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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 26, 2024, Vol. 27, No. 85

                           Headlines



A U S T R A L I A

ALL PROJECTS: First Creditors' Meeting Set for April 30
COLLIER HOMES: Collapses Into Liquidation
FITNESS REPUBLIC: First Creditors' Meeting Set for May 1
GIBSON RETAIL: First Creditors' Meeting Set for April 30
HANDY ABS 2024-1: Moody's Assigns (P)B2 Rating to AUD3.2MM F Notes

LUTUM PTY: First Creditors' Meeting Set for May 6
LUTUM PTY: Goes Into Voluntary Administration
NAVARRE MINERALS: To Start First Step to Recapitalize Company
OWA CONSTRUCTIONS: First Creditors' Meeting Set for May 1
SHIFT TRUST 2024-1: Moody's Gives (P)Ba2 Rating to AUD12MM E Notes

TRITIUM DCFC: First Creditors' Meeting Set for May 1


C H I N A

CHINA OIL: Moody's Downgrades CFR & Senior Unsecured Rating to Ba3
CHINA: Could Face Third Default Wave of Bond Defaults, S&P Says
GEMDALE CORP: Compeletes Management and Board Reshuffle
JINKE PROPERTY: Court Accepts Bankruptcy Reorganization
VNET GROUP: Moody's Raises CFR to B3 & Alters Outlook to Positive



I N D I A

ADARSHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
AMODA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
BALAJI SEAFOODS : Voluntary Liquidation Process Case Summary
CAPITAL ELECTRONICS: Liquidation Process Case Summary
ECOPMIN TECHNOLOGIES: CRISIL Assigns B+ Rating to INR6.50cr Loan

ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
FRENCH MOTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating
HAFIZ CONSTRUCTION: CRISIL Moves D Rating from Not Cooperating
IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category
INDIGO COLLECTIONS: CRISIL Keeps D Ratings in Not Cooperating

INFUTEC HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
JVS BIOFUELS: CRISIL Raises Rating on INR68cr Term Loan to B-
KRISHNA TUFF: ICRA Keeps B Debt Ratings in Not Cooperating
LONDON STAR: CARE Keeps D Debt Ratings in Not Cooperating Category
NAVA NIRMAN: CARE Lowers Rating on INR21cr LT Loan to D

PREMIER AGENCIES: CARE Keeps C Debt Rating in Not Cooperating
RAJAGANAPATHI TRADING: CARE Keeps D Debt Rating in Not Cooperating
RENEX INDUSTRIES: CARE Keeps C Debt Ratings in Not Cooperating
RENUKA FARMERS: CARE Keeps D Debt Ratings in Not Cooperating
RSV HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating

RUDRA CONCEPT: CARE Keeps C Debt Ratings in Not Cooperating
SAHA INFRATECH: CARE Keeps D Debt Rating in Not Cooperating
SOHRAB SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
SUSEE PREMIUM: CARE Keeps D Debt Rating in Not Cooperating
TAJSHREE MOTORS: CARE Keeps C Debt Rating in Not Cooperating

VEE ESS : Liquidation Process Case Summary
VISHAL CONDUIT: CARE Keeps C/A4 Debt Ratings in Not Cooperating


M A L A Y S I A

CAPITAL A: Fernandes Defers Retirement, Renews Contract for 5 Yrs.
MYAIRLINE SDN: Loses Licence to Operate as Commercial Airline


N E W   Z E A L A N D

FLETCHER BUILDING: EasySteel Job Cuts Undecided
LAAIM PRINT: Creditors' Proofs of Debt Due on May 23
NZCS OPERATIONS: Creditors' Proofs of Debt Due on May 24
SIPKA PROPERTIES: Court to Hear Wind-Up Petition on May 3
T1 FITNESS: Creditors' Proofs of Debt Due on May 17



S I N G A P O R E

ALIGN GROUP: Creditors' Meetings Set for May 10
TARGA SOLUTION: Placed in Interim Judicial Management


V I E T N A M

VIETNAM PROSPERITY: Moody's Affirms 'Ba3' Deposit & Issuer Ratings

                           - - - - -


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

ALL PROJECTS: First Creditors' Meeting Set for April 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of All Projects
Scaffolding Pty Ltd will be held on April 30, 2024, at  11:00 a.m.
at the offices of O'Brien Palmer, Level 9 , 66 Clarence Street, in
Sydney, NSW, and via virtual meeting technology.

Daniel John Frisken and Liam Thomas Bailey of O'Brien Palmer were
appointed as administrators of the company on April 17, 2024.


COLLIER HOMES: Collapses Into Liquidation
-----------------------------------------
News.com.au reports that one of Western Australia's biggest
residential building companies has collapsed, with Collier Homes
falling into liquidation after more than 60 years.

News.com.au relates that the Australian Securities and Investment
Commission confirmed the company would shut down, with Robert Conry
Brauer and Linda Methven Smith, from McGrath Nicol, appointed as
liquidators.

Collier Homes was created in 1959 by Raymond McCarthy. He lived on
Collier St in the affluent riverside suburb of Applecross.  In
1969, the business was sold to a national land developer, then in
1981 it was purchased by its senior executive, Ron Smith. In 1996,
Adelaide-based national home builder Home Australia acquired the
business.  

The brand assets were sold in November 2016 to the present owner,
Dario Amara.

In a post on the company's website before the ASIC announcement,
there was a reference to industry challenges since the Covid-19
pandemic struck, according to news.com.au.

"We try hard to please our customers during these challenging
times," the post read.

"The post-Covid stimuli were well-intentioned, however they created
massive supply chain shortages, delays and labour constraints - all
translating to unpredictable cost escalation."

Mr. Amara is a second-generation builder with more than 40 years of
experience, news.com.au says.

News.com.au notes that Collier Homes follows dozens of other
builders that have collapsed in the past two years.

A whopping 2,349 construction firms have collapsed in the past
year.

Of the 8,471 business collapses last year, almost 28 per cent were
in the building and construction industry, according to the
corporate regulator, news.com.au discloses.


FITNESS REPUBLIC: First Creditors' Meeting Set for May 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Fitness
Republic Cabramatta Pty Ltd will be held on May 1, 2024, at 9:30
a.m. via videoconference facilities.

Alexander Siu and Brent Kijurina of Hall Chadwick were appointed as
administrators of the company on April 18, 2024.


GIBSON RETAIL: First Creditors' Meeting Set for April 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Gibson
Retail W Pty. Ltd. (trading as 'gloria Jean's Coffees Warwick')
will be held on April 30, 2024, at 10:00 a.m. at the offices of
Mackay Goodwin, Level 2/68 St George Terrace, in Perth, WA.

Edwin Narayan and Mathieu Tribut of Mackay Goodwin were appointed
as administrators of the company on April 17, 2024.


HANDY ABS 2024-1: Moody's Assigns (P)B2 Rating to AUD3.2MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to notes to be
issued by AMAL Trustees Pty Ltd, as trustee of Handy ABS 2024-1
Trust.

Issuer: Handy ABS 2024-1 Trust

AUD150.6 million Class A Notes, Assigned (P)Aaa (sf)

AUD17.0 million Class B Notes, Assigned (P)Aa2 (sf)

AUD8.8 million Class C Notes, Assigned (P)A2 (sf)

AUD5.2 million Class D Notes, Assigned (P)Baa2 (sf)

AUD8.2 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.2 million Class F Notes, Assigned (P)B2 (sf)

The AUD7.0 million of Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of personal
loans originated by OurMoneyMarket Lending Pty Ltd ("OMM"). OMM
will act as servicer of the transaction, and AMAL Management
Services Pty Limited will act as trust manager. This is OMM's
inaugural ABS transaction.

OMM, founded in 2017, is an Australian non-bank lender providing
secured and, to a smaller extent, unsecured, personal loansl, and
motor vehicle loans. As of March 31, 2024, OMM has originated over
AUD1.19 billion in consumer loans.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of note balances, the legal structure; and the
presence of AMAL entities as trustee, manager, security trustee and
standby servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio, high obligor diversification and a high proportion of
loans with security. Key challenges in the transaction are the
limited historical data and the concentrated ownership of a small
lender. However, Moody's view operational and governance risks as
effectively mitigated by oversight of AMAL entities as trustee and
trust manager, and the back-up role as standby servicer.

OMM is a relatively small originator in personal lending, with
limited historical default data available for the portfolio. As
such, the pool's performance could be subject to greater
variability than the observed data indicates.

The transaction's key features are as follows:

-- Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 24.70%, 16.20%, 11.80%, 9.20%, 5.10% and
3.50% of note subordination, respectively.

-- Once paydown conditions are satisfied, all notes, excluding the
Class G Notes, will receive their pro-rata share of principal. Pro
rata paydown conditions include, among others, the Class A
subordination percentage of at least 35.0%, cumulative losses of
less than 5.0% and no unreimbursed charge-offs.

-- A swap provided by Commonwealth Bank of Australia (Aa3 on
review for upgrade/P-1/Aa2(cr) on review for upgrade/P-1(cr)) will
hedge the interest rate mismatch between the assets bearing a fixed
rate of interest, and floating rate liabilities. The notional
balance of the swap will follow the expected amortization of the
portfolio.

-- AMAL Asset Management Limited (AMAL) is the standby servicer.
If OMM is terminated as servicer, AMAL will take over the servicing
role in accordance with the standby servicing deed.

Key portfolio features are as follows:

-- The portfolio is diversified both at an obligor level and a
geographical level.

-- The portfolio has a high yield of 10.1% which provides excess
spread to cure portfolio losses.

-- Cars are the largest type of security provided as collateral,
making up 96% of the loans with security.

Key model assumptions:

Moody's base case assumptions are a portfolio loss rate of 4.50%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 27.00%. The assumed recovery
rate is 7.5%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
consumer ABS.

To address the limited historical loss data on OMM's portfolio, we
have benchmarked the performance to data from comparable Australian
consumer loan ABS originators. Moody's have also overlaid
additional stresses into Moody's default and PCE assumptions.

Methodology Underlying the Rating Action

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 amortization 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 lack of transactional governance and
fraud.


LUTUM PTY: First Creditors' Meeting Set for May 6
-------------------------------------------------
A first meeting of the creditors in the proceedings of LUTUM Pty
Ltd, LUTUM Holdings Pty Ltd, Montoro Roofing Pty Ltd and Hollostone
Pty Ltd will be held on May 6, 2024, at 11:00 a.m. via Microsoft
Teams.

