voluntary administrators, the court determined
it necessary to place the company into liquidation."

Cor Cordis noted that it had a prior relationship with the Allroads
Group, as it had previously been appointed to an affiliated company
called Allroads Plant Pty Ltd.

News.com.au contacted the liquidator, Mr. Stimpson, for comment
about the liquidation.

As reported in the Troubled Company Reporter-Asia Pacific on March
15, 2024, Darryl Kirk and Stephen Earel of restructuring advisory
firm Cor Cordis were appointed Voluntary Administrators of Allroads
Pty Ltd and Allroads Plant Pty Ltd on March 4, 2024.

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

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


BLACKWATTLE RMBS 4: S&P Assigns B(sf) Rating on Class F Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee for Blackwattle Series RMBS Trust No.4.
Blackwattle Series RMBS Trust No.4 is a securitization of prime
residential mortgage loans originated by Sintex Consolidated Pty
Ltd. (Sintex).

The ratings assigned reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread. S&P's assessment of credit risk takes into account Sintex's
underwriting standards and approval process, the servicing quality
of Sintex, and the support provided by the LMI policies on 0.4% of
the loan portfolio.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the LMI cover, the
interest-rate swap, the loss reserve, the liquidity facility, the
principal draw function, and the provision of an extraordinary
expense reserve. S&P's analysis is on the basis that the notes are
fully redeemed by their legal final maturity date, and it assumes
the notes are not called at or beyond the call-option date.

S&P's ratings also consider the counterparty exposure to Westpac
Banking Corp. as interest-rate swap provider, bank account
provider, and liquidity facility provider. An interest-rate swap
will be provided to hedge the mismatch between the fixed-rate
mortgage loans and the floating-rate obligations on the notes. The
transaction documents for the swap and facilities include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.

S&P has also factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.

  Ratings Assigned

  Blackwattle Series RMBS Trust No.4

  Class A1-S, A$100.00 million: AAA (sf)
  Class A1-L, A$240.00 million: AAA (sf)
  Class A2, A$29.60 million: AAA (sf)
  Class B, A$9.20 million: AA (sf)
  Class C, A$8.00 million: A (sf)
  Class D, A$5.60 million: BBB (sf)
  Class E, A$3.40 million: BB (sf)
  Class F, A$2.20 million: B (sf)
  Class G, A$2.00 million: Not rated


BUILD QLD: First Creditors' Meeting Set for April 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of Build QLD
Pty Ltd will be held on April 4, 2024, at 11:00 a.m. at the offices
of Rodgers Reidy, Level 2A, 181 Elizabeth Street, in Brisbane,
Queensland, and via telephone.

Kaily Lyn Chua and David James Hambleton were appointed as
administrators of the company on March 21, 2024.


ILLUMINATE COMMUNICATIONS: 1st Creditors' Meeting Set for April 3
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Illuminate
Communications Pty Ltd will be held on April 3, 2024, at 10:00 a.m.
via teleconference only.

John Vouris and Kathleen Vouris of Hall Chadwick were appointed as
administrators of the company on March 20, 2024.


MB CHADSTONE: First Creditors' Meeting Set for April 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of MB Chadstone
Pty Ltd, trading as Mama's Buoi Chadstone, will be held on April 4,
2024, at 10:00 a.m. at the offices of Rodgers Reidy Level 11, 385
Bourke Street, in Melbourne, Victoria, and via online video
conferencing.

Brent Leigh Morgan and Neil Stewart Mclean of Rodgers Reidy were
appointed as administrators of the company on March 21, 2024.


RESIMAC BASTILLE 2024-1NC: Moody's Assigns (P)B2 Rating to F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Perpetual Trustee Company Limited as
trustee of the RESIMAC Bastille Trust in respect of the RESIMAC
Series 2024-1NC.

Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC
Bastille Trust in respect of the RESIMAC Series 2024-1NC

AUD150.0 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD450.0 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD60.0 million Class AB Notes, Assigned (P)Aaa (sf)

AUD47.25 million Class B Notes, Assigned (P)Aa2 (sf)

AUD13.50 million Class C Notes, Assigned (P)A2 (sf)

AUD8.25 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.0 million Class E Notes, Assigned (P)Ba2 (sf)

AUD6.375 million Class F Notes, Assigned (P)B2 (sf)

The AUD5.625 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by Resimac Limited (RESIMAC,
unrated).

Resimac is an Australian non-bank lender, specialising in
non-conforming and prime residential mortgage lending. In 2020,
Resimac expanded its lending into asset finance, providing auto and
equipment loans to commercial and consumer obligors. As of December
31, 2023, Resimac's Australian mortgage portfolio was around
AUD12.5 billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes' balance, the legal structure, the
experience of Resimac as servicer and the presence of Perpetual
Trustee Company Limited as the backup servicer.

Moody's MILAN Stressed Loss — representing the loss that Moody's
expects the portfolio to suffer in the event of a severe recession
scenario — is 8.4%. Moody's expected loss for this transaction is
1.2%.

According to Moody's, the Class A1 and Class A2 (together, the
Class A Notes) benefit from 20.0% subordination, compared with the
8.4% MILAN Stressed Loss. The transaction challenges include a
relatively high proportion of loans to self-employed borrowers (at
least 72.4%) and further 9.4% of loans to company borrowers.

Other transactional features are as follows:

-- Initially, principal payments will be made sequentially,
starting with the Class A1 Notes. All classes of notes, excluding
Class G and Class Z Notes, will start receiving their pro-rata
share of principal on a payment date 24 months after closing,
provided that step-down test is met. The step-down test provisions
include, among others, full repayment of the Class A1 Notes and no
unreimbursed charge-offs. Principal payments will revert to
sequential on and after the call option date, occurring on the
earlier of the payment date falling in April 2028 or when the
invested balance of notes falls below 20% on the initial balance of
the notes.

-- Under the retention mechanism, prior to the call date, a
certain proportion of excess spread remaining after reimbursement
of losses and carry-over charge-offs will be used to repay
principal on the junior Notes, starting with the Class F Notes,
thereby limiting their exposure to losses. Issuance of an
equivalent amount of subordinated Class Z Notes at the same time
will preserve the level of credit enhancement available to the more
senior ranking notes.

-- The servicer is required to maintain the weighted average
interest rates on the mortgage loans at a level sufficient for the
trust to meet the required payments when due, plus 0.25%.

Key pool features are as follows:

-- The pool has a weighted average scheduled LTV of 71.1%.

-- The pool has a weighted average seasoning of 15.0 months.

-- Alternative documentation loans make up around 91.8% of the
pool.

-- The pool has a relatively high exposure to Gold Coast,
Queensland (6.6%).

Methodology Underlying the Rating Action:

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

This methodology relates to Australian transactions.

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

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

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance,
and fraud.




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

AGILE GROUP: Moody's Lowers CFR to Caa2 & Unsecured Notes to Caa3
-----------------------------------------------------------------
Moody's Ratings has downgraded Agile Group Holdings Limited's
corporate family rating to Caa2 from Caa1.

At the same time, Moody's has downgraded the following ratings:

-- The senior unsecured rating on Agile's senior unsecured notes
maturing in 2025 to Caa3 from Caa2; and

-- The senior unsecured rating on Agile's senior unsecured
perpetual notes to Ca from Caa2.

Moody's has maintained the negative outlook on the ratings.

"The rating downgrades and negative outlook mainly reflect Agile's
heightened default risk given its material debt maturities over the
next 6-12 months, and weak liquidity because of continued sluggish
sales and constrained funding access. They also reflect Moody's
expectation of weak recovery prospects for creditors if the company
were to default," says Daniel Zhou, a Moody's Assistant Vice
President and Analyst.

RATINGS RATIONALE

Agile faces high refinancing and default risks for its sizable
amount of debt maturities over the next 6-12 months. A total of
RMB9.0 billion-equivalent bonds will mature or become puttable by
March 2025, including a HKD2.4 billion exchangeable offshore bond
puttable in November 2024 and a $500 million offshore bond maturing
in January 2025.

Moody's assesses Agile's liquidity will be insufficient to meet all
of the company's payment obligations over the next 6-12 months,
absent any material new fundraising or asset disposals.

The company's weak sales will also strain its ability to generate
operating cash flow as a source of debt repayment. Moody's
forecasts Agile's contracted sales will further drop meaningfully
over the next 12-18 months after a decline of around 30% to RMB45.3
billion in 2023. Weaker economic growth prospects and concerns over
on-time project completion, particularly for weaker privately owned
developers, continue to hinder homebuyer confidence.

Agile actively raised funds over the past two years to address its
earlier matured debt, including equity placements, asset disposals
and domestic bond issuances. However, the scale and timing of
further fundraising to fully address its sizable debt maturities
are uncertain given the restricted funding access for privately
owned developers and prolonged market weakness.

The Caa3 senior unsecured rating on Agile's USD notes maturing in
2025 is one notch lower than its CFR because of the risk of
structural subordination. This subordination risk reflects the fact
that most of Agile's claims are at the operating subsidiaries and
have priority over claims at the holding company 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 Ca senior unsecured rating on Agile's perpetual USD notes is
two notches lower than its CFR. This reflects both the risk of
structural subordination and a meaningfully higher expected loss
for bondholders of the perpetual notes in a bankrupty scenario,
because the company will likely continue deferring coupon payments
that constitute a substantial portion (around 30%) of these
instruments' principal amount over the next 12-18 months.

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

Moody's could downgrade the ratings if Agile defaults on its debt
repayment obligations or the recovery prospects for the company's
creditors deteriorate further.

Moody's would further lower the ratings on the perpetual notes —
relative to Agile's CFR — if the company continues to defer
coupon payments.

