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

                     A S I A   P A C I F I C

          Thursday, April 11, 2024, Vol. 27, No. 74

                           Headlines



A U S T R A L I A

ADG CORP: Second Creditors' Meeting Set for April 19
ALUMINA LTD: S&P Lowers ICR to 'BB', Outlook Negative
APOLLO JOINERY: Collapses Into Liquidation Owing More Than AUD11MM
CAMATIC PTY: First Creditors' Meeting Set for April 16
DISTRIBUTED STORAGE: First Creditors' Meeting Set for April 16

GLOBAL ADVANCE: Deadline for Bids for Assets Set for April 12
LA TROBE 2022-1: Moody's Upgrades Rating on Class F Notes to Ba1
NOVETECH PTY: Cliffwater Marks AUD18.5MM Loan at 36% Off
QUINTIS AUSTRALIA: Calls in Receivers After Years of Turmoil
REDSPEAR HOLDINGS: Second Creditors' Meeting Set for April 16

SHAIL CONSTRUCTION: First Creditors' Meeting Set for April 17
START RIGHT: Goes Into Liquidation With Dozens of Unfinished Homes


C H I N A

MELCO RESORTS: Moody's Rates New Senior Unsecured USD Notes 'Ba3'
SEAZEN GROUP: Moody's Lowers CFR to Caa1, Outlook Remains Negative
SHANGHAI HHSC: Faces Police Probe as Company Declares Insolvency


I N D I A

AAA PAPER: CRISIL Keeps D Debt Rating in Not Cooperating Category
ABBEY BUSINESS: Voluntary Liquidation Process Case Summary
CHHAPRA HAJIPUR: ICRA Moves D Debt Rating to Not Cooperating
DHAN STEELS: CARE Moves B+/A4 Debt Ratings to Not Cooperating
EXCEL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating

GAV AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
HIMALAYA FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
K. M. FISHERIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
KARMIC ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
KVR CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating

MAHALAXMI CASHEW: ICRA Keeps B+ Debt Ratings in Not Cooperating
MIGHTY TRADERS: Voluntary Liquidation Process Case Summary
NARMADA EXTRUSIONS: CARE Reaffirms D Rating on INR49.18cr ST Loan
NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating
OKTECH AA: Voluntary Liquidation Process Case Summary

PACER SECURE: Insolvency Resolution Process Case Summary
SACHDEV STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
SAKA EMBROIDERY: CARE Lowers Rating on INR10.58cr LT Loan to D
SANYEEJI ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating
SHERWIN-WILLIAMS PAINTS: Voluntary Liquidation Process Case Summary

STAR IRIS: CRISIL Keeps B Debt Ratings in Not Cooperating
THAZHAYIL FINANCE: CARE Reaffirms B+ Issuer Rating
TRANS HIMALAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
UNIVERSAL EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
USHER ECO: Liquidation Process Case Summary

VALUVANADU CAPITAL: CRISIL Moves B+ Ratings to Not Cooperating
VE JAY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
VIDHATRI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
VIKAS COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
VRINDAA CRAFTS: CARE Lowers Rating on INR11.0cr LT Loan to D



I N D O N E S I A

PAKUWON JATI: Moody's Hikes CFR to Ba1 & Alters Outlook to Stable


J A P A N

[*] JAPAN: Business Failures Top 9,000 for First Time in 9 Years


N E W   Z E A L A N D

BEAM NEW ZEALAND: BDO Tauranga Appointed as Liquidator
ELSTREE HOLDINGS: Creditors' Proofs of Debt Due on May 17
FP IGNITION 2022-1: Moody's Upgrades Rating on Class F Notes to B2
JON BIDCO: Cliffwater Marks NZ$6.3MM Loan at 42% Off
KATE SYLVESTER: Fashion Designer Closing Business After 31 Years

PNZ TRADING: Court to Hear Wind-Up Petition on April 18
PURE SKY: Court to Hear Wind-Up Petition on April 18
VIRTUS TRAINING: Creditors' Proofs of Debt Due on May 4


P H I L I P P I N E S

LEPANTO CONSOLIDATED: MBT Losses More Than Double to PHP458MM


S I N G A P O R E

AJ MANAGEMENT: Court to Hear Wind-Up Petition on April 19
FS PAINTWORKS: Court to Hear Wind-Up Petition on April 26
GLOBALWIDE CONSTRUCTION: Creditors' Proofs of Debt Due on May 5
PUBLIQUE REALTY: Creditors' Proofs of Debt Due on May 5
TOYOTA MATERIAL: Creditors' Proofs of Debt Due on May 4


                           - - - - -


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

ADG CORP: Second Creditors' Meeting Set for April 19
----------------------------------------------------
A second meeting of creditors in the proceedings of ADG Corporation
Pty Ltd has been set for April 19, 2024 at 11:30 a.m. at the
offices of Rodgers Reidy at Level 2A, 181 Elizabeth Street in
Brisbane.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 6, 2024 at 4:00 p.m.

David James Hambleton of Rodgers Reidy was appointed as
administrator of the company on March 6, 2024.


ALUMINA LTD: S&P Lowers ICR to 'BB', Outlook Negative
-----------------------------------------------------
S&P Global Ratings lowered the issuer credit ratings on Alumina
Ltd. and its debt program rating to 'BB' from 'BBB-'. At the same
time, S&P removed the ratings from CreditWatch, where it had placed
them with negative implications on Sept. 5, 2023.

S&P said, "The negative outlook reflects a one-in-three possibility
that we could lower the ratings on Alumina given the ongoing risks
to liquidity and uncertainty regarding the recovery in AWAC cash
flow generation and subsequent distributions to Alumina. AWAC's
free cash flow is highly sensitive to the alumina price and for
AWAC to generate meaningful free cash flow, the alumina price needs
to be at about its current level of about $US360 per metric ton
(mt). If Alcoa succeeds in taking over Alumina, we will likely
revise the outlook on Alumina to stable.

"The operating AWAC JV's elevated capex and restructuring spending
will pressure Alumina's 2024 cash flow and liquidity over the next
two years, in our view. Alumina's reliance on distributions out of
AWAC exposes the company to weak profitability and cash flow at
AWAC. The 60% owner and operator of AWAC, Alcoa Corp, is taking
action to improve long-term profitability through a restructuring
plan that for 2024 is likely to curtail operating cash flow and
require investment from the JV partners. Restructuring costs of
US$130 million related to the Kwinana refinery shutdown in the
first quarter of 2024, coupled with an elevated rehabilitation
spend over the next 12 months. In addition, the San Ciprian
refinery, which continues to operate at a loss, faces an uncertain
future. Any action to shut down this operation could expose the JV
to further restructuring costs. These restructuring costs mean
Alumina will likely have to fund a substantial proportion of its
US$144 million share of AWAC's 2024 capex plan of US$360 million.
Consequently, Alumina's debt is likely to increase, and its
liquidity position is likely to tighten. Alumina had about US$200
million of undrawn capacity under its US$500 million syndicated
bank facility as of Dec. 31, 2023.

"While the outlook for the aluminum value chain has improved in
recent months, the AWAC JV's profitability and cash flow are highly
sensitive to alumina price swings and elevated mining costs at a
time when Alumina's credit cushion has weakened. We project
Alumina's 40% pro rata EBITDA could recover to above US$300 million
for fiscal 2024 (year ending December 2024) based on our
expectation of aluminum prices of $2,300 per ton and alumina prices
of about $360/ton (assuming the Alumina Price Index (API) reflects
about 15.5% of the London Metal Exchange benchmark). That said, we
note earnings will continue to be highly sensitive to alumina
prices. A +/- $10 per metric ton (mt) change in API could affect
the AWAC JV's EBITDA by +/- US$90 million while a +/- 1c move in
the AUD/USD exchange rate could swing EBITDA -/+ US$25 million."

Alumina expects the curtailment of Kwinana to realize about US$70
million of cost savings. However, this benefit is somewhat offset
by likely higher operating costs associated with the lower bauxite
grades at its two Western Australian refineries, which the company
expects to continue until 2027. These refineries are set to produce
more than 75% of the company's 2024 guidance of 9.4 million metric
tons (MMt) of alumina output. The curtailment of Kwinana also means
AWAC needs to source about 3 MMt from third parties to fulfill
customer contracts. S&P expects this to be cash flow neutral at
best.

Since Alumina relies on structurally subordinated cash flow from
the AWAC JV, its ability to access capital may tighten when AWAC
faces weak profitability, restructuring costs, or elevated capex.
Weak cash flow generation at AWAC means Alumina is unlikely to
receive material dividends from AWAC, thereby weakening its ability
to meet its operating and debt service obligations. Debt
restrictions at AWAC mean that the JV effectively uses internal
cash flow to fund capex. So, when the JV requires capital, as is
currently the case, Alumina relies on its debt facilities to meet
these capital calls. This structural weakness means Alumina is
reliant on a timely recovery in AWAC's cash flow generation to
support credit quality. The current high sensitivity to alumina
prices of AWAC's cash flows, exacerbated by higher costs from
mining bauxite of lower quality, heightens risks regarding the
amount and timeliness of Alumina's dividend receipts from the JV
and therefore, Alumina's debt-servicing capacity.

