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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

          Thursday, January 11, 2024, Vol. 27, No. 9

                           Headlines



A U S T R A L I A

ALL THINGS: First Creditors' Meeting Set for Jan. 18
AUSTRALIAN MINING: First Creditors' Meeting Set for Jan. 22
ENDEAVOUR SECURITIES: Directors Ordered to Pay AUD390,000 Penalties
FORGING FITNESS: F45 Springfield Calls in Liquidators
HPS TECHNOLOGY: Cliffwater Marks AUD2.7MM Loan at 36% Off

IFC CONSTRUCTIONS: Commences Wind-Up Proceedings
INSIDEOUT BUILDING: Commences Wind-Up Proceedings
SEA-SLIP PONTOONS: First Creditors' Meeting Set for Jan. 18


C H I N A

CHINA AOYUAN: US$6 Billion Debt Plan Jolted by Creditor Dissent
GOHO ASSET: China Securities Watchdog Issues Warning
HUAYI ELECTRIC: To Be Kicked Off in Chinese Bourse This Year
IFLYTEK CO: To Spin Off Loss-Making Health Care Arm


I N D I A

AREK INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
ASHWINRAM SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
ASIAN RE-SURFACING: CARE Keeps C Debt Ratings in Not Cooperating
ATS HEIGHTS: CARE Moves D Debt Ratings to Not Cooperating Category
AUTOMOTIVE INDUSTRIES: CARE Lowers Rating on INR12cr Loan to B+

BIRD MACHINES: CRISIL Lowers Rating on INR9cr Cash Loan to D
G RAMAMOORTHI: ICRA Keeps B+ Debt Rating in Not Cooperating
GAYA RAILWAY: CARE Keeps B- Debt Rating in Not Cooperating
LAZULINE BIOTECH: CRISIL Reaffirms D Rating on INR30cr Term Loan
MAX PROPERTIES: ICRA Keeps D Debt Ratings in Not Cooperating

MID WEST: ICRA Keeps B Debt Rating in Not Cooperating Category
MP BORDER: CARE Keeps D Debt Rating in Not Cooperating Category
OM YARN: CARE Keeps D Debt Ratings in Not Cooperating Category
PANDURANG SAHAKARI: CARE Lowers Rating on INR268.48cr Loan to B
R.J. RISHIKARAN: ICRA Keeps B Debt Rating in Not Cooperating

S.N.N. TEXTILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
SAHARA HOSPITALITY: CARE Keeps D Debt Ratings in Not Cooperating
SANGAM DRESSES: CARE Keeps B Debt Rating in Not Cooperating
SHORAPUR SOLAR: ICRA Moves B Debt Ratings to Not Cooperating
TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating

TRIDENT TEXOFAB: CRISIL Hikes Rating on INR13.25cr Loan to B+
TRIMURTHI HITECH: ICRA Keeps C+ Debt Ratings in Not Cooperating
VANTAGE SPINNERS: CARE Keeps D Debt Rating in Not Cooperating
WELCOME TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
WOMENS NEXT: CARE Keeps D Debt Rating in Not Cooperating Category



N E W   Z E A L A N D

CLIMA HVAC: Creditors' Proofs of Debt Due on Feb. 10
HUMPHREY BRICK: Creditors' Proofs of Debt Due on Feb. 29
JON BIDCO: Cliffwater Marks NZD6.3MM Loan at 42% Off
MARS CAP: Creditors' Proofs of Debt Due on Feb. 28
RRR FISHING: Creditors' Proofs of Debt Due on Jan. 23

TECHNI-CALL SECURITY: Creditors' Proofs of Debt Due on Feb. 9


S I N G A P O R E

ALLIED TECHNOLOGIES: Ex-Director Gets 6-Month Jail Term
COSTA CROCIERE: Creditors' Proofs of Debt Due on Feb. 8
FINAXAR HOLDINGS: Commences Wind-Up Proceedings
PANCAST PTE: Commences Wind-Up Proceedings
RJLF SAKURA: Creditors' Proofs of Debt Due on Feb. 6

TECHNICORUM HOLDINGS: Court Enters Wind-Up Order

                           - - - - -


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

ALL THINGS: First Creditors' Meeting Set for Jan. 18
----------------------------------------------------
A first meeting of the creditors in the proceedings of All Things
Social Pty Ltd will be held on Jan. 18, 2024 at 11:00 a.m. at Level
7, 91 Phillip Street in Parramatta.

Ernie Chou and Trent McMillen of MaC Insolvency were appointed as
administrators of the company on Jan. 8, 2024.


AUSTRALIAN MINING: First Creditors' Meeting Set for Jan. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Mining Rehabilitation Pty Ltd will be held on Jan. 22, 2024 at
11:00 a.m. at the offices of Cor Cordis at Level 7, 201 Charlotte
Street in Brisbane.

Stephen Earel and Darryl Kirk of Cor Cordis were appointed as
administrators of the company on Jan. 10, 2024.


ENDEAVOUR SECURITIES: Directors Ordered to Pay AUD390,000 Penalties
-------------------------------------------------------------------
The Federal Court has ordered four current and former directors of
Endeavour Securities (Australia) Ltd (in liquidation) and Linchpin
Capital Group Ltd (in liquidation) to pay AUD390,000 in penalties.

The Federal Court had previously found Endeavour directors Ian
Williams, Paul Raftery, Paul Nielsen and Peter Daly (who was found
to have acted as an officer of Endeavour) breached their duties as
officers of a responsible entity of a registered managed investment
scheme and did not act in the best interests of members.

ASIC Deputy Chair Sarah Court said, 'ASIC took this case because we
believed reasonable steps were not being taken by the directors to
comply with their own compliance plan and obtain member approval
for loans.

'Today's penalties are significant and should act as a reminder to
directors of responsible entities that operate managed investment
schemes that they must act in the best interests of members.'

Mr. Nielson, Mr. Williams and Mr. Rafterty did not contest ASIC's
case at trial and agreed to ASIC's penalty submissions.

Mr. Nielson and Mr Williams will each pay a AUD100,000 penalty and
be banned from managing corporations for four years.

Mr. Raftery will pay a AUD40,000 penalty and be banned from
managing a corporation for three years.

Mr. Daly, who contested ASIC's case, will pay a AUD150,000 penalty
and be banned from managing corporations for five years.

In reaching her penalty decision with respect to Mr. Daly, Justice
Cheeseman said, 'Mr. Daly has only superficially accepted
responsibility for his actions.' Her Honour noted that 'The lack of
remorse or contrition demonstrated by Mr. Daly [. . .] is relevant
in that it suggests a higher penalty is warranted for the penalty
to achieve the objective of specific deterrence.'

The Court previously found that between 2015 and 2018, Mr Nielsen,
Mr. Raftery and Mr. Williams, together with Mr. Daly:

   * did not take all reasonable steps to ensure that Endeavour
complied with its compliance plan, obtain member approval for
related party loans and issue Product Disclosure Statements that
complied with the law;

   * failed to exercise care and diligence;

   * did not act in the best interests of members of the Investport
Income Opportunity Fund.

