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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

          Monday, April 8, 2024, Vol. 27, No. 71

                           Headlines



A U S T R A L I A

ABRA MINING: First Creditors' Meeting Set for April 16
ABRA MINING: Placed Under Voluntary Administration
CBCH AUSTRALIA: First Creditors' Meeting Set for April 12
GINGERBOY: Popular Melbourne Restaurant Goes Into Liquidation
LONGREACH OIL: Second Creditors' Meeting Set for April 12

MAXIMUM ENERGY: First Creditors' Meeting Set for April 16
RINAM PTY: First Creditors' Meeting Set for April 12
SAPPHIRE XXIX 2024-1: Fitch Assigns 'BB+sf' Rating on Class E Notes
UNITED STONE: Second Creditors' Meeting Set for April 11
WILUNA MINING: Delisted from Australian Securities Exchange



C H I N A

COUNTRY GARDEN: Monthly Sales Tumble Over 80% Again in March
GEELY AUTOMOBILE: Moody's Gives Ba1 CFR & Alters Outlook to Stable


I N D I A

3I INDIA: Voluntary Liquidation Process Case Summary
AGRO INDUS: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
ANTECH CONSTRUCTION: Ind-Ra Keeps B+ Rating in Non-Cooperating
ANUNAY FAB: CRISIL Moves D Debt Ratings in Not Cooperating
AQUA FOODS: CRISIL Assigns D Rating to Short Term Bank Facility

ARTH INFRA: CRISIL Moves D Debt Rating to Not Cooperating
BAKE BIHARI: CRISIL Hikes Rating on INR1cr Proposed Loan to B
BANSAL RICE: Ind-Ra Keeps D Rating in Non-Cooperating
BASUDEB AUTO: CRISIL Migrates B+ Debt Rating to Not Cooperating
BIONEXT PHARMA: Insolvency Resolution Process Case Summary

CAPRICOAST HOME: Voluntary Liquidation Process Case Summary
CITIES INNOVATIVE: CRISIL Withdraws D Rating on INR6.5cr Loan
CLASSIC KNITS: Ind-Ra Keeps D Rating in Non-Cooperating
DHAKSHA UNMANNED: CRISIL Withdraws B Rating on INR5cr Cash Loan
DUTCH GLASS: Ind-Ra Keeps B+ Rating in Non-Cooperating

E.S. KNIT: Ind-Ra Keeps D Rating in Non-Cooperating
EARTH TRUST: CRISIL Keeps B Debt Rating in Not Cooperating
EARTHCON UNIVERSAL: CRISIL Keeps D Ratings in Not Cooperating
EXIM LOGISTICS: Ind-Ra Keeps D Rating in Non-Cooperating
G.E.T POWER: Liquidation Process Case Summary

GROVER ZAMPA: CRISIL Lowers Long/Short Term Ratings to D
GVG EXIM: Ind-Ra Keeps B+ Rating in Non-Cooperating
HINDUSTAN CLEANENERGY: Ind-Ra Keeps D Rating in NonCooperating
IISS INDIA: Voluntary Liquidation Process Case Summary
IL&FS: NCLAT Directs NHAI Not to End Concession Deal with Unit

INDERA GARMENTS: Ind-Ra Keeps BB- Rating in Non-Cooperating
INDICA CONVEYORS: CRISIL Lowers Long/Short Term Ratings to D
JAYARAMA AUTOMOTIVES: ICRA Keeps B+ Rating in Not Cooperating
KETAN CONSTRUCTION: Ind-Ra Keeps D Rating in Non-Cooperating
KHURANA ENGINEERING: NCLT Admits Insolvency Petition vs Contrator

LAILA HOTELS: ICRA Lowers Rating on INR38.47cr LT Loan to B+
LAKSHMI KNIT: Ind-Ra Keeps D Rating in Non-Cooperating
M/S MITTAL: Ind-Ra Keeps B+ Rating in NonCooperating
MAGNEWIN ENERGY: CRISIL Withdraws B+ Rating on INR1.68cr LT Loan
MANGLAM PAPER: Ind-Ra Keeps BB- Rating in NonCooperating

MEDEX INTERNATIONAL: Ind-Ra Keeps B+ Rating in NonCooperating
MEGA VITRIFIED: Ind-Ra Keeps BB- Rating in NonCooperating
METROPOLITAN LIFESPACE: Ind-Ra Cuts NCDs Rating to B-
N.D. PATIL: Ind-Ra Assigns BB- Term Loan Rating, Outlook Stable
NAV SHIKHA: CRISIL Assigns D Rating to INR18.75cr Cash Loan to D

NEW ERA: CRISIL Reaffirms B- Rating on INR3.5cr LT Loan
OM SHIVAY: CRISIL Assigns B- Rating to INR20cr LT Loans
ORIENT CRAFT: CRISIL Keeps D Debt Ratings in Not Cooperating
POLYSPIN EXPORTS: Ind-Ra Assigns BB- Rating, Outlook Negative
PRAVEEN AROMA: Ind-Ra Keeps B+ Rating in NonCooperating

PREMIER POULTRY: Ind-Ra Keeps BB+ Rating in NonCooperating
PRIYANKA COMMUNICATIONS: Ind-Ra Keeps D Rating in NonCooperating
QUALITY TEA: Ind-Ra Keeps BB- Rating in NonCooperating
R.K. INDUSTRIES: Ind-Ra Keeps BB- Rating in NonCooperating
R.K.R. GOLD: Ind-Ra Keeps BB+ Rating in NonCooperating

RAJ ARCADE: Ind-Ra Keeps D Rating in NonCooperating
RAJASTHAN METALS: Ind-Ra Keeps BB- Rating in NonCooperating
RAJATHADRI JEWELLERS: Ind-Ra Keeps D Rating in NonCooperating
REKHA CORPORATION: Ind-Ra Keeps BB- Rating in NonCooperating
RIBBEL INTERNATIONAL: Ind-Ra Keeps BB- Rating in NonCooperating

RITA INTERNATIONAL: Ind-Ra Keeps B+ Rating in NonCooperating
RK POULTRIES: Ind-Ra Keeps D Rating in Non-Cooperating
SHUSHRUSHA CITIZENS: CRISIL Keeps B Ratings in Not Cooperating
SITI JIND: Insolvency Resolution Process Case Summary
STRIDES ALATHUR: Insolvency Resolution Process Case Summary

SVP BUILDERS: ICRA Lowers Rating on INR50cr LT Loan to B+
TRADING ENGINEERS: Ind-Ra Keeps D Rating in Non-Cooperating
TRANSMISSIONS INT'L: Voluntary Liquidation Process Case Summary
UGL ENGINEERING: Voluntary Liquidation Process Case Summary
VASHUDEV TRADING: Ind-Ra Keeps B+ Rating in Non-Cooperating

WAGGENER EDSTROM: Voluntary Liquidation Process Case Summary
ZYCUS INFOTECH: CRISIL Keeps B Debt Rating in Not Cooperating


N E W   Z E A L A N D

A-SCRIPT INTERNATIONAL: First Creditors' Meeting Set for April 11
C & G GIBSON: Creditors' Proofs of Debt Due on April 25
CHOICE PROPERTY: Creditors' Proofs of Debt Due on May 1
JV NO. 6: Creditors' Proofs of Debt Due on April 29
TIGER & TIGER: Creditors' Proofs of Debt Due on May 3



S I N G A P O R E

BOLDSTONE REALTY: Court to Hear Wind-Up Petition on April 12
CHYE CHOON: Court to Hear Wind-Up Petition on April 19
FALCON ENERGY: High Court Enters Wind Up Order
HORTI-FLORA SERVICES: Court to Hear Wind-Up Petition on April 12
MX MEDIA: Court Enters Wind-Up Order

TERRAFORM LABS: District Judge Rejects Mistrial Bid
TERRAFORM LABS: Found Liable in US Civil Fraud Trial
TERRAFORM LABS: Okayed to Tap Dentons After Prepaid Fees Returned
WHOLE FOOD: Creditors' Proofs of Debt Due on May 3

                           - - - - -


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

ABRA MINING: First Creditors' Meeting Set for April 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Abra Mining
Pty Limited will be held on April 16, 2024, at 10:00 a.m. via
virtual facilities.

Richard Tucker and Robert Hutson of KordaMentha were appointed as
administrators of the company on April 4, 2024.


ABRA MINING: Placed Under Voluntary Administration
--------------------------------------------------
Mining Weekly reports that Richard Tucker and Robert Hutson of
KordaMentha Restructuring have been appointed as voluntary
administrators of Abra Mining.

Mining Weekly relates that the appointment of administrators
follows efforts by the company and its stakeholders to recapitalise
the business.

The Abra mine remains in operation, while the administrators will
seek offers to recapitalise or acquire the company or its assets,
the report says.

Abra has a resource of 33.4-million tonnes at an average lead grade
of 7.1% and 17 g/t of contained silver.  

"The Abra mine is a world class asset with an initial mine life of
more than 13 years, as well as considerable exploration potential
with copper/gold mineralisation below the lead/silver deposit," the
report quotes Mr. Tucker as saying.

"We intend to continue to operate the mine during the
administration while we seek offers to recapitalise the company
through a sale or deed of company arrangement process. We are
asking all suppliers and stakeholders to work with our team to
ensure value is preserved and a sale or recapitalisation can be
completed as quickly as possible for the benefit of all
stakeholders.  

"This is an excellent asset that will attract considerable interest
from local and offshore investors."

Abra Mining -- https://www.abramining.com.au/ -- owns and operates
a lead and silver mine in the Gascoyne region of Western
Australia.


CBCH AUSTRALIA: First Creditors' Meeting Set for April 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of CBCH
Australia Pty Ltd will be held on April 12, 2024 at 3:00 p.m. at
the offices of Mackay Goodwin at Suite 1202, Level 12, 20 Bridge
Street in Sydney and via virtual meeting technology.

Domenico Alessandro Calabretta, Mitchell Ball and Richard Lawrence
of Mackay Goodwin were appointed as administrators of the company
on April 2, 2024.


GINGERBOY: Popular Melbourne Restaurant Goes Into Liquidation
-------------------------------------------------------------
News.com.au reports that a popular Melbourne restaurant has
collapsed suddenly, with customers who purchased vouchers or paid
deposits on future bookings left to wait and see whether their
money will be returned.

After operating for 18 years, Asian fusion restaurant Gingerboy was
shuttered on April 2 blaming "market pressures since Covid
lockdowns".

According to news.com.au, Gingerboy management revealed with "heavy
hearts" that the restaurant doors were being shut permanently and
the business was being put into liquidation.

"As a result of the closure any bookings from 2nd April 2023, will
not be honoured and (sic) ask our customers to make alternative
arrangements in respect of their dining," Gingerboy management
announced.

"As we begin the process of liquidation, we ask for your
understanding and patience during this transitional period.

"In respect of any vouchers and deposits paid on future bookings,
we are working with a liquidator on how best to deal with these and
will update affected parties when we can."

Brent Morgan from the firm Rodgers Reidy has been appointed as
liquidator to wind up the business, news.com.au discloses.

News.com.au has reached out to the liquidator to find out how many
employees are impacted and what debts are involved.

Top Melbourne chef Teage Ezard, who was behind Gingerboy, said in
order for restaurants to be viable customers may need to pay as
much as $60 per plate, according to news.com.au.

"Wages have increased, power and gas, amenities have all increased
- and the menus have not," Mr. Ezard he told Nine News.

"You pay for what you get . . . and I think . . . that's what it
costs," he added.

News.com.au says Gingerboy management thanked people for their
understanding during this "difficult time" and said they would
cherish the memories they had created with customers, staff and
suppliers.

"We want to express our deepest gratitude to our loyal customers
who have supported us throughout the years. Your patronage and kind
words have meant the world to us and we are truly grateful for your
continued support," they said.

"To our dedicated staff, we want to thank you for your hard work,
dedication and passion for the restaurant industry. Your commitment
to providing exceptional service to our customers has not gone
unnoticed and we are grateful for the memories we have shared
together."


LONGREACH OIL: Second Creditors' Meeting Set for April 12
---------------------------------------------------------
A second meeting of creditors in the proceedings of Longreach Oil
Ltd has been set for April 12, 2024 at 11:00 a.m. at the offices of
Setter Shepard at Level 2, 117 Clarence Street in Sydney and via
virtual meeting technology.

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 11, 2024 at 5:00 p.m.

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


MAXIMUM ENERGY: First Creditors' Meeting Set for April 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Maximum
Energy Pty Ltd will be held on April 16, 2024 at 11:00 a.m. via
electronic meeting.

James McPherson of Meertens Chartered Accountants was appointed as
administrator of the company on April 4, 2024.


RINAM PTY: First Creditors' Meeting Set for April 12
----------------------------------------------------
A first meeting of the creditors in the proceedings of Rinam Pty
Ltd will be held on April 12, 2024 at 12:00 p.m. via virtual
facilities only.

Graeme Robert Beattie of Worrells was appointed as administrator of
the company on April 2, 2024.


SAPPHIRE XXIX 2024-1: Fitch Assigns 'BB+sf' Rating on Class E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Sapphire XXIX Series
2024-1 Trust's mortgage-backed pass-through floating-rate notes.
The issuance consists of notes backed by a pool of first-ranking
Australian residential conforming and non-conforming full- and
low-documentation mortgage loans originated by Bluestone Group Pty
Limited and Bluestone Mortgages Pty Limited.

The notes were issued by Permanent Custodians Limited in its
capacity as trustee of Sapphire XXIX Series 2024-1 Trust, a
separate and distinct trust created under a master trust deed.

   Entity/Debt              Rating             Prior
   -----------              ------             -----
Sapphire XXIX Series
2024-1 Trust

   A1L AU3FN0086120     LT AAAsf  New Rating   AAA(EXP)sf
   A1S AU3FN0086112     LT AAAsf  New Rating   AAA(EXP)sf
   A2 AU3FN0086138      LT AAAsf  New Rating   AAA(EXP)sf
   B AU3FN0086146       LT AAsf   New Rating   AA(EXP)sf
   C AU3FN0086153       LT Asf    New Rating   A(EXP)sf
   D AU3FN0086161       LT BBBsf  New Rating   BBB(EXP)sf
   E AU3FN0086179       LT BB+sf  New Rating   BB+(EXP)sf
   G1 AU3FN0086187      LT NRsf   New Rating   NR(EXP)sf
   G2 AU3FN0086195      LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

The collateral pool totalled AUD700 million, up from AUD500 million
at the time of the expected rating. The pool consisted of 1,313
obligors with a weighted-average (WA) current loan/value ratio
(LVR) of 68.2% and a WA indexed current LVR of 63.1% as of the 31
January 2024 cut-off date.

KEY RATING DRIVERS

Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf' WA
foreclosure frequency (WAFF) of 18.8% is driven by the WA unindexed
current LVR of 68.2%, low documentation loans of 66.1%,
self-employed borrowers of 75.1% and, under Fitch's methodology,
non-conforming and investment loans of 20.1% and 26.3%,
respectively. The 'AAAsf' WA recovery rate (WARR) of 56.5% is
driven by the portfolio's WA indexed scheduled LVR of 64.3%.

