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

                     A S I A   P A C I F I C

          Wednesday, January 17, 2024, Vol. 27, No. 13

                           Headlines



A U S T R A L I A

CLEARWATER LOGGING: Second Creditors' Meeting Set for Jan. 22
FISHER & OAKLEY: Second Creditors' Meeting Set for Jan. 24
FIVE STAR: First Creditors' Meeting Set for Jan. 23
GENESIS CARE: No Patient Care Concern, 3rd PCO Report Says
NOVETECH PTY: Cliffwater Marks AUD18.5MM Loan at 36% Off

UNIVERSITY CHILD: Second Creditors' Meeting Set for Jan. 22
VTM EMPLOYMENT: Second Creditors' Meeting Set for Jan. 23


C H I N A

BAIC BLUEPARK: Predicts Loss of Up to US$797 Million for Last Year
CBAK ENERGY: Regains Compliance With Nasdaq Listing Requirement
CHINA AOYUAN GROUP: Chapter 15 Recognition Sought
CXJ GROUP: Zhen Hui CPAs Raises Going Concern Doubt
LOGAN GROUP: Over Half of Creditors Agree to Debt Restructuring

LOGAN GROUP: Seeks to Delay Winding-Up Hearing
YANLORD LAND: S&P Withdraws 'B+' Long-Term Issuer Credit Rating


I N D I A

ABIRAMI ENGGINEERING: CRISIL Keeps B Ratings in Not Cooperating
FINFOOT LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
FINSTONE GRANITO: CRISIL Keeps D Debt Ratings in Not Cooperating
HETRO SPINNERS: CARE Keeps D Ratings in Not Cooperating Category
IDCOL FERRO: CARE Lowers Rating on INR13.50cr LT Loan to B-

JALAN CON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KAIZEN AUTOCARS: CARE Keeps B- Debt Rating in Not Cooperating
KIRORIMAL KASHIRAM: CARE Lowers Rating on INR49.50cr LT Loan to B+
KRISHNA IMPEX: CRISIL Keeps B+ Debt Rating in Not Cooperating
LANCO AMARKANTAK: Jindal Power May Join Race to Buy Power Producer

LOOCUST INCORP: CRISIL Keeps D Debt Ratings in Not Cooperating
M.S. REDDY: CARE Keeps B- Debt Rating in Not Cooperating Category
MADURA TEXTILES: CRISIL Lowers Rating on INR8cr Term Loan to B
MALT COMPANY: CRISIL Keeps B Debt Ratings in Not Cooperating
MISHRA POLYPACKS: CRISIL Keeps B Debt Rating in Not Cooperating

OM METALS: CRISIL Lowers Rating on INR55cr LT Loan to B
OM SAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
PODDAR CONSTRUCTION: CRISIL Keeps B Rating in Not Cooperating
POORNASAI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
PRABHU PETROCHEMICALS: CRISIL Keeps D Ratings in Not Cooperating

QRS RETAIL: CRISIL Keeps B Debt Rating in Not Cooperating Category
R.J. BUSINESS: CARE Keeps B- Debt Rating in Not Cooperating
RAM AUTOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
RAVINDRA RICE: CRISIL Keeps D Debt Rating in Not Cooperating
SAIRAM COMMUNICATIONS: CRISIL Keeps B+ Ratings in Not Cooperating

SCIENTIFIC INT'L: CRISIL Keeps B Debt Ratings in Not Cooperating
SMD ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating
SWARN CARS: CRISIL Keeps B+ Debt Rating in Not Cooperating
UNITED INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
VEDANTA RESOURCES: S&P Upgrades ICR to 'CCC+', Outlook Stable

VIRAJ STEEL: CRISIL Keeps B- Debt Rating in Not Cooperating
VISHWA SAMANYU: CARE Lowers Rating on INR38.58cr LT Loan to B


