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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

          Wednesday, June 5, 2024, Vol. 27, No. 113

                           Headlines



A U S T R A L I A

CARRINGBUSH HOTEL: Melbourne Pub Closes Due to Soaring Costs
CJ RECRUITS: Second Creditors' Meeting Set for June 7
DWYERS LEGAL: Second Creditors' Meeting Set for June 7
GODFREYS: Creditors Will Not Receive AUD45 Million Owed
IKONCIVIL PTY: Second Creditors' Meeting Set for June 7

KOBY PTY: First Creditors' Meeting Set for June 7
MARSH DAIRY: Second Creditors' Meeting Set for June 7
NOW TRUST 2024-1: Moody's Assigns B2 Rating to AUD2.50MM F Notes
PANORAMA AUTO 2024-2P: Fitch Assigns 'B+(EXP)sf' Rating on F Notes
PEPPER ASSET NO.2: Fitch Assigns 'B(EXP)sf' Rating to Class D Notes

PEPPER RESIDENTIAL 38: Moody's Ups Rating on Class E Notes to Ba1
RUBY BOND 2024-1: S&P Assigns Prelim B (sf) Rating on Cl. F Notes


C H I N A

CHINA EVERGRANDE: Unit Fined US$577M for Fraudulent Bond Issuance
CHINA PHARMA: Financial Strain Raises Going Concern Doubt
CHINA SOUTH: Creditors File Lawsuit Against State Shareholder


I N D I A

BISUI POULTRY: CARE Keeps D Debt Rating in Not Cooperating
COLOUR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
CUBATIC PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
EARTHEN TREASURES: CARE Keeps D Debt Rating in Not Cooperating
GANESH RAM: CRISIL Keeps D Debt Ratings in Not Cooperating

INDUS GENE: CARE Keeps D Debt Rating in Not Cooperating Category
JAIPRAKASH ASSOCIATES: Court Admits ICICI Bank's Insolvency Plea
KAILASH TRADING: CARE Keeps D Debt Ratings in Not Cooperating
KARPAGAMOORTHY AUTO: CARE Keeps C Debt Rating in Not Cooperating
KONARK SYNTHETIC: CARE Keeps D Debt Ratings in Not Cooperating

KRISHNA NUTRITIONS: CRISIL Keeps D Ratings in Not Cooperating
MOD AGE: CARE Keeps D Debt Rating in Not Cooperating Category
OCEAN HEALTHCARE: CARE Keeps D Debt Rating in Not Cooperating
OSWAL KNITTING: CARE Keeps D Debt Ratings in Not Cooperating
RANGOTSAV SAREES: CARE Keeps D Debt Rating in Not Cooperating

RATHNA STORES: CRISIL Keeps B Debt Ratings in Not Cooperating
RAUNAQ CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
SANKAR COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
SANTOSH KUMAR: CRISIL Keeps D Debt Rating in Not Cooperating
SEETHARAMA COTTON: CRISIL Keeps B+ Debt Rating in Not Cooperating

SEVA ENGINEERING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SHATABDI SHIKSHA: CRISIL Keeps D Debt Rating in Not Cooperating
SKYHIGH HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating
SREI GROUP: Adisri's Appeal Against Insolvency on 2 Units Nixed
SUMMIT METALS: CRISIL Keeps D Debt Ratings in Not Cooperating

SUPERWAYS ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
SYNERGY AGRI: CRISIL Lowers Rating on INR7cr Term Loan to D
UTM ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
VAIJANATH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
VIRTUE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating

WORLDSTAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
ZULAIKHA MOTORS: CARE Assigns C Rating to INR10cr Long Term Loan


N E W   Z E A L A N D

CLASSIC MOBILES: Heath Gair Appointed as Receiver and Manager
CUBA 444: Creditors' Proofs of Debt Due on June 28
EDWARDS PLANT: Creditors' Proofs of Debt Due on June 28
ELIZA'S HOLDINGS: Owes NZD3 Million, Owners Fire-Sold Mansion
HI TEC HOMES: Court to Hear Wind-Up Petition on June 27

MODERNZ LIMITED: Court to Hear Wind-Up Petition on June 14
TELEVISION NEW ZEALAND: Warns of Projected Loss of at Least NZD28M


P H I L I P P I N E S

MFT GROUP: Court Seizes 138 Bank Accounts of Mika Tan and Group


S I N G A P O R E

CHATQ PTE: Commences Wind-Up Proceedings
FINESSE CONSULTANCY: Creditors' Proofs of Debt Due on July 3
KINETIC VENTURE: Creditors' Proofs of Debt Due on July 3
MAJLIS PUSAT: Court Enters Wind-Up Order
YELLOW STABLE: Court Enters Wind-Up Order


                           - - - - -


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

CARRINGBUSH HOTEL: Melbourne Pub Closes Due to Soaring Costs
------------------------------------------------------------
News.com.au reports that a popular Melbourne pub has revealed it
would need to charge a whopping AUD20 for a beer to survive and
instead has opted to shut forever.

The Carringbush Hotel closed its doors permanently on June 2 after
it underwent a makeover and reopened in 2019, news.com.au says.

According to the report, the Melbourne institution announced on May
27 it was closing its doors for good on Facebook after five and a
half "amazing years".

"Like most, we are feeling the current financial pinch and instead
of running the gauntlet we have decided to go out on a high," its
post read.

"We have the best group of staff, locals and regulars and to all of
you, thanks for everything. We would love to see as many of you as
possible this week for one hell of a huge party, then again on
Sunday for a few Bloody Marys for our last day of trade.

"From today we will not be taking any more bookings. Walk-ins only.
Our menu will slowly wind down and the taps are running dry."

News.com.au relates that Carringbush Hotel co-founder Liam Matthews
said the current cost of everything in hospitality was
"horrendous".

"We're putting more than in the till than ever, but what is left
over is less than ever," he told the Australian Financial Review.

He said wage costs had jumped by 8 per cent resulting in them
eating up 55 per cent of turnover, power bills had soared to
AUD2,000 a month rising by AUD500 compared to four years ago and
beer deliveries were no longer free with the pub slugged AUD10 per
keg.

Mr. Matthews had calculated that the only way to survive was to
raise the pub's most popular beer Mountain Goat lager from AUD15 a
pint to AUD20.

"The customer is not ready for that so we take the hit," Mr.
Matthews, as cited news.com.au, added. The brewers and deliverers
are facing similar pressures and pass costs on to us, but we're the
end of the line."

It comes as an industry insider sounded alarm bells that onerous
taxes and a massive drop in demand was driving breweries to their
knees warning the recent collapse of Melbourne-based Deeds Brewery
won't be the last to rock the sector, news.com.au notes.


CJ RECRUITS: Second Creditors' Meeting Set for June 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of CJ Recruits Pty
Ltd has been set for June 7, 2024 at 10:30 a.m. at the offices of
Jirsch Sutherland at Suite 2, Level 14, 383 Kent Street in Sydney
and via teleconference.

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 June 6, 2024 at 4:00 p.m.

Andrew John Spring of Jirsch Sutherland was appointed as
administrator of the company on May 3, 2024.

DWYERS LEGAL: Second Creditors' Meeting Set for June 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Dwyers Legal
Pty Ltd has been set for June 7, 2024 at 12:00 p.m. via virtual
meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 6, 2024 at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells WA was appointed as administrator
of the company on Feb. 2, 2024.


GODFREYS: Creditors Will Not Receive AUD45 Million Owed
-------------------------------------------------------
The Australian Financial Review reports that creditors of collapsed
retailer Godfreys will not receive any of the AUD45 million owed to
them, while employees will be in line for between 73 cents in the
dollar and a full payout.

Once a high-profile retailer, Godfreys collapsed in late January
after operating for more than 90 years, buffeted by increasing
competition from larger rivals like Harvey Norman and Amazon, and
an older, out-of-favour range of vacuum cleaners. Godfreys, in
particular, did not stock the hugely popular Dyson brand.

In a report to creditors filed with the corporate regulator,
administrators at PwC said 26 groups had expressed interest in
buying Godfreys and been allowed entry into a data room. However,
none of the six non-binding offers were deemed suitable, AFR
relates.

According to AFR, the report said Godfreys had succumbed to fierce
price competition, souring consumer sentiment, rising costs,
inadequate financing when it tried to restructure, and a flawed
strategy of trying to buy out franchise operators.

There was "increased exposure to declining financial performance of
retail stores by acquiring franchise stores, thereby magnifying
losses". It had bought out 36 franchise stores in the past
three-and-a-half years at a total combined cost of AUD27 million.

The specialty retailer's first store opened in 1931, and the
business operated 141 stores, with another 28 outlets run by
franchisees. Adelaide's Johnston family, the company's main
shareholder, attempted to keep the business running after some
difficult years. Losses worsened to AUD44.3 million in 2023,
according to the administrators, AFR relays.

In the seven months to January 31, Godfreys amassed losses of
AUD22.3 million, and PwC found the business "had been under sales
and profit pressure since 2017".

AFR adds that the administrator's opinion was that "supply and
price competition across the retail sector and a general downturn
in consumer sentiment due to rising inflation and finance costs,
causing reduced sales revenue for the group". There were also
"inflationary factors causing greater costs to acquire stock and
operate the business".

Unsecured creditors including vacuum cleaner manufacturers TEK,
Bissell, Electrolux and EcoVacs, and landlords are owed AUD45
million and will not receive any return, AFR notes. The Australian
Taxation Office is owed AUD883,000. There are 559 unsecured
creditors overall.

