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

                     A S I A   P A C I F I C

          Friday, November 29, 2024, Vol. 27, No. 240

                           Headlines



A U S T R A L I A

A AND M BULK: First Creditors' Meeting Set for Dec. 2
BESTON GLOBAL: To Shut Down in Early December Costing 150 Jobs
ECO BUILDING: First Creditors' Meeting Set for Dec. 3
FRANGEOS PTY: Second Creditors' Meeting Set for Dec. 2
INTERACTIVE COMMUNITY: Second Creditors' Meeting Set for Dec. 2

JWZ ELECTRICAL: First Creditors' Meeting Set for Dec. 2
PLT ELECTRICAL: Second Creditors' Meeting Set for Dec. 3
ROBOT SPECIALIST: Second Creditors' Meeting Set for Dec. 2
STAR ENTERTAINMENT: Shares Hit Record Low on Liquidity Concerns
SYDNEY ROCKS: Second Creditors' Meeting Set for Dec. 3

TEAM WESTERN: First Creditors' Meeting Set for Dec. 4
V & D MERCHANT: First Creditors' Meeting Set for Dec. 3


C H I N A

CHINA EVERGRANDE: Disgruntled Investors Press for Action
CHINA EVERGRANDE: Ex-Workers Told to Hand Back Bonuses/Commissions
FINGERMOTION INC: Subsidiary Gets SGD$250K Loan for Working Capital
SHINECO INC: Implements 1-for-24 Reverse Stock Split


H O N G   K O N G

CHEUNG KEI: Receivers Sell Former Hong Kong HQ at 62% Off


I N D I A

ACUITY INDIA: CARE Keeps D Debt Rating in Not Cooperating Category
AKASH PET: CARE Keeps C Debt Rating in Not Cooperating Category
AMAZON WHOLESALE: NCLAT Dismisses Plea Seeking Firm's Insolvency
BRAINER INFRA: ICRA Keeps D Debt Rating in Not Cooperating
CLASSIC MICROTECH: ICRA Lowers Rating on INR10cr LT Loan to D

DESAI DISTRIBUTORS: ICRA Keeps D Debt Rating in Not Cooperating
DOLPHIN MARINE: ICRA Keeps D Debt Rating in Not Cooperating
GLOBAL INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
GOPAL INTER: CRISIL Keeps B Debt Rating in Not Cooperating
GUPTA MARRIAGE: ICRA Keeps D Debt Ratings in Not Cooperating

HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
KBJ JEWEL: ICRA Keeps D Debt Ratings in Not Cooperating Category
MADHYA PRADESH: CARE Reaffirms D Rating on INR41.31cr LT Loan
OM COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category
PARAMOUNT WHEELS: ICRA Keeps D Debt Ratings in Not Cooperating

PATEL OSWAL: ICRA Keeps D Debt Rating in Not Cooperating Category
PON RAJANS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating
SAI METAL: ICRA Keeps D Debt Ratings in Not Cooperating Category
SAVITRI POLYESTERS: ICRA Keeps D Debt Ratings in Not Cooperating

SHELAR AUTOMOTIVE: CRISIL Keeps B Debt Rating in Not Cooperating
SHIVDHAM FROZEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
SHOQUBA REALTY: CARE Assigns B- Rating to INR125cr NCDs
SPICEJET LTD: Aircastle Withdraws Insolvency Case Against Carrier
SUKRA JEWELLERY: CRISIL Keeps B Debt Rating in Not Cooperating

SUN BLUES: CRISIL Keeps B Debt Rating in Not Cooperating Category
SUPRITHA CASHEW: CRISIL Keeps B Debt Rating in Not Cooperating
TAGORE SHIKSHAN: CRISIL Keeps B Debt Ratings in Not Cooperating
[*] INDIA: Working on Integrated Platform for Insolvency Ecosystem


M A L A Y S I A

1MDB: Malaysia Drops Charges vs ex-PM, Former Treasury Official


N E W   Z E A L A N D

AETHER PACIFIC: Placed in Voluntary Administration
BOYZ COFFEE: Court to Hear Wind-Up Petition on Dec. 18
C.M.E. INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 10
CLEACO CLEAN: Court to Hear Wind-Up Petition on Dec. 12
DELTAR LIMITED: Creditors' Proofs of Debt Due on Dec. 31

FALL-PAC WELLINGTON: Creditors' Proofs of Debt Due on Jan. 14
GILBERT ENGINEERING: Creditors' Proofs of Debt Due on Dec. 31
LUKE & PAGE: Creditors' Proofs of Debt Due on Jan. 10
NANOGIRL LABS: Placed Into Liquidation
SAMRA FIRM: Creditors' Proofs of Debt Due on Jan. 31

SKY FLOORING: Court to Hear Wind-Up Petition on Dec. 18
SLOANE STREET: Creditors' Proofs of Debt Due on Dec. 31
SOLARZERO NZ: Company's Liquidation Came as a Shock, CEO Says
SOLARZERO NZ: Shareholders Appoint Grant Thornton as Liquidators


S I N G A P O R E

ANR SHIPPING: Creditors' Proofs of Debt Due on Dec. 30
BANKCHAMPS PTE: Court to Hear Wind-Up Petition on Dec. 13
HPC OTCEX: Creditors' Proofs of Debt Due on Dec. 25
INTERNATIONAL UNION: Creditors' Proofs of Debt Due on Dec. 26
LSES INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 13

NEW HORIZON: Court Enters Wind-Up Order
SUNSTAR STEEL: Court to Hear Wind-Up Petition on Dec. 13
VIDEUM OVERSEAS: Creditors' Proofs of Debt Due on Dec. 26
YA HUA BAK: Placed in Provisional Liquidation
YELLOW BOOTS: Court to Hear Wind-Up Petition on Dec. 6



S R I   L A N K A

SRI LANKA: Eases Monetary Policy, Sets New Single Benchmark Rate
SRI LANKA: Kicks Off US$12.6 Billion Distressed Debt Exchange


T H A I L A N D

THAI AIRWAYS: Plans US$1.27 Billion Share Sales to Exit Debt Plan

                           - - - - -


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

A AND M BULK: First Creditors' Meeting Set for Dec. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of A And M Bulk
Haulage Pty Ltd will be held on Dec. 2, 2024, at 12:00 p.m. at
Level 9, 66 Clarence Street Sydney and via virtual meeting
technology.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Nov. 20, 2024.



BESTON GLOBAL: To Shut Down in Early December Costing 150 Jobs
--------------------------------------------------------------
Murray Bridge News reports that more than 150 workers at one of the
Murraylands' biggest employers will lose their jobs in the next two
weeks as the Beston Global Food Company shuts down.

The company, which operates dairy factories at Murray Bridge and
Jervois, will take its final milk deliveries on December 3.

Production will cease on Friday, December 6, the report says.

Beston Foods was placed under administration in September, with
significant debts and cash flow problems, after a proposed sale to
a Japanese firm fell through.

According to Murray Bridge News, administrators KPMG said in a
statement on November 26 that several other buyers had expressed an
interest over the past two months, but none had put forward a
binding offer.

Ultimately, "significant trading losses" had made it impossible to
keep the company's doors open any longer.

"The administrators have been left with no alternative but to wind
down the business and begin an orderly sale of its assets," they
said.

"Detailed findings about Beston's affairs will be reported to
creditors in due course and as part of the normal administrative
process."

A meeting of creditors will be held in January or February to
determine the best way forward: liquidation, meaning a sale of any
company assets to the highest bidders; or a deed of company
arrangement, an alternative agreement between the company and its
creditors, Murray Bridge News relays.

Beston will continue business as usual until the shutdown, the
report adds.

Based in Wayville, Australia, Beston Global Food Company Limited
(ASX:BFC) -- https://bestonglobalfoods.com.au/ -- engages in the
manufacture and sale of food and beverage products in Asia, Europe,
North America, and Australia. The company owns milk production
plants to produce cheese, as well as by-products, including whey
powder, cream, and butter; harvests, processes, packages, and
distributes live, chilled, and frozen seafoods; produces
sustainably caught giant crabs, king prawns, king george whiting,
southern garfish, pacific oysters, and other seafoods; and provides
meat and related products, as well as dairy desserts comprising
rice pudding and custard. It also develops and produces health and
well-being focused food, beverage, and pharmaceutical products;
produces spring water and related products; and develops and
commercializes end-to-end food traceability and anti-counterfeit
technological software.

Tim Mableson, James Dampney, Gayle Dickerson and David Kidman were
appointed joint and several Voluntary Administrators of Beston
Global Food Company Limited and its subsidiary Beston Pure Dairies
Pty Ltd on Sept. 20, 2024.


ECO BUILDING: First Creditors' Meeting Set for Dec. 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Eco Building
Co Pty Ltd will be held on Dec. 3, 2024 at 12:00 p.m. via
teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Nov. 21, 2024.



FRANGEOS PTY: Second Creditors' Meeting Set for Dec. 2
------------------------------------------------------
A second meeting of creditors in the proceedings of The Frangeos
Pty Ltd has been set for Dec. 2, 2024 at 1:00 p.m. virtually by
video conference.

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 Nov. 29, 2024 at 4:00 p.m.

Shaun Matthews and Daniel P Juratowitch of Cor Cordis were
appointed as administrators of the company on Oct. 28, 2024.



INTERACTIVE COMMUNITY: Second Creditors' Meeting Set for Dec. 2
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Interactive
Community Care Pty Ltd has been set for Dec. 2, 2024 at 11:00 a.m.
at Level 1, 160 Pacific Highway, in Charlestown, NSW, and 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 Dec. 2, 2024 at 9:00 a.m.

Paul William Gidley of Shaw Gidley was appointed as administrator
of the company on Oct. 28, 2024.



JWZ ELECTRICAL: First Creditors' Meeting Set for Dec. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of JWZ
Electrical Pty Ltd will be held on Dec. 2, 2024, at 11:00 a.m. via
Microsoft Teams.

Roberto Crispino and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Nov. 20, 2024.