J A P A N

A.L.I. TECHNOLOGIES: Hoverbike Pioneer Files for Bankruptcy


N E W   Z E A L A N D

A & A ELECTRICAL: Court to Hear Wind-Up Petition on Feb. 2
HUTT AND CITY: Court to Hear Wind-Up Petition on Feb. 1
KADRI INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 16
PINNACLE REAL: Creditors' Proofs of Debt Due on Feb. 11
THREE TOBYS: Creditors' Proofs of Debt Due on Feb. 20



S I N G A P O R E

FRIGO FOOD: Creditors' Meeting Set for Jan. 31
JOY INDUSTRIES: Creditors' Proofs of Debt Due on Feb. 16
PACIFIC TRANS: Creditors' Meeting Set for Jan. 31
YANG KEE: Creditors' Meeting Set for Jan. 31


T H A I L A N D

THAI AIRASIA: Bankruptcy Proceedings to Delay Merger

                           - - - - -


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

CLEARWATER LOGGING: Second Creditors' Meeting Set for Jan. 22
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Clearwater
Logging & Transport Pty Limited has been set for Jan. 22, 2024 at
3:30 p.m. virtually via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 21, 2024 at 5:00 p.m.

Scott Andersen and Nathan Deppeler of Worrells were appointed as
administrators of the company on Dec. 6, 2023.


FISHER & OAKLEY: Second Creditors' Meeting Set for Jan. 24
----------------------------------------------------------
A second meeting of creditors in the proceedings of Fisher & Oakley
Pty Ltd has been set for Jan. 24, 2024 at 11:00 a.m. at the offices
of Worrells at Suite 2, 63 The Esplanade in Maroochydore.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 23, 2024 at 5:00 p.m.

Paul Nogueira of Worrells was appointed as administrator of the
company on Dec. 11, 2023.


FIVE STAR: First Creditors' Meeting Set for Jan. 23
---------------------------------------------------
A first meeting of the creditors in the proceedings of Five Star
Power Pty Ltd will be held on Jan. 23, 2024 at 11:00 a.m. at the
offices of SV Partners Mackay at 1st Floor, Corner Sydney & Gordon
Street in Mackay.

Francis Jude O'Neill and David Michael Stimpson of SV Partners were
appointed as administrators of the company on Jan. 11, 2024.


GENESIS CARE: No Patient Care Concern, 3rd PCO Report Says
----------------------------------------------------------
Susan Goodman, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Southern District of Texas
her third interim report regarding the quality of patient care
provided at Genesis Care Pty Limited and its affiliates' three
locations.

The PCO's monitoring for the East Florida Market, West
Florida/Central Market, and East/West U.S. Market has not resulted
in concerns as contemplated under Section 333(b) of the Bankruptcy
Code consistent with the previous reports filed in these cases.

The PCO noted that while she did not make any additional site
visits to the East Florida Market in the interim reporting period,
she periodically checked in with the leadership team for this
market segment. While operationally the market segment could be
described as relatively status quo, on an individual level,
employees reported some anxiety relative to future employment
specifics as a non-sale reorganization plan seemed to emerge.

In this reporting period for the West Florida/Central Market, the
Senior Market Director reported forward progress relative to part
availability to repair one HVAC unit with limited approval to fix
the section of flooring most directly impacted by the HVAC unit
leak. Again, aside from employee anxiety regarding specific job
opportunities available in the anticipated resultant reorganized
Debtor, this market segment reported remaining status quo
operationally.

The PCO observed that the East/West U.S. Market segment experienced
the most transitions in this reporting cycle. Essentially, all
operations outside of North Carolina that were not previously
reported as undergoing a sale/divestiture, did so in this reporting
cycle or are in the process of finalizing documents to complete
such transactions. Given the number of locations experiencing
transitions, PCO has checked in more regularly with the Market
Executive for this area over the course of the reporting period.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=ATboeP from Kroll Restructuring
Administration, LLC, claims agent.

The ombudsman may be reached at:

     Susan N. Goodman
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Ph: 520.744.7061
     Fax: 520.575.4075
     Email: sgoodman@pivothealthaz.com

                         About GenesisCare

One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.

Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.