Morgan Kelly, Martie Tziotis, Stewart McCallum and David Kennedy of
Ernst & Young were appointed as administrators of the company on
April 23, 2024.


LUTUM PTY: Goes Into Voluntary Administration
---------------------------------------------
The Australian Financial Review reports that Lutum, the national
roofing tiles and masonry products supplier spun out of ASX-listed
Boral in 2021, went into voluntary administration on April 23 with
outstanding debts of AUD20 million.

According to AFR, EY administrator Morgan Kelly, appointed with
colleagues Martie Tziotis, Stewart McCallum and David Kennedy, said
they were working with Lutum's existing management to keep the
business going and find a party willing to recapitalise it, which
they hoped to within two to three months.

"The most likely option here is a third party able to secure a
longer-term equity solution by recapitalising through a partial or
entire sale of the business," he told The Australian Financial
Review on April 23.

"This is a manufacturing business exposed to the building and
construction sector. It's got all the problems of manufacturing
plus all the problems of a building supplier."

Rising gas costs were a key issue for the company that makes
concrete and terracotta tiles. At the same time, it struggled with
construction-industry challenges of site delays, labour shortages
and a lengthening of payment times, which hurt its ability to
service rising finance costs, Mr. Kelly said.

But the company, formed out of the acquisition of Boral's Montoro
bricks and Hollostone masonry businesses in 2021, faced problems of
its own making, too, AFR says.

Last month Lutum, which manufactures at sites in NSW, Victoria and
South Australia, filed its most recent financial report – for the
year to June 2022, its first year as a standalone business,
according to AFR.

Even as they reported a pretax profit of AUD8.6 million on revenue
from trading activities of AUD44.6 million – plus a further AUD18
million in revenue booked as "gain on acquisition" – and a net
after-tax profit of AUD11.1 million, directors Andrew Warburton,
Charlie Condo and Jason Eisner also flagged a number of problems,
AFR relays.

AFR relates that the demerger from Boral "significantly impacted"
the business and created a number of one-off costs. There were also
quality issues in the NSW manufacturing operation they apparently
hadn't known about.

"A deeper review of operations following acquisition highlighted
that poor product quality in both concrete and terracotta tiles
manufactured in NSW had resulted in a significant loss of market
share in NSW," they said.

AFR relates that Mr. Kelly said the NSW quality issues were
something the administrators would look into, but said the main
problem was the company's inability to sell enough to cover its
rising financing and materials costs at the same time as payment
times to suppliers were lengthening.

"They haven't been able to scale the business fast enough to keep
up with the rapid increases in interest rates and input costs," he
said.


NAVARRE MINERALS: To Start First Step to Recapitalize Company
-------------------------------------------------------------
Navarre Minerals Limited is initiating a journey to revitalize its
status as a leading Victorian gold explorer through a
recapitalization approach.

The Navarre Group, excluding Navarre Minerals Queensland (in
liquidation), entered a Deed of Company Arrangement (DOCA) in late
2023. The DOCA agreement provides the framework for Navarre to
recapitalise and return to its heritage as a Victorian gold
explorer, focusing not only on its flagship Stawell Corridor
Projects (including 304koz gold Resource at Resolution and
Adventure Prospects2) but also the St Arnaud Project, Tandarra JV,
Jubilee Project and the Company's other tenement related assets
(together the "Victorian Projects").

"In the coming days, the Directors will be seeking to undertake the
first of a two-step process to recapitalise the Company - via a
convertible debt issuance to sophisticated and professional
investors," Navarre Minerals said in a statement to the ASX on
April 24.

"If successful, this initial funding will be used to fund payment
to the Deed Administrator, remove the DOCA and cover legal,
accounting, audit, consultant and other fees to re-comply with, and
seek to resume trading on, the ASX3. Subject to the amount of
capital raised, funds raised in this initial round may also be
directed to tenement management, exploration preparation works
and/or contributions to the Company's non-operated JV (Tandarra).

"Immediately prior to the resumption of trading of its shares,
which is subject to various approvals including ASX, shareholder
and other approvals, it is intended the Company will undertake the
second step in its refinancing by way of a new equity issue to
fund, at a minimum, two years of exploration on its Victorian
Projects. This equity issue is likely to prioritise current
shareholders by way of an entitlement offer. At that time the
Company may also seek shareholder approval to consolidate its
existing issued share capital.

"Should the Company successfully raise the initial capital and be
released from the DOCA, current non-executive Director, James
Gurry, is expected to take up a full time executive position. The
Company would also seek new directors to join its board prior to
resuming trading on the ASX," the company said.

James Gurry, who is leading the efforts to relaunch the Company, is
quoted as saying "I look forward to recapitalizing and
re-establishing Navarre as a leading Victorian gold explorer,
particularly in this current buoyant gold price environment".

"Shareholders should note that the above plans are provisional and
subject to change. There is no guarantee the Company will raise
sufficient capital to effectuate the DOCA or will receive the
necessary approvals to resume trading on the ASX. Shareholders will
be kept informed as these plans progress," Navarre Minerals added.

                       About Navarre Minerals

Navarre Minerals Limited (ASX:NML) explores for develops mineral
properties in Australia. The company primarily produces copper,
gold, silver, lead, and zinc, as well as volcanic massive sulphide
deposits. Its flagship property is the 100% owned Stawell Corridor
gold project located near Victoria; and Mt Carlton project, which
covers an area of 815 square kilometers situated near Townsville,
Queensland.  

Duncan Edward Clubb, Andrew Thomas Sallway, and Andrew Peter
Fielding of BDO were appointed as voluntary administrators of
Navarre Minerals Limited on June 19, 2023.

The Administrators were also appointed Administrators to the
following related entities:

          - Black Range Metals Pty Ltd;
          - Loddon Gold Pty Ltd;
          - Navarre Minerals Queensland Pty Ltd;
          - North Central Gold Exploration Pty Ltd;
          - Tandarra Gold Pty Ltd; and
          - Western Victoria Gold Pty Ltd

On June 21, 2023, Receivers and Managers were appointed to The
Company's subsidiary, Navarre Minerals Queensland Pty Ltd, by
secured creditor Evolution Mining Limited.

Navarre Minerals Queensland, which remains subject to the
appointment of the Receivers and Managers, McGrathNicol, was placed
in liquidation at a creditors meeting held on August 25, 2023.


OWA CONSTRUCTIONS: First Creditors' Meeting Set for May 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of OWA
Constructions Pty Ltd (trading as OWA Trailers & Fabrications) will
be held on May 1, 2024, at 10:30 a.m. via  virtual meeting.

Brett Orzel and Stephen Dixon of Hamilton Murphy Advisory were
appointed as administrators of the company on April 18, 2024.


SHIFT TRUST 2024-1: Moody's Gives (P)Ba2 Rating to AUD12MM E Notes
------------------------------------------------------------------
Moody's Ratings has assigned provisional ratings to notes to be
issued by AMAL Trustees Pty Ltd, as trustee of Shift 2024-1 Trust.

Issuer: Shift 2024-1 Trust

AUD142.40 million Class A Notes, Assigned (P)Aaa (sf)

AUD17.20 million Class B Notes, Assigned (P)Aa2 (sf)

AUD11.40 million Class C Notes, Assigned (P)A2 (sf)

AUD7.80 million Class D Notes, Assigned (P)Baa2 (sf)

AUD12.00 million Class E Notes, Assigned (P)Ba2 (sf)

AUD4.80 million Class F Notes, Assigned (P)B2 (sf)

The AUD2.20 million Class G1 Notes and the AUD2.20 million Class G2
Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
equipment loans and leases originated by Shift Financial Pty Ltd
("Shift"). Shift will act as servicer of the transaction. This is
Shift's second public ABS transaction.

Shift is an Australian SME lender providing working capital
facilities, term loans and asset finance to Australian businesses
since 2014. As of March 31, 2024, Shift has lent circa $3.4
billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
Moody's evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility in
the amount of 1.5% of the rated notes' balance, the legal
structure, the experience of Shift as servicer; and the presence of
AMAL Asset Management Limited as a standby servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses. The key challenge in
the transaction is the limited historical data available for the
portfolio. Shift is a relatively new originator, with historical
default data for its equipment commercial loan book only available
from 2016 and for its unsecured business loans and line-of-credit
facilites from 2015. As such, the pool's performance could be
subject to greater variability than the observed data indicates.

The transaction's key features are as follows:

-- Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 28.80%, 20.20%, 14.50%, 10.60%, 4.60%
and 2.20% of note subordination, respectively.

-- Once the A to F stepdown conditions are satisfied, all notes,
excluding the Class G notes, will receive their pro-rata share of
principal. Step-down conditions include, among others, 34.6%
subordination to the Class A notes and no unreimbursed charge-offs.
Once the A to G stepdown criteria  are satisfied, all notes,
including the Class G notes, will receive their pro-rata share of
principal.

-- A swap provided by National Australia Bank Limited
(Aa1/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow the
schedule amortization of the fixed rate portion of the portfolio.

-- AMAL Asset Management Limited (AMAL) is the back-up servicer.
If Shift is terminated as servicer, AMAL will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan. AMAL has delegated the standby servicer
function to Verofi, a specialist third-party standby servicer,
however AMAL retains legal responsibility for the standby
servicer's contractual obligations.

Key portfolio features are as follows:

-- The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.8%.

-- The portfolio has a high yield of 12.7% which provides excess
spread to cure portfolio losses.

-- Heavy commercial vehicle loans are the largest component making
up 48.3% of the portfolio, intangible tertiary assets such as
installations and fitouts are the second largest component making
up 23.5% of the portfolio.

Key model assumptions:

Moody's base case assumptions are a portfolio loss rate of 5.20%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 32.00%.

To address the limited historical loss data on Shift's portfolio,
Moody's have benchmarked the performance to data from comparable
Australian commercial auto and equipment ABS originators. Moody's
have also overlaid additional stresses into Moody's default and PCE
assumptions.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2023.

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 amortization or
better-than-expected collateral performance.