The negative outlook reflects a one-in-three possibility that we
could lower the ratings on Alumina because of the ongoing risks to
cash flow, liquidity, and profitability. AWAC's ability to generate
meaningful cash flow, fund its capex program, and make material
distributions to Alumina is highly sensitive to changes in the
alumina price.

A downgrade could occur if cash flow from the AWAC JV does not
materially improve to support an improvement in Alumina's financial
profile. This could occur if:

-- Weaker alumina prices or higher costs limit AWAC's cash flow
generation and constrain its ability to make material distributions
to Alumina;

-- Alumina's liquidity transitions to less than adequate such that
its liquidity sources relative to uses in the next 12 months falls
below 1.2x, or headroom in the company's bank facility materially
decreases;

-- Unanticipated outcomes in relation to the ongoing mine approval
process results in a material delay in mining higher-grade bauxite
at its Western Australian mines.

These scenarios would likely include Alumina's ratio of debt to
EBITDA remaining above 3x or negative free operating cash flow
persisting.

Although less likely, a significant deterioration in the ratings on
Alcoa Corp. could also place downward pressure on the ratings on
Alumina because of counterparty risks.

S&P said, "We may revise the outlook on Alumina to stable if the
AWAC JV successfully executes its restructuring initiatives,
thereby lowering operating costs and stabilizing the financial
profile of Alumina. This would include AWAC achieving free cash
flow generation such that Alumina's pro rata free operating cash
flow to debt remains above 15%. In addition, a sustained increase
in the alumina price could also materially improve cash flows at
AWAC, leading to a revision of the outlook to stable."

If Alcoa Corp. succeeds in its takeover of Alumina, and the Alumina
business becomes a wholly owned operating entity of Alcoa, we are
likely to revise the outlook on Alumina to stable from negative in
line with the outlook on the rating on Alcoa.


APOLLO JOINERY: Collapses Into Liquidation Owing More Than AUD11MM
------------------------------------------------------------------
News.com.au reports that workers at two NSW factories have slammed
their former employer after the company went bust, leaving them and
other creditors multiple millions out of pocket.

Last month, two companies linked to the Sydney-based Apollo group,
which manufactures kitchen and bathroom joinery, collapsed into
liquidation after 56 years in business.

Its main clients were big builders who will likely have to wear the
cost in an already difficult market. Apollo also had showrooms in
Sydney and the Central Coast where customers could come in to order
cabinets or bench tops for their homes directly.

According to news.com.au, the Federal Court ordered Apollo Kitchens
(NSW) Pty Ltd into liquidation in March over a AUD7.8 million
unpaid tax debt, leading to around 100 people losing their jobs.

Following in quick succession was the collapse of Brownlen Pty Ltd
later in March, which was placed into voluntary liquidation.
Brownlen was the employing arm of Apollo's head office staff and
has resulted in a further 29 job losses.

One staff member, Ron, who preferred to stay anonymous for future
job prospects, hasn't received any superannuation for 18 months,
not since October 2022.

"All staff are absolutely disgusted," Ron told news.com.au.

Apollo Kitchens (NSW) Pty Ltd's AUD7.8 million tax debt is made up
of unpaid PAYG and superannuation, according to one of the
liquidators, Kathy Sozou of insolvency firm McGrath Nicol,
news.com.au relays.

Originally the company's tax debt was much smaller, at less than
AUD4 million, but has ballooned to its current amount from
incurring penalties and interest over many years.

Ms Sozou told news.com.au that as well as the eye-watering tax
debt, the company owes a further AUD3.5 – AUD4 million to other
unsecured creditors.

That brings its total debts to around AUD11 million, news.com.au
notes.

Most of the debts were incurred over the last three months, Ms
Sozou said, and she added that a few big suppliers are creditors,
as well as about 50 smaller businesses.

"Some of that is inter-company claims, because they traded with
entities in the group," she said.

Ms. Sozou also noted that her court appointment as liquidator came
as a shock to Apollo Kitchen's sole director, Peter Bader.

News.com.au understands Mr Bader was in discussions with the tax
office and immediately tried to appeal the decision when his
company was ordered to liquidate.

The appointed liquidators of sister company Brownlen Pty Ltd, Edwin
Narayan and Domenic Calabretta from restructuring business Mackay
Goodwin, said it was too early to know how much the business owes.


CAMATIC PTY: First Creditors' Meeting Set for April 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Camatic Pty
Ltd will be held on April 16, 2024 at 10:30 a.m. via electronic
means.

Jason Glenn Stone and Glenn Jeffrey Franklin of PKF Melbourne were
appointed as administrators of the company on April 4, 2024.


DISTRIBUTED STORAGE: First Creditors' Meeting Set for April 16
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Distributed
Storage Holdings Pty Ltd will be held on April 16, 2024 at 11:45
a.m. via virtual meeting only.

Cameron Gray of DW Advisory was appointed as administrator of the
company on April 4, 2024.


GLOBAL ADVANCE: Deadline for Bids for Assets Set for April 12
-------------------------------------------------------------
Said Jahani and Philip Campbell-Wilson of Grant Thornton Australia
were on March 27, 2024, appointed as Voluntary Administrators to
Global Advance Production Services Pty Ltd and Streamlined
Productions Pty, collectively referred to as "the Companies".

The Administrators have ceased trading the business and are
undertaking an expressions of interest campaign to sell the fixed
assets, intellectual property, and other business assets associated
with the Companies.

The Companies supplied TV production services with skilled
production personnel and advanced technology equipment facilitating
the delivery of an end-to-end production solution for clients.

Key assets include but are not limited to:

     * world-class advanced remote production facilities
     * fit-for purpose studio in Randwick
     * four fully fitted outside broadcast vehicles and
       a number of support/ancillary vehicles

The Administrators are in control of the sale process and are
seeking Non-Binding Indicative Offers ("NBIOs") from interested
parties for the acquisition of its business and assets.

Said Jahani, Financial Advisory Partner at Grant Thornton said:
"Preference will be given to offers that seek to acquire all assets
and reflect the additional capacity that such assets provide to a
strategic acquirer who may be an existing trade player or a party
seeking to establish a foothold in the market."

Interested parties are invited to submit a non-binding offer prior
to 4:00PM (AEST) on Friday, April 12, 2024.

To participate in the process and receive access to disclosure
materials, please contact Grant Thornton by email:
conor.corcoran@au.gt.com


LA TROBE 2022-1: Moody's Upgrades Rating on Class F Notes to Ba1
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on five classes of notes
issued by La Trobe Financial Capital Markets Trust 2022-1.

The affected ratings are as follows:

Issuer: La Trobe Financial Capital Markets Trust 2022-1

Class B Notes, Upgraded to Aaa (sf); previously on Apr 5, 2023
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Jul 28, 2023
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Jul 28, 2023
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Jul 28, 2023
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Jul 28, 2023
Upgraded to Ba3 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
available for the affected notes, and (2) the collateral
performance to date.

No actions were taken on the remaining rated classes in the deal as
credit enhancement remains commensurate with the current rating for
the respective notes.

Following the March 2024 payment date, credit enhancement available
for the Class B Notes has increased to 14.2% from 8.0% at the time
of the last rating action for these notes in April 2023. Credit
enhancement available for the Class C, Class D, Class E and Class F
Notes has increased to 12.2%, 8.0%, 5.6% and 4.3% respectively,
from 8.0%, 5.2%, 3.7% and 2.8% at the time of the last rating
action for these notes in July 2023. Principal collections are
currently distributed on a pro-rata basis between Class A1L and
Class A2 Notes.

As of February 2024, current outstanding pool as a percentage of
the closing pool was 43.6%. 2.9% of the outstanding pool was
30-plus day delinquent and 1.7% was 90-plus day delinquent. The
deal has not incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected loss assumption at 1.4% of the
outstanding pool balance (equivalent to 0.61% of the original pool
balance). Moody's has decreased its MILAN CE assumption to 8.5%
from 8.6% at the time of the last rating action, based on the
current portfolio characteristics.

The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans, originated and serviced by La Trobe
Financial Services Pty Limited. A portion of the portfolios consist
of loans extended to borrowers with impaired credit histories or
made on a limited documentation basis.

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

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


NOVETECH PTY: Cliffwater Marks AUD18.5MM Loan at 36% Off
--------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD18,543,750
loan extended to Novotech (Australia) Pty Limited to market at
AUD11,922,941 or 64% of the outstanding amount, as of September 30,
2023, according to a disclosure contained in Cliffwater's Amended
Form N-CSR for the Fiscal year ended September 30, 2023, filed with
the Securities and Exchange Commission on March 28, 2024.

The Cliffwater Corporate Lending Fund is a participant in a First
Lien Term Loan-Delayed Draw to Novotech (Australia) Pty Limited.
The loan accrues interest at a rate of 10.92% (BBSY+557%) per
annum. The loan matures on January 14, 2028.

The Cliffwater Corporate Lending Fund is a Delaware statutory trust
registered under the Investment Company Act of 1940, as amended, as
a closed-end management investment company operating as a
diversified interval fund. The Fund operates under an Agreement and
Declaration of Trust, as most recently amended and restated on
September 15, 2021. Cliffwater LLC serves as the investment adviser
of the Fund. The Investment Manager is an investment adviser
registered with the Securities and Exchange Commission under the
Investment Advisers Act of 1940, as amended. The Fund intends to
continue to qualify and has elected to be treated as a regulated
investment company under the Internal Revenue Code of 1986, as
amended). The Fund commenced operations on March 6, 2019.