The class A1S and A1L notes benefit from credit enhancement of
22.0%, and the class A2, B, C, D and E notes 11.0%, 5.7%, 3.7%,
1.8% and 0.5%, respectively.

Liquidity Risk Mitigated: Fitch's payment interruption risk is
mitigated by a liquidity facility sized at 1.5% of the invested
note balance (excluding class RM), with a floor of AUD1,050,000.
Other structural features include retention and amortisation
amounts that divert excess available income to repay note
principal, and a yield enhancement reserve that traps excess income
with a limit of AUD1.4 million.

Low Operational and Servicing Risk: Bluestone is a non-bank lender
with extensive experience in originating, servicing and managing
its mortgage portfolio. Fitch undertook an operational review and
found that the operations of the originator and servicer were
comparable with market standards and that there were no material
changes that may affect Bluestone's ongoing ability to undertake
administration and collection activities.

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

RATING SENSITIVITIES

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

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

Downgrade Sensitivity

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

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Note: A1S / A1L / A2 / B / C / D / E

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

Increase defaults by 15%: AAAsf / AAAsf / AAAsf / AA-sf / A-sf /
BBB-sf / BB+sf

Increase defaults by 30%: AAAsf / AA+sf / AA+sf / A+sf / BBB+sf /
BBB-sf / BBsf

Reduce recoveries by 15%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BB+sf

Reduce recoveries by 30%: AAAsf / AAAsf / AAAsf / AAsf / Asf /
BBBsf / BB+sf

Increase defaults by 15% and reduce recoveries by 15%: AAAsf /
AAAsf / AAAsf / AA-sf / A-sf / BBB-sf / BB+sf

Increase defaults by 30% and reduce recoveries by 30%: AAAsf /
AA+sf / AA+sf / A+sf / BBB+sf / BBB-sf / BBsf

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

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

The class A1S, A1L and A2 notes are at the highest level on Fitch's
scale and cannot be upgraded. As such, upgrade sensitivity
scenarios are not relevant.

Upgrade Sensitivity

Note: B / C / D / E

Rating: AAsf / Asf / BBBsf / BB+sf

Decrease defaults by 15% and increase recoveries by 15%: AA+sf /
A+sf / BBB+sf / BBBsf

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

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

DATA ADEQUACY

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of Bluestone's origination files and found the file
information to be adequately consistent with the originator's
policies and practices and the other information provided to the
agency about the asset portfolio. Prior to the transaction closing,
Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

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

ESG CONSIDERATIONS

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


UNITED STONE: Second Creditors' Meeting Set for April 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of United Stone
Aust. Pty Ltd has been set for April 11, 2024 at 11:30 a.m. via
telephone conference.

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 10, 2024 at 4:00 p.m.

Jason Tang and Ozem Kassem of KPT Restructuring were appointed as
administrators of the company on Feb. 27, 2024.


WILUNA MINING: Delisted from Australian Securities Exchange
-----------------------------------------------------------
BusinessNews reports that Wiluna Mining Corporation Limited has
been delisted from the Australian Securities Exchange (ASX), almost
two years after the company entered voluntary administration.

"WMC will be removed from the Official List from the commencement
of trading on April 5, 2024 in accordance with Listing Rule 17.12,"
the company said.

"WMC has failed to lodge the relevant periodic report in Listing
Rule 17.5 for a continuous period of 1 year after the deadline for
lodgement of that document. The removal has been undertaken in
accordance with the policy set out in section 3.4 of ASX Listing
Rules Guidance Note 33 Removal of Entities from the ASX Official
List."

                         About Wiluna Mining

Based in West Perth, Australia, Wiluna Mining Corporation Limited
-- https://www.wilunamining.com.au/ -- explores for and develops
gold properties. It holds a 100% interest in the Matilda-Wiluna
property located in Australia.

Michael Ryan, Kathryn Warwick, Ian Francis and Daniel Woodhouse of
FTI Consulting were appointed as administrators of Wiluna Mining
Corporation Limited; Wiluna Operations Pty Ltd; Wiluna Gold Pty
Ltd; Kimba Resources Pty Ltd; Zanthus Energy Pty Ltd; Lignite Pty
Ltd; and Scaddan Energy Pty Ltd on July 20, 2022.




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

COUNTRY GARDEN: Monthly Sales Tumble Over 80% Again in March
------------------------------------------------------------
Nikkei Asia reports that Country Garden Holdings reported April 2
that contracted sales in March dropped by 83% on the year to CNY4.3
billion (US$595 million).

Sales in terms of area sank 85% to 450,000 square meters.

This follows an 85% plunge in sales for February and 75% for
January, as Country Garden maintains a steady drop in revenue since
the year began, after full-year sales in 2023 fell by around half,
Nikkei Asia discloses.

First-quarter contracted sales totaled CNY13.5 billion, with area
sold measuring 1.38 million sq. meters, marking decreases of 81%
and 85%, respectively.

Nikkei Asia says Country Garden's monthly contracted sales started
sliding in April 2023, and the trend worsened as the figure dipped
below CNY10 billion in August.

Meanwhile, trading of the Guangdong-based developer's shares has
been suspended on the Hong Kong exchange as of April 2, as the
company failed to release its annual results by the April 4
deadline.

According to Nikkei Asia, President Mo Bin said in a filing last
week that Country Garden "needs to collect more information to make
appropriate accounting estimates and judgments," as the operating
environment is "becoming increasingly complex" owing to the
"continuous volatility of the industry."

The monthly sales figures are released without an audit, while the
annual results require one.

Nikkei Asia notes that Country Garden has been at the center of
China's ongoing property crisis along with China Evergrande Group,
which also did not disclose annual results by the April 4 deadline.
Trading of Evergrande shares has been suspended since the end of
January, after the developer was ordered into liquidation by Hong
Kong's High Court.

According to Nikkei Asia, Country Garden recently missed a CNY96
million interest payment for a yuan-denominated bond due in
mid-March and is now under a 30-day grace period. The company will
be deemed to have defaulted on an onshore bond for the first time
if the payment is not made during this period.

One of the developer's dollar-denominated bonds already has been
determined to be in default by an international financial
organization after a coupon payment was missed in October.

In February, one of Country Garden's offshore creditors filed a
petition to wind up the Chinese property developer in Hong Kong's
High Court over a due loan payment including principal of 1.6
billion Hong Kong dollars ($204 million), plus interest. The court
accepted the plea and set the first hearing for May 17, Nikkei Asia
discloses.

Yet Country Garden's spokesperson told Nikkei Asia last week that
272 projects are on the country's so-called whitelist. The list was
rolled out in February by China's housing and financial watchdogs
to direct Chinese banks to support certain real estate projects
with financing needs.

The company's official midterm report published in September shows
total borrowing at CNY257.9 billion as of the end of June, in the
form of senior notes, convertible bonds, corporate bonds and loans
from banks and others, Nikkei Asia discloses. The developer held
CNY101.1 billion in cash and cash equivalents. Of these borrowings,
CNY108.7 billion was repayable by the end of June 2024.

                        About Country Garden

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

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

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

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

GEELY AUTOMOBILE: Moody's Gives Ba1 CFR & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Ratings has withdrawn Geely Automobile Holdings Limited's
Baa3 issuer rating and assigned a Ba1 corporate family rating.

Moody's has also downgraded the senior unsecured rating to Ba1 from
Baa3.

At the same time, Moody's has revised the outlook to stable from
negative.

"The downgrade reflects Geely's prolonged low profit margin, which
is unlikely to recover to levels we previously expected over the
next 12-18 months. The sluggish margin recovery was due primarily
to the company's continued investments in product development and
operating expenses, including those relating to new energy vehicles
(NEVs) and its startup premium electric vehicle business Zeekr,
amid intense competition in China's overall automobile and NEV
markets," says Gerwin Ho, a Moody's Vice President and Senior
Credit Officer.

"Nonetheless, Geely continues to maintain its competitive market
position in China's automobile market and its prudent financial
strategy, as demonstrated by its proactive debt reduction, very
good liquidity and net cash, all of which underline the stable
outlook," adds Ho.

RATINGS RATIONALE

Geely's Ba1 rating reflects Moody's expectation that the company
will achieve good unit sales growth, given its competitive market
position and the fact that it principally operates in China's (A1
negative) large and growing automobile market.

Moreover, the company's track record of maintaining low leverage,
very good liquidity and net cash acts as a buffer against industry
cyclicality.

Geely's rating also factors in the strong competition in China's
auto market and the execution risks associated with its product and
geographic diversification, which has had an extended negative
impact on its profit margins.

Geely and its parent company Zhejiang Geely Holding Group Company
Limited (Zhejiang Geely) established the Zeekr Intelligent
Technology Holding Ltd. (Zeekr) joint venture in 2021, with Geely
holding a 54.8% stake as of June 30, 2023. The joint venture, which
is consolidated by Geely, engages in the research and development
and sale of premium intelligent electric vehicles under the Zeekr
brand. Moody's believes Geely's investment in Zeekr will help the
company broaden its product range to the premium NEV segment. The
Chinese government's definition of NEVs includes battery electric
vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs) and
fuel-cell electric vehicles (FCEVs).

Geely's revenue rose 21% to RMB179 billion in 2023 as compared with
the same period last year. This was driven by a rise in unit sales
and an increase in average vehicle selling prices, reflecting a
change in product mix that included more higher priced models and
growth in auto parts and other auto-related businesses.

Moody's forecasts Geely's revenue will rise about 15%-17% over the
next 12-18 months as compared with 2023, supported by unit sales
growth, higher average vehicle selling prices resulting from the
product mix change and growth in auto parts and other auto-related
businesses. Moody's forecasts the company's overall unit sales will
grow about 9%-11% over the next 12-18 months as compared with the
level in 2023, supported by growth in the China auto market and new
model launches.

Although Geely's gross margin rebounded to 15.3% from 14.1% in
2023, its EBITA margin weakened to around the breakeven level from
1.1% a year ago. Moody's believes the negative impact of higher
operating expenses relating to sales and distribution as well as
product development, including those related to Zeekr, more than
offset the benefits from greater economies of scale and more
favorable raw materials and component costs.

Moody's projects the company's EBITA margin will gradually recover
to around the low single digits over the next 12-18 months,
reflecting operating leverage benefits from a rise in unit sales
and revenue. However, the magnitude and pace of EBITA margin
recovery has lagged Moody's earlier expectations, hence the
downgrade. The rating agency also anticipates further execution
risks amid intense competition in China's automobile and NEV
markets.

Geely's leverage, as measured by debt/EBITDA, rose to about
3.3x-3.5x in 2023 from 3.2x in 2022. This rise in leverage reflects
a fall in EBITDA driven by lower profitability that offsets a
decline in adjusted debt to about RMB11.5 billion as of December
31, 2023 from RMB16.6 billion as of December 31, 2022 as the
company uses its strong cash balance to reduce debt.

Moody's projects Geely's leverage will improve to around 3.0x over
the next 12-18 months, reflecting a rise in EBITDA as unit sales
and revenue grow and profitability recovers gradually, while debt
increases at a more moderate pace as the company supports its
growth with positive free cash flow. As of December 31, 2023, the
company's cash balance of RMB35.7 billion well covers its reported
borrowings of RMB5.4 billion.

Moody's expects Geely's prudent financial management to continue to
mitigate the challenges relating to growing its startup Zeekr
business, product development and competition.

Geely's liquidity position is very good. As of December 31, 2023,
its reported net cash holdings, excluding restricted cash, totaled
RMB30.3 billion. The company has maintained a net cash position
since the end of 2012.

Geely's senior unsecured rating is not affected by structural
subordination. This is because the holding company directly runs
significant operations and owns fixed assets, which will likely
support an expected recovery in the holding company's debt.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Geely's exposure to environmental and social risks is in line with
the wider automobile manufacturing sector. In terms of governance
risk, the company's conservative financial strategy counterbalances
the high ownership of voting shares by its controlling shareholder
and that a majority of its board members are non-independent.

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

The stable rating outlook reflects Moody's expectation that Geely
will continue to grow its scale and product breadth while remaining
disciplined in its financial management, as reflected in its low
debt leverage and very good liquidity.

Upward pressure on the ratings could emerge if Geely improves its
overall market share through the successful sale of new models;
expands its product breadth and enhances its geographic diversity;
and maintains a prudent financial policy that includes low debt
leverage and very good liquidity on a sustained basis, against the
backdrop of its parent company's corporate activities.

Credit metrics indicative of an upgrade include EBITA margin rising
to about 3.0%, adjusted debt/EBITDA improving to below 2.5x and
maintenance of a net cash position on a sustained basis.

Downward pressure could emerge if Geely is unable to grow its scale
and gain market share; its profitability declines, such that its
EBITA margin remains below breakeven on a sustained basis; its debt
leverage, as measured by debt/EBITDA, rises above 3.5x on a
sustained basis; or its liquidity deteriorates.

The principal methodology used in these ratings was Automobile
Manufacturers published in May 2021.

Geely Automobile Holdings Limited is one of the largest privately
owned, local brand automakers in China. It develops, makes and
sells passenger vehicles that are sold in China and overseas. The
company is incorporated in the Cayman Islands and listed on the
Stock Exchange of Hong Kong.



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

3I INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: 3I India Private Limited
Office-701, The Capital G-Block,
        Bandra Kurla Complex,
        Behind ICICI Bank,
        Plot- C 70, Bandra East Mumbai,
        Maharashtra, India, 400051

Liquidation Commencement Date: March 26, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Mr. Pranav Damania
     407, Sanjar Enclave,
            Opposite Milap Cinema, S.V Road,
            Kandivali West,
            Mumbai - 400067
            Email: pranav@winadvisors.co.in
            Contact No: +91 98204 69825

Last date for
submission of claims: April 25, 2024


AGRO INDUS: ICRA Reaffirms B+ Rating on INR10cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Agro
Indus Credits Limited (AICL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term          10.00        [ICRA]B+ (Stable); reaffirmed
   Fund-based–
   Cash credit         

   Long-term           9.00        [ICRA]B+ (Stable); reaffirmed
   Fund-based–
   Working capital
   Term loan           

   Short-term          5.00        [ICRA]A4; reaffirmed
   Fund Based-
   Overdraft

Rationale

The ratings factor in Agro Indus Credits Limited's (AICL) track
record in the gold loan and other retail finance businesses and its
low leverage, with a gearing of 0.4x as on September 30, 2023. The
ratings continue to consider AICL's modest scale, weak asset
quality and the risks associated with its geographically
concentrated operations. The company has limited external
borrowings and it is crucial for it to diversify its funding
profile as the business expands.

