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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

          Friday, April 12, 2024, Vol. 27, No. 75

                           Headlines



A U S T R A L I A

AMS HOLDINGS: Judge Deducts AUD1.1MM from Hall Chadwick Bills
ARCO WINDOWS: Second Creditors' Meeting Set for April 16
BUILDTELL PTY: Second Creditors' Meeting Set for April 16
DEFENDER AM: First Creditors' Meeting Set for April 16
FIRSTMAC MORTGAGE 2024-2PP: S&P Assigns B(sf) Rating on F Notes

KI GROUP: Second Creditors' Meeting Set for April 15
LATITUDE AUSTRALIA 2024-1: Moody's Assigns (P)B2 Rating to F Notes
LIBERTY SERIES 2023-1: Moody's Ups Rating on Class F Notes to Ba3
PERENTI LIMITED: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
SAPIEN CYBER: Second Creditors' Meeting Set for April 15

ZIP MASTER 2024-1: S&P Assigns B(sf) Rating on Class F Notes


C H I N A

AIXIN LIFE: KCCW Accountancy Raises Going Concern Doubt
CHINA VANKE: S&P Lowers ICR to 'BB+' on Surging Leverage
CHINA VANKE: Tumbles to Decade Low as Manager Probe Adds to Woes
JAI ASIA: Commences Wind-Up Proceedings
PING AN: Delays Repayment, Citing China Property Market Woes

[*] CHINA: Property Firms Turn to Offloading Hotels to Raise Funds


H O N G   K O N G

XEV: Former Staff Lay Bear Its Financial Troubles on Social Media


I N D I A

ACHIEVERS BUILDERS: CRISIL Keeps D Rating in Not Cooperating
ADARSHA CONTROL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
AIR CARNIVAL: CRISIL Keeps D Debt Ratings in Not Cooperating
AYG REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
BEST TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating

J. S. GROVER: CRISIL Keeps B+ Debt Rating in Not Cooperating
KIMAYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
KRAMSKI STAMPING: CRISIL Keeps B- Debt Ratings in Not Cooperating
KUMAR BROTHERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
LMP OVERSEAS: CRISIL Moves B Debt Ratings to Not Cooperating

PARSVNATH DEVELOPER: NCLAT Shuns Insolvency Plea Against Unit
SANTOSHI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
SATYAM PLASTFAB: CRISIL Keeps B Debt Ratings in Not Cooperating
SHARAVANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHREESHA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating

STEEL PROVIDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SWASTIK GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
SWATI ELECTROTECH: CRISIL Keeps B+ Ratings in Not Cooperating
TECHNOVAA PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
TRANS FOAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating

TRIPURARI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
UNITECH MERCANTILE: CRISIL Keeps B Ratings in Not Cooperating
V S SUDHIKSHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
V. C. TRADERS: CRISIL Keeps B Debt Rating in Not Cooperating


J A P A N

RAKUTEN GROUP: S&P Rates Unsecured Yen-Denominated Bonds 'BB'


N E W   Z E A L A N D

AB MANUFACTURING: Court to Hear Wind-Up Petition on April 15
MAORI AND PASIFIKA: Court to Hear Wind-Up Petition on April 24
SMI PROJECTS: Brenton Hunt Appointed as Receiver
TRANZKELL 2000: Court to Hear Wind-Up Petition on May 3


S I N G A P O R E

GRACE OCEAN: Seeks to Limit Liability in Key Bridge Collapse
KAILAASA INFOTECH: Creditors' Proofs of Debt Due on May 11
PUMA ENERGY: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable
QUANTUMSYS TECHNOLOGIES: Court to Hear Wind-Up Bid on April 26
REENOVA INVESTMENT: Creditors' Meetings Set for Apri 24

SEATRIUM LIMITED: Flags Three Straight Years of Losses
YOURS SKINLABS: Placed in Provisional Liquidation


S R I   L A N K A

CONSTRUCTION GUARANTEE: Fitch Affirms 'BB(lka)' IFS Rating

                           - - - - -


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

AMS HOLDINGS: Judge Deducts AUD1.1MM from Hall Chadwick Bills
-------------------------------------------------------------
The West Australian reports that a Federal Court judge has blasted
Hall Chadwick insolvency accountants while shredding AUD1.1 million
of bills for their 10-week administration of alleged scammer Chris
Marco's trust company.

After detailing Federal asset-freezing and receivership actions
dating back to late 2018, Justice Michael Feutrill described Hall
Chadwick's bills for its work on AMS Holdings (WA) in late 2020 as
"excessive and unreasonable".

As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2022, Mr. Marco was charged with 50 counts of fraud under
section 409 of the Criminal Code (WA).

Following an ASIC investigation, it is alleged that between July
2013 and October 2018, Mr. Marco defrauded AUD36.5 million from
nine investors. It is also alleged, of the AUD36.5 million, one
investor was defrauded AUD10 million by investing with Mr. Marco.

The criminal charges come after ASIC took civil action in the
Federal Court in 2020 to wind up the unregistered managed
investment scheme operated by Mr. Chris Marco and AMS Holdings (WA)
Pty Ltd, the AMS Holdings Trust.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

On Dec. 7, 2020, the Court wound up Mr. Marco's unregistered
managed investment scheme and also ordered Mr. Marco be permanently
restrained from carrying on a financial services business without
an Australian Financial Services Licence or operating an
unregistered managed investment scheme.

Robert Kirman and Robert Brauer of McGrathNicol, Perth have been
appointed as receivers and managers of Mr Chris Marco and AMS
Holdings (WA) Pty Ltd and AMS Holdings (WA) Pty Ltd as trustee for
the AMS Holdings Trust.  Mr. Brauer and Mr. Kirman have also been
appointed as liquidators over the scheme and AMS Holdings (WA) Pty
Ltd.  The Court also made orders terminating the appointment of
Cameron Shaw, Richard Albarran and Marcus Watters of Hall Chadwick
as liquidators of AMS Holdings (WA) Pty Ltd.  


ARCO WINDOWS: Second Creditors' Meeting Set for April 16
--------------------------------------------------------
A second meeting of creditors in the proceedings of ARCO Windows
Pty Ltd has been set for April 16, 2024 at 11:00 a.m. via virtual
meeting 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.

Mervyn Jonathan Kitay of Worrells was appointed as administrator of
the company on March 8, 2024.


BUILDTELL PTY: Second Creditors' Meeting Set for April 16
---------------------------------------------------------
A second meeting of creditors in the proceedings of Buildtell Pty
Ltd has been set for April 16, 2024 at 10:30 a.m. via virtual
teleconference facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 15, 2024 at 4:00 p.m.

Daniel Walley and Adam Colley of PricewaterhouseCoopers were
appointed as administrators of the company on March 12, 2024.


DEFENDER AM: First Creditors' Meeting Set for April 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of Defender AM
Nominees Pty Ltd will be held on April 16, 2024 at 11:00 a.m. via
virtual meeting only.

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


FIRSTMAC MORTGAGE 2024-2PP: S&P Assigns B(sf) Rating on F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2024-2PP.

The ratings reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination and excess spread. The credit support
provided to the rated notes is sufficient to cover the assumed
losses at the applicable rating stress. S&P's assessment of credit
risk takes into account Firstmac Ltd.'s (Firstmac) underwriting
standards and approval processes, which are consistent with
industry-wide practices, and the strong servicing quality of
Firstmac.

The rated notes can meet timely payment of interest -- excluding
the residual interest due on the class C, class D, class E, and
class F notes -- and ultimate payment of principal under the rating
stresses. Key rating factors are the level of subordination
provided, the liquidity reserve, the principal draw function, the
interest-rate swap, the cross-currency swap, and the provision of
an extraordinary expense reserve. S&P's analysis is on the basis
that the notes are fully redeemed by their legal final maturity
date and it does not assume the notes are called at or beyond the
call date.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
National Australia Bank Ltd. as interest-rate swap provider and
currency swap provider. Interest-rate swaps are provided to hedge
the interest-rate risk between any fixed-rate mortgage loans and
the floating-rate obligations on the notes. The cross-currency
swaps are provided to hedge the Australian dollar receipts from the
underlying assets and the yen payments on the class A1b notes. The
transaction documents for the swaps and bank account include
downgrade language consistent with S&P Global Ratings' counterparty
criteria.

"We also have factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2024-2PP

  Class A1a, A$225.000 million: AAA (sf)
  Class A1b, JPY$22,400.000 million: AAA (sf)
  Class A2, A$20.000 million: AAA (sf)
  Class B, A$14.000 million: AA (sf)
  Class C, A$6.000 million: A (sf)
  Class D, A$4.400 million: BBB (sf)
  Class E, A$2.600 million: BB (sf)
  Class F, A$1.200 million: B (sf)
  Class G, A$1.800 million: Not rated


KI GROUP: Second Creditors' Meeting Set for April 15
----------------------------------------------------
A second meeting of creditors in the proceedings of KI Group Pty
Ltd has been set for April 15, 2024 at 11:30 a.m. via virtual
meeting 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 12, 2024 at 4:00 p.m.

Robert Conry Brauer and Robert Michael Kirman of McGrathNicol were
appointed as administrators of the company on Feb. 28, 2024.


LATITUDE AUSTRALIA 2024-1: Moody's Assigns (P)B2 Rating to F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited as trustee
of Latitude Australia Personal Loans Series 2024-1 Trust.

Issuer: Perpetual Corporate Trust Limited as trustee of Latitude
Australia Personal Loans Series 2024-1 Trust

AUD235.90 million Class A Notes, Assigned (P)Aaa (sf)

AUD38.50 million Class B Notes, Assigned (P)Aa2 (sf)

AUD17.50 million Class C Notes, Assigned (P)A2 (sf)

AUD11.55 million Class D Notes, Assigned (P)Baa2 (sf)

AUD22.75 million Class E Notes, Assigned (P)Ba2 (sf)

AUD6.30 million Class F Notes, Assigned (P)B2 (sf)

The AUD17.50 million Seller Notes are not rated by Moody's.