PLT ELECTRICAL: Second Creditors' Meeting Set for Dec. 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of PLT Electrical
Group Pty Ltd has been set for Dec. 3, 2024 at 10:30 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 2, 2024 at 4:00 p.m.

Rashnyl Prasad and Sean Wengel of William Buck were appointed as
administrators of the company on Oct. 30, 2024.



ROBOT SPECIALIST: Second Creditors' Meeting Set for Dec. 2
----------------------------------------------------------
A second meeting of creditors in the proceedings of Robot
Specialist Australia Pty Ltd has been set for Dec. 2, 2024 at 11:00
a.m, via online video conference.

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 Nov. 29, 2024 at 4:00 p.m.

Barry Wight and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on Oct. 25, 2024.



STAR ENTERTAINMENT: Shares Hit Record Low on Liquidity Concerns
---------------------------------------------------------------
Reuters reports that Star Entertainment closed 7.1% lower on
Nov. 28, hitting an all-time low of AUD0.195, as it flagged
challenging operating conditions, near-term liquidity challenges
and deteriorating earnings.

According to Reuters, Australia's No. 2 casino operator has been in
the eye of a perfect storm that has hit Australian casino operators
for years, with Star and Blackstone-owned larger rival Crown
Resorts being engulfed by multiple regulatory inquiries as well as
a drop in tourist visits and lengthy closures.

Reuters says the stock has lost more than 50% since Sept. 27, when
it resumed trading after being suspended for more than three weeks
by the Australian bourse operator following its failure to lodge
its financial results for fiscal 2024 by the required due date.

Star posted unaudited earnings before interest, tax, depreciation,
and amortization (EBITDA) before items in the negative on Nov. 28.
It posted an EBITDA loss of AUD8.5 million (USD5.51 million) for
October, taking its loss for the first four months of fiscal 2025
to AUD27 million, Reuters discloses.

"We have a difficult road ahead and The Star remains in an
extremely challenging position," it said in a statement, adding
that its revenue continues to decline while costs of the external
advice required to meet regulatory standards remain at elevated
levels.

Last month, the company swung to a first-quarter loss and reported
a drop in revenue, as a result of restrictions implemented in March
such as mandatory carded play and cash limits, , Reuters relays.

The New South Wales state gaming regulator said in October that
Star will be able to keep its struggling Sydney casino open but has
been ordered to pay a fine of AUD15 million.

Over the last few years, Star has been hit with two regulatory
inquiries, lost its CEO and chairman and has hovered near
bankruptcy, adds Reuters.

                   About The Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.


SYDNEY ROCKS: Second Creditors' Meeting Set for Dec. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of Sydney Rocks
Brewing Company Pty. Ltd. has been set for Dec. 3, 2024 at 10:00
a.m. The meeting is being held virtually 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 Dec. 2, 2024 at 5:00 p.m.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on Oct. 29, 2024.



TEAM WESTERN: First Creditors' Meeting Set for Dec. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Team Western
Australia Pty Ltd, trading as Domino's Pizza Balcatta, will be held
on Dec. 4, 2024, at 11:00 a.m. via virtual meeting only.

Mervyn Jonathan Kitay of Worrells was appointed as administrator of
the company on Nov. 22, 2024.



V & D MERCHANT: First Creditors' Meeting Set for Dec. 3
-------------------------------------------------------
A first meeting of the creditors in the proceedings of V & D
Merchant Investments Pty Ltd ATF V & D Merchant Family Trust,
trading as Cafe Merchant and Merchant Warehouse Café, will be held
on Dec. 3, 2024 at 2:00 p.m. at WA Insolvency Solutions, a division
of Jirsch Sutherland, Level 6, 109 St Georges Terrace, in Perth, WA
and virtually.

Greg Prout and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Nov. 21, 2024.





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

CHINA EVERGRANDE: Disgruntled Investors Press for Action
--------------------------------------------------------
Reuters reports that hundreds of Chinese investors who lost savings
in the collapse of China Evergrande launched a coordinated campaign
this month to press authorities for an update on the failed
property developer, according to people with knowledge of the
effort.

In the previously unreported action, small groups of disgruntled
investors turned up at three Shenzhen government offices in
succession to ask for an update on an investigation launched more
than a year ago, the people told Reuters.

They said they hoped this method of applying pressure on officials
would not be deemed as a form of unlawful public protest.

While the grassroots action is unlikely to shape the court-ordered
liquidation of Evergrande, which failed with more than $300 billion
in liabilities, it shows how deep-seated frustration remains for
the middle-class Chinese who saw their investments wiped out,
according to Reuters.

Reuters relates that the cautious protests also come at a time when
China's government has been on high alert for signs of social
strain caused by financial stresses from a slowing economy.

"If we don't speak out now, there will never be a chance," one of
the Evergrande investors who participated told Reuters. Like
others, the person asked not to be named because of the fear of
reprisal by Chinese authorities.

A real-estate downturn that began in 2021 has squeezed financing
for local governments, home owners and businesses tied to a sector
that once accounted for a quarter of China's economic activity.

Aggrieved investors in now-worthless "wealth management" products
issued by Evergrande held protests in late 2021 and early 2022
outside the developer's offices after it missed payments to
contractors and creditors, Reuters recalls.

The organised effort by Evergrande investors over the past week in
Shenzhen marked the first sizeable protests since 2022.

They were organised to follow official channels for expressing
grievances in order to avoid antagonising authorities, people with
knowledge of the campaign told Reuters.

More than 500 former Evergrande investors joined three separate
actions in Shenzhen, according to people who took part.

On Nov. 25, a group visited an investigation bureau in the district
where Evergrande was headquartered. On Nov. 26, another group
queued at the city's economic crimes bureau. On Nov. 27, a third
group went to a city court.

The aim was for the investors to reach the front desks of those
government offices one-by-one in a manner that would not look like
a public protest or invite a crackdown by police, people involved
said.

Reuters could not confirm the total number of people involved. A
Reuters reporter saw dozens of people outside the investigation
bureau on Nov. 25, and dozens of others gathered near the court on
Nov. 27.

The planned timing and meeting location for the action was only
shared among a group of investors on the day itself, the people, as
cited by Reuters, said. The Evergrande investors have remained in
touch with each other over the past two years in small WeChat
groups.

"We need to stay low profile and talk one-on-one, otherwise we'll
be shut down," one of the participants told Reuters.

Evergrande, Shenzhen police, which oversees the investigation
bureaus visited by the investors, and the city court did not
immediately respond to comment requests, Reuters adds.

                      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 EVERGRANDE: Ex-Workers Told to Hand Back Bonuses/Commissions
------------------------------------------------------------------
Caixin Global reports that China Evergrande Group has demanded that
current and former managers return part of their salaries and
bonuses. Employees at its wealth management arm are to return
commissions tied to the unit's wealth management products.

Caixin relates that the monies must be received by Nov. 30, a move
likely to address the funding gaps in Evergrande Wealth's repayment
obligations, according to a person close to the company.

                      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.


FINGERMOTION INC: Subsidiary Gets SGD$250K Loan for Working Capital
-------------------------------------------------------------------
FingerMotion Inc. disclosed in a Form 8-K Report filed with the
U.S. Securities and Exchange Commission that the Company's wholly
owned subsidiary, Finger Motion Company Limited, entered into a
loan agreement with Rita Chou Phooi Har whereby the Lender agreed
to advance a short-term loan facility of SGD$250,000 to Finger
Motion Company Limited for working capital purposes.

As of November 7, 2024, the full amount of the Loan has been drawn
upon by the Borrower. The Loan is due one year from the date of the
drawdown, unless extended by the Lender. If the Lender agrees, the
Borrower may prepay the whole or any part of the Loan by providing
the Lender not less than three business days prior written notice
and subject to payment of interest accrued thereon. Any prepayment
of the Loan shall be in an amount of SGD$50,000 or multiples
thereof. The Loan shall bear interest at the rate of 1.67% per
month, any such interest to accrue from day to day and to be
calculated based on a 365-day year, and is payable on a monthly
basis on or before the last day of each successive month. The Loan
Agreement contains undertakings and covenants of the Borrower
whereby the Borrower shall not, without the prior written consent
of the Lender (which consent shall not be unreasonably withheld):

     (i) effect any form or reconstruction or amalgamation by way
of a scheme of arrangement or otherwise nor approve, permit or
suffer any substantial change of ownership or transfer of any
substantial part of its issued capital,

    (ii) make any loan or advance or extend credit to any person or
entity or issue or enter into any guidance or indemnity or
otherwise become directly, indirectly or contingently liable for
the obligations of any other person or entity except in the
ordinary course of business,

   (iii) sell, lease, license alienate, transfer, assign or
otherwise dispose of the whole or any part of the undertaking,
property or assets whatsoever and wheresoever situate present or
future of the Borrower except in the ordinary course of business,
or

    (iv) amend or alter any provisions in its Memorandum or
Articles of Association or such other equivalent constitutional
documents to change its objects, borrowing or charging powers in
such a manner so as to adversely affect the ability of the Borrower
to perform or comply with any one or more of its obligations under
the Loan Agreement.

                    About FingerMotion Inc.

FingerMotion Inc. is an evolving technology Company with a core
competency in mobile payment and recharge platform solutions in
China.

Hong Kong-based Centurion ZD CPA & Co., the Company's former
auditor, issued a "going concern" qualification in its report dated
May 29, 2024, citing that the Company has suffered recurring losses
from operations that raise substantial doubt about its ability to
continue as a going concern.

FingerMotion had a net loss of $3,812,017 and $7,538,837 for the
years ended February 29, 2024 and February 28, 2023, respectively.
As of August 31, 2024, FingerMotion had $30,188,875 in total
assets, $20,310,503 in total liabilities, and $9,878,372 in total
shareholders' equity.