AICL's asset quality {overall 90+ days past due (dpd)}, although
weak, improved slightly on a year-on-year (YoY) basis to 32.4% as
on September 30, 2023 (29.1% as on March 31, 2023) from 36.5% as on
September 30, 2022 due to the increasing share of gold loans in the
portfolio. The 90+ dpd for the gold loan portfolio was 12.9% as on
September 30, 2023 and 6.6% as on March 31, 2023 (15.4% as on
September 30, 2022), while the entire non-gold book was in the 180+
dpd bucket. Achieving timely recoveries from overdue accounts is a
key monitorable as the sustained weak asset quality would impact
the earnings and capital profile. In view of the above, maintaining
adequate liquidity would be important from a rating perspective.

Key rating drivers and their description

Credit strengths

* Track record in gold loan and other retail businesses: AICL has a
track record of more than 25 years in retail lending businesses,
including gold, vehicle and mortgage loans. Its senior management
consists of personnel with average experience of more than a decade
in the banking sector. The company's Chief Executive Officer, Mr.
Joseph P Abraham, has over 23 years of experience in non-banking
financial services and capital markets. Mr. Muraleedharan Kesavan,
the Chairman and Managing Director of the Abu Dhabi-based SFC Group
of Companies, is AICL's major promoter, holding a 78.6% stake along
with his spouse. The promoters have been infusing equity over the
last few years (Rs. 5 crore infused during FY2022-23) and have also
subscribed to the majority of the non-convertible debentures (NCDs)
issued by the company.

* Moderate capitalisation; recoveries from non-gold segment key
monitorable: AICL had a gearing of 0.4 times and a net worth of
INR60.9 crore as on September 30, 2023. While it has maintained a
relatively low leverage in the past, its solvency has remained
moderate, with net non-performing advances (NNPA)/net worth of
20.9% as on September 30, 2023 (23.1% as on March 31, 2023 and
27.2% as on September 30, 2022). ICRA notes that compulsorily
convertible debentures (CCDs) of INR2 crore and INR3 crore were
converted into equity in FY2022 and FY2023, respectively, shoring
up the net worth to an extent. Going forward, further recoveries
from the non-gold segments would remain monitorable from a solvency
perspective.

Credit challenges

* Modest scale and regionally concentrated operations: AICL's loan
portfolio grew slightly by 3% (annualised) to INR86.8 crore as on
September 30, 2023 from INR85.6 crore as on March 31, 2023 (INR77.2
crore as on March 31, 2022), supported by the gold loan segment. As
on September 30, 2023, the company's portfolio consisted of gold
loans (78%), mortgage loans (19%) and vehicle loans (3%).
Disbursements have been stopped for vehicle and mortgage financing
and the portfolio in these segments is being run down. However,
recoveries have remained moderate in the non-gold segments.
Overall, the portfolio grew at a compound annual growth rate (CAGR)
of 2% during FY2020-23, constrained by the stiff competition in the
gold loan segment and the rundown of the mortgage loan portfolio.

Given its modest scale, AICL's portfolio remains concentrated in
two states with 26 branches in Kerala and 32 branches in Tamil
Nadu. Going forward, the share of gold loans in the overall
portfolio is expected to increase as the non-gold loan portfolio
runs down.

* Weak asset quality indicators; improvement due to increasing
share of gold loans: The asset quality has improved with the
overall 90+ dpd at 32.4% as on September 30, 2023 (29.1% as on
March 31, 2023) vis-à-vis 36.5% as on September 30, 2022 due to
the increasing share of gold loans in the portfolio. The 90+ dpd
for the gold loan portfolio was 12.9% as on September 30, 2023 and
6.6% as on March 31, 2023 (15.4% as on September 30, 2022), while
the entire non-gold book was in the 180+ dpd bucket. The company's
gross NPA (180+ dpd basis) stood at 22.4% as on September 30, 2023
and 23.5% as on March 31, 2023 (24.9% as on September 30, 2022) due
to limited collections in the mortgage and vehicle loan segments.
The ability to achieve recoveries in the mortgage and vehicle loan
segments and keep the asset quality under control would be crucial,
going forward.

* Subdued profitability: The company's return on assets improved to
0.8% (provisional) in H1 FY2024 from 0.1% in FY2023 (net loss of
1.8% in FY2022). This was due to the improvement in the net
interest margin to 12.6% in H1 FY2024 from 12.1% in FY2023 (9.4% in
FY2022). However, the margin remains below the pre-Covid-19
pandemic level mainly because of the stiff competition in the gold
loan segment and interest reversal on NPA accounts. Although the
provision cover for NPAs (180+ dpd basis) improved to 34.4% as on
September 30, 2023 and 30.7% as on March 31, 2023 from 20.9% as on
September 30, 2022, it remains low. Credit costs could increase,
considering the high overdues, if the same is not recovered. The
operating cost ratio was high at 10.7% in H1 FY2024 and 11.0% in
FY2023 (10.4% in H1 FY2023) but below the pre-pandemic level of
13.1% in FY2020. The asset quality performance would be critical
for incremental profitability, considering the high overdues.

Liquidity position: Adequate

AICL had cash and undrawn bank lines of INR8.4 crore as on February
29, 2024 while repayments of INR0.8 crore (including interest) is
due over the next three months. It currently has working capital
limits of INR15 crore with three banks. AICL's funding is largely
from banks (68% of the total borrowings as on September 30, 2023)
and NCDs (32%).

ICRA notes that around 70% of the gold loans is rolled over on the
respective due dates, post the receipt of interest accrued, thereby
limiting the inflows from this segment. Also, collections from the
non-gold loan segment are expected to remain limited as all the
loans are in the 180+ dpd bucket. Going forward, the company's
ability to maintain adequate liquidity and secure incremental
funding from diverse sources would be critical from a rating
perspective.

Rating sensitivities

Positive factors – Profitable business growth and improvement in
the asset quality while maintaining a prudent capital structure
would positively impact the ratings.

Negative factors – AICL's ratings could be negatively impacted by
a significant weakening in the liquidity profile or further
deterioration in the asset quality.

Agro Indus Credits Limited (AICL) is a non-deposit taking
non-banking financial company (NBFC) incorporated in January 1997.
It was acquired by the current promoters, Mr. Muraleedharan, Mrs.
Beena Muraleedharan and others, in 2010. At present, AICL offers
gold loans while mortgage loans and vehicle loans were sanctioned
earlier. It operates in Tamil Nadu and Kerala through its branches,
with its head office in Kochi (Kerala). The company has 58
branches, including 32 in Tamil Nadu. Its total portfolio
outstanding was INR86.8 crore and INR85.6 crore as on September 30,
2023 and March 31, 2023, respectively.

AICL reported a net profit of INR0.4 crore (provisional) on a total
asset base of INR93.4 crore in H1 FY2024, while it reported a net
profit of INR0.1 crore on a total asset base of INR91.5 crore in
FY2023.



ANTECH CONSTRUCTION: Ind-Ra Keeps B+ Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Antech
Construction Company's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR120 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 1970, ACC is an engineering, procurement and
construction contractor engaged in government projects. The firm
executes civil construction projects for the National Highway
Authority of India ('IND AAA'/Stable), Kerala P.W.D and Kerala
Irrigation Department. ACC operates in Kolenchery, Kerala.



ANUNAY FAB: CRISIL Moves D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Anunay
Fab Limited (AFL) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating      -          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Short Term Rating     -          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with AFL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letter and email dated
February 23, 2024 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
AFL to 'CRISIL D/CRISIL D Issuer not cooperating'.

AFL was incorporated in 1992 by Mr. Radheshyam Agrawal and his
sons, Mr. Purushottam Agrawal and Mr. Anjani Agrawal. The company
is engaged in manufacturing and exporting cotton textile products
like bedsheets, bed-sheet sets, pillow covers, cotton bags, etc.
AFL has manufacturing facility located in Ahmedabad- Gujarat.


AQUA FOODS: CRISIL Assigns D Rating to Short Term Bank Facility
---------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long term bank facilities of Aqua Foods Exim (AFE) to
'CRISIL D Issuer Not Cooperating'. However, the company's
management has subsequently started sharing the information
necessary for a comprehensive rating review. Consequently, CRISIL
Ratings is migrating the long term rating to 'CRISIL D.' CRISIL
Ratings has also assigned its 'CRISIL D' rating to the short term
bank facility.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING')

   Short Term Rating       -         CRISIL D (Assigned)

The ratings continue to reflect delay in servicing of debt
obligation because of weak liquidity, exposure to risks inherent in
the seafood industry and expected weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters in the marine foods industry.

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing of debt obligation:  AFE's weak liquidity is
reflected in the delay in the repayment of term debt obligations.

* Expected leveraged capital structure: The project cost was around
INR48 crores, which was being funded through term loan of INR37
crores and remaining through promoter's funds leading to expected
TOLANW and gearing of 6.5 to 7 times and 5.4 to 5.8 times as on
March 31, 2024. Overall capital structure is expected to remain
levered over the medium term.

* Exposure to risks inherent in the seafood industry: The players
in the seafood industry are vulnerable to volatility in the prices
of fishes, which depend on its availability. The seafood export
segment is constrained by stringent regulations and quality
requirements. Many of the overseas markets implement regulations
from time to time (including anti-dumping duty, food safety
regulations and quality requirements) that need to be met.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of over 30 years in the marine products industry through
group entities. This has given them an understanding of market
dynamics and enabled them to establish relationships with suppliers
and customers. This will help AFE to scale up its operations.

Liquidity: Poor

Liquidity is poor, as reflected by delay in repayment of term debt
obligation.

Rating Sensitivity factors

Upward factors

* Track record of timely repayment of debt for at least 90 days.
* Improvement in the financial risk profile

Set up in 2019, AFE is has set up a processing unit for marine
products in Ratnagiri, Maharashtra. The manufacturing activities
commenced from June 2023. The firm is promoted by Mr Mohammed Ayyub
Moulana, Mr Abdul Azeez and Mr Abdul Ahad.


ARTH INFRA: CRISIL Moves D Debt Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Arth
Infrastructure (ARTNFR) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           13        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with ARTNFR,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letter and email dated
February 23, 2024 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/ reviewed with
the suffix 'ISSUER NOT COOPERATING'.

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
ARTNFR to 'CRISIL D Issuer not cooperating'.

AI was established in 2008, it is located in Ahmedabad, Gujarat.
AI owned & managed by Ashok A Patel and Anandiben A. Patel. AI is
engaged in civil construction works, such as construction of roads,
bridges and tunnels.


BAKE BIHARI: CRISIL Hikes Rating on INR1cr Proposed Loan to B
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
Bake Bihari Traders (BBT) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-         1          CRISIL B/Stable (Upgraded
   Based Bank Limits                 from 'CRISIL B-/Stable')

The upgrade reflects an improvement in the business risk profile,
with revenue having recorded a compound annual growth rate of 80%
over the past three fiscals. The firm has reported revenue of about
INR4.81 crore in fiscal 2023 and around INR8.7 crore during the
first eight months of fiscal 2024. This has resulted in an
improvement in the liquidity risk profile as well, with improved
net cash accruals. The firm also plans to avail a cash credit limit
in the near term. The financial risk profile continues to remain
healthy, with no debt currently.

The rating continues to reflect the modest scale of operations and
susceptibility to tender-based nature of business. These weaknesses
are partially offset by the extensive experience of the proprietor
and the above average financial risk profile of the firm.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The business profile is constrained
by the modest scale of operations amidst the intense competition.
Though the scale of operations has been improving year-on-year, it
continues to remain modest and will continue to limit the operating
flexibility. The firm has reported about INR4.81 crore of revenue
in fiscal 2023 against INR1.09 crore in fiscal 2022. Further, in
the eight months of fiscal 2024, it has recorded revenue of around
INR8.7 crore. The sustained improvement in the scale of operations
remains a key monitorable over the medium term.

*Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders.
Intense competition necessitates that entities bid aggressively to
bag contracts, and thus restricts the operating margin to a
moderate level. Also, amidst cyclicality inherent in the
construction industry, ability to maintain the margin through
operating efficiency becomes critical.

Strengths:

* Extensive industry experience of the proprietor: The proprietor
has an extensive experience in in the construction material trading
business, his strong understanding of market dynamics and healthy
relationships with suppliers and customers will continue to support
the business risk profile.

* Above average financial risk profile: The financial risk profile
is marked by a debt-free capital structure and comfortable debt
protection metrics. Net worth was modest at INR0.54 crore as on
March 31, 2023. The firm plans to avail a cash credit limit in the
near term. Debt protection metrics were marked by an interest
coverage of 10.67 times in fiscal 2023. Sustenance of the financial
risk profile, despite the cash credit limit being availed, will be
a key monitorable.

Liquidity: Stretched

The cash accruals are expected to be over INR0.06-0.1 crores, which
will support the liquidity profile of the firm, in absence of term
debt obligation over the medium term. In addition, it will act as a
cushion to the liquidity of the company. The current ratio was
healthy at 1.46 times on March 31, 2023. Low gearing and moderate
net worth provides financial flexibility to raise debt in case of
any adverse conditions or downturn in the business.

Outlook: Stable

CRISIL Ratings believes BBT will continue to benefit over the
medium term from its longstanding relationships with principals and
experience of the management to mitigate the inherent risk in the
trading business.

Rating Sensitivity Factors

Upward factors

* Sustained revenue growth of over 30% over the medium term, along
with steady margins above 1.5%, leading to higher cash accruals
* Improvement in the working capital cycle
* Sustenance of the financial risk profile, with improved net
worth

Downward factors

* Decline in the revenue by over 20% or operating margin below 1%,
leading to lower net cash accruals
* Large debt funded capital expenditure or stretch in working
capital cycle, thereby weakening the financial risk profile or
liquidity

BBT was set up in 2015 as a proprietary concern of Mr Ravindra
Gupta. The firm trades in building products and construction
material. Further, they also supply manpower to various companies.



BANSAL RICE: Ind-Ra Keeps D Rating in Non-Cooperating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bansal Rice
Mills' instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR120 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and

-- INR24.4 mil. Term loan maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

BRM is a partnership firm engaged in the rice milling business and
its final product is Basmati rice. The total daily paddy processing
installed capacity of its plant is 650 quintals.



BASUDEB AUTO: CRISIL Migrates B+ Debt Rating to Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Basudeb Auto Limited (BAL)
to 'CRISIL B+/Stable/Issuer Not Cooperating'. CRISIL Ratings has
withdrawn its rating on bank facility of BAL following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL Ratings is migrating the ratings on
bank facilities of BAL from 'CRISIL B+/Stable/Issuer Not
Cooperating' to 'CRISIL B+/Stable'. The rating action is in line
with CRISIL Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.25       CRISIL B+ (Migrated from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

BAL, based in Ranchi, Jharkhand, was incorporated in 2000 as a
closely held limited company by the Kataruka family. The company is
an authorised dealer for the passenger vehicles of TML in four
districts of Jharkhand: Ranchi, Hazaribagh, Ramgarh, and
Daltonganj.