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could emerge if Agile
successfully addresses its near-term debt repayment and improves
its operating cash flow, liquidity and access to funding over the
next 12-18 months.

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

Agile operates primarily in property development in China. As of
the end of June 2023, the company had a land bank with a planned
gross floor area of 38.6 million square meters.


COUNTRY GARDEN: Hires Kroll to Carry Out Liquidation Analysis
-------------------------------------------------------------
Reuters reports that Country Garden has hired Kroll to carry out a
liquidation analysis ahead of a court hearing in mid-May, according
to three sources, as the embattled Chinese developer pushes ahead
with its offshore debt restructuring plan.

Kroll, the New York-headquartered financial advisory firm, is
expected to conduct an independent business review of Country
Garden before projecting a recovery rate for the developer's
creditors under a liquidation scenario, Reuters relates citing
sources with direct knowledge of the matter.

Country Garden, China's biggest private developer, received a
liquidation petition last month for non-payment of a $205 million
loan and is facing the first court hearing in the case on May 17.

The sources declined to be named because the information remained
confidential.

Country Garden and its advisor KPMG declined to comment. Kroll did
not respond to Reuters queries on March 27.

In restructuring cases, companies must conduct an independent
liquidation analysis to assess potential recovery rates for
creditors for debt restructuring schemes, as well as for
liquidation court hearings, legal experts said, Reuters relays.

China's property sector has lurched from one crisis to another
since 2021 after a regulatory crackdown on high leverage among
developers triggered a liquidity crisis.

Kroll is in the early stages, and it might take a few months for
the creditors to see the results of the analysis, said the three
sources, according to Reuters.

Country Garden saw its $11 billion of offshore debts in default
after missing a key payment last October. The developer has
previously hired KPMG and law firm Sidley Austin as advisers to
examine its capital structure and liquidity position and formulate
what it called a "holistic" solution for creditors.

The role of Kroll will be separate from that task, according to the
sources.

In a similar arrangement, property giant China Evergrande picked
Deloitte for a liquidation analysis, and cited the low recovery
rate of 3.4% to fight back a liquidation petition before a court
ruled its winding up in January, Reuters notes.

Two major groups of Country Garden creditors, one formed with
bondholders and another with banks, have been in talks with KPMG
for the debt restructuring plan since January, said the three
sources, adds Reuters.

                        About Country Garden

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

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

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

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


ISETAN MITSUKOSHI: To Shut Shanghai Outlet After 27 Years
---------------------------------------------------------
Yicai Global reports that Isetan Mitsukoshi Holdings is shuttering
its flagship department store in Shanghai's Westgate Mall on
Nanjing Road, one of the world's busiest shopping streets, after 27
years of operations as it becomes the latest department store to
fall victim to a sweeping change in China's shopping habits, the
Japanese department store operator said March 25.

The Westgate Isetan Department Store will close on June 30 when its
lease expires, a company insider told Yicai. The Tokyo-based firm
decided last year not to renew the lease, he added.

Isetan, which used to be one of the most fashionable shops on
Chinese cities' highstreets, will now only be left with one outlet
on the mainland, the Renhan Isetan in Tianjin, Yicai relates.

New retail formats, such as shopping malls, pop-up stalls and
e-commerce, have replaced the popular department store, leading to
a wave of closures. Isetan shut its first store in the Chinese
mainland, the Huating Isetan on Shanghai's Huaihai Road, back in
2008 and many others subsequently. Another store in downtown
Tianjin will shut on April 14, Yicai notes.

Yicai relates that an older generation will remember the Westgate
Isetan which was one of the most popular shopping destinations,
along with Plaza 66 and Citic Square, on Nanjing Road. But they
have proved no match for a new form of shopping mall that offers a
more diversified and abundant array of goods, not to mention online
retail, that have proved more popular with younger people.

Around 21 department stores were shuttered in China last year,
according to e-retailer Linkshop's research center. This includes
city landmarks run by major department store chains such as
Taiwan's Pacific Sogo, Japan's Aeon, Malaysia's Parkson and Hong
Kong's New World Department Store.


SENSETIME GROUP: Net Loss Widens to CNY6.4 Billion in 2023
----------------------------------------------------------
The Standard reports that SenseTime Group Inc. said its net loss
widened by 6.6 percent to CNY6.44 billion last year from a year
ago, as revenue from the non-generative AI business dropped.

Revenue during the period decreased 10.6 percent to CNY3.4 billion
from the previous year due to a drop in sales from its
non-generative AI business, or so-called traditional AI businesses,
according to the company.

SenseTime grouped its businesses including the smart city projects
that utilize its surveillance tech as traditional AI businesses.

The traditional AI business posted a 41.1 percent decline in sales
to CNY1.84 billion last year, The Standard discloses.

Its proportion in the firm's total revenue decreased to 53.9
percent in 2023 from 81.9 percent in 2022.

Its generative AI revenue increased by 199.9 percent to CNY1.18
billion in 2023 thanks to strong demand.

The Standard adds that the firm said it has begun to commercialize
its generative AI-related application products, supported by its AI
model.

Headquartered in Shanghai, SenseTime Group Inc. (HKEX:0020) --
https://www.sensetime.com/ -- an investment holding company,
engages in developing and selling artificial intelligence software
platforms in the People's Republic of China, Northeast Asia,
Southeast Asia, and internationally. The company offers
SenseFoundry Enterprise Platform to facilitate and accelerate the
digital transformation of enterprise customers; SenseFoundry
Platform for smart cities; SenseME that enables various IoT devices
to facilitate perceptial intelligence and content enhancement;
SenseMARS, a software platform that serves as the key enabling
technology for the Metaverse applications; SenseCare Smart Health
Platform, a high-performance diagnostic and treatment assistance
solution; SenseAuto Platform that provides automobile companies
with advanced driver assistance systems and smart cabin systems, as
well as AI services; and Sensetime Education that builds an AI
education system. It also offers management consulting services;
system integration and software development products and services;
AI technology consulting and IC design services; engages in the
development of computer vision technology and provision of related
services, as well as digital culture creativity activities;
researches and develops AI technology; and develops and sells AI
sensor technology and system integration technology. In addition,
the company offers advertisement publishing services; leasing and
business, catering, education, information transportation, and
software and information services; sells cultural products; engages
in equity investments and investment management activities; and
sells software and hardware products. It serves commercial space
management, residential property management, manufacturing,
infrastructure, transportation, financial services, and other
sectors.




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

HK01 COMPANY: Founder Yu Pun-hoi Declared Bankrupt
--------------------------------------------------
The Standard reports that online media HK01 founder Yu Pun-hoi was
declared bankrupt on March 26 for failing to repay his debt of more
than HK$416 million to an investment bank.

The Standard relates that locally based CCB International Overseas
Ltd had previously filed a bankruptcy petition against Yu at the
High Court. It was reported that a company owned by Yu, Pippen Ltd,
owes CCB International Overseas more than HK$416 million.

According to The Standard, CCB sued Pippen Ltd, Yu and Dadi
International in June 2022, saying it had bought bonds from Pippen
in March 2017, with Dadi and Yu as guarantors. But Pippen failed to
repay the debt in full according to schedule.

The Standard relates that Yu's legal representative on March 26
requested to adjourn the hearing, allowing time for submitting a
500-page audit report prepared by ShineWing CPA Limited. However,
the request was turned down by High Court judge Sara Tong See-pui,
who said it was a "last ditch effort" to delay the hearing.

Tong then proceeded to order Yu into bankruptcy after hearing
submissions from both sides, the report adds.

HK01 Company Limited operates Hong Kong-based online news portal.




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

ASHOKA DESIGNS: Liquidation Process Case Summary
------------------------------------------------
Debtor: Ashoka Designs LLP
        111A, Park Street, Shree Tower
        2nd Floor (South), Suite 201
        Kolkata, West Bengal 700016

Liquidation Commencement Date: March 12, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Brinda Bidasaria
            Siddha Weston, 9 Weston Street
            Unit 107, 1st Floor, Kolkata 700013
            Email: cabrindadalmia@gmail.com
            Email: ashoka.cirp@gmail.com

Last date for
submission of claims: April 12, 2024


B. R. STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B. R. Steel
Products Private Limited (BRSPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8.26      CRISIL D (Issuer Not
                                     Cooperating)

   Pre Shipment Credit     6.00      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BRSPPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

During March 2004, BRSPPL was acquired by Mr. J K Dholakia. The
company is engaged in manufacturing ceramic colours and is an
export oriented unit. The unit is located in MIDC, TTC Industrial
Area, Navi Mumbai. The company has a manufacturing capacity of 3000
tpa.


BABA NAGA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Baba Naga
Rice and General Mills (BNRGM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)
   Proposed Working
   Capital Facility       4          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BNRGM for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

BNRGM was incorporated by Mr. Rajpal Chadha in 1983.The firm is
currently managed by Mrs. Surestha Rani & his son Mr. Saurav Chadha
& daughter in law Ms Anchal Chadha. Since beginning, firm is
engaged in milling and sorting of basmati as well as nonbasmati
rice. It sells 1121 variety of basmati rice. The firm has a rice
milling and sorting facility based in Amritsar, Punjab with an
installed capacity of 12 tonnes per hour.


BALASORE MARINE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Balasore
Marine Exports Private Limited (BMEPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing        12.0        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Long Term     0.2        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with BMEPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

BMEPL processes and exports sea food especially prawns. The unit
has an installed processing capacity of 20 metric tonne per day. It
is promoted and managed by Mr Gyana Ranjan Dash and Mr Manoranjan
Panda.