Latitude Australia Personal Loans Series 2024-1 Trust is a cash
securitisation of unsecured personal loans extended to obligors
located in Australia. All receivables were originated and are
serviced by Latitude Personal Finance Pty Limited (Latitude,
unrated).

Latitude provides sales finance, credit cards and personal loans in
Australia and New Zealand. Latitude originates loans through direct
and third-party channels. Direct channels include online and call
centre based applications with third-party distribution through
partnership agreements and a network of brokers.

Latitude Australia Personal Loans Series 2024-1 Trust is Latitude's
fourth personal loan term ABS transaction.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- The evaluation of the underlying receivables and their expected
performance;

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A Notes. Once pro rata paydown conditions are satisfied, such as
Class A subordination is at least 55% and no unreimbursed charge
offs, principal payments will be distributed pro rata among all
classes Notes. The Seller Notes will stop receiving pro rata
principal payments once their balance falls below 2% of the
aggregate initial invested amount of notes at closing date.
Following the call date, the structure will revert to a sequential
repayment profile. Initially, the Class A, Class B, Class C, Class
D, Class E and Class F Notes benefit from 32.60%, 21.60%, 16.60%,
13.30%, 6.80% and 5.0% of note subordination, respectively;

-- The availability of excess spread over the life of the
transaction;

-- The liquidity facility in the amount of 1.50% of the
outstanding principal balance of all receivables not in arrears by
more than 90 days, subject to a floor of AUD1.20 million;

-- The interest rate swap provided by Westpac Banking Corporation
(Aa2/P-1/Aa1(cr)/P-1(cr));

-- The experience of Latitude as servicer; and

-- The back-up servicing arrangements with AMAL Asset Management
Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 9.5%, portfolio
credit enhancement (PCE) of 38.0% and a recovery rate of 10.0%.
Moody's assumed default rate and recovery rate are stressed
compared to the extrapolated mean default of 8.9% and actual
historical levels of recovery rate of around 25%.

Key pool features are as follows:

-- Fixed rate loans constitute 59.9% of the pool while the
remaining 40.1% is made up of variable rate loans;

-- The weighted average interest rate of the portfolio is 15.7%;

-- The weighted average remaining term of the portfolio is 63.5
months; and

-- The weighted average seasoning of the initial portfolio is 13.9
months.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortisation or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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


LIBERTY SERIES 2023-1: Moody's Ups Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on five classes of notes
issued by Liberty Series 2023-1 Auto.

The affected ratings are as follows:

Issuer: Liberty Series 2023-1 Auto

Class B Notes, Upgraded to Aa1 (sf); previously on June 1, 2023
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on June 1, 2023
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on June 1, 2023
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on June 1, 2023
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on June 1, 2023
Definitive Rating Assigned B2 (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 collateral performance to
date.

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

Following the February 2024 payment date, the note subordination
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 21.8%, 15.9%, 12.6%, 7.5% and 4.8%
respectively, from 16.5%, 12.0%, 9.5%, 5.7%, and 3.6% at closing.
Principal collections have been distributed on a sequential basis
starting from the Class A Notes. Current total outstanding notes as
a percentage of the total closing balance is 76%.

The Guarantee Fee Reserve Account is currently fully funded to its
maximum balance of 2% of outstanding note balance.

As of end-February 2024, 2.4% of the outstanding pool was 30-plus
day delinquent and 1.1% was 90-plus day delinquent. The portfolio
has incurred 0.23% and 0.05% (as a percentage of the original note
balance) of gross and net losses to date, all of which have been
covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 6.0% of
the current note balance (equivalent to 4.8% of the original note
balance) from closing. Moody's has also maintained the Aaa
portfolio credit enhancement at 26%.

The transaction is a securitisation of a portfolio of Australian
consumer and commercial auto loans, majority secured by motor
vehicles, originated by Liberty Financial Pty Ltd.

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 the notes' available
credit enhancement.

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.


PERENTI LIMITED: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Perenti Limited's Long-Term Issuer
Default Rating (IDR) at 'BB+'. The Outlook is Stable.

The affirmation reflects Perenti's strong financial performance in
the first half of the financial year ending June 2024 (FY24) and
increased operational scale following the acquisition of
Australia's largest listed drilling contractor, DDH1 Limited. Fitch
expects the company to remain focused on improving revenue
visibility, while integrating DDH1 into its drilling business.
Perenti's 2025 strategy targets an underlying EBIT margin of 10%
and leverage of below 1.0x (underlying EBITDA), which would better
align Perenti with investment-grade peers.

The Stable Outlook is based on its expectation that Perenti will
maintain steady operational performance in the medium-term and
continue to reduce its leverage with a focus on capital light
projects.

KEY RATING DRIVERS

Improving Market Position in Australia: Perenti forecasts revenue
to reach AUD3.3billion-3.4 billion in FY24 (FY23: AUD2.9 billion),
following the DDH1 acquisition. DDH1 derives around 90% of revenue
from Australia, where Perenti is the second-largest underground
mining service provider. Fitch expects the acquisition to bolster
Perenti's market position in Australia by boosting its underground
and surface drilling operations, with a focus on the production
phase of mine operation. This should offset lower revenue from
Perenti's scaled-back operations in high-risk mining
jurisdictions.

Stable Cash Flow from Underground Mining: Perenti's focus on
underground mining supports its ability to generate stable cash
flow through the cycle. The stability buffers against cyclical
commodity prices and is underpinned by the low-cost position of the
mines Perenti serves, a focus on production-related services as
well as higher entry barriers and lower capital intensity than
surface mining.

The benefits afforded to Perenti's portfolio were highlighted when
the company announced it was maintaining its earnings guidance,
despite two of the nickel mines that it operated being placed into
care and maintenance amid falling commodity prices. Fitch has
revised Perenti's positive rating sensitivity to reflect its less
capital-intensive operation to improve comparability with peers,
which have higher exposure to surface mining operations.

Conservative Financial Policy: Fitch expects Fitch-defined EBITDA
net leverage to remain at or below 1.0x in the next few years on
higher EBITDA generation. Perenti is committed to maintaining
leverage below this level, after a reduction to 0.9x in FY23. Fitch
believes successful deleveraging and a commitment to maintaining a
conservative financial profile will better position the company to
withstand commodity-price downturns. Perenti maintains conservative
leverage metrics through capital-management initiatives, such as
limiting capex, suspending dividends and divesting non-core
assets.

Improving Jurisdictional Risk Profile: Fitch believes the DDH1
acquisition supports Perenti's strategy to focus on stable
jurisdictions and continues to bring its operating risk profile in
line with that of peers. Perenti's strategy has also driven its
contract tender and renewal decisions over recent years. This has
seen its revenue contribution from lower-risk mining jurisdictions,
including Australia (AAA/Stable), United States of America
(AA+/Stable), Canada (AA+/Stable), Botswana and Europe, rise to
around 70% in 1HFY24, from around 60% in FY23.

DERIVATION SUMMARY

Perenti's financial profile is similar to that of Thiess Group
Holdings Pty Ltd (BBB-/Stable). The issuers also have comparable
business profiles, but Thiess has a larger operational scale in
terms of revenue and a wider EBIT margin, supported by Thiess'
exposure to surface mining. These factors underscore the one-notch
rating differential between the two entities.

Perenti's stable cash flow from diversified underground-mining
service contracts and a competitive cost position at the mines it
serves compares favourably against Indonesia-based peer, PT Bukit
Makmur Mandiri Utama (BUMA, BB-/Stable). BUMA has a less
diversified business model and higher concentration in
lower-quality counterparties. Perenti's superior credit metrics
further support the rating differential between the two entities.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer:

- Revenue growth of 16% in FY24 on the consolidation of DDH1; flat
revenue thereafter (FY23: 18%)

- Fitch-adjusted group EBITDA margin of around 18% over the next
four years (FY23: 18%)

- Net capex of AUD360 million in FY24 and 11% of revenue on average
thereafter (FY23: 13%)

- No new acquisitions or divestments

- Dividends of 40% of net profit after tax from FY24 as net
leverage remains below 1x

RATING SENSITIVITIES

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

- Fitch does not expect positive action over the next year or two
as Perenti integrates new businesses and continues its transition
to low-risk mining jurisdictions; however, an improved
Fitch-defined EBIT margin to around 10% could lead to an upgrade.

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

- EBITDA net leverage rising above 1.7x for a sustained period

- Weakening market positions, including poor execution of its
business strategy or inability to renew or replace expiring
contracts.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Perenti had cash and equivalents of AUD307.4
million at end-June 2023, against interest-bearing liabilities of
around AUD768 million. Liabilities included USD433 million in
senior unsecured debt and a AUD420 million revolving credit
facility, of which 29% was undrawn. The next material maturity is
USD433 million in senior unsecured notes due October 2025.

ISSUER PROFILE

Perenti is a leading global provider of contract mining, drilling
and other mining services. It has become one of the largest mining
services companies listed on the Australian Securities Exchange
since operations started in 1987.

ESG CONSIDERATIONS

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

   Entity/Debt            Rating            Prior
   -----------            ------            -----
Perenti Limited   LT IDR    BB+   Affirmed    BB+


SAPIEN CYBER: Second Creditors' Meeting Set for April 15
--------------------------------------------------------
A second meeting of creditors in the proceedings of Sapien Cyber
Limited has been set for April 15, 2024 at 10:00 a.m. via virtual
meeting 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 12, 2024 at 5:00 p.m.

Quentin Olde and Liam Healey of Ankura Consulting were appointed as
administrators of the company on Feb. 28, 2024.