BIONEXT PHARMA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bionext Pharma Private Limited
        Registered Address:
        Plot No C-373, MIDC
        TTC Industrial Area Pa Wane
        Village Turbhe
        Navi Mumbai, 400705 India

Insolvency Commencement Date: March 20, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 16, 2024

Insolvency professional: Mahesh Kumar Gupta

Interim Resolution
Professional: Mahesh Kumar Gupta
              C/O AEMG & Associated Chartered Accountants
              202, New Heera Panna Industrial Estate
              Opp Business Park, Newr Virwani Industrial Estate
              Goregaon (East), Mumbai 400063 (Maharashtra)
              Email: camkg59@gmail.com
                     cirp.bionext@gmail.com

Last date for
submission of claims: April 6, 2024


CAPRICOAST HOME: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Capricoast Home Solutions Private Limited
No 728, 1st Floor, Grace Platina CMH Road,
        Indiranagar, Bengaluru,
        Karnataka, India, 560038

Liquidation Commencement Date: March 29, 2024

Court: National Company Law Tribunal Bangalore Bench

Liquidator: CS Thirupal Gorige
     No. 87, 2nd Floor, 21st Cross
            7th, Main, N.S Palya,
            BTM 2nd Stage,
            Bangalore-560076,
            Karnataka, India
            Mobile: +91 94483, 84064
            Email: gthirupal@gmail.com

Last date for
submission of claims: April 28, 2024


CITIES INNOVATIVE: CRISIL Withdraws D Rating on INR6.5cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Cities Innovative Biofuels Private Limited (CIBPL) and
simultaneously withdrawn the rating at the company's request and on
receipt of a no-objection certificate from its banker. This is in
line with the CRISIL Ratings policy on withdrawal of bank loan
ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Rupee Term Loan        6.5       CRISIL D (Rating Reaffirmed
                                    and Withdrawn)

The rating reflects delays in debt repayment obligations and its
below average financial risk profile. These weaknesses are
partially offset by the extensive industry experience of the
promoter and adoption of latest machinery in a growing industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Instances of delays in reservicing debt obligations for term
loan: The company has continuous delays in reservicing its term
debt obligations for the month since June 2023 to till date.

* Below-average financial risk profile: The financial risk profile
is moderate, marked by modest networth and total outside
liabilities to tangible networth of INR6.49 crore and 1.87 times,
as on 31 March 2023. The debt protection metrics are below average
marked by an interest cover of -0.28 time in fiscal 2023.

Strengths:

* Extensive industry experience of the promoter: The promoter has
experience of more than 10 years in sustainable agriculture,
environmental services, and biogas industries. This has given him a
strong understanding of the market dynamics and helped him to
establish healthy relationships with suppliers and customers, which
will continue to support the business risk profile

* Adoption of latest machinery in a growing industry: The company
has set up a new unit for generation of Bio-CNG (compressed natural
gas). The unit will have the latest equipment and technology for
solid-state anaerobic digestion technique for generating biogas,
which will also be environment friendly. For this technology, it
has already collaborated with a Swiss company. The company is
offering a unique dry digestion technology for bio-CNG production
in India. There are few original technology providers in the
bio-CNG industry in India and CIBPL is one of them. The adoption of
latest machinery in a growing industry will support the business
risk profile.

Liquidity: Poor

The company has instances of regular delays in interest portion of
term loan repayment obligations since June 2023 to till date. The
company's fund based cash credit facilities had utilization of 88%
in 12 months ending Jan 24 with full utilization in multiple
months.

Rating Sensitivity Factors

Upward factors:

* Timely honouring of debt obligations for continuous 3 months
* Timely ramp up of scale of operations leading to healthy cash
accruals

Incorporated in 2018, CIBPL is promoted by Mr Gurjot Singh. The
company is working on the development of new technologies that can
use India's large biomass resource to produce fuels. It has set up
a unit to produce biogas, which is purified to Bio-CNG and compost
in Fatehgarh Sahib, Punjab.


CLASSIC KNITS: Ind-Ra Keeps D Rating in Non-Cooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Classic Knits
India Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR741 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR20 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR366.25 mil. Term loan due on March 31, 2020 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 2010, Tirupur-based Classic Knits India
manufactures and exports knitted garments.



DHAKSHA UNMANNED: CRISIL Withdraws B Rating on INR5cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Dhaksha Unmanned systems Private Limited, at the company's request
and on receipt of no dues certificates from the lenders. This is in
line with CRISIL Ratings' withdrawal policy.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable Withdrawn

DUSPL, incorporated in 2019, is engaged in manufacturing Unmanned
Aerial Vehicles (UAV) - Drones. DUSPL's manufacturing facilities
are located at Chennai, Tamil Nadu with an installed capacity of
300 drones.

DUSPL is owned & managed by Ramanathan N, Venkatesan M and R
Krishnakumar.


DUTCH GLASS: Ind-Ra Keeps B+ Rating in Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dutch Glass'
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating actions are:

-- INR11.6 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND B+/Stable (ISSUER NOT  
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR56.12 mil. Term loan Maintained in non-cooperating category

     with IND B+/Stable (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 2014, DG is engaged in the glass processing
business.


E.S. KNIT: Ind-Ra Keeps D Rating in Non-Cooperating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained E.S. Knit Wear's
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR41.5 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR1.5 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR7.83 mil. Term loan due on March 31, 2020 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 1985 as a proprietorship firm, E.S. Knit Wear
manufactures and exports knitted garments. The firm has an
installed capacity of 3, 00,000 pieces per month.



EARTH TRUST: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Earth Trust
(ET) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term       20        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with ET for
obtaining information through letter and email dated February 21,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Education for Awareness and Rural Transmittable Humanitarian Trust
(EARTH Trust), came in to being in the year 1995 after being
registered with the Trust Registration Act 1975, as a brain child
of Mr. Ponn Selvaraj. The organization was setup with the idea of
promoting welfare policing. The company conducts vocational
training programmes.  After training, the trainees are encouraged
to form SHGs on their own. The trust, thereafter, lends to such
groups for undertaking any business activity like dairy farming,
poultry or brick making. The Trust also conducts training
programmes on environmental education, women empowerment, family
counselling, rural and urban development, health, HIV/AIDS,
environment as well. The company started its MFI operations in
2014, by lending to SHGs which it was initially training.


EARTHCON UNIVERSAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Earthcon
Universal Infratech Private Limited (EUIPL; a part of the Earthcon
group) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Rupee         25         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Rupee Term Loan       100         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with EUIPL for
obtaining information through letter and email dated February 21,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

                          About the Group

EUIPL was incorporated in 2009 as Zayat Infratech Pvt Ltd and got
its present name in 2010. Greater Noida Industrial Development
Authority, through a bid system, allotted a 65,330-square-metre
plot of land in Sector-I, Greater Noida, to a consortium of
Universal Construction Company (a partnership firm), Earthcon
Construction Pvt Ltd, and Omaxe Ltd. For the purpose of allotment
and development of the land, EUIPL was set up as a special purpose
vehicle with shareholding in a ratio of 46:44:10, respectively.
Omaxe Ltd later transferred its shareholding to other
shareholders.

The Earthcon group, promoted by Mr Shabad Khan, constructs
residential and commercial apartments in northern India. Since
inception, the group has delivered various projects, including
villas, cottages, and apartments in Delhi, Noida, Lucknow,
Moradabad, and Nainital.


EXIM LOGISTICS: Ind-Ra Keeps D Rating in Non-Cooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Exim Logistics
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR180 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 2006 by Mr. Himadri Pattnayak, Exim Logistics
provides logistics services, mainly road transport services and
also acts as a custom house agent.



G.E.T POWER: Liquidation Process Case Summary
---------------------------------------------
Debtor: G.E.T. Power Limited
11-A17, 5th Cross Road
        SIPCOT IT PARK,
        Siruseri Chennai,
        Tamil Nadu India, 603103

Liquidation Commencement Date: March 22, 2024

Court: National Company Law Tribunal Chennai Bench

Liquidator: Balakrishnan Venkatachalam
     4C- 420, 3rd Floor, Kempe Gowda Underpass Road,
            5th Main, Ramamurty Nagar,
            Bangalore, Karnataka, 560016
            Email: cabalakrishnanip@gmail.com
            Email: rp.getpower@gmail.com

Last date for
submission of claims: April 21, 2024


GROVER ZAMPA: CRISIL Lowers Long/Short Term Ratings to D
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Grover Zampa Vineyards Limited (GZVL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' based on details shared by management and publicly
available information.

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

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

CRISIL Ratings has been consistently following up with GZVL for
obtaining information through letter and email dated November 13,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GZVL was formed by the merger of Vallee de Vin (VDV) with Grover
Vineyards Ltd (GVL) in April 2013. The company manufactures wines
and its vineyards are located in Nandi hills near Bengaluru and
Nashik (Maharashtra).

GVL was established in 1988 by Mr Kanwal Grover and sells its wines
under the Grover brand.

VDV was set up in 2006 by Mr. Ravi Jain and sells its wines under
the Zampa brand.


GVG EXIM: Ind-Ra Keeps B+ Rating in Non-Cooperating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained GVG Exim's
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating actions are:

-- INR20 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

GVG Exim is engaged in the trading of iron scrap and waste paper.



HINDUSTAN CLEANENERGY: Ind-Ra Keeps D Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Hindustan
Cleanenergy Limited's (HCL) non-convertible debentures (NCDs)
rating in the non-cooperating category. The issuer did not
participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency through emails and phone
calls. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR447 mil. NCDs (Long-term) ISIN INE047M07031* issued on May
     10, 2016 -** due on April 1, 2024 maintained in the non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

*the old NCDs (INE047M07015) have been restructured

**coupon rate for new ISIN not available on NSDL
Source: NSDL (March 14, 2024)

Analytical Approach

Not applicable

Detailed Rationale of the Rating Action

The ratings continue to be maintained in non-cooperating category
in accordance with Ind-Ra's Guidelines on What Constitutes
Non-Cooperation as the company has been non-cooperative.

Non-Cooperation by the Issuer

Ind-Ra has not received details of restructuring/redemption of NCDs
along with other adequate information and has not been able to
conduct management interaction with HCL while reviewing the rating.
Ind-Ra had consistently followed up with HCL over emails starting
from February 14, 2024. The issuer has also not been submitting
their monthly no default statement (NDS).

Limitations regarding Information Availability

Ind-Ra is unable to provide an updated forward-looking view on the
credit rating of HCL, as the agency does not have adequate
information to review the rating. If an issuer does not provide
timely business and financial updates to the agency, it indicates
weak governance, particularly in 'Transparency of Financial
Information'. The agency may also consider this as symptomatic of a
possible disruption/distress in the issuer's credit profile.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. FPL has been
non-cooperative with the agency since June 28, 2017.

About the Company

Incorporated in October 2008, HCL is a 100% subsidiary of Hindustan
Powerprojects Private Limited which is a multi-fuel-based power
project developer. The company was set up with an objective to
serve as the solar holding company of the group and to undertake
development of solar power projects worldwide.


IISS INDIA: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: IISS India Organisation
        1833, Block J, Chittaranjan Park
        South Delhi, New Delhi 110019

Liquidation Commencement Date: March 22, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator: Vishawjeet Gupta
            #51 Adarsh Enclave
            Dhakoli, Near Zirakpur
            Distt. Mohali (Punjab)  160104
            Email: vishawjeetgupta@gmail.com
            Tel: +91-98152-84474

Last date for
submission of claims: April 21, 2024


IL&FS: NCLAT Directs NHAI Not to End Concession Deal with Unit
--------------------------------------------------------------
The Economic Times of India reports that the National Company Law
Appellate Tribunal (NCLAT) has directed the National Highways
Authority of India (NHAI) not to terminate the concession agreement
of an IL&FS group entity -- Baleshwar Kharagpur Expressway Ltd
(BKEL), and take appropriate measures for its insolvency
resolution.

ET relates that the appellate tribunal said the resolution of BKEL,
a SPV set up by IL&FS Transportation Networks Limited (ITNL), "is
in final stages" and any termination at this stage would "further
complicate" the process.

"It is also relevant to notice that when Resolution of Respondent
No 2 (BKEL) is at the final stages, there is no occasion for
Respondent No 1 (NHAI) to proceed to terminate the concession
agreement to further complicate the resolution of an entity," said
NCLAT.

According to ET, NCLAT observed that the insolvency resolution of
BKEL, which is for the development of a road project in
Baleshwar-Kharagpur Section of NH-60, is as per the framework
approved by appellate tribunal for recovery of debts of crisis-hit
IL&FS group and its entities.

It further said when an entity is to be resolved as per the
resolution framework, payments to all creditors/claimants including
the lenders have to be as per the resolution process, ET relays.

"We further direct that the applicant as well as respondents to
take appropriate measures for final resolution of the entity, i.e.
respondent No.2," said NCLAT while disposing of the interim
application moved by State Bank of India (SBI).

A concession agreement was signed on April 24, 2012 between NHAI
and BKEL, in which it had availed financial facilities from the
SBI, recalls ET.

As per the concession agreement, BKEL was obliged to pay concession
fees and premium to the NHAI. However, a deferment in payment of
premium was granted by NHAI by entering into a supplementary
agreement in 2016.

However, in 2018, IL&FS crisis happened and in 2019, BKEL was
categorised as 'Red Entity' of the IL&FS Group as per the roadmap
approved by NCLAT, ET says.

In the red list, those IL&FS group companies were listed which were
not able to meet financial and operational obligations, including
payment obligations to their creditors.

Meanwhile, NHAI wrote several letters demanding repayment of
premium dues, interest, default interest, penal interest, interest
overdue etc, which was objected by SBI as it may derail the
resolution process, ET notes.

Later, NHAI issued notice for initiating a proposal for procurement
of a third-party agency for user fee collection in two toll plazas
on NH-60, which were held by BKEL.

On this, SBI approached NCLAT and submitted that NHAI had demanded
for payment of a premium over INR400 crore, whereas in escrow
account at present the balance is only INR291.41 crore, ET
relates.

As per the concession agreement, payment has to be made to NHAI
within 30 days of receiving a demand along with necessary
particulars, failing to which it will terminate the agreement.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS) --
https://www.ilfsindia.com/ -- was a non-banking finance company
that provided credit and other services such as debt syndication
and corporate advisory.

The Indian government, in October 2018, stepped in to take control
of crisis-ridden IL&FS by moving the National Company Law Tribunal
(NCLT) to supersede and reconstitute the board of the firm which
has defaulted on a series of its debt payments, according to Indian
Express. This was said to be an attempt to restore the confidence
of financial markets in the credibility and solvency of the
infrastructure financing and development group.


INDERA GARMENTS: Ind-Ra Keeps BB- Rating in Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indera Garments
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB-/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR60 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND BB-/Stable (ISSUER NOT  
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 2001, IGPT is engaged in the trading of readymade
garments, accessories and textiles. The company is managed by Mr.
Jaspreet Singh and Mrs. Gurdish Kaur, and has a retail showroom in
Rourkela, Odisha.


