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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, May 3, 2024, Vol. 27, No. 90

                           Headlines



A U S T R A L I A

BONZA AVIATION: No Refunds for Customers as Planes Stay Grounded
E-MERSION MEDIA: Collapses into Administration Owing AUD13 Million
EREPORTS PTY: First Creditors' Meeting Set for May 8
FCSHUB PTY: First Creditors' Meeting Set for May 8
G & N PARTITIONING: Second Creditors' Meeting Set for May 8

GOOD GROUP: Owes More Than AUD20MM, Administrators Report Show
ISAKAYA ENTERPRISES: First Creditors' Meeting Set for May 8
JDN RESOURCES: First Creditors' Meeting Set for May 10
RESIMAC TRIOMPHE 2024-1: S&P Assigns B(sf) Rating on Class F Notes


C H I N A

BCG CHINASTAR: Fitch Lowers LongTerm Foreign Currency IDR to BB+
CHINA EVERGRANDE: To Delay Publishing of 2023 Annual Results


I N D I A

AKM FOODS: Insolvency Resolution Process Case Summary
ATS HEIGHTS: Insolvency Resolution Process Case Summary
BAID INDUSTRIES: Liquidation Process Case Summary
BINDU FOOD: ICRA Keeps C+ Debt Ratings in Not Cooperating
DIFENDA INDIA: Voluntary Liquidation Process Case Summary

DURABLE TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating
ELECTROPATH SERVICES: Insolvency Resolution Process Case Summary
GARODIA CHEMICALS: Insolvency Resolution Process Case Summary
GOYAL ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
GURDAS AGRO: Insolvency Resolution Process Case Summary

HYFLUX ENGINEERING: Insolvency Resolution Process Case Summary
INDIA CIRCUITS: Insolvency Resolution Process Case Summary
KAPRISA INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
KARUTURI CERAMICS: Insolvency Resolution Process Case Summary
KEJRIWAL SUGAR: Insolvency Resolution Process Case Summary

KM TOLL: ICRA Keeps D Debt Ratings in Not Cooperating Category
KURUKSHETRA EXPRESSWAY: CRISIL Keeps D Ratings in Not Cooperating
LAKSHMI KANTHA: Liquidation Process Case Summary
LASCO LIFESTLYE: ICRA Keeps D Debt Rating in Not Cooperating
MAHAVIR INDUSTRIES: Insolvency Resolution Process Case Summary

MANGALAM APARTMENTS: Liquidation Process Case Summary
MANGLAM PAPER: Insolvency Resolution Process Case Summary
MID-CITY SUPERSTRUCTURES: Insolvency Process Case Summary
MIXED BAG: ICRA Keeps D Debt Rating in Not Cooperating Category
NAMI STEEL: Liquidation Process Case Summary

PAE LIMITED: Insolvency Resolution Process Case Summary
PAVILIONDATA SYSTEMS: Voluntary Liquidation Process Case Summary
PUSHPANJALI REALMS: Insolvency Resolution Process Case Summary
RAFTECH MULTITRADERS: Insolvency Resolution Process Case Summary
RAGHUVANSHI FIBERS: ICRA Keeps D Debt Ratings in Not Cooperating

RAICHUR LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
RAYBAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
RCC INFRAVENTURES: Insolvency Resolution Process Case Summary
REFLECTION INVESTMENTS: CRISIL Keeps D Ratings in Not Cooperating
REPLENISH REALITY: Insolvency Resolution Process Case Summary

RONSON PIGMENTS : Insolvency Resolution Process Case Summary
S.R. CASHEWS: CRISIL Keeps D Debt Rating in Not Cooperating
SHAILA HOSPITALITY: Insolvency Resolution Process Case Summary
SHIV COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
SHRADDHA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating

SIDHARAAJ PHARMA: Voluntary Liquidation Process Case Summary
SLC PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
SM LINE: Voluntary Liquidation Process Case Summary
SRIGDHAA BEVERAGES: CRISIL Keeps D Ratings in Not Cooperating
STAINLESS WORKS: Liquidation Process Case Summary

STARLIT POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
SUNDERBAN BREWERIES: CRISIL Moves D Ratings to Not Cooperating
TQS INTEGRATION: Voluntary Liquidation Process Case Summary
TRADCO DEESAN: ICRA Keeps D Debt Ratings in Not Cooperating
VENKATADRI SPINNING: CRISIL Keeps D Ratings in Not Cooperating

VIJAY NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
VINOTH DISTRIBUTORS: CRISIL Keeps D Ratings in Not Cooperating
ZALONI TECHNOLOGIES: Voluntary Liquidation Process Case Summary
ZENOVA BIO: CRISIL Keeps D Debt Ratings in Not Cooperating


M A L A Y S I A

CAPITAL A: Formulates Regularization Plan to Address PN17 Status
EPICON BHD: Uplifted From PN17 Status


N E W   Z E A L A N D

MORINI & CO: Court to Hear Wind-Up Petition on May 10
NESMOHT FARMS: Creditors' Proofs of Debt Due on May 31
ODDTREE HILL: Creditors' Proofs of Debt Due on May 24
QIXUAN INTERNATIONAL: First Creditors' Meeting Set for May 10
SIDHWAN TRANSPORT: Court to Hear Wind-Up Petition on May 10



P H I L I P P I N E S

DITO CME: Reports Net Loss of PHP19.6 Billion in 2023


S I N G A P O R E

84 INC: Creditors' Meetings Set for May 14
AYONDO LTD: Creditors' Meeting Set for June 6
DENTAL HUB@SG: Creditors' Meetings Set for May 14
MTBL GLOBAL: First Creditors' Meeting Set for May 15
TERAS OFFSHORE: Creditors' Meetings Set for May 10



T A I W A N

WAN HAI: S&P Affirms 'BB+' LT Issuer Credit Rating, Outlook Stable

                           - - - - -


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A U S T R A L I A
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BONZA AVIATION: No Refunds for Customers as Planes Stay Grounded
----------------------------------------------------------------
9news.com.au reports that thousands of Bonza customers affected by
the airline going into administration and cancelling all services
won't receive refunds anytime soon as flights remain grounded until
next week.

On April 30, the low-cost carrier abruptly suspended all flights
across the country due to concerns over its business viability
before entering voluntary administration.

All of its fleet is currently grounded amid discussions about
whether the airline can continue operating and employ its workers
during the administration period, 9news.com.au says.

According to 9news.com.au, administrators Hall Chadwick said
stranded customers will not see a refund while the situation
remains murky.

"Unfortunately, the administrators and/or the company are not in a
position to process or issue refunds at this point in time," Hall
Chadwick said in a statement.

"We understand how frustrating this is and we appreciate customers'
patience at this time."

Affected customers wanting information on their entitlements can
call Hall Chadwick's hotline on 03 8678 1600, 9news.com.au notes.

There have been 3,590 passengers affected by the cancellations and
rebooked on either Qantas, Jetstar or Virgin flights without
charge, according to Transport Minister Catherine King.

The government hotline on 1800 069 244 has received about 2,800
calls for help from customers.

The hotline continued to operate until 5:00 p.m. May 3. After then,
Bonza customers are urged to contact Qantas, Jetstar and Virgin
directly for a booking, 9news.com.au relates.

Hall Chadwick has also extended flight suspensions, which were set
to end today, until Tuesday [May 7] next week.

"Customers with bookings during this period are advised not to
travel to the airport," the firm said.

"Customers scheduled to travel during this time are requested to
make alternative arrangements with other airline carriers."

9news.com.au says Bonza's website isn't accepting any bookings.

The regional airline was founded in late 2021 and only began flying
last year.

Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed Administrators of the Company on
April 30, 2024.

Sunshine Coast-based Bonza was unveiled in October 2021 and its
first flight took off in January 2023.  It operates Boeing
737-Max-8 planes and is backed by 777 Partners, an investment group
based in Miami, Florida.  It originally flew 27 routes to 17
destinations but started cutting services during its first six
months.


E-MERSION MEDIA: Collapses into Administration Owing AUD13 Million
------------------------------------------------------------------
News.com.au reports that a subsidiary of an Australian tech and
media start-up that had AUD12 million worth of investment poured
into it has collapsed.

Last month, E-Mersion Media (Aust) Pty Ltd went into
administration, with all its operations ceasing and staff stood
down immediately, news.com.au says.

E-Mersion Media, based in Melbourne and with offices also in the
UK, captured investors' interest with its "innovative" idea of
digitising traditional print magazines, and had landed big deals
with FIFA and F1 to produce their programmes.

But in the last year, the company was the subject of a news.com.au
investigation after its staff quit en masse while investors raised
concerns about how their money was being spent.

E-Mersion Media Pty Ltd continues to operate as the parent company
to the employing entity E-Mersion Media (Aust) Pty Ltd, which is
now under external administration.

According to the first meeting of creditors, the company owes more
than AUD13 million to creditors but some amounts are disputed,
news.com.au relays.

The Commissioner of State Revenue started winding up proceedings
against E-Mersion Media (Aust) Pty Ltd in March.

The appointed administrator, Mathew Gollant of restructuring firm
CJG Advisory, sent an initial report to creditors obtained by
news.com.au, which said this was a contributing factor to the
firm's demise.

The document stated that the commissioner of state revenue debt,
coupled with another debt owed to the Australian Taxation office,
tipped the company over the edge and led to the decision to call in
external administrators, news.com.au relays.