The Court found Mr. Daly and Mr. Raftery improperly used their
positions by receiving unsecured loans from the unregistered
Investport Income Opportunity Fund for their personal use.  Mr.
Daly received loans totalling AUD130,000 and Mr. Raftery took a
AUD40,000 loan.

Mr. Nielsen, Mr. Raftery and Mr. Williams agreed to each pay
AUD175,000 towards ASIC's costs. Mr. Daly has also been ordered to
pay AUD175,000 in addition to a further proportion of ASIC's costs
associated with the contested hearings.

At the time of the misconduct, breaches of officers' duties (under
s601FD of the Corporations Act) attracted maximum penalties of
AUD200,000 per contravention for individuals.

In November 2019, ASIC banned Mr. Williams, Mr. Nielsen, Mr. Daly
and Mr. Raftery from providing any financial services each for a
period of five years.

Endeavour was the responsible entity of a registered managed
investment scheme called the Investport Income Opportunity Fund.
Linchpin operated an unregistered managed investment scheme, which
was also called the Investport Income Opportunity Fund. Both funds
were placed into liquidation in 2019.

Linchpin operated through various subsidiaries (including
Endeavour) and provided a range of financial products and funds
management and investment advisory services.


FORGING FITNESS: F45 Springfield Calls in Liquidators
-----------------------------------------------------
News.com.au reports that another F45 franchise has hit the wall,
with its owner calling in liquidators on Jan. 9.

The F45 Springfield, in Ipswich, Queensland is directed and owned
by Aaron Hawkins, who made the decision to put his business,
Forging Fitness Pty Ltd, which traded as F45 Springfield, into
liquidation.

This was due to a lack of profitability, liquidator Cliff Sanderson
from Dissolve told news.com.au.

According to the report, Mr. Sanderson said Mr Hawkins was locked
into a long-term lease in the Orion Springfield Central shopping
centre, and the centre's owner, Mirvac, "wouldn't reduce the rent
to accommodate him".

News.com.au relates that Mr. Sanderson said he was still assessing
the financial position of the business, but that while it didn't
appear to owe any money to staff it owed back taxes in excess of
AUD20,000 to the Australian Taxation Office.

The demise of the Springfield location brings the total number of
F45 gyms in Australia that have shut in the past 15 months to at
least 20.

In addition, there are currently 119 Australian F45 franchises
listed for sale on anybusiness.com.

Franchisees cite factors such as increased competition from rival
gyms, small territories which put them in competition with other
F45 franchises, high rents and the percentage of revenue taken by
the parent company as the reasons behind their failure.

Viewed as revolutionary when it launched in Sydney in 2012 with its
functional, 45 minute, high impact interval training sessions, the
fortunes of F45 took a turn after a rapid global expansion fuelled
by franchising.

After an investment by Hollywood star Mark Wahlberg in 2019 it
listed on the New York Stock Exchange in 2021 with a share price of
US$17, but was delisted in September 2023, by which time its share
price had fallen below US$1.

F45 was kicked off the exchange after its share price traded below
US$1 for more than 30 consecutive days and due to its failure to
file financial accounts.

Its executive suite has also had a revolving door in recent years
with two chief financial officers leaving the business in the space
of less than a year and CEO Adam Gilchrist (not the cricketer)
departing the business in July 2022.

Mr. Hawkins didn't respond to news.com.au's request for comment.


HPS TECHNOLOGY: Cliffwater Marks AUD2.7MM Loan at 36% Off
---------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD2,737,949
loan extended to HPS Technology to market at AUD1,738,865 or 64% of
the outstanding amount, as of September 30, 2023, according to a
disclosure contained in Cliffwater's Form N-CSR for the Fiscal year
ended September 30, 2023, filed with the Securities and Exchange
Commission.

The Cliffwater Corporate Lending Fund is a participant in a First
Lien Term Loan-Delayed Draw to HPS Technology. The loan accrues
interest at a rate of 9.447% (BBSW+525) per annum. The loan matures
on September 15, 2027.

The Cliffwater Corporate Lending Fund is a Delaware statutory trust
registered under the Investment Company Act of 1940, as amended, as
a closed-end management investment company operating as a
diversified interval fund. The Fund operates under an Agreement and
Declaration of Trust, as most recently amended and restated on
September 15, 2021. Cliffwater LLC serves as the investment adviser
of the Fund. The Investment Manager is an investment adviser
registered with the Securities and Exchange Commission under the
Investment Advisers Act of 1940, as amended. The Fund intends to
continue to qualify and has elected to be treated as a regulated
investment company under the Internal Revenue Code of 1986, as
amended). The Fund commenced operations on March 6, 2019.


IFC CONSTRUCTIONS: Commences Wind-Up Proceedings
------------------------------------------------
Members of IFC Constructions Pty Ltd on Jan. 10, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Scott Cameron Turner
          Level 2, 410 Elizabeth St
          Surry Hills, NSW 2010
          Email: scottcturner@hotmail.com


INSIDEOUT BUILDING: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Insideout Building Pty Ltd on Jan. 10, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Gregory Paul Quin
          Kimberley Stuart Wallman
          HLB Mann Judd Insolvency WA
          Level 2
          16 Parliament Place
          West Perth, WA 6005


SEA-SLIP PONTOONS: First Creditors' Meeting Set for Jan. 18
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sea-Slip
Pontoons & Products Pty. Ltd. will be held on Jan. 18, 2024, at
10:30 a.m. at Suite 5B, 55 Kembla Street, in Wollongong, NSW, and
via virtual meeting technology.

Stephen John Hundy of Worrells was appointed as administrator of
the company on Jan. 8, 2024.




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

CHINA AOYUAN: US$6 Billion Debt Plan Jolted by Creditor Dissent
---------------------------------------------------------------
Bloomberg News reports that China Aoyuan Group is standing by for a
pivotal Hong Kong court decision on its restructuring plan, a
ruling that may accelerate the end of its tussles with creditors
over US$6 billion of offshore debt.

Bloomberg relates that after a two-day trial over a creditor's
objection to the offshore plan offered by the defaulted developer
ended earlier this week, Judge Jonathan Harris said he will deliver
his decision on Jan. 11.

According to Bloomberg, Judge Harris' approval would enable the
Guangzhou-based developer to clear a major hurdle in appeasing
creditors and quickly shift to implementing the settlement terms. A
denial would send Aoyuan back to negotiations with creditors that
may drag out its two-year saga since its first default and further
sap precious resources.

Any early rulings from the city's courts are closely watched given
the slow pace of negotiations of Chinese developers, and may set
legal precedents impacting bigger trials such as for China
Evergrande Group, Bloomberg relays.

Aoyuan's offshore plan has been approved by a majority of its
creditors. A Hong Kong court sanction of it seemed merely a
formality until one of the objecting creditors petitioned the court
to deny the plan.

Judge Harris will make a call after considering the two sides'
arguments, largely over fairness in treatment of creditor classes
and the legitimacy of Aoyuan's assessment in how much investors
would recover, Bloomberg says.

Under the plan's terms, creditors are expected to get new notes,
shares in the company, convertible bonds and perpetual securities
in exchange for their old notes.