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


TRITIUM DCFC: First Creditors' Meeting Set for May 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of Tritium DCFC
Limited, Tritium Holdings Pty Ltd, Tritium Pty Ltd and Tritium
Nominee Pty Ltd will be held on May 1, 2024, at 2:00 p.m. via
Microsoft Teams.

Peter James Gothard of KPMG was appointed as administrator of the
company on April 18, 2024.




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C H I N A
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CHINA OIL: Moody's Downgrades CFR & Senior Unsecured Rating to Ba3
------------------------------------------------------------------
Moody's Ratings has downgraded China Oil and Gas Group Limited's
(COG) corporate family rating and senior unsecured rating to Ba3
from Ba2. At the same time, Moody's maintains the negative outlook
of the company.

"The downgrade of COG's ratings highlights the company's additional
governance risk related to the company's weak internal controls and
reporting procedures as a result of the delay in releasing its 2023
financial results, on top of the previous governance considerations
related to the external guarantee and loan to associates," says
Ralph Ng, a Moody's Vice President and Senior Analyst.

"The negative outlook is underpinned by the governance risks
associated with an external guarantee and a loan advance to certain
associates and the weakened track record in compliance and
reporting," adds Ng.

RATINGS RATIONALE

The delay of releasing COG's 2023 financial results coupled with
potential events such as breach of covenants reflect a significant
governance concern and internal control issue of the company,
resulting in a downgrade of COG's CFR to Ba3 from Ba2, in
additional to other existing governance considerations.

Although the company obtained majority lenders' waivers from its
loan obligation for such a delay to avoid a near-term covenant
breach and other associated consequences, this has heightened the
credit risks of the company, which was not encapsulated in the
previous Ba2 CFR.

Governance risks are material to this rating action. Moody's will
focus on the company's timely compliance in all the regulatory
disclosure in the near term and the impact of the company's credit
metrics based on any accounting adjustment to its upcoming annual
results, if any.

Furthermore, Moody's will assess the development and impact of
other governance issues such as external guarantee to an associate
Shengli and loan advance to Sino Director which is its coal-mine
associate during the negative outlook.

Moody's notes that the amount of the external guarantee to Shandong
Shengli has reduced to below RMB200 million by end of 2023, which
cuts the company's contingent liability. However, the external
guarantee has weakened its track record of financial management,
which will take time to restore.

According to the company, the delay was prompted by additional
audit procedures required by its auditor this year and issues
related to internal docking and different views between the
auditor's Hong Kong SAR, China and Guangzhou offices.

COG has announced that it expects to publish the results on April
25, 2024 and the compliance of the disclosure will allow a
resumption of trading, which will avoid further covenant breach.

In the event of COG's full compliance of regulatory disclosures,
Moody's anticipates that the company's ability to access funding
will likely not be challenged. Moody's notes that COG's reliance on
refinancing its debts is high because of limited liquidity at its
holding company.

COG's Ba3 CFR reflects its steady but slower growth in gas sales
volumes over the next two to three years, supported by positive
industry policies. In addition, likely lower capital spending in
new projects would enable the company to deleverage.

The CFR also considers the company's (1) high risk appetite
including its investments in its associates, namely Shandong
Shengli and Sino Director,  (2) overseas upstream operations, and
(3) weak liquidity at the holding company.

In terms of environmental, social and governance (ESG) factors,
Moody's considers COG's governance risk to be very high,
considering its previous investment as well as the delay in
publishing its annual results, which weakens its track record in
compliance and report.

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

The rating is unlikely to be upgraded given the negative outlook.

However, Moody's could revise the outlook to stable if the rating
of COG significantly improves its corporate governance framework
and financial policy to a level commensurate with a Ba3 credit
profile.

At the same time, Moody's could downgrade the rating if there is a
continued failure to comply with required disclosures and limited
improvement in its governance framework.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

China Oil and Gas Group Limited (COG) engages in the piped city gas
business, as well as the transportation and distribution of
compressed natural gas (CNG) and liquefied natural gas (LNG). The
company expanded its footprint to oil and gas production in Canada
in July 2014.


CHINA: Could Face Third Default Wave of Bond Defaults, S&P Says
---------------------------------------------------------------
Slowing economic growth, government policies, and tight financing
could trigger a third wave of corporate bond defaults in China
after the current trough. That's according to a chartbook that S&P
Global Ratings published on April 23, 2024, titled "China Default
Review 2024: Trough Before The Third Wave."

"Policies aimed at reining in excessive leverage drove the two
default waves so far," said Charles Chang, Greater China Country
Lead for Corporates at S&P Global Ratings. "More policies with
similar aims, scale, and effects may lead to the next wave of
defaults."

The policies behind the first two waves focused on overcapacity and
asset management in 2018 and real estate "three red lines" in
2021.

"China's historically low default rate was normalizing toward
global levels. But that's reversing as systemic concerns led to
directives against bond defaults, weakening market discipline,"
said Mr. Chang.

According to the report, default rates are currently at a trough.

The key takeaways for 2023:

   * Offshore default rates fell to 1.3% in 2023 from a 6.7% peak
     in 2022. In 1Q24, the default rate dropped further to a 0.3%
     trough.

   * Onshore default rates peaked for non-property at 1.2% in
     2019, and for property at 9.9% in 2022. In 1Q24, both fell to

     nearly zero.

   * Impact of defaults reduced as average defaulter size fell to
     RMB6.8 billion in 2023 and RMB2.3 billion in 1Q24, from
     RMB9.3 billion in 2022.

   * In 2023, defaults fell in most sectors except for tech
     services, consumers, and retail. This highlights the
     vulnerabilities to slowing growth.

The key takeaways for 2024 onwards:

   * Offshore corporate bonds due this year (US$92 billion) is
     less than 2023 (US$111 billion) and 2025 (US$104 billion).
     Local government financing vehicles (LGFVs) and consumer
     sectors have more due and more refinancing needs.

   * Onshore corporate bonds due will peak this year at RMB8
     trillion, more than 2023 (RMB5.1 trillion) and 2025 (RMB6.2
     trillion), driven by LGFVs (RMB3.5 trillion), capital goods
     (RMB0.75 trillion), and power sectors (RMB0.74 trillion).

   * Firms became even more reliant on banks in 2023. Bond
     issuance remains low, particularly for lower-rated firms.

   * Net issuance has been consistently negative for private firms

     since 2021, and for weaker LGFVs since mid-2022.

This report does not constitute a rating action.


GEMDALE CORP: Compeletes Management and Board Reshuffle
-------------------------------------------------------
Caixin Global reports that Chinese property developer Gemdale Corp.
has completed a reshuffle of its management and board. Its largest
shareholder FunDe Sino Life Insurance Co. Ltd. now controls three
seats on the 11-member board, indicating its willingness to inject
resources and keep the company afloat, Caixin says.

Gemdale, one of a handful of Chinese developers to avoid a default
so far, remains deep in debt as it tries to offload assets and
secure new sources of credit.

Gemdale Corp -- https://www.gemdale.com/ -- is a China-based
company principally engaged in the development and sales of real
estate. The Company's main businesses include residential real
estate development, commercial real estate and industrial real
estate development and operation, real estate finance, property
leasing and property management services. The Company mainly
conducts its businesses in the domestic market.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Moody's Investors Service has downgraded the
corporate family rating of Gemdale Corporation to Caa1 from B3 and
the CFR of Famous Commercial Limited, Gemdale's wholly-owned
subsidiary, to Caa2 from Caa1.

Moody's has also downgraded the backed senior unsecured rating on
the bonds to Caa2 from Caa1 and the backed senior unsecured rating
to (P)Caa2 from (P)Caa1 on the medium-term note (MTN) program. The
bonds and the MTN program are issued by Gemdale Ever Prosperity
Investment Limited (Gemdale Ever Prosperity) and guaranteed by
Famous. Gemdale Ever Prosperity's offshore bonds and MTN programs
are supported by Gemdale through keepwell deeds and deeds of equity
interest purchase undertaking.

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


JINKE PROPERTY: Court Accepts Bankruptcy Reorganization
-------------------------------------------------------
Yicai Global reports that shares in Jinke Property Group plunged by
the exchange-imposed limit on April 24 after the troubled Chinese
developer's bankruptcy restructuring filing was accepted by a court
in Chongqing. It is the first time that the bankruptcy
re-organization by a large developer has been accepted by a Chinese
court and makes Jinke the first mainland-listed developer to enter
the restructuring process.

According to Yicai, Jinke's share price [SHE:000656] was trading
down 5 percent on April 24 at CNY1.14 (USD0.16), the daily limit
imposed by the stock exchange on companies at risk of delisting.
Trading was halted April 23 due to the exchange's policy. The
bourse issued a delisting warning on April 24 before trading
resumed.

Yicai relates that the Chongqing No. 5 Intermediate People's Court
has declared Jinke unable to settle its debts due to a serious lack
of liquidity and accepted its application to begin bankruptcy
restructuring, Jinke, which is based in the southwestern
municipality, said on April 22. The court acknowledged that even
though the developer's book assets are greater than its
liabilities, it is experiencing difficulties in realizing a return
on its main assets.

The approval of the application reflects that the local government,
regulators, and the court believe that restructuring is feasible, a
company source told Yicai.

Jinke, which clocked up sales of CNY223.3 billion (USD30.8 billion)
in 2020, applied for bankruptcy restructuring in February, and most
creditors were in favor of the move at a court hearing earlier this
month, Yicai states.

Jinke, which always prided itself on the policy ‘zero default, no
extension,' defaulted for the first time in late 2022 when it was
unable to make interest payments on a USD325 million bond, Yicai
recalls. The bond principal will be due next month.

Jinke had failed to pay the principal on bonds amounting to CNY1.9
billion (USD262.2 million) as of the end of last year. And as of
Sept. 30, 2023, it had amassed debts of CNY227.1 billion (USD31.3
billion) of which CNY35.1 billion (USD4.8 billion) was due to be
repaid in the next 12 months, according to the company's 2023
third-quarter financial report.

The developer had assets of CNY260.3 billion (USD35.9 billion) as
of Sept. 30, 2023, with a debt-to-asset ratio of 87.24 percent.

Jinke is bracing for losses of between CNY4.8 billion (USD662.4
million) and CNY7.8 billion last year, which could result in net
losses of between CNY3.6 billion and CNY6.6 billion after deducting
non-recurring profits and losses, Yicai discloses citing earnings
forecast released in January. This is an improvement on the CNY21.4
billion (USD2.9 billion) of losses in 2022.