INDICA CONVEYORS: CRISIL Lowers Long/Short Term Ratings to D
------------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Indica Conveyors Limited (ICL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

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

CRISIL Ratings has been consistently following up with ICL for
obtaining information through letter and email dated February 16,
2024 and March 29, 2024, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, CRISIL Ratings has
downgraded the rating on the bank facilities of ICL to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'. As per information available in the public
domain, there remains delinquency in company account and clarity
about the same from the management and bankers is continuing to
remain awaited.

ICL, incorporated in 1998 by Mr. Ranbir Singh and his two sons Mr.
Arvinder Singh and Mr. Tarunjit Singh, is engaged in the
manufacturing and marketing of solid woven polyvinyl chloride (PVC)
coated conveyor belts. The conveyor belts manufactured by ICL are
PVC-covered, fire retardant, anti-static conveyor belts which are
mainly used in underground mining.

Status of non cooperation with previous CRA

ICL has not cooperated with India Ratings And Research Private
Limited, which published their ratings as 'issuer not co-operating'
through release dated 06-Jan-2023. The reason provided by them was
non-furnishing of information by ICL for monitoring the ratings.


JAYARAMA AUTOMOTIVES: ICRA Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term and short-term rating of Sri Jayarama
Automotives Private Limited in the ‘Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         21.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         4.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Sri Jayarama Automotives 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.

Sri JayaramaAutomotives Private Limited (SJAPL) was incorporated in
the year 2005 as a private limited company. SJAPL is a sole
authorised dealer of Mahindra & Mahindra tractors and spare parts
in Mahbubnagar district of Telangana. The company has presence in
Mahabubnagar, Rangareddy, Wanaparthy, Gadwal, Narayanpet and Nagar
Kurnool districts of Telangana. It is also an authorised dealer for
Exide batteries, CEAT tyres and ELF lubricants in Mahbubnagar
district. SJAPL serves as a distributor for tractor trailers and
agricultural implements manufactured by its group concern Sri Rama
Engineering Company. The company had 19 showrooms and workshops as
on December 31, 2021.


KETAN CONSTRUCTION: Ind-Ra Keeps D Rating in Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ketan
Construction Ltd.'s instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is as follows:

-- INR1.050 bil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)  

     rating; and

-- INR5.010 bil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

KCL is an Ahmedabad-based civil contracting company. The company
executes irrigation, road, transmission and mining projects.  


KHURANA ENGINEERING: NCLT Admits Insolvency Petition vs Contrator
-----------------------------------------------------------------
The Times of India reports that the National Company Law Tribunal
(NCLT) on April 1 admitted a corporate insolvency resolution
process (CIRP) against a Bus Rapid Transport Service (BRTS)
contractor, Khurana Engineering Limited, while acting on a petition
filed by Power and Instrumentation (Gujarat) Limited under the
Insolvency and Bankruptcy Code, 2016.

TOI relates that Power and Instrumentation (Gujarat), a company
located near Iskcon crossroads in the city, filed the petition with
the NCLT over non-payment of outstanding dues amounting to INR2.11
crore towards principal amount and INR3.58 crore towards interest.


According to TOI, the company had first filed a winding up petition
before Gujarat High Court in 2016 seeking dues for electrification
work during BRTS phase 2, the order for which was awarded to
Khurana Engineering Limited by Ahmedabad Municipal Corporation.

This work order was further awarded by Khurana Engineering Ltd to
Power and Instrumentation (Gujarat) Limited in 2010. The work was
completed by the petitioner firm in 2014 but an amount of INR2
crore was not paid by Khurana Engineering Ltd, said advocate
Rashesh Parikh for the petitioner.

TOI relates that Parikh stated the amount claimed by Power and
Instrumentation (Gujarat) is undisputed. NCLT Ahmedabad recorded
that Khurana Engineering Ltd had acknowledged the dues and
therefore it admitted the petition and set the CIRP in motion. The
NCLT division bench comprising members Sameer Kakar, Member
(technical) and Shammi Khan, Member (judicial) found that the
application met the requirements of the Insolvency and Bankruptcy
Code as it proved the debt and default, which exceeded the
threshold of INR1 crore. On April 1, the tribunal court ordered the
initiation of CIRP against Khurana Engineering limited.

A moratorium was declared to prohibit actions such as the
institution of lawsuits, transfer or disposal of assets,
enforcement of security interest and recovery of property occupied
by the corporate debtor, the report notes. The moratorium will
remain effective from the date of the order until the completion of
the CIRP or when the adjudicating authority approves a resolution
plan or orders liquidation.

M.S. Khurana Engineering Limited (MSKEL) is an Ahmedabad-based
construction company which was established in 1968 as a partnership
firm and converted to a public limited company in 2002. The company
executes projects primarily in states namely Gujarat, Rajasthan and
Madhya Pradesh. MSKEL operates in segments such as mass housing;
multi-storied, specialized and airport terminal building; roads,
runways and transportation system; sewerage treatment plant and
drainage works.


LAILA HOTELS: ICRA Lowers Rating on INR38.47cr LT Loan to B+
------------------------------------------------------------
ICRA has downgraded and moved the bank loan ratings for Laila
Hotels and Resorts Pvt. Ltd. (LHRPL) to the ‘Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+(Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         38.47        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Term loan                       from [ICRA]BB (Stable) and
                                   Rating moved to ‘Issuer Not
                                   Cooperating' Category

   Long Term-         21.53        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   Rating moved to ‘Issuer Not
                                   Cooperating' Category

The rating downgrade is because of lack of adequate information
regarding LHRPL performance and hence the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Laila Hotels and Resorts Pvt. Ltd., 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 entityfor
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 moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.

Incorporated in 2001, LHRPL has set up a 122-room four-star hotel
in Vijayawada, Andhra Pradesh, under the Lemon Tree Premier brand.
In the same premises, the company has constructed a shopping mall
and multiplex. LHRPL has completely leased out the shopping mall to
Future Market Networks Limited (FMNL) and the multiplex is leased
to INOX Leisure Ltd. LHRPL is promoted by Mr. G. Ganga Raju and
family and is a part of the Laila Group of Companies, which is
involved in diverse businesses such as sugar, paper, nutraceuticals
and education. As of December 31, 2022, the hotel and Inox have
been occupied, while the shopping mall is expected to be occupied
by new vendors in FY2024.


LAKSHMI KNIT: Ind-Ra Keeps D Rating in Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lakshmi Knit
Wear's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR50 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR6.40 mil. Term loan due on March 31, 2024 maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Lakshmi Knit Wear is a partnership firm established in 2000. It is
promoted by Ayyaswamy and A. Jayaprakash. The firm  manufactures
and exports knitted garments.



M/S MITTAL: Ind-Ra Keeps B+ Rating in NonCooperating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M/s. Mittal
Fibers' instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating actions are:

-- INR100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR0.845 mil. Term loan due on July 31, 2021 maintained in
     non-cooperating category with IND B+/Stable(ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

MF was established by Sanjay Agarwal in 2007. The firm is engaged
in the ginning and pressing of cotton in Shahada, Maharashtra. It
operates 36 ginning and one pressing machines. The firm also has an
oil mill. The proprietor has another firm that is engaged in a
similar business in Khetia, Madhya Pradesh.



MAGNEWIN ENERGY: CRISIL Withdraws B+ Rating on INR1.68cr LT Loan
----------------------------------------------------------------
Due to inadequate information (non-receipt of the No Default
Statement (NDS) for three consecutive months) in line with
Securities and Exchange Board of India guidelines, CRISIL Ratings
had migrated the rating of Magnewin Energy Private Limited (MEPL)
to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However the
management has subsequently shared the latest NDS. Thereafter,
CRISIL Ratings has migrated its rating of MEPL to  'CRISIL
B+/Stable/CRISIL A4' and simultaneously withdrawn the rating
following a request  from the company and on receipt of a
no-objection certificate from the banker. The rating action is in
line with the CRISIL Ratings policy on withdrawal of bank loan
ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.25       CRISIL A4 (Rating Migrated
                                    and Withdrawn)

   Cash Credit           1.50       CRISIL B+/Stable (Rating
                                    Migrated and Withdrawn)

   Letter of Credit      1.50       CRISIL A4 (Rating Migrated
                                    and Withdrawn)

   Long Term Loan        1.68       CRISIL B+/Stable (Rating
                                    Migrated and Withdrawn)

   Standby Line
   of Credit             0.20       CRISIL B+/Stable (Rating   
                                    Migrated and Withdrawn)

The ratings reflect susceptibility to volatility in raw material
prices and foreign exchange (forex) rates and exposure to
cyclicality in the end-user industries. These weaknesses are
partially offset by the extensive experience of the promoters in
the electrical components and equipment industry, and the healthy
financial risk profile of the company.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to volatility in raw material prices and forex
rates: The major raw material, polypropylene film, is imported from
the US, China and Korea. The company has to book the raw material
2-3 months in advance and the price is fixed in foreign currency.
Any sharp fluctuation in the Indian rupee may adversely impact
profitability as the company does not have a hedging policy to
mitigate the forex risk.

* Exposure to inherent cyclicality in the end-user industries: The
engineering industry is cyclical and moves in line with the level
of activity in the utilities and construction sectors. The company
remains susceptible to the inherent cyclicality in the end-user
industries.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of over three decades in the electrical components and
equipment industry. They are involved in daily operations such as
designing, production decisions and client handling. This has given
them an understanding of market dynamics and enabled them to
establish relationships with suppliers and customers, which will
continue to support the business.

* Healthy financial risk profile: Capital structure was strong
owing to low reliance on external debt, yielding total outside
liabilities to adjusted networth ratio and gearing of less than 1.5
times and 0.5 time, respectively, for the three fiscals through
2023. Networth was moderate at INR10.17 crore as on March 31, 2023.
Debt protection metrics were comfortable despite leverage owing to
moderately healthy profitability, as reflected in interest coverage
and net cash accrual to total debt ratios of 6.12 times and 0.47
time, respectively, in fiscal 2023, and are expected at similar
levels over the medium term. The financial risk profile will remain
healthy over the medium term with the expected improvement in
revenue leading to higher net cash accrual

Liquidity: Stretched

Bank limit utilisation was high at 96.39% for the 12 months through
November 2023. Cash accrual, expected at INR1.5-1.7 crore per annum
will sufficiently cover yearly term debt obligation of INR0.25-0.75
crore over the medium term. In addition, the surplus will cushion
liquidity.



Current ratio was healthy at 1.59 times as on March 31, 2023. Low
gearing and moderate networth support financial flexibility, which
will help to withstand adverse conditions or downturns in the
business.

Outlook: Stable

CRISIL Ratings believes MEPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating Sensitivity factors

Upward factors

* Increase in revenue by 10% and sustenance of operating margin
leading to cash accrual of more than INR2.5 crore.
* Improvement in the working capital cycle.

Downward factors

* Net cash accrual below INR1 crore on account of decline in
revenue or operating profit.
* Large, debt-funded capital expenditure and stretched working
capital cycle.

Incorporated in 1991, MEPL manufactures electrical capacitors used
for compensating transmission line losses and power factor
improvement. The company manufactures special-purpose capacitors,
high-tension capacitors and low-tension capacitors primarily for
utility companies and the defence sector. It also caters to various
industries such as textile spinning mills, coal fields, chemical
plants and sugar mills. It is promoted by Mr Vijay Chipalkatti and
Mrs. Vijaya Vijay Kumar Chippalkatti



MANGLAM PAPER: Ind-Ra Keeps BB- Rating in NonCooperating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Manglam Paper
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB-/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR110 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR185 mil. Term loan due on February 28, 2023 maintained in
     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 1982, MMPL is engaged in trading of kraft paper.
Among the promoters, Mr. Lalit Kumar Patel has 35 years of
experience in the paper manufacturing industry. The company's
day-to-day operations are carried out by Mr. Lalit Kumar Patel and
his son Mr. Dharma Patel.

MPPL is planning to start a manufacturing unit in Ahmedabad, with
an installed capacity of 110 tons per day and capacity utilization
of 90% to manufacture kraft paper in the range of 80-250 grams per
square meter. As of December 2016, around 80% of the machinery was
installed and the manufacturing unit is in the completion stage.

MPPL imports 50% of its raw material (old corrugated cartoons, and
uncoated paper and paper board) from the US, the UK, Belgium and
other Arabian countries, while the remaining 50% is domestically
sourced from Ahmedabad, Surat and Rajkot.



MEDEX INTERNATIONAL: Ind-Ra Keeps B+ Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Medex
International's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR30 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND B+/Stable (ISSUER NOT  
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR120 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND A4(ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Medex International is engaged in the trading of electrical
equipment.



MEGA VITRIFIED: Ind-Ra Keeps BB- Rating in NonCooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mega Vitrified
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB-/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR70 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR36.2 mil. Non-Fund Based Working Capital Limit maintained
     in non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR22.2 mil. Term loan due on August 31, 2019 maintained in
     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 2007, MVPL manufactures vitrified tiles at its
36,000mtpa production facilities in Morbi, Gujarat. The company
started commercial production in March 2008.



METROPOLITAN LIFESPACE: Ind-Ra Cuts NCDs Rating to B-
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded rating of
Metropolitan Lifespace Real Estate Developers Private Limited's
(MLREDPL) non-convertible debentures (NCDs) to 'IND B-' from 'IND
B' while placing it on Rating Watch with Negative Implications.

The detailed rating action is:

-- INR1,401.3** bil. NCDs* downgraded; Placed on Rating Watch
     with Negative Implications on IND B-/Rating Watch with
     Negative Implications.

*Details in Annexure I

**Outstanding as of December 2023

Analytical Approach

Ind-Ra continues to take a standalone view of MLREDPL while
arriving at the rating. MLREDPL was formed to invest in real estate
projects in India. Over 2015-2020, MLREDPL raised INR5,708.4
million through NCDs and compulsory convertible debentures, and
invested these in five projects as a co-developer. The projects
were Jai Vijay, Auris Serenity and Kanakia Paris in Mumbai, Aparna
Elina in Bengaluru and Bestech Altura in Gurugram. The first four
projects are fully sold out, and MLREDPL now has meaningful cash
flow visibility only in project Bestech Altura. The compulsory
convertible debentures were later converted into equity.  

Detailed Rationale of the Rating Action

The downgrade reflects MLREDPL's weak operational performance
during FY24 and extension in the maturity date of all of MLREDPL's
zero coupon NCDs to 31 March 2026 from 31 March 2024 owing to low
availability of excess cash flows. The management expects the
extension of maturity will provide better returns to investors. The
agency has placed the ratings on Rating Watch with Negative
Implications to monitor amortization of NCDs in March 2024 as
notified by the management to the agency.

Detailed Description of Key Rating Drivers

Weak Operational Performance: The rating action reflects the
company's low sales velocity, delayed collections from sales and
the consequent lower-than-expected debt reduction over FY24.
Bestech Altura is the last project remaining with MLREDPL, which is
the only source of cash flows for the company. The company had
expected projected sales of 225,345 sf in Bestech Altura by FYE24,
however, the company able to achieve sales of only 172,682 sf as of
December 31, 2023. MLREDPL expects to sell the balance inventory by
2QFY25. As of September 30, 2023, the agency had estimated
collections of INR 1,760 million, of which INR775 million was
committed receivables and the balance was from unsold inventory by
FYE24. However, as of 31 December 2023, the total collections stood
at about INR287 million. As a result, the company did not make debt
repayments and the debt outstanding remained unchanged at about INR
1,896 million as of February 29, 2024.