Mr. Gollant also wrote "the potential insolvency of the company"
was another reason the company was put under his control.

The tax debt stands at AUD1.1 million while the company's
accountants are owed AUD23,000, news.com.au discloses. Meanwhile,
the parent company, E-Mersion Media, claims it is owed AUD11.4
million, which makes up the bulk of the debt.

Five staff members have also submitted claims for unpaid
entitlements ranging from AUD2000 to AUD23,000.

News.com.au relates that the administrator also pointed out in the
meeting there were some disputed debts. Four additional staff
members claim they are owed money ranging from AUD17,000 to over
AUD100,000.

Another business also claims to be owed AUD179,000.

These are all in dispute, news.com.au states.

News.com.au adds that the administrator recognised each of these
debts for just AUD1 at the meeting, so that the creditors could
still attend, but said he needed additional proof of the debts.

The case brought by the Commissioner of State Revenue is still
ongoing and the company is due in court later this month.


EREPORTS PTY: First Creditors' Meeting Set for May 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ereports Pty
Ltd will be held on May 8, 2024 at 1:30 p.m. at the offices of Cor
Cordis at Level 29, 360 Collins Street in Melbourne.

Rachel Burdett, Thomas Birch, and Jeremy Nipps of Cor Cordis were
appointed as administrators of the company on April 26, 2024.


FCSHUB PTY: First Creditors' Meeting Set for May 8
--------------------------------------------------
A first meeting of the creditors in the proceedings FCSHUB Pty Ltd
will be held on May 8, 2024 at 2:00 p.m. at the offices of Mcleods
Accounting at Level 4, 89 Scarborough Street in Southport.

Nick Keramos and Bill Karageozis of McLeods Accounting were
appointed as administrators of the company on April 26, 2024.


G & N PARTITIONING: Second Creditors' Meeting Set for May 8
-----------------------------------------------------------
A second meeting of creditors in the proceedings of G & N
Partitioning Pty Ltd has been set for May 8, 2024 at 11:00 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 7, 2024 at 4:00 p.m.

Brett Orzel and Stephen Dixon of Hamilton Murphy Advisory were
appointed as administrators of the company on March 22, 2024.


GOOD GROUP: Owes More Than AUD20MM, Administrators Report Show
--------------------------------------------------------------
News.com.au reports that a fine dining restaurant chain has
collapsed with debts of about AUD23 million, leaving 200 jobs
teetering on the brink.

Last month, hospitality business Good Group Australia, which
operated a high-end string of steak restaurants and several other
Asian venues across three Australian states, called in
administrators, news.com.au recalls.

Its Botswana Butchery chain sold steak for as much as AUD500 a
piece and had restaurants in Sydney, Melbourne and Canberra. There
are 200 staff employed across these three restaurants, which
continue to trade, as well as head office staff.

But three other businesses also under the group's banner, White and
Wong's, based in Martin Place in Sydney and Chadstone in Melbourne,
and Wong Baby in Melbourne's Chapel St, have all ceased trading.

In a report to creditors sent out this week and obtained by
news.com.au, the appointed administrators, Andrew Sallway and
Duncan Clubb of insolvency firm BDO Australia, revealed that Good
Group Australia has a hefty debt hanging over its head.

Across the seven businesses, AUD9.7 million is owed to a bank in a
secured debt.

A further AUD4.5 million is owed to other creditors, including
landlords, suppliers and employees, while an additional AUD9.3
million is owed in inter-company loans, news.com.au discloses.

Of Good Group Australia's large debt, the Commonwealth Bank is owed
AUD9.7 million, but through secured facilities meaning it will
likely get it all back.

A further AUD1.81 million is owed to landlords by way of unpaid
rent, news.com.au relates.

In fact, the landlord of the company's head office in Melbourne
evicted the group over failure to pay up before the chain went
bust.

The landlord is expected to recover some of the money through
security bonds.

According to news.com.au, staff cumulatively are among the largest
creditors, as they are owed AUD523,804 from unpaid annual leave and
long service leave entitlements. Workers are also owed a further
AUD92,000 from superannuation that was never paid.

Other companies linked to the hospitality group lent AUD9.3 million
in related party loans.

Good Group Australia also appears to owe a lot of money to the tax
man - about AUD3.6 million.

However, administrators have not included that debt in the total
amount because the tax department has not yet lodged any proof of
debt claims.

News.com.au adds that the same report also noted that the company's
directors had failed to respond to the administrators' requests for
more information. As a result, they said they planned to make a
report to the financial regulator, ASIC.

The Botswana Butchery chain originated from Queenstown, on New
Zealand's South Island, and all its directors are based in New
Zealand.

The administrators said the group appeared to have been insolvent
since last September, news.com.au relays.

It comes as the Canberra arm of Botswana Butchery only launched two
months prior to administrators being called in, in January this
year.

The report also said the White and Wongs and the Wong Baby Chapel
arms of the business had been trading at a loss since their
inception and money from the New Zealand group had been propping it
up a lot, news.com.au adds.

"The venues have been unprofitable since their opening," the
administrators noted.

"The group owes AUD9.3 million in inter-company loans to New
Zealand entities. The group has been reliant on the New Zealand
entities to fund daily operations and trading losses."


ISAKAYA ENTERPRISES: First Creditors' Meeting Set for May 8
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Isakaya
Enterprises Pty Ltd will be held on May 8, 2024 at 3:00 p.m.
virtually via Microsoft Teams.

Matthew Jess of Worrells was appointed as administrators of the
company on April 28, 2024.


JDN RESOURCES: First Creditors' Meeting Set for May 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of JDN
Resources Pty Ltd will be held on May 10, 2024 at 10:00 a.m. at the
offices of Vincents - Brisbane at Level 8, 32 Turbot Street in
Brisbane.

Nick Combis of Vincents Chartered Accountants was appointed as
administrator of the company on April 29, 2024.


RESIMAC TRIOMPHE 2024-1: S&P Assigns B(sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Triomphe Trust - RESIMAC Premier Series 2024-1. RESIMAC Triomphe
Trust - RESIMAC Premier Series 2024-1 is a securitization of prime
residential mortgage loans originated by RESIMAC Ltd. (RESIMAC).

The preliminary ratings assigned reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each rated class of notes are
commensurate with the ratings assigned. Subordination and lenders'
mortgage insurance (LMI) cover provide credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account RESIMAC's underwriting standards and
approval process, which are consistent with industrywide practices;
the strong servicing quality of RESIMAC; and the support provided
by the LMI policies on 16.7% of the portfolio.

The rated notes can meet timely payment of interest, and ultimate
payment of principal under the rating stresses.

Key rating factors are the level of subordination provided, the LMI
cover, the liquidity facility, the principal draw function, and the
provision of an extraordinary expense reserve. Our analysis is on
the basis that the notes are fully redeemed by their legal final
maturity date and S&P does not assume the notes are called at or
beyond the call date.

S&P's ratings also take into account the counterparty exposure to
National Australia Bank Ltd. as liquidity facility provider and
Westpac Banking Corp. as bank account provider.

The transaction documents for the liquidity facility include
downgrade language consistent with S&P Global Ratings' counterparty
criteria. S&P has also factored into its ratings the legal
structure of the trust, which is established as a special-purpose
entity and meets its criteria for insolvency remoteness.

  Preliminary Ratings Assigned

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2024-1

  Class A, A$675.000 million: AAA (sf)
  Class AB, A$41.250 million: AAA (sf)
  Class B, A$17.250 million: AA (sf)
  Class C, A$7.875 million: A (sf)
  Class D, A$3.000 million: BBB (sf)
  Class E, A$2.625 million: BB (sf)
  Class F, A$0.750 million: B (sf)
  Class G, A$2.250 million: Not rated




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C H I N A
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BCG CHINASTAR: Fitch Lowers LongTerm Foreign Currency IDR to BB+
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Beijing Capital Group
Company Limited's (BCG) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) to Negative from Stable and affirmed
the IDRs at 'BBB-'. The ratings have been removed from Under
Criteria Observation (UCO).

At the same time, Fitch has downgraded BCG Chinastar International
Investment Ltd.'s (Chinastar) Long-Term Foreign-Currency IDR to
'BB+' from 'BBB- ' and removed it from Rating Watch Negative. The
Outlook is Negative.

The rating actions reflect the application of Fitch's updated
Government-Related Entities (GRE) Rating Criteria published on 12
January 2024 and a weakening in BCG's Standalone Credit Profile
(SCP). BCG's support score of 20 points and the revision in its SCP
to 'b' from 'bb-' result in Fitch applying a five-notch uplift from
the SCP to the IDR, instead the previous three-notch uplift, in
accordance with the notching guideline in the GRE criteria.

The lower SCP reflects sustained weakness in BCG's property
development business amid the sector's downturn, leading to higher
leverage and deterioration in operating cash flow. BCG is
re-positioning its property business and increasingly focused on
policy-driven projects. The Negative Outlook captures the
uncertainty over the property business transformation.

Fitch has reassessed the linkages between BCG and its sole directly
and wholly owned offshore financing platform - Chinastar - under
its Parent and Subsidiary Linkage Rating Criteria. Chinastar is
rated one-notch below the IDR of its parent, based on its
assessment of 'Medium' legal, strategic and operational incentives
for the parent to provide support.