ZIP MASTER 2024-1: S&P Assigns B(sf) Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee of Zip Master
Trust – Series 2024-1. Zip Master Trust – Series 2024-1 is a
securitization of a buy now, pay later line of credit receivables
to consumers originated by zipMoney Payments Pty Ltd. (Zip).

The ratings reflect the following factors:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has an initial
revolving period, which means further receivables may be assigned
to the series after the closing date.

-- S&P's view that the credit support provided to each class of
rated notes is commensurate with the ratings assigned. Credit
support is provided by subordination and excess spread, if any.

-- S&P's expectation that the various mechanisms to support
liquidity within the series, including a series-specific liquidity
facility, mitigates disruption risks to senior fees and ensures
timely payment of interest on the rated notes.

-- The transaction documents include downgrade language consistent
with S&P's counterparty criteria that requires the replacement of
the bank account provider and liquidity facility provider should
its rating on the providers fall below the applicable rating.

-- The legal structure of the master trust is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

  Ratings Assigned

  Zip Master Trust – Series 2024-1

  Class A, A$180,000,000: AAA (sf)
  Class B, A$40,160,000: AA (sf)
  Class C, A$18,300,000: A (sf)
  Class D, A$28,600,000: BBB (sf)
  Class E, A$14,760,000: BB (sf)
  Class F, A$3,160,000: B (sf)
  Class G, A$15,020,000: Not rated




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

AIXIN LIFE: KCCW Accountancy Raises Going Concern Doubt
-------------------------------------------------------
AiXin Life International Inc. disclosed in a Form 10-K Report filed
with the U.S. Securities and Exchange Commission for the fiscal
year ended December 31, 2023, that its auditor expressed that there
is substantial doubt about the Company's ability to continue as a
going concern.

Diamond Bar, California-based KCCW Accountancy Corp., the Company's
auditor since 2019, issued a "going concern" qualification in its
report dated April 5, 2024, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.

The Company has suffered net losses of $2,090,694 and $6,369,245
for the years ended December 31, 2023 and 2022, respectively, and
used net cash in operating activities of $1,392,259 and $1,624,565
for the years ended December 31, 2023 and 2022, respectively, and
has an accumulated deficit of $17,220,392 as of December 31, 2023.
These facts and conditions raise substantial doubt about the
Company's ability to continue as a going concern. From January 1,
2023 through December 31, 2023, the Company's cash and cash
equivalents decreased from $510,128 to $443,758 mainly due to
operating losses, and the use of cash to support operating
activities.

Management believes that it has developed a liquidity plan that, if
executed successfully, should provide sufficient liquidity to meet
the Company's obligations as they become due for a reasonable
period of time, and allow the development of its core business. The
plan includes gaining positive cash-inflow from operating
activities through continuous cost reductions and the sales of
higher margin products; and raising cash through loans from related
parties and potential equity offerings.

While the Company's management believes that the measures in its
liquidity plan including those described above will be adequate to
satisfy its liquidity requirements for the 12 months after the date
that its financial statements are issued, there is no assurance
that the liquidity plan will be successfully implemented. Failure
to successfully implement the liquidity plan may have a material
adverse effect on its business, results of operations and financial
position, and may adversely affect its ability to continue as a
going concern.

As of December 31, 2023, the Company had $4,842,358 in total
assets, $6,753,939 in total liabilities, and $1,911,581 in total
stockholders' deficit.

A full-text copy of the Company's Form 10-K is available at
https://tinyurl.com/4s7skzma

                  About AiXin Life International

Sichuan Province, China-based AiXin Life International, Inc. is a
Colorado holding company and conducts substantially all of its
operations through its operating companies established in the
People's Republic of China, or the PRC. The Company focuses on
providing health and wellness products to the growing middle class
in China. It currently develops, manufactures, markets and sells
premium-quality healthcare, nutritional products and wellness
supplements, including herbs and greens, traditional Chinese
remedies, functional products, such as weight management products,
probiotics, foods and drinks. The Company also provides advertising
and marketing services to clients which engage us to market and
distribute their products.

CHINA VANKE: S&P Lowers ICR to 'BB+' on Surging Leverage
--------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China Vanke Co. Ltd. (China Vanke) to 'BB+' from 'BBB+', and its
long-term issuer credit rating on China Vanke's subsidiary, Vanke
Real Estate (Hong Kong) Co. Ltd. (Vanke HK), to 'BB' from 'BBB'.
S&P also lowered the issue rating on Vanke HK's senior unsecured
notes to 'BB' from 'BBB'.

The negative outlook on China Vanke reflects S&P's expectation that
the company's contracted sales could decline further over the next
12 months amid a prolonged industry downturn. China Vanke's
financial position could also weaken if the company fails to
execute its asset disposal plans.

S&P said, "We believe that weakening contracted sales and margins
will undermine China Vanke's competitive position. We estimate that
China Vanke's contracted sales will drop to Chinese renminbi (RMB)
270 billion–RMB280 billion on a total basis in 2024-2026, down by
25%-28% from RMB376 billion in 2023, and by 60% from a peak of
RMB704 billion in 2020. In the first quarter of 2024, China Vanke
recorded contracted sales of RMB58.0 billion, 43% lower than the
same period in 2023.

"We estimate that China Vanke's S&P Global Ratings-adjusted EBITDA
margin will linger at 15.2% in 2024-2025, before recovering to
17.5% in 2026. This is due to the recognition of sales of
lower-margin projects in 2021-2022. In 2023, China Vanke's adjusted
EBITDA margin fell to 15.0% from 18.8% in 2022.

"On the back of dropping sales and rising leverage, we expect China
Vanke to reduce its land acquisitions to RMB33 billion-RMB45
billion on a total basis annually in 2024-2025. This compares with
RMB85 billion-RMB89 billion on a total basis annually in 2022-2023.
Although we estimate that China Vanke will still have enough of a
land bank for about three years of development, in our opinion, a
continued reduction in land acquisitions would undermine China
Vanke's competitive position.

"China Vanke's leverage will stay elevated during 2024-2025. We
estimate that China Vanke could reduce its adjusted debt by about
RMB30 billion annually in 2024-2025, mainly thanks to positive
operating cash flow and proceeds from asset disposals. However, we
forecast that leverage, as measured by the ratio of debt to EBITDA,
will still surge to 5.2x-5.4x in 2024-2025, before improving to
4.6x in 2026. In 2023, China Vanke's leverage surged to 4.2x from
2.9x in 2022, mainly due to dropping sales, lower margins, and
elevated adjusted debt.

"By our estimates, China Vanke will have adequate liquidity to
address its debt maturities in 2024. Major liquidity sources will
consist of accessible cash, positive operating cash flow, new
commercial property loans from banks, and proceeds from asset
disposals. In addition, we expect China Vanke to maintain solid
relationships with onshore and offshore banks."

In the remainder of 2024, China Vanke has two lots of offshore
notes maturing, totaling RMB5.6 billion equivalent, and RMB7.3
billion of onshore bonds due or puttable within the year. The
company also faces a maturity wall in 2025, when RMB32.6 billion of
onshore bonds and two lots of offshore bonds totaling RMB3.6
billion equivalent mature. As of end-2023, the company had
accessible cash of RMB36.3 billion, in our assessment.

S&P said, "We expect China Vanke to generate positive operating
cash flow in 2024. By our estimates, the company's monthly cash use
for operating activities, excluding land acquisitions, will be
about RMB17 billion on a total basis in 2024, down by about 40%
from our estimate of RMB28 billion on a total basis in 2023. This
is due to significantly fewer projects scheduled to commence and
complete in 2024. This compares with our estimate of about RMB23
billion of average monthly contracted sales on a total basis in
2024."

Part of China Vanke's operating cash flow comes from its relatively
stable rental income. In 2023, China Vanke's consolidated gross
rental income from investment properties covered about 60% of its
consolidated interest expense. S&P reflects this strength in its
positive comparable rating analysis.

S&P said, "We believe that China Vanke will obtain more secured
borrowings. In the past, China Vanke used a unique company
headquarter-to-bank headquarter financing model and borrowed about
80% of bank financing at the parent company level for its
subsidiaries to use. The company is now moving toward a more
project-based financing model. As a result, we expect more secured
borrowings on development projects and commercial properties to
replace maturing unsecured bank loans.

"In our view, such a move would also lead to a lower cash balance
at the parent. As of end-2023, the cash balance at the parent fell
to RMB18.4 billion from RMB44.5 billion as of end-2022. To
replenish parent-level liquidity, we expect China Vanke to utilize
the proceeds from new commercial property loans from banks and the
proceeds from asset disposals."

"China Vanke could use its unencumbered investment properties to
obtain commercial property loans from banks. We estimate that China
Vanke still has abundant unencumbered investment properties with a
fair value of over RMB100 billion. In late January 2024, China's
central bank and the National Financial Regulatory Administration
relaxed their rules on how companies can use the proceeds from
commercial property loans, including to settle maturing bonds. The
loan-to-value ratio should not exceed 70% of the appraised value of
the property. As such, we believe that China Vanke could raise
further commercial property loans from banks to refinance its
upcoming maturities."

That said, such secured borrowings would increase China Vanke's
asset pledge ratio. As of end-2023, only RMB34.5 billion of assets
were pledged for bank loans. Secured debt accounted for only 7% of
total debt as of end-2023.

The other options China Vanke is exploring include commercial
mortgage-backed securities and REITs for retail properties,
logistic parks, and rental housing. For example, the use of REITs
could help the company repay existing project debt and raise extra
funds for other investment opportunities.

Asset disposals are another important option for China Vanke to
manage its liquidity and leverage. S&P estimates that China Vanke
could collect proceeds from asset disposals of RMB20 billion
annually in 2024-2025. Assets available for disposal include urban
renewal projects, retail properties, offices, rental housing,
logistic parks, and hotels. China Vanke could also dispose of some
of its equity investments in exchange for more liquidity.