Judge David R. Jones oversees the case.

The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel. Kroll
Restructuring Administration, LLC is the notice and claims agent.

On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.

Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.


NOVETECH PTY: Cliffwater Marks AUD18.5MM Loan at 36% Off
--------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its AUD18,543,750
loan extended to Novotech (Australia) Pty Limited to market at
AUD11,922,941 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 Novotech (Australia) Pty Limited.
The loan accrues interest at a rate of 10.92% (BBSY+557%) per
annum. The loan matures on January 14, 2028.

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.

Novotech Pty. Ltd. operates as a contract research organization.
Novotech offers audits, biostatistics, clinical trials,
commercialization, data management, generics, health economics,
medical writing, regulatory affairs, and drug development services.
Novotech provides its services worldwide.


UNIVERSITY CHILD: Second Creditors' Meeting Set for Jan. 22
-----------------------------------------------------------
A second meeting of creditors in the proceedings of The University
Child Care Club Inc has been set for Jan. 22, 2024 at 11:30 a.m. at
the offices of WA Insolvency at Level 6, 109 St Georges Terrace in
Perth and via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 19, 2024 at 4:00 p.m.

David Hurt and Jimmy Trpcevski of WA Insolvency Solutions were
appointed as administrators of the company on Dec. 27, 2023.


VTM EMPLOYMENT: Second Creditors' Meeting Set for Jan. 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of VTM Employment
Pty Ltd has been set for Jan. 23, 2024 at 10:30 a.m. via virtual
meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 22, 2024 at 4:00 p.m.

Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on Dec. 7, 2023.




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

BAIC BLUEPARK: Predicts Loss of Up to US$797 Million for Last Year
------------------------------------------------------------------
Yicai Global reports that BAIC BluePark New Energy Technology said
it expects to have racked in a net loss of up to CNY5.7 billion
(USD797 million) last year.

Net loss was likely between CNY5.2 billion and CNY5.7 billion in
the year ended Dec. 31, compared with a net loss of CNY5.5 billion
the year before, Beijing-based BAIC BluePark announced on Jan. 15,
Yicai discloses. The firm has accumulated over CNY20 billion
(USD2.8 billion) in losses since 2020.

According to Yicai, BAIC BluePark attributed the net loss to the
increased investment in research and development and brand
establishment amid the fierce competition in the Chinese new energy
vehicle market and the failure to achieve economy of scale because
of its low sales volume. The sales volume and corresponding
profitability are expected to improve in the future, the company
added.

BAIC BluePark was founded in 2009 as Beijing Electric Vehicle but
changed its name after a backdoor listing in 2018, becoming the
first NEV maker to go public. It is China's first carmaker to
receive the qualification to produce NEVs.

BAIC BluePark sold 92,000 EVs last year, up 84 percent from the
year before, which was far below the sales volumes of its
competitors.

ArcFox, a marque under BAIC BluePark, signed a cooperation
agreement with Huawei Technologies in 2017, becoming one of the
first auto brands to join hands with the Chinese telecoms giant. In
the future, BAIC BluePark is expected to jointly launch EV marques
with Huawei like Seres Group and Chery Automobile did with the Aito
and Luxeed brands.

BAIC BluePark New Energy Technology Co Ltd engages in the research,
development, design, manufacturing, sales and service of pure
electric passenger vehicles. The Company mainly owns the two brands
of Jihu and BEIJING. Its models mainly include the all-terrain
performance pure electric SUV Jihu Alpha T, the smart pure electric
car Jihu Alpha S, the new HI version of Jihu Alpha S, EU7, and
EU5.


CBAK ENERGY: Regains Compliance With Nasdaq Listing Requirement
---------------------------------------------------------------
CBAK Energy Technology, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that on Jan. 8, 2024, the
Company received a letter from The Nasdaq Stock Market notifying
the Company that it had regained compliance with Nasdaq Listing
Rule 5550(a)(2) because for the last 10 consecutive business days,
from Dec. 21, 2023, through Jan. 5, 2024, the closing bid price of
the Company's common stock had been at $1.00 per share or greater.
Accordingly, the Company has regained compliance with Nasdaq
Listing Rule 5550(a)(2) and Nasdaq considers this matter closed.