KEY RATING DRIVERS

'Strong' State Decision-Making, Oversight: Fitch assesses the
Beijing government's decision-making and oversight of BCG as
'Strong' as the company is 100%-owned by the Beijing State-owned
Assets Supervision and Administration Commission (SASAC), which
appoints senior management and has influence over the company's
strategy and key investment decisions. BCG is mandated to undertake
government-directed activities, such as the development of primary
land, social housing and rental housing.

'Strong' Precedents of Support: Fitch assesses BCG's support
precedents as 'Strong', as the government has provided consistent
support to BCG in the form of regular significant subsidies to its
subway operations, as well as capital and asset injections. In
addition, government support has enabled BCG to secure low-cost
funding for its long-stay rental projects.

'Strong' Support Inventive: Fitch assesses BCG's contagion risk as
'Strong' in the event of a default due to its significant size
among GREs owned by the Beijing SASAC. BCG is a high-profile GRE as
it plays an important role in China's development plan for the
Beijing-Tianjin-Hebei region. Fitch expects BCG's participation in
Beijing's social housing development to increase.

Beijing provided support to ease BCG's financial tension through
asset injections and efforts to accelerate the development of
policy-driven projects. A default by BCG could potentially disrupt
financing or increase financing costs for other state-owned
enterprises in Beijing. Fitch assesses that the preservation of
government policy role factor is not applicable to BCG. This is
because about 80% of BCG's capital employed is for its
market-driven, fragmented property and water treatment and supply
business.

Weak Property Sales, Heightened Leverage: The property business,
operated by Beijing Capital City Development Group Co., Ltd. (BCCD,
BBB-/Negative), accounts for about half of BCG's capital employed
and is a major driver of BCG's SCP.

Fitch expects BCCD to report slightly negative operating cash flow
in the medium term. Fitch forecasts BCCD's sales to drop 30% in
2024 (1Q24: -65% yoy) and another 5% in 2025. BCCD's land
acquisitions are limited but its leverage, measured by net debt/net
property assets, may increase to more than 70% in the next two
years (2023: 66%).

Property Business Transformation: Fitch believes the shift in the
property business towards more policy-driven projects such as
primary land development, and affordable and rental housing
projects, carries uncertainties. This includes the speed of the
company's strategic transformation as well as the profitability and
financial structure of the property business segment after the
transformation. That said, supportive policies on social housing
development may help its business transformation.

Negative Environment FCF Impedes Deleveraging: Fitch expects the
capex of BCG's environment subsidiary, Beijing Capital
Eco-Environment Protection Group Co. Ltd. (Capital Eco), to decline
modestly over the medium term. However high working-capital outflow
may lead to sustained negative free cash flow (FCF). As a result,
Fitch does not expect material improvement in Capital Eco's net
leverage, which stood at 7.8x in 2023.

Stable Infrastructure Operations and Financials: The infrastructure
segment has been receiving strong policy support. Fitch estimates
the segment's net leverage will improve further and fall below 3.5x
in 2024 on its expectation of new subway lines starting operations
with higher government subsidies, as well as controlled capex. The
infrastructure business constitutes about 10% of BCG's capital
employed.

Volatile Holding-Company Coverage: BCG holding company's cash
income/gross interest ratio is volatile and reliant on the sale of
social housing projects and primary land in Beijing and Tianjin, as
well as the disposal of non-core assets. Dividends from BCG's core
subsidiaries and joint ventures, as well as interest income and
guarantee fees, may not be sufficient to fully cover BCG holding
company's interest payments. However, Fitch believes the risk is
mitigated by BCG's strong funding access and the ability to
generate one-off cash inflows.

Chinastar Rating Notched Down: Chinastar is rated one-notch below
the IDR of BCG, based on its assessment of 'Medium' legal,
strategic and operational incentives for the parent to provide
support. BCG's guarantee of Chinastar's legal obligations fell to
37.5%, from 50% previously, after some debt was repaid with cash on
hand. Fitch revised the operational incentive for BCG to provide
support to 'Medium', from 'High' previously, as Fitch believes
offshore funding is likely to form a smaller part of BCG's debt
structure in the longer term. BCG has gradually cut its reliance on
offshore funding.

DERIVATION SUMMARY

Fitch uses a bottom-up approach to rate BCG under its GRE criteria.
Its ratings have incorporated potential support from the ultimate
parent, the Beijing SASAC.

BCG's 'b' SCP is based on the weighted-average credit profile of
its three core business segments. The SCP encompasses a low 'b'
category assessment for the property segment (operated mainly by
BCCD), 'bbb' category for the infrastructure segment, and high
'b'/low 'bb' category for the environmental-protection segment.

BCCD's business profile and financial profile are both materially
weaker than those of China Jinmao Holdings Group Limited
(BBB-/Stable, SCP: bb) and Yuexiu Property Company Limited
(BBB-/Stable, SCP: bb). The three have similarly robust funding
access because of their state-owned status.

Privately owned homebuilder Hopson Development Holdings Limited
(B/Stable) has larger attributable sales scale, lower leverage and
stronger operating cash flow than BCCD. Hopson's funding channels
are less diversified and more vulnerable to market confidence than
that of BCCD. However, Fitch believes cash flow from operations and
liquidity on hand are sufficient to cover Hopson's bond and
syndicated loan maturities due in 2024.

Capital Eco's financial metrics have been slightly weaker than
those of Fitch-rated peers with an SCP in the 'bb' category, but
its leverage is now declining to a similar level, although it does
not yet have an established record. Capital Eco's leverage is much
higher than that of Beijing Environment Sanitation Engineering
Group Co., Ltd. (BBB+/Negative, SCP: bb), but its
build-operate-transfer (BOT) projects have higher cash flow
visibility than those of Beijing Environment, whose environmental
sanitation service contracts are subject to renewal risk and market
competition.

KEY ASSUMPTIONS

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

- Assumptions used in the rating case for BCCD are used in BCG's
rating case.

- Beijing MTR's revenue increases by 10% in 2023 and 2024, based on
the operational timetable of new lines provided by the company.
Capex of CNY1 billion per annum in 2023 and 2024.

- Capital Eco's revenue stabilises in 2023 before single-digit
growth in 2024 on lower construction revenue for waste treatment
BOT projects. Its other segments' revenue to continue rising,
although at a slower rate due to a moderation in capacity
expansion, and capex (including working-capital changes) sustained
at CNY11 billion-12 billion annually.

RATING SENSITIVITIES

BCG:

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

- The Negative Outlook on BCG's IDR may be revised to Stable if
Fitch sees stabilisation in BCG's SCP.

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

- Deterioration in the SCP of BCG's three segments, especially the
property development business.

- Material increase in holding-company debt, and/or BCG holding
company's cash income/interest expense ratio below 1.5x for a
sustained period.

- Weaker likelihood of support from the Beijing municipality.

Chinastar:

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

- The Negative Outlook on Chinastar's IDR may be revised to Stable
if BCG's Outlook is revised to Stable.

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

- A downgrade in BCG's IDR.

- A perceived weakening in BCG's incentives to support Chinastar.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: BCG had CNY39 billion in total cash as of
end-9M23, which can just cover its short-term debt of CNY39
billion. The company had CNY170 billion in undrawn bank facilities
(uncommitted) at end-2022, up from CNY144 billion at end-2021.
Dividends from subsidiaries, joint ventures and associated
companies may fall slightly short of interest payments at the
holding-company level.

However, the risk is mitigated by BCG's strong funding access as
well as potential cash inflows from the sale of social housing
projects and proceeds from non-core asset disposals. BCG also has
over CNY10 billion in receivables from subsidiaries that it can
recall to meet its holding-company liquidity needs.

ISSUER PROFILE

BCG is wholly owned by the Beijing SASAC. BCG has five core
businesses: water supply and environmental protection (water
treatment and solid waste treatment); infrastructure (subway and
highway construction); real estate (both primary land development
and secondary property development); financial services and
investments, including providing guarantees to SMEs and
agricultural businesses; and operation of cultural and creative
projects to promote the capital's cultural image. The first three
segments account for about 95% of BCG's total revenue.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating            Prior
   -----------               ------            -----
Beijing Capital
Group Company
Limited             LT IDR    BBB- Affirmed    BBB-

                    LC LT IDR BBB- Affirmed    BBB-

    senior
    unsecured       LT        BBB- Affirmed    BBB-

BCG Chinastar
International
Investment Ltd.     LT IDR    BB+  Downgrade   BBB-

Beijing Capital
Polaris Investment
Co., Ltd.

   senior
   unsecured        LT        BBB- Affirmed    BBB-


CHINA EVERGRANDE: To Delay Publishing of 2023 Annual Results
------------------------------------------------------------
Reuters reports that China Evergrande Group flagged a delay in
publishing its annual results as its liquidators are taking time to
"ascertain the current state of affairs" of the embattled property
developer.

Preparation of the financial statements of the company for the year
ended Dec. 31, 2023, and the publication of the 2023 annual report
have been delayed, the cash-strapped firm said in an exchange
filing on April 30, Reuters relates.

Evergrande's shares, which were suspended from trading on Jan. 29
this year, will continue to remain suspended, Reuters says.

A company is required to publish its preliminary annual results not
later than three months after the end of its financial year,
according to listing rules of the Hong Kong stock exchange, Reuters
relays. For Evergrande, it is on or before March 31.

