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

                     A S I A   P A C I F I C

          Wednesday, April 3, 2024, Vol. 27, No. 68

                           Headlines



A U S T R A L I A

FREEDOM AG: First Creditors' Meeting Set for April 10
HULK HEAVY: Second Creditors' Meeting Set for April 9
PLUTORA PTY: Appoints Administrators; Owes Nearly AUD40 Million
PRN HEALTHCARE: First Creditors' Meeting Set for April 10
RENTAL MANAGEMENT: Second Creditors' Meeting Set for April 8

THEBLOOMGROUP PTY: First Creditors' Meeting Set for April 9
VAST RENEWABLES: Discloses Going Concern Doubt


C H I N A

CHINA: Big Three Airlines Losses Narrow to Nearly USD1.9BB in 2023
LIFESTYLE INT'L: Mall Operator Seeks Up to US$1 Billion Loan
TUANCHE LTD: Marcum Asia CPAs Raises Going Concern Doubt


H O N G   K O N G

LUDUSON G: J&S Associate Raises Going Concern Doubt


I N D I A

ABHISHEK PROPBUILD: CARE Reaffirms D Rating on INR129.30cr LT Loan
ANGD FRUIT: CARE Lowers Rating on INR83.50cr LT Loan to B+
ANSAL HI-TECH: NCLAT Rejects Homebuyers' Plea for Insolvency
ARBIND COLD: CARE Keeps B- Debt Rating in Not Cooperating Category
AZURE POWER: ASA & Associates Raises Going Concern Doubt

BALAJI ENAMEL: CARE Lowers Rating on INR2.0cr LT Loan to D
BRIGHTSTAR INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating
HERO ELECTRIC: CARE Moves D Debt Ratings to Not Cooperating
INDEXPORT LEATHER: CARE Keeps D Debt Ratings in Not Cooperating

J.Y. INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
JAIN AGENCIES: ICRA Keeps B+ Debt Rating in Not Cooperating
JAY PALGHAR: ICRA Keeps B Debt Ratings in Not Cooperating
JAYPEE CEMENT: CARE Reaffirms D Rating on INR2,312.94cr LT Loan
JAYPEE HEALTHCARE: CARE Moves D Debt Rating to Not Cooperating

KALPANA WINES: ICRA Keeps B+ Debt Ratings in Not Cooperating
KAMAKHYA TRADERS: ICRA Keeps B Debt Ratings in Not Cooperating
KAVAN COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
KDFP PRIVATE: CARE Assigns B+ Rating to INR44cr LT Loan
KRISHNA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating

LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating
MADHUCON SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
MAHAGANAPATI FINCORP: CARE Keeps B- Debt Rating in Not Cooperating
MULA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
MURARI PAVAN: ICRA Keeps D Rating in Not Cooperating Category

PRADIP OVERSEAS: NCLT Approves Guarantors' Repayment Plan
RADHEY GOVIND: CARE Keeps B+ Debt Rating in Not Cooperating
SVS ENTERPRISES: CARE Reaffirms B+ Rating on INR5.0cr LT Loan


M A L A Y S I A

GREENPRO CAPITAL: JP Centurion Raises Going Concern Doubt


N E W   Z E A L A N D

BUILDING COMPLIANCE: Creditors' Proofs of Debt Due on April 29
GENESIS PERFORMANCE: Creditors' Proofs of Debt Due on May 17
KATSUBI OREWA: Commences Wind-Up Proceedings
SWD LIMITED: Creditors' Proofs of Debt Due on April 19
TV & DA: Court to Hear Wind-Up Petition on April 18



P H I L I P P I N E S

ROXAS HOLDINGS: Annual Net Loss Widens to PHP1.11BB in 2023


S I N G A P O R E

ASPEN GROUP: To Pay MYR40MM to Tialoc in Global Settlement
AVENUS SERVICES: Court Enters Wind-Up Order
CHILL CORNER: Court Enters Wind-Up Order
EVCO: Declared Insolvent With Debts of Close to SGD50 Million
NEW LEAD: Court Enters Wind-Up Order

OM UNIVERSAL: Court Enters Wind-Up Order
SOVEREIGN HEALTH: Court to Hear Wind-Up Petition on April 12


S R I   L A N K A

SRI LANKA: World Bank Raises Growth Forecast to 2.2% for 2024

                           - - - - -


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

FREEDOM AG: First Creditors' Meeting Set for April 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Freedom Ag
Pty Ltd will be held on April 10, 2024 at 12:00 p.m. via virtual
means.

Timothy Gumbleton and Andrew Bowcher of RSM Australia were
appointed as administrators of the company on March 28, 2024.


HULK HEAVY: Second Creditors' Meeting Set for April 9
-----------------------------------------------------
A second meeting of creditors in the proceedings of Hulk Heavy D
Pty Ltd has been set for April 9, 2024 at 2:00 p.m. via
teleconference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 8, 2024 at 4:00 p.m.

Domenic Calabretta and Andrew Quinn of Mackay Goodwin were
appointed as administrators of the company on Feb. 23, 2024.


PLUTORA PTY: Appoints Administrators; Owes Nearly AUD40 Million
---------------------------------------------------------------
News.com.au reports that an Australian tech company backed by one
of the largest banks is on the brink of collapse after appointing
administrators at the end of last month.

Plutora Pty Ltd went into voluntary administration in March over a
dispute with the tax office and has more than AUD37 million in
liabilities, news.com.au discloses.

The business continues to trade and three other related companies
linked to the group have not been affected.

Plutora offers software to clients to speed up software delivery
process and has offices in Sydney but moved its main headquarters
to the USA's Silicon Valley in 2014.

According to news.com.au, most of Plutora's debt, AUD31 million, is
made up of an amount owed to a related company.

But a further AUD900,000 is owed to the Australian Tax Office
(ATO), the appointed administrator, Sule Arnautovic from
restructuring firm Salea Advisory, told news.com.au.

On top of that, AUD260,000 is owed to past and present employees
from superannuation, long service leave and annual leave while AUD5
million is owed to secured creditors. Trade suppliers are owed
AUD150,000.

Plutora is in a fight with the ATO over research and development
grants it previously received, which came with tax rebates.

According to documents submitted to the corporate regulator and
sighted by news.com.au, Plutora has 11 current employees including
its director. The highest amount owed is AUD41,000.

There are 14 ex-employees who are each owed about AUD1000 in unpaid
superannuation.

Plutora's co-founder and chief executive, Dalibor Siroky, is
hopeful his business can turn its fortunes around.

"The process for the Plutora Australia is ongoing," Mr Siroky told
news.com.au.

"It's business as usual - continuing operations. I'm confident we
will find a resolution."

Affiliate companies Plutora UK, Plutora US and Plutora Holdings are
not in administration, news.com.au notes.

Another matter at issue is a substantial backer of Plutora.

Macquarie Bank poured in US$13.4 million (AUD18.5 million at the
time) into Plutora in 2016, according to the company's website,
which noted it was a "monumental investment".

The Australian Financial Review reported that the bank went through
another round of investment in 2019, which totalled AUD27.4
million.

This brought the total figure to AUD46 million.

According to the publication, this gave Macquarie Bank a 45 per
cent stake in Plutora and caused the tech darling to fall foul of
the tax office, news.com.au relays.

Macquarie's large share of Plutora meant that it was largely in
control of the business and as a result both companies' tax
obligations should have been considered together.


PRN HEALTHCARE: First Creditors' Meeting Set for April 10
---------------------------------------------------------
A first meeting of the creditors in the proceedings of PRN
Healthcare Pty Ltd will be held on April 10, 2024 at 10:30 a.m. at
Lvl 15, 300 Queen Street in Brisbane and via Microsoft Teams.

Nikhil Khatri of Worrells was appointed as administrator of the
company on March 27, 2024.


RENTAL MANAGEMENT: Second Creditors' Meeting Set for April 8
------------------------------------------------------------
A second meeting of creditors in the proceedings of Rental
Management Australia (Qld) Pty Ltd has been set for April 8, 2024
at 10:00 a.m. at 22 Market Street in Brisbane.

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

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

Terry Grant Van der Velde of SV Partners were appointed as
administrators of the company on Feb. 23, 2024.


THEBLOOMGROUP PTY: First Creditors' Meeting Set for April 9
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Thebloomgroup Pty Ltd will be held on April 9, 2024 at 11:00 a.m.
at the offices of SV Partners at Level 17, 200 Queen Street in
Melbourne and by way of teleconference/electronic facilities
(Microsoft Teams).

Peter Gountzos and Michael Carrafa of SV Partners were appointed as
administrators of the company on March 26, 2024.


VAST RENEWABLES: Discloses Going Concern Doubt
----------------------------------------------
Vast Renewables Limited disclosed in its financial results filed on
Form 6-K with the Securities and Exchange Commission as of and for
the six months ended December 31, 2023 that there is substantial
doubt about its ability to continue as a going concern.

Vast incurred a net loss of $281.5 million and $3.9 million for the
half-years ended December 31, 2023 and 2022, respectively and used
net cash in operating activities of $28 million and $2.8 million
for the half-years ended December 31, 2023 and 2022, respectively.
As of December 31, 2023, the Company had net current assets of $7.1
million and total net assets of $2.2 million. As of December 31,
2023, promissory notes totaling $5.4 million held by EDF were
outstanding and included in the Company's liabilities.

Vast intends to raise additional funding through an external
capital raise commencing early in the financial year ending June
30, 2025. The Company's ability to pursue its growth strategy and
to continue as a going concern is principally dependent on the
ability of the Company to meet its cash flow forecasts and to raise
additional funding as and when necessary.

As a result of the above, there is material uncertainty related to
events or conditions that may cast significant doubt (or raise
substantial doubt as contemplated by PCAOB standards) on Vast's
ability to continue as a going concern, and therefore, that the
Company may be unable to realize its assets and discharge its
liabilities in the normal course of business.

As of December 31, 2023, the Company had $22.1 million in total
assets, $19.9 million in total liabilities, and $2.2 million in
total equity.

A full-text copy of the Company's Report is available at
https://tinyurl.com/4uzhmxjz

                   About Vast Renewables Limited

Vast Renewables Limited is a renewable energy company that has CSP
systems to generate, store, and dispatch carbon-free, utility-scale
electricity and industrial heat, and to enable the production of
green fuels. Vast's CSP v3.0 approach to CSP utilizes a
proprietary, modular sodium loop to efficiently capture and convert
solar heat into these end products. On December 19, 2023, Vast was
listed on the Nasdaq under the ticker symbol "VSTE", while
remaining headquartered in Australia.