SHINECO INC: Implements 1-for-24 Reverse Stock Split
----------------------------------------------------
As previously disclosed in the Current Report on Form 8-K that
Shineco, Inc. filed on October 25, 2024, stockholders approved a
proposal authorizing the Company's Board of Directors to effect a
reverse stock split with respect to the Company's issued and
outstanding common stock, at a ratio of not less than 1-for-2 and
not more than 1-for-25, with the final ratio and exact timing to be
determined at the discretion of the Board. Following such approval,
the Board determined to implement a reverse stock split of the
Common Stock at a ratio of 1-for-24, whereby every twenty-four
shares of the issued and outstanding Common Stock will be combined
into one share of issued and outstanding Common Stock.

To implement the Reverse Stock Split, the Company filed an
amendment to the Company's Certificate of Incorporation with
Delaware's Secretary of State and an application with Nasdaq.
Nasdaq approved the Reverse Stock Split on November 8, 2024, such
that it would be effective as of November 12, 2024. Following the
Effective Date, every 24 shares of outstanding Common Stock will be
automatically combined into one share of outstanding Common Stock.
No cash or fractional shares will be issued in connection with the
Reverse Stock Split, and instead, the Company will round up to the
next whole share in lieu of issuing fractional shares that would
have been issued in the reverse split. As a result of the Reverse
Stock Split, the Company will have 1,613,898 shares of Common Stock
issued and outstanding.

The Company's Common Stock will continue trading under the ticker
symbol "SISI" and has been assigned a new CUSIP number: 824567507.

                           About Shineco

Headquartered in Beijing, People's Republic of China, Shineco, Inc.
aims to 'care for a healthy life and improve the quality of life'
by providing health and medical products and services to society.
Shineco, operating through subsidiaries, has researched and
developed 33 vitro diagnostic reagents and related medical devices
to date, and the Company also produces and sells healthy and
nutritious foods.

Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
30, 2024, citing that the Company had net losses of approximately
US$$24.3 million and US$14.0 million, and cash outflow of US$3.9
million and US$5.4 million from operating activities for the years
ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and
2023, the Company had accumulated deficit of US$54.3 million and
US$31.7 million, respectively, and as of June 30, 2024 and 2023,
the Company had negative working capital of US$6.7 million and
US28.9 million, respectively. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

As of June 30, 2024, Shineco had $84.18 million in total assets,
$47.60 million in total liabilities, and $36.58 million in total
equity.



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

CHEUNG KEI: Receivers Sell Former Hong Kong HQ at 62% Off
---------------------------------------------------------
Mingtiandi reports that Hong Kong Metropolitan University (HKMU)
has agreed to buy a Kowloon office building that once served as the
Hong Kong headquarters building of defaulted mainland property firm
Cheung Kei Group, after the asset lost nearly two thirds of its
value over the past two years.

Market sources confirmed to Mingtiandi that HKMU has agreed to buy
the East Tower of the One HarbourGate complex in Hung Hom, with the
university said to have offered HK$2.65 billion for the asset,
according to the Hong Kong Economic Times which earlier reported
the sale. The acquisition comes after HKMU, which has been seeking
additional campus space, in June said it had bought the Urbanwood
Hung Hom hotel, located a 16-minute walk from One HarbourGate, for
use as student housing, Mingtiandi relates.

"With the rapid development of the University, including the
continued increase in the number of students, faculty and staff,
the introduction of a wide range of new programmes, and its
designation as the first University of Applied Sciences in Hong
Kong, Hong Kong Metropolitan University has been actively exploring
different ways to provide its students and staff with more and
enhanced spaces for learning, teaching and research, including
executive training programmes," a HKMU representative told
Mingtiandi.

Formerly known as the Cheung Kei Center, the grade A office block
is changing hands at a 62 percent discount from a HK$7 billion
valuation of the property in 2022. Mingtiandi says the complex had
been on the block since May of last year after receivers acting on
behalf of creditors seized the building in March 2023 from entities
controlled by cash-strapped Cheung Kei boss Chen Hongtian.

According to Mingtiandi, news of the university's purchase of the
commercial block comes after reports earlier this month indicated
that China Mobile had offered as much as HK$3 billion for the
building, subject to conditions. The mainland telecom operator's
bid involved installment payment, making HKMU's lump-sum cash offer
more attractive, Bloomberg reported, citing people familiar with
the matter. In August, market sources told Mingtiandi that China
Telecom and a major Hong Kong-based developer had separately
submitted bids for the asset.

At HK$9,498 per square foot, the reported acquisition price for the
279,000 square foot (25,920 square metre) property represents a 41
percent mark-down from the HK$4.5 billion (HK$16,129 per square
foot) Chen paid to acquire the then newly completed asset from
local developer Wheelock Properties in 2016, Mingtiandi notes.

The 17-storey building at 18 Hung Luen Road currently serves as the
Hong Kong headquarters of Canadian insurer Sun Life and has 254,000
square feet of office space across 15 floors. The property also
features a 26,000 square foot retail podium.

Mingtiandi says HKMU's acquisition ends a marketing exercise which
launched in July after an earlier tender concluded in August last
year without a transaction being consummated. Market sources
estimated that the property currently is 40 percent vacant after
Cheung Kei left the premises.

Chen is said to have pledged the property in 2019 as collateral on
a HK$4.6 billion loan from a consortium of lenders including Hang
Seng Bank, which appointed a pair of PricewaterhouseCoopers
partners as receivers of the asset in March 2023, Mingtiandi
states. Market sources estimated that Cheung Kei's creditors were
still facing an outstanding balance of HK$4.2 billion on that
loan.

Cheung Kei Group Co. Ltd. operates as a real estate developer. The
Company mainly offers real estate development, property management,
and other services.





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

ACUITY INDIA: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Acuity
India Resorts Private Limited (AIRPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.37       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 October 23,
2023, placed the rating(s) of AIRPL under the 'issuer
non-cooperating' category as AIRPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. AIRPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 7, 2024, September 17, 2024, September 27, 2024 among
others.

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).

Analytical approach: Standalone

Outlook: Not Applicable

Incorporated in August, 2012, Acuity India Resorts Private Limited
(AIRPL) is engaged into hospitality business in the name of '7
Seasons Resorts & Spa' which is operating a resort, banquet,
restaurant and Spa. It is located at Khambhaliya-Dwarka highway,
Lakhabawal, Jamnagar, Gujarat.

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of AIRPL to
the 'issuer not-cooperating' category vide press release dated
January 10, 2024 on account of its inability to carryout review in
the absence of requisite information from the company.

AKASH PET: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Akash Pet
Containers Private Limited (APCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.80       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 November 1,
2023, placed the rating(s) of APCPL under the 'issuer
non-cooperating' category as APCPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. APCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
September 16, 2024, September 26, 2024 and October 6, 2024 among
others.

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).

Analytical approach: Standalone

Outlook: Stable

Akash Pet Containers Private Limited (APCPL) was incorporated in
2011 promoted by Mr. D. Manickasundaram, Managing Director along
with Ms. A. Indira and Mr. V. Ramakrishna. APCPL is engaged in
manufacturing of Polyethylene terephthalate (PET) bottle since its
inception (commercial operation started from September 2012 and
FY14 was the first full year of operation).


AMAZON WHOLESALE: NCLAT Dismisses Plea Seeking Firm's Insolvency
----------------------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) has dismissed an insolvency plea against Amazon
Wholesale (India) filed by Multiplier Brand Solutions. The NCLAT
upheld a previous NCLT ruling, agreeing that a pre-existing payment
dispute negated the insolvency claim. Multiplier Brand Solutions
claimed Amazon defaulted on invoices worth INR3.7 crore, but Amazon
disputed the amount.

ET relates that Multiplier Brand Solutions had filed the plea under
Section 9 of the Insolvency & Bankruptcy Code. It had alleged a
default of INR3.7 crore for eight invoices raised between March
2023 and May 2023.

However, rejecting it, NCLAT said the "claim of Appellant for
payment of invoices which are the subject matter of Section 9
Application was disputed much before Demand Notice was issued".

The appellate tribunal further said: "The adjudicating authority
(NCLT) has not committed any error in refusing to initiate CIRP,
there being pre-existing dispute which is reflected with the
correspondence which took place between the parties much prior to
issuance of demand notice," ET relays.

ET notes that Multiplier Brand Solutions had entered into a
novation and substitution agreement with Amazon Seller Services and
Amazon Wholesale (India) and provided its services.

It had raised invoices amounting to INR3.69 crore from March 2023
to May 2023. However, the amount was disputed by Amazon.

Later claiming default over the said invoices, Multiplier Brand
Solutions approached the Delhi bench of NCLT.

This was opposed by Amazon which submitted the existence of a
dispute regarding the amount claimed by the operational creditor
before the issuance of the demand notice, ET relates.

Agreeing to this, NCLT rejected the plea. However, it said it was
not expressing any opinion on entitlement or the claim raised by
the petitioner on the corporate debtor.

This order was challenged by Multiplier Brand Solutions in April
this year before the appellate tribunal, NCLAT.


BRAINER INFRA: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Brainer Infra LLP (BILLP) in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

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

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

Brainer Infra LLP (BILLP) was established in January 2016 as a
limited liability partnership firm to develop a residential project
under the name 'ROOP KATHA' in Baruipur, West Bengal. The entire
project will be developed in various phases. During the first phase
of the project, BILLP is developing a Low-Income Group (LIG)-
category residential complex comprising sixteen towers divided into
320 flats spread over 2.60 acres of land with saleable area of 2.32
lakh square feet (lsf).


CLASSIC MICROTECH: ICRA Lowers Rating on INR10cr LT Loan to D
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Classic Microtech Pvt. Ltd. (CMPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        10.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B (Stable); ISSUER NOT
                                 COOPERATING and continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

   Short-term         5.00       [ICRA]A4; ISSUER NOT
   Non-Fund                      COOPERATING; Rating continues to
   Based Limits                  remain under the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade reflects the increasing unreliability on the
performance of the company.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in September 2024. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade".

As part of its process and in accordance with its rating agreement
with Classic Microtech Private Limited, ICRA has been trying to
seek information from the entity to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due.