Companies are expected to provide detailed annual reports to their
shareholders not later than four months after the end of their
financial year.

In January, a Hong Kong court ordered the liquidation of
Evergrande, the world's most indebted developer with more than $300
billion of total liabilities, dealing a fresh blow to confidence in
China's fragile property market.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

China Evergrande Group, the second largest real estate developer in
China, and certain of its affiliates sought creditor protection in
the United States under Chapter 15 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 23-11332) on Aug. 17, 2023.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.




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

AKM FOODS: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: AKM Foods Private Limited
        Registered Address:
        Siwan Gate Kaithal
        Haryana 136027

Insolvency Commencement Date: April 25, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 22, 2024

Insolvency professional: Rajeev Lochan

Interim Resolution
Professional: Rajeev Lochan
              243, 1st Floor, AGCR Enclave
              New Delhi-110092
              Email: csrajeevlochan@gmail.com
              Email: ip.akmfoods@gmail.com

Last date for
submission of claims: May 9, 2024


ATS HEIGHTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: ATS Heights Private Limited

        Registered Address:
        711/92, Deepali Nehru Place
        Delhi -- 110019

        Site office:
        ATS Knightsbridge,
        Plot No. A-01/A, Sector 124
        Noida, Uttar Pradesh 201305

        Corporate office:
        Plot no. 16, Sector 135
        Noida, Uttar Pradesh 201305
        
Insolvency Commencement Date: April 22, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 19, 2024

Insolvency professional: Gaurav Katiyar

Interim Resolution
Professional: Gaurav Katiyar
              D-32, East of Kailash
              New Delhi -- 110065
              Email: cagauravkatiyar@gmail.com
              Email: atsheights.cirp@gmail.com
              Website: www.gauravkatiyar.in

Last date for
submission of claims: May 9, 2024


BAID INDUSTRIES: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Baid Industries Private Limited
        Plot no. 8, GIDC Panoli
        Ankleshwar, Bharuch
        384116 Gujarat India

Liquidation Commencement Date: April 19, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Jaykishan Rameshwarlal Rathi
            3040, 3rd Floor, Trade House
            Near Rusabh Petrol Pump
            Ring Road, Surat - 395002 Gujarat
            Email: jaykishan.rathi@gmail.com
            Email: bald.cirp@gmail.com

Last date for
submission of claims: May 19, 2024


BINDU FOOD: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-term rating for the Bank
facilities of Bindu Food Processors Private Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]C+;
ISSUER NOT COOPERATING/[ICRA]A4;ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term/        0.65       [ICRA]C+/[ICRA]A4 ISSUER NOT
   Short Term-                  COOPERATING; Rating continues
   Unallocated                  to remain under 'Issuer Not
                                Cooperating' category

   Long-term–        6.00       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        1.35       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Bindu Food Processors 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.

Bindu Food Processors Private Limited (BFPPL) had set up its cold
storage unit in West Medinipur, West Bengal in 1997 to carry out
the business of storage and preservation of potatoes. BFPPL has a
storage capacity of 21,326 metric tonnes (MT). The cold storage
unit of the company is operating under the name Purnima Cold.


DIFENDA INDIA: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Difenda India Private Limited
Wework Prestige Central, Ground Floor
        36 Infantry Rd, Tasker Town
        Shivaji Nagar, Bangalore
        Karnataka-56000

Liquidation Commencement Date: April 20, 2024

Court: National Company Law Tribunal Bangalore Bench

Liquidator: Ms. Kala Agarwal
     801, Embassy Centre, Jamnalal Bajaj Road,
            Nariman Point, Mumbai 400021
            Email: pcskalaagarwal@gmail.com
            Mobile: 07021597117
            Mobile: 9819888185

Last date for
submission of claims: May 19, 2024


DURABLE TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Durable
Transformers Private Limited (DCPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           14          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       4          CRISIL D (Issuer Not
                                     Cooperating)

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of DTPL and Durable Ceramics
Pvt Ltd (DCPL). The two companies, together referred to as the
Durable group, have common teams managing key functions, such as
finance, marketing, and procurement, at the head office. Also, they
have inter-company transactions and have extended corporate
guarantees for each other's credit facilities.

DCPL, incorporated in July 2005, commenced commercial production in
April 2006. It manufactures bushings (used in transformers),
insulators (pin, disc, post, high-tension, and low-tension), and
plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1,000 kilovolt
ampere, and sells 10% of the output to DCPL.


ELECTROPATH SERVICES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Electropath Services (India) Private Limited
Yogeshwari Wasahat, Shepwadi Parli Road
        Ambajogai, Ambajogai-431517
        Maharahstra, India

Insolvency Commencement Date: April 24, 2024

Estimated date of closure of
insolvency resolution process: October 21, 2024  (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Pramodkumar Ramesh Ladda
       106, B-Wing Sr No. 55, Sukhniwas
              15th August Chowk,
              Mangalwar Peth
              Pune-411011, Maharashtra, India
              Email: csladdaji@gmail.com
              Email: ladda.cirpesipl@gmail.com

Last date for
submission of claims: May 8, 2024


GARODIA CHEMICALS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Garodia Chemicals Limited
        Registered Address:
        149/156, Garodia Shopping Centre Garodia Nagar,
        Ghatkopar East, Mumbai- 400077

Pre-packaged Insolvency Commencement Date: April 22, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency professional: Manish Motilal Jaju

Interim Resolution
Professional: Manish Motilal Jaju
              D 502 Neelkanth Business Park Vidyavihar
              Mumbai  400086
              Email: mmjaju76@gmail.com
              Email: garodiappirp@gmail.com


GOYAL ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goyal Ispat
Private Limited (GIL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12.5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       5          CRISIL D (Issuer Not
                                     Cooperating)

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

GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it was
purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL has a
thermo-mechanically treated bar manufacturing facility in Chennai.


GURDAS AGRO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Gurdas Agro Private Limited
#2301, Bhupindra Flour Mills
        Aggarsein Nagar, Amrik Singh Road
        Bathinda, Punjab
        India, 151001

Insolvency Commencement Date: April 16, 2024

Estimated date of closure of
insolvency resolution process: October 13, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Vivek Kumar Arora
       #629, Sector 16D, Chandigarh
              Email: ip.vivekarora@gmail.com
              Email: rp.gurdasagro@yahoo.com

Last date for
submission of claims: April 30, 2024


HYFLUX ENGINEERING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Hyflux Engineering India Private Limited
Plot No. 15, Ground Floor, Rajas Garden, Phase-II,
        Noombai Chennai 600 077,
        Tamil Nadu, India

Insolvency Commencement Date: April 18, 2024

Estimated date of closure of
insolvency resolution process: May 15, 2024  

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: T. Ranganathan B. Com
       Flat No. 12, Vasavi Ranga Sai Apartments
              New No. 48 Car Street Triplicane
              Parthasarathy Swamy Temple Tank
              Chennai, Tamil Nadu, 600005
              Email: balrang2000@yahoo.com.in
              Email: cirphyfluenegineering@gmail.com

Last date for
submission of claims: May 2, 2024


INDIA CIRCUITS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: India Circuits Private Limited
Booth No. 7, Sector 7c, Chandigarh,
        Chandigarh, India, 160019

Insolvency Commencement Date: April 16, 2024

Estimated date of closure of
insolvency resolution process: October 13, 2024  

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Karuna Sharma
       G-13, First Floor, South City-2, Sector-50,
              Gurgaon Haryana - 122018
              Email: sharma.karuna@gmail.com
              Mobile: 9871145777
              Email: indiacircuits.cirp@gmail.com

Last date for
submission of claims: April 30, 2024


KAPRISA INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Short-Term rating for the Bank facilities of
Kaprisa International Private Limited (Kaprisa) in the 'Issuer Not
Cooperating' category. The rating is denoted as"[ICRA]D;ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short Term-       (4.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short-term–        6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Kaprisa, 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.

Kaprisa International Pvt. Ltd. (Kaprisa) is a private limited
company incorporated in 1999 and has been taken over by the current
management in the year 2007. Mr. Satish Mehta looks after the
day-to-day administration and financial matters of the business.
Kaprisa is engaged in the business of manufacture and export of
studded gold jewellery, studded platinum jewellery, plain gold and
platinum mounting and studded silver jewellery. It is a 100%
export-oriented unit and has its marketing and administration
office and manufacturing unit located in Special Economic zone at
SEEPZ, in Andheri, Mumbai.

Fine Facets India Pvt. Ltd., a sister concern based out of Opera
House, Mumbai, engaged in the business of trading of polished
diamonds has outstanding rating of [ICRA]D to INR14.00 crore bank
lines. Two of its associate concerns are based out of Belgium and
are engaged in the gems and jewellery business.