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C H I N A
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CHINA: Big Three Airlines Losses Narrow to Nearly USD1.9BB in 2023
------------------------------------------------------------------
Yicai Global reports that the losses racked up by China's three
largest airlines significantly narrowed last year, even though they
cumulatively lost CNY13.4 billion (USD1.9 billion).

Air China's net loss shrank 97 percent to CNY1 billion (USD138
million) in the year ended Dec. 31 from the previous year, the
national flag carrier announced on March 28, Yicai discloses.
Revenue soared 167 percent to CNY141.1 billion (USD19.5 billion).

China Eastern Airlines and China Southern Airlines reported net
losses of CNY8.2 billion and CNY4.2 billion for last year,
narrowing 78 percent and 87 percent, respectively, from the year
before. Revenue jumped 146 percent and 84 percent to CNY113.7
billion and CNY159.9 billion.

The Chinese civil aviation market is expected to achieve
profitability this year, according to the Civil Aviation
Administration of China, Yicai relays. Air China, China Eastern,
and China Southern also said during their earnings conference calls
that their goal is to turn losses into profits this year.

However, the aviation market may not perform as well as expected
this year, said Zou Jianjun, professor at the Civil Aviation
Management Institute of China. Even though the industry may improve
in the first quarter, the third quarter may be disappointing given
the pent-up travel demand in the same period last year, Zou
predicted.

According to Yicai, China's international passenger flights resumed
only to 38 percent of the pre-pandemic level in 2019 last year.
This means that international long-haul aircraft had to be moved to
domestic routes, affecting Chinese carriers' fares, utilization
rates, and passenger load factors.

Contrary to Chinese airlines, major European and US carriers
reported profits last year, mainly because Covid-19 prevention and
control measures were lifted earlier abroad than in China, Yicai
says. For example, the US ended its 18-month international travel
ban in November 2021, while China canceled its restrictions a year
later.

US carrier Delta Air Lines achieved a net profit of USD4.6 billion
last year, up 250 percent from the year before. German airline
Lufthansa's net profit jumped 112 percent to EUR1.7 billion (USD1.8
billion) in the period, Yicai discloses.


LIFESTYLE INT'L: Mall Operator Seeks Up to US$1 Billion Loan
------------------------------------------------------------
Bloomberg News reports that Hong Kong mall operator Lifestyle
International Holdings Ltd. is in talks with banks to refinance a
loan that backs a landmark retail project at a mega development
covering the city's former airport, according to people familiar
with the matter.

Bloomberg relates that the syndicated loan, if signed, would be in
the HK$7 billion to HK$8 billion ($895 million to $1 billion)
range, the people said, asking not to be identified because the
information is private. Details are still under discussion and
subject to change. The loan it would refinance is a HK$6.95
billion, two-year syndicated facility signed in June 2022 for
Lifestyle's project in Kai Tak, an area set against Victoria
Harbour where other developments include a sports park.

Originally planned for opening two years ago, Lifestyle's flagship
department store The Twins at the eastern Kowloon area of Kai Tak
has faced delays, according to Bloomberg. In January, the company
denied speculation on social media about plans for Kai Tak SOGO
store, one of the two towers at The Twins that is scheduled to open
by year-end.

Lifestyle International didn't immediately respond to an inquiry
submitted through their website, and phone calls to Hong Kong's
SOGO department stores went unanswered, Bloomberg notes.

Lifestyle International was taken private by its chairman in a
HK$1.9 billlion deal, after warning the profit would drop at least
80% in the first half of 2022. Its last interim report showed that
consolidated current liabilities exceeded current assets by about
HK$2 billion. The company has about $1.2 billion loans and bonds
due in 2024, according to data compiled by Bloomberg.

Bloomberg says Hong Kong's retail sector has faced headwinds.
Departures of locals and expatriates coupled with a new trend of
shopping across the border in Shenzhen has put pressure on local
retailers and residents' spending power in recent months.

Retail sales could fall 4% this year despite the city attracting
more mainland China tourists, according to estimates by Bloomberg
Intelligence.

Listed on the Hong Kong Stock Exchange in 2004, Lifestyle
International Holdings Limited is a Hong Kong-based retail operator
that focuses on mid- to upper-end department stores. The company
operates two SOGO stores in Hong Kong.


TUANCHE LTD: Marcum Asia CPAs Raises Going Concern Doubt
--------------------------------------------------------
TuanChe Limited disclosed in a Form 20-F Report filed with the U.S.
Securities and Exchange Commission for the fiscal year ended March
31, 2023, that Marcum Asia CPAs LLP, the Company's auditor since
2023, expressed that there is substantial doubt about the Company's
ability to continue as a going concern.

In the Report of Independent Registered Public Accounting Firm
dated March 28, 2024, New York, NY-based Marcum Asia, said, "The
Company has incurred significant recurring losses and negative cash
flows from operating activities, and there were negative working
capital balance and limited cash balance as of December 31, 2023.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern."

The Company has incurred recurring operating losses since its
inception, including net losses of RMB101.9 million, RMB166.5
million and RMB83 million (US$11.7 million) in 2021, 2022 and 2023,
respectively. Net cash used in operating activities was RMB92.3
million, RMB109.7 million and RMB74.9 million (US$10.6 million) in
2021, 2022 and 2023, respectively. Accumulated deficit was
RMB1,150.1 million and RMB1,233.1 million (US$173.7 million) as of
December 31, 2022 and 2023. As of December 31, 2022 and 2023, the
Company had cash and cash equivalents of RMB69.9 million and RMB9.6
million (US$1.3 million), respectively. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern," the Company explained.

The Company said, "Our ability to continue as a going concern is
dependent on our management's ability to successfully execute the
business plan of improving staff efficiency and pursuing potential
financing to improve our cash flow from operating and financing
activities. Based on cash flow projections from operating and
financing activities and our current balance of cash and cash
equivalents, our management believes that our current cash and cash
equivalents and anticipated cash flow from operations upon
successful execution of our business plans and financing plans will
be sufficient to meet our anticipated cash needs from operations
and other commitments for at least the next 12 months from the date
of this annual report. However, there is no assurance that the
plans will be successfully implemented. Failure to successfully
implement the plans will have a material adverse effect on our and
the VIEs' business, results of operations and financial position,
and may materially and adversely affect our ability to continue as
a going concern."

As of December 31, 2023, the Company has RMB119.3 million (US$16.8
million) in total assets, RMB99.9 million (US$14.1 million) in
total liabilities, and RMB19.5 million (US$2.75 million) in total
shareholders' equity.

A full-text copy of the Company's Form 20-F is available at
https://tinyurl.com/5anwa8d9

                         About TuanChe Ltd

Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading
integrated automotive marketplace in China. TuanChe offers services
to connect automotive consumers with various industry players such
as automakers, dealers and other automotive service providers.
TuanChe provides automotive marketing and transaction related
services by integrating its online platforms with offline sales
events. Through its integrated marketing solutions, TuanChe turns
individual and isolated automobile purchase transactions into
large-scale collective purchase activities by creating an
interactive many-to-many environment. Furthermore, leveraging its
proprietary data analytics and advanced digital marketing system,
TuanChe's online marketing service platform helps industry
customers increase the efficiency and effectiveness of their
advertising placements.



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H O N G   K O N G
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LUDUSON G: J&S Associate Raises Going Concern Doubt
---------------------------------------------------
Luduson G Inc. disclosed in a Form 10-K Report filed with the U.S.
Securities and Exchange Commission for the fiscal year ended
December 31, 2023, the Company's auditor, J&S Associate has
expressed substantial doubt about the Company's ability to continue
as a going concern.

The Company has incurred a net loss of $303,197 for the current
year. In addition, with respect to the ongoing and evolving
coronavirus (COVID-19) outbreak, which was designated as a pandemic
by the World Health Organization on March 11, 2020, the outbreak
has caused substantial disruption in international and U.S.
economies and markets and if repercussions of the outbreak are
prolonged, could have a significant adverse impact on the Company's
business.

In order to continue as a going concern, the Company will need,
among other things, additional capital resources. Management's plan
is to obtain such resources for the Company by obtaining capital
and the continued financial support from management and significant
shareholders sufficient to meet its minimal operating expenses and
seeking third party equity and/or debt financing. Management
believes the Company is currently pursuing additional financing for
its operations. However, there is no assurance that the Company
will be successful in securing sufficient funds to sustain the
operations.

These and other factors raise substantial doubt about the Company's
ability to continue as a going concern.

As of December 31, 2023, the Company had $7,091,416 in total
assets, $1,245,310 in total liabilities, and $5,846,106 in
shareholders' equity.

A full-text copy of the Company's Form 10-K is available at
https://tinyurl.com/mttvbvp6

                       About Luduson G Inc.

Wanchai, Hong Kong-based Luduson G Inc., founded in 2013 by a
dynamic consortium of passionate game developers, interactive
designers, and digital solution innovators within the IT industry.
LDSN's expanded business scope encompasses the development of a
metaverse for Global Entertainment, the production of Hong
Kong-style Commercial Movies, the orchestration of large-scale
events in the Asian market, and the establishment of a Movie Studio
and Japan Animation Theme Park in Southeast Asia.



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I N D I A
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ABHISHEK PROPBUILD: CARE Reaffirms D Rating on INR129.30cr LT Loan
------------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Abhishek Propbuild Private Limited (ABP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          129.30      CARE D Reaffirmed

Rationale and key rating drivers

The ratings assigned to the Bank facilities of ABP continues to
factor in continuing ongoing delay in the debt servicing in the
rated facilities and classification of the account as NPA with the
lender.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Continuous timely servicing of the term loan with no delays for
period of more than 3 months and improvement in liquidity profile.

Negative factors: Not Applicable

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* Ongoing delays in debt servicing: Company has defaulted in
servicing the debt repayment and interest payment obligations
resulting which the account has been classified as Non-Performing
Asset (NPA) with the lender. Post which the account was transferred
to an Asset Reconstruction Company (ARC) by the lender and there
has been continuing delays in debt servicing.

Liquidity: Poor

Liquidity position of the company remained poor considering high
interest burden on the company and inability to repay it on
timely manner.

ABP, part of Mantri group, is operating a retail mall viz. 'Mantri
Square Mall (MSM)' in Malleswaram, Bengaluru with leasable area of
867,636 sft and 12 MW of windmill assets in Davangere district of
Karnataka. The power generated from windmills is largely utilized
for captive consumption with balance power sold out to third
parties in open market.