Extension in Maturity of NCDs: The company has extended maturities
of all of its zero coupon NCDs to March 31, 2026 from March 31,
2024 owing to low availability of excess cashflows. Further, the
management believes the extension of maturity will provide better
returns to investors. As per the management, the extension was
approved by all debenture holders and the board of directors of
MLREDPL.

No Development Risk: The company was a co-developer across five
projects; Jai Vijay (Mumbai), Auris Serentiy (Mumbai), Aparna Elina
(Bengaluru), Kanakia Paris (Mumbai) and Bestech Altura (Gurugram).
All the projects have been completed and have received occupancy
certificates.

Flexible Terms of NCDs: The rated zero-coupon NCDs, issued at face
value, are redeemable from available cash flows and the obligation
with respect to redemption set at a maximum return (cap) rather
than a minimum promised internal rate of return (floor). This
indicates flexibility in the amortization structure as long as it
is within the terms of the NCDs. Additionally, the flexibility is
supported by the terms of the NCDs, wherein there would be no
amortization in the first 12 months from the date of allotment of
NCDs. From 12-to-24 months, cumulatively only up to 30% of the
outstanding face value of NCDs can be repaid. From 24-to-36 months,
cumulatively only up to about 60% of the face value of NCDs can be
repaid. Beyond 36 months, there is no restriction on amortization.
Most of the NCDs were allotted more than 36 months ago and
therefore, there is no restriction on the amortization of these
NCDs. The management has assured Ind-Ra that all available cash
flows from Bestech Altura project (after deducting operational
expenses) would be used towards the amortization of these NCDs.

Liquidity

Poor

MLREDPL had cash and cash equivalents of about INR343 million at
9MFYE24. The total receivables stood at INR 1,140 million and
MLREDPL's inventory as per Ind-Ra's valuation was INR 510 million
as of 9MFY24. The agency expects the company to incur operational
expenses of about INR237 million. Furthermore, the face value of
the outstanding NCDs as of December 31, 2023 was approximately
INR1,896 million. However, the terms of the NCDs permit redemption
of the NCDs based on available cash flows with the company.

Rating Sensitivities

The Rating Watch with Negative Implications reflects that the
ratings may be downgraded or affirmed. Ind-Ra will resolve the
rating watch over the next one month after monitoring the NCD
repayments in March 2024 as notified to the agency.

About the Company

MLREDPL is a real estate company formed to invest in real estate
projects in India. The company is owned by two entities, IPF II
Singapore 5 Pte. Ltd (which owns 99.99% of MLREDPL) and IPF II
Singapore 6 Pte. Ltd (which owns 0.01% of MLREDPL).


N.D. PATIL: Ind-Ra Assigns BB- Term Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated N. D. Patil Sugars
Private Limited's (NDPSPL) term loan as follows:

-- INR540.8 mil. Term loan due on March 2033 assigned with IND
     BB-/Stable rating.

Ind-Ra has taken a standalone view of NDPSPL for the rating
review.

The ratings reflect the near-completion stage of NDPSPL's jaggery
manufacturing unit in Maharashtra. The unit is in the testing phase
and commercial operations will commence from April 2024 with a
capacity of 1,800 tons crushing per day (TCD). The new sugar
season, which commences from September 2024 (September-April) will
mark the first full-fledged operational season of the company. The
lack of track record, moderate interest coverage and high net
leverage owing to the initial stages of operation have been taken
into consideration while arriving at the ratings.

Key Rating Drivers

Lack of Track Record: NDPSPL's jaggery and co-gen unit is in the
testing phase and its commercial operations will commence from
April 2024 with a crushing capacity of 1,800 tons per day. The
achievement of stable operating performance remains to be
witnessed. Due to the nascent stage of operations, capacity
utilization and consequently, the scale of operations are likely to
be small in FY25.

Credit Metrics Likely to Remain Weak owing to Nascent Stage of
Operations: The high interest cost of 11.15% on the term loans
employed for capex of the jaggery unit, combined with the moderate
capacity utilization due to the nascent stage of operations, is
likely to lead to a weak interest coverage in FY25. The net
leverage too is likely to remain high in FY25 owing to a high debt
of INR540.8 million availed for capex purposes.

Stretched Liquidity: Since the project is yet to commence
operations, the stability in its capacity utilization and growth in
its scale of operations are yet to be seen. This, along with the
high interest costs on the loans incurred for the project, likely
to pressurize the liquidity over the short run.

Minimal Cost Overrun Risk: NDPSPL has invested in both a jaggery
manufacturing unit and a co-gen plant to generate electricity from
the jaggery plant's bagasse production. The total investment for
the jaggery project is INR570 million, of which INR533.6 million
(93.6% of construction) was completed at end-January 2024. The
total investment for the co-gen unit is INR322.5 million, of which
INR294 million (91.16% of construction) was completed at
end-January 2024. Both the projects have been funded through term
loans (56.29%) and the remaining through promoters' contribution.
Till end-January 2024, the promoters had brought INR317.2 million
as equity and unsecured loans (92.4% of overall contribution).

Promoters' Experience in the Sugar Business: The promoters have
over five decades of experience in the jaggery business, leading to
NDPSPL's established relationships with its customers and
suppliers.

Liquidity

Stretched: NDPSPL's working capital limit of INR94.5 million is in
the process of being sanctioned. In the event of a delay in the
achievement of stable operating performance, the expenses will be
funded by promoters; however, it could impact the debt service
coverage ratio. NDPSPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.

Rating Sensitivities

Negative: Any delays in the achievement of stable operating
performance resulting in lower-than-Ind-Ra-expected scale of
operations or deterioration in the liquidity and credit metrics
could be negative for the ratings.

Positive: The achievement of stable operating profitability with an
improvement in the liquidity and credit metrics, on a sustained
basis, will be positive for the ratings.

Company Profile

NDPSPL was incorporated on 20 January 2021. Its registered office
is at Islampur Sangli ,Maharashtra. The company is promoted by
Dattajirao Narayanrao Patil and Anjali Dattajirao Patil. The
company has set up a jaggery manufacturing unit, with a capacity of
1,800 tons crushing per day at gut no-580, Koregaon grampanchayat,
district-Sangli, Maharashtra. The unit will commence commercial
operations from April 2024.


NAV SHIKHA: CRISIL Assigns D Rating to INR18.75cr Cash Loan to D
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D/CRISIL D' ratings to the
bank facilities of Nav Shikha Polypack Industries Private Limited
(NSPIPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit          18.75        CRISIL D (Assigned)

   Letter of Credit      2           CRISIL D (Assigned)

   Working Capital
   Term Loan             3.25        CRISIL D (Assigned)

The ratings reflect instances of delays in repayment of term loans,
modest scale of operations, and weak capital structure of NSPIPL.
These weaknesses are partially offset by the extensive experience
of the promoters in the polyvinyl chloride (PVC) pipe manufacturing
industry and diversified revenue profile of the company.

Analytical Approach

Unsecured loans (Rs 6.05 crore as on March 31, 2023) extended by
the promoters have been treated as neither debt nor equity as these
funds will be retained in the business and are not expected to be
paid off in the near term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Instances of delays in repayment of term loans: As confirmed by
the banker and the management, there have been instances of delay
in repayment of term loans over the past six months. The last delay
was observed in the month of January-2024 on account of
insufficient funds in the cash credit account.

* Modest scale of operations: Revenue dropped to INR56 crore in
fiscal 2023 (from INR67 crore in fiscal 2022) owing to declining
raw material prices, leading to low realisation per kilogramme.
However, there was year-on-year growth in volumetric sales. Revenue
is estimated at INR23.95 crore till September 2023 and INR35.00
crore till December 2023. The management is expecting to close
fiscal 2024 at similar levels as fiscal 2023 (Rs 56-57 crore), with
an increase in volumetric sales. Revenue will also be supported by
sale in new geographies such as Chennai and Odisha.

* Weak capital structure: Financial risk profile has been weak
marked by modest networth of INR9 crores and low size of accruals
in fiscal 2023 but should improve over the medium term, led by
steady accretion to reserve and the absence of any large,
debt-funded capital expenditure. Gearing was high at 2.53 times as
on March 31, 2023 because of high dependence on external debt and
is expected to improve over medium term with repayment of loans and
steady accretion to reserves.

Strengths:

* Extensive experience of the promoters: The promoters have around
four decades of experience in the PVC pipe manufacturing industry;
their strong understanding of market dynamics and healthy
relationships with customers and suppliers should continue to
support the business.

* Diversified revenue profile: NSPIPL derives 80-85% of the overall
revenue from the PVC division and the rest from the light-emitting
diodes (LED) division. The company provides street light automation
solutions, industrial and original equipment manufacturer (OEM) LED
lighting and control solutions. The well-diversified revenue
profile insulates the business from slowdown in any segment.

Liquidity: Poor

The company has instances of delays in repayment of term loans
during the past six months. The last delay was observed in the
month of January-2024 due to insufficient funds.

Bank limit utilisation was 100% for the past 12 months through
December 2023. There have been multiple instances of
overutilization in cash credit limit on account of interest
payments which are regularized within 7-10 days. Cash accruals are
expected at INR1.6-2.0 crore per annum, against term debt
obligation of INR1.2-1.5 crore over the medium term. Current ratio
is expected at 1.3-1.4 times as on March 31, 2024. The promoters
are likely to extend timely, need-based funds (equity and unsecured
loans) to aid operations. Liquidity is further supported by free
fixed deposits of around INR2 crores.

Rating Sensitivity factors

Upward factors

* Timely servicing of debt obligation for continuous three months.
* Revenue growth of 15-20% per annum, supported by volumetric
growth, leading to higher-than-expected cash accrual.

Set up in 1979 as a partnership entity, the firm got reconstituted
into a private-limited company with the current name in 1996.
NSPIPL manufactures PVC, chlorinated PVC and unplasticised PVC
pipes and fittings, LED lights and street lights; it provides
street light automation solutions, industrial and OEM LED lighting
and control solutions. NSPIPL has three manufacturing units, two in
Gurugram (Haryana) and 1 in Bawal (Haryana). The company sells
pipes and fittings under the brand, Polypack, and LED lights under
the brand, Citilight. Mr. Verender Chawla and Mr. Rajan Chawla own
and manage the business.


NEW ERA: CRISIL Reaffirms B- Rating on INR3.5cr LT Loan
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of New Era Industries (NEI, part of
the New Era group).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        3.5        CRISIL A4 (Reaffirmed)

   Cash Credit           1.5        CRISIL B-/Stable (Reaffirmed)

   Import Letter
   of Credit Limit       3.5        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    3.5        CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the large working capital
requirement and modest scale of operations of the New Era group.
These weaknesses are partially offset by the extensive experience
of its partners in the exterior décor segment.

Analytical Approach

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of NEI and New Era Living Deco
Co Ltd (Vietnam) [NELDCL]. This is because the two entities,
together referred to as the New Era group, have the same management
and partners, and significant business synergies. CRISIL Ratings
has not consolidated New Era Living Deco FZE (Dubai) as it has no
operations currently.

Unsecured loans of INR1.7 crore as on March 31, 2023, from the
partners and their relatives, are treated as debt as these are
need-based funds and shall be subsequently withdrawn.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Operations of NEI continue to
remain working capital intensive, as reflected in expected gross
current assets (GCAs) of 300-350 days, driven by high inventory and
debtors. The working capital requirement will remain large over the
medium term due to high-value orders in hand.

* Modest scale of operations: The exterior decor industry is highly
fragmented with many organised players offering cheaper
substitutes, such as architectural wall panels, glass and
low-quality wooden flooring to ceramic cladding. This reduces the
bargaining power of the group with customers. Hence, revenue was
subdued at INR4 crore for fiscal 2024 against INR6 crore in fiscal
2023. Small scale in turn restricts the ability to bid for large
projects.

Strength:

* Extensive experience of the partners: The group has been in the
exterior decor business for more than 15 years and provides
solutions to corporates as well as high-networth individuals. Over
the years, the partners have established a strong clientele. Same
is supported by unexecuted order book of around INR10-15 crore
which provides the revenue visibility over the medium term.

Liquidity: Stretched

Bank limit utilisation was low at 10.95% on average for the 12
months through December 2023. However, the firm availed
non-fund-based bank limits which remain 80-85% utilised. Cash
accrual is expected to be INR8-10 lakh against term debt obligation
of INR6 lakh over the medium term, and the surplus will cushion the
liquidity of the company.

The current ratio is expected to remain healthy at 8 times as on
March 31, 2024. The promoters are likely to extend support in the
form of equity and unsecured loans to meet the working capital
requirement and debt obligation.

Outlook: Stable

CRISIL Ratings believes the New Era group will continue to benefit
from the extensive experience of its partners.

Rating Sensitivity Factors

Upward factors

* Sustenance of revenue while maintaining the operating margin over
4% leading to net cash accruals above INR50 lakhs
* Efficient management of working capital leading to improvement in
liquidity profile

Downward factors

* Revenue below INR3 crore with operating margins below 3%
* Any large, debt-funded capital expenditure or high reliance on
working capital limits resulting further deterioration in the
liquidity profile.

NEI was set up as a partnership firm by Mr Anil Khanna and Ms Manju
Khanna in the early 1980s. It imports and installs exterior
cladding, surfacing and finishes.

Vietnam-based NELDCL was established by Mr Aman Khanna. It buys
terracotta, wooden and metal cladding from suppliers and resells to
customers in India, Bangladesh and Nepal.


OM SHIVAY: CRISIL Assigns B- Rating to INR20cr LT Loans
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to the bank facilities of Om Shivay Speciality Paper
Private Limited (OSSPPL).

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

   Cash Credit            12         CRISIL B-/Stable (Assigned)

   Long Term Loan         20         CRISIL B-/Stable (Assigned)

   Proposed Fund-
   Based Bank Limits       2         CRISIL B-/Stable (Assigned)

The ratings reflect the exposure to intense competition and to
cyclicality in the industrial paper industry and modest scale of
operations. These weaknesses are partially offset by the extensive
experience of the promoters.

Analytical Approach

Unsecured loans of INR6.78 crore as on March 31st 2023 has been
treated as debt.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to intense competition and cyclicality in the
industrial paper industry: The Indian industrial paper industry is
highly fragmented with several organised and unorganised players.
The resultant competition is even higher in the industrial paper
segment (accounts for a major portion of the total paper industry)
where unorganised players hold majority of the market share. Rapid
growth in the number of small mills has been because of low entry
barrier (the cost of setting up an industrial paper plant is
relatively low as most smaller capacities are waste-paper-based,
and involve low investment in technology) and government policies
(several excise concessions and other benefits to small paper mills
granted from time to time).