BEST GOLDEN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Best Golden Developers Private Limited
No. 8, Tumkur Road NH. 4,
        Yeshwanthpur, Bangalore,
        Karnataka, India 560022

Insolvency Commencement Date: February 16, 2024

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

Court: National Company Law Tribunal, Belgaum Bench

Insolvency
Professional: Pavitra S Vyas,
       CCB 52, 3rd Floor,
              Opp. Shivaji Garden,
              Dr. SPM Road, Khade Bazar,
              Shahapur, Belagavi 590 003,
              Email: cspavitravyas@gmail.com

              F-1, Manoj Arcade Guruwarpeth,
              Tilakwadi - 590006
              Email: bestcirp@gmail.com

              1. Mr. Narayana Kamma
                 E-1807, Leo, Brigade Gateway Apartments,
                 Dr. Rajkumar road,
                 malleshwaram-west , Orion mall,
                 Bangalore, Karnataka  S60055

              2. Mr. Surendra Devasani
                 1436, Anasuya Nilaya, 2nd Floor, 8th Cross,
                 10th Main, BTM 2nd Stage, Bangalore, Karnataka,
560076

              3. Mr. TVS Siva Prasad
                 Flat# C-339, Mahaveer Zephyr, Kodi Chikkana Halli,

                 Near Easyday, Bangalore, Karmataka, 560076

Last date for
submission of claims: March 25, 2024


BHARAT CARRIERS: CRISIL Lowers Rating on INR1.23cr Term Loan to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Bharat Carriers Limited (BCL; part of the Bharat group) to 'CRISIL
D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             0.83        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan             1.23        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with BCL for
obtaining information through letters and emails dated November 24,
2022, January 30, 2023 and March 15, 2024 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BCL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BCL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded the rating on the bank facilities of BCL to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' as there have been delays in repayments of interest
and debt obligations of the group.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of BCL, Shree Bharat Motors
Limited (SBML), and Bharat Motors Ltd (BML). This is because the
three companies, collectively referred to as the Bharat group, are
all engaged in the automotive industry and are under a common
management. All three companies are expected to receive funding
support from the promoters in case of exigencies.

                          About the Group

BCL was originally established in 1992 as a partnership firm by the
Didwania family. The firm was reconstituted as a closely held
limited company in 2002. The company is in the road transportation
business.

BML was originally established in 1980 as a partnership firm by the
Didwania family, and was reconstituted as a closely held limited
company in 1995. The company is an authorised dealer for Hero Moto
Corp (since 1985) and General Motors (since 1998). It became the
sole dealer for Volkswagen India in Odisha in 2010 and for Piaggio
in July 2013. It started dealership of Mahindra & Mahindra Ltd's
vehicles and TVS Motor Company's two-wheelers in 2014. BML,
promoted by Mr. Jai Prakash Didwania and Mr. Om Prakash Didwania,
is based in Bhubaneswar.

SBML, set up in 1999, started operations as a dealer of Tata Motors
Ltd's passenger cars. The company now also deals in vehicles of
Bajaj Auto Ltd (from 2005), Action Construction Equipment Ltd
(2011), Daimler India Commercial Vehicles Pvt Ltd (2012), and Fiat
Group Automobiles India Pvt Ltd (2013). The company, based in
Bhubaneswar, is promoted by Mr. Jai Prakash Didwania and Mr. Om
Prakash Didwania.


BHARAT MOTORS: CRISIL Lowers Long and Short Term Ratings to D
-------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Shree Bharat Motors Limited (SBML, part of Bharat Carriers group)
to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SBML for
obtaining information through letter and email dated September 11,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SBML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBML
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded the rating on the bank facilities of SBML to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' as there have been delays in repayments of
interest and debt obligations of the group.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SBML, Bharat Carriers
Limited (BCL), and Bharat Motors Ltd (BML). This is because the
three companies, collectively referred to as the Bharat group, are
all engaged in the automotive industry and are under a common
management. All three companies are expected to receive funding
support from the promoters in case of exigencies.

                          About the Group

BCL was originally established in 1992 as a partnership firm by the
Didwania family. The firm was reconstituted as a closely held
limited company in 2002. The company is in the road transportation
business.

BML was originally established in 1980 as a partnership firm by the
Didwania family, and was reconstituted as a closely held limited
company in 1995. The company is an authorised dealer for Hero Moto
Corp (since 1985) and General Motors (since 1998). It became the
sole dealer for Volkswagen India in Odisha in 2010 and for Piaggio
in July 2013. It started dealership of Mahindra & Mahindra Ltd's
vehicles and TVS Motor Company's two-wheelers in 2014. BML,
promoted by Mr. Jai Prakash Didwania and Mr. Om Prakash Didwania,
is based in Bhubaneswar.

SBML, set up in 1999, started operations as a dealer of Tata Motors
Ltd's passenger cars. The company now also deals in vehicles of
Bajaj Auto Ltd (from 2005), Action Construction Equipment Ltd
(2011), Daimler India Commercial Vehicles Pvt Ltd (2012), and Fiat
Group Automobiles India Pvt Ltd (2013). The company, based in
Bhubaneswar, is promoted by Mr. Jai Prakash Didwania and Mr. Om
Prakash Didwania.

Status of noncooperation with previous CRA

SBML has not cooperated with Credit Analysis & Research Ltd (CARE)
which has classified the company as non-cooperative through a
release dated Jan 04, 2023. The reason provided by CARE is
non-furnishing of information for monitoring of ratings.


BHARAT MOTORS: CRISIL Lowers Rating on INR5.5cr Debt to D
---------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Bharat Motors Limited (BML) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable Issuer Not Cooperating' as there have been
delays in repayments of interest and debt obligations of the
group.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Channel Financing     1.85       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      2.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      2         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      3         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      1.15      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      5.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Corporate Loan         0.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              1.17      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              0.29      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              0.37      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with BML for
obtaining information through letters and emails dated November 24,
2022, January 16, 2023 and March 15, 2024 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of BML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BML
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded the rating on the bank facilities of BML to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating' as there have been delays in repayments of interest
and debt obligations of the group.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of BML, Shree Bharat Motors
Limited (SBML), and Bharat Carriers Limited (BCL). This is because
the three companies, collectively referred to as the Bharat group,
are all engaged in the automotive industry and are under a common
management. All three companies are expected to receive funding
support from the promoters in case of exigencies.

BCL was originally established in 1992 as a partnership firm by the
Didwania family. The firm was reconstituted as a closely held
limited company in 2002. The company is in the road transportation
business.

BML was originally established in 1980 as a partnership firm by the
Didwania family, and was reconstituted as a closely held limited
company in 1995. The company is an authorised dealer for Hero Moto
Corp (since 1985) and General Motors (since 1998). It became the
sole dealer for Volkswagen India in Odisha in 2010 and for Piaggio
in July 2013. It started dealership of Mahindra & Mahindra Ltd's
vehicles and TVS Motor Company's two-wheelers in 2014. BML,
promoted by Mr. Jai Prakash Didwania and Mr. Om Prakash Didwania,
is based in Bhubaneswar.

SBML, set up in 1999, started operations as a dealer of Tata Motors
Ltd's passenger cars. The company now also deals in vehicles of
Bajaj Auto Ltd (from 2005), Action Construction Equipment Ltd
(2011), Daimler India Commercial Vehicles Pvt Ltd (2012), and Fiat
Group Automobiles India Pvt Ltd (2013). The company, based in
Bhubaneswar, is promoted by Mr. Jai Prakash Didwania and Mr. Om
Prakash Didwania.


CORODEX INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Corodex
Infrastructure Private Limited (CIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          9         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             2         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       14         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     10         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with CIPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

CIPL was incorporated in June 2013 by Mr Prakash Arun. It is
engaged in electrical infrastructure supply, erection,
commissioning of transmission line, grid substation, power
substation and mechanical work on turnkey basis. The company is
active in various fields such as airport development, metro rail
project, and construction of tunnels, industrial plants, five star
hotels, residences and hospitals.


DANESITA PHADNIS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Danesita Phadnis Food Industries Limited
        "Kalpavriksh", 2nd Floor
        S.NO. 46/1C/1 D.P. Road
        Karve Nagar, Pune
        Maharashtra 411052 IN

Liquidation Commencement Date: February 23, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Vishal Ghisulal Jain
            D-1902, Palm Beach Residency
            Amey CHS Ltd., Plot No. 24-29
            Sector-4, Nerul (West)
            Navi Mumbai, Maharashtra 400706
            Email: vishal@resolvegroup.co.in

               -- and --

            c/o Resolve-IPE Private Limited
            Office No. V-3073
            Akshar Business Park, Sector 5
            Vashi, Navi Mumbai 400705
            Email: dpfil@resolvegroup.co.in

Last date for
submission of claims: April 11, 2024


DEVSHAKTI FREE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Devshakti Free Electric Private Limited
        House No. 63, First Floor, H-3 Block
        Vikaspuri, New Delhi 110018

Liquidation Commencement Date: March 11, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Shailesh Dayal
            2/6-A, LGF, Jungpura A
            New Delhi 110014
            Email: shaileshdayal@gmail.com
            Phone: 9811255855

Last date for
submission of claims: April 10, 2024


DEWAN HOUSING: NCLT Admits Insolvency Plea Against Former Promoter
------------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) in Mumbai has admitted Union Bank of India's application to
initiate insolvency resolution against Dheeraj Wadhawan, erstwhile
promoter of Dewan Housing Finance Ltd (DHFL) for the default of
INR3,958 crore by the company, where he had provided a personal
guarantee.