KARUTURI CERAMICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Karuturi Ceramics Private Limited
        Registered Address:
        23-16-44, Jaigopal Bhavan Haripuram
        Rajahmundry, East Godavari
        Andhra Pradesh, PIN  533105

Insolvency Commencement Date: April 24, 2024

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: October 20, 2024

Insolvency professional: Naga Bhushan Bhagawati

Interim Resolution
Professional: Naga Bhushan Bhagawati
              H.No. 1-1-380/38
              Ashok Nagar Extension
              Hyderabad 500020
              Email:  bnagabhushan@yahoo.com
              Email: rp.karuturiceramics@gmail.com

Last date for
submission of claims: May 11, 2024


KEJRIWAL SUGAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kejriwal Sugar Agencies Private Limited
        Registered Address:
        55/1A, Strand Road
        Vinayak Complex, 3rd Floor
        Kolkata 700006, West Bengal

Insolvency Commencement Date: April 22, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 19, 2024

Insolvency professional: Rajnandan Kumar

Interim Resolution
Professional: Rajnandan Kumar
              Shibani Complex, 47C
              Pottery Road
              Kolkata 700015
              Email: rnk_sa2004@yahoo.com.in
              Email: cirp.kejriwalsugar@gmail.com

Last date for
submission of claims: May 6, 2024


KM TOLL: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term rating of KM Toll Road Private Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        789.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with KM Toll Road 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.

K M Toll Road Private Limited (KMTRPL), a 100% subsidiary of
Reliance Infrastructure Limited ('R Infra'), has been set up for
the purpose of 4/6 laning of the Gandhidham (Kandla) - Mundra
Section of NH-8A Extension in the state of Gujarat from 0.00 Km to
71.4 Km. The sponsor Reliance Infrastructure Ltd stated in their
FY2020 financials uploaded on Bombay Stock Exchange on May 30,
2020, "We draw attention to Note 14(b) to the standalone financial
statements regarding KM Toll Road Private Limited (KMTR), a
subsidiary of the Company, has terminated the Concession Agreement
with National Highways Authority of India (NHAI) for Kandla Mundra
Road Project (Project) on May 7, 2019, on account of Material
Breach and Event of Default under the provisions of the Concession
Agreement by NHAI. The Company is confident of recovering its
entire investment of ` 544.94 Crore in KMTR, as at March 31, 2020
and no impairment has been considered necessary against the above
investment for the reasons stated in the aforesaid note".


KURUKSHETRA EXPRESSWAY: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kurukshetra
Expressway Private Limited (KEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Rupee Term Loan        70         CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan       189         CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan        94         CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan       189         CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan        94         CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan        18         CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan        94         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KEPL for
obtaining information through letter and email dated March 20, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

KEPL is a special-purpose vehicle set up for four-laning of the
Rohtak-Bawal section of National Highway-71 from 363.300 km (design
363.300 km) to 450.800 km (design 445.853 km) in Haryana under the
National Highways Development Project Phase III on a design, build,
finance, operate, and transfer basis. KEPL signed a concession
agreement with NHAI in July 2010 for 28 years (includes the
construction period). The company commenced commercial operations
in September 2014.


LAKSHMI KANTHA: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/s Sri Lakshmi Kantha Spinners Limited
Aeon Heights, Ground floor, H. No. 15-31-vii,
        M-30, KPHB Colony, Rangareddy
       Hyderabad, Telengana

Liquidation Commencement Date: April 4, 2024

Court: National Company Law Tribunal Hyderabad Bench

Liquidator: Dommeti Surya Krishna Saibaba
     Flat No. A-105, Mahindra Ashivita
            Hafeejpet Road, Near Hi-Tech
            MMTS Railway Station, KPHB Colony
            Hyderabad, Telangana, 500085
            Email: dsrk39@yahoo.com
            Email: cirp.slks@gmail.com

Last date for
submission of claims: May 23, 2024


LASCO LIFESTLYE: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating for the Bank facilities of Lasco
Lifestlye Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D;ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Lasco Lifestlye 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 2004, Lasco Lifestyle Ltd. is engaged in the
business of trading silk and art silk fabric, and processed greige
fabric. In the case of the latter, the company procures the greige
fabric, and since it does not have any in-house processing
capacity, it outsources the processing activities such as dyeing,
embroidery, etc. to other job-work units in Surat, and then markets
the processed fabric. The direct trading of silk and art silk
fabric (or ready-made fabric) accounts for ~75% of the total sales
and the remaining from processed greige fabrics. The fabrics traded
by the company find application in the manufacture of sarees, dress
materials and shirting.


MAHAVIR INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Mahavir Industries Limited
D/44-253 Ground Floor, Aamantran CHS
        CTS No-1, Sector 2,
        Kandivali West, Mumbai
        Maharashtra, India 400067

Insolvency Commencement Date: April 15, 2024

Estimated date of closure of
insolvency resolution process: October 12, 2024

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Devendra Umrao
       94-D, Pocket F, Mayur Vihar
              Phase2, East,
              National Capital Territory of Delhi
              110091
              Email: devumraoibc@gmail.com
              Email: ip.mahavirindustries@gmail.com

Last date for
submission of claims: April 29, 2024




MANGALAM APARTMENTS: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Manglam Apartments Ltd
F-35/4, Ground floor, Okhla Industrial Area,
        Phase-II, New Delhi-110020

Liquidation Commencement Date: April 22, 2024

Court: National Company Law Tribunal New Delhi Bench-III

Liquidator: Devvart Rana
     Apt 684, Sec-A, Pkt B&C
            Vasant Kunj, New Delhi-70
            Email: devvratrana@gmail.com

Last date for
submission of claims: May 21, 2024


MANGLAM PAPER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Manglam Paper Private Limited
305, Akshat Tower
        Near Pakwan Dinning Hall
        S G Highway, Bodakdev
        Ahmedabad, Gujarat-380054

Insolvency Commencement Date: April 22, 2024

Estimated date of closure of
insolvency resolution process: October 19, 2024  

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Ashish Anantray Shah
       402, Shaival Plaza
              Near Gujarat College,
              Ellisbridge, Ahmedabad - 380 006 Gujarat
       Email: ashish@ravics.com
       Email: ipmaglam@gmail.com

Last date for
submission of claims: May 6, 2024


MID-CITY SUPERSTRUCTURES: Insolvency Process Case Summary
---------------------------------------------------------
Debtor: Mid-City Superstructures Private Limited
Link Corner Mall, Junction of 24th & 33rd Road
        Bandra West, Mumbai - 400050

Insolvency Commencement Date: April 19, 2024

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

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Vinod Tarachand Agrawal
       204, Wallstreet-1
              Near Gujarat College
              Ellisbridge, Ahmedabad 380006
              Email: ibc@vcanca.com
              Email: cirp.midcity@gmail.com

Last date for
submission of claims: April 4, 2024


MIXED BAG: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long -Term rating for the Bank facilities of
Mixed Bag Overseas in the 'Issuer Not Cooperating' category. The
rating is denoted as"[ICRA]D;ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Mixed Bag Overseas, 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.

Mixed Bag Overseas was established as a partnership firm in
February 2016 by Mr. Deepak Gupta and Mr. Ajay Pal. The firm is
involved in trading of mobile accessories including memory cards,
screen guards, batteries etc. The promoters are into the business
for a decade now. Mr. Deepak Gupta is the managing director of the
Josh Group. The group has various companies which sells their
low-cost mobile handsets under the brand name "Josh", primarily
targeting the low-level income customers in the rural and urban
areas of northern India.


NAMI STEEL: Liquidation Process Case Summary
--------------------------------------------
Debtor: Nami Steel Private Limited
Survey No. 316-P, 317-P, 342-p & 343-p  
        Opp. Chharodi Railway Station
        Nano Ford Road, Tal. Sanand,
        Ahmedabad
        Sanand, Gujrat, India 382110

Liquidation Commencement Date: April 23, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Mr. Bhavik Haribhai Rupapara
     303, Silver HillApartment, pal Road,
            Opp Sanskar City Apartment,
            Opp Ramdhan Ashram
            MavdiArea, Rajkot, Gujarat, 360001
            Email: cabhavikr3@gmail.com

            8-610, BSELTechpark, Sector30A
            Opp. Vashi Railway Station
            Navi Mumbai - 400703
            Website: www.ssarvi.com
            Email: cirpnamisteel@gmail.com

Last date for
submission of claims: May 23, 2024


PAE LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Pae Limited
Level 1, Block A, Shivsagar Estate
        Dr. Annie Besant Road
        Worli, Mumbai City, Mumbai
        Maharashtra, India, 400018

Insolvency Commencement Date: April 16, 2024

Estimated date of closure of
insolvency resolution process: October 19, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Karthik Natarajan
       Flat No. 7, Plot No. 58, Atreya Ashram CHS
              R.A Kidwai Road
              Opp. Sndt, Matunga (East)
              Mumbai City Maharashtra 400019
              Email: umakhe@gmail.com
              Email: pae.ltd@truproinsolvency.com

Last date for
submission of claims: May 6, 2024


PAVILIONDATA SYSTEMS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Pavilionadata Systems India Private Limited
C/O Incube Co-working Space, Office No. 11E Tejaswini Hsg.
        Soc S. No. 242/1 & 2/38, D.P.Road, Banner Banner Gaon,
        Pune, Pune City Maharashtra,India, 411045

Liquidation Commencement Date: April 1, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Sandeep Jayant Kulkarni
     27/2, Gujarat Colony
            Near Hotel Samarth
            Paud Road, VanazCorner, Kothrud
            Pune, Maharashtra 411038
            Email: Kulkarni.sandeep@rediffmail.com
            Tel No: 96730000045

Last date for
submission of claims: May 1, 2024


PUSHPANJALI REALMS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Pushpanjali Realms and Infratech Limited
        Registered Address:
        Khasra No. 11, Tarla Nagal
        Near Helipad
        Sahastradhra Road
        Dehradun, Uttarakhand 248001