On Sept. 27, 2023, CBAK Energy received a deficiency notice from
Nasdaq notifying the Company that its common stock failed to
maintain a minimum bid price of $1.00 over the previous 30
consecutive business days as required by Nasdaq Listing Rule
5550(a)(2).

                         About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications.  Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 14, 2023, citing that the Company has
accumulated deficit from recurring net losses and significant
short-term debt obligations maturing in less than one year as of
Dec. 31, 2022.  All these factors raise substantial doubt about its
ability to continue as a going concern.

The Company said in its Quarterly Report for the period ended Sept.
30, 2023, that, "The Company has accumulated deficit from recurring
net losses incurred for the prior years and significant short-term
debt obligations maturing in less than one year as of Sept. 30,
2023.  These conditions raise substantial doubt about the Company
ability to continue as a going concern.  The Company's plan for
continuing as a going concern included improving its profitability,
and obtaining additional debt financing, loans from existing
directors and shareholders for additional funding to meet its
operating needs.  There can be no assurance that the Company will
be successful in the plans described above or in attracting equity
or alternative financing on acceptable terms, or if at all."  


CHINA AOYUAN GROUP: Chapter 15 Recognition Sought
-------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
scheduled a hearing on Jan. 11, 2024, at 11:00 a.m. (Eastern Time),
in Room 501, One Bowling Green, New York, New York 10004, to
consider approval of the petition filed by Chen Zhi Bin and David
Wan, as duly authorized foreign representative of China Aoyuan
Group Limited and Add Hero Holdings Limited, recognition of foreign
proceeding pursuant to Chapter 15 of the U.S. Bankruptcy Code.

As reported by the Troubled Company Reporter, China Aoyuan Group
Ltd. filed for Chapter 15 bankruptcy in New York on Dec. 20, a move
by the defaulted property developer to seek U.S. court recognition
for its offshore debt restructuring and ward off litigation.

As earlier reported in the TCR, the Guangzhou-based developer,
which had about $6 billion of total offshore interest-bearing
liabilities as of the end of 2022, is undergoing restructuring in
Hong Kong, Cayman Islands and the British Virgin Islands after
deciding last year to forgo paying debt.

Its board has been advised by its advisers to "seek recognition of
the Hong Kong proceedings and related relief from the US Bankruptcy
Court for the Southern District of New York," according to a
company filing with the court, Bloomberg relays.  Without U.S.
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.

Aoyuan joins a small but growing list of Chinese developers -- as
well as other non-US debtors -- to tap Chapter 15 bankruptcy system
to more efficiently deal with offshore creditors or handle
cross-border assets.  China Evergrande Group, whose 2021 default
accelerated the country's property debt crisis, called the move a
"normal procedure" since its dollar bonds are governed by New York
law.

A Chapter 15 recognition proceeding is a legal step for the US
court to formally recognize the effectiveness of the restructuring
in foreign jurisdictions, according to an insight note by law firm
Sidley Austin LLP in October.

Companies don't necessarily need material US assets in order to
seek such recognition, and often the only liabilities of Chapter 15
debtors are US-law governed bonds, the note said, in explaining the
differences with the better-known Chapter 11 filings.

Aoyuan's dollar bonds - trading at below 2 cents to indicate
investors' low expectations for recovery - are governed by New York
law, Bloomberg-compiled data show.

In July, the company detailed a restructuring plan with a number of
new debt instruments and other measures to address creditors'
demands, including notes with payment-in-kind interests, new equity
shares, zero-coupon mandatory convertible bonds and perpetual
securities.

Aoyuan last month said it obtained sufficient support from
creditors to approve its restructuring plans, and would seek Hong
Kong, Cayman and BVI courts' approval for the plan in December and
January, Bloomberg recalls.