ET relates that the tribunal has also appointed Devendra Mehta as
the resolution professional (RP) to ascertain the claims of lenders
and personal assets of Wadhawan.

DHFL had availed various term loan facilities to over INR4,000
crores and working capital facilities to INR450 crores, from the
financial creditor, ET says. Wadhawan had provided unconditional
and irrevocable guarantees towards the credit facilities granted by
the public sector lender to the DHFL.

According to ET, Ashish Pyasi, Partner, Aendri Legal, said, on
admission of the petition, the process for insolvency resolution
starts which includes starting of a moratorium so that there is no
further prosecution against the personal guarantor.

"The resolution professional will be calling for the claims from
the creditor and will prepare a list of them," ET quotes Pyasi as
saying. "The personal guarantor shall prepare a repayment plan with
resolution professional which will be placed before the committee
of creditors and once approved same shall be submitted to the
authority for final approval," he added.

Before the tribunal's order, the lender had argued that, as per the
facility agreement with DHFL, as the company defaulted on payment,
the bank had issued an invocation cum demand notice to the personal
guarantor to pay the outstanding of INR3,958 crore on August 31,
2020., according to ET. As Wadhawan, being a personal guarantor did
not reply to date to the demand notice, the bank had initiated this
proceeding against him.

While countering this, Dheeraj Wadhawan, through his counsel argued
that the demand notice, as mandated under the Insolvency &
Bankruptcy Code (IBC), has not been served upon him to date.

He further argued that the lender through its advocate, sought to
serve a copy of the petition upon him at Taloja Jail, Navi Mumbai.
Thus the bank was at all relevant times aware that the respondent
(Wadhawan) was in judicial custody, and despite this knowledge, the
lender failed to serve the demand notice as required under the IBC,
ET relays.

ET adds that the tribunal in its order had observed that the Andhra
Bank and Corporation Bank were amalgamated into UBI by Notification
of March 4, 2020. Hence, all facilities granted and disbursed by
UBI, Andhra Bank and Corporation Bank are considered to have been
granted and disbursed by UBI. This led to total credit facilities
sanctioned by UBI, Andhra Bank and Corporation Bank at INR4,459.51
crores.

                             About DHFL

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific, Deccan
Herald said the Mumbai bench of the National Company Law Tribunal
(NCLT) on Dec. 2, 2019, admitted a petition by the Reserve Bank of
India (RBI) seeking bankruptcy proceedings to resolve DHFL.  The
move came in after the Reserve Bank on Nov. 29, 2019, made an
application for bankruptcy proceedings to resolve the credit and
liquidity crisis at the company, which became the first financial
sector player being sent for bankruptcy.  RBI appointed R
Subramaniah Kumar as the company's administrator.  Financial
creditors to DHFL have submitted claims worth INR86,892 crore
against the mortgage lender, BloombergQuint disclosed.

In September 2021, Piramal Capital acquired DHFL for the
consideration of INR34,250 crore and merged following a resolution
under the IBC.

According to The Economic Times, the creditors of DHFL (including
FD holders) had recovered an aggregate amount of INR38,000 crore
from the resolution process of DHFL at the time of approval of the
plan. Around 94% of the creditors had voted in favor of Piramal's
resolution plan, which had proposed a recovery of about 46% for the
lenders.


ENRICH SHREYA: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Enrich Shreya Marine Infrastructures Private Limited
32/33 Gopal Bhuwan, 2nd Floor, 199
        Princess Street Mumbai-400002
        Maharashtra

Liquidation Commencement Date: February 27, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Hajari Lal Saini
     704 A wing N.G Sterling,
            Opp. Quenn Marry High School,
            Old Golden Nest, Mira Bhayander Road,
            Mira Road (E)-401107
            Thane, Maharashtra
            Email: cahlsaini@rediffmail.com

            102, OSIA Friendship CHS Ltd, JP Road
            Opp. Ram Mandir, Gaothan Lane No. 04,
            Andheri (W), Mumbai-400058
            Email: enrich.cirp@gmail.com

Last date for
submission of claims: March 31, 2024


H R B FLORICULTURE: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: H R B Floriculture Limited
        A-28, Ram Nagar Shastri Nagar
        Jaipur, Rajasthan
        India 302016

Liquidation Commencement Date: March 9, 2024

Court: National Company Law Tribunal, Jaipur Bench

Liquidator: Satyendra Prasad Khorania
            402, 4th Floor, O K Plus
            D P Metro, Opp. Pillar No. 94
            New Sanganer Road
            Jaipur, Rajasthan 302019
            Email: skhorania@live.com

Last date for
submission of claims: April 8, 2024


IMPERIAL AUTO: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Imperial Auto Nylon Tubig Limited
202, Kushal Bazar,
        32-33, Nehru Place,
        New Delhi-110019

Liquidation Commencement Date: February 24, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Sunil Kumar Agarwal
     904, GF, Sector-7C Faridabad-121006
            NCR New Delhi
            Email: vliqimperial2024@gmail.com
            Email: aggarwalsk21@yahoo.com
            Mobile No: 91-9319703648

Last date for
submission of claims: March 25, 2024


JASSI PROPERTIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jassi Properties & Construction Private Limited
P 30/3 CIT Road, Scheme VI M, First Floor,
        Phool Bagan, Kolkata -700 054, West Bengal

Insolvency Commencement Date: March 1, 2024

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

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Soumitra Lahiri
       Flat 14D & E, Tower- 32, Genexx Valley,
              Joka, Diamond Harbour Road, Kolkata - 700104
              Email: slahiri0207@gmail.com
              Cell: +91 8420969857
              Email: ibc.jassi@gmail.com

Last date for
submission of claims: March 18, 2024



JOVIAL TRADING: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: JOVIAL TRADING COMPANY PRIVATE LIMITED
1ST FLOOR, 13 MATHEW ROAD, BHUPATI CHAMBERS,
MUMBAI, Maharashtra, India, 400004

Liquidation Commencement Date: February 23, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Bharat Ramakant Upadhyay
     507, 5th floor, C2 Wing, Skyline Wealth Space,
            Skyline Oasis Complex, Premier Road,
            Near Vidyavihar Station,
            Ghatkopar-West, Mumbai-400086
            Contact No:  9833284483
            Email: brupadhyay@hotmail.com
            Email: brupadhyay.irp@gmail.com

Last date for
submission of claims: March 23, 2024


KANDIVLI BALAJI: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Kandivali Balaji Investment Private Limited
Gajalaxmi Apartments, Babhi Naka,
        Borivali (W), Mumbai
        Maharashtra 400067 India

Liquidation Commencement Date: December 19, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Rajneesh Jaiswal
     Tower 1, Flat No. 901, Rustomjee Ozone CHS Ltd.
            Goregaon Mulund Link Road
            Goregaon (W) Mumbai - 400104
            Email: jaiswalip2022@gmail.com

            B-107/108, Rolex Shopping Centre, 1st Floor,
            Station Road,
            Goregaon West, Mumbai - 400104
            Email: liquidatorkandivalibalajirj@gmail.com

Last date for
submission of claims: January 17, 2024


KOSAS INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kosas Industries Private Limited
        Registered Address:
        331-A, Badamwadi
        Shop No. 74, 1st Floor
        Kalbadevi Road, Mumbai
        Maharashtra 400002 IN

Insolvency Commencement Date: February 29, 2024

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Jeetendra Rajpal Daryani

Interim Resolution
Professional: Jeetendra Rajpal Daryani
              B-504, Atlantis, Main Street
              Hiranandani Gardens
              Powai, Mumbai City
              Maharashtra ,400076
              Email: nikhil564@yahoo.com
              Email: ip.kosas@gmail.com

Last date for
submission of claims: March 14, 2024


LAGROWTH ASSOCIATES: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Lagrowth Associates Private Limited
        B-26, B-Block
        Jhilmil Industrial Area
        Delhi, DL - 110095

Liquidation Commencement Date: March 12, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Soniya Gupta
            C-501, Shree Balaji CGHS Ltd.
            Plot No. 37, Sector-6
            Dwarka, New Delhi 110075
            Email: ipsoniyag@gmail.com

            -- and --

            135 LGF, SS Plaza
            Mahavir Enclave, Palam Dabri Road
            New Delhi - 110045 India
            Email: cirp.lagrowthapl@gmail.com

Last date for
submission of claims: April 11, 2024


MAHARASHTRA AYURVED: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: M/s Maharashtra Ayurved Center Private Limited
55, Aradhana, Flat No.1, Amchi Colony, Pashan Nda Road,
        Bawdhan Khurd, Pune, Maharashtra, India, 411021

Liquidation Commencement Date: February 22, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Ms. Ashok Mital
     S-138, B Wing Express Zone Mall,
            Western Express Highway Goregaon East,
            Mumbai Suburban, Maharashtra, 400063
            Email: ashokmittal2020@gmail.com
            Email: macpl.cirp@gmail.com

Last date for
submission of claims: March 23, 2024


METROSTAR PRINT: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Metrostar
Print Solutions Private Limited (MPSPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.26        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             8.74        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MPSPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MPSPL, incorporated in 2011, is setting up a unit for manufacturing
offset printing plates that are used in the printing industry. The
proposed facility is located at Taloja (Maharashtra). The company
is promoted by Mr. Mukund Bhuta and his wife, Mrs. Hetal Bhuta.


MOHAN MOTOR: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mohan Motor
Udyog Private Limited (MMUPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             65        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MMUPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1986 and promoted by Mr Sandip Kumar Bajaj and Mr
Gaurav Bajaj, MMUPL was an authorised dealer for Maruti Suzuki
India Ltd till March 2014, when it acquired dealership of Hyundai
Motor India Ltd vehicles. It has two exclusive showrooms with three
extension counters and one workshop in Kolkata.