The Fund’s fiscal year ends March 31.

The Fund is led by president Stephen Nesbitt and treasurer Lance J.
Johnson.

The Fund can be reached through:

Terrance P. Gallagher
c/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212

Novotech Pty. Ltd. operates as a contract research organization.
Novotech offers audits, biostatistics, clinical trials,
commercialization, data management, generics, health economics,
medical writing, regulatory affairs, and drug development services.
Novotech provides its services worldwide.


QUINTIS AUSTRALIA: Calls in Receivers After Years of Turmoil
------------------------------------------------------------
ABC News reports that the world's largest producer of Indian
sandalwood has been placed in receivership following years of
uncertainty and falling prices.

Quintis Australia and its subsidiaries, including Sandalwood
Properties Limited and Quintis Leasing, have appointed FTI
Consulting as receivers, ABC News relates.

The firm will have control of the majority of the company's assets
and operations.

"The receivers will urgently call for expressions of interest in
the sale and/or recapitalisation of the business," a spokesperson
for FTI Consulting said in a statement.

"[We] are currently working closely with key stakeholders to
quickly conduct an independent assessment of the financial position
of the entities."

Indian sandalwood takes 15 to 20 years to mature for harvest and is
used in a range of fragrances, cosmetics, traditional medicines,
furniture, and handicrafts.

Quintis Australia owns large sandalwood plantations and real estate
in the Northern Territory and the Kimberley with a listed business
headquarters in Perth.  It also has an operations centre in
Kununurra, a smaller plantation and land in Queensland, and the Mt
Romance oil distillation facility and shop near Albany, WA.


REDSPEAR HOLDINGS: Second Creditors' Meeting Set for April 16
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Redspear
Holdings Pty Ltd has been set for April 16, 2024 at 11:30 a.m. via
videoconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 15, 2024 at 5:00 p.m.

Leon D'Souza and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on March 12, 2024.


SHAIL CONSTRUCTION: First Creditors' Meeting Set for April 17
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Shail
Construction Pty Ltd will be held on April 17, 2024 at 2:00 p.m. at
the offices of RSM at Equinox Building 4, Level 2/ 70 Kent Street
in Deakin and via virtual meeting.

Frank Lo Pilato of RSM Australia Partners was appointed as
administrator of the company on April 5, 2024.


START RIGHT: Goes Into Liquidation With Dozens of Unfinished Homes
------------------------------------------------------------------
NCA NewsWire reports that Perth-based builder Start Right Homes has
become the latest company to go into liquidation, with dozens of
houses left unfinished.

The Osborne Park building company, which mainly constructed
single-storey houses, appointed liquidators on April 7.

According to Western Australia's Building and Energy department,
the company is yet to complete 24 projects, NCA NewsWire relays.

According to the report, Building and Energy executive director
Peter Stewart said homeowners with incomplete or defective projects
should contact QBE to discuss their home indemnity insurance
policy.

"Home indemnity insurance provides financial protection for
homeowners in situations such as the insolvency of their builder,"
the report quotes Mr. Stewart as saying.

"Contacting the insurance provider enables homeowners to begin the
process of engaging another registered builder to complete the work
or managing other remedies they may be entitled to."

Subcontractors should contact the appointed liquidator, Anthony
Warner from CRS Insolvency Services.

Start Right Homes describes itself as "Perth's specialists in
architectural stylings".

"Your one stop shop for innovation, custom designs and excellence,"
the company says on social media.

On its LinkedIn page, the company also says it is a custom
builder.

The builder's main website is no longer active.

NCA NewsWire is seeking comment from Start Right Homes.




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C H I N A
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MELCO RESORTS: Moody's Rates New Senior Unsecured USD Notes 'Ba3'
-----------------------------------------------------------------
Moody's Ratings has assigned a Ba3 rating to the proposed senior
unsecured USD notes to be issued by Melco Resorts Finance Limited
(MRF, Ba3 stable).

Moody's has also conducted a review on MRF's Ba3 corporate family
rating and senior unsecured ratings through a rating committee.
These ratings remain unchanged.

The rating outlook is stable.

MRF will use the proceeds to repay existing debt and for general
corporate purposes.

RATINGS RATIONALE

"The Ba3 rating primarily reflects Melco Resorts & Entertainment
Limited's (MRE) established operations and high-quality assets, as
well as Moody's expectation that its financial leverage will
continue to improve significantly during 2024-25 as the gaming
market in Macao SAR, China, maintains its strong recovery," says
Gloria Tsuen, a Moody's Vice President and Senior Credit Officer.

These considerations mitigate the risk associated with the
company's geographic concentration in Macao, where gross gaming
revenue (GGR) is subject to policy changes in Macao (Aa3 negative)
and China (A1 negative).

MRF's ratings reflect the consolidated credit quality of Melco
group under MRE because MRF is 100% owned by MRE, and MRE relies
heavily on MRF and its subsidiaries for profit generation and
funding.

Macao's GGR has recovered strongly since China's reopening in early
January 2023, with the mass and VIP segments recovering to 88% and
33%, respectively, in full-year 2023 compared with the levels in
2019.

Moody's expects the continued market recovery to drive an increase
in MRE's adjusted EBITDA to around $1.3 billion in 2024 from $0.9
billion in 2023. Increased free cash flow will also help the
company further reduce its debt and leverage. MRE's adjusted debt
already decreased to around $7.8 billion as of the end of 2023 from
$8.7 billion a year earlier.

Consequently, MRE's adjusted debt/EBITDA will improve to around
5.5x this year and further to about 4.2x in 2025, from around 8.6x
in 2023, supporting MRF's Ba3 ratings.

MRE has very good liquidity. Moody's expects that, with MRE's $1.3
billion in cash as of the end of 2023 and operating cash flow, the
company will have sufficient liquidity for its capital spending and
debt repayments over the next 12-18 months. MRF's proposed bond
will further enhance the company's liquidity profile.

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

The stable rating outlook reflects Moody's expectation that the
company's financial leverage will improve significantly over the
next 12-18 months, driven by a recovery in earnings and reduction
in debt.

Moody's could upgrade MRF's ratings if MRE further improves its
earnings, reduces its debt and maintains good liquidity, such that
its adjusted debt/EBITDA declines to below 4.5x-5.0x on a sustained
basis.

Conversely, Moody's could downgrade MRF's ratings if MRE's adjusted
debt/EBITDA returns to above 5.5x-6.0x on a sustained basis or if
its liquidity weakens. This situation could result from a
weaker-than-expected earnings recovery, a failure to reduce debt,
or the company's aggressive financial policy.

In addition, the ratings on MRF's senior unsecured notes could be
downgraded if the amount of priority claims at MRF's subsidiaries
increases on a sustained basis compared with MRF's own senior
unsecured debt at the holding company level.

The principal methodology used in this rating was Gaming published
in June 2021.

Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco
Resorts & Entertainment Limited, which is listed on the NASDAQ
exchange and majority-owned by Melco International Development
Ltd., which is listed in Hong Kong SAR, China. Through Melco
Resorts (Macau) Limited, Melco Resorts Finance operates two
wholly-owned casinos in Macao - City of Dreams and Altira Macau.  


SEAZEN GROUP: Moody's Lowers CFR to Caa1, Outlook Remains Negative
------------------------------------------------------------------
Moody's Ratings has downgraded the following ratings of Seazen
Group Limited (Seazen Group) and New Metro Global Limited:

1. Seazen Group's corporate family rating to Caa1 from B2

2. The backed senior unsecured rating on the bonds issued by New
Metro Global Limited and guaranteed by either Seazen Group or
Seazen Holdings Co., Ltd. to Caa2 from B3

At the same time, Moody's has maintained the negative rating
outlooks.

"The downgrades and negative outlooks reflect Seazen Group's
increasing refinancing risks due to its deteriorating liquidity,
which is a result of its weak contracted sales and constrained
funding access amid a sizable amount of maturing debt over the next
12-18 months. In addition, Moody's consider the company to have
weak liquidity management measures to address its near-term
refinancing needs," said Kelly Chen, a Moody's Vice President and
Senior Analyst.

RATINGS RATIONALE

Moody's has changed its assessment of Seazen Group's liquidity to
weak from adequate, in view of the company's depleting cash and
material amount of maturing debts over the next 12-18 months.
Moody's projects the company's cash as of the end of 2023, together
with its projected operating cash flow, will be insufficient to
cover all of its maturing debt obligations over the next 12 to 18
months.

Moody's notes that Seazen Group has raised new funding over the
past year. Nevertheless, such funding was not sufficient to fully
address its refinancing needs. Hence, the company had to use its
internal cash to repay maturing debt, reducing its cash and
cash-equivalent holdings to RMB13.2 billion as of the end of 2023.

Seazen Group's weak contracted sales also strain its liquidity.
Moody's expects Seazen Group's contracted sales to fall further to
around RMB55 billion in 2024.

While the company had raised secured bank loans from domestic
commercial banks by pledging its shopping malls, its ability to
raise new financing in a timely manner is uncertain in view of the
company's deteriorated financial position.

Moody's also notes that Seazen Group's auditor has indicated
material uncertainties regarding the company's ability to continue
as a going concern in its results announcement[1]. This would
potentially weaken the company's access to funding.