Jinke Property Group Co., Ltd. principally engages in the
development and distribution of real estates. The Company mainly
operates through three segments. Real Estate segment is primarily
engaged in the development of residential and commercial
properties, as well as the development and operation of industrial
estates. Community Integrated Services segment mainly provides
property management services. New Energy segment consists of wind
power and photovoltaic power generation. The Company is also
involved in hotel management, gardening and architecture decoration
businesses. The Company operates its business in domestic market,
mainly in Chongqing and Jiangsu Province, China.


VNET GROUP: Moody's Raises CFR to B3 & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Ratings has upgraded VNET Group, Inc.'s corporate family
rating to B3 from Caa1 and changed the outlook to positive from
ratings under review.

Previously, the rating was on review for upgrade, initiated on
January 26, 2024 following the company's announcement of its
planned repurchase of its $600 million convertible senior notes
that became puttable in February 2024.

"The rating upgrade and positive outlook reflect VNET's improved
liquidity management and resultant adequate liquidity position
following the company's successful redemption of its $600 million
convertible senior notes and potentially enhanced funding access,
with Shandong Hi-Speed Holdings Group Limited coming on as a key
shareholder," says Shawn Xiong, a Moody's Vice President and Senior
Analyst.

"The rating action also reflects Moody's expectation that the
VNET's operating and financial performance will improve over the
next 12-18 months as it generates higher earnings through growth in
new cabinets," adds Xiong.

RATINGS RATIONALE

Moody's expects the company's liquidity to be adequate over the
next 12-18 months, with its remaining cash balance after the
redemption of the convertible bonds, combined with its projected
operating cash flow and project financing, sufficient to cover its
planned capital spending and upcoming maturities. The company's
cash balance, including restricted cash, was RMB5.1 billion as of
December 2023 before the redemption.

VNET's B3 CFR reflects the company's solid position in China's
internet data center (IDC) market, its strategically located data
centers, operating track record featuring steady revenue growth,
diversified customer base and established partnerships with leading
cloud service providers.

It also considers the potential for increased funding access, with
Shandong Hi-Speed Holdings Group Limited coming on as a key
shareholder. Shandong Hi-Speed Holdings Group Limited is a
subsidiary of Shandong Hi-speed Group Co., Ltd (A3 stable).

These strengths are counterbalanced by VNET's developing but
relatively limited operating scale, modest financial metrics and
significant investment needs for capacity expansion over the next
two years.

Moody's projects VNET's revenue will grow by 5%-10% over the next
12-18 months, driven primarily by growth in sales of new cabinets
and the increasing utilization rate of its existing cabinets. The
company's revenue grew 5% to RMB7.4 billion in 2023 from RMB7.1
billion in 2022. The overall utilization rate of its cabinets
improved to 59% as of year-end 2023 from 55% as of year-end 2022.

Moody's also forecasts VNET's adjusted EBITDA margin will improve
to around 36% over the next 12-18 months from 33% in 2023 with
increased sales contribution from its wholesale cabinets, whose
profitability is higher. Moody's expects the growth in EBITDA will
outpace moderately the additional debt required for its capital
spending.

As a result, VNET's debt leverage, as measured by Moody's-adjusted
debt-to-EBITDA, will improve toward 6.0x over the next 12-18 months
from an estimated debt leverage of 7.0x in 2023.

ENVIRONMENTAL, SOCIAL, GOVERNANCE (ESG) CONSIDERATIONS

VNET's Credit Impact Score (CIS) of CIS-4 is primarily driven by
the company's financial policy to meet its investment needs, which
has led to its elevated financial leverage as its debt-funded
investment lagged the ramp-up of new cabinets at its data centers,
as well as its large financing needs. The rating action factors in
VNET's improved liquidity management and potentially improved
funding access with its new key shareholder. The governance
consideration also factors in VNET's concentrated ownership and the
voting power held by Shandong Hi-Speed Holdings Group Limited,
which acts in concert with the company's founder and co-chairman,
Mr. Josh Chen. The presence of five independent directors on VNET's
seven-member board partially tempers this risk.

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

Moody's would consider upgrading VNET's rating if the company (1)
continues to execute on its strategy of building and ramping up
utilization at its wholesale projects while maintaining stable cash
flows from its retail projects, (2) continues to grow its revenue,
improve profitability and reduce its debt leverage to around 6.0x,
(3) maintains an adequate liquidity position and debt service
coverage ratio, and (4) demonstrates prudent and consistent
financial planning with its new key shareholder on board, all on a
sustained basis.

A downgrade is unlikely, given the positive outlook. However,
Moody's could revise the outlook to stable if (1) the company fails
to maintain growth and profitability or increases its debt
significantly, such that it is unable to maintain its debt leverage
at around 6.0x in the coming 12 months, or (2) its liquidity
position weakens due to weaker operating cash flow or aggressive
capital spending.

The principal methodology used in this rating was Communications
Infrastructure published in February 2022.

Headquartered in Beijing, VNET Group, Inc. (VNET) began operations
in 1999 and listed on the NASDAQ in 2011. The company is China's
largest carrier- and cloud-neutral  internet data center (IDC)
services provider, operating in more than 30 cities. It also
provides interconnectivity services and complementary value-added
services, such as cloud services, virtual private network services
and hybrid IT services.




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

ADARSHA INTERNATIONAL: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adarsha
International (AI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 6,
2023, placed the rating(s) of AI under the 'issuer non-cooperating'
category as AI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 23, 2023, January 2, 2024, January 12, 2024.

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

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

Adarsha International (AI) was established in April 2000 as a
proprietorship firm by Mr. Partha Saha. The firm is engaged in
exporting of non-basmati rice, dal and oil cake to Bangladesh. The
registered office of the firm is situated at North 24 Parganas,
West Bengal.


AMODA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amoda Iron
and Steel Limited (AISL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.34        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      3.63        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        2.79        CRISIL D (Issuer Not
                                     Cooperating)

   Open Cash Credit      9.00        CRISIL D (Issuer Not
                                     Cooperating)

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

AISL is promoted by Mr.U Kondal Rao in April 2003 and is engaged in
manufacturing of Sponge Iron which is used in induction furnaces to
produce steel bars. The Plant is located in Jaggayyapet, Andhra
Pradesh.


BALAJI SEAFOODS : Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Balaji Seafoods Exports (India Private Limited)
Flat No. 302, Tower-2, Skycity Apartment
        Adayalam Pattu, Vanagaram
        Tiruvallur Poonamalle
        Tamil Nadu, India 600 095

Liquidation Commencement Date: March 30, 2024

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Shanmugakani Saraskumar
     132-A, NTR Street, Rangarajapuram Main Road
            Kodambakkam, Chennai - 600 024
            Email: saraskcsca@gmail.com
            Mobile: 9444011294

Last date for
submission of claims: April 29, 2024


CAPITAL ELECTRONICS: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Capital Electronics and Appliances Limited
P-161, VIP Road, P.S. Manick-Tala
        Kolkata-700054 West Bengal

Liquidation Commencement Date: April 9, 2024

Court: National Company Law Tribunal Kolkata Bench

Liquidator: Subrata Ghosh
     Email: subhomusic@gmail.com
            Email: cirp.capitalelec@gmail.com

Last date for
submission of claims: May 5, 2024


ECOPMIN TECHNOLOGIES: CRISIL Assigns B+ Rating to INR6.50cr Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Ecopmin Technologies Pvt Ltd (ETPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.75       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     6.50       CRISIL B+/Stable (Assigned)

   Term Loan              0.75       CRISIL B+/Stable (Assigned)

The rating reflects the company's weak financial risk profile and
vulnerability of profitability to volatility in foreign exchange
(forex) rates. These weaknesses are partially offset by the
extensive experience of the promoters in the electrical components
industry and healthy scale of operations.

Key rating drivers & detailed description

Weaknesses:

* Average financial risk profile: Networth was small at INR0.6
crore as on March 31, 2023, while gearing and total outside
liabilities to adjusted networth (TOLANW) ratio were weak at 7.48
times and 10.03 times, respectively. Despite improving to an
estimated INR1.3 crore and 5.51 times as of March 2024, networth
and gearing remain average, respectively. However, the financial
risk profile is expected to improve over the medium term with
accretion of profits to reserves.

* Vulnerability of operating margin to fluctuations in foreign
exchange (forex) rates: Since the majority of procurement comes
from the international market, any sharp fluctuation in forex rates
can affect operating margin and accrual. The company has started
procuring major raw materials from the local market, thus reducing
exposure to forex volatility in the future.

Strengths:

* Extensive experience of the promoters: The promoters and his team
have been part of a large electronics corporation and have
extensive experience in the electronics industry for over a decade.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers.

* Robust scale of operations: Revenue registered a compound annual
growth rate of 44% in the three fiscal years through 2024, to INR24
crore. Growth in turnover is likely to remain steady over the
medium term with higher sales of SMT machines.

Liquidity: Stretched

Bank limit utilization was moderate at around 72% for the three
months through March 2024. Cash accrual is expected to be INR1.5
crore in fiscal 2025 against a yearly term debt repayment
obligation of around Rs. 1 to 1.2 crores over the medium term. The
current ratio was healthy at 2.95 times as on March 31, 2023. The
promoters are likely to extend equity and unsecured loans to meet
working capital requirements and debt obligation.

Outlook: Stable

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

Rating sensitivity factors

Upward factors:

* Improvement in financial risk profile, primarily gearing and
TOLTNW ratio.
* Steady improvement in revenue by 20% and sustenance of operating
margin leading to higher cash accrual.

Downward factors:

* Decline in net cash accrual below INR0.5 crore on account of fall
in revenue or operating profit.
* Large, debt-funded capital expenditure further weakens capital
structure.

Incorporated in 2017 and promoted by Mr Dushyanth Kumar Sanaka, Mr
Perumal Madhu Mala, Mr Jeyakumar Subramaniyan and Mr Perumal
Vinoth, ETPL manufactures surface mount electronics, such as SMT
equipment, consumable and allied products. Facilities are in
Chennai.