Insolvency Commencement Date: April 25, 2024

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: October 22, 2024

Insolvency professional: Anurag Nirbhaya

Interim Resolution
Professional: Anurag Nirbhaya
              204, Sagar Plaza, Plot No. 19
              District Centre Laxmi Nagar
              New Delhi 110092
              Email: anurag@canirbhaya.com
              Email: cirp.pushpanjali@gmail.com

Last date for
submission of claims: May 9, 2024


RAFTECH MULTITRADERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Raftech Multitraders Private Limited
        Registered Address:
        House No. 207, Ground Floor
        Dharsa Dakhin Para (Balitikuri)
        Howrah, WB 711112

Insolvency Commencement Date: April 20, 2024

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Avishek Gupta

Interim Resolution
Professional: Avishek Gupta
              CK-104, Sector 2
              Salt Lake Kolkata
              West Bengal 700091
              Email: Avishek@optimusresolution.net
              Email: cirp.rmpl@gmail.com

Last date for
submission of claims: May 4, 2024


RAGHUVANSHI FIBERS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of Shree Raghuvanshi Fibers Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

   Short-term–        0.35      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Shree Raghuvanshi Fibers 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 2007, Shree Raghuvanshi Fibers Private Limited
(SRFPL) is involved in the ginning and pressing of raw cotton to
process cottonseeds and produce cotton bales, as well as in the
crushing of cottonseeds for the production of cottonseed oil and
oil cake. The company is jointly managed by three directors,
Bhavesh Shelani, Gopal Shelani and Harshad Shelani. The
manufacturing unit of the company is located at Gondal (Gujarat)
and is equipped with 36 ginning machines and 11 expellers. The
manufacturing unit has a processing capacity of ~63,500 metric
tonnes per annum of raw cotton and 95 MT per day of cottonseed
oil.


RAICHUR LABORATORIES: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Raichur Laboratories Pvt.
Ltd. (RLPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with  RLPL, 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.

Raichur Laboratories Pvt. Ltd (RLPL) was incorporated in the year
2013 by Mr. P. Giridhar Gopal and Dr. M. Vijender for setting up a
drug intermediate and API's manufacturing unit. The manufacturing
unit of the company is located at Industrial Growth Centre in
Raichur District of Karnataka. The company has a total reactor
capacity of 75,000 KL.


RAYBAN FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
facilities of Rayban Foods Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D;ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.69      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         9.81      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short term–        7.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based               Rating Continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

RFPL commenced operations in FY2010 and is involved in the business
buffalo meat processing. The company operates from its meat
processing plant located at Hapur, Uttar Pradesh.


RCC INFRAVENTURES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: RCC Infraventures Limited
        Registered Address:
        14, Ground Floor
        Vipy Agora M.G. Road
        Sector-28
        Gurgaon 122001
        Haryana, India

Insolvency Commencement Date: April 25, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 22, 2024

Insolvency professional: Naveen Singal

Interim Resolution
Professional: Naveen Singal
              302, Tower 5, Valley View Estate
              Gwal Pahari, Faridabad Road
              Gurgaon 122003
              Haryana, India
              Email: naveen.singal@yahoo.co.in

                -- and --

              120, Vipul Business Park
              Sector 48, Sohna Road
              Gurgaon 120018
              Haryana, India
              Email: cirpccinfraventures@gmail.com

Last date for
submission of claims: May 9, 2024


REFLECTION INVESTMENTS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Reflection
Investments (Reflection) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         4          CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         2          CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         8          CRISIL D (Issuer Not
                                     Cooperating)
   Proposed Bank
   Guarantee              2          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Reflection
for obtaining information through letter and email dated March 20,
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 Reflection, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Reflection is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Reflection continues to be 'CRISIL D Issuer Not
Cooperating'.

A Chennai-based retail broking firm, Reflection Investments
received trading membership on the National Stock Exchange (NSE) in
1995 under the registered partnership category. It commenced
operations in the cash segment in October 1995 and became a member
in the derivatives segment in 2001. The firm, which also has a
branch in Bengaluru, operates in primary as well as secondary
markets. Mr Sambrani holds 88% of the shareholding, while Ms
Sambrani holds the remaining 12%. Net profit was INR11 lakh on
total income of INR1.8 crore in fiscal 2017, vis-a-vis INR14 lakh
and INR1.8 crore, respectively, in fiscal 2016.


REPLENISH REALITY: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Replenish Reality Private Limited
507, 5th Floor, Vyapar Bhavan
        49, P.D' Mello Road
        Carnac Bunder, Mumbai, 400009
        Maharashtra, India

Insolvency Commencement Date: April 17, 2024

Estimated date of closure of
insolvency resolution process: October 14, 2024  

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ms. Shubham Agarwal Goyal
       Rosewood Estate, B-404
              Satellite - 380015
              Prernatirth Derasar Road
              Ahmedabad 380015, Gujarat
              Email: fcs.shubhamgoyal@gmail.com

              A-402, "Aaryabhumi"
              Opp. M.G. Party Plot
              Jodhpur Char Rasta
              Satellite, Ahmedabad
              380015, Gujarat
              Email: cirp.rrpl@gmail.com

Last date for
submission of claims: May 5, 2024


RONSON PIGMENTS : Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ronson Pigments Private Limited
Plot No. 6006, GIDC Ankleshwar
        Bharuch Gujarat-393 002

Insolvency Commencement Date: April 19, 2024

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

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Omkarchand Rikshabdas Maloo
       403, 4th Floor, Shaival Plaza
              Near Hope Neuro Care Hospital
              Gujarat College Road, Ellisbridge
              Ahmedabad-380006, Gujarat
              Email: omkar@ormaloo.com
              Email: ipronsonpigments@gmail.com

Last date for
submission of claims: May 4, 2024


S.R. CASHEWS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.R. Cashews
(SRC) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.5         CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 2006 as a partnership firm, SRC processes raw cashew nuts
and sells cashew kernels. The firm is based in Kollam, Kerala and
is promoted by Mr. SR Sreekrishnan and his brother Mr. SR
Sreemurugan.


SHAILA HOSPITALITY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shaila Hospitality Private Limited
Baycity Club, 154, Hill Road
        Opp. St. Stanislaus School
        Bandra (West) Mumbai MH 400050 India

Insolvency Commencement Date: April 10, 2024

Estimated date of closure of
insolvency resolution process: September 30, 2024  

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Anand pravin Pande
       Flat No 7, Brijbhavan Co-Op Hsg Soc. Plot No 16,
              S.No. 562, Salunke Vihar Road
              Kondhwa Kd, Pune
              ABC Farm Building
              Pune, Maharashtra 411048
              Email: appande@gmail.com
              Email: shaila.cirp@gmail.com

Last date for
submission of claims: April 24, 2024


SHIV COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Shiv
Cotton Industries - Tankara (SCI) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

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

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

As part of its process and in accordance with its rating agreement
with SCI, 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.

Shiv Cotton Industries (SCI) was established as a partnership firm
in May 2013. SCI commenced its operation in January 2014. The firm
is engaged in ginning and pressing of raw cotton. SCI's
manufacturing facility is located at Tankara, in Rajkot district of
Gujarat and is equipped with 24 ginning machines and one pressing
machine to produce cotton bales and cottonseeds.


SHRADDHA ENERGY: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Shraddha Energy and
Infraprojects Pvt. Ltd (SEIPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–       169.80      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–       185.40      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-        54.80      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with SEIPL, 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.

Based out of Maharashtra, Shraddha Energy and Infraprojects Private
Limited (SEIPL) is involved in diverse activities viz construction
of infrastructure projects (mainly irrigation), operating of sugar
mill and windmill projects. The company has class1 registration
with multiple state public works departments and state irrigation
departments/ corporations. It has a sugar factory in Partur,
Maharashtra with a capacity of 2500 TCD. Apart from this, SEIPL has
installed wind turbine generators across Maharashtra and Karnataka,
with a total capacity of 52 MW.


SIDHARAAJ PHARMA: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Sidharaj Pharma (Thane) Private Limited
A-102, Centre Point
        Opp. Tmc Office, Panchpakhadi,
        Thane, Maharashtra, India, 400602

Liquidation Commencement Date: April 18, 2024

Court: National Company Law Tribunal Bangalore Bench

Liquidator: Manish Motilal Jaju
     D-502, Neelkanth Business Park,
            Vidya Vihar West, Mumbai 400086 Comm
            Email: ibcsidharajpharma@gmail.com

Last date for
submission of claims: May 18, 2024


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         12         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            18         CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 1974, as a partnership entity and later incorporated
as a private limited company in 2004, SLCPPL undertakes civil
construction works such as construction of roads and buildings,
electrical works like construction of substations, transmission
lines and other mechanical works for Government defense related
projects for entities like Defence Research and development
Organisation, Military Engineering Services, Director General Naval
Projects in Andhra Pradesh, and Tamil Nadu.


SM LINE: Voluntary Liquidation Process Case Summary
---------------------------------------------------
Debtor: SM Line Corporation (India) Private Limited
        1306/2, Vijay Galaxy,
        Waghbil Naka, Ghodbunder Road,
        Thane (West) Mumbai City MH
        400615 India

Liquidation Commencement Date: April 18, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Pranav J. Damania
            407, Sanjar Enclave
            Above Mahindra Showroom
            Opposite Milap Cinema,
            S.V Road, Kandivali West
            Mumbai - 400067
            Email: pranav@winadvisors.co.in
            Alternate Email: pranav@consultinsolvency.com
            Cell: +9198204 69825

Last date for
submission of claims: Within 30 days from the
                      Liquidation Commencement date


SRIGDHAA BEVERAGES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srigdhaa
Beverages (SB) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.1         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        7.29        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.61        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

SB was established as a partnership firm in February 2016 by Mr
Dumbla Vijender Reddy and Mrs Dumbla Balajyothi. The firm is in the
processing of purified drinking water and soda and is based out of
Hyderabad.