The company has publicly stated its determination to deleverage,
targeting a reduction in its interest-bearing debt of RMB100
billion in total in 2024-2025. In the first quarter of 2024, China
Vanke has been executing its asset disposal plans by selling about
RMB6 billion of assets, including its retail property Qibao Vanke
Plaza in Shanghai.

The negative outlook on China Vanke reflects S&P views that the
company's contracted sales could weaken further over the next 12
months amid a prolonged market downturn. China Vanke's leverage
could also worsen if the company fails to execute its asset
disposal plans.

The rating and outlook on Vanke HK reflect those on its parent,
China Vanke. In S&P's view, Vanke HK will remain a highly strategic
subsidiary of China Vanke for the next 12-24 months.

S&P may lower the rating on China Vanke if:

-- The company's sales execution and cash collection are weaker
than S&P expects, and its access to financing weakens, resulting in
a weaker liquidity position; or

-- The company fails to control its debt through measures such as
asset disposals, or its revenue recognition and profitability are
weaker than S&P expects, leading to a substantial increase in
leverage such that the debt-to-EBITDA ratio approaches 6x.

S&P could lower the rating on Vanke HK if it downgrades China
Vanke. In addition, S&P may lower the rating on Vanke HK if:

-- S&P believes that the company's importance to China Vanke has
weakened; or

-- China Vanke's control over, and supervision of, Vanke HK
weaken.

S&P said, "We may revise the outlook to stable if China Vanke's
contracted sales stabilize and the company continues to raise
sufficient funds from commercial property loans from banks while
changing its financing model. At the same time, we would expect the
company to execute its asset disposal plans to manage its liquidity
and leverage.

"We could revise the outlook on Vanke HK to stable if we take the
same action on China Vanke."

Environmental factors are a moderately negative consideration in
S&P's credit rating analysis of China Vanke. The company's
environmental risks in property development are comparable to those
of its peer property developers. The company has a stable and
experienced management team. It also has a long record of prudent
financial management and transparent communication while achieving
its strategic and operational goals.


CHINA VANKE: Tumbles to Decade Low as Manager Probe Adds to Woes
----------------------------------------------------------------
Bloomberg News reports that shares and bonds of China Vanke Co.
extended declines in afternoon trading [April 1] as the developer
said a regional manager in the city of Jinan was assisting an
investigation.

The stock closed down 5.1% in Shenzhen at its lowest level since
May 2014, while shares traded in Hong Kong lost more than 4%. A
regional manager, Xiao Jing, is cooperating in a probe over
"personal reasons," the company's Jinan unit said, Bloomberg
relays.

While Vanke offered few details, the news came after the developer
denied allegations made by some Shandong-based partner companies
over the company and its chairman. The accusations included money
laundering and tax evasion, according to Bloomberg.

Bloomberg relates that the stock's sudden decline on April 10 shows
fragile sentiment toward the developer, which has come under
increased scrutiny by investors. As sliding sales wallop profits
and deepen liquidity pressure, credit agencies have cut ratings for
the state-backed builder to junk territory on concerns about its
debt repayment capabilities.

"The investigation news is definitely negative for the stressed
developer as investors are observing whether the well-known
developer could survive under current sales downtrend," Bloomberg
quotes Shujin Chen, an analyst at Jefferies Financial Group, as
saying. "It's also an important factor to judge its default risks,
thus may cause relatively large fluctuation of stock prices."

Bloomberg says the builder's dollar note due in June trades at
around 95 cents on the dollar, signaling strong expectation for
timely repayment. Yet notes due in 2027 fell 3.3 cents to 43.7
cents as of 4:00 p.m. April 10, a distressed level showing deep
credit concerns over mid-term payments, Bloomberg notes.

                         About China Vanke

China Vanke Co., Ltd. operates real estate development businesses.
The Company provides housing renovation, housing loans, real estate
brokerage, and other businesses. China Vanke also operates
logistics, material supply, and other businesses.

As reported in the Troubled Company Reporter-Asia Pacific in
mid-March 2024, Moody's Ratings has taken the following rating
actions on China Vanke Co., Ltd. and its wholly-owned subsidiary,
Vanke Real Estate (Hong Kong) Company Limited: (1) Withdrawn China
Vanke's Baa3 issuer rating and assigned the company a Ba1 corporate
family rating (CFR); (2) Downgraded the backed senior unsecured
rating on the medium-term note (MTN) program of Vanke Real Estate
to (P)Ba2 from (P)Ba1; and (3) Downgraded the backed senior
unsecured rating on the bonds issued by Vanke Real Estate to Ba2
from Ba1.  


JAI ASIA: Commences Wind-Up Proceedings
---------------------------------------
Members of Jai Asia SG Pte Ltd, on April 1, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Tan Eng Soon
          c/o 7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


PING AN: Delays Repayment, Citing China Property Market Woes
------------------------------------------------------------
Reuters reports that a subsidiary of China's Ping An Insurance
failed to repay a roughly US$107 million trust product on time,
citing the property market crisis and adding that it is suing
developer Zhenro Properties with which it invested the sum.

Reuters relates that Ping An Trust's missed payment adds to signs
of spreading stress in a financial market dragged down by the
property crisis.

Concerns have grown over the past year about the outsized exposure
of China's US$3 trillion shadow banking sector, roughly the size of
Britain's economy, to developers and the wider economy as the real
estate sector lurched from one crisis to another.

According to Reuters, Ping An Trust has delayed repayment of its
"Funing 615" trust plan, it said in a statement on April 10. It
said the delay was "due to the overall downturn in the property
market".

The firm said it is actively following up on the project
development, sales and the return of funds of the underlying real
estate project.

Its overall performance remains stable and its business conditions
are sound, it said in the statement.

The trust product matured on March 29 and was launched in September
2021. It raised CNY772 million ($106.74 million), state media
Securities Times reported.

Ping An Trust reported CNY14.55 billion in revenue last year and
had CNY662.5 billion of assets under management at the end of last
year, according to Ping An's financial report, Reuters discloses.

Reuters says the debt crisis engulfing China's beleaguered property
sector is one of the main headwinds to the country's economic
growth, and has led to an uncertain future for some of the biggest
real estate developers, including Evergrande Group and Country
Garden.

The trust sector had been a major fundraising channel for property
developers seeking rapid expansion. But since 2021, when real
estate slipped into a downturn, some trusts have gone bust, while
others have divested investments in property firms amid Beijing's
stepped up efforts to regulate the shadow banking sector.

Ping An Insurance (Group) Co of China, Ltd. --
http://www.pingan.com/homepage/-- is a China-based company.  The
company is engaged in providing a range of financial products and
services with a focus on life and property and casualty insurance
products.  The company conducts its insurance business through Ping
An Life, Ping An Annuity and Ping An Health.  The property and
casualty insurance business of the company is conducted through
Ping An Property & Casualty and Ping An Hong Kong.  The company
provides asset management services to the customers through Ping An
Trust.  In addition, Ping An Trust also provides infrastructure
investment and property investment services to other subsidiaries.
The company conducts securities business through Ping An
Securities, and provide securities services to customers through
the PA18 Internet financial portal.

[*] CHINA: Property Firms Turn to Offloading Hotels to Raise Funds
------------------------------------------------------------------
Caixin Global reports that a notable amount of hotel and related
properties changed hands on the Chinese mainland last year as
China's cash-strapped real estate industry sought to offload assets
to raise money.

Just shy of CNY24 billion ($3.3 billion) of the assets were traded
on the mainland in 2023, up 69.4% from the previous year, Caixin
discloses citing data from global real estate services firm JLL.
The total amounted to 32.3% of the transaction volume for hotels in
the Asia-Pacific region.




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

XEV: Former Staff Lay Bear Its Financial Troubles on Social Media
-----------------------------------------------------------------
Yicai Global reports that a group of former employees of Xev
released a statement on the Chinese-Italian electric microcar
startup's official WeChat account to expose its operating and
financial difficulties.

Xev stopped external payments in January and has launched three
rounds of layoffs since the beginning of the year, the latest of
which was of the entire global sales, operation, marketing, and
finance teams, according to the statement released on April 9 that
has already been deleted, Yicai relates. In March, the firm stopped
paying wages for February.

"The overall liabilities of Xev exceed CNY300 million (USD41.5
million), but its assets' value is less than CNY100 million, which
makes it seriously insolvent," the ex-staff from four of Xev units
noted.

"Chief Executive Officer Tik Lou and Chief Financial Officer Ho
Kongho have committed serious dereliction of duty in the company's
operation and management, such as fabricating sales volume and
concealing the truth," the former employees pointed out.

The post has been deleted, Yicai notes.

Xev was founded in 2016. Three years later, it established a
subsidiary in Shanghai to mass-produce three-dimensional-printed
cars. In September 2021, it debuted its first model, the Yoyo,
which was also put on display at the International Mobility Show
Germany held in Munich in 2021.

Xev only achieved stable sales in Italy, as over 1,900 license
plates for the Yoyo were registered in the country as of the end of
last year. Since December, Xev has begun expanding in France,
Spain, Germany, and other key markets. It originally planned to
build an initial dealer network with over 200 sales points outside
of Italy.

XEV Ltd -- http://www.xev-global.com/is an Italian-Hong Kong
electric microcar manufacturer based in Hong Kong, operating since
2016.




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

ACHIEVERS BUILDERS: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Achievers
Builders Private Limited (ABPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan             21.82       CRISIL D (Issuer Not  
                                     Cooperating)

CRISIL Ratings has been consistently following up with ABPL 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 ABPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in March 1999 and promoted by Mr. J L Bhatia and Mr.
Vijay Bhardwaj and their family members, ABPL undertakes real
estate development in Faridabad.