Despite repeated requests by ICRA, the entity's management has
remained noncooperative. In the absence of the requisite
information and in line with the aforesaid policy of ICRA, the
rating has been moved to the "Issuer Not Cooperating" category. The
rating is based on the best available information.

Classic Microtech Pvt. Ltd. (CMPL), incorporated in 2000, is
engaged in the business of manufacturing zirconium silica tea
mineral used as an input during manufacturing of ceramic glaze
frits for tiles, sanitary ware etc. CMPL has an installed capacity
to manufacture ~4200 Metric Tonnes Per Annum (MTPA) of zirconium
silicate at its manufacturing facility located in Pratij, Gujarat.
CMPL is a closely held entity with the members of the Patel family
being the key stakeholders.


DESAI DISTRIBUTORS: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the long-term rating of Desai Distributors (DD) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        26.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Established in the year 1996, Desai Distributors (DD) is a
partnership firm promoted by Desai family and is having
distributorship of Hindustan Unilever Limited (HUL) since
inception. The firm is distributor of HUL's products in Vadodara,
Gujarat, covering 40 Sq km area covering Padra, Karjan, Dabhoi,
Asodar etc. across Vadodara. It supplies HUL's products to ~5000
retailers. The firm has distributorship for almost all of HUL's
products under home care, personal care and food and drinks'
segments except Lakme, Elle 18 and Kwality Wall's and pureit
brands. Four of the five partners are engaged in the firm since its
inception and are actively managing the operations of the firm for
past 2 decades. Till FY2018, the firm also had distributorship for
Vodafone SIM cards in Vadodara which used to form 10-15% of total
revenue for the firm. However, the firm has discontinued the
business.

DOLPHIN MARINE: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Dolphin
Marine Foods & Processors (India) Private Limited (DMPL) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         2.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term-        9.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Short Term-       (9.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1996 by Mr. Rosario D'Souza, Dolphin Marine Foods &
Processors (India) Pvt. Ltd. (DMPL) is engaged in processing of sea
food products which are mainly exported to Asia and Africa. It
commenced operations in 1999 from its 5000 square meters plot in
Taloja, MIDC. From 1999 to 2009, DMPL was only involved in
pre-processing activities like cleaning, washing and peeling. It
started exporting in 2009 as a merchant exporter from the rented
facility of Sumraj Sea Foods. It set up its own freezing and cold
storage unit in 2011. After receiving licenses from The Marine
Products & Export Development Authority (MPEDA) and Export
Incentive Agency (EIA), it commenced operation in October 2011.


GLOBAL INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long Term and Short-term rating of Global
International Imex Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D; ISSUER NOT
COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         1.93       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     the 'Issuer Not Cooperating'
                                 category
                        
   Long-term-        26.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

   Short Term-        3.50       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund Based                Rating Continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long Term/Short    7.57       [ICRA]D; ISSUER NOT COOPERATING/
   Term-Unallocated              [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

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

Global International Imex Private Limited was established as a sole
proprietorship concern under the name Global Marketing & Associates
in 2001 and was reconstituted as a private limited company in 2010.
The company is engaged in trading of various agricultural
commodities and food items. Apart from this, it is also involved in
goat farming and trading of livestock. Its product portfolio
comprises of various perishable and non-perishable items like rice,
sunflower oil, fruits, vegetables, pulses, livestock and
confectionary items. The company has its registered office in
Mumbai and warehouse, packaging units in Navi Mumbai. It has two
group concerns - Mijan Imex International Private Limited and
Skypoint Multitrade Private Limited which are also engaged in
trading of agricultural commodities.

GOPAL INTER: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Gopal
Inter Globe Exports (SGIGE) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

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

CRISIL Ratings has been consistently following up with SGIGE for
obtaining information through letter and email dated October 10,
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 SGIGE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGIGE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SGIGE continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

SGIGE was set up in January 2019, and is setting up a rice mill.
The plant is expected to be commissioned in May 2020. SGIGE is
owned and managed by Ms Asha Rani and Mr Nipun Garg.


GUPTA MARRIAGE: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating of Gupta Marriage Halls Private
Limited (GMHPL) in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         4.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-        13.50       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

GMHPL was incorporated in February 1996 and is engaged in the
hotels and textiles businesses. The company runs Hotel Samrat
Heavens (including Bar and Restaurant) which is located in Meerut,
Uttar Pradesh. Further, from the last few years thecompany has
diversified into textile trading.

HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating of High Tech Fablon Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         3.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         5.87      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in the year 2010, High Tech Fablon Private Limited is
engaged in manufacturing of grey fabric made from polyester yarns.
The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.


KBJ JEWEL: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long term and Short-term rating of KBJ Jewel
Industry India Private Limited (KBJJPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as [ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-       110.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short term-      (20.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Incorporated in May 2006, KBJ Jewel Industry India Private Limited
(KBJJPL) was promoted by Mr. Mohit D. Kamboj and his father Deepak
K. Kamboj with the aim to manufacture and market gold jewellery.
The Kamboj family has been in the jewellery business for more than
five decades with Mr. Mohit Kamboj representing the third
generation of the family in this business. The company's head
office is located in Mumbai and it has a branch office in Varanasi,
UP, where the family first commenced its jewellery business five
decades ago.


MADHYA PRADESH: CARE Reaffirms D Rating on INR41.31cr LT Loan
-------------------------------------------------------------
CARE Ratings has reaffirmed the ratings on certain bank facilities
of Madhya Pradesh Financial Corporation (MPFC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term bank       41.31       CARE D Reaffirmed
   Facilities          

   Redeemable           40.00       CARE D Downgraded from CARE C;
   non-convertible                  Stable
   unsecured
   taxable bonds       
                                   
Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) has revised the rating of
MPFC's bond issues (ISIN INE348F08043) due to the delay in partial
principal repayment towards its redemption. The rating of bank
facilities is reaffirmed at CARE D, as there are ongoing delays in
servicing its bank obligations. CARE Ratings notes that the
Government of Madhya Pradesh (GoMP) shall be releasing funds
towards transfer proceeds of MPFC's new office building and to
utilize the funds for payment to bondholders.

CARE Ratings has withdrawn the outstanding rating of the company's
cash credit facility based on the No Dues Certificate (NDC)
received from the company.

The rating of bank facilities and instruments of MPFC are primarily
based on the credit enhancement available in the form of an
unconditional and irrevocable guarantees extended by Government of
Madhya Pradesh (GoMP) for ensuring timely debt servicing of these
facilities. However, the aforesaid structure is weak and not being
adhered to with the guarantees not getting invoked.

Rating sensitivities: Factors likely to lead to rating actions

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

* Track record of timely payment of dues.
* Creation of adequate liquidity buffer.

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

Analytical approach: Standalone
Outlook: Not applicable

Detailed description of key rating drivers:

Key weaknesses

* Delay in payment of non-convertible debentures: The company
issued INR100 crore unsecured non-convertible debentures (ISIN
INE348F08043) with a coupon rate of 9.20% on November 19, 2014, for
a tenure of 10 years. These debentures have been paid in three
tranches up to November 19, 2024. CARE Ratings received
confirmation from debenture trustee that on the last conversion
date of November 19, 2024, the company was obligated to pay both
interest and principal amounts to all 40 lenders. While the company
managed to pay the interest to all investors and INR3.08 crore to
32 investors, the remaining eight investors, totalling INR36.92
crore have not been paid. However, GoMP shall be releasing funds
towards transfer proceeds of MPFC's new office building and to
utilize the funds for payment to bondholders.

* Weak profitability despite improved in FY24: The company reported
a profit of INR0.52 crore in FY24, compared to a loss of INR22.9
crore in FY23, primarily because no additional provisions were
made. This resulted in a positive return on total assets (RoTA) of
0.16%. However, in FY24, total income declined by 26% year-on-year
to INR40.4 crore from INR54.4 crore in FY23, largely due to a
decrease in the loan book. Operating expenses as a percentage of
total assets (opex) remained high at 4.8% in FY24, compared to 2.5%
in FY23. Due to continued losses, company's net worth is in
negative. The overall gearing (on adjusted net worth) stood at
-1.2x as on March 31, 2024, from -1.7x as on March 31, 2023,
largely considering reduction in the borrowing base.

* Decline in loan book: The corporation has not sanctioned fresh
loans in the last two fiscals. MPFC's loan book declined by 23%
y-o-y to INR308.3 crore as on March 31, 2024, against INR398.8
crore as on March 31, 2023. CARE Ratings notes that, the
corporation is utilising its recoveries from non-performing asset
(NPA) to repay all its liabilities.

* Poor asset quality: The company continues to report a high gross
NPA (GNPA) of 95.2% as on March 31, 2024, compared to 93% as on
March 31, 2023, due to a shrinking loan book and new slippages. In
FY24, the corporation recovered INR59.65 crore from NPAs, excluding
recoveries from upgraded accounts.

Key strengths

* Reduced borrowings: As on March 31, 2024, the borrowings of MPFC
stood at INR223 crore against INR314 crore as on March 31, 2023.

* Backed by Government of Madhya Pradesh: The bond issues and bank
facilities of MPFC are backed by unconditional and irrevocable
guarantee by GoMP supported by structured payment mechanism.
However, the guarantee given by GoMP has not been invoked by the
lenders.

MPFC was incorporated in 1955 under the State Financial
Corporations Act, 1951. It is a state-level financial corporation
providing long-term and medium-term, fund-based and non-fund-based
financial assistance to industrial, infrastructural, and social
sector organisations in Madhya Pradesh with focus on small and
medium-sized industries. It has its headquarters at Indore – the
industrial hub of the state and has a network of nine branches and
seven business development centres. MPFC is headed by the board of
directors, which includes senior bureaucrats, nominees of SIDBI,
the Housing and Urban Development Corporation (HUDCO), and the Life
Insurance Corporation (LIC), financial experts, and banking
professionals.