STAINLESS WORKS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Stainless Works Private Limited
Idea Square, 2nd Floor, B-42, Veera Desai Industrial Estate
        Off New Link Road
        Andheri (West) Mumbai City
        Mumbai, Maharashtra, India, 400053

Liquidation Commencement Date: April 8, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Mr. Sandeep Bishan Swaroop Goel
     1604, Verona, Hiranandani Gardens
            Powai, Mumbai Suburban
            Maharashtra - 400076
            Email: goelsandeep60@yhaoo.com
            Email: stainlesscirp@gmail.com

Last date for
submission of claims: May 25, 2024



STARLIT POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Starlit Power
Systems Limited (SPSL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest        8.52       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term     0.03       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              7.45       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        7          CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

SPSL, based in Delhi, manufactures refined lead, lead alloys and
lead acid batteries. The manufacturing unit is located in Gurugram,
Haryana. The company was started in 2008 by Mr Sachin Sridhar, Mr
Surinder Pal and Mr Yogesh Gupta.


SUNDERBAN BREWERIES: CRISIL Moves D Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Sunderban Breweries and Distillery Private Limited (SBDPL) to
'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan       96          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

In accordance with the terms of the rating agreement with SBDPL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letter and email dated
March 20, 2024 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

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

SBDPL was incorporated in 2016. It is currently setting up a
brewery & bottling plant in Raidighi, West Bengal with installed
capacity of 3,25,000 Hecto Litre per annum (HLPA). The plant is
expected to be commissioned in Q3 fiscal 2024. SBDPL is owned and
managed by Mr. Nimai Chand Purkait, Mr. Saumitra Purkait and Mrs.
Aratii Purkait.


TQS INTEGRATION: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: TQS Integration Private Limited
        Indian Service Center 1
        Plot No: 24, 25 & 26 Financial District
        Nanakramguda, Hyderabad 500 008
        Telangana

Liquidation Commencement Date: April 23, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator: Chitra Srinivas
            ASTA AVM, Flat B4E
            P.V.Rajamannar Salai
            K.K.Nagar, Chennai  600078
            Email id : schitra18@gmail.com

Last date for
submission of claims: May 23, 2024


TRADCO DEESAN: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Shri Tradco Deesan Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        66.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        97.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Shri Tradco Deesan 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.

The Tradco Group comprises three companies - STIPL, HDPL and STDPL
- and is primarily involved in maize trading and manufacturing of
starch and derivatives. Maize trading contributed ~76.8% to the
Group's revenues in FY2019, with starch and derivative
manufacturing comprising ~21.1%. In addition, it generates revenue
from chemical trading and windmill business (13.5 MW capacity). The
Tradco Group is promoted by Mr. Rajratan Agarwal, who manages its
operations, growing his business by a CAGR of ~12.5% from FY2014 to
FY2019. STIPL, the Group's flagship company, was incorporated in
2006. The Group has two maize processing facilities, one each at
Dhule (for STDPL) and Jalgaon (for HDPL), with a processing
capacity of 1,05,000 metric tonne per annum (MTPA) each.

VENKATADRI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Venkatadri
Spinning Mills Private Limited (VSMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.18       CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     4          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3.92       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              1.9        CRISIL D (Issuer Not
                                     Cooperating)

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

VSMPL was set up in 2009, as a private limited company, by Mr.
Srimannarayana and Mr. Hanumantha Rao. The company manufactures
cotton yarn; its spinning mill is in Rajahmundry (Andhra Pradesh).


VIJAY NIRMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijay Nirman
Company Private Limited (VNCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Short Term Rating     -          CRISIL D (ISSUER NOT
                                    COOPERATING)

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

VNCPL was set up as a proprietorship firm in 1982 (Vijay Nirman
Company) by first-generation entrepreneur, Mr S Vijayakumar, and
reconstituted as a private limited company in 1994. The company
executes civil contracts on turnkey basis. It constructs
residential/commercial buildings, roads, bridges, metros, railways,
industrial infrastructure, and piling works across India for Public
Works Department and other government entities; and private
companies.


VINOTH DISTRIBUTORS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinoth
Distributors (VD) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              1          CRISIL D (Issuer Not
                                     Cooperating)

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

Set up in 2009 as a partnership firm and promoted by Mr. K R
Padmanabhan and his family members, VD trades in rice. The firm is
a distributor of Kohinoor Specialty Foods India Pvt Ltd. In 2013,
Mr. Vinoth Kumar was inducted as a partner in the firm. Mr. Kumar
oversees the firm's day-to-day operations.


ZALONI TECHNOLOGIES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Zaloni Technologies India Private Limited
        1st Floor House No. 70
        Nizpath Rukminigoan
        Khanapara Kamrup, GMC
        Assam, India 781022

Liquidation Commencement Date: April 22, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Chennur Dwarakanath
            No. 31, Vidya Bhavan
            3rd Floor, Rear Block
            Opp. Karanji Anjaneya Temple
            West Anjaneya Templet Street
            Basavanagudi, Bengaluru
            Karnataka 560004

Last date for
submission of claims: May 22, 2024


ZENOVA BIO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Zenova Bio
Nutrition Private Limited (ZBNPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3           CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        6.6         CRISIL D (Issuer Not
                                     Cooperating)

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

ZBNPL was incorporated in April 2010 by Mr. K V Rambabu and Mr. C
Sarat Chandra. The company has set up a plant to manufacture
medicinal nutraceutical products in the form of powder as well as
compressed diskettes.




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

CAPITAL A: Formulates Regularization Plan to Address PN17 Status
----------------------------------------------------------------
Bernama reports that Capital A Bhd and its appointed advisers said
the group is formulating a regularization plan to address its
financial condition.

"The company will issue the necessary announcements regarding the
development of the proposed regularization plan accordingling," the
Practice Note 17 (PN17) - classified group said in a filing with
Bursa Malaysia on May 2, Bernama relays.

On January 19, Bursa Malaysia Securities Bhd granted the group an
extension until June 30, 2024, to submit its regularization plan.

Consequently, Capital A said it has approximately two months
remaining to submit its regularization plan for approval to the
relevant regulatory authorities, according to Bernama.

                          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.


EPICON BHD: Uplifted From PN17 Status
-------------------------------------
The Star reports that Epicon Bhd (formerly Konsortium Transnasional
Bhd) has regularised its financial condition and no longer triggers
any of the criteria under Paragraph 2.1 of PN17 of the Main Market
Listing Requirements of Bursa Securities.

"After due consideration of all facts and circumstances of the
matter, Bursa Malaysia Securities Bhd has decided to approve the
company's application for an upliftment from being classified as a
PN17 company," Epicon said in a filing with the local bourse, The
Star relays.

The Star relates that Epicon said it will be uplifted from being
classified as a PN17 company effective from 9:00 a.m., today, May
3.

PN17 is a practice note that is issued by Bursa Malaysia in
relation to listed issuers that are in financial distress.

                             About KTB

Konsortium Transnasional Berhad is a Malaysia-based company engaged
in investment holding and the provision of public bus
transportation comprising stage and express bus operations.

Konsortium Transnasional Berhad slipped into PN17 (Practice Note
17) status in April 2020 as it has triggered the Prescribed
Criteria under Paragraph 2.1 (a) of PN17.  The auditors of
Konsortium Transnasional have highlighted a material uncertainty
related to going concern on the Company's ability to continue as a
going concern in the Company's audited financial statements for the
year ended Dec. 31, 2018 and based on the Company's quarterly
report for the financial period ended Dec. 31, 2019 ("Q4 2019"),
the shareholders' equity of the Company on a consolidated basis is
approximately 34.8% of the share capital of the Company as at Dec.
31, 2019.




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

MORINI & CO: Court to Hear Wind-Up Petition on May 10
-----------------------------------------------------
A petition to wind up the operations of Morini & Co Limited will be
heard before the High Court at Auckland on May 10, 2024, at 10:45
a.m.

The Morini & Co Limited filed the petition against the company on
March 22, 2024.

The Petitioner's solicitor is:

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


NESMOHT FARMS: Creditors' Proofs of Debt Due on May 31
------------------------------------------------------
Creditors of Nesmoht Farms Limited are required to file their
proofs of debt by May 31, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 23, 2024.

The company's liquidator is:

          Geoff Falloon
          Biz Rescue Limited
          PO Box 27
          Nelson 7040


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

The company commenced wind-up proceedings on April 23, 2024.

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road
          Auckland 1446


QIXUAN INTERNATIONAL: First Creditors' Meeting Set for May 10
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Qixuan
International Trading Limited will be held on May 10, 2024, at 9:00
a.m. at the offices of Waterstone Insolvency Limited, 16 Piermark
Drive, in Rosedale, Auckland.

Damien Grant and Adam Botterill of Waterstone Insolvency Limited on
April 30, 2024, were appointed as administrators of the company.