ADARSHA CONTROL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adarsha
Control Systems Private Limited (ACS) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       2          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Open Cash Credit       5.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ACS 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 ACS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACS continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Established in 1993 and based in Bengaluru, ACS is promoted and
managed by Mr Umashankar V, Mr Ramakrishna N, and Mr Nagesh H. The
company is engaged in electrical control panel building and
precision sheet metal fabrication.


AIR CARNIVAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Air Carnival
Private Limited (ACPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Term Loan         5          CRISIL D (Issuer Not  
                                     Cooperating)

   Proposed Long Term     5.3        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Secured Overdraft      4.7        CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with ACPL 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 ACPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ACPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ACPL was established as a partnership firm in 2012 and subsequently
reconstituted as a private limited company in June 2013; it is
promoted by Mr S I Nathan and his family. ACPL, based in
Coimbatore, Tamil Nadu, operates an airline under the brand Air
Carnival, which covers four sectors in Tamil Nadu and Andhra
Pradesh.


AYG REALTY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of AYG Realty
Private Limited (AYG) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         14         CRISIL D (Issuer Not  
                                     Cooperating)

   Cash Credit             7         CRISIL D (Issuer Not  
                                     Cooperating)

CRISIL Ratings has been consistently following up with AYG 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 AYG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AYG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AYG continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

AYG, incorporated in 1993, undertakes civil construction projects
for various departments of the Maharashtra and Rajasthan
governments, and subcontracts work. It is a Class A contractor with
the Public Works Department, Maharashtra. Mr Anand Gupta and Mr
Yogesh Gupta manage operations.


BEST TANNING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Best Tanning
Industries Private Limited (BTIPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.5        CRISIL D (Issuer Not  
                                     Cooperating)

   Cash Credit            0.5        CRISIL D (Issuer Not  
                                     Cooperating)

   Letter of Credit       1          CRISIL D (Issuer Not  
                                     Cooperating)

   Packing Credit         0.5        CRISIL D (Issuer Not  
                                     Cooperating)

   Packing Credit         3          CRISIL D (Issuer Not  
                                     Cooperating)

   Proposed Long Term     0.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with BTIPL 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 BTIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BTIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BTIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

BTIPL was incorporated in 1993, promoted by Mr Mohsin Sharif and
his family. The capacity at its manufacturing facility in Kanpur,
Uttar Pradesh, is utilised at around 80%. It manufactures chrome
and vegetable-tanned leather, and uppers, among other types of
leather.


J. S. GROVER: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J. S. Grover
Autos Private Limited (JSG) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JSG 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 JSG, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSG
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSG continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2010, formerly known as Krishna Auto world Pvt Ltd,
JSG and promoted by Grover family, is an authorised dealer of
Mahindra & Mahindra.


KIMAYA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kimaya
Industries Private Limited (KIPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11          CRISIL D (Issuer Not  
                                     Cooperating)

   Term Loan              3.8        CRISIL D (Issuer Not  
                                     Cooperating)

CRISIL Ratings has been consistently following up with KIPL 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 KIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1999, Gujarat-based KIPL manufactures embroidered
sarees, fabric, and dress materials and undertakes job work for
embroidery at its plant. Mr Rahul Bhatia and his family members are
the promoters.


KRAMSKI STAMPING: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kramski
Stamping and Molding India Private Limited (KMPL) continue to be
'CRISIL B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.75        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   External Commercial   7           CRISIL B-/Stable (Issuer Not
   Borrowings                        Cooperating)

CRISIL Ratings has been consistently following up with KMPL 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 KMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KMPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Set up in 2008, KMPL is engaged in manufacturing of High Precision
metal stamped components and Precision Plastic Molds. KMPL is a
100% subsidiary of German based company Kramski GMBH. Based out of
Vellore (Tamilnadu), the company is promoted by Kramski Andreas
Reinhold.


KUMAR BROTHERS: CRISIL Keeps B+ Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kumar Brothers
Chemists Private Limited (KBCPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            37         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KBCPL 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 KBCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KBCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KBCPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up as a partnership firm, Kumar Brothers, in 1980, the firm was
reconstituted as a private-limited company with its current name in
1998. The company, based in Chandigarh, undertakes retailing and
institutional sale of pharmaceutical products and other clinical
fast moving consumer goods such as surgical and cosmetic products.
Mr Ashwani Singla and Ms Sangeeta Singla are the directors.


LMP OVERSEAS: CRISIL Moves B Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of LMP
Overseas (LO) to 'CRISIL B/Stable Issuer Not Cooperating'

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan            15          CRISIL B/Stable (ISSUER NOT  
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with LO for
obtaining NDS through letters/emails dated January 31, 2024,
February 29, 2024 and March 30, 2024, among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 22,
2024 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of LO to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from LO, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on LO is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of LO migrated to
'CRISIL B/Stable Issuer Not Cooperating'.

LO was established in 2017. LO is owned & managed by Rasikbhai
Laljibhai Patel and Jigneshkumar Babubhai Patel. LO is engaged in
processing of agricultural products such as turmeric, red chill,
rice and dry fruits. LO manufacturing facility is located in Dist.
Kutchh – Gujarat.


PARSVNATH DEVELOPER: NCLAT Shuns Insolvency Plea Against Unit
-------------------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) has dismissed the plea filed by four unit buyers
of Parsvnath Landmark Developers to initiate insolvency proceedings
against the subsidiary of Parsvnath Developer.

According to Business Standard, the appellate tribunal upheld the
orders of the Principal bench of the National Company Law Tribunal
(NCLT), which on Oct. 17, 2023, rejected their plea on technical
grounds as the number of petitioners was only four, while the total
number of allottees by Parsvnath Landmark is 488.

The matter relates to La Tropicana Khyber Pass, a Delhi-based
project of the realty firm.

Section 7(1) of the Insolvency and Bankruptcy Code (IBC) mandates a
petition on behalf of the homebuyers (as financial creditors) is
maintainable only if either 100 in number or 10 per cent of the
allottees join the petition.

Moreover, the appellate tribunal also rejected the plea of flat
buyers that they are of a different class, having an order from
Delhi RERA directing the developer to refund the amount with
interest on Oct. 22, 2022, Business Standard relays.

The developer was under obligation to refund the amount within 45
days of the order, but no amount was paid. Thus it had defaulted by
not refunding Rs 24.14 crore, along with 10 per cent interest to
each petitioner.

According to them, they are not financial creditors in the category
of real estate allottees but are financial creditors in the
category of decree holders.

Moreover, the appellate tribunal also rejected the plea of flat
buyers that they are of a different class, having an order from
Delhi RERA directing the developer to refund the amount with
interest on October 22, 2022.

The developer was under obligation to refund the amount within 45
days of the order, but no amount was paid. Thus it had defaulted by
not refunding Rs 24.14 crore, along with 10 per cent interest to
each petitioner.

According to them, they are not financial creditors in the category
of real estate allottees but are financial creditors in the
category of decree holders, adds Business Standard.

Parsvnath Developers Limited (PDL) develops real estate projects
and has a well-diversified portfolio of residential apartments,
integrated townships, commercial and retail projects, SEZs, IT
parks, and hotels. It is also engaged in the construction
contracting business.


SANTOSHI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Santoshi Rice and Pulse Mill (SSRPM) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Term Loan              1.03       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSRPM 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 SSRPM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSRPM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSRPM continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 1993, SSRPM is a partnership firm promoted by
Ahmedabad (Gujarat) based 'Vohra' family. The firm is engaged in
processing of basmati rice which is contributes around 40 per cent
by volume and 60 per cent by value of the total sales and rest by
non-basmati rice. The firm's manufacturing facility is located at
Ahmedabad with processing capacity of about 8 tonnes per hour
(38400 mtpa) for rice derives roughly 60 per cent of its sales
through sale of its own brand of rice and rest 40 per cent to local
traders.


SATYAM PLASTFAB: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam
Plastfab Private Limited (SPPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3           CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan        5.5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash         5           CRISIL B/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Long Term    4.5         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SPPL 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 SPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SPPL was incorporated in 2008 by Mr Ashish Agarwal and Mr Ram Ratan
Agarwal. SPPL is engaged in manufacturing of high-density
polyethylene (HDPE)/PP woven bags and sacks, and polythene bags.
The manufacturing units are in Rajasthan, total installed capacity
of which is 300 tonne per month. The management has set up new
plant for manufacturing of Masterbatch with 600 ton/month capacity
in SEZ Jaipur. New plant got operationalised from 27th January
2020.


SHARAVANA TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Sharavana Traders (SST) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Buyer Credit Limit      5         CRISIL D (Issuer Not  
                                     Cooperating)

   Buyer Credit Limit     10         CRISIL D (Issuer Not  
                                     Cooperating)

   Cash Credit            25         CRISIL D (Issuer Not  
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not  
                                     Cooperating)

CRISIL Ratings has been consistently following up with SST 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 SST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SST
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SST continues to be 'CRISIL D Issuer Not Cooperating'.

SST, set up in 1980 as a partnership firm, mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm also
processes and trades in imported pulses. The operations are managed
by Mr. R Singaravel and Mr. S Surulivel.


SHREESHA RICE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Shreesha
Rice Industries (SSRI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         2.79       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.21       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Standby Line           1          CRISIL B+/Stable (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with SSRI 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 SSRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSRI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2011 and promoted by Mr K Nanjunda Prasad and his wife,
Ms N P Sumarani, SSRI mills and processes paddy into rice (regular
and broken) and rice bran. The mill is in Tumkur district in
Karnataka.