Aoyuan, ranked 110th by sales among Chinese developers in the first
half this year, said its decision not to pay the debts was due to
the need "to preserve its limited cash resources and maintain
fairness among all of its creditors pending a holistic debt
restructuring," Bloomberg relays.

                         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.

Aoyuan defaulted on debts in January 2022.  As of the end of 2022,
Aoyuan had offshore interest-bearing liabilities of about CNY42.8
billion (USD5.9 billion) and onshore interest-bearing liabilities
of around CNY66.2 billion.

The Companies filed for Chapter 15 bankruptcy (Bankr. S.D.N.Y. Lead
Case No. 23-12030) on Dec. 20, 2023.

Foreign representatives of the Companies are Chen Zhi Bin and David
Wan.

Christopher J. Hunker, Esq., LinkLaters LLP, represents the foreign
representative.

CXJ GROUP: Zhen Hui CPAs Raises Going Concern Doubt
---------------------------------------------------
In a Form 10-K Report filed with the U.S. Securities and Exchange
Commission for the fiscal years ended May 31, 2022 and 2021 (as
restated), CXJ Group Co., Ltd. disclosed that Zhen Hui Certified
Public Accountants, the Company's independent auditor, expressed
substantial doubt about the Company's ability to continue as a
going concern.

In the Report, Zhen Hui Certified Public Accountants said, "We have
audited the accompanying consolidated balance sheet of CXJ Group
Co., Limited and its subsidiaries as of May 31, 2022, and the
related consolidated statements of operations and comprehensive
loss, stockholders' equity (deficit), and cash flows for the year
then ended, and the related notes. In our opinion, the financial
statements present fairly, in all material respects, the financial
position of the Company as of May 31, 2022, and the results of
their operations and their cash flows for the year then ended, in
conformity with accounting principles generally accepted in the
United States of America."

"The Company has suffered recurring losses from operations that
raise substantial doubt about its ability to continue as a going
concern."

The Company reported a net loss totaling $541,453 for the year
ended May 31, 2022, compared to a net loss of $1,582,407 for the
year ended May 31, 2021.

As of May 31, 2022, the Company had $5,169,385 in total assets,
$3,235,542 in total liabilities and $1,933,843 in total
stockholders' equity.

A full-text copy of the report is available at
http://tinyurl.com/ytcmcf5m

                    About CXJ Group Co., Ltd.

Hangzhou City, China-based CXJ Group Co., Ltd. is an automobile
aftermarket products wholesaler, as well as an auto detailing store
consultancy company. Its business is mainly divided into three
sectors, namely sales of automobile aftermarket products,
authorization fee on our brand name "Chejiangling / Teenage Hero
Car" and provision of auto detailing store consultancy services.
CXJ Group Co. provides consultancy services to its customers, who
are auto detailing store owners or persons who are going to start
the stores.

LOGAN GROUP: Over Half of Creditors Agree to Debt Restructuring
---------------------------------------------------------------
Yicai Global reports that Logan Group's shares rose after the
Chinese property developer said that 51 percent of its creditors
have approved the firm's proposal to restructure its offshore
debt.

Logan closed 5 percent higher at 63 Hong Kong cents (8 US cents) a
share, after surging by as much as 16.7 percent intraday, Yicai
discloses. The stock has lost nearly 95 percent of its value over
the past three years.

Creditors holding USD3.4 billion of Logan's offshore senior notes,
or 51 percent of the total, agreed to the Shenzhen-based firm's
workout plan, approaching the needed three-quarters, it said in a
Jan. 12 bourse filing, Yicai relays. Logan offered creditors four
options to pare it liabilities along with lower interest rates.

Logan had USD6.6 billion of offshore debt as of June 30, and the
company has not yet repaid USD1.3 billion of loans from its
controlling shareholder, according to publicly available
information.

According to Yicai, the company has said the goal is to lighten its
debt burden by USD2.6 billion to USD3 billion so as to fix its
capital structure and enable production and operations to enter a
virtuous cycle.