ESSAR AGROTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Essar
Agrotech Limited (EAL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.65       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

EAL was incorporated in April 1993 and is engaged in farming of
flowers, plants and vegetable and trading of milk. EAL has
established the brand name of 'Indus Fresh Brand' for Dutch roses
(13 different types of roses) and exotic vegetables. Currently EAL
is producing roses, vegetables, mango, plants and plugs in five
sites which include Lonavala, Kamshet, Ooty, Jategaon and
Jamnagar.


FRENCH MOTOR: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term and Short-Term rating of French Motor
Car Co. Ltd. in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          0.50       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

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

The French Motor Car Co. Ltd. (FMCCL) was established as a
proprietorship concern in 1905 by a French-American diamond
merchant. Later, in 1920 it was converted into a public limited
company. In 1954, FMCCL became an authorised dealer for Tata Motors
Limited's (TML) products (commercial vehicle, spares) and services.
The dealership network of FMCCL is spread across the states of West
Bengal (Kolkata, Howrah and Asansol) and Assam (Guwahati). FMCCL
has four showrooms, one each in Kolkata with 1S (sale) facility,
Howrah, Asansol and Guwahati with 3S (sale, spares and services)
facilities and two workshops with 1S (service) facility, one each
in Guwahati and Asansol. It also has three small offices (two in
West Bengal and one in Assam) with display space of two vehicles
each.


HAFIZ CONSTRUCTION: CRISIL Moves D Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Hafiz Construction Company Pvt
Ltd (HCCPL) to 'CRISIL D; Issuer not cooperating'. However, the
company's management has started sharing the information necessary
for a comprehensive review of the ratings. Consequently, CRISIL
Ratings is migrating the ratings to 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         30        CRISIL A4 (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Secured Overdraft      25        CRISIL B-/Stable (Migrated
   Facility                         from 'CRISIL D ISSUER NOT
                                    COOPERATING')
    
   Term Loan               5        CRISIL B-/Stable (Migrated
                                    from 'CRISIL D ISSUER NOT
                                    COOPERATING')

The rating factors in timely servicing of debt obligations since
Jan-24 to till date leading to an overall improvement in financial
risk profile, especially liquidity. While there were instances of
irregularities during Feb-24, towards the term loan account, the
same was on account of operational issues at bank's end. The
company had adequate reserves available on the date of repayment,
as evident by the current account statements, however, the same
couldn't be debited timely due to operational issues at bank's end.
Debt servicing was timely during Mar-24.

The ratings reflect the company's tender-based business leading to
modest scale of operations and large working capital requirements.
These weaknesses are partially offset by extensive experience of
the promoters leading to healthy operating margin.

Analytical Approach

Unsecured loan (Rs 154 lakh as on March 31, 2023) extended by the
promoters has been treated as debt as the loan is extended on need
basis and will be withdrawn subsequently.

Key Rating Drivers & Detailed Description

Weaknesses:

* Tender-based business leading to modest scale of operations:
Revenue and profitability depend entirely on the ability to win
tenders. Also, intense competition in the civil construction
industry necessitates aggressive bidding to get contracts, which
restricts the operating margin. The company recorded sales of
around INR50 crore In fiscal 2023, and of only INR20 crore till
December 2023 in fiscal 2024 due to non-approval of projects for
which it has already completed work. The revenue will remain modest
at INR40-50 crore over the medium term. Moreover, as the company
deals only with government clients, timely realisation of
receivables remains monitorable.

* Large working capital requirement: Gross current assets (GCAs)
are expected at 220-240 days from fiscal 2024, driven by large
inventory (including work-in-progress as well executed contracts
not approved by the concerned parties) and receivables of 80-90
days as 100% dealing with government customers leads to blockage of
funds. Also, ramp-up in operations has led to higher dependence on
working capital debt, as seen in almost full utilisation of the
bank limit in the 12 months through February 2023. As the scale
increases with higher demand, dependence on working capital debt
may increase, which will shrink liquidity. The ability to
efficiently manage working capital, leading to moderation in bank
limit utilisation, will remain monitorable.

Strength:

* Extensive experience of the promoters leading to healthy
operating margin: The promoters have experience of more than 15
years in the construction industry. Their strong understanding of
the market dynamics and healthy relationships with suppliers and
customers should continue to support the business. The company has
generated a healthy operating margin of 14-15% historically, which
is expected to sustain over the medium term. Order book worth
INR138 crore and bidding in process of around INR100 crore with the
Roads & Building Department and the Pradhan Mantri Gram Sadak
Yojana in Srinagar provide revenue visibility over the medium
term.

Liquidity: Poor

Bank limit utilization was high at 99% on average for the 12 months
through February 2024. Cash accrual is expected at INR2-3 crore
against term debt obligation of INR1.5-2.0 crore over the medium
term and will cushion liquidity. The current ratio was moderate,
estimated at 1.06 times on March 31, 2024. Fixed deposit of around
INR3 crore encumbered for bank guarantee will also aid the
liquidity profile.

Outlook: Stable

HCCPL will continue to benefit from the extensive experience of its
promoters.

Rating Sensitivity factors

Upward factors

* Revenue growth of 20-30% with sustained operating margin, leading
to higher-than-expected cash accrual.
* Efficient management of working capital limits leading to
moderate bank limit utilization, resulting in improvement in the
liquidity profile.

Downward factors:

* Decline in revenue or operating margin leading to net cash
accrual less than INR1 crore.
* Any large, debt-funded capital expenditure or high utilization of
working capital limits. Thus, weakening the liquidity risk profile

Incorporated in 2008 and based in Srinagar, HCCPL undertakes civil
construction works. It is owned and managed by Mr Tariq Ahmad
Hafiz, Mr Feroz Ahmad Hafiz and Mr Farooq Ahmad Hafiz.


IND BARATH: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ind Barath
Thermotek Private Limited (IBTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      779.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 26, 2018,
placed the rating of IBTPL under the 'issuer non-cooperating'
category as IBTPL had failed to provide information for monitoring
of the rating. IBTPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated March 2, 2024, March 12, 2024 and March 22, 2024.

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

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

The ratings assigned to the debt instrument of Ind Barath Thermotek
Private Limited factors in the stretched liquidity position of the
company resulting in delays in debt servicing.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:

At the time of last rating on April 17, 2023, the following were
the rating strengths and weaknesses:

Key weaknesses

* Stretched liquidity position: The cashflows of IBTPL is majorly
dependent on the commencement of business operation and performance
of the company; Ind Barath Energy (Utkal) Limited (IBEUL) as IBTPL
was floated to provide O&M to the said company. On account of
delayed project implementation of IBEUL and non-commencement of
business operation, there has been no cashflow generation for IBTPL
also resulting in stretched liquidity and delays in debt servicing
obligation.

Key strengths

* Long track record of group in the power segment: The group has
experience in successfully commissioning power projects with varied
fuels like coal, gas, biomass, hydro and wind. Mr K Raghu
Ramakrishna Raju, the promoter of the Ind-Barath group, has more
than 15 years of experience in the power sector.

IBTPL belongs to Ind Barath Group and is a subsidiary (99.9%) of
Ind-Barath Power Infra Limited (IBPIL), the flagship company of the
group. Incorporated on December 15, 2014, IBTPL was set-up to carry
out Operation and Maintenance (O&M) activity of the subsidiary
Ind-Barath Energy Utkal Limited which is setting up a 700 MW
(2*350MW) coal based power plant in Orissa.

INDIGO COLLECTIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indigo
Collections Private Limited (ICPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Funded Interest       1.25        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Packing Credit        2.26        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-        4.94        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

   Working Capital       1.00        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Originally established as a partnership concern in 2001, New
Delhi-based ICPL was reconstituted as a private limited company in
2005. It manufactures and exports readymade garments, primarily
women and kids' wear. Ms Upma Chandra and her family members are
the promoters.


INFUTEC HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Infutec
Healthcare Limited (IHL) continue to remain in the 'Issuer Not
Cooperating' category.
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      49.09       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          14.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2023, placed the rating(s) of IHL under the 'issuer
non-cooperating' category as IHL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. IHL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 17, 2023, December 27, 2023, January 6,
2024.

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

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

IHL (erstwhile Goa Formulations Ltd, CIN: U24230MH2005PLC155962)
was a wholly owned subsidiary of Indore-based Parental Drugs India
Limited (PDIL). As on July 10, 2018, one of the investors i.e.
Mahaganpati Investment Private Limited (MIPL) converted preference
share of INR48.50 crore (book value) into equity share leading to
dilution of the shareholding of PDIL. As on March 31, 2021, PDIL
holds 12.24% equity stake in the company whereas the majority
holding of 87.76% equity stake is held by MIPL. IHL is engaged in
manufacturing of pharmaceutical products mainly into intravenous
fluids at its plant located at Hoshiarpur, Punjab.


JVS BIOFUELS: CRISIL Raises Rating on INR68cr Term Loan to B-
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of JVS Biofuels Pvt Ltd (JVSBPL) to 'CRISIL B-/Stable'
from 'CRISIL D'.

                     Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          11        CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Term Loan            68        CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

The upgrade reflects timely debt servicing by the company over the
three months starting January 2024.

The rating also reflects JVSBPL's modest scale of operations,
susceptibility to fluctuations in raw material prices a`nd
leveraged capital structure. These weaknesses are partially offset
by ready demand for ethanol, entrepreneurial experience of the
promoters and favourable location of the plant.

Analytical Approach

Unsecured loans from the promoters of INR14.17 crore as on March
31, 2024 have been treated as debt as these are need based funds.

Key Rating Drivers & Detailed Description

Strengths:

* Modest scale of operations: Business profile is constrained by
the modest scale of operations in the intensely competitive ethanol
industry. The small scale will continue to limit operating
flexibility. JVSBPL has recently set up an 80 KLPD (kilo litre per
day) grain-based ethanol plant at village Jatwar, Dist. Ambala,
Haryana which commenced operations in October 2023. The successful
stabilisation of operations at the new unit will remain a key
rating sensitivity factor.

* Susceptibility to fluctuations in raw material prices:
Profitability is susceptible to fluctuations in raw material
prices. The price of rice/husk depends on demand-supply factors.
Prices are volatile and can adversely affect operating margin.

* Leveraged capital structure: Total outside liabilities to
adjusted networth ratio stood high at 4.86 times and gearing at
4.63 times as on March 31, 2023, led by reliance on external debt
in the form of bank borrowing and cash credit facility. However,
capital structure may improve over the medium term, with an
expected increase in networth and scale up of operations.