Aoyuan's plan to classify creditors into various classes is
questionable and there is a stark difference in how they are
compensated in the restructuring, the creditor's lawyer said during
the trial, Bloomberg relays. The name of the creditor was referred
simply to as "Ping An" in the court.

The company's legal representative and financial adviser argued
that the difference was because of different guarantee structures
and seniority of claims.

According to Bloomberg, Aoyuan expects some creditors to recover
about 36 per cent of what they are owed, whereas the creditor
disputing the plan said a report it commissioned showed a 0.7 per
cent recovery.

That is partially because the company had not taken into account
the worsening market conditions in 2023, Ping An's lawyer said. Its
cash-flow assumptions also are rosy, she added.

Patrick Cowley, a financial adviser to Aoyuan, countered that the
creditor's report failed to account for the latest debt level,
Bloomberg relays. The company's cash flow forecast is based on the
assumption that restructuring will normalise its business and lead
to new project financing, he said.

Once ranked among China's top 30 developers by sales, Aoyuan's
dollar notes were priced at around 2 cents, indicating investors do
not expect to get paid much, according to Bloomberg-compiled
prices.

Aoyuan has made efforts to ensure their offshore restructuring plan
would be processed without hindrance. Last month, the company filed
for Chapter 15 bankruptcy in New York to seek US court recognition
for its offshore debt restructuring and ward off litigation.

Without US court recognition, "there is litigation risk that
dissenting holders of the existing public notes may file actions to
enforce their claims in the US courts even after the Hong Kong
schemes are sanctioned by the Hong Kong court", it said then, adds
Bloomberg.

                         About China Aoyuan

China Aoyuan Group Limited, formerly China Aoyuan Property Group
Limited, is an investment holding company principally engaged in
the sales of properties. The Company operates its business through
three segments. The Property Development segment is engaged in the
development and sale of properties. The Property Investment segment
is engaged in the leasing of investment properties. The Others
segment is engaged in hotel operation, the provision of consulting
and management services. Through its subsidiaries, the Company is
also engaged in construction business.

China Aoyuan Group Limited and affiliate Add Hero Holdings Limited
sought creditor protection in the United States under Chapter 15 of
the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 23-12030) on
Dec. 20, 2023.

U.S. Bankruptcy Judge John P. Mastando III presides over the
Chapter 15 proceedings.


GOHO ASSET: China Securities Watchdog Issues Warning
----------------------------------------------------
Yicai Global reports that China's securities regulator has issued a
warning letter to Chinese distressed asset manager Goho Asset
Management for three main issues.

According to Yicai, Goho was involved in the irregular use of
raised funds and untimely and inaccurate disclosure of information,
the Anhui province branch of the China Securities Regulatory
Commission said in a warning letter to the Hefei-based asset
management firm Jan. 9.

After Goho received the warning letter, the company's bond trustee
Western Securities released a statement claiming that the funds
mentioned in the letter were bonds worth over CNY1.2 billion
(USD170 million) that Goho issued in May 2022, Yicai relays.
However, the firm had already returned the irregularly used funds
to the related special account on Sept. 15 last year, Western
Securities noted.

Yicai relates that Goho announced on Jan. 2 that it was unable to
repay debts worth over CNY298 million (USD41.7 million), which
resulted in some of the company's assets being frozen or seized.
Goho has four existing bonds worth nearly CNY2.2 billion, three of
which, with a total value of CNY939 million, are due this year.

The debt default, major related lawsuits, asset freezing, and the
warning letter may adversely impact Goho's business operation and
solvency, Western Securities added.

On Jan. 8, China Lianhe Credit Rating downgraded Goho's and its
bonds' long-term credit rating because the company's announcement
on Jan. 2 reflected its obvious liquidity risks and substantial
problems in debt repayment.

Goho's monetary capital was tight, and its debt repayment pressure
was high as of the end of the first half of last year, the firm
said in its latest semi-annual earnings report. Its balance of
interest-bearing debt was almost CNY6.4 billion as of June 30.

Goho was among China's first batch of local asset management firms,
according to its website. As of the end of 2021, Goho had net
assets of CNY5.3 billion, a total amount of non-performing assets
purchased, including dozens of banks and nearly a thousand
enterprises, of over CNY150 billion (USD20.9 billion), and more
than 100 funds of various types with a scale of CNY100 billion
under management.

Goho Asset Management Co. Ltd. provides financial services. The
Company offers asset acquisition, disposal, operation, management,
and other services.


HUAYI ELECTRIC: To Be Kicked Off in Chinese Bourse This Year
------------------------------------------------------------
Yicai Global reports that Huayi Electric will be delisted from the
Shanghai Stock Exchange on Jan. 16, becoming the first company to
be booted off a mainland bourse this year for flouting bourse
rules, the Chinese electric equipment maker said Jan. 9,

Companies whose share price remains below CNY1 (USD0.14) for 20
straight trading days are removed from trading, Yicai relates.
Huayi's shares dropped below CNY1 on Nov. 28 last year and has
stayed below this figure ever since. The Wenzhou-based firm closed
at CNY0.37 (USD0.05) on Dec. 26, market capitalization of CNY281
million (USD39.4 million), after which it suspended trading.

This makes Huayi the 28th firm to be kicked off an exchange for
violating the CNY1 rule since the regulation was introduced in
2021, according to Yicai. Twenty companies broke this rule and were
delisted last year, accounting for more than half of the 43 firms
kicked out over the period. In 2022, there was only one company
that failed to trade above CNY1 and six in 2021.

A low stock price is a true reflection of a firm's fundamentals, an
industry insider told Yicai. The 20 firms booted out last year
either had poor business or they had major shareholders illegally
making use of the companies' capital or they were unlawfully using
the firms' assets as collateral or they were insolvent.

By kicking out these companies, it can make room in the capital
market for firms with sound business and so the quality of listed
companies will rise, the person said, Yicai relays.

There are three firms in the countdown for being delisted for
trading below CNY1, two of which have already received warnings
from the stock exchange, the report says. Another two companies
closed below CNY1 yesterday, and three are very close to the line
though still above it.

Huayi Electric Company Limited is principally engaged in four
operation segments: Electrical Appliance, Wind Power, Environmental
Protection and Financial Segment. Electrical Appliance segment
provides a range of products into eleven categories, which includes
medium-voltage switchgears, low-voltage switchgears, packaged
substations, ring main units, packaged switching stations, load
switches, circuit breakers, three-pole isolating switches,
composite apparatuses, grounding switches and distribution
automatic terminals. Wind Power segment is involved in the research
and development, manufacture, and sale of wind turbines; the
development, construction and operation of wind power stations; the
Engineering Procurement Construction (EPC) services of wind power
station projects and the consulting services of wind power
technology. Environmental Protection segment provides a
full-service of the waste water management. Financial segment
provides micro and small loans.


IFLYTEK CO: To Spin Off Loss-Making Health Care Arm
---------------------------------------------------
Caixin Global reports that Chinese speech-recognition and
artificial intelligence developer Iflytek Co. Ltd. plans to spin
off its loss-making health care arm via a Hong Kong IPO.

Caixin relates that Xunfei Healthcare Technology Co. Ltd. will seek
approval to list on the main board of Hong Kong's stock exchange,
with an offer of up to 20.1 million shares and a 15% over-allotment
option, Iflytek said in a regulatory filing Jan. 9.