Last year, Logan mitigated its liquidity issues by speeding up the
recovery of days sales outstanding, while reducing expenses and
revitalizing its asset structure. It delivered over 53,000
apartment units to buyers in 2023.

                         About Logan Group

Headquartered in Shenzhen, Guangdong, China, Logan Group Co Ltd is
a property developer. It develops and sells residential properties
and retail shops. The company also leases office units and retail
shops; and carries out construction works of office premises and
residential buildings for its external customers.

Logan and two of its subsidiaries received a winding-up petition in
November 2022 filed by the bond trustee who represents a few
investors holding the 5.75% 2025 bond, according to Reuters.


LOGAN GROUP: Seeks to Delay Winding-Up Hearing
----------------------------------------------
The Standard reports that Logan Group applied to postpone a hearing
for four weeks after bank creditors split with bondholders and
threatened to liquidate two key units.

The Standard relates that creditors were not given requested
information from Logan and may replace bondholders in their
winding-up petition, a lawyer said at a Hong Kong court hearing on
Jan. 15.

Meanwhile, bondholders are seeking to dismiss the petition after
signing an agreement with Logan, their lawyers told the court.
Logan proposed to have the first hearing after February 12, The
Standard relays.

According to the report, the unexpected turn of events threatens to
further prolong Logan's efforts to work out a viable restructuring
deal, offering a contrast to a week ago when the bondholders'
intention to withdraw the case fueled optimism about the process.

Logan Group Company Limited, an investment holding company,
operates as an integrated property developer in the People's
Republic of China. It operates through four segments: Property
Development, Property Leasing, Construction and Decoration
Contracts and Others, and Urban Redevelopment Business. The
Property Development segment develops and sells residential
properties and retail shops; and sells land held for development.
The Property Leasing segment leases office units, retail shops, and
hotels. The Construction and Decoration Contracts and Others
segment constructs office premises and residential buildings; and
provides decoration services to external customers and interior
decoration services to property buyers. The Urban Redevelopment
Business segment sells land for urban redevelopment. Logan Group
Company Limited is a subsidiary of Junxi Investments Limited.

                         About Logan Group

Headquartered in Shenzhen, Guangdong, China, Logan Group Co Ltd is
a property developer. It develops and sells residential properties
and retail shops. The company also leases office units and retail
shops; and carries out construction works of office premises and
residential buildings for its external customers.

Logan and two of its subsidiaries received a winding-up petition in
November 2022 filed by the bond trustee who represents a few
investors holding the 5.75% 2025 bond, according to Reuters.


YANLORD LAND: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on Yanlord Land Group Ltd. at the company's request. S&P also
withdrew its 'B' long-term issue rating on the senior unsecured
notes that the China-based property developer guarantees. The
outlook on issuer credit rating was negative at the time of the
withdrawal.




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ABIRAMI ENGGINEERING: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Abirami
Enggineering Works (SAEW) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL B/Stable (Issuer Not  
                                     Cooperating)

   Term Loan              2          CRISIL B/Stable (Issuer Not  
                                     Cooperating)

CRISIL Ratings has been consistently following up with SAEW for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Set up in 1992, Chennai-based SAE is engaged in the field of
repair, rewinding, overhauling, erection, testing, commissioning
and servicing of transformers, primarily power transformers. It
also manufactures power transformers. SAE is accredited with ISO
9001:2008 certification. Mr P Sirsabesan manages the operations.


FINFOOT LIFESTYLE: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Finfoot
Lifestyle Private Limited (FLPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.84       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.20       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 December 9,
2022, placed the rating(s) of FLPL under the 'issuer
non-cooperating' category as FLPL 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. FLPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 25, 2023, November 4, 2023, November 14,
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).

FLPL, incorporated in 2011 was promoted by Pathak family of Pune.
However, the company commenced its operations in March, 2016. The
company is engaged in manufacturing of grey fabric and cotton cloth
at its facility located at Kolhapur, Maharashtra.