Weaknesses:

* Ready demand for ethanol: The company's product, fuel ethanol,
will be used by oil marketing companies (OMCs) in Ethanol Blending
Programme (EBP). The Government of India 's target of achieving E20
petrol by 2025 through the National Policy of Biofuels 2018 has
created huge opportunity for fuel grade ethanol manufacturers and
there is a significant gap between demand and supply. This coupled
with assured offtake from oil marketing companies (OMCs) will
continue to support the business over the medium term.

* Entrepreneurial experience of the promoters and favourable
location of the plant: The diversified entrepreneurial experience
of the promoters has helped them develop healthy business
relationships in the region. This is expected to support the
company in quickly ramping up the operations going forward. The
ethanol manufacturing plant is in village Jatwar,, Haryana,
providing easy access to nearby rice producing areas.

Liquidity: Stretched

Net cash accrual is projected at INR17-18 crore per annum, against
yearly debt obligation of INR11.33 crore over the medium term. Bank
limit utilisation averaged a high 85% over the six months through
March 2024.

The promoters are likely to extend support in the form of equity
and unsecured loans to meet the working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believes JVSBPL will continue to benefit from the
extensive experience of the promoters.

Rating Sensitivity factors

Upward factors:

* Steady growth in revenue annually and operating margin sustaining
above 18%, leading to cash accrual of more than INR20 crore.
* Improvement in the working capital cycle.

Downward factors:

* Decline in revenue or profitability, resulting in net cash
accrual falling below INR12.50 crore.
* Further stretch in the working capital cycle, with increase in
debtors.
* Large, debt-funded capital expenditure.

Incorporated in January 2021, JVSBPL has recently set up an 80 KLPD
grain-based ethanol plant that at Village Jatwar, Dist. Ambala,
Haryana. The plant commenced operations in October 2023. JVSBPL is
owned and managed by Mr Jitender Jindal, Mr Sunil Singla

KRISHNA TUFF: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Krishna Tuff Private Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.32       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.50       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.18       [ICRA]B (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in June 2012, Krishna Tuff Private Limited is engaged
in manufacturing toughened glass and double glazed glass of
thickness ranging from 4 mm to 12 mm, which is supplied to
fabricators and builders in Gujarat. The unit is located at
Chatral, in Gujarat with an installed capacity of manufacturing
~2,00,000 sq. meters of toughened glassper annum. The company is
promoted by Mr. Hasmukh Patel, Mr. Ajendra Patel and other family
members who have more than a decade of experience in the industry
through other associate concern - Ghanshyam Glass Corporation,
engaged in trading of various types of glasses.


LONDON STAR: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of London
Star Diamond Company (India) Private Limited (LSDCPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          10.80       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank     12.85       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of LSDCPL under the 'issuer
non-cooperating' category as LSDCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.

LSDCPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated December 26, 2023, January 5, 2024, April 11,
2024.

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

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

Incorporated in 1964, London Star Diamond Company (India) Private
Limited (LSDCPL) is engaged in trading of cut and polished
diamonds. It also does trade of rough diamonds. LSDCPL is
predominantly an export-oriented firm.


NAVA NIRMAN: CARE Lowers Rating on INR21cr LT Loan to D
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Nava Nirman Fabrication Private Limited (NNFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.00       CARE D Revised from CARE BB;
   Facilities                      Stable

   Short Term Bank      8.00       CARE D Revised from CARE A4
   Facilities           

Rationale and key rating drivers

The revision in the ratings assigned to the bank facilities of
NNFPL takes into account ongoing delays in servicing of term debt
obligations in case of facilities not rated by CARE coupled with
ongoing overdrawals in Cash credit account in case of CARE rated
facilities due to cash flow mismatches.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delays/defaults free track record of 90 days.

* Infusion of equity/unsecured loans or turnaround in operation
with execution of orders leading to improvement in liquidity
position.

Analytical approach: Standalone

Detailed description of the key rating drivers:

Key weaknesses

* Delays in debt servicing and overdraws in fund based working
capital limits: There have been ongoing delays in repayment of term
loans in case of facilities not rated by CARE. Also, there has been
ongoing overdrawals in the Cash credit facilities rated by CARE
majorly due to stretching of payment from debtors leading cash flow
mismatches.

Liquidity: Poor

The company has a poor liquidity position marked by delays in
payment of EMIs for Term loan and overdrawals in the CC account.

Nava Nirman Fabrication Private Limited (NNFPL), incorporated in
2009 is promoted by Mr. Subodh Kumar Dutta and family.  NNFPL is an
approved Class-I supplier of Indian Railways for manufacturing,
fabrication and supplying of complete locomotive shells, DETC,
bogies, underframe which includes roofs, side walls, driver's desk,
steel casting, ingots and forgings, mechanized steel, and wagon
components primarily for Chittaranjan Locomotive Works (CLW),
Diesel Locomotive Works (DLW) and Zonal Railways. The overall
affairs of the company are looked after by its two directors, Mr.
Subodh Kumar Dutta, and Mr. Sourav Dutta along with a team of
experienced professionals.

PREMIER AGENCIES: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Premier
Agencies (PA) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of PA under the 'issuer non-cooperating'
category as PA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 26, 2023, January 5, 2024, April 10, 2024.

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

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

Premier Agencies (PA) was established in April, 1979 as a
partnership firm and is currently being managed by Mr. Harish
Chander, Mr. Tarun Puniani and Mr. Bharat Puniani sharing profit
and losses in the ratio of 4:3:3. PA is the sole authorized
distributor of Hamilton Housewares Private Limited for providing
Milton, Treo and Spot Zero brand products in Haryana. The product
line consists of plasticware, thermoware, glassware, and melamine
ware. The firm is having network of 1000 dealers located in
different parts of Haryana.

RAJAGANAPATHI TRADING: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Rajaganapathi Trading Corporation (SRTC) continue to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2023, placed the rating(s) of SRTC under the 'issuer
non-cooperating' category as SRTC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRTC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 2, 2024, January 12, 2024, January 22,
2024.

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

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

SRK Traders, VT Traders and Sri Rajaganapathy Traders were
established in 2008, 2009 and 2008 respectively by Mr. B K
Venkatachalam and Ms. V Tamilayshhwarya. The entities were engaged
in trading of Rice, turmeric and grams. Later on January 1, 2012,
Shri Rajaganapathi Trading Corporation (SRTC) was established as a
partnership concern with Mr. B K Venkatachalam and Ms. V
Tamilayshhwarya as partners with the profit sharing ratio of 60:40
and the three existing entities was merged into one entity. SRTC is
engaged in trading of para-boiled rice, commonly referred to as
'Ponni' variety and split red gram. The firm purchases the goods
from suppliers located in different districts of Tamil Nadu and
wholesales them to retailers located in Erode, Avinashi, among
other places in Tamil Nadu. The firm has one associate concern
namely, Shri Shivvishnu Traders engaged in similar line of
business. The registered office and two warehouses of SRTC are
located in Erode, Tamil Nadu.


RENEX INDUSTRIES: CARE Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Renex
Industries Private Limited (RIPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/Short      6.00       CARE C/CARE A4; ISSUER NOT
   Term Bank                       COOPERATING; Rating continues
   Facilities                      to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 9,
2023, placed the rating(s) of RIPL under the 'issuer
non-cooperating' category as RIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2023, January 5, 2024, January 15,
2024.

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

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

Renex Industries Private Limited was earlier incorporated in 2010
by Mr Premraj Pamate Chalavaraj, Mr Ashish Bipinkumar Soni and Mr
Ravi Banarasilal Kapoor as Swathi Sunsource Power Private Limited
(SSPPL) to setting up unit to manufacture solar
collectors/equipment's i.e. Parabolic Troughs, which can be used by
clientele to generate heat/steam/power at its manufacturing
facility located at Industrial Part Penukonda, Anantapur District,
Andhra Pradesh. Furthermore, the company also has in-house research
and development facility at Penukonda, which is partially
functional.


RENUKA FARMERS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Renuka
Farmers LLP (RFL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          15.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

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

Jaipur (Rajasthan) based Renuka Farmers LLP (RFL) was formed as a
limited liability partnership in 2017 by Mr. Jaipal Saini with an
objective to primarily engage in trading of different agricultural
commodities including guar seeds, barley, guar gum, mustard seeds,
pulses and wheat.


RSV HOSPITAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the long-term rating of RSV Hospital Private Limited
in the 'Issuer Not Cooperating' category. The ratings are denoted
as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

   Long Term-          6.68       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.02       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category
  
As part of its process and in accordance with its rating agreement
with RSV Hospital Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

RSV Nursing Home & Speciality Diagnostic Centre was set up in 2007
as an Association of Persons (AOP) by Mr. Rattan Sagar Vasisht
along with his family members. In 2009, the centre was renamed as
RSV Hospital. The AOP was reconstituted as a private limited
company in 2011. The company operates a multi-specialty hospital in
Kolkata called RSV Hospital, which is a 100-bed facility including
six intensive-care units and services across specialties such as
gynaecology, obstetrics, neonatology, cardiology, general medicine,
orthopaedic and pediatric, among others. RSV Hospital generates
most of its revenue from obstetrics and neonatology.


RUDRA CONCEPT: CARE Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rudra
Concept Speciality Constructions LLP (RCSCL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.80       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      0.20       CARE C; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale & Key Rating Drivers

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

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

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

Uttar Pradesh Based Rudra Concept Speciality Constructions LLP was
established in October 20, 2016 as a partnership firm and will
commence its operations from August-September, 2019. It is
currently promoted and managed by 8 partners. The firm plans to
start operations in construction of warehouses for storage of a
variety of products ranging from food and agriculture products to
apparels and other FMCG products and has currently entered into a
lease agreement with Future Supply Chain Limited for constructing a
built-to-suit warehouse structure to the Future Retail outlets
located in Varanasi, U.P.


SAHA INFRATECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saha
Infratech Private Limited (SIPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      160.00     CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING

Rationale and key rating drivers

CARE had, vide its press release dated March 29, 2019; placed the
rating of SIPL under the 'issuer non-cooperating' category as SIPL
had failed to provide information for monitoring of the rating.
SIPL continues to be noncooperative despite repeated requests for
submission of information through e-mails dated March 19, 2024,
March 29, 2024, and April 8, 2024.