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

Moody's has changed Seazen Group's governance issuer profile score
to G-5 from G-4 and its environmental, social and governance (ESG)
Credit Impact Score to CIS-5 from CIS-4. In particular, the
company's governance risk of G-5 reflects its weak liquidity
management that has led to its elevated refinancing risks. In
addition, Moody's also considered Seazen Group's concentrated
ownership by its former chairman.

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

An upgrade of Seazen Group's rating is unlikely, given the negative
outlook.

However, positive rating momentum could emerge if Seazen Group
improves its liquidity and access to funding, and strengthens its
sales, profitability and credit metrics over the next 12-18
months.

On the other hand, Moody's could downgrade Seazen Group's ratings
if its liquidity or access to funding deteriorates further.

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

Seazen Group Limited operates primarily in residential development
in China. The company was founded in 1996 by its former chairman,
Wang Zhenhua, who is its key shareholder.


SHANGHAI HHSC: Faces Police Probe as Company Declares Insolvency
----------------------------------------------------------------
Caixin Global reports that Shanghai HHSC Capital Management Co.
Ltd. said April 9 that it and its affiliates are severely insolvent
and cannot continue operations. The company pledged to maintain
open lines of communication with investors while exploring ways to
dispose of its assets.

Caixin relates that the investment company and its affiliates have
since August failed to repay about CNY30 billion ($4.15 billion) of
wealth management products. Many of these were sold illegally and
had no underlying assets. That month, the company chairman Lin
Qiang disappeared in mysterious circumstances while in Hong Kong.




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

AAA PAPER: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of AAA Paper
Limited (APL) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             28        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

APL was incorporated as Shardaji Duplex Boards Ltd in 1995, renamed
AAA Paper Marketing Ltd in 2005, and got its current name in
February 2017. Mr Pramod Agarwal and his son, Mr Apuve Goel, are
the promoters. The company trades in waste paper procured from
domestic and international markets.


ABBEY BUSINESS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Abbey Business Services (India) Private Limited
        Prestige Poseidon
        139 Residency Road
        Bengaluru, Karnataka, India 560025

Liquidation Commencement Date: March 30, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Thirupal Gorige
            No. 87, 2nd Floor, 21st Cross, 7th Main,
            N S. Palya, BTM 2nd Stage
            Bangalore, Karnataka 560076
            Cell: +91 94483 84064
            LL: +080 7963 4233
            Email: gthirupal@gamil.com

Last date for
submission of claims: April 29, 2024


CHHAPRA HAJIPUR: ICRA Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the rating of Chhapra Hajipur Expressways Limited
(CHPL) to the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        857.0       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating moved to the 'Issuer Not
   Cash Credit                   Cooperating' Category

ICRA has been consistently following up with CHPL for obtaining the
monthly 'No Default Statement'. However, the entity's management
has remained non-cooperative and ICRA has not received NDS for two
consecutive months of January 2024 and February 2024. ICRA is
unable to validate whether the company has been able to meet its
debt servicing obligations in a timely manner. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating.

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.

Chhapra-Hajipur Expressways Limited (CHEL) has been incorporated as
a special purpose vehicle by Madhucon Infra Limited (MIL) and
Madhucon Projects Limited (MPL) to undertake four-laning of Chhapra
to Hajipur section of NH-19 from km 143.200 to km 207.200 in Bihar
under NHDP Phase III on Design, Build, Finance, Operate, Transfer
(DBFOT) Annuity basis. The total concession period is 15 years
including the construction period of 2.5 years. The appointed date
for the project was January 27, 2011 and the scheduled completion
date was July 27, 2013, which has been delayed. The project
continues to remain under-construction. The management expects the
same to be completed by June 2024.


DHAN STEELS: CARE Moves B+/A4 Debt Ratings to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the ratings on certain bank facilities of
Dhan Steels Private Limited (DSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short     35.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

DSPL has not provided information to carry out the surveillance
exercise despite of repeated requests dated March 18, 2024, March
15, 2024, March 12, 2024 etc. and numerous follow up emails. In
line with the extant SEBI guidelines, CARE Ratings Ltd.'s rating on
DSPL's bank facilities will now be denoted as CARE B+; Stable and
CARE A4; ISSUER NOT COOPERATING.

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

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating published on April 10, 2023; the
following were the rating strengths and weaknesses:

Key weaknesses

* Moderate scale of operations and thin profitability margins: Over
the years, total operating income of DSPL has remained moderate and
vary as per the availability of ship for cutting along with the
volatility associated with steel prices. During FY22, TOI of the
company stood at INR28.20 crore as against INR31.68 crore in
FY21.The profit margins are low (average 1-3 per cent) due to low
value addition, stiff competition & volatile scrap prices; further
the margins are vulnerable to forex fluctuations to the extent of
unhedged positions as purchase transactions are denominated in the
US Dollars. The company's profitability however stood improved,
with an operating profit margin at 4.36% in FY22 against operating
profit margin of 2.73% FY21.

* Cyclicality associated with ship breaking industry coupled with
competition of global peers: The ship breaking industry is cyclical
in nature as supply of old ships for recycling is inversely
proportional to freight rates in the global economy. These freight
rates take into account the global demand of seaborne transport and
supply of new vessels which in turn depends on global merchandise
trade. Better availability of old ships for recycling is ensured at
the time of recession and when freight rates are low which makes it
economical to dismantle the ship rather than continue to operate
it. Indian ship recycling yard face intense competition from the
neighbour countries like Bangladesh and Pakistan due to
availability of low wage labour, lax occupational health and
environment related regulations, and partial enforcement.

* Exposure to Regulatory and environment hazard risk: The
ship-breaking industry in the Alang-Sosiya belt of Gujarat is
highly regulated with strict working and safety standards to be
maintained by the ship-breakers for their labourers and
environmental compliance. Furthermore, the industry is prone to
risks related to pollution as it involves dismantling of ships
which contain various hazardous substances like lead, asbestos,
acids, hazardous paints, etc. that have to be properly disposed-off
as per the regulatory guidelines.

Key strengths

* Experienced promoters with a long track record of operations:
DSPL is engaged in ship breaking since 1990. The operations of the
company are looked after by Mr. Hanif Vadiawala, having experience
of more than 18 years in the industry.

* Location of yard at Alang which has unique geographical features
suitable for ship-breaking operations: The AVSPL ship breaking
yards are located at Alang-Sosiya belt, which constitutes nearly
90% of India's ship-breaking activities and it is India's largest
ship-breaking cluster. The unique geographical features of the area
include a high tidal range, wide continental shelf, adequate slope
and a mud free coast. These conditions are ideal for a wide variety
of ships to be beached easily during high tide. The cluster
accommodates nearly 170 plots spread over around 10 km long stretch
along the sea coast of Alang- Sosiya. Alang has been a consistent
player in ship breaking and accounts for 98% of total ships
recycled in India.

Liquidity: Stretched

The company's cash credit facility of INR3 crs was utilised at an
average of ~ 1% in the last twelve months ended December 2022. For
the last twelve month ended February 2023, the company has not
utilised its LC limits. The current ratio stood comfortable at 9.64
times for FY22.

Incorporated in 1990, Dhan Steels Private Limited (DSPL) is
primarily engaged in ship breaking activity at Alang, Gujarat. The
company is also into trading of imported ferrous and non- ferrous
metals like steel and Aluminium rod, pipe and Coil etc. The
operations of DSPL are managed by Mr. Hanif Vadiawala having
experience of more than 18 years in the industry.


EXCEL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Excel Foods Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         0.50       [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 Excel Foods Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 1987, Excel Foods Private Limited (EFPL) processes
and exports tropical fruit pulp (with focus mainly on products such
as Alphonso Mango Pulp, Totapuri Mango pulp, Kesar Mango pulp,
Pineapple Pulp, Guava Pulp and Papaya Pulp). It also markets
bottled jams/sauces and juices under the private label of 'Excel
Foods' catering primarily to institutions like hotels and
restaurants locally i.e. in Hubli. With its processing facility
located at Hubli, Karnataka, it is close to the mango growing belt
of the western India which extends from Ratnagiri to Dharwad. Its
peak processing capacity is 4500 MT per month. It sources both
conventionally grown fruits and organically grown fruits. From 2011
onwards, the company has completely moved away from the job work
model to its own processing and marketing of fruit pulp and juices
primarily for the export market of Europe and USA.


GAV AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Gav
Agro Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        10.15      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Gav Agro 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.

Established in June 2013, GAPL commenced commercial milling in
February 2016. The manufacturing unit of the company is located at
Lucknow-Sultanpur road with a capacity of milling 8 tons of paddy
per day (TPH). The active promoters in GAPL are Mr. Pradeep Kumar,
Mr. Ajai Kumar Gupta and Mr. Om Prakash who have vast experience in
rice milling business.


HIMALAYA FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of Himalaya Food International Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        61.64      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–       136.11      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term          7.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short-term         1.25      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Himalaya Food International 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 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.