The administrators may be reached at:

          Waterstone Insolvency Limited
          PO Box 352
          Shortland Street
          Auckland 1140


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

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 15, 2024.

The Petitioner's solicitor is:

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




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

DITO CME: Reports Net Loss of PHP19.6 Billion in 2023
-----------------------------------------------------
Bilyonaryo.com reports that Duterte crony Dennis Uy stepped down as
CEO of DITO CME Holdings last year but not after leaving the third
telecom operator deep in losses and under a mountain of debt.

According to Bilyonaryo.com, DITO CME Holdings, which owns 44
percent of third telco player DITO Telecommunity, reported losses
of PHP19.6 billion in 2023, which bring its total red ink to PHP68
billion since 2020.

Losses would have been bigger if not for the PHP5 billion foreign
currency gains DIT earned from the translation of its Chinese Yuan
and American dollar-denominated loans due to a strong peso,
Bilyonaryo.com relates.

Its operating loss rose 13 percent year on year to PHP14.97 billion
due to higher expenses. This negated the 54 percent gain in
revenues to PHP11.241 billion of which 72 percent came from data.

According to Bilyonaryo.com, DITO has hooked up nine million
subscribers and set up network coverage in 700 to 853 cities since
starting commercial operation in 2021. It has average revenue per
user (ARPU) of PHP128 (monthly).

But the roll-out has been a financial burden for DITO with its
total liabilities swelling 12 percent to PHP247 billion. Its bank
loans doubled to PHP178 billion after drawing down PHP171 billion
from the 15-year loan agreement it signed last September.

The losses widened DITO’s capital deficiency by nearly a third to
PHP35.4 billion, Bilyonaryo.com discloses.

Bilyonaryo.com adds that despite the capital deficiency, DITO is
adamant it can persist as a going concern by generating enough cash
flows to meet its obligations by boosting commercial operations,
acquiring subscribers, promoting activities, increasing revenue,
and efficiently implementing its network roll-out plan and
cost-saving measures.

Mr. Uy stepped down as CEO in October last year after a Singaporean
firm, Summit Telco, acquired a 25 percent stake in the company. He
remains as its chairman.

                          About DITO CME

Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
engages in the provision of telecommunications, multimedia, and
information technology services.

As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2023, the independent auditors of Dennis Uy's Dito CME raised
concerns on the company's ability to make enough money to stay
afloat for the foreseeable future, given its massive liabilities.

According to Rappler.com, Punongbayan & Araullo Grant Thornton
(P&A) underscored Dito CME's liabilities in 2022, including
exceeding its current assets by PHP196.6 billion, comprehensive
losses reaching PHP25.6 billion, and capital deficiency hitting
PHP27.9 billion, as conditions which indicate the "existence of a
material uncertainty that may cast significant doubt on the ability
of the Group to continue as a going concern."

As of December 2022, Dito Tel had spent PHP230.5 billion for its
capital expenditures.




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

84 INC: Creditors' Meetings Set for May 14
------------------------------------------
84 Inc Pte Ltd will hold a meeting for its creditors on May 14,
2024, at 11:30 a.m. at 16 Collyer Quay, #30-01, in Singapore and
via teleconference.

Agenda of the meeting includes:

   a. to receiving a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to resolve that Cameron Lindsay Duncan and David Dong-Won
      Kim care of KordaMentha Pte Ltd jointly and severally as
      Liquidators of the Company for the purpose of such winding
      up and that their remuneration be based on their normal
      scale rates and be paid out of the Company's assets;

   c. to appoint a Committee of Inspection of not more than five
      members, if thought fit;

   d. to resolve that the Liquidators be at liberty to open,
      maintain and operate any bank account or an account for
      monies received by them as Liquidators of the Company, with
      such bank as the Liquidators deem fit;

   e. to resolve that the Liquidators be authorised to exercise
      any of the powers provided by Section 144(1)(b), (c), (d),
      (e) and (f) of the Insolvency, Restructuring and Dissolution

      Act 2018; and

   f. Any other business.


AYONDO LTD: Creditors' Meeting Set for June 6
---------------------------------------------
A meeting of Ayondo Ltd and its creditors will be held on June 6,
2024, at 10:00 a.m. by electronic means.

At the meeting, Victor Goh and Khor Boon Hong of Baker Tilly, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.

The High Court of Singapore entered an order on Jan. 28, 2022, to
wind up the operations of Ayondo Ltd.


DENTAL HUB@SG: Creditors' Meetings Set for May 14
-------------------------------------------------
The Dental Hub@SG Pte Ltd will hold a meeting for its creditors on
May 14, 2024, at 11:00 a.m. at 16 Collyer Quay, #30-01, in
Singapore and via teleconference.

Agenda of the meeting includes:

   a. to receiving a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to resolve that Cameron Lindsay Duncan and David Dong-Won
      Kim care of KordaMentha Pte Ltd jointly and severally as
      Liquidators of the Company for the purpose of such winding
      up and that their remuneration be based on their normal
      scale rates and be paid out of the Company's assets;

   c. to appoint a Committee of Inspection of not more than five
      members, if thought fit;

   d. to resolve that the Liquidators be at liberty to open,
      maintain and operate any bank account or an account for
      monies received by them as Liquidators of the Company, with
      such bank as the Liquidators deem fit;

   e. to resolve that the Liquidators be authorised to exercise
      any of the powers provided by Section 144(1)(b), (c), (d),
      (e) and (f) of the Insolvency, Restructuring and Dissolution

      Act 2018; and

   f. Any other business.


MTBL GLOBAL: First Creditors' Meeting Set for May 15
----------------------------------------------------
A first meeting of the creditors in the proceedings of MTBL Global
Fund will be held on May 15, 2024, at 10:00 a.m. Singapore Time (14
May 2024 at 9:00p.m. Cayman Islands Time) by teleconference.

Luke Anthony Furler of Quantuma (Singapore) on March 27, 2024, was
appointed as liquidator of MTBL Global Fund.

The liquidator may be reached at:

          Luke Anthony Furler
          Quantuma (Singapore)
          137 Amoy Street
          #02-03, Far East Square
          Singapore 049965


TERAS OFFSHORE: Creditors' Meetings Set for May 10
--------------------------------------------------
Teras Offshore Pte. Ltd. will hold a meeting for its creditors on
May 10, 2024, at 2:30 p.m. at 8 Wilkie Road, #03-08 Wilkie Edge, in
Singapore through an audio-visual conference.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to appoint Liquidators;

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

   d. Any other business.

Mr. Ng Kian Kiat and Ms. Yap Hui Li of RSM Singapore were appointed
as Provisional Liquidators of the company on April 17, 2024.




===========
T A I W A N
===========

WAN HAI: S&P Affirms 'BB+' LT Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on the Taiwan-based shipping company, Wan Hai Lines Ltd.

The stable rating outlook reflects S&P's view that Wan Hai will
maintain a net cash position over the next two years amid
moderating capex needs. In addition, it sees Wan Hai's
profitability improving in 2024 on higher freight rates amid
constrained containership supply during the ongoing Red Sea
crisis.

The rating continues to reflect Wan Hai's leading position in the
intra-Asia container shipping market despite high industry
volatility. In S&P's view, Wan Hai's comprehensive network coverage
and high frequency service in the intra-Asia region, and
satisfactory operating efficiency support its market leadership.
This leadership should support more stable profitability relative
to long-haul players.

Tempering the company's competitive strengths are high industry
risk brought about by chronic oversupply and intense competition in
the containership market, as well as Wan Hai's increasing exposure
to more competitive long-haul routes. Moreover, the weaker cost
structure and pricing power of Wan Hai's transpacific services
could constrain the company's overall margin.

The rating also incorporates S&P's view that Wan Hai will maintain
a net cash position in 2024-2025, supported by its moderating
capital expenditure (capex) needs over the same period.

Wan Hai's liquidity buffer has strengthened, given less maturing
debt and abundant cash on hand. S&P said, "We forecast the
approaching end to the company's fleet replacement program will
help to bring down capex to new Taiwan dollar (NT$) 20
billion-NT$25 billion in 2024 and NT$10 billion-NT$15 billion in
2025. This compares with NT$44 billion in 2023. Meanwhile, we
expect Wan Hai to maintain a prudent cash dividend policy over the
next one to two years, to reserve sufficient cash on hand for a
potential industry downturn and support potential capital needs
during the period. We estimate the company's ratio of liquidity
sources to liquidity uses will be about 3.9x in 2024 and 3.7x in
2025."

S&P said, "Our assessment of Wan Hai's liquidity buffer also
reflects our forecast that the company's liquidity sources will
continue to exceed uses even if its forecasted EBITDA declined by
75%. In addition, we believe Wan Hai can cope with high impact and
low-probability events with limited need for refinancing, given its
high cash balance. Moreover, we believe Wan Hai's good relationship
with Taiwan banks will provide access to financing, as needed."

Principal liquidity sources:

-- Cash and short-term investment of about NT$126.7 billion at the
end of 2023.

-- Funds from operations of NT$15 billion-NT$20 billion in
2024-2025.

Principal liquidity uses:

-- Debt maturity of about NT$10 billion in 2024 and NT$16 billion
in 2025.

-- Capex of NT$20 billion-NT$25 billion in 2024 and NT$10
billion-NT$15 billion in 2025.

-- Cash dividend payout of NT$4.2 billion in 2024.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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