ANGD FRUIT: CARE Lowers Rating on INR83.50cr LT Loan to B+
----------------------------------------------------------
CARE Ratings has revised ratings on certain bank facilities of Angd
Fruit Ranch Private Limited (AFR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       83.50      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from AFR to monitor
the ratings vide e-mail communications/letters dated December 29,
2023, February 5, 2024, March 6, 2024, March 8, 2024, etc. among
others and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE Ratings Ltd. has reviewed the rating on the basis
of the best available information which, however, in CARE Ratings
Ltd.'s opinion is not sufficient to arrive at a fair rating. The
rating on Angd Fruit Ranch Private Limited's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The rating has been revised on account of non-availability of
requisite information and no due-diligence conducted due to
noncooperation by Angd Fruit Ranch Private Limited with CARE
Ratings Ltd.'s efforts to undertake a review of the rating
outstanding.

CARE Ratings Ltd. views information availability risk as a key
factor in its assessment of credit risk. Further, the rating takes
into account the constraints relating to company's leveraged
capital structure and project execution and stabilization risk.
Further, the rating continues to remain constrained by risk
associated with its dependence on vagaries of nature and
seasonality of business and fragmented nature of the industry. The
rating, however, continues to draw comfort from the experienced
management coupled with location advantage, completion of the
project and thereby, reflecting improvement in operational
performance of the company.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on September 4, 2023, the following were
the rating strengths and weaknesses:

Key weaknesses

* Leveraged capital structure: The capital structure of the company
stood leveraged as marked by overall gearing ratio which stood at
2.19x as on March 31, 2022 on account of high debt levels due to
debt funded CAPEX undertaken coupled with high dependence on bank
borrowings to meet the incremental working capital requirements of
business.

* Project execution and stabilization risk: AFR was planning to
increase the existing storage capacity by 1850 MT by construction
of additional 6 chambers at its existing facility in Shimla,
Himachal Pradesh. The total project cost required for enhancement
of its existing capacity is INR11.28 crore which was proposed to be
funded through term loan of INR5.00 crore, subsidy of INR2.68 crore
and promoter's contribution (unsecured loans) of INR3.60 crore.
However, the said project was at very nascent stage and the debt
was yet to be tied-up. The project was expected to commence its
operations from September, 2023. The execution of the additional
project with the envisaged time and cost remains a crucial from
analytical prospective in the consideration of funding yet to be
tied up. However, post project implementation risk in the form of
stabilization and streamlining of operations to achieve the
envisaged scale of business and saleability risk associated with
the products offered in the light of competitive nature of industry
is yet to been seen. However, in the absence of latest details,
CARE Ratings Ltd. is unable to comment on the same.

* Dependence on vagaries of nature and seasonality of business:
Agro-based industry is characterized by its seasonality, as it is
dependent on the availability of products, which further varies
with different harvesting periods. Since, apple is mainly a winter
season crop and the production highly depend on vagaries of nature.
The decline in apple production will have an adverse impact on the
revenue generation of the company.

* Fragmented nature of the industry: AFR's business risk profile is
constrained on account of competition from other regional
established players like Adani Agri Fresh Limited (rated 'CARE
BBB-; Stable/ CARE A3'), Dev Bhumi Cold Chain Limited, etc. in
Himachal Pradesh operating in cold chain industry. AFR is operating
in an industry which is highly fragmented in nature and has limited
entry and exit barrier. This leads to limit the bargaining power
with customers and also restrict to the prices being prevalent in
the market, which may constraints its scale of operations and
operating margins. However, the high demand of apples and shortage
of supply during off-season can give a slight competitive advantage
to AFR.

Key strengths

* Experienced management coupled with location advantage: Mr.
Harinder Pal Bhogal, Mrs. Sakshi Singla and Mr. Navjot Singh Rupra
are the directors of the company and they collectively look after
the overall operations of the company. Mr. Harinder Pal Bhogal
(Chairman), is graduate and has vast experience of more than three
decades in auto industry through his association with associate
concern namely; "M S Bhogal N Sons". Mrs. Sakshi Singla (Managing
Director), is post graduate and has an experience of nearly a
decade in engineering industry through family run business. Mr.
Navjot Singh Rupra, is graduate and has an experience of nearly a
decade in agri-products and construction business through family
run business. They are ably supported by Mr. Vikas Singhal (CEO),
an ex-banker, he is managing the day-to-day operations of the
company. The promoters have adequate acumen about various aspects
of business which is likely to benefit the company in the long run.
The promoters are also supported by team of professionals having
relevant experience in their respective fields.

Further, the cold storage is situated at Kumarsain district, Shimla
(Himachal Pradesh) which is famous for apple orchards and are known
as the apple country due to its ideal geographical location for
growing apples. It is well connected by expressways/highways across
the country especially Delhi, Chandigarh and Haryana which further
offers the advantage of lower freight costs.

* Completion of the project and thereby, reflecting operational
performance of the company: AFR had undertaken capex plan with
total project cost of INR47.94 crore for setting up a controlled
atmosphere (CA) cold storage for fruits (apples) and vegetables
situated at Kumarsain district, Shimla (Himachal Pradesh). The
project was funded through term loan of INR28.50 crore, subsidy
grant of INR10.00 crore and balance through promoter's contribution
(share capital & unsecured loans) of INR9.44 crore. AFR started its
partial commercial operations from September, 2021, however it was
full-fledged operational from July, 2022 onwards. The company's
scale of operations stood small as marked by total operating income
(TOI) of INR3.10 crore and gross cash accruals (GCA) of INR0.95
crore during FY22. Further, the company has achieved total
operating income of INR38.76 crore and gross cash accruals of
INR4.78 crore during FY23 (refers to the period from April 1, 2022
to March 31, 2023; based on provisional results).

Liquidity: Stretched

The liquidity position of the company remained stretched since, the
company has low current and quick ratio of 1.19 times and 0.38
times respectively as on March 31, 2022.

Angd Fruit Ranch Private Limited was incorporated in July, 2015 as
a private limited company and started its commercial operations
from September, 2021. The company is currently directed by Mr.
Harinder Pal Bhogal, Mrs. Sakshi Singla and Mr. Navjot Singh Rupra.
The company operates as an Integrated Controlled Atmosphere (CA)
Cold Storage for fruits (Apples) and vegetables having 28 chambers
with an installed capacity of 7000 metric tonnes as on March 31,
2022. The company sells apples to different wholesalers located
domestically under its own brand name "North-Valley" and procures
the same from local farmers of Himachal Pradesh. The company is
having one associate concern namely; "M S Bhogal N Sons"
(established in 1988), a partnership firm engaged in the
manufacturing of cycle and auto parts.


ANSAL HI-TECH: NCLAT Rejects Homebuyers' Plea for Insolvency
------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) on April 1 set aside a plea seeking insolvency
proceedings against Ansal Hi-tech Township Ltd filed by its
homebuyers of a project in Greater Noida. The appellate tribunal
has upheld the order passed by the Delhi-based bench of the
National Company Law Tribunal (NCLT), which had in January 2023 set
aside the plea of homebuyers, observing that the allottees belong
to different projects and does not fulfil the required criteria to
file an insolvency case.

The project is located in Greater Noida, Uttar Pradesh.

The NCLT's order was challenged before the NCLAT, ET relates. The
homebuyers argued that the agreement with the developer terms
'Sushant Megapolis' as one complete 'Project' and was signed much
before RERA (Real Estate Regulation and Development Act) came into
force. They further submitted that 1,500-acre project 'Sushant
Megapolis' comprises plots, built-up plots, raw
houses/flats/floors, high-rise apartments, under various allocated
sites within the project.

However, NCLAT said that the RERA Act points out the requirement of
a prior registration of a realty project with the Real Estate
Regulatory Authority, ET states. And where the real estate project
is to be developed in phases, every such phase shall be considered
a standalone real estate project, and the promoter shall obtain
registration, under this Act, for each phase, separately.

Ansal Hi-tech Township has registered three agreements with the
petitioners -- Plot Allottee Agreement, Builtup Unit Allottee
Agreement, and Apartment Allottee Agreement.

It further said that under the Insolvency & Bankruptcy Code, flat
allottees, which are financial creditors, seeking insolvency
against a real estate project, need to file a plea jointly with not
less than one hundred of such allottees under the same project or
with not less than ten per cent of the total number of such
allottees, whichever is less, according to ET.

Moreover, the Township comprises 'real estate projects' of
different character, with different Building Sanctioned Plans,
having independent terms.

"In fact, for the said sanctioned plans, being the subject matter
of RERA Registrations, secured for the said ongoing projects, under
the 'Township', different approval letters, for separate real
estate projects, under this Township were issued," NCLAT observed.

It has 25 projects with separate RERA registrations and in regard
to the different categories of the project, the break-up of the
number of applicants and "in none of the project categories, the
petitioners fulfil the requirement of 'threshold limit' of '10 per
cent or 100 persons', whichever is less," ET relays.

"This Tribunal, on a careful consideration of divergent
contentions, advanced on either side, considering the facts and
circumstances of the instant case, comes to an irresistible and
consequent conclusion that . . . filed by the appellant/petitioner
and other petitioners, before the NCLT, Principal Bench, New Delhi,
is prima facie not maintainable in the eye of law," the NCLAT
said.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.19       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 10,
2023, placed the rating(s) of ACSPL under the 'issuer
non-cooperating' category as ACSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ACSPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 26, 2023, December 6,
2023, March 19, 2024.

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

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

Arbind Cold Storage Private Limited (ACSPL), incorporated in the
year 2008, is a Samashtipur (Bihar) based company, promoted by the
Mr. Amar Kumar, Mrs. Anupama Rani and Mrs. Indu Devi. It is engaged
in the business of providing cold storage services to potato
growing farmers and potato traders, having an installed storage
capacity of 90,000 quintals in Samashtipur district of
Bihar. The company is also engaged in trading of potato which
contributed around 43% of total operating income during FY19. Mr.
Amar Kumar (Director) looks after overall management of the
company. Mr. Amar Kumar has more than two decades of experience in
cold storage business and is supported by a team of experienced
professionals who have rich experience in the same line of
business.


AZURE POWER: ASA & Associates Raises Going Concern Doubt
--------------------------------------------------------
Azure Power Global Limited disclosed in a Form 20-F Report filed
with the U.S. Securities and Exchange Commission for the fiscal
year ended March 31, 2023, that ASA & Associates LLP, the Company's
auditor since 2023, expressed that there is substantial doubt about
the Company's ability to continue as a going concern.

In the Report of Independent Registered Public Accounting Firm
dated March 28, 2024, San Francisco, Gurugram, India-based ASA &
Associates LLP, said, "There are certain ongoing investigations and
legal proceedings on the Group, the outcome of which are
unascertained at this stage. This event raises a doubt about the
Group's ability to continue as a going concern."