OM COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating of Om Cotton & Oil Industries
(OCOI) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

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

   Long-term-         0.01      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         1.24      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with OCOI, ICRA has been trying to seek information from the entity
so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with the aforesaid policy of
ICRA, the rating has been continued to the "Issuer Not Cooperating"
category. The rating is based on the best available information.
Established in 2012, Om Cotton & Oil Industries (OCOI) is involved
in cotton ginning and pressing business. The manufacturing facility
of the firm is located in Hirapar District Morbi, Gujarat and is
currently equipped with 24 ginning machines and one fully automatic
pressing machine, with a capacity to manufacture 230 bales per day
(24 hours operations).


PARAMOUNT WHEELS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating of Paramount Wheels Private
Limited (PWPL) in the 'Issuer Not Cooperating' category. The rating
is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        18.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         7.25      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Paramount Wheels Private Limited (PWPL) is an authorized dealer for
Maruti Suzuki India Limited. The company was incorporated in 2010
and began its operations in March 2011. Currently, the company has
one showroom, one workshop and one body shop in Mira Road, one
showroom and a workshop in Wada, one workshop in Goregaon and one
true value outlet in Dahisar, and one Nexa showroom coming up. The
company has 120 employees including a sales team of 28.


PATEL OSWAL: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Patel Oswal Housing in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

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

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

Patel Oswal Housing is a partnership firm incorporated in the year
2010, which is a syndicate of business group namely, Anjani Group
engaged in real estate development in and around the city of Pune.
Besides real estate activities, members have other business
activities. The group members have known each other for more than
decade and together they experience of working together in various
ventures.


PON RAJANS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pon Rajans
Pattu Mahal (PRPM) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft      8.00      CRISIL B+/Stable (Issuer Not
   Facility                         Cooperating)

   Term Loan              9.25      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PRPM for
obtaining information through letter and email dated October 11,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the rating on bank
facilities of PRPM continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated May 16, 2024.

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

PRPM, established in 2016, is owned and managed by Mr Ponnaiyan
Krishnamoorthy and his family members, based in Thiruvannamalai,
Tamil Nadu The firm retails readymade garments.


REDDY AND REDDY: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Reddy and
Reddy Motors (RRM) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.10       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.00       CARE A4; 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 September 29,
2023, placed the rating(s) of RRM under the 'issuer
non-cooperating' category as RRM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
RRM continues to be non-cooperative despite repeated requests for
submission of information through emails dated August 14, 2024,
August 24, 2024, September 3, 2024 among others.

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).

Analytical approach: Standalone

Reddy & Reddy Motors (RRM) is a partnership firm, incorporated in
February 2010 by Mr. G. Ramakrishna Reddy, Mr. G. Venkata Reddy and
Mr. Srirama Reddy. Mr. G Ramakrishna Reddy is the Managing Partner
of the firm. RRM is authorized dealer of Maruti Suzuki India
Limited (MSIL) based in Eluru (Andhra Pradesh). It started its
operations in June 2010 with a showroom in Eluru.
RRM belongs to Reddy and Reddy Group which has diverse interests
including trading of prawns feed, authorized dealership of MSIL and
Hero Motors and is also engaged in button manufacturing business.

Status of non-cooperation with previous CRA: Brickwork has
continued the ratings assigned to the bank facilities of RRM to the
'issuer not-cooperating' category vide press release dated August
12, 2024 on account its inability to carryout review in the absence
of requisite information from the firm.

SAI METAL: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Shiv Sai Metal Products
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Shiv Sai Metal Products Private Limited, incorporated in the year
2012, commenced its conductor manufacturing facility in December,
2013 in Patna, Bihar. The product portfolio of the company
primarily includes Aluminium Conductor Steel Reinforced (ACSR) and
Double Paper Covering (DPC) aluminium wire and strip. Apart from
manufacturing conductors, the  members of Agarwal family are
involved in the jewellery manufacture and retail business in Patna
and Kolkata.


SAVITRI POLYESTERS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating of Savitri Polyesters Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         0.70      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         5.75      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Promoted by Mr. Mukesh Bansal, Savitri Polyesters Private Limited
was incorporated in January 1997 and is engaged in manufacturing
and trading of artificial silk fabric (nylon saree material). The
present processing capacity of the company is~8 lakh metres per
annum which is expected to increase to more than 20 lakh metres per
annum post the capex. The key raw materials are Nylon yarn and jari
which are procured from various suppliers based out of in Dadra and
Nagar Haveli, Daman & Diu and in and around Surat. The company has
two manufacturing facilities in Surat. The facility works in two
shifts of 12 hours each. The company employs ~50 workers.


SHELAR AUTOMOTIVE: CRISIL Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Shelar
Automotive (TSA) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory              8.5       CRISIL B/Stable (Issuer Not
   Funding Facility                 Cooperating)

   Proposed Long Term     1.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with TSA for
obtaining information through letter and email dated October 10,
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 TSA, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSA
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TSA continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

TSA, a proprietorship firm of Mr. Samir Shelar, was established in
1998 as Mauli Automobiles and got its present name in 2009. The
firm was initially a sub-dealer for TVS, and in 2009, became an
authorised dealer of TVS in Pune. It operates two 3S
(sales-service-spares) and two 2S (sales-spares) showrooms, all in
Pune.


SHIVDHAM FROZEN: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivdham
Frozen Foods Private Limited (SFFPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term      3.1      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               1        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SFFPL for
obtaining information through letter and email dated October 10,
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 SFFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SFFPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in May 2013, by Mr Ashok Kumar Agarwal and his
business associate, Mr Arvind Kumar, SFFPL began operations in
April 2014. The company executes individual quick freezing SFFPL
and sale of packaged peas. Its plant is in Rudrapur, Uttarakhand.


SHOQUBA REALTY: CARE Assigns B- Rating to INR125cr NCDs
-------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Shoquba Realty Private Limited (SRPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible
   debentures          125.00      CARE B-; Stable Assigned

Rationale and key rating drivers

The rating assigned to the proposed debt instrument of SRPL is
constrained by high leasing risk, dependence on exit plans for
funding bullet repayments and modest cash coverage ratio (CCR). The
company is also exposed to inherent cyclicality associated with the
real estate sector. However, rating derives comfort from favourable
property location and presence of reputed sponsors.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Ability of the company to complete construction within scheduled
timelines and lease out the space substantially.

Negative factors

* Considerable delay in lease tie-ups post completion of the
project.

* Regulatory action impacting execution or the company's credit
profile.

Analytical approach: Standalone

Outlook: Stable

Detailed description of key rating drivers:

Key weaknesses

* High leasing risk: The company has acquired a completed asset,
which is under refurbishment. The company has plans to lease out
the property after refurbishment by August 2025. Total leasable
area is 1.24 lsf and is expected to generate annual rental income
of over INR25 crore at full occupancy. Given, the asset is yet to
be completed and leased out, SRPL is exposed to execution risk and
high leasing risk. The company has funding tie-ups for
refurbishment expenditure; hence execution risk is mitigated to
some extent.

* Dependence on exit plans for funding of bullet repayments: The
acquired completed asset is planned to be leased out post
refurbishment by August 2025. Post leasing, the company has
plans to exit from the property by FY28. The company's existing and
proposed debts have bullet repayments in FY28, and hence,
for effective cash flow management, monetisation/sales of the
property will remain crucial from a credit perspective.

* Modest cash coverage ratio: The company has achieved financial
closure for acquisition and refurbishment, however for cash flows
generation in FY26, the company is reliant on leasing tie-ups. The
company has modest CCR in the near term, and hence, for
lower-than-envisaged leasing, the company may require support/ fund
infusion from parent to meet its debt and project commitments.
Accordingly, leasing the asset timely will a remain monitorable.

* Inherent cyclical nature of the real estate industry: The company
is exposed to cyclicality associated with the real estate sector,
which has direct linkage with the general macroeconomic scenario
and interest rates. Rental collection remains susceptible to
economic downturns, which may constrain the tenant's business risk
profile, and therefore, limit occupancy and rental rates. Although
there is stable leasing demand in the Mumbai Metropolitan Region
(MMR) market, at present, adverse impact on demand in the
micro-market will also remain monitorable.

Key strengths

* Prime location of property: Shoquba Tower- commercial office
asset is located at Kalina, Mumbai, which is in proximity to
Bandra-Kurla Complex micromarket. The project benefits from
attractive location and healthy demand for office space in the
micro-market.

* Presence of Sponsor: SRPL is wholly owned subsidiary of Weisshorn
Realty Private Limited (WRPL), which is a subsidiary of Luxembourg
REO SARL (LRS). The company benefits from the presence of sponsor
which reflects professional management.

Liquidity: Adequate

As on October 31, 2024, liquidity is marked by adequate free cash
and bank balance of INR4.28 crore and debt service reserve account
(DSRA) balance of over INR11.88 crore. Against such liquidity,
expected outflow towards debt obligations in FY25 is close to
INR121.03 crore, majorly pertaining to inter-corporate deposits
(ICDs), which are expected to be refinanced through proposed NCDs
(Proposed to be subscribed by Ultimate parent company) of INR125.0
crore.

SRPL was incorporated as on June 07, 2024. SRPL is subsidiary of
WRPL, which holds 99.99% share, and its parent company is
Luxembourg REO Company SARL, which is a Luxembourg-based real
estate investment company. In September 2024, SRPL has acquired
commercial office building in Kalina, Mumbai. The acquisition was
funded through mix of ICDs and term loan.


SPICEJET LTD: Aircastle Withdraws Insolvency Case Against Carrier
-----------------------------------------------------------------
Livemint.com reports that in a relief for SpiceJet, Ireland-based
aircraft lessor Aircastle has withdrawn its insolvency case against
the budget airline after reaching a $5.6 million settlement.

Both parties informed the National Company Law Tribunal (NCLT) in
Delhi about the settlement on Nov. 27, after which the tribunal
approved the withdrawal of the case, Livemint.com relates.

This marks another instance of the airline settling its disputes
with creditors after raising INR3,000 crore through a qualified
institutional placement (QIP).