STEEL PROVIDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Steel
Providers (SP) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.5         CRISIL D (Issuer Not  
                                     Cooperating)

   Cash Credit           5           CRISIL D (Issuer Not  
                                     Cooperating)

   Proposed Cash         3.5         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with SP 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 SP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SP is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SP
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 2014 as a partnership firm by Mr Harsh Kumar and Mr
Rakesh Negi, SP trades in steel products including hot rolled and
cold rolled steel coils and plates, and thermo-mechanically treated
(TMT) bars. The firm is based in Loha Mandi, Ghaziabad, Uttar
Pradesh.

SWASTIK GINNING: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swastik
Ginning and Pressing Industries (SGPI) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             7         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SGPI 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 SGPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGPI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SGPI, incorporated in 2007 and based in Yavatmal, Maharashtra, gins
cotton, and manufactures raw cotton bales. SGPI is promoted by Mr.
Pankaj Kothari.


SWATI ELECTROTECH: CRISIL Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swati
Electrotech Private Limited (SEPL; part of Swati group) continue to
be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Bank          35         CRISIL B+/Stable (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash          20         CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with SEPL 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 SEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SEPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

For arriving at its ratings, CRISIL Ratings has consolidated the
business and financial risk profiles of SEPL and Swati Enterprises
(SE), collectively referred to as Swati group. The entities are
under common management, operate in similar business and have
operational linkages.

SEPL, incorporated in 2015, is based in Nashik (Maharashtra). SEPL
is promoted by Mr. Satish Mohole, Mr. Aaditya Mohole and Mr. Anil
Sakhare. The company has received three large contracts for setting
up of substations and transmission lines for state power
transmission and distribution utilities in Madhya Pradesh. The
promoters also operate SE since 1990 in which small capacity
electrical contracts are undertaken.


TECHNOVAA PLASTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Technovaa
Plastic Industries Private Limited (TPIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           18          CRISIL D (Issuer Not  
                                     Cooperating)

   Term Loan             47.5        CRISIL D (Issuer Not  
                                     Cooperating)

CRISIL Ratings has been consistently following up with TPIPL 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 TPIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TPIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TPIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2010, TPIPL is part of the Darvesh group. The
group, based in the United Arab Emirates, has interests in diverse
businesses such as plastic packaging, paper core manufacturing,
construction equipment, trading of building materials, and real
estate. TPIPL manufactures plastic packaging products such as cast
polypropylene films and stretch wrap films at its facility at
Gujarat.


TRANS FOAM: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Trans Foam
Industries Private Limited (TFIPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Cash          3          CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Proposed Term Loan     4.12       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan              2.88       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Working Capital        2          CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with TFIPL 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 TFIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TFIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TFIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2018, TFIPL manufactures expanded polyethylene
(EPE) foam and other related products, such as EPE foam rolls, EPE
foam sheets, EPE foam articles, and EPE foam rods. The
manufacturing facility is in Sonipat, Haryana. Mr. Kartik Gupta and
their family members are the promoters.


TRIPURARI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tripurari
Agro Private Limited (TAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Warehouse Financing    3.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with TAPL 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 TAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TAPL continues to be 'CRISIL D Issuer Not Cooperating'.

TAPL was established in June 2013 by Mr. S.P. Sharma and his
family. The company is engaged in processing and selling of basmati
rice. TAPL has its plant at Ludhiana, Punjab.


UNITECH MERCANTILE: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Unitech
Mercantile Private Limited (UMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         12         CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      3         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with UMPL 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 UMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UMPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in December 1996 and promoted by Mr. Binod Kumar
Gupta, Sunil Kumar Agarwal and their family, UMPL operates a
three-star hotel-cum-commercial project on a 0.98 acre land at
Sevoke Road in Siliguri, West Bengal. The hotel, which is managed
by LTH, has 52 rooms, a cafe, restaurant, bar, health club, and
conference hall. It began operations from March 5, 2018.

The company's commercial space spreads 26,000 square feet and is
divided into 30 shops, of which 24 have been sold and the remaining
6 have been retained by UMPL for future requirement.


V S SUDHIKSHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri V S
Sudhiksha Solvent Industries (SVSSI) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Overdraft Facility      5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      2         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SVSSI 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 SVSSI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVSSI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVSSI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SVSSI extracts rice bran oil and sells crude oil (unrefined oil)
and de-oiled rice bran.


V. C. TRADERS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V. C. Traders
- Pune (VCT) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-         15         CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with VCT 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 VCT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCT continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

VCT was established in 2016 as a partnership firm. It is engaged in
wholesale distribution of liquor in Pune. The firm is distributor
of M/s Mohan Meakin Ltd and also of brands such as Allied Blenders
Distilleries and Sula Wines. It is managed and owned by Mr Manpreet
Singh Uppal and Mr. Narinder Singh Uppal.




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

RAKUTEN GROUP: S&P Rates Unsecured Yen-Denominated Bonds 'BB'
-------------------------------------------------------------
S&P Global Ratings has assigned its 'BB' issue credit rating to
yen-denominated senior unsecured bonds that Japan-based internet
services company Rakuten Group Inc. (BB/Negative/--) is due to
issue. The issue amount of the bonds is JPY50 billion. They have a
coupon rate of 6.0% and mature in 2029.

S&P said, "We equalize the issue rating on the yen-denominated
bonds with our long-term issuer credit rating on the company. This
reflects our view that more senior debt (secured debt and
subsidiaries' debt) accounts for a very small portion of the
nonfinancial unit's debt and does not significantly subordinate the
bonds to other debt."

Rakuten plans to use proceeds of the issuance of these
yen-denominated bonds to redeem corporate bonds maturing in 2025
and beyond. The yen-denominated bonds, together with $2 billion in
U.S. dollar-denominated bonds issued very recently, allow the
company to prepare for redemption of a total of JPY400 billion in
domestic corporate bonds (unrated) maturing in February and June
2025. As a result, the company's liquidity will likely improve to a
certain extent.

S&P bases its 'BB' long-term issuer credit rating on Rakuten on
three main factors. One, it maintains a leading position in Japan's
e-commerce market thanks to a strong brand and solid ecosystem that
includes financial services. Two, the company's debt burden will
remain very heavy, although its nonfinancial unit's EBITDA is
likely to turn positive and the unit's deficit of free operating
cash flow (FOCF) is likely to narrow as the company's mobile
business improves. And three, higher creditworthiness of the
financial unit continues to support overall creditworthiness of the
company.




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

AB MANUFACTURING: Court to Hear Wind-Up Petition on April 15
------------------------------------------------------------
A petition to wind up the operations of AB Manufacturing Limited
will be heard before the High Court at Hamilton on April 15, 2024,
at 10:45 a.m.

TGT’s Trees Limited filed the petition against the company on
Feb. 21, 2024.

The Petitioner's solicitor is:

          Sarah Rawcliffe
          Harkness Henry, Lawyers
          8th Floor, KPMG Tower
          85 Alexandra Street
          Hamilton


MAORI AND PASIFIKA: Court to Hear Wind-Up Petition on April 24
--------------------------------------------------------------
A petition to wind up the operations of Maori And Pasifika Support
Services Limited will be heard before the High Court at Auckland on
April 24, 2024, at 10:45 a.m.

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

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


SMI PROJECTS: Brenton Hunt Appointed as Receiver
------------------------------------------------
Brenton Hunt of Insolvency Matters on April 4, 2024, was appointed
as receiver of SMI Projects Limited.

The receiver may be reached at:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


TRANZKELL 2000: Court to Hear Wind-Up Petition on May 3
-------------------------------------------------------
A petition to wind up the operations of Tranzkell 2000 Limited will
be heard before the High Court at Auckland on May 3, 2024, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 6, 2024.

The Petitioner's solicitor is:

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




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

GRACE OCEAN: Seeks to Limit Liability in Key Bridge Collapse
------------------------------------------------------------
Grace Ocean Private Limited and Synergy Marine Pte Ltd., as owner
and manager of the M/V DALI, on April 1, 2024, filed a petition
seeking exoneration from or limitation of liability for damages
resulting from an incident involving their vessel.

On March 26, 2024, the vessel commenced a voyage from Baltimore,
Maryland, bound for Colombo, Sri Lanka, with an ultimate
destination of Yantian, China. The Vessel had a cargo of 4,679
containers.  The incident occurred when the vessel allided with the
Francis Scott Key Bridge in Baltimore, Maryland, causing damage to
the bridge, the vessel itself, and certain cargo.

As a result of the incident, portions of the Key Bridge collapsed
and were damaged. The vessel and certain cargo aboard also
sustained damage. Prior to the incident, eight construction workers
were on the bridge. Two of these workers reportedly suffered
injuries, two died, and, at present, four are missing but presumed
dead following the incident.

The petitioners claim that they were not at fault for the allision
and seek to limit their liability to the value of the vessel and
its pending freight.

They also offer an interim stipulation of value and request the
court's assistance in managing potential claims and determining
their liability.

The petitioners ask the court to issue a notice to all potential
claimants, instructing them to file their claims by no later than
Sept. 24, 2024.  

The Francis Scott Key Bridge was a 1.6-mile span over the Patapsco
River at the outer crossing of the Baltimore Harbor. It is owned by
the Maryland Transportation Authority. The Key Bridge was completed
in 1977 and made up part of Interstate 695, also known as the
Baltimore Beltway.

Grace Ocean Private Limited is the registered owner of the M/V
DALI, a containership of 95,128 gross metric tons.

Synergy Marine Pte Ltd. was the manager of the vessel. Synergy was
responsible for, among other things, manning and victualing the
vessel, procuring and providing deck, engine, and cabin stores,
maintenance and repairs for hull and machinery, providing spare
parts, maintenance and repairs for the vessel, and communicating
with Owner and the vessel's time charterers. At all relevant times,
Synergy had substantial control of and exercised dominion over the
vessel.

Grace Ocean Private Limited and Synergy Marine Pte Ltd. are both
based in Singapore.