Himalya International Limited (HIL) was promoted by Mr. Man Mohan
Malik and Mr. Sanjay Kakkar in 1992 as Himalya Cement & Calcium
Carbonate Private Limited (HCC) for manufacturing precipitated
calcium carbonate and hydrate of lime. HCC was reconstituted as a
public limited company with its current name in 1994. In 1998-99,
these operations were discontinued. Currently, HIL cultivates
mushrooms and manufactures canned mushrooms, canned soups, ready to
eat and other processed food items, cottage cheese, yoghurt,
sweets, snacks, and breaded appetizers (French Toast Sticks, Bites,
Veg Patty, Samosa). HIL has its manufacturing facility in Sirmaur
(Himachal Pradesh) and Mehsana (Gujarat).


K. M. FISHERIES: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of K. M. Fisheries in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         15.35       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         0.15       [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 K. M. Fisheries, 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.

K. M. Fisheries was started in 2012 as a proprietorship concern by
Mr. K. A. Kochumohammedfor processing and export of frozen marine
products particularly Cuttle fish, Squid, Octopus, Sardines and
Mackerels to mainly European and Asian countries. Later in April
2013, the firm was reconstituted as a partnership firm completely
owned by Mr. K. A.Kochumohammed, his brother K. A. Abdul Latheef
and their respective children. The firm has two installed freezers
at Arur and Azhikode with a combined capacity of 2450 Tons for
storing and processing marine products.


KARMIC ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karmic Energy
Private Limited (KEPL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         2.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Term Loan              2.5        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Term Loan             16.25       CRISIL B-/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2010, KEPL is setting up a 5-megawatt (MW)
biomass-based power generation plant at Chanadungri in Bilaspur
(Chhattisgarh). It is promoted by Ms Radha Prakash and her husband
Mr Ved Prakash manages the operations.


KVR CONSTRUCTIONS: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of KVR
Constructions (KVR) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         9.6        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

KVR incorporated in 2010, has a 2 MW photovoltaic (PV) grid
connected solar farm in Deoghar (Jharkhand) under the Jawaharlal
Nehru National Solar Mission (JNNSM). The promoter directors of KVR
include Mr. V Amarnath, Mr.E Subbaiah, Mr D Bhagavan Reddy and Mrs.
E Prameela. The firm commenced its operations on April 22, 2012.


MAHALAXMI CASHEW: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Mahalaxmi Cashew Industries in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

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

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

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

Mahalaxmi Cashew Industries is a partnership firm that processes
raw cashew nuts (RCN) to cashew kernels. The firm also trades in
RCN to an extent. It was established in 1996 and has its
manufacturing unit in Chandgad, Maharashtra with an installed
capacity of 6MT per day. MCI sources its RCN from local traders and
resellers as well as through imports from Benin,
Tanzania and Indonesia. The firm sells the processed kernels
primarily to wholesale dealers within India.


MIGHTY TRADERS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Mighty Traders PVT LTD
        Door No.12/612, 1st Floor,
        Arakkaveettil, Vadanappally P.O,
        Vatanappally, Thrissur, Chavakkad
        Kerala, India 680614

Liquidation Commencement Date: March 31, 2024

Court: National Company Law Tribunal, Kochi Bench

Liquidator: Ramachandran Thekkumkat Madathil
            24-53/2, FLAT B,
            Inscape illam, Ragamaligapuram,
            Kottappuram, Near Kottappuram
            Railway Gate, Thrissur,
            Kerala, India-680004
            EMAIL:  iamramantm@gmail.com
            Mobile:  9846093998

Last date for
submission of claims: April 29, 2024


NARMADA EXTRUSIONS: CARE Reaffirms D Rating on INR49.18cr ST Loan
-----------------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of Narmada Extrusions Limited (NEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           47.04       CARE D Rating removed from
   Bank Facilities                 ISSUER NOT COOPERATING category
                                   and Reaffirmed
   
   Short Term          49.18       CARE D Rating removed from
   Bank Facilities                 ISSUER NOT COOPERATING category
                                   and Reaffirmed

Rationale & Key Rating Drivers

In the absence of requisite information and surveillance fees, in
line with the extant SEBI guidelines, CARE Ratings Ltd. had placed
the ratings of bank facilities of NEL into 'ISSUER NOT COPERATING'.
However, the entity has now submitted the requisite information and
paid the annual surveillance fees. Hence, CARE Ratings Ltd has
carried out a full review of the ratings and the ratings stands at
'CARE D/CARE D'. The reaffirmation of ratings takes into account
ongoing delays in debt servicing.

Rating sensitivities- Factors likely to lead to rating actions

Positive factors

* Establishing a clear debt servicing track record for consecutive
three months.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers

Key Weaknesses

* On-going delays in debt servicing: There are delays in servicing
of debt obligations i.e. in repayment of term loans along with over
drawls in working capital bank borrowing facility due to liquidity
crunch faced by NEL on account of negative impact on packaging
industry during covid and post covid due to Russia – Ukraine war
which substantially increased NEL's main raw material price i.e.
crude oil prices.

Liquidity: Poor

The company has poor liquidity position marked by on-going delays
in debt servicing.

Incorporated in August 1984, NEL is an ISI 9000:2008 certified
company promoted by Mr. Mahesh Mittal and his family based out of
Indore. NEL manufactures and trades in HDPE and PP bags catering to
the packaging needs of cement, fertilizers, sugar, salt, flour,
chemicals, food grains industries etc. The manufacturing facilities
of NEL are located at Indore with an installed capacity of 17,500
Metric Tonnes (MT) of fabrics and bags per annum as on March 31,
2023. Apart from the manufacturing of HDPE & PP bags, NEL also acts
as a Carrying and Forwarding (C&F) Agent for GAIL (India) Limited
and trades in plastic granules.


NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Navbharat
Insulation and Engg. Co. (NIEC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        2           CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           1.95        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      0.9         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       2           CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

NIEC, set up by Mr R L Khanduja in the late 1960s, undertakes
insulation contracts for oil refineries, engineering and
manufacturing units, and buildings such as shopping malls and
hospitals.


OKTECH AA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Oktech AA Information Services Private Limited
        No.339, 5th Floor, 14th B Cross Road
        6th Main, 6th sector, HSR Layout
        Bangalore South
        Bengaluru - 560102, Karnataka

Liquidation Commencement Date: March 28, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Chitra Srinivas
            ASTA AVM, Flat B4E,
            P.V.Rajamannar Salai, K.K.Nagar
            Chennai - 600078
            Email id : schitra18@gmail.com
            Mob No.: 9884355245

Last date for
submission of claims: April 27, 2024


PACER SECURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Pacer Secure Services Private Limited
        Registered Address:
        PLOT NO. 62, Block C
        Dwarka Vihar Kakrola - Najafgarh Road
        Behind Delhi Jal Board
        Najafgarh, Delhi 110043
        
Insolvency Commencement Date: April 2, 2024

Court: National Company Law Tribunal, Principal Bench

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

Insolvency professional: Rajesh Gupta

Interim Resolution
Professional: Rajesh Gupta
              C-10, LGF, Lajpat Nagar-III
              New Delhi 110024
              Email: rguptafcs@gmail.com
                     cirp.pacersecure@gmail.com

Last date for
submission of claims: April 16, 2024


SACHDEV STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sachdev Steel
Works Private Limited (Union Enterprises) (SSWPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.4        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              4.25       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        2.25       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

SSWPL was established as a sole proprietorship firm by Mr Raj
Sachdev in 1975; the firm was reconstituted as a private limited
company with the current name in 1986. Currently, the director, Mr
Bharat Bhushan Sachdev (son of Mr Raj Sachdev), manages operations.
The company manufactures mild steel bars and rods at its facility
in the Adityapur Industrial Area of Jamshedpur, Jharkhand.


SAKA EMBROIDERY: CARE Lowers Rating on INR10.58cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Saka Embroidery Private Limited (SEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.58       CARE D; ISSUER NOT COOPERATING
   Facilities                      and Revised from CARE C;
                                   Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2023, placed the rating(s) of SEPL under the 'issuer
non-cooperating' category as SEPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SEPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 11, 2023, December 21, 2023, December
31, 2023 and April 2, 2024.

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

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

The ratings assigned to bank facilities of SEPL have been revised
on account of non-availability of requisite information. The rating
revision also considers ongoing delays in debt servicing recognised
from publicly available information. i.e. CIBIL filings.

Established in 1999 by Mr. Satish Rathod and his family members,
SEPL is a distributor and retailer of sarees and dress materials.
SEPL operates through an owned warehouse at Narayan Peth in Pune
having area 2000 square feet.


SANYEEJI ROLLING: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Sanyeeji Rolling Mills (SSRM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           19.48       CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest        6.11       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Long Term Loan        13.89       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       21.52       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

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

Detailed Rationale

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

SSRM was established as a partnership firm in 2009 and started
operations from February 2011. The firm manufactures
thermo-mechanically treated (TMT) bars at its unit in Guwahati
(Assam).