Iflytek Co., Ltd specializes in speech intelligence and artificial
intelligence technology. The Company also develops chip product,
voice messaging software and e-government system integration
software.




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

AREK INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Arek
Industries Private Limited (AIPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.10       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 1,
2022, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. AIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 17, 2023, October 27, 2023, November 6,
2023.

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

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

Arek Industries Private Limited (AIL) is a private limited company
incorporated in January, 2016 and is currently being managed by Mr.
Ashwani Kumar, Patanjali Gupta and Mr. Pranav Gupta as its
directors. The company commenced operations in January, 2017. AIL
is engaged in the manufacturing of textile products such as mink
blankets at its manufacturing facility located at Panipat, Haryana.


ASHWINRAM SPINNING: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Ashwinram Spinning Mills Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         13.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         10.45       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         1.68       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category


   Long Term/          0.87       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

As part of its process and in accordance with its rating agreement
with Ashwinram Spinning Mills 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 1990, ASMPL is primarily engaged in producing
cotton yarn, primarily open-end yarn, in the count ranges from 8s
to 20s. ASMPL caters primarily to domestic markets of Maharashtra
and Tamil Nadu. The Company operates with an installed capacity of
3,464 rotors and its manufacturing facility is located near
Coimbatore.


ASIAN RE-SURFACING: CARE Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Asian
Re-Surfacing of Road Agency Private Limited (ARORAPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.23       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           6.25       CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 1,
2022, placed the rating(s) of ARORAPL under the 'issuer
non-cooperating' category as ARORAPL had failed to provide
information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement.
ARORAPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated October 17, 2023, October 27, 2023, November 6,
2023.

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

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

Delhi based, Asian Re-Surfacing of Road Agency Private Limited
(ARRA) was established on November 18, 1985 as a private company.
The company is being managed by Mr. Prem Arora. The company is
engaged in construction of roads only for government departments.
The raw materials namely, tar, sand, cement, steel, tiles, plywood,
bricks, etc. which the firm procures from various domestic
manufacturers and wholesalers.


ATS HEIGHTS: CARE Moves D Debt Ratings to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the ratings on certain bank facilities of
ATS Heights Private Limited (AHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      80.00      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Non Convertible      85.00      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from AHPL to monitor
the ratings vide various email communications dated December 29,
2023, December 14, 2023, November 21, 2023 and numerous phone
calls. However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings of ATS heights Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the instruments of ATS Heights Private
Limited continues to remain constrained by stretched liquidity
position of the company leading to delays in repayment of NCD's.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely repayment of debt
* Ability to complete the project within envisaged cost and
timeline

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* Delays in servicing of debt obligations: Due to stretched
liquidity position and slow sales collection momentum there are
delays in repayment of NCD's amount Rs.85 crore and Rs.80 crore.

* Project execution risk: AHPL is currently executing a project
with total saleable area of 31.45 lsf in two divisions residential
and commercial. As on December 31, 2022, company has launched only
residential division and commercial division is yet to be launched.
Further, in terms of construction AHPL has already incurred ~36% of
the total construction cost incurred out of the total estimated
cost of Rs.566 cr as on Dec 31, 2022. Till December 31, 2022, AHPL
have been able to sold area of 8.4 lsf i.e.~61.58% out of the total
saleable area of 13.64lsf with collection amounting Rs.409 crore.

Since, the company is successfully executing the projects and the
past experience of the promoters of delivery of projects mitigates
risks of project execution to some extent.

* Risk associated with real estate industry being subject to
regulations and competition from other players: Real estate sector
demand is linked to the overall economic prospect of the country.
Change in the economic outlook affects the expected cash inflows to
a household, thereby also influencing their buying decision.
Besides, as leverage forms an important part of funding for the
buyer, availability of loan and interest rates also affects the
demand of real estate properties. On the other hand, land, labour,
cement and metal prices being some of major cost centres for the
sector, availability of these factors plays important role in
pricing and supply of new units. Hence, cyclicality associated with
economic outlook, interest rates, metal prices, etc., also renders
the real estate sector towards cyclicality. Moreover, the companies
in the sector are also exposed to regulatory changes, especially in
the countries such as India with evolving regulations. Also, there
exists competition from up-coming and completed projects of other
well-known developers in the region.

Liquidity: Poor

The liquidity profile of ATS Heights Private Limited remains poor.
Due to mismatch between project receipts vis a vis the short-term
debt repayment obligation the liquidity of ATS Heights Private
Limited remains constrained.

The company, incorporated as Logix Realtech Private Limited on July
7, 2010 was renamed to ATS Heights Private Limited (AHPL) in 2015.
AHPL is a part of ATS group (ATS) which has a long-standing
presence in real estate industry primarily in north India. The
promoter of the group, Mr. Getamber Anand, has more than two
decades of experience in the real estate industry. In the past, the
group has successfully completed seven residential/group housing
projects with total saleable area of about 113 lakh square feet
(lsf). At present, the ATS group is developing 22 residential
projects across North India (mainly Delhi NCR) having total
saleable area of approximately 361 lsf with an estimated cost of
Rs.13074 crore.


AUTOMOTIVE INDUSTRIES: CARE Lowers Rating on INR12cr Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Automotive Industries (SAI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SAI to monitor
the rating vide e-mail communications dated November 14, 2023,
October 17, 2023, October 6, 2023, August 2, 2023, June 12, 2023,
among others and numerous phone calls. However, despite repeated
requests, RMHRC has not provided the requisite information for
monitoring the rating.

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. The rating on SAI's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The rating assigned to the bank facility of SAI are constrained on
account of its modest scale of operations in highly fragmented
fabrication sector, exposure to customer concentration risk and
below-average financial risk profile. The ratings also factor in
the firm's sizeable capex plans over medium term. The ratings
however, derive strength from proprietor's long-standing experience
in the fabrication industry and moderate working capital
requirements.

Analytical approach: Standalone

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on November 14, 2022, the following were
the rating strengths and weaknesses:

Key weaknesses

* Modest scale of operations in highly fragmented fabrication
industry: SAI's Total Operating Income (TOI), increased to Rs.18
crore in FY22 (refers to period April 1 to March 31), from Rs.6.46
crore in the previous fiscal, The scale however, has been
fluctuating and remained modest in highly fragmented fabrication
industry marked by presence of large number of organised and
unorganised players as the industry faces intense competition due
to low entry barriers.

* Exposure to customer concentration risk however, partly mitigated
by longstanding relationship with customers: The firm derives about
60-70% of its revenues from its key customer Steelcase Asia Pacific
Holdings India Private Limited. (Steelcase) thus, exposing the
revenues to customer concentration.

* Below-average financial risk profile: SAI's below-average
financial risk profile is marked by modest networth of Rs.6.81
crore as on March 31, 2022. Overall gearing ratio remained below
unity on March 31, 2022 however, expected to deteriorate over
medium term on account of debt-funded capex. Debt protection
metrics remained comfortable as indicated by interest coverage
ratio of 13 times in FY22. The debt protection metrics, however,
are likely to moderate in near term, following the planned capex.
The total debt to gross cash accruals (TDGCA) remained at 1 time as
on March 31, 2022.