The Company has incurred losses since its inception. During Fiscal
2022 and Fiscal 2023, it had a net loss of INR 2.1 billion and INR
2.3 billion (US$28.3 million), respectively.

As of March 31, 2023, the Company had INR 190.54 billion (US$2.32
billion) in total assets, INR 155 billion (US$ 1.89 billion) in
total liabilities, and INR 35.54 billion (US$ 432.3 million) in
total shareholders' equity.

A full-text copy of the Company's Form 20-F is available at
https://tinyurl.com/3yy74vc5

                     About Azure Power Global

Haryana, India-based Azure Power Global Limited is one of India's
leading utility scale renewable energy project developers and
operators. The Company builds, owns, and operates large grid-scale
renewable energy projects across India that supply clean energy to
India's power grid.

BALAJI ENAMEL: CARE Lowers Rating on INR2.0cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised ratings on certain bank facilities of
Balaji Enamel Industry (BEI), as:

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

   Short Term Bank      6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated July 6, 2023,
placed the rating(s) of BEI under the 'issuer non-cooperating'
category as BEI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BEI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 27, 2024.

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

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

The ratings assigned to the bank facilities of BEI have been
revised on account of delays in debt servicing recognized from
lender's feedback as well as publicly available information.

Analytical approach: Standalone

Outlook: Not Applicable

Balaji Enamel Industry (BEI) was established in the year 2010 by
the proprietor Mrs.Yakkali Bala Sulochana. She has established the
business as a family holding business with support of her husband
Mr. Kashiwishwanath. BEI is into manufacturing and trading of
writing slates. Its manufacturing facility is located at Markapur,
in Andhra Pradesh. The BEI imports the raw material board from
Malaysia, Indonesia, Thailand and Singapore and plastic parts from
Reliance Industries Limited from Andhra Pradesh and Telangana. The
BEI sells writing slates to local customers and traders in and
around Prakasam Dist., and has installed capacity of 2,00,000
numbers per day.


BRIGHTSTAR INFRA: ICRA Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Brightstar Infrastructure
Private Limited in the ‘Issuer Not Cooperating’ category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         40.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

BIPL is a special purpose vehicle (SPV), incorporated in 2005-06
and promoted by Ruchi Realty Holdings Ltd. (RRHL) and SARE, in a
55:45 joint venture, respectively. The SPV is developing an
integrated residential township, named Ruchi Lifescapes in Jatkhedi
Village, Bhopal, Madhya Pradesh spread over ~85 acres of land. The
township consists of 1,477 housing units, with amenities like
school, dispensary etc.


HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Healthfore
Technologies Limited (HTL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      266.67      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      7.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the ratings of HTL under the 'issuer non-cooperating'
category as HTL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. HTL continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter dated November
20, 2023, November 30, 2023, December 10, 2023, March 4, 2024 and
March 6, 2024.

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

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

The ratings take into account the constraints relating to delays in
the servicing of the debt obligations by HTL.

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on January 4, 2023, the following were
the rating weaknesses:

Key weaknesses

* Delays in debt servicing: There has been delays in the servicing
of the debt obligations by HTL at the time of last rating as per
public available information.

Liquidity: Poor

HTL has poor liquidity position since, there has been delays in the
servicing of the debt obligations by the company as per public
available information.

Healthfore Technologies Limited (HTL; erstwhile Religare
Technologies Limited), incorporated in May, 2009 is a global
healthcare IT solutions and advisory services company. HTL offers
various products and services including product 'Infinity' which is
a Hospital Information System and supports patient, clinical,
ancillary and financial management, 'Magnum Imaging system' which
optimizes clinical workflow by combining Picture Archival and
Communication System (PACS), Radiology Information System (RIS) and
teleradiology. HTL also provides telehealth services spanning
telemedicine, telepathology, teledermatology and teleradiology. RHC
(formerly known as, Solaris Finance Private Limited), incorporated
in April 2007, is a Non-Banking Financial Company (NBFC) managed
and controlled by the family members of Mr. Malvinder Singh and Mr.
Shivinder Singh.


HERO ELECTRIC: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Hero
Electric Vehicles Private Limited (HEVPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Long Term/          250.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating moved to
   Bank Facilities                 ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has been seeking information
from HEVPL to monitor the ratings vide e-mail communications dated
March 18, 2024, March 15, 2024, March 12, 2024, and March 11, 2024,
among others, and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the rating. In line with the extant Securities and
Exchange Board of India (SEBI) guidelines, CARE Ratings has
reviewed the ratings based on the best available information, which
however, in CARE Ratings' opinion is not sufficient to arrive at a
fair rating. Ratings on HEVPL's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING* due to non-availability of
requisite information.

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

At the time of last rating review done on August 16, 2023, the
following were the rating strengths and weaknesses:

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely servicing of debt obligations for minimum continuous 3
months.

* Significant equity infusion or favourable resolution of subsidy
claims substantially improving the financial risk profile.
* Substantial generation of gross cash accruals (GCA) sufficing any
operations and/or financial obligations.

Analytical approach: Standalone

Outlook: NA

Detailed description of the key rating drivers:

Key weaknesses

* Delay in debt servicing: HEVPL has delayed in servicing its debt
obligations. CARE Ratings has taken cognisance of the same and
accordingly has taken the rating action. This also follows the poor
liquidity situation prevailing in the company due to continued
operating losses and elongated receivable position.

* Dependence on external borrowings due to sizeable pending FAME
subsidy claims: Post debarment from FAME scheme (Faster Adoption
and Manufacturing of Electric Vehicles), MHI issued notices to
HEVPL for the recovery of amounts wrongly claimed amounting to
INR133 crore as well as barred HEVPL from receiving any future
payments from the scheme resulting in a build-up of subsidy claims
from the Government of around INR516 crore as on April 30, 2023,
increased from INR62 crore as on March 31, 2022, thus impacting the
company's already stretched liquidity. In FY23, the promoters
infused equity amounting to INR50 crore as on April 30, 2023.
According to the signed term sheet with its existing investors Oaks
& GII were to infuse around INR160 crore by June 2023, of which
INR44.5 crore has been received as on July 31, 2023. There was
lower-than-expected infusion of equity which has further stretched
HEVPL's already stretched liquidity.

* Continued operating Losses: Despite a gross margin of 18%-20%,
HEVPL is yet to report operating profit due to the high component
costs (50% of raw material cost). According to the latest financial
results available, the company's PBILDT losses expanded from
INR27.37 crore in FY22 to INR81.85 crore in 9MFY23 (Un-audited).

Key strength

* Established market position in the e2W industry in India: HEVPL's
early-mover advantage, pan-India distribution network, promoter
family expertise, and market reputation make it one of
India's oldest e2W businesses with a network of 500 dealers and 250
sub-dealers, ie, 750 touch points, across 25 Indian states. With
the current investment, the company's Ludhiana, Punjab,
manufacturing facility's 75,000-unit capacity would rise to 200,000
units. HEVPL sold 53,556 units in FY21, 101,204 in FY22, and 90,000
through January 2023; its market share as of March 2023
stood at around 13%.

Liquidity: Poor

With the continued operating losses and its elongated receivable
position (FAME subsidy claims), the company's liquidity is poor.
This has followed into delaying repayment of its debt obligations
as well. HEVPL's free cash and cash equivalents stood at around
INR3.9 crore as on July 31, 2023 (total cash and cash equivalents
was INR21.1 crore) while repayments due in FY24 are around INR56
crore for term debt.

In FY23, the promoters have infused around INR50 crore as on April
30, 2023. As per the signed term sheet with its existing investors
Oaks & GII were to infuse around INR160 crore by June 2023, of
which only INR44.5 crore has been received as on July 31, 2023.
Sustainable timely servicing of its debt obligations would be a key
monitorable.

HEVPL is a part of the Hero Eco group (comprising HEVPL, Hero
Exports [rated 'CARE A-; Negative/CARE A2+']), and Hero Ecotech Ltd
(rated 'CARE A-; Negative/CARE A2+'), held by Vijay Munjal, Naveen
Munjal, and Gaurav Munjal. The company began developing EVs more
than a decade ago and rolled out its first electric scooter in
India in 2007. Its target market is the low and city-speed
segments. It has over 300 employees in India and a manufacturing
unit in Ludhiana, with an installed capacity of 70,000 units per
annum.


INDEXPORT LEATHER: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Indexport
Leather Export Private Limited (ILEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.90       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 11,
2023, placed the rating(s) of ILEPL under the 'issuer
non-cooperating' category as ILEPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ILEPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 27, 2023, December 7,
2023, December 17, 2023.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

West Bengal based Indexport Leather Export Private Limited (ILEPL)
incorporated in January 2011, was promoted by Mr. Ranbir Dev
Thakar, Mrs. Saroj Thakar and Mrs. Gayatri Dutt. Since its
inception, ILEPL has been engaged in processing of leather and
manufacturing of leather products like wallets, card case holder,
leather key ring, leather passport holder, note cases, handbags
etc. The major raw materials used are raw hide of animals which are
mainly procured from domestic market and also imported from Hong
Kong. The manufacturing facility of the company is located at
Kolkata, West Bengal with an installed capacity of 240000 pieces
per annum. The company sells its entire products in the
international market. The major export destination of the company
is Germany and UK. Mr. Ranbir Dev Thakar (aged about 88 years),
having more than five decades of experience in this line of
business, looks after the day to day operations of the company. He
is supported by another promoter Mrs. Saroj Thakar and Mrs. Gayatri
Dutt along with a team of experienced professional.


J.Y. INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term rating of J.Y.
International in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        11.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         1.28      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/         4.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Fund Based-                  remain under 'Issuer Not
   Cash Credit                  Cooperating' Category

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

Established in year 2004 by Mr. Mehul Parekh and Ms. Yogini Parekh,
JY International is a partnership firm engaged in manufacturing of
stainless steel (SS) utensils like fry pan, cookware, buckets,
canisters etc. The company operates a plant located at Vasai,
Mumbai where the SS utensils are manufactured. In the last six
years, the promoters have regularly expanded the ancillary
capacities to increase the production capacity and 3 improve the
automation in the manufacturing process. These investments have
been primarily funded through unsecured loans from promoters and
internal accruals. The products so produced are mainly exported to
Middle East, African and Far East Countries. The promoters have
been in this business for more than three decades and during this
period have developed relationships with various wholesalers,
agents and export houses. The products are generally exported
through JNPT port.