SHERWIN-WILLIAMS PAINTS: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------------
Debtor: Sherwin-Williams Paints India Private Limited
        A-91, TTC MIDC Industrial Area Khairane
        Navi Mumbai, Maharashtra
        India, 400701

Liquidation Commencement Date: March 29, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Chitra Srinivas
            ASTA AVM, Flat B4E,
            P.V.Rajamannar Salai, K.K.Nagar
            Chennai - 600078
            Email id : schitra18@gmail.com
            Mob No.: 9884355245

Last date for
submission of claims: April 28, 2024


STAR IRIS: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Iris
Exports Private Limited (SIEPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.25        CRISIL B/Stable (Issuer Not
                                     Cooperating)  

   Export Packing        3           CRISIL B/Stable (Issuer Not
   Credit                            Cooperating)  

   Foreign Bill          3           CRISIL B/Stable (Issuer Not
   Discounting                       Cooperating)  

   Proposed Long Term    6.75        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)  

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

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

Detailed Rationale

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

SIEPL was incorporated in November 29, 2011, by Mr. Shakun Gupta
and Mrs. Renu Gupta. The Company is engaged in processing and
exporting of Natural Menthol, Essential Oils and Aromatic
Chemicals. It has its unit located in Rampur, Uttar Pradesh.


THAZHAYIL FINANCE: CARE Reaffirms B+ Issuer Rating
--------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of Thazhayil Finance Private limited (TFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Issuer rating        0.00       CARE B+; Stable Reaffirmed

Rationale and key rating drivers

The rating assigned to issuer rating of TFPL is constrained by
small scale of operations with geographical concentration of
portfolio, moderate profitability, moderate asset quality and
limited track record of debt raising. The rating takes note of the
capital infusion of INR4.50 crore in FY23 (refers to the period
April 1 to March 31), however capital base remains low with
networth of INR8.78 crore as on September 30, 2023. However, the
rating continues to draw strength from the experience of the
management in the lending business.

Rating sensitivities: Factors likely to lead to rating actions

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

* Improvement in the scale of operations along with good asset
quality and profitability on a sustained basis.

* Significant infusion of equity capital

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

* Weakening of asset quality levels and profitability

* Significant weakening of capitalization levels with gearing of
above 5x on a sustained basis

Analytical approach: Standalone

Outlook: Stable

CARE Ratings Limited (CARE Ratings) believes that the entity shall
sustain its moderate financial risk profile over the medium term.

Detailed description of the key rating drivers

Key weaknesses

* Small scale of operations with geographical concentration of
portfolio: TFPL received RBI licence in 2017 and has completed more
than five years of operations offering online personal loans,
twowheeler loans and business loans to customers in Kerala.
Majority of the loan portfolio consists of personal loans and
business loans which are unsecured in nature. The loan portfolio
witnessed growth in FY23 and stood at INR10.64 crore as on March
31, 2023 (INR3.22 crore as on March 31, 2022). Loan portfolio stood
at INR15.96 crore as on September 30, 2023. The company is
operating across nine branches (opened five branches in H1FY24).
The company has a processing centre in Cochin, with focus on their
online platform for flexibility to diversify to other regions.

* Moderate profitability: TFPL started its operations in FY17 and
remains in its early stages of operations. The company had been
profitable until FY19. However, in FY20, the company had reported
losses of INR0.35 crore due to higher operating expenses in the
year. With continued higher operating expenses during FY23
considering nascent stages of operation, the company reported a
decline in profit to INR0.04 crore on a total income of INR1.64
crore as against profit of INR0.09 crore on a total income of
INR0.62 crore FY22. The company reported return on total assets
(ROTA) of 0.35% in FY23 as against 1.95% in FY22.  During H1FY24,
the company made a profit after tax (PAT) of around INR0.15 crore.
CARE Ratings expects the profitability to remain moderate
considering the growing scale of operations.

* Moderate asset quality: Asset quality witnessed improvement with
180+ DPD at 2.35% as on March 31, 2023 as against 3.46% as on March
31, 2022. However, there is moderation in H1FY24, 180+ DPD stood at
5.36% as on September 30, 2023. The company recognises
nonperforming assets (NPA) at 180+ DPD, however, TFPL reported NPA
at 90+ DPD as on March 31, 2023. GNPA and NNPA stood at 4.66% and
4.00% respectively as on March 31, 2023. GNPA and NNPA (180+ DPD)
stood at 5.36% and 4.28% respectively as on September 30, 2023. 90+
DPD stood at 4.66% as on March 31, 2023 as against 6.33% as on
March 31, 2022 (9.75% as on September 30, 2023). The ability of the
company to control the delinquencies and maintain good asset
quality while growing the scale of operations remain crucial with
majority of the portfolio being cashflow based small ticket digital
unsecured personal loans and business loans.

* Limited track record of debt raising: The company funds the loan
portfolio from its capital and retail debentures. Hence, 100% of
the borrowings are in the form of retail debentures. Going forward,
the company needs to find other sources of funding and diversify
the funding sources.

* Low capital base: TFPL has a tangible net worth of INR8.52 crore
as on March 31, 2023 (INR4.63 crore as on March 31, 2022). The
promoters have infused INR4.50 crore in the company FY23. The
company needs to raise fresh equity capital continuously in order
to support the growth and change in regulatory capital if any. CARE
Ratings also notes that there is a rental deposit given to promoter
by TFPL aggregating to INR4.5 crore as on March 31, 2023.

Key strengths

* Experienced management with support from the group: TFPL is led
by Mr. Thomas John who has more than four decades of experience in
finance industry through chit funds, gold finance entity and Nidhi
company with 67 branches apart from this non-banking finance
company (NBFC). Mr. Genoy John, son of Mr. Thomas John, has about a
decade of experience. Apart from NBFC, the Thazhayil group has
other business like Thazhayil Nidhi Limited and Innovtech
Solutions.

Liquidity: Adequate

The company's cash and cash equivalents stood at INR1.38 crore as
on September 30, 2023 and has availed INR6.67 crore of debt in
H1FY24. Non-convertible debentures (NCD) has tenor ranging from one
year to five years whereas the loan portfolio has a tenor of upto
three years. The liquidity is adequate for the current scale of
operations with overall gearing remaining lower.

TFPL is a NBFC registered with RBI as a non-deposit taking company
and is a part of Thazhayil group. The group was founded by late Mr
Yohannan Thomas in 1967, with the main activity being chit fund
business. In 2002, the group ventured into gold loan business under
the leadership of Mr. Thomas John, son of late Mr. Yohannan Thomas.
TFPL has been focusing on digital lending of personal loans,
two-wheeler loans and business loans. The company is associated
with various analytical FinTech companies for Credit Scoring, Bank
statement analysis, analysis of KYC documents and GST return
analysis, among others. As on September 30, 2023, the company is
operating across 9 branches in State of Tamil Nadu and Kerala.


TRANS HIMALAYAN: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trans
Himalayan Logistics Private Limited (THLPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           7         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2007, THLPL is engaged in the road transportation
business. The company was not operational until fiscal 2013, and
was taken over by the Kolkata-based Jagwani group in fiscal 2014.
THLPL also trades in iron ore fines.


UNIVERSAL EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Universal
Exports (UE) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Letter Of Guarantee     2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Packing Credit          3.5        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Non Fund       0.5        CRISIL D (Issuer Not
   based limits                       Cooperating)

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

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

Detailed Rationale

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

UE was established as a partnership firm in 2004 by Mumbai-based
Katharani family. The firm trades in tendu leaves, which it exports
mainly to Sri Lanka.


USHER ECO: Liquidation Process Case Summary
-------------------------------------------
Debtor: Usher Eco Power Ltd.
        424, Laxmi Plaza, New Link Road
        Laxmi Industrial Estate
        Andheri (W), Mumbai
        Maharashtra - 400053

Liquidation Commencement Date: March 12, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Fanendra Harakchand Munot
            Flat No. 1002, 10th Floor, 'C' Wing,
            Prathamesh Darshan, Ghatkopar East,
            Opp. Railway Station, Mumbai - 400075
            E-mail: fhmunot@gmail.com
            E-mail: liquidation.ushereco@gmail.com
            Cell: 7378559292

Last date for
submission of claims: April 27, 2024


VALUVANADU CAPITAL: CRISIL Moves B+ Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Valuvanadu Capital Limited (Valuvanadu Capital) has been migrated
to 'CRISIL B+/Stable Issuer Not Cooperating'

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term      10       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Non Convertible         10       CRISIL B+/Stable (ISSUER NOT
   Debentures                       COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with Valuvanadu
Capital for getting information. CRISIL Ratings requested
cooperation and information from the issuer through its letter
dated March 7, 2024. However, the issuer has continued to be
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-operations by a rated entity may be a result of deterioration in
its credit 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 Valuvanadu Capital, which
restricts CRISIL Ratings' ability to take a forward-looking view on
the entity's credit quality. CRISIL Ratings believes that rating
action on Valuvanadu Capital is consistent with 'Assessing
Information Adequacy Risk'.

Valuvanadu Capital is an unlisted public company incorporated on
16th April 1986. It is classified as a public limited company and
has its registered office in New Delhi. They received their NBFC
license in November 2020 and started their NBFC operations in
October 2021. The promotors & management of the company have vast
experience of around 22 years in the field of gold loan financing.


VE JAY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ve Jay
Textile Mills (VTM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.25        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        3.85        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    1.90        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

VTM was established in 2005 as a proprietorship firm by Mr G
Devaraj. The firm, based in Coimbatore, Tamil Nadu, manufactures
cotton yarn.


VIDHATRI EXPORTS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Vidhatri
Exports Private Limited (VEPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

VEPL was set up in 2006 as a partnership firm by the Gujarat-based
Poddar family. The company exports dyed and printed fabric. It is
based in Mumbai.