KAILAASA INFOTECH: Creditors' Proofs of Debt Due on May 11
----------------------------------------------------------
Creditors of Kailaasa Infotech Pte. Ltd. are required to file their
proofs of debt by May 11, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 3, 2024.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


PUMA ENERGY: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded Puma Energy Holdings Pte. Ltd's (Puma
Energy) Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB-'.
The Outlook is Stable. Fitch has also upgraded Puma International
Financing S.A.'s senior unsecured instrument ratings to 'BB' from
'BB-'. The Recovery Rating remains at 'RR4'.

The upgrades capture Puma Energy's improved financial flexibility
through USD1 billion debt reduction over the last two years, a
simplified debt structure and sustained lower drawings under
short-term Holdco bank facilities. Fitch assumes completion of bank
facility refinancing with an extended medium-term element. EBITDAR
net leverage of below 3.0x (adjusted for leases and readily
marketable inventory) and coverage metrics, albeit still weak, meet
the positive rating sensitivities for an upgrade to 'BB', despite
the moderate contraction of the company's business scale.

The ratings continue to reflect the group's geographical and
business diversification, as well as good underlying demand
drivers, which are partly offset by inherent cash flow volatility
from its sizeable emerging-market (EM) exposure. Fitch views Puma
Energy's parent, Trafigura, as a supportive shareholder, but
consider it a weaker parent based on its Parent Subsidiary Linkage
(PSL) criteria. This relationship does not currently constrain Puma
Energy's upgrade to 'BB'.

The Stable Outlook reflects the group's good liquidity position and
its expectations that it will continue to abide by its financial
policy and to address its refinancing needs on a timely basis, with
its next term debt maturity in February 2026.

KEY RATING DRIVERS

Improved Refinancing Risk: Fitch believes that Puma Energy has
improved its refinancing risk thanks to materially reducing its
financial debt (by USD1 billion over the last two years),
simplifying its debt structure and reducing reliance on short term
bank facilities, following the repayment of a revolving credit
facility (RCF) from disposal proceeds.

Fitch assumes that Puma Energy will conclude the launched
refinancing of its bank facilities, the lower level of which
reflects the smaller perimeter of the business. Also, the planned
extension to the three-year tenor demonstrates the increasing
medium-term component to its liquidity position. Its view that this
improves financial flexibility for the company has contributed to
the IDR upgrade.

Adequate Leverage Metrics: Fitch expects readily marketable
inventory (RMI) and lease adjusted net debt/ EBITDAR leverage of
around 2.5x and around 1.0x higher EBITDAR net leverage with no
inventory adjustment, which is adequate for the 'BB' rating
category. This is materially below the 5.0x average over 2018-2021,
demonstrating the result of disposal led deleveraging. The
company's leverage policy of up to 2.5x net debt/EBITDA (pre-IFRS
16) would permit further borrowings, which if spent on shareholder
distributions, albeit not expected or modelled, would put pressure
on leverage metrics under the upgraded rating.

Revised Forecast: Fitch has revised its forecast up to around
USD325 million EBITDA (by USD45 million; post leases, excluding
income from associates and profit on disposals), following a
stronger than expected performance in 2023 due to a higher gross
margin. The disposal of infrastructure assets has reduced the scale
of the business, but Fitch's forecast EBITDAR, at about USD450
million, remains close to the USD500 million 'bb' mid-point level
for scale in the agency's Non-Food Retail Navigator.

Weak Coverage Metrics: Fitch continues to project relatively weak
RMI-adjusted EBITDAR/interest + rents cover at about 2.0x, which is
aligned with the 'b' mid-point. A higher share of fixed (rental)
costs is a burden on Puma Energy's credit profile, but it is
slightly mitigated by greater clarity of the group's financial
policy, suggesting some financial discipline.

Change to PSL Application: Fitch has revised its approach in line
with its understanding that Trafigura, with its 96.6% shareholding,
now sees Puma Energy as a strategic investment, which it is less
likely to fully or partly dispose of over the four-year rating
horizon. Therefore, Fitch applies its PSL Rating Criteria, and use
the stronger subsidiary path to assess the linkage.

PSL Criteria Cap Rating: Fitch believes Trafigura has open access
and control to Puma Energy's cash flows due to its effective
control via almost full ownership and board control. However, Fitch
believes the insulated funding and cash management, an independent
treasury and some creditor protection in the debt documentation
supports a "porous" assessment of legal ring-fencing. Debt
documentation limits dividends and other intercompany flows, unless
permitted under specific baskets, with leverage also limited by
financial covenants in bank debt documentation (maximum net debt
(including IFRS16)/ EBITDA at 3.5x). As a result, the criteria
permit the upgrade of Puma Energy's rating, but cap it at 'BB'.

Fitch recognises that Trafigura has been acting as a strong and
supportive shareholder. Any changes in Trafigura's policy or
behaviour combined with more integrated funding or a shift to less
restrictive documentation, leading to a potential material cash
leakage from Puma Energy, may lead us to reassess its assessment
under its PSL Rating Criteria.

Strong Demand Drivers: Puma Energy benefits from good underlying
demand drivers in EM. It has operations in over 35 countries, with
Latin America its largest region, generating 60% of gross profit in
2023. The top 10 countries generated around 90% of its EBITDA in
2023. Exposure to EM can make cash flow more volatile due to
currency movements and it can be harder to upstream cash to service
debt at Holdco level. Fitch has restricted USD50 million from cash
to reflect US dollar shortage and challenges extracting US dollars
from these markets.

Limited Oil Price Risk: Puma Energy hedges its physical fuel
supply. All of its supply stock is either pre-sold or hedged
against price fluctuations. Consequently, in evaluating leverage
and interest coverage ratios, Fitch excludes debt associated with
financing RMI and reclassifies the related interest costs as cost
of goods sold. The difference between RMI-adjusted and
RMI-unadjusted EBITDAR net leverage (both lease-adjusted) is about
1.0x.

DERIVATION SUMMARY

Puma Energy's closest peer is Vivo Energy Ltd. (BBB-/Stable), which
operates on a smaller scale and has a higher concentration in
Africa, where it has operations in over 20 countries. Vivo's IDR
has a one-notch uplift for parental support from the 'bb+'
Standalone Credit Profile (SCP). Vivo's acquisition of Engen Ltd
(via a 74% stake, not completed yet) will increase its scale in
Africa but it will still be less geographically diversified than
Puma, which has operations across the Americas and Africa.

Vivo Energy has historically had better earnings stability and
higher EBITDAR margin than Puma Energy. Fitch expects both
companies to generate similar levels of EBITDAR, but due to higher
rents Puma's EBITDA will be lower than Vivo's. The higher rents and
therefore higher lease-adjusted debt for Puma result in slightly
weaker financial metrics than Vivo. The one-notch differential with
Vivo Energy's SCP is due to Puma Energy's around 0.5x higher RMI
lease-adjusted net EBITDAR leverage and 0.5x lower coverage on RMI
lease-adjusted basis, in addition to Vivo Energy's demonstrated
stronger earnings stability and free cash flow generation.

Puma Energy's retail operations can be compared, to some extent,
with those of EG Group Limited (B/Stable), a global petrol station
and convenience retail and food services operator. EG Group is
larger than Puma Energy. It has grown and diversified through
acquisitions, and the group is present in mature European, US and
Australian markets. EG Group has a higher exposure to more
profitable convenience and food-to-go retail than Puma Energy,
leading to higher expected margins for EBITDAR of around 6%
compared to Puma of around 4% and Vivo of around 5%. EG Group's
rating reflects its weaker financial profile with EBITDAR gross
leverage expected to remain high above 6x in the rating horizon.

Another peer UGI International, LLC (UGII; BB+/Stable) is an LPG
distributor operating in EU countries, particularly focused on
France. Compared with Puma and Vivo that operate in emerging
markets, UGII's business profile benefits from less volatile
operating environment with stronger governance, mitigating the
weakening demand in Europe. UGII has much stronger profitability
and cash generation than Puma and Vivo as there are higher margins
on retail propane and LPG sales, while Puma and Vivo's retail motor
fuel sales are more competitive and lower margin. UGII has lower
EBITDAR net leverage than Puma and Vivo at around 2.5x (no
RMI-adjustment), which is around 1.0x lower than Puma Energy.

KEY ASSUMPTIONS

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

- Sales volumes at about 15.5 million cubic metres (m3) for 2024,
growing by low single digits thereafter. This incorporates the
deconsolidation of Tanzania and disposal of Senegal business during
2023.

- Stable gross profit unit margin over 2024-2027 at USD60-USD62/m3

- Broadly neutral working capital over 2024-2027

- Capex of around USD160 million in 2024, then USD130 million per
year in 2025 to 2027

- Bolt-on acquisition spend of around USD20 million per year in
2024 to 2027. No material large-size M&A or divestments assumed.

- Minimal dividend payout

- No foreign-exchange impact modelled

- Fitch has restricted USD50 million cash, relating to cash
balances held in countries where extraction of cash is constrained

RATING SENSITIVITIES

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

Any positive rating action would require an improvement in
Trafigura's consolidated profile or the revision of the PSL access
and control assessment to 'porous' or 'insulated' or a revision of
PSL legal ring-fencing assessment to 'insulated' combined with the
following.