PwC, in its report, recommended creditors vote for a deal with a
secured lender, 1918 Finance, and have cautioned against a
liquidation of the company's assets, AFR states. Under a
liquidation, employees may only receive 73 cents in the dollar in a
"low" estimate. But if creditors vote for a Deed of Company
Arrangement, then the former employees owed a combined $10 million
are likely to receive 100 per cent of their entitlements.

1918 Finance and other lenders owed money are associated with the
Johnston family.

Godfreys was listed on the ASX for four years between 2014 and
2018, floating at $2.75 per share. The company was taken private by
one of its original owners, John Johnston, at 33.5 cents per share
in 2018, AFR recalls. Mr. Johnston, who died at 100, only months
after the purchase, joined the company in 1936, five years after it
opened its first store in Melbourne.

The administrators concluded that it did not appear that Godfreys
had traded insolvent.

AFR adds that he administrators also said they would set up a
"warranty fund" which would run for the six months - until November
24 - to pay refunds to customers if any of the vacuum cleaners they
had bought were faulty.

Almost all the 635 employees who were with the group in late
January had been made redundant by May 31. PwC said a "limited
number" would be retained until June 30 to "assist with run-off
tasks," AFR relays.

                           About Godfreys

Established in 1931, Godfreys is one of the world's largest vacuum
retailers and one of Australia and New Zealand's leading suppliers
of specialty commercial floor care and associated cleaning
products. The business operates 141 stores and employs more than
600 staff across Australia and New Zealand, with an additional 28
stores run by franchisees. In New Zealand, there are 16 Company
operated and nine franchised stores.

On Jan. 30, 2024, Craig Crosbie, Robert Ditrich and Daniel Walley
of PricewaterhouseCoopers (PwC) Australia were appointed as
administrators of Godfreys Group Pty Ltd, Australian Vacuum Cleaner
Co. Pty. Ltd., Electrical Home-Aids Pty. Limited, Godfreys Finance
Company Pty Ltd, Godfreys Franchise Systems Pty. Limited, Hoover
Floorcare Asia Pacific Pty Ltd, International Cleaning Solutions
Group Pty Ltd, and International Cleaning Solutions Pty Limited.

Stephen White and John Fisk of PwC New Zealand have been appointed
as Voluntary Administrators of New Zealand Vacuum Cleaner Company
Limited.

During the Administration period, Godfreys will continue to trade
while the Administrators undertake an immediate operational
restructure and sale process, PwC said.

IKONCIVIL PTY: Second Creditors' Meeting Set for June 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Ikoncivil Pty
Ltd has been set for June 7, 2024 at 2:30 p.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 June 6, 2024 at 4:00 p.m.

David Mutton and Andrew Blundell of Cathro Partners were appointed
as administrators of the company on May 5, 2024.


KOBY PTY: First Creditors' Meeting Set for June 7
-------------------------------------------------
A first meeting of the creditors in the proceedings of Koby Pty Ltd
will be held on June 7, 2024 at 10:00 a.m. via Microsoft Teams.

Anthony Phillip Wright, Neil Robert Cussen and Anthony Phillip
Wright of Olvera Advisors were appointed as administrators of the
company on May 28, 2024.


MARSH DAIRY: Second Creditors' Meeting Set for June 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of Marsh Dairy
Products Pty Limited has been set for June 7, 2024 at 11:00 a.m.
via teleconference only.

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

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

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on May 3, 2024.


NOW TRUST 2024-1: Moody's Assigns B2 Rating to AUD2.50MM F Notes
----------------------------------------------------------------
Moody's Ratings has assigned definitive ratings to the notes issued
by Perpetual Corporate Trust Limited in its capacity as trustee of
the NOW Trust 2024-1.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of the NOW Trust 2024-1

AUD405.00 million Class A Notes, Assigned Aaa (sf)

AUD7.40 million Class A-X Notes, Assigned Aaa (sf)

AUD32.00 million Class B Notes, Assigned Aa2 (sf)

AUD21.00 million Class C Notes, Assigned A2 (sf)

AUD8.00 million Class D Notes, Assigned Baa2 (sf)

AUD25.50 million Class E Notes, Assigned Ba2 (sf)

AUD2.50 million Class F Notes, Assigned B2 (sf)

The AUD6.00 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of unsecured personal
loans, secured personal loans and consumer asset finance loans
(mainly auto loans) extended to obligors located in Australia. It
is a static structure. All receivables were originated by Now
Finance Group Pty Ltd (NFG, unrated).

NFG is a private company, operating as a non-bank lender in the
Australian personal loan and consumer asset finance loan market
under its registered trademark NOW FINANCE. NFG began originating
personal loans in 2013 focusing on unsecured personal lending
before commencing secured personal loans lending in 2016 and
consumer asset finance lending in 2022.

RATINGS RATIONALE

The ratings take into account, among other factors:

-- The limited amount of historical data. NFG began originating
personal loans in 2013, with significant origination growth
beginning in 2017, and started originating consumer asset finance
loans from 2022. The collateral performance data used in Moody's
analysis reflects NFG's short origination history, particularly for
the consumer asset finance loans, and does not cover a full
economic cycle. Moody's has incorporated additional stress into its
default assumptions to account for the limited data.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata principal paydown structure.
Initially, the notes will be repaid on a sequential basis starting
with the Class A notes. Once pro rata paydown conditions are
satisfied, principal will be distributed pro rata among Class A
through to Class F Notes. Following the call date, or if the pro
rata conditions are otherwise not satisfied, the principal
collections distribution will revert to sequential. Initially, the
Class A, Class B, Class C, Class D, Class E and Class F Notes
benefit from 19.0%, 12.6%, 8.4%, 6.8%, 1.7% and 1.2% of note
subordination, respectively.

-- The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
June 2027. If the deal is called by the sponsor before repayment of
the Class A-X Notes under the amortisation schedule in June 2027,
the Class A-X Notes will be made whole and repaid in full. The
notes also benefit from access to principal draw.

-- The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.

-- The liquidity facility in the amount of 1.50% of the aggregate
invested amount of all note balances, subject to a floor of
AUD0.800 million.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).

-- The experience of NFG as servicer, and the back-up servicing
arrangements with AMAL Asset Management Limited.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 24.5%. Moody's mean default rate
for this transaction is 5.5% and the assumed recovery rate is
16.25%. Expected defaults, recoveries and PCE are parameters used
by Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 5.06%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for NFG's portfolio.
It also reflects the current macroeconomic trends, and other
similar transactions used as a benchmark.

The PCE of 24.50% is based on Moody's assessment of the pool taking
into account (i) historical data variability; (ii) quantity,
quality and relevance of historical performance data; and (iii)
originator quality and servicer quality.

Key pool features are as follows:

-- Unsecured personal loans constitute 43.7% of the pool, secured
personal loans constitute 6.3% while the remaining 50.0% is made up
of consumer asset finance loans (mainly auto loans);

-- The 50.0% of consumer asset finance loans in the pool is made
up of 87.2% of vehicles and 10.5% of caravans;

-- The weighted average interest rate of the portfolio is 14.3%;

-- The weighted average remaining term of the portfolio is 70.5
months; and

-- The weighted average seasoning of the initial portfolio is 6.3
months.

Methodology Underlying the Rating Action

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

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

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

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

PANORAMA AUTO 2024-2P: Fitch Assigns 'B+(EXP)sf' Rating on F Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Panorama Auto Trust
2024-2P's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd (AAF). The
notes will be issued by Perpetual Corporate Trust Limited as
trustee for Panorama Auto Trust 2024-2P.

AAF was formed in June 2021 through a joint venture between
Cerberus Capital Management, L.P. (80%) and Deutsche Bank AG,
Sydney Branch (20%). In March 2022, AAF completed the acquisition
of Westpac Banking Corporation's (WBC, AA-/Stable/F1+) motor
vehicle dealer finance and novated leasing business.

The acquisition included front book origination relationships with
dealer groups and novated leasing introducers, as well as the
majority of the business's employees in the areas of sales and
distribution, credit, underwriting and risk. Origination processes,
underwriting policies and procedures, and collections processes are
consistent with those that were in place at WBC.

   Entity/Debt           Rating           
   -----------           ------           
Panorama Auto
Trust 2024-2P

   Commission Note   LT AAA(EXP)sf  Expected Rating
   A                 LT AAA(EXP)sf  Expected Rating
   B                 LT AA(EXP)sf   Expected Rating
   C                 LT A(EXP)sf    Expected Rating
   D                 LT BBB(EXP)sf  Expected Rating
   E                 LT BB(EXP)sf   Expected Rating
   F                 LT B+(EXP)sf   Expected Rating
   G                 LT NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

The total collateral pool at the 31 March 2024 cut-off date was
AUD500.0 million and consisted of 12,102 receivables with a
weighted-average (WA) seasoning of 4.9 months, WA remaining
maturity of 54.5 months and an average contract balance of
AUD41,315.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Its base-case gross-loss
expectations and 'AAAsf' default multiples are as follows:

Novated leases: 1.00% (7.5x)

Consumer loans: 3.50% (5.25x)

Commercial loans: 3.25% (5.5x)

The recovery base case is 35.0%, with a 'AAAsf' recovery haircut of
50.0% across all sub-pools. The WA base-case default assumption is
2.4% and the 'AAAsf' default multiple is 6.2x.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid interest
rate hikes in 2022-2023. GDP growth was 1.5% in 2023 and
unemployment was 4.1% in April 2024. Fitch expects economic
conditions to stabilise in 2024, with GDP growth slowing slightly
to 1.4% and unemployment edging up to 4.2%. This reflects Fitch's
anticipated effects of China's property downturn and the impact of
recent monetary tightening on consumer spending.