VIKAS COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Vikas
Cotton Ginning & Pressing in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         5.10      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Established in 2006, Vikas Cotton Ginning & Pressing (VCGP) is a
partnership firm owned and managed by Mr. Mahmadrafik Allarakha
Kaladiya, Mr. Afzal Allarakha Kaladiya and Mr. Amin Allarakha. The
manufacturing facility of the firm, located at Surendranagar,
Gujarat, is equipped with 42 ginning and one fully automatic
pressing machine to produce cotton bales and cottonseeds. The firm
also has five expellers for cottonseed crushing. It also trades in
castor seeds, cumin seeds, wheat, coriander and other
agro-products.


VRINDAA CRAFTS: CARE Lowers Rating on INR11.0cr LT Loan to D
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vrindaa Crafts Private Limited (VCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2023, placed the rating(s) of VCPL under the 'issuer
non-cooperating' category as VCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VCPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 13, 2023, December 23, 2023, January 2,
2024 and April 2, 2024.

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

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

The ratings assigned to bank facilities of VCPL have been revised
on account of non-availability of requisite information. The rating
revision also considers ongoing delays in debt servicing recognised
from publicly available information. i.e. CIBIL filings

Established in 2013, Vrindaa Crafts Private Limited (VCPL) is
promoted by Mr Sanjeev Gupta, Mr Rajeev Gupta, Ms Anju Gupta and Ms
Neeru Gupta. VCPL is engaged in the designing and wholesale trading
of gold and diamond jewellery and started its commercial operations
in August 2013. The company mainly caters to the Delhi-based
wholesale traders and retailers. The gold jewellery supplied by the
company is hallmarked by BIS (Bureau of Indian Standards). The
company operates through its office located in Karol Bagh, New
Delhi and gets its jewellery manufactured on job work basis as per
the designs and specifications given by the company. The company
has another branch office in C.R. Park, Delhi.




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

PAKUWON JATI: Moody's Hikes CFR to Ba1 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Ratings has upgraded Pakuwon Jati, Tbk. (P.T.)'s corporate
family rating to Ba1 from Ba2.

Moody's has also upgraded the senior unsecured rating on Pakuwon
Jati's 2028 bond to Ba1 from Ba2. The bond is unconditionally and
irrevocably guaranteed by most of Pakuwon Jati's subsidiaries.

At the same time, Moody's has changed the outlook on all ratings to
stable from positive.

"The upgrade of Pakuwon Jati's ratings reflects its consistently
strong credit metrics and its robust recurring income generation
from its portfolio of investment properties. It also considers the
company's governance practices, reflective of its prudent financial
policies and very good liquidity," says Rachel Chua, a Moody's Vice
President and Senior Analyst.

RATINGS RATIONALE

Pakuwon Jati's key credit metrics will remain solid over the next
two years, supported by its earnings from investment properties,
which will form the bulk of its earnings. The company's recurring
income base of IDR4.7 trillion accounted for 75% of its total
revenue in 2023.

The company's recurring EBITDA/interest coverage will stay above
7.5x, while its debt/recurring EBITDA will likely improve to around
2.5x during this period.

Moody's expects occupancy at Pakuwon Jati's retail malls to remain
relatively stable in the mid-90% range over the next couple of
years. Average occupancy at the retail malls in 2023 was healthy at
94%.

Recurring revenue from Pakuwon Jati's hotels will also continue to
remain strong.

Revenue per available room increased by 22% to 2023 from 2022.

The company achieved IDR1.3 trillion of marketing sales in 2023, a
13% increase from 2022.

Moody's expects Pakuwon Jati will generate healthy levels of
marketing sales of IDR1.4-1.6 trillion in 2024-25 on the back of
continued development at its existing superblocks, as well as from
its pipeline of superblock projects that will be launched over the
next 2-3 years. The company has three new superblocks planned in
Batam, Semarang and Nusantara, the new capital city in Indonesia.
Development of these four superblocks will continue at least
through the end of this decade. These new superblocks will improve
geographic diversification as its existing superblocks are mainly
concentrated in Surabaya and Jakarta.

While there is execution risk related to the construction of these
new superblocks, Moody's believes that is partially tempered by
Pakuwon Jati's strong operating track record through its first five
superblocks.

The Ba1 ratings also take into account the company's continued
financial prudence. As of December 31, 2023, Pakuwon Jati was in a
net cash position and its next material maturity will be in 2028
when its $400 million of bonds come due.

The ratings also reflect the company's measured approach towards
growth that has historically been funded with internal cash, as
well as its measured dividend distributions.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Pakuwon Jati's Credit Impact Score of CIS-2 indicates that ESG
considerations do not have a material impact on its credit rating.
The company's governance issuer profile score has improved to 2
from 3, demonstrating its conservative financial policies,
consistently very good liquidity and prudent approach to growth,
which collectively mitigates its exposure to environmental and
social risks.

LIQUIDITY

Pakuwon Jati's liquidity will remain very good over the next 12
months. As of December 31, 2023, the company had cash and cash
equivalents of IDR7.6 trillion. Moody's expects Pakuwon Jati to
generate around IDR3.4 trillion of operating cash flow, which will
be more than sufficient to cover its estimated dividend payment of
around IDR850 billion and projected capital spending of around
IDR3.1 trillion over the next 18 months.

OUTLOOK

The stable outlook reflects Moody's expectation that Pakuwon Jati's
earnings over the next 12 months will remain strong, through
largely stable recurring income and improving development income.
It also reflects Moody's expectation that the company will maintain
financial discipline while pursuing growth.

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

An upgrade to Pakuwon Jati's ratings over the next 12 months is
unlikely because of the company's small scale and geographic
concentration compared with its global peers.

Nevertheless, prospects for an upgrade could emerge over time if
Pakuwon Jati significantly improves its operating scale and its
business profile while adhering to conservative financial policies,
maintaining good liquidity and demonstrating a prudent approach
towards further investments and shareholder distributions.

Moody's could downgrade the company's ratings to Ba2 if (1) it
fails to implement its business plans; (2) it embarks on an
aggressive development growth strategy; or (3) there is protracted
weakness in its operations because of worsening macroeconomic
conditions or soft property market conditions.

Credit metrics that would support a downgrade include adjusted
debt/recurring EBITDA above 3.0x-3.5x and recurring EBITDA/interest
expense below 4.0x on a sustained basis.

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

Pakuwon Jati, Tbk. (P.T.) is listed on the Indonesia Stock Exchange
and controlled by the Tedja family. The company develops, manages
and operates retail malls, office buildings, hotels, condominium
towers and residential townships in Surabaya and Jakarta.




=========
J A P A N
=========

[*] JAPAN: Business Failures Top 9,000 for First Time in 9 Years
----------------------------------------------------------------
The Japan Times reports that the number of corporate bankruptcies
with liabilities of at least JPY10 million in fiscal 2023 rose
31.5% from the previous year to 9,053, topping 9,000 for the first
time in nine years, a survey by Tokyo Shoko Research showed on
April 8.

In the year through March, bankruptcies mainly rose among small and
midsize companies as they struggled to raise prices to reflect
higher material and other costs, the Japan Times says. Labor
shortages were also behind the rise in bankruptcies.

The number of companies that collapsed after using a COVID-19
relief program that offered virtually interest-free and
collateral-free loans rose 14.3% to a record 622.

Meanwhile, bankruptcies caused by rising prices were 1.7 times
higher, jumping to 684, the Japan Times discloses.

All 10 surveyed industry sectors logged more bankruptcies for the
second straight year.

The construction sector, which is struggling with higher material
and labor costs, saw bankruptcies surge 39.4% to 1,777, while the
service sector recorded 3,028 bankruptcies, up 34.8%, the Japan
Times discloses.

Bankruptcies increased 25.6% to 441 in the transportation sector,
which is facing the so-called 2024 problem of driver shortages, as
well as rising fuel prices.

Total liabilities left by failed companies expanded 5.9% to
JPY2.463 trillion, exceeding JPY2 trillion for the second year in a
row, the Japan Times relays.

In March alone, bankruptcies increased 11.9% to 906, with
liabilities totaling JPY142.2 billion.

With higher interest rates expected after the Bank of Japan ended
its negative interest rate policy in March, Tokyo Shoko Research
warned that the pace of bankruptcies may accelerate after this
summer, adds the Japan Times.




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

BEAM NEW ZEALAND: BDO Tauranga Appointed as Liquidator
------------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on
April 3, 2024, were appointed as liquidators of Beam New Zealand
Limited.

The liquidators may be reached at:

          BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


ELSTREE HOLDINGS: Creditors' Proofs of Debt Due on May 17
---------------------------------------------------------
Creditors of Elstree Holdings Limited, Farnham Investments Holdings
Limited, Fernwood Investments Holdings Limited and Sloane
Investments Holdings Limited are required to file their proofs of
debt by May 17, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 4, 2024.

The company's liquidator is:

          Craig Young
          PO Box 87340
          Auckland


FP IGNITION 2022-1: Moody's Upgrades Rating on Class F Notes to B2
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on two classes of notes
issued by FP Ignition Trust 2011-1 - New Zealand, Series 2022-1.

The affected ratings are as follow:

Issuer: FP Ignition Trust 2011-1 - New Zealand, Series 2022-1

Class E Notes, Upgraded to Ba2 (sf); previously on Aug 15, 2022
Definitive Rating Assigned Ba3 (sf)

Class F Notes, Upgraded to B2 (sf); previously on Aug 15, 2022
Definitive Rating Assigned B3 (sf)

A comprehensive review of all credit ratings for the transaction
has been conducted during a rating committee.