In October, the airline had announced the resolution of a $23.39
million dispute with Aircastle (Ireland) Designated Activity Co.
and Wilmington Trust SP Services (Dublin) Ltd, Livemint.com notes.
The matter was settled for $5 million, along with an agreement
regarding the treatment of certain aircraft engines.

Aircastle was among the first lessors to file an insolvency plea
against SpiceJet in 2023 for defaulted rental dues, as the airline
faced mounting insolvency claims from lessors and vendors in
Delhi's insolvency court.

                           About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

SpiceJet has faced a series of insolvency petitions from various
parties in the National Company Law Tribunal (NCLT) and and the
appellate tribunal NCLAT over pending dues. These include Willis
Lease Finance, Aircastle Ireland Ltd, Wilmington Trust SP Services
(Dublin), and Engine Lease Finance BV.

As reported in the Troubled Company Reporter-Asia Pacific in late
September 2024, the NCLT) on Sept. 23 issued notice to SpiceJet
over the plea filed by one of its operational creditors, Techjockey
Infotech Pvt Ltd, which claimed a default of nearly INR1.2 crore
owed by SpiceJet against software services availed by them.


SUKRA JEWELLERY: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sukra
Jewellery (SJ) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/            5        CRISIL B/Stable (Issuer Not
   Overdraft facility               Cooperating)

CRISIL Ratings has been consistently following up with SJ for
obtaining information through letter and email dated October 10,
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 SJ, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SJ is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of SJ
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SJ and Sri Sukra Jewels (SSJ), together
referred to as the Sukra group, as they have a common management
and business linkages with each other.

SJ was set up in 2007 as a proprietorship by Mr A Kalkiraju, and is
engaged in retailing of silver jewellery and artefacts. It has a
retail store located in Chennai.

SSJ was set up in 2007 as a proprietorship by Mrs K Pushpalatha,
wife of Mr A Kalkiraju, and is engaged in retailing of silver
jewellery and artefacts. It has a retail store located in Chennai.


SUN BLUES: CRISIL Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sun Blues (SB)
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            12        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SB for
obtaining information through letter and email dated October 10,
2024 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SB, promoted by Mr K Sabapathy and Mrs Ritha Sabapathy,
manufactures blue metals and M-sand. The firm operates eight
quarries in and around Vellore, Tamil Nadu.


SUPRITHA CASHEW: CRISIL Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Supritha
Cashew Industries (SCI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.3       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SCI for
obtaining information through letter and email dated October 10,
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 rating on bank facilities of
SCI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in the year 1998 SCI is a partnership firm involved in
processing and selling of imported raw cashew kernels. The Firm is
promoted by Mr. Kashinath shenoy.



TAGORE SHIKSHAN: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tagore
Shikshan Sansthan (TSS) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/           3.1       CRISIL B/Stable (Issuer Not
   Overdraft facility               Cooperating)

   Long Term Loan         9.9       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with TSS for
obtaining information through letter and email dated October 10,
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 TSS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
TSS continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

TSS was established in 1992. In 2001, the trust was taken over by
the current trustees Mr. Narayan Ram, Mr. Rameshwaran Lal, and Mr.
Hanuman Ram. The trust runs two educational institutes Tagore
Shikshan Prashikshan Sansthan which offers B Ed courses and Tagore
Shikshan Sansthan Senior Secondary School which offers secondary
and senior secondary courses from classes 9 to 12; and one hostel
named Tagore Shikshan Sansthan Samiti. The trust is located in
Nagaur which is around 100 kilometres away from Jaipur, Rajasthan.
The institutes have total student intake capacity of around 4500
currently.


[*] INDIA: Working on Integrated Platform for Insolvency Ecosystem
------------------------------------------------------------------
The Economic Times reports that the government is working on an
integrated platform for the insolvency ecosystem covering key
stakeholders that will also help speed up resolution processes. The
Insolvency and Bankruptcy Code (IBC), which came into force in
2016, aims to provide market-linked and time-bound resolution of
stressed assets. However, there have been delays in the resolution
process.

ET relates that Anita Shah Akella, Joint Secretary at the Ministry
of Corporate Affairs (MCA), on Nov. 26 emphasised that IBC is not a
recovery mechanism but a rescue mechanism.

She was speaking at a conference in the national capital to mark
the eighth annual day of the Indian Institute of Insolvency
Professionals of ICAI.

While mentioning various steps taken and also being planned to
further improve IBC resolutions, she said the ministry is working
on having an integrated platform for the insolvency ecosystem.

"(It will be a) federated architecture that will push and pull data
as and when required," she noted.

According to ET, the platform will connect MCA, Insolvency and
Bankruptcy Board of India (IBBI), National Company Law Tribunal
(NCLT), National Company Law Appellate Tribunal (NCLAT) and
insolvency professionals, among others. It will have various
features such as red flags in case of delays and alerts on the app,
she added.

As per official data, a total of 1,963 CIRP (Corporate Insolvency
Resolution Process) cases are ongoing and out of them, 1,388 have
exceeded the time limit of 270 days, ET discloses.

Creditors have recovered around INR3.55 lakh crore through
resolution of 1,068 cases under the insolvency law till September
this year, ET relays citing the data shared by the ministry with
the Lok Sabha on Nov. 25.





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

1MDB: Malaysia Drops Charges vs ex-PM, Former Treasury Official
---------------------------------------------------------------
Reuters reports that a Malaysian court on Nov. 27 allowed
corruption charges linked to the multibillion-dollar 1MDB scandal
filed against jailed former Prime Minister Najib Razak and the
former treasury chief to be dropped, their lawyers said.

Najib faces several trials linked to the scandal at state fund
1Malaysia Development Berhad (1MDB), from which Malaysian and U.S.
authorities said about $4.5 billion was stolen in a complex,
globe-spanning scheme between 2009 and 2014, according to Reuters.

Reuters relates that Najib, who helped found 1MDB when he was
premier in 2009, was found guilty of corruption and money
laundering in a case linked to the scandal and sentenced to 12
years in prison in 2022, though the term was later halved by a
pardon's board chaired by Malaysia's king.

He last month apologised for his role in mishandling the 1MDB
scandal, though he maintained he had no knowledge of any illegal
transfers from the state fund.

Reuters notes that Najib and former treasury secretary-general
Irwan Serigar Abdullah had been charged in 2018 with six counts of
criminal breach of trust involving government funds worth MYR6.6
billion ($1.48 billion), which officials have said were related to
a settlement agreement between 1MDB and Abu Dhabi state fund
International Petroleum Investment Company.

The pair consistently denied wrongdoing.

The Kuala Lumpur High Court granted their bid for a discharge not
amounting to an acquittal, due to procedural delays and the failure
of the prosecution to disclose key documents, their lawyers said,
Reuters relays.

"The court correctly exercised its jurisdiction to discharge our
client of the charges, consonant with the law," Najib's lawyer
Muhammad Farhan Muhammad Shafee said in a text message.

According to Reuters, the decision is likely to prompt further
questions over the remaining cases against Najib, after prosecutors
last year did not appeal his acquittal in a separate 1MDB-related
case.

That came amid accusations that current Prime Minister Anwar
Ibrahim, who was voted in two years ago on an anti-corruption
platform, is backsliding on promised reforms. Anwar has said he
remains committed to tackling graft but does not interfere in court
cases.

Najib has also been pushing to serve the remainder of his sentence
under house arrest, and has filed a case to compel the government
to confirm the existence of a royal order that he says would allow
him to do so, Reuters adds.

Anwar's government said last month it would introduce a law
allowing house arrest for some offences next year, though it denied
that was aimed at getting Najib or other politicians accused of
corruption out of jail.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.


Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter.  This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.



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

AETHER PACIFIC: Placed in Voluntary Administration
--------------------------------------------------
Michael Wright at The Press reports that a Christchurch medicinal
cannabis company previously fined by a financial watchdog and
admonished by its own auditor has been placed in voluntary
administration.

Medical Kiwi Ltd, now known as Aether Pacific Pharmaceuticals,
entered administration on November 21, The Press discloses. It
employs around 15 people and its executive chair, Aldo Miccio, is a
former mayor of Nelson. Christchurch city councillor James Gough
was among its directors until he stepped down last year.

According to The Press, the company, which touted itself as a
"pioneering research and wellness company, creating and
distributing medicinal and nutraceutical cannabis products" had
endured revenue and growth problems for the last two years. In its
annual report for the year to June 2022 its own auditor noted: "If
the capital raise and revenue growth targets are not achieved in
the short term, the going concern assumption may not be appropriate
and therefore the company may be unable to realise its assets and
discharge its liabilities in the normal course of business."

The current state of its finances is unclear but its draft annual
report for 2022-23, obtained by The Press, showed it incurred a
loss of NZD5.8 million and just NZD453,408 in sales that financial
year. This followed a confirmed NZD7.8 million loss in the 15
months to June 2022, which prompted the adverse auditor's report.

Despite the uncertainty, the company had remained bullish about its
prospects, forecasting revenue growth to NZD10.4 million by April
this year. In December, Mr. Miccio, a former mayor of Nelson, told
The Press: "We have commitments from [anchor investors] to fund
shortfalls when needed so there is no chance of us closing our
doors in the foreseeable future." He and Win had sold 2.6m of their
shares in the company between May and June 2021 netting NZD1.08
million each, but that money had gone back into the company, he
said.

In March, Medical Kiwi announced its dried flower cannabis products
were available in Australian pharmacies, The Press recalls. "Not
only does the region have the potential to unlock significant sales
for the group," Mr. Miccio said at the time, "It is also an
important step in our international expansion strategy."

The Press says the company hoped to achieve an industry
certification for growing standards (GMP) by March this year, which
would allow it to produce at full capacity across six growing rooms
and command a higher price. The Press understands it had not
achieved this, and in recent months had been growing around 300
plants at a time across two growing rooms at its premises in
Wigram. On Nov. 25, the site appeared locked, with gates and barbed
wire preventing entry. A company car with a flat tyre was visible
in a driveway.