Limited Residual Value Exposure: Residual value (RV) losses of 0.3%
of the total portfolio balance are applied under the 'AAAsf'
scenario. The portfolio balance has 1.5% linked to loans on which
borrowers have the option to deliver the vehicle to discharge the
final balloon instalment (ie RV). The WA RV is 46.5% of the
receivables, and accounts for 0.7% of the pool portfolio.

There is no historical performance of AAF sale proceeds, but an RV
loss has been calibrated assuming car sale proceeds of 80% of the
final balloon instalments in a base-case scenario and applied upper
haircuts to derive rating stresses. This reflects the nature of the
asset class, RV setting policy of AAF, the distribution of
scheduled maturities, manufactured diversification and the RV
performance history of other auto receivable transactions.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, and will amortise in line with an amortisation
schedule. Its repayment limits the availability of excess spread to
cover losses, as it ranks senior in the income waterfall, above the
class B to F notes.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to F notes
will receive principal repayments pro rata upon satisfaction of
stepdown criteria. The percentage of credit enhancement provided by
the G notes will increase as the A to F notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests the robustness of each note by
stressing default and recovery rates, prepayments, interest-rate
movements and default timing. All notes have passed their relevant
rating stresses.

Low Operational and Servicing Risk: All receivables were originated
by AAF, which demonstrated adequate capability as originator,
underwriter and servicer. Servicer disruption risk is mitigated by
backup servicing arrangements. The nominated backup servicer is
Perpetual Corporate Trust Limited. Fitch undertook an operational
review and found that the operations of the originator and servicer
were comparable with those of other auto lenders.

RATING SENSITIVITIES

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

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

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

Downside Sensitivities

Note: Commission / A / B / C / D / E / F

Expected Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Rating Sensitivity to Increased Default Rates

Increase defaults by 10%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf / Bsf

Increase defaults by 25%: AAAsf / AAsf / A+sf / BBB+sf / BB+sf /
B+sf / less than Bsf

Increase defaults by 50%: AAAsf / A+sf / A-sf / BBB-sf / BBsf / Bsf
/ less than Bsf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BBsf / B+sf

Recoveries decrease 25%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf / Bsf

Recoveries decrease 50%: AAAsf / AA+sf / A+sf / BBB+sf / BB+sf /
B+sf / less than Bsf

Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates

Defaults increase 10%/recoveries decrease 10%: AAAsf / AA+sf / A+sf
/ A-sf / BBB-sf / BB-sf / Bsf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AA-sf / Asf
/ BBBsf / BB+sf / Bsf / less than Bsf

Defaults increase 50%/recoveries decrease 50%: AAAsf / Asf / BBB+sf
/ BB+sf / BB-sf / less than Bsf / less than Bsf

Reduce sale proceeds by 10%: AAAsf / AA+sf / AAsf / Asf / BBBsf /
BBsf / B+sf

Reduce sale proceeds by 25%: AAAsf / AA+sf / AAsf / Asf / BBBsf /
BBsf / Bsf

Reduce sale proceeds by 50%: AAAsf / AA+sf / AA-sf / Asf / BBB- /
BBsf / Bsf

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

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

Upgrade Sensitivities

The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.

Note: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BB+sf / BB-sf

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

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

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.

ESG CONSIDERATIONS

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

PEPPER ASSET NO.2: Fitch Assigns 'B(EXP)sf' Rating to Class D Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper Asset
Securities No.2 Trust's pass-through floating-rate notes. The notes
are backed by a pool of first-ranking Australian automotive and
equipment lease and loan receivables originated by Pepper Asset
Finance Pty Limited, a subsidiary of Pepper Money Limited (Pepper).
The notes will be issued by BNY Trust Company of Australia Limited
as trustee for Pepper Asset Securities No.2 Trust (PAS No.2).

This is a whole loan sale, where the trustee acquired all of the
seller trustee's right, title and interest in the receivables using
funds provided by the investors under a whole loan pass-through
structure. All notes and units are held by investors.

   Entity/Debt         Rating           
   -----------         ------           
Pepper Asset
Securities No.2
Trust

   A1-a            LT NR(EXP)sf  Expected Rating
   A1-x            LT NR(EXP)sf  Expected Rating
   B               LT BBB(EXP)sf Expected Rating
   C               LT BB(EXP)sf  Expected Rating
   D               LT B(EXP)sf   Expected Rating
   G               LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The total collateral pool at the 30 April 2024 cut-off date was
AUD500 million and consisted of 12,545 receivables with
weighted-average (WA) seasoning of 6.2 months, WA remaining
maturity of 55.8 months and an average contract balance of
AUD39,856.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples are as follows:

Novated: 1.10% (7.75x)

Non-novated Risk Tier A: 2.25% (6.00x)

Non-Novated Risk Tier B: 8.25% (4.25x)

Non-Novated Risk Tier C: 19.25% (3.00x)

The recovery base case is 35.0%, with a 'AAAsf' recovery haircut of
50.0% across all risk grades. The WA base-case default assumption
was 4.4% and the 'AAAsf' default multiple was 4.45x.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite rapid interest
rate hikes in 2022-2023. GDP growth was 1.5% in 2023 and
unemployment was 4.1% in April 2024. Fitch expects economic
conditions to stabilise in 2024, with GDP growth slowing slightly
to 1.4% and unemployment edging up to 4.2%. This reflects Fitch's
anticipated effects of China's property downturn and the impact of
recent monetary tightening on consumer spending.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a class A1-x note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables and a premium. The note will not be
collateralised, but will amortise in line with an amortisation
schedule. The note's repayment limits the availability of excess
spread to cover losses, as it ranks senior in the interest
waterfall; above the class B to G notes.

Class A to G notes will receive principal repayments pro rata upon
satisfaction of stepdown criteria. Other structural features that
include a reverse turbo mechanism that redirects available excess
income to repay note principal, and a loss reserve that is
initially funded by note issuance at closing and traps excess
income on or before the third payment date which is available for
loss reimbursement. Fitch's cash flow analysis incorporates the
transaction's structural features and tests each note's robustness
by stressing default and recovery rates, prepayments, interest-rate
movements and default timing.

Counterparty Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The transaction includes
interest-rate swaps with a fixed schedule, which allows for future
over- or under-hedging, depending on the level of prepayments and
defaults. Fitch conducted additional sensitivity analysis for these
hedging scenarios.

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Pepper is not rated by Fitch.
Servicer disruption risk is mitigated by backup servicing
arrangements. The nominated backup servicer is BNY Trust Company of
Australia Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 48.3% of the portfolio by loan value,
including all novated leases, has balloon amounts payable at
maturity.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
(CE) available to the notes.

Downgrade Sensitivities

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

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

Notes: B / C / D

Expected Rating: BBBsf / BBsf / Bsf

10% defaults increase: BBB-sf / BBsf / less than Bsf

25% defaults increase: BB+sf / B+sf / less than Bsf

50% defaults increase: BBsf / less than Bsf / less than Bsf

10% recoveries decrease: BBBsf / BBsf / Bsf

25% recoveries decrease: BBB-sf / BBsf / less than Bsf

50% recoveries decrease: BBB-sf / BB-sf / less than Bsf

10% defaults increase/10% recoveries decrease: BBB-sf / BB-sf /
less than Bsf

25% defaults increase/25% recoveries decrease: BBsf / Bsf / less
than Bsf

50% defaults increase/50% recoveries decrease: B+sf / less than Bsf
/ less than Bsf

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

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

Upgrade Sensitivities

Notes: B / C / D

Expected Rating: BBBsf / BBsf / Bsf

10% defaults decrease/10% recoveries increase: BBB+sf / BB+sf /
BB-sf

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

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

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available for this
transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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

PEPPER RESIDENTIAL 38: Moody's Ups Rating on Class E Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by Pepper Residential Securities Trust No. 38.

The affected ratings are as follows:

Issuer: Pepper Residential Securities Trust No. 38

Class B Notes, Upgraded to Aa1 (sf); previously on Sep 7, 2023
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Sep 7, 2023
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Sep 7, 2023
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Sep 7, 2023
Definitive Rating Assigned Ba2 (sf)

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

RATINGS RATIONALE

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

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

Following the May 2024 payment date, credit enhancement available
for the Class B, Class C, Class D and Class E Notes has increased
to 7.8%, 6.9%, 4.4% and 3.1% respectively, from 5.3%, 4.7%, 3% and
2.1% at closing. Principal collections are currently distributed on
a pro-rata basis between Class A1 and Class A2 Notes. Current total
outstanding notes as a percentage of the total closing balance is
68.2%.

As of April 2024, 2.5% of the outstanding pool was 30-plus day
delinquent and 1.2% was 90-plus day delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected loss assumption at 1.3% of the
original pool balance (equivalent to 1.9% of the outstanding pool
balance) and its MILAN CE assumption at 7.5%.

The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans, originated by Pepper Homeloans Pty
Limited and serviced by Pepper Money Limited. A portion of the
portfolio consists of loans extended to borrowers with prior credit
impairment or made on an alternative documentation basis.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in May 2024.

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

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

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

RUBY BOND 2024-1: S&P Assigns Prelim B (sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for Ruby Bond
Trust 2024-1. Ruby Bond Trust 2024-1 is a securitization of prime
residential mortgage loans originated by BC Securities Pty Ltd.

The preliminary ratings assigned to the floating-rate RMBS reflect
the following factors.

The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, lenders' mortgage insurance covering
81.7% of the loan portfolio, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk considers BC
Securities' underwriting standards and approval process as well as
its servicing quality.