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the good performance of the
underlying collateral pool to date.

No action was taken on the remaining rated classes in the deal as
credit enhancement remain commensurate with the current rating for
the respective notes.

Following the March 2024 payment date, note subordination available
for the Class E and Class F Notes has increased to 19.4% and 12.1%,
respectively from 12.5% and 6.7% at closing. Principal collections
have been distributed on a pro-rata basis among the rated notes
since the July 2023 payment date. Current total outstanding notes
as a percentage of the total closing balance is 55%.

As of end-February, 0.8% of the outstanding pool was 30-plus day
delinquent, and 0.1% was 90-plus day delinquent. The portfolio has
incurred 0.02% (as of % of original balance) of losses to date,
which have been covered by excess spread.

Based on the current portfolio characteristics and historical
performance data, Moody's has updated the haircut to the residual
value cash flow: Ba2 haircut of 17.9% and B2 haircut of 10.2%.

The transaction is a static cash securitisation of operating and
finance leases extended to New Zealand corporates and small and
medium-sized businesses. The leases are originated and managed by
Eclipx Fleet Holding (NZ) Limited and secured by passenger cars and
commercial vehicles.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than

Moody's expectations, (2) a decrease in credit enhancement
available for the notes, and (3) a deterioration in the credit
quality of the transaction counterparties.


JON BIDCO: Cliffwater Marks NZ$6.3MM Loan at 42% Off
----------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its NZD6,300,000
loan extended to Jon Bidco Limited to market at NZD3,676,964 or 58%
of the outstanding amount, as of September 30, 2023, according to a
disclosure contained in Cliffwater's Amended Form N-CSR for the
Fiscal year ended September 30, 2023, filed with the Securities and
Exchange Commission on March 28, 2024.

The Cliffwater Corporate Lending Fund is a participant in a First
Lien Term Loan to Jon Bidco Limited. The loan accrues interest at a
rate of 10.26% (BKBM+450) per annum. The loan matures on December
3, 2026.

The Cliffwater Corporate Lending Fund is a Delaware statutory trust
registered under the Investment Company Act of 1940, as amended, as
a closed-end management investment company operating as a
diversified interval fund. The Fund operates under an Agreement and
Declaration of Trust, as most recently amended and restated on
September 15, 2021. Cliffwater LLC serves as the investment adviser
of the Fund. The Investment Manager is an investment adviser
registered with the Securities and Exchange Commission under the
Investment Advisers Act of 1940, as amended. The Fund intends to
continue to qualify and has elected to be treated as a regulated
investment company under the Internal Revenue Code of 1986, as
amended). The Fund commenced operations on March 6, 2019.

The Fund's fiscal year ends March 31.

The Fund is led by president Stephen Nesbitt and treasurer Lance J.
Johnson.

The Fund can be reached through:

     Terrance P. Gallagher
     c/o UMB Fund Services, Inc.
     235 West Galena Street
     Milwaukee, WI 53212

Jon Bidco Limited is a provider of healthcare services based in
Auckland, New Zealand.


KATE SYLVESTER: Fashion Designer Closing Business After 31 Years
----------------------------------------------------------------
Stuff.co.nz reports that fashion designer Kate Sylvester is
preparing to close her business after more than 30 years.

On April 9, Ms. Sylvester and her partner Wayne Conway, announced
they were winding down operations and would close the business next
year, Stuff discloses.

The final collection from the Kate Sylvester label will be released
later this year. Its six New Zealand stores ‒ three in Auckland,
one in Wellington and two in Christchurch - will close.

Stuff relates that Ms. Sylvester told the NZ Herald the decision to
close the label hadn't been rushed.

"We did a lot of thinking during our 30th anniversary. During this
time we thought about how we wanted to continue, and last year was
a culmination of feeling proud of where we got to as a business.

"We realised that we have done what we set out to do. We feel
complete and that we've done a good job.

"Now we need to make a change and move on. When you're working as
hard as we are, you start to accumulate this stockpile of things
that you want to do. This is what we're looking forward to doing
now."

The couple launched the label in 1993 and have built a following
among fashion fans who want interesting, well-made and timeless
clothing, Stuff says.

The label has been a staple at New Zealand Fashion Week and dressed
high-profile Kiwi women, including former Prime Minister Dame
Jacinda Ardern and musician Bic Runga.

In a statement, Ms. Sylvester and Mr. Conway thanked customers and
staff, Stuff relays.

"In the stores, behind the scenes, in everything that we do, it has
been the people we have worked with who have kept us on this
journey.

"We believe in the talent of the new generation of New Zealand
designers, it's your time to shine now."


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

Sensational Taste Limited filed the petition against the company on
Feb. 9, 2024.

The Petitioner's solicitor is:

          Peter James Broad
          Level 1, 1/208 Great South Road
          Papatoetoe
          Auckland


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

Steel Master Co. Limited filed the petition against the company on
Feb. 16, 2024.

The Petitioner's solicitor is:

          Alden Ho
          Secure Collections & Investigations Limited
          1 St Georges Bay Road
          Parnell
          Auckland


VIRTUS TRAINING: Creditors' Proofs of Debt Due on May 4
-------------------------------------------------------
Creditors of Virtus Training Group Limited are required to file
their proofs of debt by May 4, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 27, 2024.

The company's liquidator is David Edward Thomas.




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

LEPANTO CONSOLIDATED: MBT Losses More Than Double to PHP458MM
-------------------------------------------------------------
Bilyonaryo.com reports that Metropolitan Bank and Trust Co. (MBT)
of the Ty family continues to hurt from its ill-advised foray into
gold mining more than a decade ago.

Bilyonaryo.com relates that MBT, which acquired the mining stake
through First Metro Investment Corp. in 2010, said it incurred a
PHP458.3 million impairment loss on its 13.4 percent interest in
Lepanto Consolidated Mining Co. of miner Felipe Yap last year.

This marks a 116 percent increase from MBT's PHP211.6 million loss
from its Lepanto stake in 2022.

Lepanto's carrying value has dwindled to PHP494 million in 2023
from MBT's PHP2.527 billion acquisition cost, Bilyonaryo.com
discloses.

Lepanto "A" shares are currently trading at 8.7 centavos from an
all-time high of PHP1.60 in 2011."B" shares last closed at 8.8
centavos from their peak of PHP1.80 13 years ago.

Headquartered in Makati City, Philippines, Lepanto Consolidated
Mining Company -- https://www.lepantomining.com/ -- engages in the
exploration and mining of mineral properties primarily in the
Philippines and Hong Kong. The company operates through three
segments: Mining Activities, Service, and Others. It explores for
gold, silver, copper, lead, and zinc, as well as various kinds of
ores, metals, minerals, oil, gas, coal, and related by-products.
The company also holds interests in the Victoria project located in
Mankayan, Benguet. In addition, it is involved in drilling,
hauling, and sawmilling activities; apartments/guesthouses and
warehouses leasing activities; and insurance and real estate
brokerage businesses. Further, the company manufactures,
distributes, buys, and sells machinery and equipment, diamond core
and non-core bits, reamer shells, casing bits, diamond circular
segmental and diamond gang saws, and tubular and other products for
diamond core drilling industry.

Lepanto Consolidated Mining reported three consecutive annual net
losses of PHP750.94 million, PHP522.28 million, and PHP499.29
million for the years ended Dec. 30, 2020, 2021 and 2022,
respectively.




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

AJ MANAGEMENT: Court to Hear Wind-Up Petition on April 19
---------------------------------------------------------
A petition to wind up the operations of AJ Management Corporation
Pte Ltd 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:

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


FS PAINTWORKS: Court to Hear Wind-Up Petition on April 26
---------------------------------------------------------
A petition to wind up the operations of FS Paintworks Pte Ltd will
be heard before the High Court of Singapore on April 26, 2024, at
10:00 a.m.

Inter Terminal Services filed the petition against the company on
March 7, 2024.

The Petitioner's solicitors are:

          Withers Khattarwong LLP
          18 Cross Street, #14-01
          Singapore 048423


GLOBALWIDE CONSTRUCTION: Creditors' Proofs of Debt Due on May 5
---------------------------------------------------------------
Creditors of Globalwide Construction Holdings Pte. Ltd. are
required to file their proofs of debt by May 5, 2024, to be
included in the company's dividend distribution.

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

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


PUBLIQUE REALTY: Creditors' Proofs of Debt Due on May 5
-------------------------------------------------------
Creditors of Publique Realty (Jurong) Pte. Ltd. are required to
file their proofs of debt by May 5, 2024, to be included in the
company's dividend distribution.

The company's liquidator is:

          See Yong Beng
          331 North Bridge Road
          #12-03 Odeon 331
          Singapore 188720


TOYOTA MATERIAL: Creditors' Proofs of Debt Due on May 4
-------------------------------------------------------
Creditors of Toyota Material Handling Marketing Asia Pacific Pte.
Ltd. are required to file their proofs of debt by May 4, 2024, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on April 1, 2024.

The company's liquidators are:

          Tan Wei Cheong
          Lim Loo Khoon
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809



                           *********


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

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

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

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firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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