JAIN AGENCIES: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term ratings of Jain Agencies in the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in August, 2012, Jain Agencies is an authorised
distributor of Samsung Electronics India Limited in Sivasagar,
Jorhat, Dibrugarh, Tinsukia and Nagaon districts of Assam. The firm
sells consumer durables such as television, refrigerator, air
conditioners, etc. The firm is promoted by the Guwahati-based Jain
family, who have long experience in the distribution business
through various group entities.


JAY PALGHAR: ICRA Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term rating of Jay Palghar Net Co. in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.25       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.75       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Established in January 2015, Jay Palghar Net Co. (JPNC) is into
manufacturing of Fishing Nets, Sports Nets and Safety Nets with its
production facilities located in Porbandar, Gujarat with a total
installed manufacturing capacity of 2000 kgs per day. The
commercial production of the firm started from February 2016. The
firm was started by Mr. Suresh Lodhari along with his son Mr. Jay
Lodhari. Mr. Suresh Lodhari has a long experience in this line of
business.


JAYPEE CEMENT: CARE Reaffirms D Rating on INR2,312.94cr LT Loan
---------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Jaypee Cement Corporation Limited (JCCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities         2,312.94     CARE D Reaffirmed

   Short Term Bank
   Facilities            50.00     CARE D Reaffirmed

Rationale and key rating drivers

The ratings of the bank facilities and instruments of JCCL continue
to factor in delays in debt servicing by the company due to
liquidity constraints.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely track record of debt servicing by the company for
continuous 3 months

* Sustainable improvement in the operations of the company

Analytical approach: Standalone

Detailed description of the key rating drivers:

Key weaknesses

* Weak financial profile in FY23: During FY23, the company's net
loss stood at INR345.42 crore on the total operating income of
INR53.81 crore against net loss of INR217.62 crore on total
operating income of INR181.58 crore in FY22. Low operating income
and high interest cost have been the key reasons for weak financial
performance. Due to weak financial risk profile of the group,
coupled with JCCL's weak operating performance, the liquidity
position continued to remain constrained, leading to delays in debt
servicing by the company.

Liquidity: Poor

The liquidity of the company is poor, owing to delays in debt
servicing. The company had cash and bank balance of INR2.03 crore
as on March 31, 2023.

JCCL, a wholly owned subsidiary of Jaiprakash Associates Ltd (JAL,
rated CARE D), is engaged in cement manufacturing. It has a 1.20
MTPA cement grinding unit at Shahabad District Gulbarga, Karnataka
along with a 60 MW captive power plant. Another 1.20 MTPA cement
capacity at Jaypee Shahabad Cement Project has been kept suspended
temporarily.

JAYPEE HEALTHCARE: CARE Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated ratings on certain bank facilities of
Jaypee Healthcare Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       590.04     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

CARE has been seeking information from Jaypee Healthcare Limited to
monitor the ratings vide e-mail communications dated March 7, 2024,
March 8, 2024 and March 9, 2024 and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings.

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

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

Rationale and key rating drivers

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely repayment of its debt on timely basis.

Analytical approach: Standalone

Detailed description of the key rating drivers:

Key weaknesses

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

Liquidity: Poor

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

Jaypee Healthcare Ltd (JHL), a 100% subsidiary of Jaypee Infratech
Ltd (JIL, rated CARE D), has a multi-specialty tertiary hospital
located at Jaypee Wish Town, Noida. The hospital is 504 bedded (300
operational beds) multi super Specialty hospital with 18 operation
theatres and 35 specialties including Liver Transplant and
Radiation Oncology.


KALPANA WINES: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the ratings for the bank facilities of Kalpana Wines
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2011, Kalpana Wines is a partnership firm engaged in
selling IMFL, country liquor and beer through retail shops in
Kanpur. At present, the firm has 14 retail shops comprising of
model shops as well. The firm has 14 partners, with most of them
owning one or more licenses for running liquor retail shops. The
operations of the firm are primarily managed by Mr. Sukhvinder
Singh.


KAMAKHYA TRADERS: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term ratings of Kamakhya Traders in the
'Issuer Not Cooperating' category. The ratings are denoted as
[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.00       [ICRA]B (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2001, Kamakhya Traders has been engaged in the
trading of coal especially coking coal used for metallurgical uses
as well as providing allied services such as logistics and
transportation of coal to its customers. The firm purchases the
coal domestically from Assam, Kolkata and Gorakhpur while sells off
to steel and other metal players, tyre manufacturing companies as
well as construction units. The sales are made majorly in Gorakhpur
while the firm also sells to other parts of UP. The firm has a
designated team assigned in Assam from where the coal is loaded on
the train for Gorakhpur. The firm takes orders in advance post
which the order for the specific quantity of coal is given in Assam
and Kolkata. The coal is received in Goarkhpur by another team of
Kamakhya which load the same on the logistics units provided by the
customers. Hence, major logistics work is either carried through
the train or further handled by the customer itself reducing any
logistics pressure on Kamakhya. However, in some cases, Kamakhya
provides logistics services by hiring a vehicle and charges a
specific commission from the customer.


KAVAN COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Kavan Cotton Private Limited
in the 'Issuer Not Cooperating' category. The ratings is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        40.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 2008, Kavan Cotton Private Limited is engaged in
the business of cotton ginning, pressing and crushing activities
with 40 ginning machines, 1 pressing machine and 11 expellers for
producing FP (fully pressed) bales and cottonseed oil with an
intake capacity of 42,240 MT per annum of raw cotton and 12,720 MT
per annum of cottonseeds. Apart from production, the company is
also involved in trading activities in cotton bales, cottonseeds,
cottonseed oil and oil cakes.


KDFP PRIVATE: CARE Assigns B+ Rating to INR44cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of K D F P
Private Limited (KDFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       44.00      CARE B+; Stable Assigned
   Facilities           

   Long Term/            3.00      CARE B+; Stable/CARE A4
   Short Term                      Assigned
   Bank Facilities       
                   
   Short Term            5.00      CARE A4 Assigned
   Bank Facilities       

Rationale and key rating drivers

The ratings assigned to bank facilities of KDFPL is constrained on
account of nascent stage of operations, leverage capital structure
and stabilization risk associated with debt funded newly setup
facility. Further, the rating is also constrained by exposure to
raw material price volatility and highly fragmented and competitive
nature of the industry. The ratings draw comfort from Experienced
partner and favourable location of plant.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Achievability of scale of operations as marked by total operating
income of above INR90.00 crore on sustained basis.

* Improvement in profitability margins above 13.50% on sustained
basis.

Negative factors

* Decline in scale of operations by more than 20% from envisaged
level and decline in profitability margins as marked by PBILDT
margin below 10.00% on sustained basis.

* Elongation in the operating cycle of the company for more than 90
days.

* Liquidity support from promoters through infusion of funds.

Analytical approach: Standalone

Outlook: Stable

The "Stable" outlook reflects that the company will get benefit
from the experienced management.

Detailed description of the key rating drivers:

Key weaknesses

* Nascent stage of business operations: KDFPPL started its
commercial production during February 29, 2024 and has a relatively
short track record of operations as compared with other established
players. The company has achieved a turnover of INR13.00 crores in
the first month of business operations and is expected to clock the
total operating income of INR21.87 crores in FY24. Further, post
project implementation risk in the form of stabilization of the
manufacturing facilities to achieve the envisaged scale of business
and salability risk associated with the products in the light of
competitive nature of industry remains crucial for KDFPPL.

* Leveraged capital structure: The capital structure of the company
stood leverage as marked by expected overall gearing of 33.20x as
on March 31, 2024, on account of the debt funded capex done.
Further, the overall gearing is expected to improve over the medium
term on account of regular repayment.

* Stabilization risk associated with debt funded newly setup
facility: KDFPPL has undertaken capex plan with total project cost
of INR60 crores crore for setting up a knitting and dyeing plant
with an installed capacity to process 3600 tonnes/annum. The
project was funded through term loan of INR40.00 crore and balance
through promoter's contribution of INR20.00 crore (share capital of
INR2.00 crore and unsecured loans of INR18.00 crore). The company
has incurred INR60.00 crore which is 100% of the total project
cost. The company has started its commercial operations
from February 29, 2024. However, post project implementation risk
in the form of stabilization and streamlining of operations to
achieve the envisaged scale of business and risk associated with
the products offered in the light of competitive nature of industry
is yet to been seen.

* Highly competitive and fragmented nature of industry: The firm
operates in the textile manufacturing and processing industry which
is highly competitive with presence of numerous independent
small-scale enterprises owing to low entry barriers leading to high
level of competition in the processing segment. Furthermore, the
Indian textile industry also faces competition from the low-cost
countries like China and Bangladesh. The intense competition in the
textile processing industry also restricts ability of the company
to completely pass on volatility in input cost to its customers,
leading to lower profit margins.

* Exposure to raw material price volatility: The entities in
textile industry are susceptible to fluctuations in raw material
prices. The cotton yarn (one of the main raw material) being an
agricultural product, its demand supply situation depends on
various natural conditions like monsoons, drought and floods.
Therefore, the firm is exposed to any fluctuation in the prices of
its raw material.

Key strengths

* Experienced partner: The operations of the firm are currently
being managed by Mr. Naveen Gupta and Mrs. Sushma Gupta. Mr. Naveen
Gupta having experience of 35 years through his association with
the KD Fabrics, KD Fabrics and apparels and other associate
entities. The partner has an adequate acumen about various aspects
of business and is assisted by a team of professionals who are
highly experienced in their respective domains which is likely to
benefit KDFPPL in the long run.

* Favourable location of plant: KDFPPL's manufacturing facility is
located in Ludhiana, Punjab which is one of the largest textile
hubs in India for yarn, fabrics, and readymade garments and is a
readily available market for these products. The firm benefits from
the location advantage in terms of easy accessibility to large
customer base located in Ludhiana, Punjab. Additionally, various
raw materials required in manufacturing of products are readily
available owing to established supplier base in the same location.
Furthermore, skilled labour is also available by virtue of it being
situated in the textile cluster.

Liquidity: The liquidity position of the company remained stretched
characterized by expected low current ratio and quick ratio of 1.44
times and 0.81 times as on March 31, 2024. However, the company is
expected to generate envisage GCA of INR6.93 crore for FY25 against
repayment obligations of INR2.50 crore in same year.

KDFP Private Limited (KDFPPL) was incorporated in 2021 to set up a
plant for knitting and dyeing of cloth. The company started initial
work to establish in two phases where Phase 1 was completed in
October 2023 and second phase is completed in February 2024. In
this unit the knitted cloth and dyeing is done with total
production capacity of 3600000 kgs/annum . KDFPPL has two group
companies KD Fabrics and KD fabrics and apparels. There are two
directors Naveen Gupta and Sushma Gupta who have around three
decades of experience in same line of business with their
association with KD Fabrics and KD fabrics and apparels which are
engaged in manufacturing of knitted clothe and knitted garment.