MUGHAL FOUNDATION: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mughal
Foundation Mall (MFM) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          8         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MFM for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

MFM operates a 1.23 lakh square feet commercial mall in
Kodungallur. It was established in 2012 as a partnership firm by Mr
Mohamed Ali (who manages the operations) and his family.


MUKTAR AUTOMOBILES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Muktar Automobiles Private Limited
House No. Plot No 92/93/94 Pileme Industrial Estate,
        North Goa, Bardez,
        Goa, India, 403511

Insolvency Commencement Date: March 13, 2024

Estimated date of closure of
insolvency resolution process: September 9, 2024

Court: National Company Law Tribunal, Jaipur Bench

Insolvency
Professional: Garima Diggiwal
       91, Moji Colony, Malviya Nagar,
              Jaipur, Rajasthan, 302017
              Email: garima286@gmail.com
              Email: cirp.muktaraautomabiles@gmail.com

Last date for
submission of claims: March 27, 2024


MY OWN: Insolvency Resolution Process Case Summary
--------------------------------------------------
Debtor: M/S MY OWN ECO ENERGY PRIVATE LIMITED
        401-406A WING 4TH FLR MHATRE PEN BUILDING
        SENAPATI BAPAT MARG
        BABASAHEB AMBEDKAR NAGAR DADAR (W),
        Mumbai City, Mumbai, Maharashtra, India, 400028
  
Insolvency Commencement Date: January 30, 2024

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Bharat Ramakant Upadhyay
       507, 5th floor, C2 Wing, Skyline Wealth Space,
              Skyline Oasis Complex, Premier Road,
              Near Vidyavihar Station, Ghatkopar-West,
              Mumbai  400086
              Email: brupadhyay@hotmail.com
              Email: cirpmyownecoenerygypvtltd@gmail.com

Last date for
submission of claims: February 13, 2024


NANCY KRAFTS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nancy Krafts
(NK) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         3.5        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Letter of credit       1.1        CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Proposed Long Term     2.4        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with NK for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of NK and Nancy Krafts Pvt Ltd
(NKPL). This is because the two entities, together referred to as
the Nancy group, are in the same line of business, with a common
customer base, and shared promoters and management.

                          About the Group

NK was set up in 1980 as a partnership. Nancy Krafts Private
Limited was established in 1988 as a private-limited company.

The two entities manufacture readymade garments, especially for
women and children, at their plants in New Delhi. The entities
cater to the export market and supply their products to retailers
and wholesalers in Latin America, Mexico, Spain, the US, and
Europe.


NCR RAIL: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: NCR Rail Infrastructure Limited
       (Formerly known as 'Arshiya Rail Infrastructure Limited')
        205 & 206 (Part), 2nd Floor, Ceejay House,
        F-Block, Shiv Sagar Estate,
        Dr. Annie Besant Road,
        Worli, Mumbai City,
        Mumbai, Maharashtra,
        India, 400018

Insolvency Commencement Date: March 7, 2024

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Bhuvan Madan
       A-103 Ashok Vihar Phase-3
              (Behind Laxmi Bai College),
              New Delhi 110052
              Email: madan.bhuvan@gmail.com

              PricewaterhouseCoopers Private Limited
              Plot-Y-14, Block EP, Sector V,
              Salt Lake, Kolkata - 700091, India
              Email: cirp.ncrrail@gmail.com

Last date for
submission of claims: March 21, 2024


NIRMAL CARS: Liquidation Process Case Summary
---------------------------------------------
Debtor: Nirmal Cars Private Limited

Regd Office:
        E-12(B) VKI Area
        Jaipur-302013 Rajasthan

        Principal Office:
        Ground Floor, G-1, A-12,
        Corporate Tower,
        J.L.N. Marg,
        Jaipur-302013 Rajasthan

Liquidation Commencement Date: February 29, 2024

Court: National Company Law Tribunal, Jaipur Bench

Liquidator: Sourabh Malpani
     Guru Kripa Plot No. 93,
            Neelkanth Colony,
            Queens Road, Jaipur,
            Rajasthan-302021
            Email: malpanijpr@gmail.com
            Email: cirp.nirmalcars@gmail.com

Last date for
submission of claims: March 30, 2024


OPTO IFRASTRUCTURE: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Opto Ifrastructure Ltd
        No. S-11, Second Floor, Gem Plaza
        Infantry Road, Bangalore - 560001

Liquidation Commencement Date: March 13, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Ravi Sankar Devarakonda
            41/1, 2nd Floor, 8th Main
            11th Cross, Jayanagar, 2nd Block
            Bangalore 560011
            Email: ravicacscma@icai.org
            Email: liquidator.optoinfrastructure@gmail.com

Last date for
submission of claims: April 12, 2024


RAJAN JEWELLERY: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajan
Jewellery (RJ) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RJ for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1933 by Mr. G Pradeep Kumar and his family members,
RJ is a gold jewellery retailer based in Thiruvalla.


RAJDHANI EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajdhani
Educational Charitable Trust (RECT) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         7.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RECT for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in May 2015, RECT is a Delhi-based trust, engaged in
the lease rental business. It has entered into an agreement with
'Presidium Educational & Charitable Trust' for running a school
over a 45-year tenure.


RASH BUILDERS: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rash
Builders India Private Limited (RBIPL) to 'CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft      11.4      CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

   Working Capital         0.6      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RBIPL for
obtaining information through letter and email dated February 13,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RBIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RBIPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RBIPL to 'CRISIL D Issuer not cooperating'.

Rash Builders (Partnership Firm) was established as 'A' Class
Contractor in the year 1981, and was incorporated as Rash Builders
India Private Limited (RBIPL) in the year 2008. Since 1981, it has
been engaged in civil construction and EPC works such as
construction of roads, bridges, railway bridges, tunnels, hydro
power projects and other related infrastructure works for clients
such as National Hydro Electric Power Corporation, Ircon
International Limited and other government entities in Jammu and
Kashmir.


RC&M EXPERIENTIAL: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: RC&M Experiential Marketing LLP
6th Floor, Tower-B DLF Cyber Park,
        Udyog Vihar Phase-III,
        Gurugram, Haryana-122016, India

Liquidation Commencement Date: February 28, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Minni Katariya
            D-101, Bahawalpur-Apartments
            Plot-30, Sector-6, Dwarka,
            New Delhi-110075
            Email: minnik1943@hotmail.com
            Mobile No: 9811556610

Last date for
submission of claims: March 29, 2024


RITESH EXPORTS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Ritesh Exports Limited
604, Swapnalok Complex, S.D. Road, Hyderabad,
        Secunderabad - 500003, Telangana, India,
        Email: md@riteshgroup.com

Liquidation Commencement Date: February 2, 2024

Court: National Company Law Tribunal Hyderabad Bench

Liquidator: Koteswara Rao Karuchola
     Flat No 101, Pavitra Residency
            Plot No 36, Pragathinagar,
            Hyderabad - 500090
            Telangana, India
            Email: kkraoirp@gmail.com

Last date for
submission of claims: March 3, 2024


S A MULLA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S A Mulla
(SAM) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAM for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SAM, set up in 1986 as a proprietorship, was converted into a
partnership in fiscal 2018. The Kolhapur-based firm constructs
roads and canals for the Karnataka and Maharashtra governments. Mr.
Saifuddin A Mulla and Mr Mainuddin S Mulla are the partners.


SENAPATI MOTORS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Senapati
Motors (SM) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SM for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

An Orissa-based dealer, SM is involved in the trading of
two-wheelers of TVS Motor Company. The manufacturing facility is in
Jagatsinghpur, Orissa.


SITI NETWORKS: NCLT Adjourns Bankruptcy Hearing to April 3
----------------------------------------------------------
The Economic Times reports that the Mumbai bench of the National
Company Law Tribunal (NCLT) has adjourned the hearing of an
application in cable TV distribution company Siti Networks'
insolvency resolution matter to April 3.

Before that, the bench, comprising judicial member Lakshmi Gurung
and technical member Charanjeet Singh Gulati, observed that various
applications were pending, highlighting irregularities in the
process and the change in the date of the start of the resolution
process, ET relates. Hence, all the material decisions of the
process and the committee of creditors would be subject to the
tribunal's final order on the pending applications, the NCLT said.
The application was moved by the suspended board of directors of
the company which has contested the timeframe set by the resolution
professional.

Siti was admitted to the corporate insolvency resolution process in
February 2023, with Rohit Mehra as the resolution professional.

The National Company Law Appellate Tribunal (NCLAT) halted the
insolvency proceeding in March but reinstated it in August 2023, ET
notes.

As of March 20, the company had admitted claims totalling to more
than INR1,800 crore in debt, including INR1,129 crore payable to
financial creditors and INR694 crore to operational creditors, ET
discloses.

According to ET, the company's secured financial creditors include
Zee Entertainment Enterprises (INR148 crore), Asset Reconstruction
Company India (INR339 crore), Axis Bank (INR223 crore), Aditya
Birla Finance (INR166 crore) and IDBI Bank (INR151 crore). Its top
operational creditors include Zee Entertainment (INR482 crore),
Calcutta Communication (INR83 crore), Star India (INR49 crore),
TV18 Broadcast (INR29 crore), and Sony-owned Culver Max
Entertainment (INR13 crore), among others.

SITI Network provides cable services at 580 locations and adjoining
areas, reaching out to over 11.3 million digital customers.