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 loss reserve, the
principal draw function, the liquidity reserve, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P said, "Our ratings also take into account the counterparty
exposure to Australia and New Zealand Banking Group Ltd. as the
bank account provider. The transaction documents include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.

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

"We have assessed the servicing and standby servicing arrangements
in this transaction under our "Global Framework For Assessing
Operational Risk In Structured Finance Transactions" criteria,
published on Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes."

  Preliminary Ratings Assigned

  Ruby Bond Trust 2024-1

  Class A1-MM, A$150.00 million: AAA (sf)
  Class A1-AU, A$168.00 million: AAA (sf)
  Class A2, A$88.00 million: AAA (sf)
  Class B, A$59.60 million: AA (sf)
  Class C, A$46.00 million: A (sf)
  Class D, A$12.80 million: BBB (sf)
  Class E, A$2.90 million: BB (sf)
  Class F, A$1.60 million: B (sf)
  Class G, A$1.10 million: Not rated




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

CHINA EVERGRANDE: Unit Fined US$577M for Fraudulent Bond Issuance
-----------------------------------------------------------------
Reuters reports that China has fined China Evergrande's onshore
flagship unit CNY4.18 billion (US$577 million) for fraudulent bond
issuance and illegal information disclosure, the China Securities
Regulatory Commission (CSRC) said on May 31.

The regulator also fined Evergrande founder Hui Ka Yan CNY47
million and barred him from the securities market for life,
according to a statement, Reuters relays.

Reuters relates that the unit, Hengda Real Estate, first revealed
the planned penalties in a March filing, after a probe by the CSRC
found that the developer had inflated revenue during 2019-2020 and
issued bonds based on those falsified statements.

"The maximum fine (against Hengda) is the most severe since the
unified law enforcement of the bond market," said CSRC, adding it
had considered Hengda's bond issuance size and mandate to complete
home constructions for buyers when making the decision.

The regulator also said it was pushing forward the investigation on
relevant Hengda intermediaries, without giving details.

China is weighing imposing a record fine of at least CNY1 billion
on PricewaterhouseCoopers LLP and suspending some of the auditor's
local operations over its role in auditing Evergrande, Bloomberg
News reported on May 30.

Evergrande did not respond to a Reuters' request for comment, but
its spokesperson told the 21st Century Business Herald the company
will cooperate with the regulators, and it has completed more than
80% of the developments across the country.

In Hengda's March filing, it said CSRC's probe found it had
inflated revenue by CNY213.99 billion, or half of the total, in
2019, Reuters discloses. In 2020, sales were inflated by CNY350
billion, or 78.5% of the total.

Other senior executives, along with Hui, would also be barred from
the securities market, the filing said.

                       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.

CHINA PHARMA: Financial Strain Raises Going Concern Doubt
---------------------------------------------------------
China Pharma Holdings, Inc. disclosed in a Form 10-Q Report filed
with the U.S. Securities and Exchange Commission for the quarterly
period ended March 31, 2024, that substantial doubt exists about
its ability to continue as a going concern for the next 12 months.

The Company reported a net loss for the three months ended March
31, 2024, of $0.96 million, as compared to a net loss of $0.48
million for the same period a year ago. Revenue decreased by 30.1%
to $1.37 million for the three months ended March 31, 2024, as
compared to $1.96 million for the three months ended March 31,
2023.

According to China Pharma, as of March 31, 2024, it had cash and
cash equivalents of $0.8 million and an accumulated deficit of
$40.2 million. The Company's Chairperson, Chief Executive Officer
and Interim Chief Financial Officer has advanced an aggregate of
$1.13 million as of March 31, 2024, to provide working capital and
enabled the Company to make the required payments related to its
former construction loan facility. The Company anticipates
operating losses to continue for the foreseeable future due to,
among other things, costs related to the production of its existing
products, debt service costs and selling and administrative costs.


To alleviate the conditions that raise substantial doubt about the
Company's ability to continue as a going concern, management plans
to enhance the sales model of advance payment, and further
strengthen its collection of accounts receivable. Further, the
Company is currently exploring strategic alternatives to accelerate
the launch of nutrition products. In addition, management believes
that the Company's existing property, plant and equipment can serve
as collateral to support additional bank loans. While the current
plans will allow the Company to fund its operations in the next 12
months, there can be no assurance that the Company will be able to
achieve its future strategic alternatives, raising substantial
doubt about its ability to continue as a going concern.

A full-text copy of the Company's Form 10-Q is available at:

https://www.sec.gov/Archives/edgar/data/1106644/000121390024043591/0001213900-24-043591-index.html

                    About China Pharma Holdings

Hainan Province, China-based China Pharma Holdings, Inc. engages in
the development, manufacture, and marketing of pharmaceutical
products.

The net loss for the year ended December 31, 2023 was $3.1 million,
compared to a net loss of $3.9 million for the year ended December
31, 2022. As of March 31, 2024, the Company has $16.2 million in
total assets, $7.9 million in total liabilities, and total
stockholders' equity of $8.3 million.

CHINA SOUTH: Creditors File Lawsuit Against State Shareholder
-------------------------------------------------------------
Reuters reports that a group of creditors of China South City has
filed a lawsuit in Hong Kong against the developer's biggest
state-owned shareholder to recover US$1.4 billion, according to a
court filing and a source familiar with the matter.

According to Reuters, the lawsuit is the first such case against a
Chinese state shareholder of a developer for recovery of payments
owed to creditors under the keepwell provision since the property
sector tipped into a debt crisis in 2021.

A keepwell provision, while not an outright guarantee, is a credit
enhancement mechanism that has been used by Chinese companies in
recent years for issuance of offshore bonds, according to lawyers.

The lawsuit is the latest in a growing list of legal cases filed
against defaulted Chinese developers in Hong Kong, as offshore
creditors look to recover their investments amid an unprecedented
debt crisis in the country's property sector, Reuters notes.

In response to the China South City lawsuit, summons have been
issued against Shenzhen SEZ Construction and Development Group Co.
Ltd (SZCDG), a state-owned shareholder of the developer, a filing
to Hong Kong High Court dated June 3 showed.

The creditors' group is demanding at least $1.4 billion as damages,
the filing, as cited by Reuters, showed. The group, represented by
Citicorp and law firm Mayer Brown, used a keepwell provision to
file the case, it showed.

SZCDG and the creditors' solicitor Mayer Brown did not immediately
respond to Reuters request for comment.

The filing said that SZCDG entered into a keepwell deed with
creditors on Aug. 9, 2022, to assist China South City in meeting
repayment obligations of the developer under a series of senior
bonds it issued, according to Reuters.

China South City missed a principal payment of $11.25 million on a
dollar bond due on Feb. 9, 2024. The issuer later failed to make
payments in relation to another two tranches of notes in April, the
filing showed.

The state shareholder, the filing said, failed to perform its
obligations in offering credit support. The group of creditors,
therefore, are pushing for the SZCDG to repay the outstanding
principals, accrued interest and other fees, it added, Reuters
relays.

SZCDG is the biggest shareholder of China South City, holding 29%,
the developer's 2023 annual report shows.

Focused on construction and operation of infrastructure and
industrial parks, SZCDG is owned by the Shenzhen government, its
official website showed.

A group of bondholders proposed making use of the Hong Kong law
governed keepwell deed to sue the state shareholder for dues
earlier this year, Reuters reported in February.

China South City Holdings Limited is principally engaged in
property development. The Company operates its business through
five segments. The Property Development segment is engaged in the
development of integrated logistics and trade centers, residential
and commercial ancillary facilities. The Property Investment
segment is engaged in the investment in integrated logistics and
trade centers, residential and commercial ancillary facilities. The
Property Management segment is engaged in the management of the
Company's developed properties. The E-commerce segment is engaged
in the development, operations and maintenance of an E-commerce
platform. The Others segment is engaged in the provision of
advertising, exhibition, logistics and warehousing services, outlet
operations and other services.




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

BISUI POULTRY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bisui
Poultry Private Limited (BPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.70       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 13, 2023,
placed the rating(s) of BPPL under the 'issuer non-cooperating'
category as BPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 27, 2024, February 6, 2024, February 16, 2024.

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

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

Incorporated in January 2012, Bisui Poultry Private Limited (BPPL)
was promoted by the Bisui family based out of Paschim Medinipur
West Bengal. BPPL is engaged in the business of layer poultry
farming and involved in sales of eggs and birds. The poultry farm
has a total capacity of layer birds is improved from 70,000 to
1,50,000 after completion of expansion project with facilities
located at Bankura, West Bengal.

COLOUR COTTEX: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Colour
Cottex Private Limited (CCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      78.98       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of CCPL under the 'issuer non-cooperating'
category as CCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. CCPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 24, 2024, March 5, 2024, March 15, 2024.

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

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

Incorporated in June 2012, Colour Cottex Private Limited (CCPL) is
engaged in the manufacturing and trading of readymade garments
(primarily T-shirts) and knitted cloth. The company is currently
operating with Mr Rajesh Dhanda as the Managing Director. The
manufacturing unit of the company is located in Ludhiana, Punjab
having an installed capacity of 10,80,000 pieces for ready-made
garments and 936 tons for knitted cloth as on March 30, 2016. The
company also engages in trading of garments and cloth.


CUBATIC PROJECTS: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Cubatic
Projects Private Limited (CPPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              18         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CPPL for
obtaining information through letter and email dated April 19, 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 CPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in May 2013, by Mr TS Babu, Mr Srinivasa Rao and Mr
Sathi Konda Reddy, CPPL undertakes residential real estate
projects. The company is based out of Madhapur, Hyderabad.