* Planned debt funded capex: SAI is undertaking capex of Rs.41
crore in a phase wise manner spread across FY23 and FY24. The said
capex is expected to be funded through debt of Rs.31 crore and rest
through proprietor's fund. While the capex plan is supported by an
offtake arrangement with an existing customer, any delay in debt
tie up or cost overruns may result in delay in implementation of
capex and will remain key monitorable going forward.

Key weaknesses

* Extensive experience of proprietor in fabrication segment: Formed
in 2009 as proprietorship firm, SAI is engaged in fabrication of
products. The firm is managed by Mrs. Sarika Sawant who has
extensive experience of around a decade. This has given an
understanding of the dynamics of the market and helped establish
relationships with suppliers and customers. Longstanding
relationships with large players ensure repeat orders and continue
to support the business risk profile of the entity.

* Moderate working capital requirements: The firm has negative
working capital cycle of 45 days as on March 31, 2022. The firm
maintains minimal inventory as the raw material is purchased once
the drawings are received from the clients. Also, the finished
products are dispatched within 7 days thus, resulting in minimal
stock. The firm receives the payment in 30-45 days. The working
capital gap is funded by credit from suppliers and hence, the firm
has not availed any working capital limit.

Liquidity analysis - Stretched

Liquidity position of the firm is stretched marked by limited
cushion in gross cash accruals against repayment obligations. The
working capital requirements are currently funded through internal
accruals or credit from suppliers however, the firm plans to avail
working capital limits which will provide additional liquidity
cushion going forward. The firm is incurring large debt-funded
capex towards capacity addition. Any higher-than-expected debt or
cost overrun may strain the liquidity.

Formed in 2009 as proprietorship firm, Shree Automotive Industries
(SAI) is engaged in undertaking job work for its customers which
includes operations such as bending, cutting, pressing, coating
etc. The firm was engaged in trading of steel products till 2016,
post which it started undertaking job work activities. The firm is
managed by Mrs. Sarika Sawant along with her husband.
The day-to-day operations are managed by Mr. Sawant who is an
engineer by qualification.



BIRD MACHINES: CRISIL Lowers Rating on INR9cr Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded the rating of Bird Machines Private
Limited (BMPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             9         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Fund-          2         CRISIL D (ISSUER NOT
   Based Bank Limits                 COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan               1         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan               2         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with BMPL for
obtaining information through letter and email dated 5 January,
2024 and July 19, 2023 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-cooperation 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 BMPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BMPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded the rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'. As per information
available in the public domain, there remains delinquency in
company account and clarity about the same from the management and
bankers is continuing to remain awaited.

The company is engaged in the manufacturing of fabricated items
primarily finding application in construction equipments such as
excavators and loaders.


G RAMAMOORTHI: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of G Ramamoorthi Constructions India Private Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

As part of its process and in accordance with its rating agreement
with G Ramamoorthi Constructions India 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.

G. Ramamoorthi Constructions India Private Limited was incorporated
in the year 2008 and the promoters of this company are Mr. G.
Ramamoorthi, Mrs. Bagyam Ramamoorthi, Mrs. Arthi and Mr. R. Arun.
It is a family owned and closely held company led by Mr. G.
Ramamoorthi who looks after the overall operations, supported by
Mr. R. Arun handling project executions and Mrs. Bagyam handling
administration. The company was established as a proprietorship
firm -G. Ramamoorthi & Co in the year 1990, by Mr. G Ramamoorthy
and was reconstituted as private limited company in the year 2008.
Currently, the company is engaged in civil construction business
and has undertaken various projects such as construction of
apartments, hospitals, schools, colleges, commercial buildings,
industrial buildings, etc.


GAYA RAILWAY: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gaya
Railway Infra Private Limited (GRIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; 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 28,
2022, placed the rating(s) of GRIPL under the 'issuer
non-cooperating' category as GRIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. GRIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 14, 2023, October 24,
2023, November 3, 2023.

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

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

Incorporated in November 19, 2014, GRIPL is a special purpose
vehicle (SPV) formed by SGR Ventures Private Limited (SGRVPL) for
construction and development of multi-functional complex at Gaya,
Bihar awarded by Rail Land Development Authority (RLDA) to be
operated on a build-operate-transfer (B-O-T).


LAZULINE BIOTECH: CRISIL Reaffirms D Rating on INR30cr Term Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the bank
loan facilities of Lazuline Biotech Private Limited (LBPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.07        CRISIL D (Reaffirmed)

   Cash Credit           6.93        CRISIL D (Reaffirmed)

   Rupee Term Loan       4.95        CRISIL D (Reaffirmed)

   Rupee Term Loan      17           CRISIL D (Reaffirmed)

   Rupee Term Loan      30           CRISIL D (Reaffirmed)

The rating reflects LBPL's delay in repayment of term loan,
Susceptibility to regulatory risks and weak debt protection
metrics. These weaknesses are partially offset by its extensive
industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt servicing: There has been delay in repayment of
term loans during the last 6 months due to stretched liquidity.

* Susceptibility to regulatory risks: The industry is bound by
numerous regulatory requirements. Regulatory changes in the
domestic as well as international market will impact the business
performance of the company.

* Weak debt protection metrics: Financial risk profile is weak with
operating losses, thus significantly impacting debt protection
metrics.

Strength:

* Extensive experience of promoters: Dr. Ramireddy Tummuru is the
key to the project being developed by LBPL. He is a practicing
anesthetist in the USA for over 30 years and worked as a Chief
Medical Officer at the Porter Regional Hospital, Valparaiso, IN,
USA. He has also been an Investor and Board member of several
pharmaceutical companies. Dr. Tummuru is the head of product
development.

Liquidity: Poor

The company has been incurring delays in servicing of its debt
obligations for the term loan facility in the month of August 2023,
due to liquidity related issues within the company.

Rating Sensitivity factors

Upward factors:

* Regularization of timely debt repayment with a track record of 90
days
* Efficient working capital management leading to moderation in
bank limit utilisation

Incorporated in 2011, LBPL is setting up a unit for manufacturing
of biosimilars. The products proposed are antigens, industrial
enzymes and therapeutic and reagent biotech products.

Promoters of the company are Ramireddy Tummuru, Satya Latha
Kandimalla, Kumar Venkata Naga Prasad Kandimalla, Sriram Prasad
Papani.


MAX PROPERTIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Max
Properties 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–         7.70      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         1.80      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category
  
As part of its process and in accordance with its rating agreement
with Max Properties 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.

Max Properties Private Limited (MPPL) is a Madurai-based real
estate developer/construction company. It was established in 2009
by Mr. Elango Packiaraj who was earlier executing several
government contracts in his personal capacity. Such executed
projects include construction of staff quarters in Tier II and Tier
III cities for Tamil Nadu Electricity Board, BSNL Telephones, TWAD
Board and Tamil Nadu Police Housing Corporation. MPPL undertakes
developing or codeveloping on joint venture (JV) basis real estate
projects for residential or commercial-cum-residential,
multi-storied projects in Madurai and Theni. The company also
undertakes civil construction for the projects it develops and has
the necessary labor and plant & machinery for the same. The company
is closely held by the family of the company's promoter, Mr. Elango
Packiaraj. The company has not disclosed any other associate/group
companies.