In 2021 Medical Kiwi was denied an NZX sharemarket listing and then
ran afoul of the Financial Markets Authority over claims it made
during a capital raising on crowdfunding platform PledgeMe the year
before, The Press relays. These included that it had a "cannabis
licence" when it was due to expire and omitting that other licences
were required to legally produce medical cannabis. The company
apologised, paid a NZD250,000 fine and offered to refund
participating shareholders.


BOYZ COFFEE: Court to Hear Wind-Up Petition on Dec. 18
------------------------------------------------------
A petition to wind up the operations of Boyz Coffee Limited will be
heard before the High Court at Auckland on Dec. 18, 2024, at 11:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 31, 2024.

The Petitioner's solicitor is:

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


C.M.E. INTERNATIONAL: Court to Hear Wind-Up Petition on Feb. 10
---------------------------------------------------------------
A petition to wind up the operations of C.M.E. International
Limited will be heard before the High Court at Hamilton on Feb. 10,
2025, at 10:45 a.m.

Freight Management Solutions Limited filed the petition against the
company on Nov. 8, 2024.

The Petitioner's solicitor is:

          Oscar Joseph Ward
          Urlich Milne Lawyers Limited
          3 Owens Road
          Epsom, Auckland 1023



CLEACO CLEAN: Court to Hear Wind-Up Petition on Dec. 12
-------------------------------------------------------
A petition to wind up the operations of Cleaco Clean Air Company
Limited will be heard before the High Court at Auckland on Dec. 12,
2024, at 10:45 a.m.

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

The Petitioner's solicitor is:

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



DELTAR LIMITED: Creditors' Proofs of Debt Due on Dec. 31
--------------------------------------------------------
Creditors of Deltar Limited required to file their proofs of debt
by Dec. 31, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 20, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140



FALL-PAC WELLINGTON: Creditors' Proofs of Debt Due on Jan. 14
-------------------------------------------------------------
Creditors of Fall-Pac Wellington Limited and Atco Steel
Developments NZ Limited are required to file their proofs of debt
by Jan. 14, 2025, to be included in the company's dividend
distribution.

Fall-Pac Wellington commenced wind-up proceedings on Nov. 18,
2024.

Atco Steel Developments NZ commenced wind-up proceedings on Nov.
22, 2024.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011



GILBERT ENGINEERING: Creditors' Proofs of Debt Due on Dec. 31
-------------------------------------------------------------
Creditors of Gilbert Engineering Limited required to file their
proofs of debt by Jan. 10, 2025, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 22, 2024.

The company's liquidator is:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland



LUKE & PAGE: Creditors' Proofs of Debt Due on Jan. 10
-----------------------------------------------------
Creditors of Luke & Page Limited are required to file their proofs
of debt by Jan. 10, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 18, 2024.

The company's liquidator is:

          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142



NANOGIRL LABS: Placed Into Liquidation
--------------------------------------
Stuff.co.nz reports that Nanogirl Labs, the global education design
company founded by Joe Davis and Michelle Dickinson, has been
placed into liquidation after struggling to stay afloat in a
difficult business environment.

Known for its hands-on STEM kits and educational resources,
Nanogirl Labs aimed to inspire kids with Science, Technology,
Engineering, and Math (STEM).

Founder Joe Davis told Stuff that "it has been an incredibly
difficult year" for their business.

"Just the business environment, particularly in our sector, has
been incredibly challenging this year," Mr. Davis said.

"Michelle and I have not taken NZD1 from our business this year,"
he added.

"We've had reduced our staff down to literally one other person in
the office. We did everything we could. We cut costs everywhere
possible and even sold everything we could to bring in enough
revenue to stay viable.

"Ultimately, we just couldn't make it work and had to make the very
difficult and very sad decision to liquidate."

Stuff relates that Mr. Davis explained that the financial pressures
were made worse by a tough year for the entire STEM education
sector, with other organizations like House of Science, Otago
Museum Schools Program, and OMG Tech also facing similar
struggles.

Despite the closure of the business, Mr. Davis emphasised that
their commitment to STEM education remains strong.

"Michelle and I are as committed to the mission of making sure that
every Kiwi kid can access STEM education as we were on day one,"
Stuff quotes Mr. Davis as saying.

"The things that we do for free, which is a huge amount of our
time, you know, it goes into making sure that schools and families
that can't afford to buy what we do can still access it."

He added: "All of the things we do for love we will continue to
do."

"But we cannot make this work as a business in the current climate,
and we've had to make the very difficult decision to call time."


SAMRA FIRM: Creditors' Proofs of Debt Due on Jan. 31
----------------------------------------------------
Creditors of Samra Firm Limited (trading as BHG Free Range Eggs)
are required to file their proofs of debt by Jan. 31, 2025, to be
included in the company's dividend distribution.

Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington were
appointed liquidators of the company by order of the High Court at
Auckland upon the application of Windcave New Zealand Limited on
Nov. 22, 2024.



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

T.J Group Limited filed the petition against the company on Oct.
22, 2024.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19
          191 Queen Street
          Auckland


SLOANE STREET: Creditors' Proofs of Debt Due on Dec. 31
-------------------------------------------------------
Creditors of Sloane Street Capital Limited required to file their
proofs of debt by Dec. 23, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 25, 2024.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751



SOLARZERO NZ: Company's Liquidation Came as a Shock, CEO Says
-------------------------------------------------------------
Stuff.co.nz reports that the chief executive of solar power
provider SolarZero said the company's liquidation came as a shock
after a recent funding boost and improved commercial performance.

The company, which owns about a third of New Zealand's solar
installations, announced the liquidation on its Facebook page on
Nov. 26, citing "unsustainable operating losses and liquidity
constraints".

In a post on LinkedIn on Wednesday evening [Nov. 27], chief
executive Matt Ward said the situation was "obviously
disappointing, given the strides we have made over the past couple
of years," Stuff relays.

"This has come as a big shock given the recent successful NZD195
million financing with our banking partners, significantly improved
commercial performance of the business over the past two years, and
the assurances given to me and the leadership team that our
shareholder would continue to invest in and support SolarZero to
execute our business plan to continue to grow and build a
commercially sustainable business.

"From a personal perspective, team - please take care of
yourselves. This is a shock to everyone. I am going to spend some
time with my family who have definitely played second fiddle to
work over the past five years or so, before making any decisions
about next steps professionally. Kia kaha."

A fund manager for Crown-owned investment fund NZ Green Investment
Finance (NZGIF) said SolarZero had drawn down about NZD115 million
of the NZD145 million in loans the fund had committed by the time
the company went into liquidation, according to a from The Post
cited by Stuff.

NZGIF was still working though its actual financial exposure to the
business failure, along with other lenders, and had sought external
advice.

In an email sent to its roughly 15,000 customers on Nov. 26,
SolarZero said service would continue uninterrupted, with
replacement servicer Verofi stepping in to manage operations, Stuff
relays.

"SolarZero has faced financial challenges and, after careful
consideration the company's directors have requested its senior
lenders take enforcement action, including appointing Verofi as the
standby servicer and placing the company into liquidation," it
said.

SolarZero is owned by US private equity firm BlackRock and employed
about about 160 people across offices in Auckland, Christchurch,
and Wanaka.

The first report from liquidators Russell Moore and Stephen Keen of
Grant Thornton is expected next week, adds Stuff.



SOLARZERO NZ: Shareholders Appoint Grant Thornton as Liquidators
----------------------------------------------------------------
Radio New Zealand reports that solar power company SolarZero has
been put into liquidation, leaving some customers worried about the
contracts they have signed with the company.

RNZ relates that the company - which offers customers solar power
systems with no upfront cost but an ongoing, multi-decade lease -
said the directors had requested its shareholder appoint a
liquidator.

It said directors had requested its senior lenders take enforcement
action, and appoint another provider Verofi, to ensure power
service for customers was not interrupted.

"The directors have advised company employees that due to
unsustainable operating losses, and liquidity constraints, the
business is unable to continue trading in its current form.

"As a result, the company has ceased operations from 4pm [Tuesday].
Russell Moore and Stephen Keen of Grant Thornton have been
appointed as the liquidators of SolarZero."

SolarZero is owned by GRP III Regional Holdings Ltd, part of the
BlackRock Group.

It was founded in the 1970s and has 160 employees throughout the
country and offices in Auckland, Christchurch and Wanaka.

According to RNZ, SolarZero directors said the company had explored
a range of options for a restructure.

"Regretfully, SolarZero and its key stakeholders were unable to
find a viable solution to sustain the business.

"This is a tough day for SolarZero teams, who have worked hard to
build a more sustainable New Zealand. Today's decision is not a
reflection on their work or commitment."

RNZ says customers posting on SolarZero's Facebook page were
concerned about their contracts being honoured. One wrote: "Our
contracts still stand and we still get the second battery free
after 10 years, correct?"

Another asked: "Can we please have a heavily discounted liquidator
sale buy back scheme. Feels like a liability on the roof now."




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

ANR SHIPPING: Creditors' Proofs of Debt Due on Dec. 30
------------------------------------------------------
Creditors of ANR Shipping (S) Pte. Ltd. are required to file their
proofs of debt by Dec. 30, 2024, to be included in the company's
dividend distribution.

On Nov. 22, 2024, the High Court of Singapore entered an order on
to wind up the company's operations.

The company's liquidators are:

          Don M Ho
          David Ho Chjuen Meng
          c/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942



BANKCHAMPS PTE: Court to Hear Wind-Up Petition on Dec. 13
---------------------------------------------------------
A petition to wind up the operations of Bankchamps Pte. Ltd. will
be heard before the High Court of Singapore on Dec. 13, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 15, 2024.

The Petitioner's solicitors are:

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



HPC OTCEX: Creditors' Proofs of Debt Due on Dec. 25
---------------------------------------------------
Creditors of HPC Otcex Asia Pte. Ltd. are required to file their
proofs of debt by Dec. 25, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 11, 2024.