EARTHEN TREASURES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Earthen
Treasures Natural Resources Private Limited (ETNRPL) continues to
remain in the 'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of ETNRPL under the 'issuer non-cooperating'
category as ETNRPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement.

ETNRPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated February 24, 2024, March 5, 2024, March 15,
2024.

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

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

ETNRPL was established in April 2013. Promoted by Mr Aniket Jain
and Mr Pratyush Bharatiya, operations of the company began from
April 22, 2013. ETNRPL is currently engaged in quarrying,
production and trading of granite. ETNRPL has leased the quarry
measuring 2.13 acres from M/S Brothers Granite Exporter and has
acquired rights of selling, supplying, and transporting of black
granite blocks for a lease period of 7 years. The quarry of the
entity is located i n Chamrajnagar, Karnataka.


GANESH RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M/s Ganesh
Ram Dokania (GRD) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            40          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      1          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with GRD for
obtaining information through letter and email dated April 19, 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 GRD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GRD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GRD continues to be 'CRISIL D Issuer Not Cooperating'.

GRD was established as a proprietorship concern in 1958 by Mr
Ganesh Ram Dokania. The firm was reconstituted as a partnership
entity in 1996 with the induction of the second generation family
members and friends. It undertakes construction of roads, bridges
and irrigation works. It is registered as a Class IA contractor
with the government of Bihar.


INDUS GENE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Indus Gene
Expressions Limited (IGEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 31, 2023,
placed the rating(s) of IGEL under the 'issuer non-cooperating'
category as IGEL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. IGEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 14, 2024, February 24, 2024, March 5, 2024.

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

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

Andhra Pradesh based M/s. Indus Gene Expressions Limited (IGEL) is
incorporated in the year 2007 and promoted by Mr. C Channa Reddy
and other directors. Indus Gene Expressions Limited is a contract
manufacturing facility for bio-pharmaceuticals with highly skilled
pool of scientists and technologists. IGEL is setting up its unit
in land area of 28.30 Acre at Sy, No 178, 157, Koduru Village and
Sy. No 65 Settipalli Village, Chilmathur Mandal, Ananthpur
District, Andhra Pradesh for Bio – Technology products such as
Lipid Mediators and Elisa Kits.


JAIPRAKASH ASSOCIATES: Court Admits ICICI Bank's Insolvency Plea
----------------------------------------------------------------
The Economic Times reports that the bankruptcy court in Allahabad
admitted Jaiprakash Associates Ltd (JAL) for corporate insolvency
almost six years after ICICI Bank filed an application.

The tribunal, while admitting the company under the Corporate
Insolvency Resolution Process (CIRP), has also appointed Bhuvan
Madan as interim resolution professional (IRP) of the company, said
two people aware of the development, ET discloses.

The private sector lender had approached the tribunal after the
company failed to pay its dues of about INR3,000 crore.

On June 3, the division bench of judicial member Praveen Gupta and
a technical member Ashish Verma admitted the company in an oral
order, according to ET. The detailed order was not available till
the time of filing the story.

According to ET, the development is expected to put a spanner in
the efforts of the company to execute a deal with Dalmia Bharat
Group, where the latter was expected to acquire Jaiprakash
Associates' cement, clinker and power units at the enterprise value
of INR5,666 crore.

In the Allahabad bench of the National Company Law Tribunal, senior
counsel Amit Saxena along with Madhav Kanoria of law firm Cyril
Amarchand Mangaldas (CAM) is appearing for the lender while,
Jaiprakash Associates is being represented by senior advocate RP
Agarwal in the case, ET notes.

Last month, ET reported that the company's lenders led by the State
Bank of India (SBI) have sought approval from the Reserve Bank of
India (RBI) to sell the INR18,000 crore debt of the company to the
National Asset Reconstruction Company of India (NARCL).

Lenders are seeking approval because in 2017, soon after the
Insolvency and Bankruptcy Code (IBC) was enacted, the RBI directed
banks to refer 28 companies, including JAL, for debt resolution
under the Act. The company was on the second list of 28 accounts
referred by the RBI for resolution under the IBC.

JAL is the flagship company of the Manoj Gaur-promoted Jaypee Group
with an asset portfolio comprising cement, hospitality, real
estate, fertiliser and construction businesses. In fiscal 2023,
NARCL acquired 62%, or INR9,234 crore, of Jaypee Infratech's debt,
offering lenders a 39% recovery following an uncontested Swiss
challenge auction, ET discloses.

The ET, in its story, had reported that NARCL had offered 15% as
cash and the balance as securities receipts. This implies that
NARCL will have to offer a cash component of INR1,500 crore, while
the balance of INR8,500 crore would be security receipts, which
would be redeemed as and when the ARC recovers the dues.

                     About Jaiprakash Associates

Jaiprakash Associates Limited (JAL) is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which includes
manufacture and sale of cement and clinker; Hotel/Hospitality,
which includes hotels, golf course, resorts and spa; Sports Events,
which includes sports-related events; Real Estate, which includes
real estate development; Power, which includes generation and sale
of energy; Investments, which includes investments in subsidiaries
and joint ventures for cement, power, expressway and sports, among
others, and Others, which includes coal, waste treatment plant,
heavy engineering works, hitech castings and man power supply,
among others. It has operations in Haryana, Madhya Pradesh, Gujarat
and Jharkhand, among others.

JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.

KAILASH TRADING: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kailash
Trading Corporation (KTC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.65       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 11, 2023,
placed the rating(s) of KTC under the 'issuer non-cooperating'
category as KTC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KTC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 25, 2024, March 6, 2024, March 16, 2024.

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

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

KTC established in 2001 by Mr. K Chandrasekhar is engaged in
trading of engineering and commodity plastics. On the commodity
plastics segment KTC acts as a consignment agent of LG and on the
engineering plastics segment it imports polymers like hostaform,
celanex and sells them to Tier 1 and Tier 2 OEM's of automobile and
electronic industries. The firm operates out of Chennai and has a
warehouse of capacity 4000 sq. Ft.


KARPAGAMOORTHY AUTO: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Karpagamoorthy Automobiles (SKA) continues to remain in the 'Issuer
Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 9, 2023,
placed the rating(s) of SKA under the 'issuer non-cooperating'
category as SKA had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SKA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 23, 2024, February 2, 2024, February 12, 2024.

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

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

Sree Karapagamoorthy Automobiles was established by Mr. K.R.C.T.
Ganesan in the year 2003 and he is the Managing Partner of the
firm. The other partners include Mrs. Pandari Boi, Mr. G. Karpaga
Manikandan, Ms. G. Karpaga Priyanka. All partners are
members of a family and Mr. Ganesan takes care of the affairs of
the business. The registered office of the firm is located in
Karaikudi, Sivagangai district Tamil Nadu. It has four other
branches and one stock yard in Sivagangai and Ramanathapuram
districts of Tamil Nadu. The firm is the authorised dealer of TATA
motors Limited for Heavy and Light commercial vehicles. The firm's
revenue is predominantly attracted from sale of TATA ACE range of
models, popularly known as "Chota Hathi". It is also involved in
purchase and sale of spare parts, accessories and auxiliary items
and services of TATA motor automobiles. The firm purchases vehicles
and spare parts directly from TML manufacturing units in Gurgoan,
Bangalore, Pantnagar, and Kolkata.


KONARK SYNTHETIC: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Konark
Synthetic Limited (KSL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      9.70       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 7, 2023,
placed the rating(s) of KSL under the 'issuer non-cooperating'
category as KSL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KSL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 21, 2024, March 2, 2024, March 12, 2024.

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

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

Konark (ISIN: INE517D01019), incorporated in 1984, is primarily
engaged in the manufacturing specialty yarn and fabric. Apart from
the manufacturing activities the company is also involved in job
work for ready-made garments and trading of processed fabrics. The
company has three units namely Yarn unit in Silvaasa, Fabric unit
in Sarigram (Gujarat) and the Garment manufacturing unit in
Bangalore and has been certified as an ISO 9001:2000 company. The
Company's product range includes yarn dyed and piece dyed polyester
fabrics and its blends with cotton, linen, rayon and silk. It
provides texturized and airtexturized yarn in India. Its apparel
product range includes trousers, shirts and shorts.


KRISHNA NUTRITIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Krishna
Nutritions India Private Limited (SKNIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.50        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     1.69        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              1.81        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SKNIPL for
obtaining information through letter and email dated April 19, 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 SKNIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SKNIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SKNIPL continues to be 'CRISIL D Issuer Not
Cooperating'.

SKNIPL was set up in October 2010, by the promoters, Mr Vijay Kumar
Mittal and Mr Satendra Kumar Jalan. The company, which manufactures
cattle and poultry feeds, commenced commercial operations from June
2012. It sells cattle feed under the brands, Doodh Sagar and Doodh
Dhara, and poultry feed under the brands, Baba, Ultima and Prima.


MOD AGE: CARE Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mod Age
Consultants & Advisory Services Private Limited (Mod Age) continue
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible      17.00      CARE D; ISSUER NOT COOPERATING
   debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings), vide its press release dated
February 15, 2018, had placed the rating of Mod Age under the
'Issuer not-cooperating' category, as the company had failed to
provide information for monitoring of the rating and had not paid
the surveillance fees for the rating exercise as agreed to in its
rating agreement. The company continues to be non-cooperative
despite repeated requests for submission of information vide e-mail
communications dated April 13, 2024, April 23, 2024, May 3, 2024,
May 6, 2024, and May 10, 2024 among others.