KRISHNA COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term of Krishna Cotton (Tankara) in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         0.20      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         0.80      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Established in 2011 as a partnership firm, Krishna Cotton ('KC' or
the 'firm') is in the business of ginning and pressing of raw
cotton. The firm commenced commercial production in October 2012
from its manufacturing facility at Rajkot in Gujarat. The unit is
equipped with 24 ginning machines, one pressing machine and four
expellers and has a processing capacity of ~19000 metric tonnes per
annum (MTPA) of raw cotton. The promoters of KC have a decade long
experience in the cotton ginning business by virtue of their
association with other related companies.


LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ligare
Aviation Limited (LAL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      235.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 4,
2023, placed the ratings of LAL under the 'issuer non-cooperating'
category as LAL had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. LAL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated
November 20, 2023, November 30, 2023, December 10, 2023, March 4,
2024 and March 6, 2024.

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

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

The ratings take into account the constraints relating to delays in
the servicing of the debt obligations by LAL.

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on January 4, 2023, the following were
the rating weaknesses (FY21 updated for the information available
from Registrar of Companies):

Key weaknesses

* Delays in debt servicing: There has been delays in the servicing
of the debt obligations by LAL as per public available
information.

Liquidity: Poor

LAL has poor liquidity position since, there has been delays in the
servicing of the debt obligations by the company as per public
available information.

Ligare Aviation Limited (LAL) incorporated in September, 1996 is
subsidiary of Ligare Voyages Ltd (LVL; erstwhile Religare Voyages
Ltd) which holds 99.99% stake in LAL as on March 31, 2016. RHC
Holding Private Limited is the ultimate holding company of LAL as
RHC holds 95% stake in LVL as on March 31, 2016. LAL is engaged in
non-scheduled air charter business with fleet of 11 aircrafts (out
of which four were owned and balance seven were leased) including
jets, turbo props and helicopters with a flying range within the
Asian continent and the Middle East. RHC (formerly known as,
Solaris Finance Private Limited), incorporated in April 2007, is a
Non-Banking Financial Company (NBFC) managed and controlled by the
family members of Mr Malvinder Singh and Mr Shivinder Singh.


MADHUCON SUGAR: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Madhucon Sugar and Power
Industries Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        98.89      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        21.29      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-        37.90      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Madhucon Sugar and Power Industries Limited (MSPIL) was
incorporated in November 2002 as Madhucon Sugars Limited, with an
objective to acquire 'The Palair Co-Operative sugars Limited',
sugar plant in Khammam district (Palair, was established under
co-operative sector in the year 1982). MSPIL has gradually enhanced
the sugar capacity from 1,250 TCD to 2,000 TCD by FY2007 and to
3,000 TCD by FY2008 and 3,500TCD by FY2009.The mill which was a
standalone sugar unit forayed into production of power with a
capacity of 24.2 MW from bagasse and coal in October 2008. The
distillery unit with a capacity of 65 KPLD commenced operations in
December 2015. Madhucon Sugar and Power Industries Limited
(MSPIL)is part of the Madhucon Group of Companies which has
interests in construction, granites, coal, sugar and power.


MAHAGANAPATI FINCORP: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Mahaganapati Fincorp Private Limited (MFPL) continues to remain in
the 'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Limited had, vide its press release dated March 29,
2023, placed the rating of MFPL under the 'issuer non-cooperating'
category as MFPL had failed to provide information for monitoring
of the rating. MFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated February 12, 2024, February 27, 2024,
March 4, 2024, and March 11, 2024.

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

The ratings have been reaffirmed on account of MFPL's relatively
small scale of operations, weak asset quality with exposure to
relatively riskier borrower segment, moderation in profitability,
geographical and product concentration of portfolio, and
concentrated resource base.

Outlook: Stable

Stable outlook reflects experience of the promoters.

Detailed description of the key rating drivers:

At the time of last rating on March 29, 2023, the following were
the rating strengths and weaknesses (updated for the information
available from FY23 Annual Report [sourced from MCA website]):

Key weaknesses

* Geographical and product concentration of portfolio: MFPL's
operations are concentrated only in 1 state i.e., Rajasthan (mainly
in and around Jaipur region) resulting in geographical
concentration of operations. Further, as on March 31, 2021, the
company's loan portfolio is concentrated with unsecured loans
(given to women borrowers) comprising 74.85% of total loan
portfolio followed by Personal loans (12.92%), LAP (11.45%) and
Auto loans (0.78%).

* Exposure to relatively risker borrower segment: MFPL mainly
caters to the financing needs of the self-employed segment in the
lower to middle income category, which is unserved by banking
sector, at high rate of interest. Since self-employed segment is
highly susceptible to the impact of economic downturn, asset
quality will remain a key monitorable.

* Weak Asset Quality: MFPL's asset quality deteriorated
significantly during FY21 marked by Gross NPA increasing from
INR0.32 crore in FY20 to INR1.6 crore in FY21 mainly owing to rise
in NPAs in the unsecured loans segment. Resultant Gross NPA (as a %
of Gross Advances) and Net NPA (as a % of Net Advances) increased
to 22.35% and 19.55% respectively as on March 31, 2021
from 3.83% and 3.23% as on March 31, 2020. As of March 31, 2022,
GNPA declined to 1.65%, however, further moderated to 1.92% as on
March 31, 2023. Net NPA to Net worth has also deteriorated
significantly from 10.54% as on March 31, 2020 to 55.24% as on
March 31, 2021.

* Risk associated with the volatility in interest rates: The
borrowings of the company are at floating rates while entire asset
book is at fixed rates. Hence, the company's spreads are exposed to
volatility in the interest rates. The said risk is mitigated to
some extent due to the higher interest rates charged by the company
on its loans.

* Small scale of operations with high unsecured portfolio: MFPL's
scale of operations have remained small with total income of
INR1.09 crore in FY23 which declined from INR1.70 crore in FY22
owing to a decrease in the loan portfolio. Further, the outstanding
loan portfolio stood at INR3.44 crore as on March 31, 2023 (INR4.05
crore as on March 31, 2022), registering a degrowth of 15.06%
y-o-y. Moreover, majority of the loan portfolio i.e., around 88% of
total outstanding loan portfolio is of unsecured nature comprising
unsecured loans to women borrowers (75% as on March 31, 2021) and
Personal loans (13% as on March 31, 2021).

* Concentrated resource base: As on March 31, 2022, MFPL's
operations are funded through funds infused by promoters and via
term loans from banks. MFPL had total assets of INR5.03 crore which
of which INR1.14 crore was funded through term loans, and INR1.02
crore was funded through unsecured loans from directors and
relative and the balance was funded via internal
accruals. Raising of additional funds for funding portfolio would
be crucial going forward.

Key strengths

* Experienced promoters with long track record: MFPL is managed by
Mr. Raju Saraf (Whole Time director & Founder) and his daughter Ms.
Vedita Saraf (Managing Director). Mr. Raju is a first-generation
entrepreneur and holds a master's degree in economics and has vast
experience of over 25 years in finance, construction, and other SME
businesses. He looks after the overall operations of MFPL. Ms.
Vedita Saraf holds a master's degree in business administration.
She has experience of more than 5 years and looks after marketing,
credit, risk analysis and collection functions of MFPL. They are
also supported by experienced key personnel.

* Adequate capitalization: MFPL's operations are funded through
funds infused by promoters in the form of equity share capital,
unsecured loans from directors and external borrowings. Tangible
Net Worth remained nearly stable at INR2.71 crore in FY23. Overall
gearing (including unsecured loans from directors) has marginally
reduced to 0.68 times as on March 31, 2023 from 0.82 times as on
March 31, 2022 mainly on account of lower debt levels. CAR as of
March 31, 2023 stood at 86.74%.

* Moderate profitability: Total income declined in FY23 on the back
of decrease in interest income, which in turn is on account of
decline in the loan portfolio. Interest expenses also declined with
decrease in borrowings. Operating expenses on absolute levels have
remained rangebound. However, overall profitability moderated with
ROTA at 0.61% in FY23 as compared to 2.11% in FY22 due to a decline
in net interest margins.

Mahaganapati Fincorp Private Limited (MFPL) was incorporated in
1996 as Manwani Fincorp Private Limited. Subsequently in September
2012, the company was acquired by Mr. Raju Saraf and his friends
and name of the company was changed to its current name. MFPL is a
Jaipur (Rajasthan) based small-sized RBI registered non-deposit
taking NBFC, engaged in financing of Unsecured loans, Personal
loans, Loan against Property (LAP) and Auto loans. MFPL operates
from its head office at Jaipur and its 7 branches and most of the
business is concentrated in rural and semi-urban areas of Jaipur
and surrounding districts within Rajasthan.


MULA AGRO: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Mula Agro Products Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1993, Mula Agro Products Pvt Ltd (Mula) is engaged
in the processing of milk and manufacturing of milk products. The
operations of the company are collectively managed by its
directors, who have an experience of over two decades in the dairy
industry. The company's manufacturing facility is located at
Rahuri, Ahmednagar and has a processing capacity of 100,000 litres
per day. The manufacturing facility is well equipped with the
requisite infrastructure of collection, chilling, pasteurization,
grading, packaging and storage of milk and milk derived products.


MURARI PAVAN: ICRA Keeps D Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Sri
Murari Pavan Agrotech in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable);ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         9.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Sri Murari Pavan Agrotech (SMPA) was incorporated in2015 as a
partnership firm and is based out in Nandyal town of Kurnool
district, Andhra Pradesh and is involved in the ginning & pressing
of raw cotton to produce cotton lint& seeds. The firm has 24 gins
and one pressing unit. The current capacity of the plant is 48000
bales of lint per annum. The operations are currently managed by
Mr. B. Srihari and his family members who have more than 20 years
of experience in ginning Industry.


PRADIP OVERSEAS: NCLT Approves Guarantors' Repayment Plan
---------------------------------------------------------
The Economic Times reports that a bankruptcy court in Ahmedabad has
approved a common repayment plan submitted by the personal
guarantors of Pradip Overseas and directed that on the full
implementation of the repayment plan, the personal guarantees given
by all the personal guarantors be released by the financial
creditors.

According to ET, the ruling is expected to set a precedent for
promoters of bankrupt companies who are facing proceedings under
the Insolvency and Bankruptcy Code (IBC), being joint personal
guarantors or having common assets.

The National Company Law Tribunal (NCLT) while approving the
repayment plan, also observed that the creditors shall withdraw all
the legal proceedings before various fora against the debtor within
one month of the fulfilment of repayment obligations, ET relates.