Competition, especially in the kraft paper segment, is intense.
Consequently, players have limited pricing flexibility. Moreover,
end users of packaging paper are also price sensitive. This
situation is expected to continue in the long term as consolidation
is unlikely because of unviable capacities. The industry is also
cyclical in nature, with small players shutting down capacities
during downturns and recommencing operations when the economy
revives. This prevents established players from generating large
profits even during periods of good economic growth. Business risk
profile may remain constrained over the medium term by
susceptibility to risks related to the above-mentioned factors.

* Modest scale of operation: Business risk profile is constrained
by small scale of operations in the intensely competitive
industrial paper industry, which limits operating flexibility.

Strengths:

* Extensive experience of the promoters: Presence of over two
decades in kraft paper industry has enabled the promoters to
develop a strong understanding of market dynamics and establish
healthy relationships with suppliers and customers.

Liquidity: Stretched

Due to some unforeseen incident the factory was closed for 4
months, and company being in its initial stage of operations, net
cash accrual of INR-4 crore will be insufficient to meet yearly
term debt obligation of INR2 crore, over the medium term. Current
ratio was healthy at 2.89 times as on March 31, 2023. The promoters
are likely to extend equity and unsecured loans to meet working
capital requirement and debt obligation. Negative networth limits
financial flexibility and restricts financial cushion against any
adverse condition or downturn in the business

Outlook: Stable

The company will continue to benefit from the extensive experience
of its promoters and established relationships with clients.

Rating Sensitivity factors

Upward factors

* Sustained improvement in operating margin to 5% and higher scale
leading to better cash accrual.
* Improvement in working capital cycle, with GCAs declining to 100
days

Downward factors

* Decline in revenue and fall in margin to -1%
* Large, debt-funded capital expenditure weakening capital
structure

OSSPPL was incorporated in 2020 and is promoted by Mr Hasmukhbhai
Dhirubhai Vagadia, Mr Piyushkumar Bhavanishankar Trivedi, Mr
Amitbhai Kanaiyalal Patel and Mr Maheshbhai Dhirubhai Vagadia. The
company manufactures kraft paper at its facility in Mehsana,
Gujarat, which has installed capacity of 35,000 tonne per annum.


ORIENT CRAFT: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orient Craft
Limited (OCL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Short Term Rating       -         CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with OCL for
obtaining information through letter and email dated February 21,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

OCL was established by Mr Sudhir Dhingra in 1972 as a
proprietorship concern. In 1978, the firm was reconstituted as a
private limited company. Mr Dhingra's friends, Mr Anoop Thatai and
Mr K K Kohli joined the business with their investment in the
company in 1978 and 1987 respectively. As on March 31, 2020, Mr
Dhingra held 57.3% stake in OCL, while Mr Thatai and Mr Kohli held
19.5% each. The company is recognised by the Indian government as a
four-star export house.

OCL manufactures and exports readymade garments, primarily for
women and children. It mainly manufactures high-end garments with
intricate designs, which attract higher realisations. The company
has 21 facilities in the National Capital Region, covering 13.5
lakh square feet. It exports mainly to the US and Europe and caters
to high-end brands such as GAP, Macy's, Debenhams, French
Connection, Ann Taylor, Marks & Spencer's, Abercrombie & Fitch,
Sainsbury, UCB  and Next.


POLYSPIN EXPORTS: Ind-Ra Assigns BB- Rating, Outlook Negative
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Polyspin Exports
Limited's (PEL) bank facilities as follows:

-- INR122.5 mil. Fund-based working capital limit assigned with
     IND BB-/Negative/IND A4+ rating.

Analytical Approach

Ind-Ra has taken a standalone view of PEL while assigning the
ratings.

Detailed Rationale of the Rating Action

The ratings reflect PEL's small scale of operations with the top
line declining in FY23 because of a sluggish demand for flexible
intermediate bulk container (FIBC) bags in the US market.
Consequently, the EBITDA margins declined to 1.8% in FY23 (FY22:
5.9%). The rating also factors in the company's weak financial
metrics on account of a decline in absolute EBITDA. The Negative
Outlook reflects Ind-Ra's expectation of a further decline in the
revenue and EBITDA based on 9MFY24 financial performance.

Detailed Description of Key Rating Drivers

Sluggish US Demand Leads to Revenue Decline in FY23; Likely to Fall
Further in FY24 before Gradually Improving over Medium Term: PEL's
revenue declined to INR2,377 million in FY23 (FY22: INR2,730
million) because of lower demand for FIBC bags in the US. PEL,
being a 100% export oriented unit with the US being the top country
to which it exports, revenue was significantly impacted by a
slowdown in the US economy. The increased competition from domestic
as well as international companies, led to distribution of sales
volume among various companies, resulting in a decline in sales
volumes and a high pressure on selling prices, thus negatively
impacting realization per metric ton. During 9MFY24, the revenue
stood at INR1,533 million. Ind-Ra expects the revenue to decline
further in FY24 before gradually improving in the medium term with
a recovery in demand in the US market.

Decline in EBITDA in FY23; Although Likely to Improve in Medium
Term: The EBITDA plunged to INR42.77 million in FY23 (FY22:
INR161.06 million) and the EBITDA margin to 1.8% (5.9%), largely
attributable to the decline in revenue and continuing losses in the
textile division. The margin was modest with a return on capital
employed of 0.2% in FY23 (FY2: 9.5%). During 9MFY24, EBITDA from
continuing operations stood at INR34.14 million and is likely to
remain at similar levels in FY24. However, Ind-Ra expects the
EBITDA margin to improve in the medium term as a result of
sustainable cost-saving initiatives undertaken by the company such
as installation of a solar power plant, easing down of disruptions
in the red sea and savings from discontinued operations.   

Weak Financial Metrics: The interest coverage (operating
EBITDA/gross interest expense) declined to 1.29x in FY23 (FY22:
3.34x) and net financial leverage (adjusted net debt/operating
EBITDAR) increased to 14.11x (4.31x) on account of the significant
decline in absolute EBITDA in FY23. During 9MFY24, the interest
coverage was 1.2x. Ind-Ra expects credit metrics to deteriorate
further in FY24 owing to a rise in the debt level owing to
additional loan taken for installation of a solar power plant,
despite stable EBITDA level. However, the agency expects the
financial metrics to improve in the medium term as a result of a
likely improved operational performance and scheduled repayment of
debt.

Long Operational Track Record; Experienced Management: PEL has more
than five decades of experience in the manufacturing of FIBC bags,
leading to established ties with customers, which enables it to
receive repeat orders, thus providing revenue visibility in the
medium term.

Locational Advantage: PEL is located near the Tuticorin port, which
reduces the inland transportation cost. Also, proximity to rural
area provides availability of cheap labor.

Liquidity

Stretched

PEL's average maximum utilization of the fund-based working capital
limits (for continuing operations; FIBC segment) was 70.43% for the
12 months ended December 2023. Ind-Ra expects the utilization to be
at a similar level in the near term. The company has unencumbered
cash and cash equivalents of INR96 million at FYE23 (FYE22:
INR88.15 million). The average current ratio was at 1.3x over
FY20-FY23. The cash flow from operations declined to INR85.62
million in FY23 (FY22: INR92.3 million) on account of the
significant decline in EBITDA, partially offset by a decline in
interest cost and tax. The working capital cycle elongated to 136
days in FY23 (FY22: 107 days) on account of an increase in the
inventory holding period to 119 days (64 days). The firm has
repayment obligations of INR63.3 million and INR62 million in FY24
and FY25, respectively, which would be partially met through
internal accruals and the remaining through the company's existing
cash reserves.

Rating Sensitivities

Negative: A substantial deterioration in the scale of operations or
profitability, deterioration in liquidity, or a further weakening
of the credit metrics with the gross interest coverage remaining
below 1.3x; all on a sustained basis, will lead to a negative
rating action.

Positive: A substantial increase in scale of operations with an
increase in the profitability, a substantial improvement in the
liquidity profile, along with an improvement in the credit metrics,
with the gross interest coverage increasing above 1.3x, all on a
sustained basis, will be positive for the ratings.

About the Company

Incorporated in 1972 by Rammohan Raja, Rajapalayam, Tamil
Nadu-based PEL began manufacturing high density polyethylene bags
for storage of cement. It manufactured and exported small storage
bags until 1997 and subsequently began manufacturing a wide range
of FIBC bags. The company exports to more than 10 countries
including the US, Italy, France and Germany. The company has an
annual installed capacity of 14,400 metric tons. PEL operated two
business segments -FIBC and textile, however, the textile division
discontinued operations in June 2023.



PRAVEEN AROMA: Ind-Ra Keeps B+ Rating in NonCooperating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Praveen Aroma
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR112.5 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR5 mil. Term loan due on September 30, 2025 maintained in
     non-cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR70 mil. Working capital term loan due on July 31,
2025  maintained in non-cooperating category with IND B+/Stable
      (ISSUER NOT COOPERATING)/IND A4 (ISSUER NOT COOPERATING)
      rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 2010, Praveen Aroma manufactures and trades mint
and allied products in Uttar Pradesh. The company manufactures
menthol, menthol crystals, peppermint oil, essential oils and other
allied products that are used in industries such as food,
pharmaceuticals, fast moving consumer goods and tobacco.


PREMIER POULTRY: Ind-Ra Keeps BB+ Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Premier Poultry
Products Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR74 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR5 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR26.6 mil. Term loan maintained in non-cooperating category
     with IND BB+/Stable (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Formed in 1986, PPPL is engaged in the trading of table eggs. The
company procures eggs from poultry farmers in Hyderabad and sells
them in Mumbai.



PRIYANKA COMMUNICATIONS: Ind-Ra Keeps D Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Priyanka
Communications (India) Private Limited's instrument(s) rating in
the non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR940 mil. Fund based limits maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR260 mil. Non Fund Based Capital Limits maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 1998, PCIPL is the flagship company of the Priyanka
group. PCIPL provides marketing and sales support for Micromax YU
mobile handsets in western India.


QUALITY TEA: Ind-Ra Keeps BB- Rating in NonCooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Quality Tea
Plantations Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND BB-/ Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR135 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING) rating;

-- INR7.5 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR25.2 mil. Term loan due on September 30, 2021 maintained in

     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Quality Tea Plantations was incorporated in 1989 and has a tea
garden in the Jalpaiguri district of West Bengal. The company
primarily produces the CTC variety of tea and sells it in the
domestic market. It is managed by Mr. Balkrishna Dalmia and Rajat
Dalmia and its registered office is in Kolkata.


R.K. INDUSTRIES: Ind-Ra Keeps BB- Rating in NonCooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained R.K. Industries'
instrument(s) rating in the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating action is as follows:

-- INR150 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 2002, RKI is a Rajasthan-based proprietorship firm.
The company is engaged in the cleaning, processing and trading of
whole spices, oil seeds and agro commodities. The firm is majorly
engaged in exports to countries such as the UK, China, Thailand,
Canada, Dubai and the Middle East. The company sells its products
under the brand name Asha Purna and RK Gold.



R.K.R. GOLD: Ind-Ra Keeps BB+ Rating in NonCooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained R.K.R. Gold
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR650 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR250 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 2006 in Coimbatore, Tamil Nadu, RKRGPL manufactures
and distributes gold jewelry.



RAJ ARCADE: Ind-Ra Keeps D Rating in NonCooperating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Raj Arcade Homes
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR776.747 mil. Term loan due on February 28, 2021 maintained
     in non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Raj Arcade Homes is constructing a residential project in Kandivali
West (Mumbai). The project, which commenced in January 2012, is a
redevelopment project under the Slum Rehabilitation Authority. The
company was incorporated by Rajesh Savla.


RAJASTHAN METALS: Ind-Ra Keeps BB- Rating in NonCooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rajasthan
Metals' instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB-/Stable (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating actions are:

-- INR60 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR140 mil. Non-fund-based limits maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Founded in 1974, Rajasthan Metals is a proprietorship concern based
at Chawri Bazar, Delhi.



RAJATHADRI JEWELLERS: Ind-Ra Keeps D Rating in NonCooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rajathadri
Jewellers Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR180 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

RJPL has a gold and jewelry retail showroom in Bangalore.



REKHA CORPORATION: Ind-Ra Keeps BB- Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rekha
Corporation Private Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND BB-/ Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR100 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Term loan due on May 31, 2024 maintained in non-
     cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Hyderabad-based Rekha Corporation is an exclusive distributor of
pesticides and seeds for Syngenta India Limited.



RIBBEL INTERNATIONAL: Ind-Ra Keeps BB- Rating in NonCooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ribbel
International Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB-/ Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR35 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND BB-/Stable (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-Fund Based Working Capital Limit maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Ribbel International was incorporated in 1992 and its registered
office is in New Delhi. The company manufactures high-precision
surgical blades and foley balloon catheters. The company majorly
exports its products to the US, Russia, Europe, Germany and Saudi
Arabia. The company is promoted by Mr. R K Kanodia and Mrs. Suman
Kanodia.


RITA INTERNATIONAL: Ind-Ra Keeps B+ Rating in NonCooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rita
International's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR90 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Rita International is a proprietorship concern in Varanasi that
established by Pankaj Shukla in 2010. It manufactures handmade
carpets.



RK POULTRIES: Ind-Ra Keeps D Rating in Non-Cooperating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained RK Poultries
Private Limited's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR60 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

RK Poultries was incorporated on December 21, 2015 in Kharadi,
Pune, by Mrs. Ratnamala Kunjir and Mrs. Usha Mahadev Gandhale. The
company is engaged in broiler and layer farming.



SHUSHRUSHA CITIZENS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shushrusha
Citizens Co-Op. Hospital Ltd. (SCCH) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Rating     -          CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Fixed Deposits       15         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

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

Detailed Rationale

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

SCCH is a co-operative society, set up in 1966 by the Late Dr V S
Ranadive. The society operates a multi-specialty hospital called,
'Shushrusha Hospital' in Dadar (Mumbai) and Vikhroli (Mumbai).