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

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

At the time of last rating on May 29, 2023, the following was the
rating weakness (updated for information available from the - stock
exchange, Registrar of Companies and Debenture Trustee):

* Delays in interest servicing and principal repayment: The company
has ongoing delays in servicing of its interest obligations on the
outstanding non-convertible debenture (NCDs) as well as delay in
repayment of principal amount that was due in October 2018. Being a
strategic investment company, Mod Age has no operations of its own
and therefore does not have any revenue from operations. The
interest obligations of the company are serviced through the funds
infused by the promoters. Timely servicing of debt obligations
remains dependent on timely infusion of funds by
promoters/shareholders.

Incorporated on January 21, 2008, Mod Age Consultants & Advisory
Services Private Limited, erstwhile known as Mod Age Investment
Private Limited (name changed in December 2013), is a strategic
investment holding company of the promoters of Jyoti Structures
Limited (JSL). K. R. Thakur and P. K. Thakur, shareholders in JSL,
each hold 50% shareholding in Mod Age. As Mod Age is only an
investment holding company, it does not have its own operational
cash flows. On October 30, 2013, the company issued NCDs of
₹25.00 crore for investment in shares and offering loans to group
companies. Of these, NCDs aggregating to INR17.00 crore were
subscribed. The company has placed 1.18 crore shares of JSL as
collateral against the NCD issue. The funds raised by the NCD
issued are utilised for investment into shares of Surya India
Fingrowth Private Limited, a group company.

OCEAN HEALTHCARE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ocean
Healthcare Private Limited (OHPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 13, 2023,
placed the rating(s) of OHPL under the 'issuer non-cooperating'
category as OHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. OHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 27, 2024, February 6, 2024, February 16, 2024.

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

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

Ocean Healthcare Private Limited (OHPL) was incorporated in 2013
and is currently being managed by Mr. Siddharth Baid and Mr.
Venkateesh Veera. The company started trial productions in December
2015 with commercial productions from April 2016.
OHP is engaged in manufacturing of pharmaceutical formulations
which are available in multiple dosage forms including tablets,
capsules, gels and dry powder.

OSWAL KNITTING: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Oswal
Knitting and Spinning Industries Limited (OKSIL) continue to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of OKSIL under the 'issuer non-cooperating'
category as OKSIL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement.

OKSIL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 24, 2024, March 5, 2024, March 15,
2024.

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

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

Promoted by Oswal family of Ludhiana, Oswal Knitting and Spinning
Industries Limited (OKSIL), was incorporated in 1992. OKSIL is
engaged in the trading of various types of yarn and fabric as well
as manufacturing of hosiery and woolen apparels for
men and women at its manufacturing facility located at Ludhiana,
Punjab. The company sells its readymade garments under the brand
name of 'Oswal' through its exclusive showrooms and through various
wholesalers and retailers.


RANGOTSAV SAREES: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rangotsav
Sarees Private Limited (RSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 2, 2023,
placed the rating(s) of RSPL under the 'issuer non-cooperating'
category as RSPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RSPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 16, 2024, January 26, 2024, February 5, 2024.

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

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

Rangotsav Sarees Pvt. Ltd. was incorporated by Mr. Narendra Kumar
Agarwal in the year 1999. It started under the name of
'Rangbirangee Sarees Pvt. Ltd.', later on changing it to 'Rangotsav
Sarees Pvt. Ltd'. The company deals in silk fabrics (crepe and
georgette), sarees, fabrics and dress materials. In its initial
years of operations, the company was involved in trading
activities, but it commenced manufacturing activities in the year
2010 by starting its own factory unit at Kolkata. All activities
viz. designing, dyeing, threading and printing are conducted
in-house completely in the factory, without outsourcing any of the
activities. RSPL also undertakes job work at its factory for other
manufacturers. Trading and manufacturing accord for 70% and 30%
share respectively in the business. The company has one retail
outlet showroom located at Park Street. The company has its website
to facilitate online shopping, ensured by a fully insured delivery
process and hassle-free return and refund policy.


RATHNA STORES: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rathna Stores
(Firm) (RSF) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.5         CRISIL B/Stable (Issuer Not
                                     Cooperating)

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

CRISIL Ratings has been consistently following up with RSF for
obtaining information through letter and email dated April 19, 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 RSF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2014 by Mr. P.S. Siva Kumar, RSPF trades in home
appliances and consumer durables. Located in Puraswalkam, Chennai,
the store is spread 60,000 sq. feet. The day to day operations of
RSF are currently managed by Mr. S Siva Shankar.



RAUNAQ CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Raunaq
Construction (RC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.15       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 12, 2023,
placed the rating(s) of RC under the 'issuer non-cooperating'
category as RC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 26, 2024, March 7, 2024, March 17, 2024.

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

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

Delhi based; Raunaq Construction (RC) was established in 1982 as a
proprietorship firm by Mr. Amarjit Singh Arora. The firm is engaged
in construction of roads, bridges, drainage system for government
departments. The raw materials namely tar, sand, cement, etc. are
procured by the firm from various domestic manufacturers and
wholesalers.


SANKAR COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sankar Cotton
Traders- Guntur (SCT) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit              3         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SCT for
obtaining information through letter and email dated April 19, 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 SCT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCT continues to be 'CRISIL D Issuer Not Cooperating'.

SCT, established in 2014 as a partnership firm, is promoted by Mr
Innamuri Bassavaiah and Ms. Innamuri Dhana Lakshmi. The firm, based
in Guntur, Andhra Pradesh, trades in cotton.


SANTOSH KUMAR: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Santosh Kumar
Rajesh Kumar (SKRK) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with SKRK for
obtaining information through letter and email dated April 19, 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 SKRK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKRK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKRK continues to be 'CRISIL D Issuer Not Cooperating'.

SKRK was set up in 1978 by the proprietor, Mr Santosh Agarwal. The
Lucknow-based firm trades in edible oil.


SEETHARAMA COTTON: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Seetharama
Cotton Industries (SCI) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SCI for
obtaining information through letter and email dated April 19, 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 SCI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCI continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SCI was set up in 2008 as a partnership firm by Ms Mukka Srilaxmi,
Mr Garrepalli Karthik, Mr Kamishetty Prakash, Ms Ponaganti Kalyani,
Ms Vollala Aruna, and Ms Vollala Anjali Devi. It gins and presses
cotton.


SEVA ENGINEERING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Seva
Engineering Talwade (SE) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Cash         2.0         CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating)

   Rupee Term Loan       1.5         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SE for
obtaining information through letter and email dated April 19, 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 SE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SE
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Seva Engineering Talwade was formed as a partnership firm in 2008.
The firm manufactures machine parts such as steering arm, pitman
arm, bracket wishbone, tow hook, and stub axle, and has a total
portfolio of 40-50 products.


SHATABDI SHIKSHA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shatabdi
Shiksha Prasar Sabha (SSPS) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan               10         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SSPS for
obtaining information through letter and email dated April 19, 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 SSPS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSPS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSPS continues to be 'CRISIL D Issuer Not Cooperating'.

SSPS was established in 1992 by Late Dr.  Rampal  Singh  Nehra  to
set  up educational  institutes  in  Meerut,  Uttar  Pradesh.  The
society  runs  seven  colleges  and  one  school  in  Mohinidinpur,
Meerut. The school is affiliated to the CBSE while the colleges
are affiliated to Chaudhary Charan Singh University, Meerut.
Presently, Mr. Amit Nehra is managing the affairs of the society.


SKYHIGH HOSPITALITY: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Skyhigh
Hospitality Private Limited (SHPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SHPL for
obtaining information through letter and email dated April 19, 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 SHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHPL continues to be 'CRISIL D Issuer Not Cooperating'.

SHPL was set up in 2008 by Gurugram-based Mr Ramesh Khurana and Mr
S N Virmani. The company runs a boutique hotel, Treehouse Queens
Pearl, in Gurugram.


SREI GROUP: Adisri's Appeal Against Insolvency on 2 Units Nixed
---------------------------------------------------------------
The Economic Times reports that the Supreme Court on June 3
dismissed Adisri Commercial's appeal against the admission of
insolvency proceedings against SREI Infrastructure Finance (SIFL)
and SREI Equipment Finance (SEFL). It imposed a cost of INR1 lakh
on the Srei Group shareholder for filing such a frivolous
petition.

Upholding the National Company Law Appellate Tribunal's (NCLAT)
decision, the court rejected Adisri Commercial's petition seeking
to quash the Corporate Insolvency Resolution Process (CIRP)
initiated against the two SREI companies, ET says.

SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.

On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times.  The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.

The insolvency resolution process against the company started on
Oct. 8, 2021.

The RBI-appointed administrator has admitted claims of around
INR31,868 crore of the total claims received of around INR34, 223
crore from financial creditors to Srei Equipment Finance Ltd
(SEFL), the Hindu BusinessLine disclosed. He had also admitted
claims to the tune of INR257 crore from financial creditors to Srei
Infrastructure Finance.

SUMMIT METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Summit Metals
(SM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            8           CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         3           CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SM for
obtaining information through letter and email dated April 19, 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 SM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SM
continues to be 'CRISIL D Issuer Not Cooperating'.

SM, established in 2015 and promoted by Mr Moosa Kunnath,
manufactures and trades in roof sheets. The firm also trades in
steel tubes and other metals.


SUPERWAYS ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Superways
Enterprises Private Limited (SEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit       70         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       30         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SEPL for
obtaining information through letter and email dated April 19, 2024
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1989 by Mr Vinod Jatia and his family, SEPL trades
in iron and steel products such as hot- and cold-rolled coils,
sheets, and plates, sponge iron lumps, and fines.