Pradip Overseas Ltd is primarily engaged in processing of home
textile products. Its products include cotton and polyesterblended
bed sheets, duvet covers, fitted sheets, pillow covers and
curtains.  


RADHEY GOVIND: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Radhey
Govind Steel And Alloys Private Limited (RGSAPL) continues to
remain in the 'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

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

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

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

Incorporated in October 2004, Radhey Govind Steel And Alloys
Private Limited (RGSAPL) was promoted by Mr. Ritesh Agrawal, Mr.
Nikhil Agrawal and Mr. Chanchal Kumar Sahoo based out of Raigarh,
Chhattisgarh. The company has been engaged in manufacturing of mild
steel ingots and billets. The manufacturing unit of the company is
located at Punjipathra, Raigarh, Chhattisgarh with an installed
capacity of 30000 metric tons per annum (MTPA). Further, the entity
has availed the moratorium
for interest on working capital under the terms of recent RBI
circular.


SVS ENTERPRISES: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
SVS Enterprises (SVS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           5.00       CARE B+; Stable Reaffirmed


   Short Term Bank
   Facilities           1.50       CARE A4 Reaffirmed

Rationale and key rating drivers

The reaffirmation in the ratings assigned to the bank facilities of
SVS continues to be constrained by small scale of operations with
moderate profitability margins in FY23 (FY refers to the period
April 01 to March 31) and 9MFY23, short term revenue visibility
from low order book position, moderate capital structure albeit
improvement in FY23, elongated operating cycle,
partnership nature of constitution with inherent risk of withdrawal
of capital and highly fragmented industry with intense competition
from other players due to tender based nature of operations.. The
ratings, however, derive its strengths from established track
record with experienced promoter for more than two decades in
construction industry, and stable outlook of
construction industry.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Increase in scale of operations marked by total operating income
increasing beyond INR25 crores with sustain its PBILDT margin of
above 10% leads to substantial increase in gross cash accruals
(cash profits)

* Improvement in capital structure marked by overall gearing ratio
below unity.

Negative factors

* Decline in total operating income to below INR10 crores.

* Any deterioration in capital structure above 3 times as a result
of withdrawal of partners' capital or increase in reliance on
debt.

Analytical approach: Standalone

Outlook: Stable

The 'Stable' outlook on the ratings of SVS reflects CARE's
expectation to sustain stable financial risk profile, given
partner's long track record in construction sector.

Detailed description of the key rating drivers:

Key weaknesses

* Small scale of operations with moderate profitability margins in
FY23 and 9MFY23: In FY23, the firm witnessed a decline of 3% to
INR14.81 crores from INR15.32 crores in FY22 because of the small
order book size available for execution in FY23. The profitability
of the firm on absolute terms marked by PBILDT and PAT improved by
19% and 45% to INR1.24 crores (PY: 1.20 crores) and INR0.74 crores
(PY: 0.51 crores) respectively. The PBILDT and PAT margins have
also improved to 9.67% (PY: 7.81%) and 4.96% (PY: 4.96%) in FY23.
In 9MFY24, the company has generated a revenue of INR6.44 crores
and the profitability margins marked by PBILDT and PAT margin
remained at 8.42% and 1.14% respectively.

* Short term revenue visibility from low order book position: SVS
has an unexecuted order book position of INR19.01 crores as on
December 31, 2023, which is likely to be executed by October 2025.
The order book to TOI ratio translates to 1.28x of gross billing in
FY23 providing short term revenue visibility. The order is from
Indian naval entities thus limiting counter party risk of the
firm.

* Moderate capital structure albeit improvement in FY23: The
capital structure of the company consists of terms loans and
working capital bank borrowings. The overall gearing ratio of the
company has improved to 2x as on March 31, 2023, as compared to
2.13x as on March 31, 2022, on account of increase in net worth due
to accretion of profits. However, the net worth of the company
remains small at INR2.99 crores as on March 31, 2023. The debt
coverage indicator marked by TDGCA improved to 6.82x as on March
31, 2023 (9.44x as on March 31, 2022) but remains high. The
coverage indicator marked by PBILDT/interest coverage has improved
to 2.33x in FY23 as compared to 2.07x in FY22.

* Elongated operating cycle: The overall operations of the entity
remained working capital intensive due to blockage of funds in
debtors. The operating cycle of the company has improved to 92 days
in FY23 from 109 days in FY22 on account of higher creditor days.
As the firm caters exclusively the state and central government
institutions; any delay in release of payments puts
a stress on the firm's working capital cycle. The fund based
working capital utilisation remained high at 81.22% for the past 12
months ending January 2024.

* Risk of withdrawal of capital given the partnership nature of
constitution of the entity: Constitution as a partnership has the
inherent risk of possibility of withdrawal of the capital at the
time of personal contingency which can adversely affect its capital
structure. Furthermore, partnerships have restricted access to
external borrowings as credit worthiness of the partners
would be key factor affecting credit decision for the lenders. In
FY23, there has been withdrawal of capital amounting to INR0.49
crore.

* Highly fragmented industry with intense competition from other
players due to tender based nature of operations: The firm receives
100% work orders from government organizations. All these are
tenders based and the revenues are dependent on the firm's ability
to bid successfully for these tenders. Profitability margins come
under pressure because of the competitive nature of the industry.
However, the partners' long industry experience around two decades
mitigates this risk to some extent. Nevertheless, there are
numerous fragmented & unorganized players operating in the segment
which makes the civil construction space highly competitive.

Key strengths

* Established track record with experienced promoter for more than
two decades in construction industry: SVS was established in the
year 2002 as a partnership firm; hence, it has established track
record of operations. The Managing Partner of the firm is Mr. B.
Srinivasa Rao, who is a civil engineer by qualification, has an
experience of more than two decades in subcontract works and
manages the day-to-day operations of the firm. Due to long term
presence in the market, the promoter has established good
relationships with its customers and suppliers which enables the
firm to bag new orders.

* Stable Industry outlook: The construction industry contributes
around 8% to India's Gross domestic product (GDP). Growth in
infrastructure is critical for the development of the economy and
hence, the construction sector assumes an important role. The
construction sector in India is expected to register a growth of
around 6% from 2023 to 2025 supported by a strong pipeline of
infrastructure projects. Government initiatives such as Atmanirbhar
Bharat and Pradhan Mantri Gati Shakti National Master plan aims to
boost the economy through infrastructure development. The focus of
the government on infrastructure development is expected to
translate into huge business potential for the construction
industry in the long run.

Liquidity: Stretched

The liquidity position of the firm remains stretched marked by low
cash accruals vis-à-vis repayment obligations. Its bank limits are
highly utilized with average utilization of 81.22% during past 12
months ended January 31, 2024. The cash and bank balance stood low
at INR0.05 crore as on March 31, 2023. However, the liquidity of
the company is supported by an above unity
current ratio of 1.18x as on March 31, 2023.

SVS Enterprises (SVS) was established in 2002 as a partnership
firm. The firm is a class I contractors with Military Engineer
Services (MES), Director General of Naval projects. The firm's
registered office is located at Visakhapatnam, Andhra Pradesh. The
firm is involved in civil contract works i.e., construction of
buildings for the state and Central government departments. SVS
purchases its raw material such as steel, cement etc., from the
dealers located in and around Vishakhapatnam. The firm constructs
buildings mainly for local government entities like Andhra Pradesh
Medical Service & Infrastructure Development Corporation (APMSIDC),
Andhra Pradesh Capital Region Development Authority (APCRDA), etc.




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

GREENPRO CAPITAL: JP Centurion Raises Going Concern Doubt
---------------------------------------------------------
Greenpro Capital Corp. disclosed in a Form 10-K Report filed with
the U.S. Securities and Exchange Commission for the fiscal year
ended December 31, 2023, that JP Centurion & Partners PLT, the
Company's auditor since 2021, expressed that there is substantial
doubt about the Company's ability to continue as a going concern.

In the Report of Independent Registered Public Accounting Firm
dated March 28, 2024, Kuala Lumpur, Malaysia-based JP Centurion &
Partners, said, "For the years ended December 31, 2023, the Company
incurred a negative cash flow from operating activities of
$1,594,718 and as of December 31, 2023, the Company incurred
accumulated deficit of $36,549,095. These condition raises
substantial doubt about the Company's ability to continue as a
going concern."

Net income was $1,049,699 for the year ended December 31, 2023,
while the net loss was $6,262,188 for the year ended December 31,
2022.

As of December 31, 2023, the Company has $8,658,020 in total
assets, $2,321,381 in total liabilities, and $6,336,639 in total
stockholders' equity.

The Company's ability to continue as a going concern is dependent
upon improving its profitability and the continuing financial
support from its major shareholders. Management believes the
existing shareholders or external financing will provide the
additional cash to meet the Company's obligations as they become
due. No assurance can be given that any future financing, if
needed, will be available or, if available, that it will be on
terms that are satisfactory to the Company. Even if the Company can
obtain additional financing, if needed, it may contain undue
restrictions on its operations, in the case of debt financing, or
cause substantial dilution for its stockholders, in the case of
equity financing.

A full-text copy of the Company's Form 10-K is available at
https://tinyurl.com/mr5wjykh

                    About Greenpro Capital Corp.

Kuala Lumpur, Malaysia-based Greenpro Capital Corp. provides
cross-border business solutions and accounting outsourcing services
to small and medium-size businesses located in Asia, with an
initial focus on Hong Kong, China and Malaysia. Greenpro provides a
range of services as a package solution to its clients, and
believes that its clients can reduce their business costs and
improve their revenues.



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

BUILDING COMPLIANCE: Creditors' Proofs of Debt Due on April 29
--------------------------------------------------------------
Creditors of Building Compliance & Fire Consulting Limited, R & F
Consulting Limited, and Wiseman Consulting Limited are required to
file their proofs of debt by April 29, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 26, 2024.

The company's liquidators are:

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


GENESIS PERFORMANCE: Creditors' Proofs of Debt Due on May 17
------------------------------------------------------------
Creditors of Genesis Performance Limited and Wellwest Integrated
Healthcare Limited are required to file their proofs of debt by May
17, 2024, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on March 25, 2024.

The company's liquidators are:

          Derek Ah Sam
          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu
          Auckland 0651


KATSUBI OREWA: Commences Wind-Up Proceedings
--------------------------------------------
Members of Katsubi Orewa Limited on March 12, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Joon Youl Seo
          PO Box 750
          Shortland Street
          Auckland 1140


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

The High Court at Dunedin appointed Diana Matchett and Colin Gower
of BDO Christchurch as liquidators on March 21, 2024.


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

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 27, 2024.