SOMERSET ESTATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Somerset Estate Private Limited
        Registered Address:
        Bhupati Chambers
        5th Floor 13
        Matthew Road
        Mumbai 400004 India

Insolvency Commencement Date: March 7, 2024

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Pramod Dattaram Rasam

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

Last date for
submission of claims: March 22, 2024


STANLEY HOTEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Stanley Hotel and Resorts Private Limited
E-104, Greater Kailash Enclave Part-1
        New Delhi - 110048

Insolvency Commencement Date: February 27, 2024

Estimated date of closure of
insolvency resolution process: August 25, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Vinay Bansal
       7D Row Building Surya Vihar Sector- 21,
              Gurugram, Haryana - 122016
              Email: cirp.stanleyhotel@gmail.com

Last date for
submission of claims: March 16, 2024


SWAPNIL TRADING: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: SWAPNIL TRADING COMPANY PRIVATE LIMITED
1ST FLOOR, 13 MATHEW ROAD,
        BHUPATI CHAMBERS MUMBAI,
        Maharashtra, India, 400004

Liquidation Commencement Date: February 23, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Bharat Ramakant Upadhyay
     507, 5th floor, C2 Wing, Skyline Wealth Space,
            Skyline Oasis Complex, Premier Road,
            Near Vidyavihar Station,
            Ghatkopar-West, Mumbai-400086
            Contact No: 9833284483
            Email: brupadhyay@hotmail.com
            Email: brupadhyay.irp@gmail.com

Last date for
submission of claims: March 23, 2024


THERMOSOL GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Thermosol
Glass Private Limited (TGPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          1         CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee          1.5       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             8         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         21.58      CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          7.78      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TGPL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

TGPL was incorporated in March 2011 to set up a glass-processing
unit in the Kutch district of Gujarat, primarily to supply
parabolic mirrors to CSP plants. The unit is estimated to have
installed capacity of 1.1 million square metres (sqm) per annum.

The project has been commissioned at an estimated cost of INR86.4
crore, funded through debt of around INR46.0 crore, promoters'
contribution of around INR28.0 crore, and the remaining through
credit from suppliers. External debt is likely to be replaced with
contribution from promoters over the medium term.

TGPL is a part of Ahmedabad-based Cargo group, and a wholly-owned
subsidiary of flagship company, Cargo Motors Pvt Ltd (CMPL). The
Cargo group is promoted by Mr Jayant Nanda and his family members.
CMPL, established in 1959, is one the largest dealers of commercial
vehicles of Tata Motors Ltd (rated 'CRISIL AA-/Stable/CRISIL A1+')
in Gujarat.


TRI-STAR CREATIVE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Tri-Star Creative Products Private Limited
        Unit No. 215, Second Floor
        Vardhman Sunrize Plaza
        Plot No-1, LSC, Near Abhyant Appts
        Vasundhara Enclave
        East Delhi 110096

Liquidation Commencement Date: March 14, 2024

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Arun Gupta
            S-34, LGF, Greater Kailash-II
            New Delhi 110048
            Email: arungupta2211@gmail.com
            Email: tristar.vol.liq@gmail.com
            Tel: 011-41066313

Last date for
submission of claims: April 13, 2024


V M YARNS: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V M Yarns
Private Limited (VMYPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with V M Yarns
Private Limited (VMYPL) for obtaining information through letter
and email dated February 15, 2024 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

VMYPL was incorporated in 2002 and is promoted by Mr. Yogesh
Kanoria and Ms. Payal Kanoria. The company trades various types of
yarns such as cotton yarn, linen yarn, polyester yarn, PC yarn,
viscose yarn, and PV yarns.


VAS INFRASTUCTURE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vas Infrastructure Limited
Madhav Niwas CHSL, Flat No. B-1B,
        First Floor, Natakwala Lane,
        Opp S. V.  Road,
        Borivali West, Mumbai
        Maharashtra, India 400092

Insolvency Commencement Date: March 11, 2024

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ashok Kumar Goleehha
       Flat No. B 703/704, Seventh Floor, River Park CHS Ltd.
              Dattani Park Road, Thakar Village,
              Kandivali (East)- Mumbai- 400101
              Email: akgolecha9@gmail.com
              Mobile: +91 9674117201
              Email: cirpvas@yahoo.com

Last date for
submission of claims: March 25, 2024


VENUS GARMENTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Venus
Garments India Limited (VGIL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of credit      14.91       CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Proposed Long Term     3.17       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)


   Term Loan              73.83      CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        69         CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with VGIL for
obtaining information through letter and email dated February 15,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1999 and promoted by Mr Anil Jain, VGIL
manufactures and exports ready-made garments such as polo shirts,
T-shirts, jogging suits, sweat shirts, thermal wear, and sweaters.
The company mainly exports to the US, Europe, Mexico, Canada, and
other countries.


VINDHYAVASINI ISPAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Vindhyavasini Ispat Industries Private Limited
        Registered Address:
        Flat No. 101, OG-III, Oberoi Garden
        Thakur Village Off Western Express Highway
        Kandivali (E), Mumbai City
        Mumbai, Maharashtra 400101 IN

Insolvency Commencement Date: March 5, 2024

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Asish Narayan

Interim Resolution
Professional: Asish Narayan
              4A/703, Whispering Palms
              Lokhandwala, Kandivali (East)
              Mumbai ,HDFC BANK
              Mumbai City, Maharashtra 400101
              Email: cs.asish@gmail.com

                 -- and --

              Resurgent Resolution Professionals LLP (IPE)
              602, 6th Floor, Central Plaza, 166 CST Road
              Kolivery Village, Vidya Nagari
              Kalina, Santacruz (East)
              Mumbai 400098
              Email: cirp.vvip@gmail.com

Last date for
submission of claims: March 22, 2024


WIZAMAN IMPEX: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Wizaman Impex Private Limited

        Registered Address:
        15, Chelmsford Country Club
        Ghitorni South Delhi
        New Delhi 110030

        Also at:
        301 JVD Regions Square
        Main Mehrauli Road
        Gurugram 122001

Insolvency Commencement Date: March 12, 2024

Court: National Company Law Tribunal, Court V, New Delhi

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

Insolvency professional: Vijay Kishore Saxena

Interim Resolution
Professional: Vijay Kishore Saxena
              3rd Floor, 100 Kailash Hills,
              East of Kailash,
              New Delhi, 110065
              E-mail: vksaxena2159@gmail.com

              -- and --

              D-69, LGF, near National Heart Institute
              East of Kailash,
              New Delhi, 110065
              Email: cirp.grd@gmail.com

Last date for
submission of claims: March 26, 2024


YASHWANT SUGAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Yashwant Sugar and Power Private Limited (Under CIRP)
Plot No. 350, Vasant Market Yard, Sangli,
        Maharashtra, India, 416416

Insolvency Commencement Date: March 6, 2024

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ritesh Raghunath Mahajan
       B-203 Devgiri, Ganeshmala, Sinhagad Road,
              Pune- 411030, Maharashtra
              Email: riteshmahajancs@gmail.com
              Email: yashwantsugarcirp@gmail.com

Last date for
submission of claims: March 20, 2024




=================
I N D O N E S I A
=================

BUKIT MAKMUR: Moody's Affirms Ba3 CFR & Cuts Secured Notes to B1
----------------------------------------------------------------
Moody's Ratings has affirmed Bukit Makmur Mandiri Utama (P.T.)'s
(BUMA) Ba3 corporate family rating.

At the same time, Moody's has downgraded the rating of BUMA's
senior secured notes to B1 from Ba3 and maintained the stable
outlook.

"The affirmation of BUMA's CFR reflects the company's position as
Indonesia's second-largest coal mining services contractor by
overburden volume, with increased overburden removal volumes in
Australia; and its track record of maintaining conservative
financial policies with positive free cash flow generation," says
Maisam Hasnain, a Moody's Vice President and Senior Analyst.

"At the same time, the downgrade of the US dollar notes to B1
reflects their subordination relative to the secured bank debt in
BUMA's capital structure," adds Hasnain, who is also Moody's lead
analyst for BUMA.

RATINGS RATIONALE

On March 18, BUMA announced via the results of its tender offer
that it will redeem $153 million of its $366 million notes due
February 2026 at par value. The notes, which are primarily being
funded with a $750 million secured loan, will help the company
proactively reduce its debt maturity wall in 2026.

The repayment of BUMA's tendered notes, along with the repayment of
a $287 million loan in March 2024, is primarily being funded
through a 5.75-year secured loan from Bank Negara Indonesia
(Persero) Tbk (P.T.) (BNI, Baa2 stable, baa3) and Bank Mandiri
(Persero) Tbk (P.T.) (Baa2 stable, baa2). The new loan reflects
BUMA's continued access to funding despite operating in the coal
mining sector, which has faced reduced funding access in recent
years, particularly from foreign banks and the US dollar bond
market.

BUMA has further improved its scale and geographic diversity in
2023, with a 14% annual increase in overburden removal volumes,
driven by existing customers in Indonesia and Australia, and new
contracts with Australian metallurgical coal miners. As a result,
the company's reported EBITDA increased 13% in 2023. At the same
time, BUMA has reduced its concentration risk from its largest
customer Berau Coal (P.T.), which generated 25% of its revenue last
year, down from 45% in 2021.

While Moody's expects BUMA's earnings to decline slightly in 2024
amid a small decrease in overburden removal volumes from customers
amid lower coal prices, its leverage, as measured by adjusted
debt/EBITDA, will remain healthy at around 2.7x over the next 12-18
months.

At the same time, BUMA's Ba3 CFR is constrained by its large
customer contract maturities in 2025. While Moody's expects BUMA to
proactively seek to extend existing customer contracts or sign new
contracts, an inability to do so could result in a sizeable
decrease in BUMA's overburden removal volume by 2025-26, thereby
weakening its earnings and cash flow generation.