SITI JIND: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Siti Jind Digital Media Communications Private Limited

        Registered Address:
        No. 203, 2nd Floor, J Block
        Prakash Tower LSC Ashok Vihar, Phase-1
        North West Delhi, India 110052

        -- and --

        478/11 Near Fire Brigade Station
        Saffidon Gate, Jin
        Haryana, India 126102
        
Insolvency Commencement Date: March 23, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 17, 2024

Insolvency professional: Harvinder Singh

Interim Resolution
Professional: Harvinder Singh
              #11 CSC DDA, MArket A Block
              Saraswati Vihar, New Delhi
              National Capital Territory of Delhi 110034
              Mobile: 9810046631
              Email: harvinder@akgandassociates.com
                     sitijinddigital.cirp@gmail.com

Last date for
submission of claims: April 6, 2024


STRIDES ALATHUR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Strides Alathur Private Limited
        (Formerly known as Vivimed Life Sciences Private Limited)

        Registered Address:
        201, Devavrata, Sector 17
        Vashi, Navi, Mumbai
        Thane 400703, Maharashtra

Insolvency Commencement Date: March 22, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: September 18, 2024

Insolvency professional: Shekhar Arvind Parkhi

Interim Resolution
Professional: Shekhar Arvind Parkhi
              A-303, Yashwin Society
              Susgaon Road
              Behind Mercedez Benz Show Room
              Near Vigbyor School
              Pune, Maharashtra 411021
              Email:  ip.shekharparkhi@gmail.com

                 -- and --

              A-904, Malpani Vivanta
              Laxman Nagar
              Behind Baner D-Mart
              Balewadi, Pune 411045
              Email: sapl.cirp@gmail.com

Last date for
submission of claims: April 5, 2024


SVP BUILDERS: ICRA Lowers Rating on INR50cr LT Loan to B+
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of SVP
Builders (I) Limited (SVPBL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         50.00        [ICRA]B+ (Stable) ISSUER NOT
   Term loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   Rating moved to ‘Issuer Not
                                   Cooperating' Category

   Long Term-         20.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating downgraded
                                   from [ICRA]BB (Stable) and
                                   Rating moved to ‘Issuer Not
                                   Cooperating' Category

Rationale

The rating downgrade is because of lack of adequate information
regarding SVP Builders (I) Limited (SVPBL) performance and hence
the uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with SVP Builders (I) Limited (SVPBL), ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated 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, a rating view has
been taken on the entity based on the best available information.

SVP Builders (I) Limited (SVPBL), is a real estate development
company with presence in commercial and residential real estate.
The company has executed various residential real estate projects
primarily in Ghaziabad market covering more than ~2msf area.
Currently the company is executing residential real estate projects
by the name of Utopia the Nest (Gulmohar Garden Phase 3) in Raj
Nagar Extension and The Imperial (Gulomhar Vasant) in Nehru Nagar
which was completed in December 2022 and company has received the
completion certificate in January 2023. SVP Builders (I) Limited is
a part of SVP Group having an established track record in real
estate market of Ghaziabad. The Group was founded in the year 1992
and has so far completed about 12 residential real estate projects
in Ghaziabad covering area of more than 4 msf (million square
feet). SVP Group is promoted by Mr. Vijay Kumar Jindal, who has
been associated with Real estate, Liquor, Education and Hotel
Industries for about two decades.


TRADING ENGINEERS: Ind-Ra Keeps D Rating in Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Trading
Engineers (International) Limited's instrument(s) rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency through emails and phone calls. Therefore, investors
and other users are advised to take appropriate caution while using
the rating. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR492.5 mil. Fund Based Working Capital Limit maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR435 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Trading Engineers was formed as a partnership firm in 1949 and was
reconstituted as a limited liability company in 1972. The company
was taken over by Unitech Machines Group in 2001. It has a fully
integrated manufacturing facility for diesel gensets of up to
2,000kVA in Bhagwanpur, Uttarakhand.



TRANSMISSIONS INT'L: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Transmissions International India Private Limited
        Survey/Block 299, 302 & 303/2
        Revenue A/C No 71
        Kalana Village, Sanand Taluka
        Ahmedabad, Gujarat 382110

Liquidation Commencement Date: March 21, 2024

Court: National Company Law Tribunal, Indore Bench

Liquidator: Umesh Harjivandas Ved
            304, Shoppers Plaza - V
            Opp. Municipal Market, C G Road
            Navrangpura, Amedabad 380009
            Email: umesh@umeshveds.com
            Phone: 079-40326082/48904153

Last date for
submission of claims: April 20, 2024


UGL ENGINEERING: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: UGL Engineering Private Limited
        B-7, Om Parshwanath Apartments
        Desai & Sheth Nahar, Sai Baba Nagar
        Borivali (West), Mumbai 400092
        Maharashtra, India

Liquidation Commencement Date: March 22, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Nayana Premji Savala
            1/101-A, Vishal Susheel CHS
            Nariman Road, Vile Parle East
            Mumbai 400057
            Maharashtra, India
            Email: nalinisavala@gmail.com
            Tel: 9082605500

Last date for
submission of claims: April 20, 2024


VASHUDEV TRADING: Ind-Ra Keeps B+ Rating in Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vashudev Trading
Company's instrument(s) rating in the non-cooperating category. The
issuer did not participate in the surveillance exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND B+/Stable (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating action is:

-- INR50 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND B+/Stable (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

About the Company

Incorporated in 2009, VTC is a proprietorship concern engaged in
milling and trading of rice. VTC procures paddy from traders, local
market, and rice from other rice millers. The firm sells Basmati
rice to wholesalers, exporters, and also sells through brokers.



WAGGENER EDSTROM: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Waggener Edstrom Worldwide Communications Private Limited
        No. 6/12, Gurappa Avenue
        Primrose Road, Bangalore
        Karnataka, India 560025

Liquidation Commencement Date: March 20, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Nayana Premji Savala
            1/101-A, Vishal Susheel CHS
            Nariman Road, Vile Parle East
            Mumbai 400057
            Maharashtra, India
            Email: nalinisavala@gmail.com
            Tel: 9082605500

Last date for
submission of claims: April 18, 2024


ZYCUS INFOTECH: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Zycus Infotech
Private Limited (ZIPL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit/            12.7       CRISIL B/Stable (Issuer Not
   Overdraft facility                 Cooperating)

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

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

Detailed Rationale

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

ZIPL, incorporated in September 1997 and promoted by Mr. Aatish
Dedhia, develops software solutions for procurement performance,
spend analysis, and contract and supplier management. The company
is based in Mumbai and has a marketing subsidiaries in US, Zycus
Inc and in Dubai, Zycus Infotech FZ LLC.

For arriving at its ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of Zycus, and its 4 wholly
owned subsidiaries - Zycus Inc, Zycus Infotech Singapore PTE Ltd,
Zycus Infotech Netherlands B.V. and Zycus Infotech FZ LLC
respectively. CRISIL considers these entities as being strategic to
Zycus in view of their strong integration with Zycus's operations.




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

A-SCRIPT INTERNATIONAL: First Creditors' Meeting Set for April 11
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of A-Script
International Limited will be held on April 11, 2024, at 12:00 p.m.
at the Distinction Hamilton Hotel & Conference Centre, 100 Garnett
Avenue, Te Rapa, in Hamilton.

Benjamin Francis and Garry Whimp on March 28, 2024, were appointed
as administrators of these entities:

     A-Script International Limited
     Cannasouth Bioscience Limited
     Cannasouth Cultivation Limited
     Cannasouth Limited
     CBD Isolates Limited
     Eqalis Group New Zealand Limited
     Eqalis Innovations Limited
     Eqalis IP Limited
     Eqalis Pharmaceuticals Limited
     Grow Bop Limited
     Ice-X International Limited
     Mahana Island Therapies Limited
     Midwest Pharmaceutics NZ Limited
     Q-Safe International Limited
     Restoreme Clinic Limited

The administrators may be reached at:

          C/- Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


C & G GIBSON: Creditors' Proofs of Debt Due on April 25
-------------------------------------------------------
Creditors of C & G Gibson Limited are required to file their proofs
of debt by April 25, 2024, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland


CHOICE PROPERTY: Creditors' Proofs of Debt Due on May 1
-------------------------------------------------------
Creditors of Choice Property Services Limited are required to file
their proofs of debt by May 1, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2024.

The company's liquidators are:

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


JV NO. 6: Creditors' Proofs of Debt Due on April 29
---------------------------------------------------
Creditors of JV No.6 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 28, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


TIGER & TIGER: Creditors' Proofs of Debt Due on May 3
-----------------------------------------------------
Creditors of Tiger & Tiger Investments Limited are required to file
their proofs of debt by May 3, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 2, 2024.

The company's liquidator is Pritesh Patel.




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

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

Khor Jan Nee filed the petition against the company on March 12,
2024.

The Petitioner's solicitors are:

          CHP Law LLC
          20 Cecil Street
          #10-03, PLUS
          Singapore 049705


CHYE CHOON: Court to Hear Wind-Up Petition on April 19
------------------------------------------------------
A petition to wind up the operations of Chye Choon Foods Private
Limited will be heard before the High Court of Singapore on April
19, 2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
March 28, 2024.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542


FALCON ENERGY: High Court Enters Wind Up Order
----------------------------------------------
The Business Times reports that Singapore's High Court on April 5
issued a winding-up order to Singapore-listed offshore and marine
player Falcon Energy Group, said the lawyers representing AmBank,
more than five years after the company suspended the trading of its
shares on the back of a debt overhaul.

Falcon Energy's case was presided over by Justice Vinodh
Coomaraswamy. AmBank, which is one of the company's principal
lenders, was represented by Hariz Lee of Joseph Tan Jude Benny,
while Falcon Energy was represented by Anglo Law Chambers, BT
discloses.

AmBank filed a winding-up order against Falcon Energy on. Aug 25,
2021, BT recalls. Since then, both parties have been fighting it
out in court, with Falcon Energy calling for the court to give it
more time to restructure and AmBank putting pressure on it to
either repay its debts to its creditors or wind up.

The Business Times understands that Justice Coomaraswamy ordered
Falcon Energy to wind up after the company had allowed the
moratorium that was previously granted by the court to lapse.

This was despite the company being reminded by the court on March
13 to file any extension application in sufficient time for it to
be heard ahead of the winding-up hearing.

According to a March 27 affidavit seen by BT, one of Falcon
Energy's directors - Tan Sooh Whye - asked the court for the
moratorium to be extended by two more months.

BT relates that Tan said the company faced difficulty in preparing
the intended scheme of arrangement to be proposed to creditors, as
well as the definitive agreements for the company's proposed
private placements, due to "cash-flow constraints".

She argued that the company, in particular its marine division, is
not currently trading as a majority of the group's fleet of
offshore support vessels have been sold. The only cash flow into
the company has been monthly injections of various amounts from its
directors, she added.

In written submissions filed by lawyers representing AmBank on Dec.
13 last year, it was noted that Falcon Energy has attempted to
restructure itself three times, BT says.

In response to the company's request for the first extension of the
moratorium, AmBank's lawyers opposed the application as they argued
it was "not made in good faith". They noted Falcon Energy's
director Tan Pong Tyea was the white knight investor of the
company, and no other details of the purported investment had
surfaced.

AmBank's lawyers also flagged the lack of particulars pertaining to
the identity of Falcon Energy's white knight investors, as well as
an "increasing disclosure" of unsecured creditors and the lack of
future revenue, BT adds.

Singapore-based Falcon Energy Group Limited, an investment holding
company, provides services from the initial exploration stage to
production and postproduction stage to oil companies and
contractors worldwide.


HORTI-FLORA SERVICES: Court to Hear Wind-Up Petition on April 12
----------------------------------------------------------------
A petition to wind up the operations of Horti-Flora Services Pte
Ltd will be heard before the High Court of Singapore on April 12,
2024, at 10:00 a.m.

Culum Capital Pte Ltd filed the petition against the company on
Oct. 26, 2023.

The Petitioner's solicitors are:

          Chevalier Law LLC
          112 Robinson Road, #04-02
          Singapore 068902


MX MEDIA: Court Enters Wind-Up Order
------------------------------------
The High Court of Singapore entered an order on March 22, 2024, to
wind up the operations of MX Media & Entertainment Pte. Ltd.

DIVX, LLC filed the petition against the company.

The company's liquidators are:

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


TERRAFORM LABS: District Judge Rejects Mistrial Bid
---------------------------------------------------
Pete Brush of Law360 reports that Manhattan U. S. District Judge
Jed S. Rakoff on March 27, 2024, rejected a mistrial bid by counsel
for Terraform Labs and creator Do Kwon centering on the judge's
move to ask an investor if the bankrupt crypto startup had
disclosed potential risks about "lying" to the public.

                    About Terraform Labs

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

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

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

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

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

The Debtor is represented by:

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


TERRAFORM LABS: Found Liable in US Civil Fraud Trial
----------------------------------------------------
Reuters reports that a jury in Manhattan found Singapore-based
Terraform Labs and its founder Do Kwon liable on civil fraud
charges on April 5, agreeing with the U.S. Securities and Exchange
Commission that they misled investors before their stablecoin's
2022 collapse shocked cryptocurrency markets.

According to Reuters, the jury delivered the verdict in federal
court in the two-week trial after hearing closing arguments earlier
in the day.

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

Kwon designed TerraUSD and Luna, a more traditional token that
fluctuated in value but was closely linked to TerraUSD, Reuters
notes. The SEC has estimated that investors lost more than $40
billion on the two tokens combined when the TerraUSD peg to the
dollar could not be maintained in May 2022.

Reuters says the SEC is seeking civil financial penalties and
orders barring Kwon and Terraform from the securities industry.
U.S. District Judge Jed Rakoff will consider penalties in the
coming weeks after hearing from the SEC and the defendants.

A spokesperson for Terraform said the company is disappointed by
the verdict and weighing its options, Reuters relays.

"We continue to maintain that the SEC does not have the legal
authority to bring this case at all," the spokesperson added.

SEC Division of Enforcement Director Gurbir Grewal said the agency
is pleased with the verdict.

"For all of crypto's promises, the lack of registration and
compliance have very real consequences for real people," Reuters
quotes Mr. Grewal as saying. "It is high time for the crypto
markets to come into compliance," he added.

The collapse of TerraUSD and Luna dragged down the value of other
cryptocurrencies, including bitcoin, and caused wider havoc in the
crypto market, leading several companies to file for bankruptcy in
2022.

Terraform filed for bankruptcy protection in January.

Kwon, who was arrested in Montenegro in March 2023, did not attend
the trial, which began on March 25. Both the United States and
South Korea, where Kwon is a citizen, have sought his extradition
on criminal charges.

                        About Terraform Labs

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

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

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

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

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

The Debtor is represented by:

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


TERRAFORM LABS: Okayed to Tap Dentons After Prepaid Fees Returned
-----------------------------------------------------------------
Evan Ochsner of Bloomberg Law reports that Terraform Labs Pte. won
court approval to retain Dentons US as special counsel provided the
law firm returns $48 million in prepaid fees, less than the
Securities and Exchange Commission had initially asked for.

The SEC and the Justice Department's bankruptcy watchdog had raised
concerns over millions of dollars in fees transferred to Dentons
from Terraform in the three months before the crypto firm declared
bankruptcy. Judge Brendan L. Shannon of the US Bankruptcy Court for
the District of Delaware approved Denton's employment on March 12,
2024.

                    About Terraform Labs

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

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

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

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

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

The Debtor is represented by:

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


WHOLE FOOD: Creditors' Proofs of Debt Due on May 3
--------------------------------------------------
Creditors of Whole Food Concepts Pte Ltd are required to file their
proofs of debt by May 3, 2024, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Tan Jun Zhang Solomon
          c/o Argile Partners
          138 Cecil Street
          #10-01 Cecil Court
          Singapore 069538



                           *********


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Troubled Company Reporter-Asia Pacific is a daily newsletter co-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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