SYNERGY AGRI: CRISIL Lowers Rating on INR7cr Term Loan to D
-----------------------------------------------------------
CRISIL Ratings has lowered the ratings on bank facilities of
Synergy Agri Products Private Limited (SAPPL) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.25       CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term     2.00       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term     0.75       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan              7          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B-/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SAPPL for
obtaining information through letter and email dated April 19, 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 has failed to receive any information on either the
financial performance or strategic intent of SAPPL, which restricts
CRISIL Ratings ability to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes information
available on SAPPL is consistent with 'Assessing Information
Adequacy Risk'.

Based on the publicly available information, CRISIL Rating
understands SAPPL has been irregular in its account conduct. Hence,
the ratings on bank facilities of SAPPL have been downgraded to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B-/Stable Issuer Not
Cooperating'.

SAPPL, based in Durgapur, is engaged in propagation and growing of
plants and tissue culture activities. SAPPL was started on 3rd
March, 2004 as 'Synergy Bio-technologies Limited' and was
subsequently renamed.


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

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          2.7        CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      1.5        CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Cash
   Credit Limit            5.8        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with UTM for
obtaining information through letter and email dated April 19, 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 UTM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UTM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UTM continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

UTM was established by Mr Krupa Sindhu Mandal and Mr Rajesh Singh
at Gurugram (Haryana) in 2014. The company undertakes tunnel
construction and mining activities for government and private
companies. Operations commenced in April 2015.


VAIJANATH INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri
Vaijanath Industries Private Limited (SVPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.1         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     4.53        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Rupee Term Loan        1.37        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SVPL for
obtaining information through letter and email dated April 19, 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 SVPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVPL continues to be 'CRISIL D Issuer Not Cooperating'.

SVPL was incorporated in 2008 as a private limited company by Mr.
Girish Huddar, Mr. Namdeo patil and Mr. Dayanand Shastri. The firm
is engaged in the manufacturing of tractor & farm equipment
primarily comprising gears. SVPL's manufacturing facility is
located in Kolhapur, Maharashtra.


VIRTUE INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Virtue
Industries (VI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 12, 2023,
placed the rating(s) of VI under the 'issuer non-cooperating'
category as VI had failed to provide information for monitoring of
the rating and had not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
VI continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 26, 2024, March 7, 2024, March 17,
2024.

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

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

Krishna District (Andhra Pradesh) based, Virtue Industries was
established in the year 2016 as a partnership firm by Munsunuru
family. The firm is engaged in the manufacturing and sale of
construction aggregates (in the range of 0mm to 40mm) to the
construction industry. The blue-metals are acquired from Virtue's
group associate "Sri Sai Ganesh Stone Crusher" (SSGSC). The various
types of aggregates manufactured are sold to domestic
infrastructure and construction companies. The firm has an
installed capacity of 350 TPH (Tons Per Hour) as on December 27th
2017 located at Krishna District, Andhra Pradesh.


WORLDSTAR FABRICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Worldstar
Fabrics LLP (WF) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Cash Credit           18           CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with WF for
obtaining information through letter and email dated April 19, 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 WF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on WF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of WF
continues to be 'CRISIL D Issuer Not Cooperating'.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.


ZULAIKHA MOTORS: CARE Assigns C Rating to INR10cr Long Term Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Zulaikha
Motors Private Limited (ZMPL), as:

                               Amount
   Sr. No   Facilities      (INR crore)   Ratings
   ------   ----------      -----------   -------
     I      Long Term            -        Withdrawn
            Bank Facilities


    II       Long Term/          -        Rating removed from
             Short Term                   ISSUER NOT COOPERATING
             Bank Facilities              category and Revised to
                                          CARE C/CARE A4 from
                                          CARE B-; Stable/CARE A4;

                                          ISSUER NOT COOPERATING
                                          and Withdrawn

    III      Short Term          -        Withdrawn
             Bank Facilities       


    IV       Long Term/         4.00      CARE D/CARE D Rating
             Short Term                   removed from ISSUER NOT

             Bank Facilities              COOPERATING category and

                                          Revised from CARE B-;
                                          Stable/CARE A4

    V        Long Term Bank    10.00      CARE C Assigned
             Facilities          

    VI       Long Term/       116.00      CARE C/CARE A4 Assigned
             Short Term
             Bank Facilities    

    VII      Short Term        20.00      CARE A4 Assigned
             Bank Facilities     

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had previously rated bank
facilities of ZMPL as 'ISSUER NOT COOPERATING'. ZMPL has now
cooperated by providing the necessary information for undertaking
the review.

CARE Ratings has withdrawn the ratings assigned to the bank
facilities (Sr. No. I & III) of the company based on no due
confirmation from lenders.

CARE Ratings has revised the ratings assigned to the bank
facilities (Sr. No. IV) on account of the delay in servicing the
same. Further, the rating assigned to the other bank facilities (in
Sr. No. V, VI & VII- including the one where we reviewed in Sr. No.
II) takes into account the tight liquidity position as evidenced by
nearly full utilisation of working capital limits and instances of
temporary overdraft limit being sought.

CARE Ratings has revised and withdrawn the outstanding ratings of
'CARE C' assigned to the bank facilities (Sr. No. II) of the
company based on 'No Objection Certificate' received from the
lenders that have extended the facilities rated by CARE Ratings.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Satisfactory track record of timely repayment and servicing of
debt obligation for a continuous period of 90 days.

* Improvement in liquidity position of the company.

Negative factors

* Any further deterioration in the liquidity profile of the
company.

Analytical approach: Standalone

Detailed description of the key rating drivers:

Key Weakness

* Delay in debt servicing in one of the credit facilities availed
by the company: As per the FY23 audited financial statements of the
company, it was observed that the company has unpaid dues towards
Reliance Capital Ltd. Management has written back the loan
liability towards Reliance Capital Ltd from the financial
statements and considered as contingent liability as on March 31,
2022. However, debt servicing of other credit facilities are
regular as per the interaction with the lenders.

* Leveraged capital structure: The overall capital structure of the
company also stands leveraged with overall gearing of 2.95x as on
March 31, 2024. Further, the total debt/GCA of the company stood
high at 19.50 years during FY24. Thin profitability margin albeit
improvement in FY'24. As per the provisional financials for FY'24,
PBILDT margin has improved to 4.60% (PY: 3.30%). The profitability
margin remains thin due to the inherent dealership nature of the
business. The margins on vehicle sales for the dealers are set by
the OEM's which is around 3-5% whereas dealers derive higher margin
on service and spare sales. Furthermore, the nature of operations
entails working capital requirements, with inventory to be stocked
upfront for sales, and minimal credit period available from OEMs.

Key strengths

* Improvement in scale of operation and diversified revenue stream:
TOI has grown at 14% CAGR during FY'20 to FY'23 period. Company has
achieved TOI of INR248.73 crores in FY'24 (prov.) (PY: INR249.39
crores). Sale of vehicles contributes around 82% of the revenue
followed by spares parts and accessories of 11% and service income
of 5% and rest through their other operating revenue which majorly
includes, incentives received from M&M. Prominent dealer of
Mahindra & Mahindra vehicles in Chennai
ZMPL is an auto dealer for Mahindra & Mahindra (M&M) and continues
to be one of the known dealers in Chennai for the sales and service
of M&M's range of vehicles. ZMPL has three showrooms and two
workshops in Chennai, Tamil Nadu.

Liquidity: Poor

The company has delays in debt servicing in one of the credit
limits availed by the company. Further, its tight liquidity
position is evidenced by nearly full utilisation of working capital
limits and instances of temporary overdraft limit being sought.

Zulaikha Motors Private Limited (ZMPL) was incorporated in March
2010 and is engaged in dealership of Mahindra and Mahindra (M&M)
vehicles in Chennai through outlets and workshops in Chennai. The
company was previously part of the 'Buhari group'. However, from
FY19, new promoter Thomas William Pangaraj infused equity and
subsequently Buhari group divested it shares. As on FY23 end per
the audited financial statement, Buhari group does not have any
shareholdings in the company.




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

CLASSIC MOBILES: Heath Gair Appointed as Receiver and Manager
-------------------------------------------------------------
Heath Gair of Palliser Insolvency on May 31, 2024, was appointed as
receiver and manager of Classic Mobiles Limited.

The receivers and managers may be reached at:

          Palliser Insolvency
          Level 2, 40 Lady Elizabeth Lane
          Wellington


CUBA 444: Creditors' Proofs of Debt Due on June 28
--------------------------------------------------
Creditors of Cuba 444 Limited are required to file their proofs of
debt by June 28, 2024, to be included in the company's dividend
distribution.

The High Court at New Zealand appointed Adam Botterill and Damien
Grant of Waterstone Insolvency as liquidators of the company on May
28, 2024.


EDWARDS PLANT: Creditors' Proofs of Debt Due on June 28
-------------------------------------------------------
Creditors of Edwards Plant Hire Limited are required to file their
proofs of debt by June 28, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 28, 2024.

The company's liquidators are:

          Gareth Russel Hoole
          Raymond Paul Cox
          Ecovis KGA Limited, Chartered Accountants
          PO Box 37223
          Parnell
          Auckland


ELIZA'S HOLDINGS: Owes NZD3 Million, Owners Fire-Sold Mansion
-------------------------------------------------------------
The Press reports that just two days after saying no creditors were
owed money, it has emerged Francesca Voza's companies owe more than
NZD3 million, nearly half of which is unpaid tax.