- Evidence of sustained unit margins and FFO margin, while growing
EBITDAR to above USD500 million

- RMI- and lease-adjusted net debt/EBITDAR sustained below 2.2x
combined with sustained compliance with its financial policy

- Strong standalone financial flexibility, including RMI-adjusted
EBITDAR/interest + rent cover sustainably above 2.5x

- FCF margin excluding expansionary capex/EBITDAR above 20% on a
sustained basis

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

- Weakening of Trafigura's consolidated group profile

- Change in Trafigura's behaviour or policy towards Puma Energy,
leading to potential material cash leakage from the subsidiary

- Revision of PSL legal ring-fencing assessment to 'open', which
combined with 'open' access and effective control would permit
value extraction from the subsidiary

- Non-completion of bank facility refinancing or not addressing
maturing notes 12-15 months before maturity, leading to higher
refinancing risk and weaker standalone financial flexibility

- FCF margin excluding expansionary capex/EBITDAR below 0% on a
sustained basis

- RMI- and lease-adjusted net debt/EBITDAR sustained above 3.5x

- RMI-adjusted EBITDAR/interest + rent cover sustainably below
2.0x

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Puma Energy had USD445 million cash at
end-2023, net of USD0.5 million restricted cash and USD50 million
Fitch-restricted cash for cash balances held in countries where it
is harder to extract. This is in addition to undrawn RCFs of around
USD650 million, and uncommitted Opco facilities. This was after the
significant debt reduction of USD1 billion in the last two years.
The cash balance is sufficient to fully cover short-term
obligations.

The upgrade captures the recently announced refinancing of bank
facilities, which would extend the maturities of the two-year term
loan and two-year RCF into three-year tenor to 2027, increasing the
medium-term component of its liquidity position. On a pro forma
basis, total available liquidity would be around USD600 million
(excluding one-year RCFs), compared with about USD130 million of
operating company short-term debt and USD720 million of outstanding
notes maturing in 2026, before they are refinanced.

Puma Energy also relies on local banks to provide operating company
debt, which are drawings under uncommitted facilities, although the
level of utilisation has reduced.

ISSUER PROFILE

Puma Energy is a global energy group with operations in over 35
countries worldwide across two core regions Americas and Africa,
with additional assets in Europe and Asia Pacific.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating      Recovery   Prior
   -----------               ------      --------   -----
Puma International
Financing S.A.

   senior unsecured    LT     BB Upgrade   RR4      BB-

Puma Energy
Holdings Pte. Ltd      LT IDR BB Upgrade            BB-


QUANTUMSYS TECHNOLOGIES: Court to Hear Wind-Up Bid on April 26
--------------------------------------------------------------
A petition to wind up the operations of Quantumsys Technologies Pte
Ltd will be heard before the High Court of Singapore on April 26,
2024, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on April 4,
2024.

The Petitioner's solicitors are:

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


REENOVA INVESTMENT: Creditors' Meetings Set for Apri 24
-------------------------------------------------------
Reenova Investment Holding Limited will hold a meeting for its
creditors on April 24, 2024, at 10:00 a.m. via electronic means.

Agenda of the meeting includes:

   a. to receive an update on the status of liquidation;

   b. to approve the Liquidator's fees and disbursements; and

   c. Any other business

The company's liquidator is:

          Luke Anthony Furler
          c/o 137 Amoy Street
          #02-03 Far East Square
          Singapore 049965


SEATRIUM LIMITED: Flags Three Straight Years of Losses
------------------------------------------------------
The Straits Times reports that Seatrium Limited and satellite
communications equipment provider Global Invacom on April 9 filed
notice of three consecutive years of losses based on their audited
full-year consolidated accounts.

Global Invacom highlighted that its six-month average daily market
capitalisation as at April 8 was SGD13.7 million, ST says. This is
below the SGD40 million requirement to avoid being placed on the
Singapore Exchange (SGX) watch list. Seatrium said its latest
six-month average daily market capitalisation was SGD7.04 billion.

According to rules under SGX's listing manual, mainboard-listed
companies will be placed on the watch list if they record pre-tax
losses for the three latest consecutive financial years, and if
they fail to maintain an average daily market cap of at least SGD40
million over the last six months, ST notes.

Watch-listed companies must take measures to satisfy these
financial requirements within 36 months from the date they are
placed on the list. Otherwise, they will be delisted from SGX or
have their trading suspended with a view to delisting.

SGX conducts quarterly reviews to identify issuers to be included
on the watch list. These take place on the first market day of
March, June, September and December.

Both companies noted that they will make an immediate announcement
should they be notified by SGX that they will be placed on the
watch list, according to ST.

In Seatrium's latest financials released on Feb. 26, its
second-half net loss widened to SGD1.7 billion from SGD118.3
million in the year-ago period. Loss per share (LPS) for the period
stood at 2.46 cents, as opposed to LPS of 0.38 cent in the second
half of financial year 2022, ST discloses.

For financial year 2023, Seatrium's net loss stood at SGD1.9
billion, compared with a loss of SGD261.1 million the prior year,
with LPS at 3.12 cents versus 0.83 cent. Its revenue for the year
was SGD7.3 billion, compared with SGD1.9 billion in financial year
2022, ST relays.

According to ST, Global Invacom posted a narrowed net loss of
US$963,000 (SGD1.3 million) for financial year 2023, versus a net
loss of US$15.5 million in financial year 2022. This translated to
LPS of 0.35 US cent, as opposed to the prior year's 5.72 US cents.
The group attributed its narrower net loss to cost-saving measures
which had been in place since the third quarter of financial year
2022, despite a 11.5 per cent decline in revenue.

                       About Seatrium Limited

Seatrium Limited -- https://seatrium.com/ -- is a Singapore-based
company that provides engineering solutions to the global offshore,
marine and energy industries. Its segments include Rigs and
floaters, Repairs and upgrades, Offshore platforms and Specialised
shipbuilding; Ship chartering, and Others.


YOURS SKINLABS: Placed in Provisional Liquidation
-------------------------------------------------
Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC on April 5,
2024, was appointed as provisional liquidator of Yours Skinlabs
Pte. Ltd.

The provisional liquidator may be reached at:

          Farooq Ahmad Mann
          M/s Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805




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

CONSTRUCTION GUARANTEE: Fitch Affirms 'BB(lka)' IFS Rating
----------------------------------------------------------
Fitch Ratings has affirmed Sri Lanka-based Construction Guarantee
Fund's (CGF) National Insurer Financial Strength (IFS) Rating of
'BB(lka)'. The Outlook is Stable.

KEY RATING DRIVERS

Weak Operating Conditions: CGF's performance exhibits a strong
correlation with government construction activity, as the company
offers guarantees and related services to small- and medium-sized
contractors involved in government projects. The government's weak
fiscal position has resulted in fewer new construction contracts,
the suspension of existing projects and payment delays to
contractors. This has affected CGF through a drop in premium income
and a higher risk of claims by employers.

Underwriting Pressure: Fitch expects underwiring performance to
remain weak over 2024-2025 on low business volume. Premium income
plummeted by 87% in 2023 to LKR13 million on low guarantee volume
amid a sluggish local construction sector, while claim costs
increased by 10% and administration costs rose by 38% on
investment-related withholding tax hikes. Consequently, Fitch
calculates CGF to have incurred an underwriting loss of LKR107
million in 2023, from a profit of LKR16 million in 2022.

The company says the majority of outstanding guarantees do not
carry claim risk, as they are extensions of existing guarantees
granted for administrative purposes. Meanwhile, earnings were
buoyed by a 61% rise in investment income on higher interest rates,
with net profit reaching LKR333 million (2022: LKR285 million).
Return on equity was 16% and averaged 17% in the last three years.

Eased Investment and Liquidity Risks: Fitch believes investment and
liquidity risks have eased following the positive rating action on
the Sri Lankan sovereign's Local-Currency IDRs as well as on
Fitch-rated Sri Lankan bank and non-banking financial institutions;
see Fitch Upgrades Sri Lanka's Long-Term Local-Currency IDR to
'CCC-' and Fitch Affirms Ratings on 15 Sri Lankan Banks; Removes
Watch Negative; CBL on Negative Outlook.

CGF adopts a conservative investment mix, with around 78% of
invested assets held in cash and term deposits at state-owned Bank
of Ceylon (Long-Term Foreign-Currency IDR: CC, National Long-Term
Rating: A(lka)/Stable) at end-2023. Treasury bills accounted for
the remainder.

Adequate Capital: Net guarantee risk exposure/total capital was
0.5x at end-2023 (2022: 0.4x). CGF's gross guarantee liabilities
have fallen to LKR1.5 billion, from a peak of LKR12.0 billion in
2020, due to lower volume of new guarantees and a discontinuation
of some projects. Total claim initiations since inception have been
low, at LKR150 million, or 7.2% of end-2023 equity. Capital is
supported entirely by internally generated net surplus.

Moderate Company Profile: Fitch ranks CGF's company profile as
'Moderate' compared with that of other insurers in Sri Lanka,
reflecting its 'Moderate' business profile and 'Neutral' corporate
governance. CGF is fully owned by the state, with the secretary to
the treasury functioning as the trust's settlor. Its competitive
position is strengthened by the expertise of its trustees, which
comprise both public- and private-sector institutions. It has a
small operating scale, with total assets and equity of LKR2.9
billion and LKR2.1 billion, respectively, at end-2023.

High Risk Appetite: Fitch regards the fund's risk appetite as high,
as it provides guarantees to high-risk contractors, particularly
small- and medium-scale contractors registered under the
Construction Industry Development Authority's National Registration
Scheme, without requiring collateral. CGF attempts to mitigate this
risk by conducting comprehensive screening of the contractors'
technical and financial capabilities. The board of trustees has set
a cash collateral requirement of 20% for advance payment bonds.

RATING SENSITIVITIES

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

- rising investment and asset risk, including a downgrade of the
ratings of financial institutions or the sovereign ;

- sustained weakness in financial performance or weaker risk
management practices;

- a deterioration in the company profile, for instance, due to
significant weakening in CGF's association with the government, or
a deterioration in its business risk profile, due to a decline in
the country's economic conditions that affects the domestic
construction sector.

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

- Sustained improvement in the company profile in terms of a larger
operating scale as well as successful diversification into
profitable and stable business lines.

   Entity/Debt                Rating               Prior
   -----------                ------               -----
Construction
Guarantee Fund     Natl LT IFS BB(lka)  Affirmed   BB(lka)



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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