The company's liquidators are:

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



INTERNATIONAL UNION: Creditors' Proofs of Debt Due on Dec. 26
-------------------------------------------------------------
Creditors of The International Union Against Tuberculosis and Lung
Disease Asia Pacific Limited are required to file their proofs of
debt by Dec. 26, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Nov. 19, 2024.

The company's liquidator is:

          Mr. Chan Yee Hong
          CLA Global TS Risk Advisory
          80 Robinson Road, #25-00
          Singapore 068898



LSES INTERNATIONAL: Court to Hear Wind-Up Petition on Dec. 13
-------------------------------------------------------------
A petition to wind up the operations of LSES International Pte.
Ltd. will be heard before the High Court of Singapore on Dec. 13,
2024, at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Nov. 19,
2024.

The Petitioner's solicitors are:

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



NEW HORIZON: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Nov. 14, 2024, to
wind up the operations of New Horizon Global Trading Pte. Ltd.

Ripple Markets APAC Pte. Ltd. filed the petition against the
company.

The company's liquidators are:

          Cameron Lindsay Duncan
          David Dong-Won Kim
          KordaMentha
          16 Collyer Quay
          #30-01, Collyer Quay Centre
          Singapore 049318



SUNSTAR STEEL: Court to Hear Wind-Up Petition on Dec. 13
--------------------------------------------------------
A petition to wind up the operations of Sunstar Steel Pte. Ltd.
will be heard before the High Court of Singapore on Dec. 13, 2024,
at 10:00 a.m.

Gary Loh Weng Fatt, in his capacity as the Liquidator of Taiyo Asia
(E & C) Pte. Ltd., filed the petition against the company on Nov.
21, 2024.

The Petitioner's solicitors are:

          Sim Chong LLC
          1 North Bridge Road
          #14-06 High Street Centre
          Singapore 179094



VIDEUM OVERSEAS: Creditors' Proofs of Debt Due on Dec. 26
---------------------------------------------------------
Creditors of Videum Overseas Pte. Ltd. are required to file their
proofs of debt by Dec. 26, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Nov. 16, 2024.

The company's liquidator is:

          Chee Fung Mei
          110 Middle Road #05-03
          Singapore 188968



YA HUA BAK: Placed in Provisional Liquidation
---------------------------------------------
Ms. Ellyn Tan Huixian of Forvis Mazars Consulting was appointed as
provisional liquidator of Ya Hua Bak Kut Teh 7th Mile Pte. Ltd. on
Nov. 22, 2024.

The provisional liquidator may be reached at:

          Ellyn Tan Huixian
          Forvis Mazars Consulting
          135 Cecil Street
          #10-01 Philippine Airlines Building
          Singapore 069536



YELLOW BOOTS: Court to Hear Wind-Up Petition on Dec. 6
------------------------------------------------------
A petition to wind up the operations of Yellow Boots Pte. Ltd. will
be heard before the High Court of Singapore on Dec. 6, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Nov. 14, 2024.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094





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

SRI LANKA: Eases Monetary Policy, Sets New Single Benchmark Rate
----------------------------------------------------------------
Reuters reports that Sri Lanka's central bank set a new single
policy rate of 8% on Nov. 27, easing monetary settings below
previously used benchmarks, in an effort to shore up the island
nation's fragile recovery from a deep financial crisis.

According to Reuters, the Central Bank of Sri Lanka (CBSL) said
late on Nov. 26 that it will implement a single policy interest
rate mechanism by introducing an overnight policy rate instead of
the existing rate corridor.

"With this change, the effective reduction in the policy interest
rate would be around 50 basis points from the current level of the
Average Weighted Call Money Rate, which continues to serve as the
operating target of the Flexible Inflation Targeting framework,"
the bank said.

Previously, the CBSL set two key rates, the Standing Deposit
Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR),
which economists had expected would be reduced by 25 basis points
each to 8% and 9%, respectively, Reuters relays.

The SDFR and SLFR will no longer be considered policy interest
rates, the bank said.
"There is no direct signalling of an end to the easing cycle,"
Reuters quotes Thilina Panduwawala, head of research at Frontier
Research, as saying.

"But they do say that without further policy easing they did not
see further space for market rates to reduce. That might imply CBSL
assumes rates can bottom out after this rate cut and that can make
sense given their inflation forecast expects inflation to rise
going into mid-2025."

Reuters notes that the South Asian economy has gradually emerged
from a debt crisis after the country secured a $2.9 billion
assistance package from the International Monetary Fund (IMF) in
March 2023.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings on Oct. 24, 2024, affirmed its 'SD/SD' long- and
short-term foreign currency sovereign credit ratings, and 'CCC+/C'
long- and short-term local currency ratings on Sri Lanka. The
outlook on the 'CCC+' long-term local currency rating is stable.
S&P also revised upward its transfer and convertibility assessment
on Sri Lanka to 'CCC' from 'CC' previously.


SRI LANKA: Kicks Off US$12.6 Billion Distressed Debt Exchange
-------------------------------------------------------------
Bloomberg News reports that Sri Lanka is kicking off an exchange to
swap $12.6 billion of its bonds for longer-dated notes as it seeks
to complete its dollar-denominated debt restructuring.

Investors in the country's bonds can tender their holdings for new
international bonds, Bloomberg relates. The haircut on the nominal
amount of existing bonds is 27%, according to a statement released
when the two sides reached an agreement in principle. A creditor
committee holding about 40% of the bonds said in a separate press
release it supports the offer, Bloomberg relays.

According to Bloomberg, the announcement is a milestone in Sri
Lanka's efforts to overhaul its debt after the country defaulted in
2022, as it helps restoring access to international markets. Last
week, the Asian nation secured initial approval to receive the next
tranche of a $3 billion International Monetary Fund bailout.

"I urge private sector creditors to participate in the debt
restructuring process to provide essential relief, thereby laying
the groundwork for a bright future for Sri Lanka and its people,"
Bloomberg quotes President Anura Kumara Dissanayake as saying in a
separate statement.

The restructuring could trim as much as $9.5 billion off Sri
Lanka's debt servicing costs over the length of the IMF program,
according to the press release cited by Bloomberg.

Sri Lanka's dollar bonds gained on Nov. 26, extending their sharp
advance of recent weeks. They've returned nearly 28% so far this
year, outperforming the US-currency debt of other emerging
economies, Bloomberg indexes show. Still, with the economy reliant
on IMF disbursements, the securities are trading between 63 and 66
per dollar, levels typically considered distressed.

The tender offer expires on Dec. 12, with the results announced
four days later, Bloomberg says. Holders with a custodian in Sri
Lanka will be offered a separate swap with more favorable terms,
according to the statement.

Apart from the issuance of so-called macro-linked bonds, whose
payouts are linked to economic growth, the deal includes a
governance-linked note, which is a novel instrument for a debt
rework, Bloomberg relates. The country could get a 75 basis-point
coupon reduction on more than $1.5 billion of debt if it meets
certain governance targets, including increasing revenue
collection.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April 2022 as the worst financial crisis since
independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings on Oct. 24, 2024, affirmed its 'SD/SD' long- and
short-term foreign currency sovereign credit ratings, and 'CCC+/C'
long- and short-term local currency ratings on Sri Lanka. The
outlook on the 'CCC+' long-term local currency rating is stable.
S&P also revised upward its transfer and convertibility assessment
on Sri Lanka to 'CCC' from 'CC' previously.




===============
T H A I L A N D
===============

THAI AIRWAYS: Plans US$1.27 Billion Share Sales to Exit Debt Plan
-----------------------------------------------------------------
Bloomberg News reports that Thai Airways International expects to
raise as much as THB44 billion (US$1.27 billion) from a share
rights offering, the carrier's final major step to exit a
court-supervised debt restructuring and allow the resumption of the
trading of its stock.

Thailand's flag carrier set the share price for its 9.8 billion new
shares for existing shareholders at THB4.48, according to its
exchange filing late Tuesday (Nov. 26), Bloomberg relays. Each
holder of existing stock can purchase 4.5 new shares, it said.

Bloomberg says the airline, like regional rivals, is benefiting
from a post-pandemic travel boom since 2023 that has boosted
earnings and cash flow. The turnaround prompted Thai Airways to
order a new fleet of Boeing and Airbus jets to expand flights and
destinations.

"Thai Airways has gone a long way from a near collapse to its
strong emergence to become a dominant player in the global aviation
industry again," Bloomberg quotes Piyasvasti Amranand, the
court-appointed debt administrator, as saying at a press briefing
on Nov. 27. "Strong business outlook and attractive share price
should help Thai Air achieve the capital raising through rights
offerings."

Bloomberg relates that the carrier's creditors also agreed to
convert about THB53 billion debt into shares after the subscription
period ended earlier this month, according to its statement. The
airline will issue about 21 billion new shares to creditors at
THB2.5452 each.

Thai Airways' shareholder equity will reverse to a surplus of THB18
billion after completing the debt-to-equity conversion with the
creditors, said Piyasvasti. It has a negative shareholder equity of
about THB27 billion after years of losses, he said. The airline's
total debt will drop to THB65 billion after the debt conversion.

According to Bloomberg, the airline aims to emerge from its
debt-restructuring plan in 2025, five years after it filed for
bankruptcy protection. The state-controlled airline returned to
profit in 2023 after it had posted losses from operations every
year from 2013, which were worsened by the Covid pandemic. The
airline anticipates the resumption of stock trading in the
second-quarter of 2025.

The subscription period for the rights offering is set for Dec. 6
to 12. The names of shareholders allocated the new shares will be
announced on Dec. 19, the company said, adds Bloomberg.

                        About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific in May 2020,
Thailand's cabinet approved a plan to restructure troubled Thai
Airways International Pcl's finances through a bankruptcy court,
the Southeast Asian country's prime minister said on May 19, 2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion as of June. While its total liabilities ballooned to
THB332.1 billion, a 36.7% increase from the end of 2019, its cash
and cash equivalents fell by 35.5% to THB13.9 billion, according to
the Nikkei Asia.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                *** End of Transmission ***