The Press relates that Ms. Voza and her husband, James Sumner, who
own Christchurch's Eliza Manor, have also agreed to sell the
mansion for nearly NZD1.5 million less than they bought it for
three years ago.

The NZD2.75 million agreed sale price is half of what the
hospitality operators were seeking for the property just three
months ago. It has a current rateable value of more than NZD4
million, The Press notes.

According to The Press, the couple recently sold their businesses
Miro and Mr. Wolf before placing four of their companies into
liquidation. The company that owns the manor Eliza's Holdings Ltd
is one of those in liquidation, which the couple are majority
shareholders of.

"We don't owe any creditors or staff wages so I'm not sure what you
are trying to put together into a story", Ms. Voza, who is
currently overseas, told The Press in an email on May 29.

But according to the initial liquidator's reports, released on May
31, the couple's companies owe more than NZD3 million to creditors,
nearly half of which is unpaid GST and PAYE owed to Inland Revenue,
The Press says.

There is also NZD12,000 owed in unpaid staff wages and holiday pay,
the reports said.

The staff and majority of trade creditors of the companies
previously associated with Miro and Mr. Wolf (before the businesses
were sold) had been paid from the proceeds of the sales.

But those two companies had NZD980,000 owing in unpaid GST and
PAYE, The Press notes.

The couple ran a five-star boutique hotel and restaurant in the
Bealey Ave manor and made it their home. The company behind the
hotel and restaurant - Francesca's Christchurch Ltd - owes Inland
Revenue NZD400,000 and NZD130,000 to unsecured creditors, The Press
discloses.

Funds for unsecured creditors that hadn't already been paid were
unlikely to be realised.

Inland Revenue initially took action to liquidate Ms. Voza's
companies. She then met with a professional advisor, and placed the
companies into voluntary liquidation after that meeting.

The sale of Eliza's Manor would not be enough to meet the
companies' financial requirements, the liquidator, as cited by The
Press, said.

Eliza's Holdings Ltd owed NZD4.2 million to secured creditors. The
NZD2.75 million sale of the building would go to those creditors,
leaving a shortfall of NZD1.5 million.

Property development company Brooksfield has agreed to purchase the
mansion. It plans to repurpose it into an office space for its
staff.

The restaurant and hotel, which is still currently operating, would
close after the sale settled next month, adds The Press.

It's understood that Eliza's Manor staff had been served
termination notices.

Creditors have until June 19 to make any claims, The Press notes.


HI TEC HOMES: Court to Hear Wind-Up Petition on June 27
-------------------------------------------------------
A petition to wind up the operations of Hi Tec Homes Limited will
be heard before the High Court at Christchurch on June 27, 2024, at
10:00 a.m.

Exotic Living Limited filed the petition against the company on May
11, 2024.

The Petitioner's solicitor is:

          Andy Ogilvie
          Godfreys Law
          6D Washington Way
          Christchurch


MODERNZ LIMITED: Court to Hear Wind-Up Petition on June 14
----------------------------------------------------------
A petition to wind up the operations of ModerNZ Limited will be
heard before the High Court at Auckland on June 14, 2024, at 10:45
a.m.

EJ Trade Limted filed the petition against the company on April 12,
2024.

The Petitioner's solicitor is:

          Brett Martelli
          Martelli Yaqub Lawyers Limited, Solicitors
          1 St Georges Bay Road
          Parnell
          Auckland


TELEVISION NEW ZEALAND: Warns of Projected Loss of at Least NZD28M
------------------------------------------------------------------
Radio New Zealand reports that Television New Zealand is warning of
a large underlying loss amid a worsening advertising downturn.

According to RNZ, the state-owned broadcaster said it now expected
an underlying loss of between NZD28 million and NZD33 million in
the 2024 financial year.

It said on top of the underlying loss, TVNZ's full-year result
would include a significant non-cash write-down as the value of its
assets would be affected by future earnings forecasts, RNZ relays.

It said traditional television advertising was down nearly 16
percent from last year, and only partially offset by digital
revenue, despite revenue growth on its TVNZ+ streaming platform.

"We have made significant strides in our path to being a
digital-first broadcaster over the past six months, however, as a
fully commercially funded organisation, we are exposed to the ad
market," the report quotes chief executive Jodi O'Donnell as
saying.

"Since we announced our interim position, the advertising downturn
driven by recessionary conditions and structural market change has
deepened. TVNZ's revenue position as a result has deteriorated,
despite a continued focus on cost saving initiatives," Ms.
O'Donnell said.

In its half-year results announced in March, TVNZ reported a bottom
line loss of NZD16.8 million, and an underlying loss of NZD4.6
million, RNZ discloses.

Following the results, TVNZ announced 68 jobs would be cut,
including its Sunday and Fair Go programmes.

However, the Employment Court ruled it had failed to consult with
staff before cancelling the programmes and cutting jobs.

According to RNZ, Ms. O'Donnell said despite the tougher results,
it was not looking for a government handout.

"While we strongly support regulatory and legislative change to
encourage a fairer playing field and fit-for-purpose operating
environment, we are not seeking financial support from the Crown,"
Ms. O'Donnell said.

She said TVNZ's balance sheet was "robust".

In response to the tougher television advertising market, TVNZ said
it would be accelerating its digital changes, RNZ adds.

"We will continue to invest aggressively in a digital future to
build online audience and revenue scale, and to secure a profitable
and sustainable future for the business," Mr. O'Donnell said.

Television New Zealand, also referred to as TVNZ, is a television
network that is broadcast throughout New Zealand and parts of the
Pacific region. All of its currently-operating channels are
free-to-air and commercially funded.



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

MFT GROUP: Court Seizes 138 Bank Accounts of Mika Tan and Group
---------------------------------------------------------------
Bilyonaryo.com reports that the Court of Appeals has ordered a
20-day freeze on the bank, investment, and insurance accounts of
Maria Francesca "Mika" Tan, (MFT) Group of Companies and its
officials, at the request of the Anti-Money Laundering Council
(AMLC).

Accordig to Bilyonaryo.com, the freeze covers 138 bank accounts,
four securities accounts, and four insurance accounts linked to MFT
Group, Foundry Ventures I, Mondial Medical Technologies, and
several individuals including Mika, Christian Konstantin, Roxanne
G. Agbayani, Enrique Eduardo D. Tan, Charles Edward D. Tan, and
Luis Gabriel R. Cancio, Jr.

This action follows an investigation by the Securities and Exchange
Commission (SEC) which alleged MFT Group solicited investments from
the public without the necessary permit.

Bilyonaryo.com says the SEC claims MFT Group offered guaranteed
returns between 12-18%, distributed through post-dated checks
reflecting a 1 to 1.5 percent monthly interest. Investors
reportedly received promissory notes or borrower-lender agreements
as proof of their investment.

Under Section 10 of Republic Act No. 9160, or the Anti-Money
Laundering Act (AMLA) of 2001, the CA may issue a freeze order upon
a verified ex parte petition by the AMLC and after determining that
probable cause exists that any monetary instrument or property is
in any way related to an unlawful activity.

Fraudulent practices and other violations under Republic Act No.
8799, or The Securities Regulation Code (SRC), are among the
predicate offenses of money laundering, as provided under the 2018
Implementing Rules and Regulations of the AMLA.

In a separate resolution promulgated on May 17, the CA also granted
the AMLC's ex parte application for a bank inquiry order,
authorizing the Council to inquire into or examine the bank,
securities, and insurance accounts of the group within a period of
120 days, according to Bilyonaryo.com.

Under Section 11 of the AMLA and Rule 11 of the 2018 IRR, the CA,
upon ex parte application, may order that the AMLC be allowed to
inquire into or examine any particular deposit or investment,
including related accounts, with any banking institution or
non-bank financial institution after determining that there is
probable cause that they are in any way related to an unlawful
activity as defined under the same law.

MFT Group operates as a private equity firm with strategic
investments in robust industries including healthcare, financial
services, food and beverage, and real estate.



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

CHATQ PTE: Commences Wind-Up Proceedings
----------------------------------------
Members of Chatq Pte Ltd, on May 27, 2024, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidator is:

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


FINESSE CONSULTANCY: Creditors' Proofs of Debt Due on July 3
------------------------------------------------------------
Creditors of Finesse Consultancy Pte. Ltd. are required to file
their proofs of debt by July 3, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 24, 2024.

The company's liquidator is:

          Cheong Beng Sheng, Dean
          c/o Guardian Advisory Pte Ltd
          531A Upper Cross Street #03-118
          Hong Lim Complex
          Singapore 051531


KINETIC VENTURE: Creditors' Proofs of Debt Due on July 3
--------------------------------------------------------
Creditors of Kinetic Venture Capital Pte. Ltd. are required to file
their proofs of debt by July 3, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 24, 2024.

The company's liquidator is:

          Cheong Beng Sheng, Dean
          c/o Guardian Advisory Pte Ltd
          531A Upper Cross Street #03-118
          Hong Lim Complex
          Singapore 051531


MAJLIS PUSAT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on May 20, 2024, to
wind up the operations of Majlis Pusat Singapura.

Siti Hasmah Binte Adam filed the petition against the company.

The company's liquidators are:

         Goh Wee Teck
         Lin Yueh Hung
         RSM Corporate Advisory
         8 Wilkie Road
         #03-08 Wilkie Edge
         Singapore 228095


YELLOW STABLE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on May 24, 2024, to
wind up the operations of Yellow Stable Pte. Ltd.

Maybank Singapore Limited filed the petition against the company on
Jan. 22, 2024.

The company's liquidators are:

         BDO Advisory Pte Ltd
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***