The Petitioner's solicitor is:

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




=====================
P H I L I P P I N E S
=====================

ROXAS HOLDINGS: Annual Net Loss Widens to PHP1.11BB in 2023
-----------------------------------------------------------
Bilyonaryo.com reports that Roxas Holdings Inc. (RHI) widened its
net loss for fiscal year 2023 ending September, hit by a steep
decline in revenue from sugar operations due to lower sales
volumes.

RHI's net loss ballooned to PHP1.11 billion in 2023, a 62% increase
from PHP689.94 million a year ago, Bilyonaryo.com discloses. Core
net loss also climbed 10% to PHP841 million from PHP768 million in
fiscal year 2022.

Total revenue fell 33% year-on-year to PHP4.72 billion, with sugar
operations bearing the brunt of the decline.

Revenue from sugar activities almost halved due to reduced sales
volumes, particularly in refined sugar, milling, and tolling.

According to Bilyonaryo.com, RHI attributed the sugar sales plunge
to a government directive requiring the depletion of existing
refined sugar stocks before the company could resume selling its
own product. This led to a prolonged shutdown of its sugar refinery
operations, significantly impacting income generation.

A bright spot came from RHI's alcohol segment, which registered a
7% revenue increase last year, driven by higher selling prices,
Bilyonaryo.com adds.

Roxas Holdings, Inc., engages in the business of manufacturing
sugar and allied products. The Company has the following
subsidiaries: Central Azucarera Don Pedro, Inc.; Central Azucarera
de la Carlota, Inc.; CADP Insurance Agency, Inc.; Roxol Bioenergy
Corp.; CADP Port Services, Inc.; RHI Agri-Business Development
Corporation; RHI Pacific Commercial Corp.; San Carlos Bioenergy,
Inc.; Najalin Agri Ventures, Inc.; Roxas Power Corporation; and
Northeastern Port Storage Corporation.




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

ASPEN GROUP: To Pay MYR40MM to Tialoc in Global Settlement
----------------------------------------------------------
The Business Times reports that Aspen Group has reached a global
settlement with Tialoc Malaysia to pay the contractor a settlement
of MYR40 million, putting an end to a months-long dispute between
the two.

The amount is below the contractor's initial MYR78 million claim
filed in August last year for alleged outstanding sums plus
financing charges, BT notes.

To recap, the group's indirect subsidiary Aspen Glove on Aug. 28,
2023, received a writ of summons endorsed with a statement of claim
filed by contractor Tialoc in the Penang High Court, according to
BT.

BT relates that the writ named Aspen Group, Aspen Glove's
directors, Aspen Vision All and KHTP Assets as co-defendants.
Tialoc also alleged that the co-defendants are liable for
fraudulent trading and the alleged debts owed by Aspen Glove.

At the time, Aspen Group said that it "vehemently" denied any
allegation of fraudulent trading and was seeking legal advice from
its solicitors with a view to "vigorously resist and/or defend the
suit".

On April 1, the mainboard-listed company said it intends to fund
the MYR40 million settlement with sale proceeds from a piece of
land held by its indirect subsidiary, Aspen Vision Development
(Central), for a minimum selling price of MYR75 million.

The amount may also be funded through the group's internal
resources in the case of no potential purchaser, BT relates.

Under the settlement agreement, Tialoc "shall use its best effort
to identify a suitable purchaser" for the land, and will be
entitled to 53 per cent of its sale proceeds, or about MYR39.8
million based on the minimum selling price.

BT says the MYR75 million selling price may be reduced to MYR67.5
million after six months from the date of the settlement
agreement.

Should the land remain unsold within 12 months of the agreement and
should either party disagree on selling the land at MYR67.5
million, Aspen may be required to pay Tialoc 53 per cent of the
reduced selling price. Alternatively, Tialoc may purchase the land
from Aspen at 47 per cent of the reduced price.

According to BT, the land's potential disposal will be contingent
on a sale and purchase agreement (SPA) between Aspen Vision
Development (Central), the potential purchaser, or Tialoc or its
nominees.

Aspen Vision Group - which holds a 45.75 stake in Aspen Group - and
another shareholder Intisari Utama with a 0.95 per cent stake, have
provided irrevocable undertakings to approve the potential disposal
of the land at an extraordinary general meeting which will take
place once the SPA is entered into.

In July 2023, Aspen Group received an adjudication decision that
required Aspen Glove to pay a separate MYR84.4 million claim by
Tialoc, BT recalls. Aspen Glove filed applications to stay and set
aside the legal decision.

The group in its April 1 announcement said it would assign all
rights, benefits, title and interests in this sum - together with
financing and other charges payable by Aspen Glove to Tialoc - to
its direct subsidiary, Aspen Vision All.

This would give Aspen Vision All "the absolute right to deal with
the debt as it deems fit," BT relays.

Based on the last audited financial statements of Aspen for the
financial year ended June 30, 2023, and assuming that the
settlement agreement had been completed on July 1, 2022, Aspen's
loss per share for FY2023 would have been 0.15 sen instead of 0.18
sen.

Had the agreement been completed on June 30, 2023, the group's net
tangible assets per share would have stood at 20.24 sen instead of
17.61 sen, BT notes.

Aspen (Group) Holdings Limited is a Singapore-based investment
holding company. The Company is principally engaged in property
development, manufacturing of gloves and restaurants. The Company
operates through three segments: Property Development, Healthcare,
and Others.


AVENUS SERVICES: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on March 22, 2024, to
wind up the operations of Avenus Services Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
March 1, 2024.

The company's liquidators are:

          Mr. Gary Loh Weng Fatt
          Mr. Leow Quek Shiong
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


CHILL CORNER: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 22, 2024, to
wind up the operations of Chill Corner @ Syed Alwi Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
March 1, 2024.

The company's liquidators are:

          Mr. Gary Loh Weng Fatt
          Mr. Leow Quek Shiong
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


EVCO: Declared Insolvent With Debts of Close to SGD50 Million
-------------------------------------------------------------
The Straits Times reports that electric van leasing company EVCo
has been put under insolvent liquidation, with debts of almost
SGD50 million.

EVCo, also known as Strides DST, is 60 per cent owned by transport
operator SMRT's business arm Strides Holdings and 40 per cent by
Dishangtie Green Technology (Hong Kong). The two-year-old firm was
incorporated in March 2022 with a paid-up capital of SGD10
million.

According to the report, the company was put under provisional
liquidation not long after its former chief executive officer Fuji
Foo and chief financial officer Janice Low were arrested in
connection with a police investigation in late 2023.

A list of creditors obtained by The Straits Times showed that as at
Feb. 28, there were 28 creditors with SGD49.4 million due to them.
It is not immediately clear if more creditors had come forward
since Feb. 28.

The list showed that the biggest amount is due to OCBC Bank, which
is owed SGD47.6 million.

SMRT itself is owed SGD38,675, while various Strides-related units
are owed a combined amount of around SGD590,000.

A meeting of creditors was held on March 18, the report notes.

Baker Tilly has been appointed liquidator, ST discloses. Mr.
Timothy Reid, a principal at Baker Tilly, said the company is in
insolvent liquidation – meaning whatever remaining cash and
assets will not be enough to repay all its debts.

ST relates that sources said assets include a fleet of China-made
electric vans, which would have devalued substantially on the back
of sliding certificate of entitlement prices. Electric vehicles
left unused for a prolonged period are also likely to suffer from
battery degradation.

Mr. Reid added that all the creditors so far are unsecured
creditors, which implies that there is no defined priority as to
who gets repaid first, the report relays.

While it is not common for banks to give unsecured loans,
especially to start-ups, The Straits Times understands that some do
so based on the standing of a parent company or majority
shareholder; in this case, Temasek-owned SMRT.

As Strides DST is a private limited company, the liability of its
shareholders is limited to the amount of capital they contributed.

When contacted, SMRT would only say that EVCo had gone into
voluntary liquidation and an independent liquidator has been
appointed.

Strides DST chairwoman Judy Lee was unreachable for comment.

Meanwhile, OCBC Bank would not comment, citing Singapore's banking
secrecy Act, The Straits Times says.


NEW LEAD: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on March 22, 2024, to
wind up the operations of New Lead Engineering Pte. Ltd.

Standard Chartered Bank (Singapore) Limited filed the petition
against the company on Feb. 8, 2024.

The company's liquidator is:

          Mr. Gary Loh Weng Fatt
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


OM UNIVERSAL: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on March 22, 2024, to
wind up the operations of Om Universal Pte. Ltd.

Standard Chartered Bank (Singapore) Limited filed the petition
against the company on Feb. 28, 2024.

The company's liquidators are:

          Mr. Gary Loh Weng Fatt
          Mr. Leow Quek Shiong
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SOVEREIGN HEALTH: Court to Hear Wind-Up Petition on April 12
------------------------------------------------------------
A petition to wind up the operations of Sovereign Health Pte Ltd
will be heard before the High Court of Singapore on April 12, 2024,
at 10:00 a.m.

SNR Consultancy Pte. Ltd. filed the petition against the company on
March 20, 2024.

The Petitioner's solicitors are:

          Aquinas Law Alliance LLP
          16 Raffles Quay
          #17-03, Hong Leong Building
          Singapore 048581




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

SRI LANKA: World Bank Raises Growth Forecast to 2.2% for 2024
-------------------------------------------------------------
Reuters reports that the World Bank raised its forecast for Sri
Lanka's economy on April 2, projecting a growth of 2.2% for 2024,
as the crisis-hit nation makes a faster-than-expected recovery from
its worst financial crisis in decades.

Sri Lanka secured a $2.9 billion bailout from the International
Monetary Fund (IMF) in March last year, helping it temper
inflation, increase state revenue, and rebuild foreign exchange
reserves after its economy crumpled in 2022, Reuters recalls.

The IMF programme helped Sri Lanka's economy stabilise, and it is
expected to return to growth this year after contracting 2.3% in
2023.

The World Bank, in its latest report on South Asia, raised its
growth forecast for Sri Lanka by 50 basis points. Real GDP growth
was also expected to strengthen further to 2.5% in 2025, with
modest recoveries in reserves, remittances and tourism, the
development bank's report said, Reuters relays.

South Asia, excluding Afghanistan, was expected to grow 6.1% in
2025, remaining the fastest-growing region in the world for the
next two years, with India's expected growth of 6.6% for fiscal
year 2025 leading the way.

Reuters adds the World Bank expects Pakistan's fiscal year 2024
growth at 1.8%, below the State Bank of Pakistan's projection of
2%-3%. Real GDP is seen expanding 2.3% in fiscal year 2025, the
report said.

                          About Sri Lanka

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

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

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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