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

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

Analytical approach: Standalone

Detailed description of the key rating drivers:

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

Key Rating Weaknesses

* Ongoing Delays in Debt Servicing: The company has defaulted in
debt servicing of the interest payments due on December 30, 2018,
due to tight liquidity position.

* Subdued industry scenario: The real estate sector has been
grappling with issues such as unsold inventory, delayed delivery,
and financial stress on the developers for quite some years now and
post demonetisation; due to higher liquidity the buyers have
deferred their purchases as they are expecting the borrowing rates
to come down. However, with the introduction of Real Estate
regulation and Development Act (RERA) and GST (Goods and Services
Tax), the residential real estate sector is on the path of
transformation with modified rules and mandatory approvals which
will enhance the transparency and customers' trust in the sector
but also add additional burden on the developers which might hamper
the sentiments of the market.

Saha Infratech Private Limited (SIPL) was incorporated in 2011 and
is promoted by Mr. Aniel Kumar Saha (Chairman & Managing Director)
who is a professional architect and holds a degree of Master of
Architecture. He has over 30 years of experience in real estate
development. Mr. Ashok Kumar Sirohi (Joint Managing Director) has
experience of over a decade in real estate sector and is esponsible
for making strategic decisions for the company. SIPL was engaged in
real estate development and construction of residential group
housing projects working to deliver its two maiden real estate
projects; both of them located in Noida (Uttar Pradesh).


SOHRAB SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sohrab
Spinning Mills Limited (SSML) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            16         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              12         CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 1989 by Mr Amjad Ali, SSML manufactures industrial yarn
that finds application mainly in the tyre industry. The remaining
revenue is derived from manufacture of hosiery yarn. The company
has a manufacturing facility in Malerkotla, Punjab.


SUSEE PREMIUM: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Susee
Premium Automobiles Private Limited (SPAPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.48       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 3,
2023, placed the rating(s) of SPAPL under the 'issuer
non-cooperating' category as SPAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SPAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 20, 2023, December
30, 2023, January 9, 2024.

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

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

Susee Premium Automobiles Private Limited (SPAPL) was incorporated
in the year 2008 by Mr. S. Jeyabalan, Mr. J. Rajiv Subramanian and
Ms. J. Nirmala. SPAPL is the authorised dealer of Ford India
Private Limited for vehicles and spare parts. It has two operating
showrooms named Rockcity Ford in Trichy and Salem, Tamil Nadu. The
company procures the vehicles and spare parts directly from FIPL's
manufacturing units in Gujarat and Chennai. The registered office
is located in Madurai, Tamil Nadu.


TAJSHREE MOTORS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tajshree
Motors Private Limited (TMPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

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

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

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

TMPL was incorporated in the year 2006. The company is an
authorized dealer for the two wheelers of Yamaha Motors Private
Limited (Yamaha) and Chevrolet Sales India Private Limited).

VEE ESS : Liquidation Process Case Summary
------------------------------------------
Debtor: Vee Ess Jewellers Private Limited
1227-28 Naiwalagurudawara Road Karol Bagh
        New Delhi Central Delhi DL 110005 India

Liquidation Commencement Date: April 9, 2024

Court: National Company Law Tribunal New Delhi Bench-II

Liquidator: Ashok Kumar Gupta
     LD-46, Pitampura, Delhi-110034
            Email: cmaashokgupt@gmail.com

            304, D.R. Chamber, 12/56.D B Gupta Road,
            Karol Bagh, New Delhi-110005
            Email: cirp.vejpl@gmail.com

Last date for
submission of claims: May 10, 2024


VISHAL CONDUIT: CARE Keeps C/A4 Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vishal
Conduit Products Private Limited (VCPPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      5.00       CARE C; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of VCPPL under the 'issuer
non-cooperating' category as VCPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. VCPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 26, 2023, January 5,
2024, April 10, 2024.

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

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

Vishal Conduit Products Pvt. Ltd. (VCPPL), incorporated in 2005 by
the Singh family of Jalandhar Punjab with the objective of
manufacturing of iron & steel products. Since inception, the
company is engaged in manufacturing of mild steel (MS) ingots and
mild steel (MS) pipes. The facility of the company is located at
Jalandhar, Punjab with an annual installed capacity of 12,000 MT
per annum for (MS) ingots and 1200 MT per annum for (MS) pipes. Mr
S Mohinder Singh (Graduate), Managing Director, looks after the day
to day operations of the entity. VCPPL also undertook trading of
iron and steel products.




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

CAPITAL A: Fernandes Defers Retirement, Renews Contract for 5 Yrs.
------------------------------------------------------------------
Reuters reports that Capital A's Tony Fernandes said on April 24 he
has agreed to put aside retirement plans and has signed a new
five-year contract to continue as chief executive of the company,
the operator of budget airline group AirAsia.

Reuters relates that Mr. Fernandes, who said in January he intended
to retire within the next five years, said he made the decision to
renew his contract following requests from the company's board to
stay on.

"Retirement plans had to be put on hold to ensure we survive," Mr.
Fernandes told reporters.

Mr. Fernandes has headed the company since 2001, when he and
business partner Kamarudin Meranun took over AirAsia from the
Malaysian government for 1 ringgit, or about $0.30 at the time.

AirAsia, which began with two aircraft, has since grown to become
one of Asia's largest airlines with a fleet of some 200 planes
serving markets including Southeast Asia and China.

But it was hard hit by pandemic travel restrictions, leading
Malaysia's bourse to classify Capital A as a PN17 company, or
financially distressed, Reuters relays.

Mr. Fernandes reiterated Capital A was working on a restructuring
plan to lift the PN17 tag, expressing confidence that its aviation
business will return to pre-pandemic levels by the second half of
the year, according to Reuters.

The company is also expected to announce updates to its plan to
merge its long-haul unit AirAsia X with its other airline
operations by the end of this month, Mr. Fernandes, as cited by
Reuters, said.

"We hope by June, July, we will have all our aircraft back," he
said. "2025 is when you'll see AirAsia is better than in 2019."

AirAsia, a major customer of planemaker Airbus, may also consider
other suppliers, including Chinese planemaker COMAC, as it looks to
expand its fleet amid an industry-wide supply crunch, Mr. Fernandes
said.

"Never say never . . . I think the most important thing is that we
want to grow," he said.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

Capital A, headquartered in Malaysia, operates from hubs in
Malaysia, Thailand, Indonesia, Philippines and India. The airline's
Malaysia and Thailand operations are undertaken via AirAsia Bhd and
Thai AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, Capital A is in the midst of formulating a plan to
regularize its financial condition to address its Practice Note 17
(PN17) status.  

Capital A triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

Capital A also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, Capital A was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.

In October 2023, Capital A has requested for an extension to submit
its regularisation plan to Bursa Malaysia, making it the third
request made by the financially-distressed company. In a filing to
the bourse, Capital A said it had sought for an extension until
Dec. 31, 2023.

Capital A Bhd now has up till June 30, 2024 to submit its proposal
to regularise its Practice Note 17 (PN17) condition after getting
Bursa Malaysia's approval for another six-month extension - its
fourth extension in a row.


MYAIRLINE SDN: Loses Licence to Operate as Commercial Airline
-------------------------------------------------------------
The Edge reports that the Civil Aviation Authority of Malaysia
(CAAM) has revoked the air operator's certificate (AOC) of
cash-strapped low-cost carrier MYAirline Sdn Bhd, effective April
15, after it failed to find a new investor before the April 14
deadline.

This means MYAirline will have to reapply for the AOC and an air
service licence (ASL) from the aviation regulators - the first from
CAAM, the technical aviation regulator; the second from its
economic aviation counterpart, the Malaysian Aviation Commission
(Mavcom) - if it hopes to restart services. The process can be long
and tedious.

On October 12 last year, MYAirline abruptly halted its operations
citing financial pressures, less than a year after it began flying,
The Edge relays.

Both Mavcom and CAAM had maintained that there were no signs of
financial and operational distress in MYAirline prior to the
suspension, according to the report. Just three days before the
airline's decision to abruptly suspend its operations indefinitely,
CAAM had even given the thumbs up to the airline's air safety,
security and operational proficiency for another two years.

A day after MYAirline's sudden decision, CAAM temporarily suspended
its AOC for 90 days until January 16 this year. Since then, CAAM
had extended the suspension period of the airline's AOC once - for
another three months until April 14. MYAirline's ASL expired on Nov
14, 2023.

Airlines need both an ASL and AOC to operate scheduled air
passenger and cargo services.

"There will be no more extension (of MYAirline's AOC). Its AOC was
revoked on April 15 under Regulation 193 of the Malaysian Civil
Aviation Regulations 2016," CAAM chief executive officer (CEO)
Datuk Captain Norazman Mahmud told The Edge.

"However, it is keeping the required post holders for
reapplication," he added.

MYAirline's interim accountable executive is Datuk Seri Azharuddin
Abdul Rahman, former director general of the Malaysian Civil
Aviation Department and former chairman of CAAM, The Edge
discloses.

Azharuddin is also a member of MYAirline's board of directors. The
other board members are MYAirline co-founder and major shareholder
Datuk Allan Goh Hwan Hua, his son Sean Goh Tze Han, former Malaysia
Airports Holdings Bhd chief operating officer Datuk Abd Hamid Mohd
Ali, MYAirline co-founder and former CEO Rayner Teo Kheng Hock, and
Trillion Cove Holdings Bhd director Jothi Prakash Murugan.

Norazman also said the airline no longer has any aircraft
registered with CAAM. A total of 10 aircraft were previously under
MYAirline's management.

A MYAirline spokesman confirmed that CAAM had revoked the airline's
AOC on April 15. He said the airline still harbours hopes of
securing a new investor to revive its operations.

"We are in talks with several interested investors. We are handling
the staff issues internally. We will issue an announcement in due
time," the spokesman told The Edge.

Financial woes began to unfold last year due to a last minute
withdrawal of a potential investor, prompting the operational
shutdown. Some 125,000 passengers of MYAirline, who had purchased
MYR22 million worth of tickets for scheduled flights from Oct 12,
2023 until March 31, 2024, were left in a lurch subsequently. The
welfare of its 900 employees were also affected.