MID WEST: ICRA Keeps B Debt Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Mid
West Builders Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          8.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Mid West Builders 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.

Vaishnovi Builders, promoted by Mr. V.V.S. Pratap, has been
involved in developing real estate projects in South India for past
2 decades offering services in residential and commercial segments.
Till the last RC date, it has developed more than 12 projects
comprising 2.87 lakh sft area. Mr. Pratap has started developing
real estate projects in Bangalore in the name of Mid-West Builders
Pvt Ltd in July 2014. MWBPL was undertaking development of one
residential project, Mid-West Elita, in Bangalore.


MP BORDER: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of MP Border
Checkpost Development Company Limited (MBCDCL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     552.38       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 21,
2022, placed the rating(s) of MBCDCL under the 'issuer
non-cooperating' category as MBCDCL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MBCDCL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated September 6, 2023, September
16, 2023, September 26, 2023.

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

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

MP Border is a Special Purpose Vehicle, sponsored by IL&FS
Transportation Networks Ltd. (ITNL, rated CARE D; Issuer Not
Cooperating) and Spanco in the ratio of 74:26, to perform
up-gradation, modernization, construction, operation and
maintenance of 24 Border Check Posts (BCPs) and two Central Control
Facilities (CCFs) on Build, Operate and Transfer (BOT) basis for a
period of 12.5 years starting from appointed date i.e. May 05,
2011. CARE does not have any update on the latest
developments in this regard.


OM YARN: CARE Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Om Yarn
Plus Private Limited (OYPPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.01       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.25       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 November 22,
2022, placed the rating(s) of OYPPL under the 'issuer
non-cooperating' category as OYPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. OYPPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 8, 2023, October 28,
2023, January 2, 2024.

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

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

OYPPL was incorporated in the year 2002, by Mr Sanjiv Garg and Mr
Sanjay Talwar. The company is engaged in the manufacturing of
fabric for suiting, shirting and readymade garments for kids &
gents at its manufacturing facility located at Ludhiana, Punjab.


PANDURANG SAHAKARI: CARE Lowers Rating on INR268.48cr Loan to B
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Pandurang Sahakari Sakhar Karkhana Limited (SPSSKL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     268.48       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 2,
2022, placed the rating(s) of SPSSKL under the 'issuer
non-cooperating' category as SPSSKL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SPSSKL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 28, 2023, November 7,
2023 and January 3, 2024.

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

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

The ratings have been revised on account of non-availability of
requisite information.

SPSSKL was incorporated under Maharashtra Co-Operative Societies
Act 1960 in August 1988, to undertake sugar and sugar related
production by Mr. Sudhakarrao Paricharak, former member of
legislative assembly (MLA), Pandhapur (Founder Chairman of SPSSKL).
The first crushing season of the sugar factory was conducted in
Sugar Season (SS) 1992- 93 with an installed capacity of 1250 TCD.
SPSKL gradually expanded its capacity from 1250 TCD (with
co-generation unit of 9MW) during the year 1998 to its current
capacity of 4500 TCD (with an aggregate co-generation capacity of
19MW) and distillery unit of 45 Kilo Liters per Day (KLPD) as on
March 31, 2016.


R.J. RISHIKARAN: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of R.J.
Rishikaran Projects Pvt Ltd in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         35.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

RJ Rishikaran Projects Pvt was incorporated in February 13, so far
the company has started two projects one is Lake Gardenia project
and another one is Brook Square project. This was a strategic
decision as in past the RJ group have been executing projects
through RJ Builders (flagship company of the RJ group). The group
has decided that, RJ Builders will look after interior design
projects and real estate development will be done by RRPPL. RJ
group has been involved in South Indian reality segment for past 3
decades offering services into building, design & development,
interiors, project management & consultation into segments
including hospitality, residential, commercial including hospital
construction and development.


S.N.N. TEXTILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of S.N.N.
Textiles Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         18.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with S.N.N. Textiles 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 moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.

SNNTPL, incorporated in 2013, manufactures cotton yarn. The company
manufactures cotton yarn in the count range of 30s to 60s. It
commenced operations with 9,600 spindles in FY2015 and has an
installed capacity of 18,480 spindles, with its manufacturing
facility located in Annur in Tamil Nadu. It also has a 0.6-MW
windmill capacity and a 3-MW solar power capacity to meet a part of
its power requirements.


SAHARA HOSPITALITY: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sahara
Hospitality Limited (SHL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      506.74      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     20.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 2,
2022, placed the rating(s) of SHL under the 'issuer
non-cooperating' category as SHL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SHL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 18, 2023, September 28, 2023, October
8, 2023.

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

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

SHL operates Sahara Star Hotel in Mumbai, the construction of which
was planned in three phases. Phase-I of the project was completed
in October 2007 wherein 223 rooms and 9 specialty restaurants
outlets where constructed. Phase II and III includes construction
of 209 rooms (186 rooms in phase-II and remaining in phase-III),
new restaurants, banquets and conference facilities, meeting rooms,
swimming pool (4100 sq ft), internationally branded salon, preview
theatre, gymnasium, health clubs, squash and badminton courts, a
5-floor tower with banquet hall, business centres, night clubs,
event hall (25 ft height), entertainment zone and pent house etc.


SANGAM DRESSES: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sangam
Dresses Private Limited (SDPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.98       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 25,
2022, placed the rating(s) of SDPL under the 'issuer
non-cooperating' category as SDPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SDPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 11, 2023, October 21, 2023, October 31,
2023.

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

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

The rating assigned to the bank facilities of SDPL have been
revised on account of non-availability of requisite information.
The rating revision also considers an increase in overall debt in
FY23 compared to FY22.

Sangam Dresses Private Limited (SDPL) was incorporated in the year
2004 as a private limited company by Mr. Mansukh R. Nishar and Mr.
Ojus M. Nishar. Later on, Mrs. Rasila M. Nishar and Mrs. Avani O.
Nishar has joined as director from December 17, 2014. SDPL is
engaged in manufacturing of readymade garments for kids wear and
selling to distributors and retailers at PAN India level. SDPL has
five manufacturing units each located at Dadar, Mumbai for all
types of readymade garments products only for kids supported by
additional facilities such as embroidery, printing, dyeing, washing
and packaging.

SHORAPUR SOLAR: ICRA Moves B Debt Ratings to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Shorapur
Solar Power Limited to the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         36.25        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Term Loan                       the 'Issuer Not Cooperating'
                                   Category

   Long Term-          8.75        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating Moved to
                                   the 'Issuer Not Cooperating'
                                   Category

As part of its process and in accordance with its rating agreement
with Shorapur Solar Power Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated 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, a rating view has
been taken on the entity based on the best available information.

SSPL was incorporated in May 2016 with the main objective of
setting up a 10-MW solar power plant at Yalgi village, Shorapur
taluk, Yadgir district, Karnataka. The COD was achieved on February
23, 2018. The company is promoted by the Karvy Group with Karvy
Consultants Ltd (KCL) holding 99.91% of the shareholding, while the
rest is held by KCL's promoters in their individual capacity.