BUMA will maintain good liquidity with sufficient internal cash
sources to meet its cash needs through June 2025. Moody's also
estimates BUMA will have around $220 million undrawn under its new
secured bank loan from BNI and Bank Mandiri following its recent
loan repayment and notes tender, which the company can use for
capital spending and new investments through December 2025. BUMA
can also request lenders to use these funds to repay debt, which
will help address the maturity of its residual $213 million notes
due February 2026.

BUMA's outstanding notes are rated one notch below the CFR because,
following the company's recent refinancing, the notes will make up
only around 30% of its total debt (excluding leases), down from
around 53% as of September 30, 2023. Residual noteholders will have
to contend with secured bank debt, which has a priority claim and
ranks ahead of the notes. Additionally, residual noteholders will
no longer benefit from certain covenants and other protections
under the notes' indenture as part of a successful consent
solicitation that BUMA undertook concurrent to its tender offer.

The outlook is stable, reflecting Moody's expectation that BUMA
will maintain stable credit metrics with no significant decline in
overburden removal volumes, good liquidity, and a prudent approach
to new investments and shareholder returns.

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

Moody's could upgrade the ratings if BUMA (1) continues to grow its
scale and increase commodity diversification without weakening its
credit metrics or materially increasing execution risk; (2) does
not pursue more aggressive financial policies regarding growth and
shareholder returns; and (3) maintains good liquidity while
continuing to proactively refinance or repay its large debt
maturities well ahead of the scheduled maturity.

Specific indicators that Moody's would consider for an upgrade
include adjusted debt/EBITDA staying below 2.5x, and
EBITDA/interest rising above 5.0x, both on a sustained basis.

Moody's could downgrade the ratings if (1) the company's expiring
contracts, particularly those expiring in 2025, are not renewed or
replaced with new contracts on similar or enhanced terms; (2) its
liquidity weakens such that its cash sources are insufficient to
meet its cash needs over the next 12-18 months; (3) its underlying
financial policies change materially; (4) its earnings or
profitability declines; or (5) payments from its largest customer,
Berau Coal, are delayed, such that the average period for payment
collection exceeds 65 days.

Credit metrics indicative of a downgrade include adjusted
debt/EBITDA staying above 3.5x or EBITDA/interest expense staying
below 4.0x, both on a sustained basis.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Established in 1998, Bukit Makmur Mandiri Utama (P.T.) (BUMA) is a
mining services contractor in Indonesia and Australia that provides
open-cut mining services to thermal and metallurgical coal
producers. BUMA is 100% owned (less one share) by PT Delta Dunia
Makmur Tbk, an investment holding company listed on the Indonesia
Stock Exchange.




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

935 WHANGAPARAOA: Creditors' Proofs of Debt Due on April 26
-----------------------------------------------------------
Creditors of 935 Whangaparaoa Limited are required to file their
proofs of debt by April 26, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 19, 2024.

The company's liquidator is:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany, Auckland 0752


FP COMMERCIAL: Court to Hear Wind-Up Petition on April 19
---------------------------------------------------------
A petition to wind up the operations of FP Commercial Limited will
be heard before the High Court at Auckland on April 19, 2024, at
10:45 a.m.

Auckland Council filed the petition against the company on Jan. 26,
2024.

The Petitioner's solicitor is:

          Kirstin Margaret Wakelin
          135 Albert Street
          Auckland


SIDAK ENTERPRISES: Creditors' Proofs of Debt Due on May 10
----------------------------------------------------------
Creditors of Sidak Enterprises Limited, MSNT Limited and Diamond
Double Glazing & Property Maintenance Limited are required to file
their proofs of debt by May 10, 2024, to be included in the
company's dividend distribution.

Sidak Enterprises and MSNT Limited commenced wind-up proceedings on
March 18, 2024.

Diamond Double Glazing commenced wind-up proceedings on March 20,
2024.

The company's liquidator is:

          Paul Vlasic
          Rodgers Reidy (NZ)  
          PO Box 45220
          Te Atatu Peninsula
          Auckland 0651


SNJ CONSTRUCTION: Court to Hear Wind-Up Petition on April 24
------------------------------------------------------------
A petition to wind up the operations of SNJ Construction Limited
will be heard before the High Court at Auckland on April 24, 2024,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 29, 2024.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


TALEGEO LIMITED: Court to Hear Wind-Up Petition on April 19
-----------------------------------------------------------
A petition to wind up the operations of Talegeo Limited will be
heard before the High Court at Auckland on April 19, 2024, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 18, 2024.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104




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

ARMADA 98/2 PTE: Moody's Rates $948MM Secured Term Loan 'B2'
------------------------------------------------------------
Moody's Ratings has assigned a first-time B2 rating to the senior
secured term loan of USD948 million procured by Armada 98/2 Pte.
Ltd. The loan has an 8.5-year term and is set to fully amortize by
its final maturity in July 2031. The rating outlook is stable.

The loan proceeds were primarily utilized to repay an approximately
USD930 million construction loan maturing in September 2023. Armada
98/2, a special purpose entity based in Singapore, owns the
floating production storage and offloading (FPSO) unit Armada
Sterling V. Armada 98/2 is 70% owned by Shapoorji Pallonji Energy
Pvt Ltd (SPEPL) and 30% by Bumi Armada Offshore Holdings Ltd
(BAOHL).

The FPSO unit, tailored specifically for the KG-DWN 98/2 offshore
oil field in India (Government of India, Baa3 stable), is chartered
to Oil and Natural Gas Corporation Ltd. (ONGC, Baa3 stable), the
operator of the oil field. The vessel has been operational since
January 2024 and is currently awaiting final acceptance. Shapoorji
Pallonji Bumi Armada Godavari Pvt. Ltd. (SPBAG), an affiliate of
Armada 98/2, acts as the intermediary charterer between the project
company and ONGC. The FPSO is leased to SPBAG through a bareboat
charter and SPBAG sub-leases it to ONGC through a time charter.
SPBAG is also the operator of the FPSO unit.

RATINGS RATIONALE

Armada 98/2's credit quality reflects credit strengths such as the
cash flow underpinned by availability-based charter hire; and
strong market position and attractive economics of the oil field.
However, the credit quality is also constrained by (1) high
financial leverage; (2) the short operating track record; (3)
structural features in the transaction which are weaker than other
projects and also expose the project to risks at the shareholders
and operator; and (4) debt and maintenance reserves which are lower
than what would be expected for corresponding projects.

Armada 98/2 generates its revenue from the ultimate off-taker,
ONGC, which is India's largest integrated oil and gas company with
a strong credit quality. A fixed day rate is payable by ONGC,
subject to certain availability deduction events. The net time
charter hire, after deducting operating retention for SPBAG's O&M
costs, is fully remitted to Armada 98/2, thus insulating it from
commodity volume or price fluctuations.

The Armada 98/2 FPSO holds a strong market position within its
service domain, being the only FPSO designed and built to align
with the characteristics of Block KG – DWN 98/2 oil field. This
exclusive status renders it a critical infrastructure asset for the
successful development and production of oil and gas in the block,
which is a strategically important field for ONGC.

The rating factors in the high leverage profile of the project as
the average DSCR for the remaining life of the loan stands in the
range of 1.15x-1.30x. This constrains the capacity for additional
expenses if the projects encounter any operational issues
attributable to the project company. The project is also exposed to
interest rate risk given the current absence of any interest rate
hedging arrangement.

The rating also considers the project's dependence on a single
asset and short operational track record. The FPSO achieved first
oil in January 2023, but gas exports have not yet commenced as
ONGC's subsea gas pipelines to central processing platform are not
ready. As a result, the project is only earning 70% of day rate at
this moment. Potential delays in the completion of subsea
infrastructure could pose a risk to the full realization of project
revenue.

Nonetheless, Moody's recognizes that the two sponsors, SPEPL and
BAOHL have a history of collaboration on FPSO construction,
conversion, ownership, and operation. They have jointly developed
and operated three FPSOs, including Armada Sterling V. Two other
FPSOs are also chartered to ONGC and have maintained a strong
operational record. SPEPL provides shortfall undertaking to Armada
98/2 until the FPSO is fully commissioned. This undertaking is
further supported by the commitment from the two other FPSOs to
distribute excess cash flow to SPEPL to fulfill its obligations, if
needed.

Structural features are weaker than peers due to the absence of
termination rights and there is no assignment of time charter, but
more critical to the project's credit quality is the exposure to
risks outside of the project asset itself. The charter arrangement
for Armada 98/2 is unique and bespoke, featuring SPBAG as a
distinct and separate related party entity in a dual capacity as
both the intermediate charterer and the operator of the FPSO unit.
However, Armada 98/2 is the sole obligor under the facility
agreement.  

As the operator of the FPSO, underperformance of SPBAG would lead
to either reduction of revenue stream or additional operating
expenses. Although the transaction structure allows for a
replacement of the operator of the FPSO, there is process to follow
and a 180-day time allowance. As such, given SPBAG's essential role
to the project and the limitations placed on it under the facility
agreement, Moody's analysis of Armada 98/2's credit quality takes
into account SPBAG as an integral part of the structure.

Prolonged underperformance of SPBAG could trigger termination of
the charter agreement with ONGC, an Event of Default based on the
facility agreement. Such operating risk is only partly mitigated by
several factors, including an annual downtime allowance of seven
days, design margins in the FPSO's nameplate capacities, debt
service reserve requirement, and the lender's step-in rights in
case of SPBAG's prolonged underperformance.