In January, MYAirline was reported to have found a white knight
"from the Middle East" to revive the low-cost carrier, The Edge
relays. The Bernama report, citing sources, said MYAirline had
signed a sale and purchase agreement with a new investor in late
December 2023. However, in February, the potential Middle Eastern
investor had reportedly decided not to pursue its interest in the
carrier.

MYAirline, Malaysia's second budget carrier after AirAsia, operates
a fleet of nine Airbus A320-200 planes that fly from Kuala Lumpur
to other parts of Malaysia, as well as Bangkok.




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

FLETCHER BUILDING: EasySteel Job Cuts Undecided
-----------------------------------------------
Tim Scott at Otago Daily Times reports that no decisions have been
made about potential job losses at a Dunedin steel distributor, an
embattled construction company said.

ODT relates that staff at EasySteel, a subsidiary of Fletcher
Building, were notified of a proposed restructuring this week.

In February, the parent company recorded a NZD120 million net loss
after tax in its interim results, both the chief executive Ross
Taylor and board chairman Bruce Hassall stepped down, ODT recalls.

EasySteel has southern branches in Dunedin and Invercargill with
FIRST Union And E Tu representing about 50 workers across the
country.

According to ODT, FIRST Union organiser Justin Wallace said the
proposal was the result of years of top-down mismanagement from
Fletcher and was a tragedy "entirely of their own making".

Profit had been extracted from the business to meet "huge"
executive salaries, which workers were now paying for with their
jobs.

"Workers are the ones bearing the cost of decades of utter greed
from upper management," ODT quotes Mr. Wallace as saying.

"The writing has been on the wall for a while now and rumours have
been circulating among staff due to EasySteel's notably austere and
threadbare operations in recent times."

ODT relates that Mr. Wallace said the restructuring would result in
job losses in EasySteel operations across the country, as well as
reductions in administration, centralisation of some inventory,
production and distribution functions.

If it went ahead, there would be flow-on effects to the rest of
Fletcher Building's subsidiaries and the wider building industry.

EasySteel was at risk of being the first of many Fletcher brands to
begin cost-cutting, he said.

"Workers should not be paying for executives' greed."

Consultation on the proposal will conclude on Friday, April 26, the
report adds.

A Fletcher Building spokeswoman said no decisions had been made and
its priority was to work with those potentially impacted by the
process.

She did not say how many jobs were expected to be cut in Dunedin.

EasySteel South Dunedin declined to comment.

Fletcher Building Limited, together with its subsidiaries,
manufactures and distributes building products in New Zealand,
Australia, and internationally. It operates through Building
Products, Distribution, Concrete, Residential and Development,
Construction, and Australia segments.


LAAIM PRINT: Creditors' Proofs of Debt Due on May 23
----------------------------------------------------
Creditors of Laaim Print Limited (formerly Print Rite Limited) are
required to file their proofs of debt by May 23, 2024, to be
included in the company's dividend distribution.

Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were
appointed liquidators of the company by Order of the High Court at
Auckland on April 18, 2024 upon the application of Fujifilm
Business Innovation New Zealand Limited.


NZCS OPERATIONS: Creditors' Proofs of Debt Due on May 24
--------------------------------------------------------
Creditors of NZCS Operations Limited are required to file their
proofs of debt by May 24, 2024, to be included in the company's
dividend distribution.

Ryan Eathorne was appointed liquidator of the company by Order of
the High Court at Christchurch on April 18, 2024.


SIPKA PROPERTIES: Court to Hear Wind-Up Petition on May 3
---------------------------------------------------------
A petition to wind up the operations of Sipka Properties 110
Symonds Street Limited will be heard before the High Court at
Auckland on May 3, 2024, at 10:00 a.m.

Intercoll Ledger Limited filed the petition against the company on
Feb. 26, 2024.

The Petitioner's solicitor is:

         MinterEllisonRuddWatts
         PwC Tower
         15 Customs Street West
         Auckland 1010


T1 FITNESS: Creditors' Proofs of Debt Due on May 17
---------------------------------------------------
Creditors of T1 Fitness NZ Limited are required to file their
proofs of debt by May 17, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 17, 2024.

The company's liquidators are:

         Adam Botterill
         Damien Grant
         Waterstone Insolvency
         PO Box 352
         Auckland 1140




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

ALIGN GROUP: Creditors' Meetings Set for May 10
-----------------------------------------------
Align Group of Companies Pte Ltd will hold a meeting for its
creditors on May 10, 2024, at 11:00 a.m. via video conferencing
(Microsoft Teams or Zoom).

Agenda of the meeting includes:

   a. to lay before the creditors a full Statement of Affairs of
      the Company, showing the assets and liabilities, together
      with a list of creditors and the estimated amount of their
      claims;

   b. to confirm the appointment of Mr. Chan Yee Hong, licensed
      Insolvency Practitioner, of CLA Global TS Risk Advisory Pte.

      Ltd. of 80 Robinson Road, #25-00, Singapore 068898, as
      Liquidator of the Company for the purpose of such voluntary
      winding up and that the Liquidator's fees be based on his
      normal scale rates and disbursements incurred be paid out of

      the Company's assets;

   c. to consider and if deemed fit appoint a Committee of
      Inspection; and

   d. Any other business.

Mr. Chan Yee Hong of CLA Global TS Risk Advisory was appointed as
provisional liquidator of the company on April 11, 2024.


TARGA SOLUTION: Placed in Interim Judicial Management
-----------------------------------------------------
Mr. Farooq Ahmad Mann of Mann & Associates on April 22, 2024, was
appointed as interim judicial manager of Targa Solution Pte Ltd.

The interim judicial manager may be reached at:

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




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

VIETNAM PROSPERITY: Moody's Affirms 'Ba3' Deposit & Issuer Ratings
------------------------------------------------------------------
Moody's Ratings has affirmed Vietnam Prosperity Joint Stock
Commercial Bank's (VPBank) Ba3 long-term (LT) foreign currency (FC)
and local currency (LC) bank deposit and issuer ratings, Ba2 LT FC
and LC Counterparty Risk Ratings (CRR), ba3 Baseline Credit
Assessment (BCA) and Adjusted BCA, Not Prime (NP) short-term (ST)
FC and LC bank deposit and issuer ratings and CRR, as well as
(P)Ba3 senior unsecured medium-term note program rating.

At the same time, the rating agency has affirmed VPBank's Ba2(cr)
and NP(cr) LT and ST Counterparty Risk Assessments, respectively.

Moody's has maintained the stable outlook on the ratings where
applicable.

RATINGS RATIONALE

The affirmation of VPBank's ratings with a stable outlook is driven
by Moody's  expectation that the bank's above-industry-average
capitalization and stable funding will provide a buffer against
high asset risk. However, the bank's BCA could come under pressure
if its profitability remains low because of asset quality stress
and high funding costs.

VPBank's capitalization improved last year following the sizable
capital raised from Sumitomo Mitsui Banking Corporation (SMBC, A1
stable, a3). As of the end of December 2023, the bank's
consolidated tangible common equity (TCE) to risk-weighted assets
(RWA) ratio of 15.5% was the highest among its rated peers in
Vietnam.

Moody's projects the bank's loans will grow at around 20%-25% and
its net interest margin (NIM) will improve over the next 12-15
months because of lower funding costs. Its profitability will also
benefit from lower drag on its consumer finance subsidiary.
However, VPBank's credit cost and hence overall profitability are
susceptible to asset-quality risks because of its modest provision
coverage and rapidly growing exposure to real estate loans. Its
profitability declined in 2023 largely due to NIM compression,
driven by higher funding cost and elevated credit cost. Its net
income to tangible banking assets ratio reduced substantially to
1.0% in 2023 from 2.7% in 2022 (which included an one-off upfront
fee from the bank's bancassurance deal with AIA Group Limited (A1
negative)).

The bank's problem loan ratio (which includes nonperforming loans
(NPLs) and Vietnam Asset Management Company (VAMC) bonds) as a
percentage of gross loans was stable at 5.7% of total loans as of
December 2023 compared to a year ago. However, its special mention
loans ratio increased to 6.8% of gross loans as of December 2023
from 5.4% in 2022, driven mainly by the bank's retail loans. The
asset quality of retail and small and medium enterprise loans will
likely stabilize over the next 12-18 months, as borrowers' debt
servicing capacity improve on the back of a reduction in interest
rates by 200-300 basis points since March 2023 and the economic
recovery in 2024 and 2025 after sluggish economic growth in 2023.

However, VPBank's sizable exposure to real estate loans, which
constitute 20% of its total loans in December 2023, pose risks to
its asset quality and profitability because of low volumes of new
housing transactions and high leverage among real estate
developers.

VPBank's funding and liquidity will remain broadly stable over the
next year. Its deposit base improved in 2023 with gains in its
current and savings account deposit ratio to 17%, which helped
lower its loan-to-deposit ratio to 129% as of the end of December
2023 from 145% at December 2022. Policy rate cuts by the central
bank, the bank's efforts to mobilize deposits and satisfactory
liquidity in the system supported VPBank's good deposit growth in
2023.

The rating does not incorporate any government support uplift,
despite Moody's assumption of a moderate probability of government
support for the bank in times of need.

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

Moody's could upgrade VPBank's ratings if its BCA is upgraded. An
upgrade of the BCA is likely if the bank's asset quality improves,
with its problem asset ratio (including any restructured assets)
declining to less than 2% while its TCE/adjusted RWA remains above
14% and return on tangible assets (ROTA) improves to above 2% on a
sustained basis.

On the other hand, Moody's could downgrade VPBank's ratings if its
BCA declines by more than one notch. A downgrade of VPBank's BCA is
likely if the bank's problem loans continue to increase, hurting
its profitability and capital. Rapid credit growth, an increase in
loan concentration to certain sectors and/or sizable cash dividends
that lower the bank's capitalization will also be negative for the
BCA.

Specifically, a net income to tangible assets of less than 1.5% on
a sustained basis or a drop in the bank's TCE/adjusted RWA to less
than 12.5% will be negative for the BCA. Any indication of
constrained access to funding will also be negative for the BCA and
ratings.

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

Vietnam Prosperity Joint Stock Commercial Bank (VPBank) is
headquartered in Hanoi and reported total assets of VND818 trillion
as of the end of December 2023.



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