TALWALKARS BETTER: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Non-convertible Debenture programme of Talwalkars
Better Value Fitness Limited in the 'Issuer Not Cooperating'
category. The ratings is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term-         80.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-Convertible               Rating Continues to remain under
   Debenture                     issuer not cooperating category

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

The company offers various lifestyle activities such as aerobics,
yoga, spa and zumba programmes, as well as diet and weight loss
programmes. It also forayed into the segment of leisure and sports
clubs, wherein it set up its first club in Pune (Maharashtra) in
collaboration with David Lloyd Leisure Limited. The club is
expected to become operational soon.


TRIDENT TEXOFAB: CRISIL Hikes Rating on INR13.25cr Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Trident Texofab Ltd (TTL) to 'CRISIL B+/Stable' from
'CRISIL D'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit          13.25        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Long Term Loan        3.25        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Fund-        0.44        CRISIL B+/Stable (Upgraded
   Based Bank Limits                 from 'CRISIL D')

   Working Capital       2.42        CRISIL B+/Stable (Upgraded
   Term Loan                         from 'CRISIL D')

   Working Capital       0.64        CRISIL B+/Stable (Upgraded
   Term Loan                         from 'CRISIL D')

The upgrade reflects timely debt servicing by the company over the
three months starting September 2023.

The rating considers the large working capital requirement and
leveraged capital structure of TTL. These weaknesses are partially
offset by the extensive experience of the promoters in the textile
industry and sound operating efficiency of the company.

Analytical Approach

CRISIL Ratings has considered the standalone business and financial
risk profiles of TTL.

Unsecured loans (INR6.44 crore as on March 31, 2023) extended by
the promoters have been treated as neither debt nor equity as the
funds are subordinated to bank debt and should remain in business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Gross current assets increased
to 175 days on March 31, 2023 (from 164 days a year ago), driven by
high debtors of 128 days and huge inventory of 44 days. The company
needs to extend long credit period and maintain a sizeable
work-in-process and inventory to meet business requirement.

* Leveraged capital structure: Total outside liabilities to
adjusted networth ratio stood high at 3.67 times and gearing at
1.88 times as on March 31, 2023, led by reliance on external debt
in the form of bank borrowing and guaranteed emergency credit line
loans. However, the capital structure may improve over the medium
term, with an expected increase in networth and scale up of
operations.

Strengths:

* Extensive experience of the promoters: The promoters have more
than two decades of experience in the textile weaving, knitting and
processing industry; their strong understanding of market dynamics
and healthy relationships with suppliers and customers should
continue to support the business.

* Above-average operating efficiency: Operating income increased to
INR96.5 crore in fiscal 2023 (from INR84.3 crore in fiscal 2022)
owing to better demand prospects and higher sales realisation;
thus, the operating margin was healthy at 8.6% in fiscal 2023.
Furthermore, revenue is estimated at INR46.3 crore for the first
half of fiscal 2024 and may continue to further grow in the coming
fiscals, with the trading component reducing to 12-15% in overall
sales and the manufacturing component rising.

Liquidity: Stretched

Bank limit utilisation was high at 97.9% for the 12 months through
November 2023. Cash accrual is projected at INR5.8-8.2 crore per
annum, against yearly debt obligation of INR2.9-3.3 crore over the
medium term. Current ratio stood at 1.25 times on March 31, 2023.
Funding support from the promoters may partially aid liquidity.

Outlook: Stable

TTL will continue to benefit from the extensive experience of the
promoters and above-average operating efficiency. Timely,
need-based funding support from the promoters is likely to perist.

Rating Sensitivity factors

Upward factors

* Steady revenue growth per annum and operating margin sustaining
above 8%, leading to cash accrual more than INR5 crore.
* Improvement in the working capital cycle.

Downward factors

* Decline in revenue or profitability, resulting in net cash
accrual falling below INR2.5 crore.
* Further stretch in the working capital cycle, with increase in
debtors.
* Large, debt-funded capital expenditure.

Incorporated in 2008, TTL manufactures and trades in textile
fabrics used in home furnishing products and clothing. Its facility
at Surat in Gujarat has installed capacity of 20-25 lakh metre of
fabric per month. The company was listed on the small and medium
enterprises platform of Bombay Stock Exchange in 2017. Mr Hardik
Desai and Mr Chetan Jariwala own and manage the business.


TRIMURTHI HITECH: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Trimurthi Hitech Company Private Limited in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–        4.75       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-       2.75       [ICRA]A4 ISSUER NOT
   Non Fund Based               COOPERATING; Rating continues
   Others                       to remain under 'Issuer Not
                                Cooperating' category

   Long Term/        2.50       [ICRA]C+/[ICRA]A4;
   Short Term-                  ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain
                                under issuer not cooperating
                                category
  
As part of its process and in accordance with its rating agreement
with Trimurthi Hitech Company 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.

Trimurthi Hitech Company Pvt Ltd (Trimurthi) was incorporated in
the year 1989 by Mr B.L Kabra and Mr Sundeep Kabra who have close
to two decades of experience as EPC contractors for various
government projects. The company predominantly takes up
electrification works for railway projects in southern India. By
virtue of the long standing experience of the promoters in
execution of such projects, the company is prequalified to take up
overhead electrification works, high voltage substation contracts
and civil tenders for government projects.


VANTAGE SPINNERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vantage
Spinners Private Limited (VSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      68.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 14,
2022, placed the rating(s) of VSPL under the 'issuer
non-cooperating' category as VSPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VSPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 30, 2023, October 10, 2023, October
20, 2023.

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

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

Vantage Spinners Private Limited (VSPL) was incorporated on July
28, 2006, by Mr. Potluru Mohana Murali Krishna, Mr. Potluru Soma
Sekhar and Ms Nandamuri Meenalatha. VSPL is engaged in
manufacturing of cotton yarn (40s and 60s count) with an installed
capacity of 31,500 spindles. The company's manufacturing plant is
located at Nuzividu Mandalam in Krishna district, Andhra Pradesh.



WELCOME TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Welcome Tiles Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.35       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category


   Short Term-         1.35       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          3.65       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

As part of its process and in accordance with its rating agreement
with Welcome Tiles 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 2013, WTPL manufactures wall tiles at its plant in
Morbi, Gujarat. WTPL commenced its operations from October 2013 and
currently manufactures wall tiles of three sizes (10"X15", 10"X18",
and 12"X12"), which are widely used in commercial as well as
residential buildings. The company is managed and promoted by Mr.
Nileshkumar Saradava, Mr. Haresh Gami and Mr. Jayantilal Fultariya
along with their families. The manufacturing facility has an
installed production capacity of 25,988 metric tonnes of wall tiles
per annum.


WOMENS NEXT: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Womens Next
Loungeries Limited (WNLL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 24,
2022, placed the rating(s) of WNLL under the 'issuer
non-cooperating' category as WNLL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. WNLL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 10, 2023, October 20, 2023, October 30,
2023.