The facility agreement incorporates a cross-default provisions
between Armada 98/2 and its two sponsors. This feature potentially
introduces credit risks, especially given sizeable refinancing
requirements at the shareholder level above BAOHL. Currently, the
two sponsors' standalone books carry no external borrowings but
BAOHL has a shareholder loan repayable on demand. However, there
are no covenants to prevent the sponsors from incurring any
financial indebtedness in the future.

Moody's expects that the liquidity of the project would be lower
than peers because the debt service reserve account (DSRA) is for
three months, which is shorter than the 180-day limit for an
operator change. In addition, since the Moody's analysis focuses on
the combined SPBAG and Armada operating model, the lack of an
operation and maintenance reserve account also contributes to the
weaker liquidity.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Armada 98/2's rating is moderately impacted by ESG risks.
Environmental risks include exposure to waste and pollution from
potential oil spills, carbon transition risks, and physical climate
risks as the project is located on the east coast of India, an area
more susceptible to tropical cyclones. Social risks also pose a
consideration, particularly in relation to responsible production,
given the flammable nature of the products - crude oil and natural
gas, which necessitates heightened vigilance. In terms of
governance, Armada 98/2 benefits from a fully amortizing and
contracted structure, which includes ring-fencing protection and
covenants as per the financing documents. However, the project also
faces risks related to concentrated ownership and the presence of a
cross-default clause with the sponsors.

OUTLOOK

The stable outlook reflects Moody's expectation that the project
will operate as per the contracted availability level and
parameters, leading to average DSCRs in the range of 1.15-1.3x, and
that the economics of the oil field will remain attractive to
ONGC.

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

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING

The rating could be upgraded if: 1) if the project achieves full
commissioning without significant delays or overall cost overruns;
2) a stable operating performance with an availability level
expected to exceed 98% on a sustained basis; and 3) timely
completion of any required refinancing at the shareholder level
above BAOHL.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

The rating could be downgraded if: 1) the projected financial
metrics drop to levels below Moody's base case expectation,
including the average DSCR remaining consistently below 1.15x
during the amortization period, potentially because of weaker
operational performance that cannot be accommodated within the
available contractual or insurance protections, a higher debt load,
or additional operating costs incurred that cannot be passed
through to off-taker; 2) there is a reduction in the willingness or
ability of sponsors to provide support; 3) either BAOHL or SPEPL
incurs any external debt on a standalone basis.

ISSUER PROFILE

Armada 98/2 Pte. Ltd. (Armada 98/2) is a special purpose entity,
established in Singapore, and owner of the Armada Sterling V
Floating Production Storage and Offloading (FPSO) unit, which
carries a production capacity of 51,000 barrels of oil equivalent
per day (boed) and a storage capacity of 700,000 barrels of oil.
The vessel was specifically designed and fit to the characteristics
of the KG-DWN-98/2 oil field of Krishana-Gadavari basin, which is
located 22 kilometers off east coast India  (Baa3 stable) and
achieved first oil in January 2024. Armada 98/2 is owned by
Shapoorji Pallonji Energy Pvt Ltd (70%, SPEPL) and Bumi Armada
Offshore Holdings Ltd (30%, BAOHL). BAOHL is a 100% subsidiary of
Bunmi Armada Berhad (BAB), a Malaysian listed entity. Oil and
Natural Gas Corporation Ltd. (ONGC, Baa3 stable) holds the
concession rights to operate the oil field and enters into FPSO
time charter contract with Shapoorji Pallonji Bumi Armada Godavari
Pvt. Ltd (SPBAG) in July 2019. SPBAG is an Indian company held 70%
by SPEPL and 30% by BAOHL. SPBAG, in turn, has entered into a
bareboat charter agreement with Armada 98/2 for the dry lease of
the fully converted & mobilized Armada Sterling V.

METHODOLOGY

The principal methodology used in this rating was Generic Project
Finance Methodology published in January 2022.


B&S SERVICES: Court to Hear Wind-Up Petition on April 5
-------------------------------------------------------
A petition to wind up the operations of B&S Services 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


CRYSTAL-MOVEON: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on March 11, 2024, to
wind up the operations of Crystal-Moveon Technologies Pte. Ltd.

Zhejiang Crystal-Optech Co., Ltd. filed the petition against the
company.

The company's liquidators are:

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


KITTY FOOD: Creditors' Proofs of Debt Due on April 22
-----------------------------------------------------
Creditors of Kitty Food Pte. Ltd. and Ilearning Pte Ltd are
required to file their proofs of debt by April 22, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on March 18, 2024.

The company's liquidators are:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


SEA HUB: Creditors' Meetings Set for April 5
--------------------------------------------
Sea Hub Energy Pte Ltd will hold a meeting for its creditors on
April 5, 2024, at 11:00 a.m. video-conference and/or
tele-conference.

Agenda of the meeting includes:

   a. to present a Statement on the company’s affairs showing the

      assets and its estimated realisable value, together with a
      list of creditors and the estimated amount of the claims;

   b. to consider the nomination of Liquidators or to confirm the
      appointment of the Joint and Several Liquidators nominated
      by the company;

   c. to appoint a Committee of Inspection;

   d. to propose giving the Liquidators the power to appoint
      solicitors;

   e. to propose giving the Liquidators the power to compromise
      claims and debts; and

   f. Any other resolutions.

The provisional liquidator can be reached at:

          Tan Wei Cheong
          c/o 6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809


VEOLIA INDUSTRIAL: Commences Wind-Up Proceedings
------------------------------------------------
Members of Veolia Industrial Singapore Pte Ltd, on March 18, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Yang Ching Chao
          Fellow Chartered Accountant
          c/o 10 Anson Road
          #31-01 International Plaza
          Singapore 079903




=============
V I E T N A M
=============

SAIGON THUONG: Moody's Upgrades Deposit & Issuer Ratings to B2
--------------------------------------------------------------
Moody's Ratings has upgraded Saigon Thuong Tin Commercial
Joint-Stock Bank's (Sacombank) long-term (LT) foreign currency (FC)
and local currency (LC) bank deposit and issuer ratings to B2 from
B3. Moody's has also upgraded the bank's Baseline Credit Assessment
(BCA) and Adjusted BCA to b3 from caa1.

At the same time, Moody's has upgraded Sacombank's LT FC and LC
Counterparty Risk Ratings (CRRs) to B1 from B2 and its LT
Counterparty Risk (CR) Assessment to B1(cr) from B2(cr), and
affirmed its Not Prime (NP) short-term (ST) FC and LC CRRs, ST FC
and LC bank deposit ratings, ST FC and LC issuer ratings and NP(cr)
ST CR Assessment.

Moody's has changed the outlooks to stable from positive where
applicable.

RATINGS RATIONALE

The upgrade of Sacombank's long-term ratings and BCA is driven by
the significant cleanup of its legacy problem assets in recent
years, which has helped improve its asset quality and
profitability. The upgrade also considers the bank's strong deposit
franchise, which supports its funding and liquidity.

Sacombank has low deposit concentration as most of its deposits are
from individuals. Its strong deposit franchise supports its ability
to raise new deposits at lower rates than some of its
similarly-rated peers. The bank also has a low reliance on market
funds. Its market funds as a percentage of tangible banking assets
was at 7.7% as of June 2023, among the lowest compared to its rated
peers.

The bank's legacy problematic assets, after taking into account
provisions, declined to 2.2% of total assets as of December 2023
from 2.7% a year earlier. The provisions required for resolving the
remaining problematic assets, which include Vietnam Asset
Management Company (VAMC) bonds and foreclosed assets, are low and
should be manageable. Despite the bank's high credit costs over the
next 12-18 months because of the provisions requirement, Moody's
projects the bank's return on assets will remain at around 1%
because its profitability will be supported by higher net interest
income. Its return on tangible assets was 1.1% in 2023, higher than
the 0.9% it recorded a year earlier.

Excluding legacy problematic assets, the Sacombank's gross
nonperforming loan (NPL) ratio increased to 2.3% as of December
2023 from 1% a year earlier, driven by an increase in delinquencies
among its retail borrowers. Meanwhile, its increased exposure to
the real estate and construction sectors in 2023 amid challenges in
the sector will pose asset quality risks.

Sacombank's capitalization will remain modest yet stable over the
next 12-18 months as its internal capital generation keeps pace
with capital consumption. Its tangible common equity (TCE) as a
percentage of risk-weighted assets (RWA) was broadly stable at 6.6%
as of June 2023, compared with 6.3% a year earlier. The bank is
allowed to raise new capital after it exits the central bank's
restructuring program, which will be credit positive if
successful.

Sacombank's B2 LT deposit and issuer ratings are one notch above
its b3 BCA, reflecting Moody's assessment of a moderate probability
of support from the Government of Vietnam,  considering the bank's
3% deposit market share as of September 2023, and the central
bank's track record of providing support to banks in the form of
liquidity and regulatory forbearance.

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

Moody's could upgrade Sacombank's ratings and BCA if (1) the bank
fully resolves its legacy assets and maintains its NPL ratio,
excluding legacy assets, at 1.5%-2.0%; and (2) its TCE/RWA improves
to above 8% on a sustained basis.

On the other hand, Moody's would downgrade Sacombank's ratings and
BCA if the bank increases its reliance on market funds or if its
funding structure deteriorates. A decline of its TCE/RWA to below
6% will also be negative for the BCA, as will a weakening in its
funding and liquidity. A downgrade of the bank's deposit and issuer
ratings is also likely if government support for the bank weakens.

The principal methodology used in these ratings was Banks
Methodology published in March 2024.

Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank) is
headquartered in Ho Chi Minh City and reported total assets of
VND674 trillion as of the end of December 2023.



                           *********


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,
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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.

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