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

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

Incorporated in December 2010 as Shiv Lingeries Private Limited by
Mr Bhavesh Bhanushali, & Mrs Premila Bhanushali and subsequently
converted to public limited company in 2012 with its name changed
to Women's Next Loungeries Ltd. (WNLL) and listed with Bombay Stock
Exchange in 2014. WNLL is engaged in the business of manufacturing
of lingerie, loungerie, pajamas, t-shirts and night suits and
trading of fabric. WNLL has manufacturing unit which is located at
Bhiwandi, Thane.




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

CLIMA HVAC: Creditors' Proofs of Debt Due on Feb. 10
----------------------------------------------------
Creditors of Clima HVAC Limited And Projecthvac Limited are
required to file their proofs of debt by Feb. 10, 2024, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 18, 2023.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


HUMPHREY BRICK: Creditors' Proofs of Debt Due on Feb. 29
--------------------------------------------------------
Creditors of Humphrey Brick and Blocklaying Limited are required to
file their proofs of debt by Feb. 29, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 21, 2023.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate
          PO Box 3678
          Auckland 1140


JON BIDCO: Cliffwater Marks NZD6.3MM Loan at 42% Off
----------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its NZD6,300,000
loan extended to Jon Bidco Limited to market at NZD3,676,964 or 58%
of the outstanding amount, as of September 30, 2023, according to a
disclosure contained in Cliffwater's Form N-CSR for the Fiscal year
ended September 30, 2023, filed with the Securities and Exchange
Commission.

The Cliffwater Corporate Lending Fund is a participant in a First
Lien Term Loan to Jon Bidco Limited. The loan accrues interest at a
rate of 10.26% (BKBM+450) per annum. The loan matures on December
3, 2026.

The Cliffwater Corporate Lending Fund is a Delaware statutory trust
registered under the Investment Company Act of 1940, as amended, as
a closed-end management investment company operating as a
diversified interval fund. The Fund operates under an Agreement and
Declaration of Trust, as most recently amended and restated on
September 15, 2021. Cliffwater LLC serves as the investment adviser
of the Fund. The Investment Manager is an investment adviser
registered with the Securities and Exchange Commission under the
Investment Advisers Act of 1940, as amended. The Fund intends to
continue to qualify and has elected to be treated as a regulated
investment company under the Internal Revenue Code of 1986, as
amended). The Fund commenced operations on March 6, 2019.

Jon Bidco Limited is a provider of healthcare services based in
Auckland, New Zealand.

MARS CAP: Creditors' Proofs of Debt Due on Feb. 28
--------------------------------------------------
Creditors of Mars Cap Limited are required to file their proofs of
debt by Feb. 28, 2024, to be included in the company's dividend
distribution.

The High Court at Auckland appointed John Fisk and Craig Sanson of
PwC as liquidators on Dec. 15, 2023.


RRR FISHING: Creditors' Proofs of Debt Due on Jan. 23
-----------------------------------------------------
Creditors of RRR Fishing Limited are required to file their proofs
of debt by Jan. 23, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Dec. 20, 2023.

The company's liquidators are:

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


TECHNI-CALL SECURITY: Creditors' Proofs of Debt Due on Feb. 9
-------------------------------------------------------------
Creditors of Techni-Call Security Solutions Limited are required to
file their proofs of debt by Feb, 9, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Dec. 20, 2023.

The company's liquidator is:

          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          Licensed Insolvency Practitioners
          PO Box 45220
          Te Atatu Peninsula
          Auckland 0651




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

ALLIED TECHNOLOGIES: Ex-Director Gets 6-Month Jail Term
-------------------------------------------------------
The Business Times reports that former Allied Technologies
executive director Roger Poh has been sentenced to six months'
imprisonment for failing to act honestly in the discharge of his
director duties, the Accounting and Corporate Regulatory Authority
(Acra) said on Jan. 8.

This was in relation to the company's acquisition of 51% of the
shares of Software as a Service solutions provider Activpass
Holdings, BT relates.

In a meeting prior to the acquisition with Activpass' existing
shareholders Peter Seow and his wife Amy Leow, as well as a
director of Kingsblade, Zheng Jiabin, Poh became aware that Seow
and Leow were prepared to sell 100 per cent of the shares in
Activpass to Allied Tech for SGD25 million, according to BT.

However, Poh proposed to Allied Tech's board to purchase 51% of the
shares in Activpass for SGD25 million, omitting any mention of his
knowledge about the price Seow and Leow were willing to accept.
Allied Technologies went on to acquire the 51% stake for SGD25.2
million.

"Roger Poh was prepared to let Allied Technologies overpay
substantially for its acquisition of 51 per cent of the shares in
Activpass, and he knew that at least SGD10 million of the SGD25.2
million purchase price would be paid to Kingsblade through a series
of round-tripping arrangements," said Acra.

The ex-director admitted that this was due to his desire to obtain
future personal benefits from Zheng, in the form of appointments as
director of other listed companies, and their accompanying director
fees, the regulatory authority added.

According to BT, Acra warned that it will not hesitate to take
action over directors' failure to act honestly and use due
diligence in the discharge of their duties, for which they could be
fined up to SGD5,000 or jailed for up to 12 months.

Allied Technologies has been delisted from the Catalist board.

Allied Technologies Limited -- http://www.allied-tech.com.sg/-- is
engaged in the manufacturing of metal stamped parts, tools and
dies, and provision of related design services, sub-assembly of
mechanical components, plastic injection molding, manufacturing of
plastic parts and assembly of consumer electronics. It has five
segments: Singapore and Malaysia, China, Vietnam, Thailand and
Others.

COSTA CROCIERE: Creditors' Proofs of Debt Due on Feb. 8
-------------------------------------------------------
Creditors of Costa Crociere Pte. Ltd. are required to file their
proofs of debt by Feb. 8, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Dec. 29, 2023.

The company's liquidators are:

          Ong Woon Pheng
          Lam Zi Yang
          PKF-CAP Advisory Partners
          c/o 6 Shenton Way #38-01
          OUE Downtown 1
          Singapore 068809


FINAXAR HOLDINGS: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Finaxar Holdings Pte. Ltd. on Jan. 2, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


PANCAST PTE: Commences Wind-Up Proceedings
------------------------------------------
Members of Pancast Pte Ltd, on Dec. 29, 2023, passed a resolution
to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Chan Li Shan
          c/o Agile 8 Solutions
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


RJLF SAKURA: Creditors' Proofs of Debt Due on Feb. 6
----------------------------------------------------
Creditors of RJLF Sakura Spe 1 Pte. Ltd. and RJLF Sakura Spe 2 Pte.
Ltd. are required to file their proofs of debt by Feb. 6, 2024, to
be included in the company's dividend distribution.

The company commenced wind-up proceedings on Dec. 29, 2023.

The company's liquidators are:

          Muk Siew Peng
          Keoy Soo Earn
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


TECHNICORUM HOLDINGS: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Singapore entered an order on Dec. 29, 2023, to
wind up the operations of Technicorum Holdings Pte Ltd.

Lee Yeungjun filed the petition against the company.

The company's liquidators are:

          Wong Joo Wan  
          Tina Phan Mei Ting
          c/o Alternative Advisors  
          1 Commonwealth Lane
          #06-21, One Commonwealth
          Singapore 149544



                           *********


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,
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