FINSTONE GRANITO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Finstone
Granito Private Limited (FGPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         2.6        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            7          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        18.3        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        3.13       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital        2.7        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with FGPL for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

FGPL was set up on May 1, 2016, by the promoters, Mr Bharatkumar
Lalji Bhimani, Mr Bhaveshkumar Patel, Mr Pritehkumar Harjivan
Patel, Mr Ashokkumar Bhagvanji Delvadiya, Mr Tejas Rajesh Patel,
and Mr Ketul Keshavlal Bhimani. The company started manufacturing
vitrified tiles of various sizes from May 2018.


HETRO SPINNERS: CARE Keeps D Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hetro
Spinners Private Limited (HSPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.68       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.52       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 8,
2022, placed the rating(s) of HSPL under the 'issuer
non-cooperating' category as HSPL 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. HSPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 24, 2023, October 4, 2023, October 14,
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).

Hetro Spinners Private Limited [erstwhile Sai Manasa Spintex
(India) Limited] was incorporated in the year 2009, however, the
commercial operations of the company started from the year 2010.
The company has changed its constitution from Hetro Spinners
Limited to Hetro Spinners Private Limited in August 2018. The
company was promoted by Mr. K Gopala Reddy, his friends and
relatives. The company is engaged in manufacturing of cotton yarn
(20-47 count) and sale of cotton seeds. The company procures the
raw material (cotton lint) from the traders located in and around
Guntur. The company sells its products i.e. cotton yarn and cotton
seeds to the spinning millers and traders located at various places
like West Bengal, Tamil Nadu, Maharashtra and Telangana.


IDCOL FERRO: CARE Lowers Rating on INR13.50cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Idcol
Ferro Chrome and Alloys Limited (IFCAL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 29,
2022, placed the rating(s) of IFCAL under the 'issuer
non-cooperating' category as IFCAL 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. IFCAL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 15, 2023, October 25,
2023, November 4, 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).

Idcol Ferro Chrome and Alloys Limited (IFCAL) is a wholly owned
subsidiary of The Industrial Development Corporation of Odisha
Limited (IDCOL). It was incorporated in March 26, 1999 and since
its inception, the company has been engaged in manufacturing of
high carbon ferrochrome. The manufacturing unit of the company is
located at Jajpur, Odisha with an installed capacity of 19000
metric tons per annum (MTPA). The company also is into mining
related activities for chrome ore
which is consumed for the production of high carbon ferrochrome
(HCFC). The company has availed the moratorium for interest on
working capital under the terms of recent RBI circular.


JALAN CON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jalan Con
Cast Limited (JCCL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            11         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan               3         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JCCL for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Established in 1994, JCCL manufactures ingots, billets and round
bars. Its manufacturing facility is in Gorakhpur, Uttar Pradesh. It
has induction capacity of 21,000 tonne per annum and rolling
capacity of 44,000 tonne per annum. The company is promoted by Mr
Om Prakash Jalan, his wife Ms Poonam Jalan and son Mr Tanuj Jalan.


KAIZEN AUTOCARS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kaizen
Autocars Private Limited (KAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.57       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 December 9,
2022, placed the rating(s) of KAPL under the 'issuer
non-cooperating' category as KAPL 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. KAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 25, 2023, November 4, 2023, November 14,
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).

KAPL was incorporated in the year 2013 and is an authorized dealer
for the four wheelers of Honda. The company has two showrooms
located in Solapur and Latur.

KIRORIMAL KASHIRAM: CARE Lowers Rating on INR49.50cr LT Loan to B+
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Kirorimal Kashiram Marketing Andagencies Private Limited (KKMAPL),
as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      49.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 4,
2022, placed the rating(s) of KKMAPL under the 'issuer
non-cooperating' category as KKMAPL 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.

KKMAPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated September 20, 2023, September 30, 2023, October
10, 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 ratings have been revised on account of non-availability of
requisite information. The revision also factored increase in debt
levels in FY23 over FY22.

Kirorimal Kashiram Marketing and Agencies Private Limited was
incorporated in 1995. The company is primarily engaged in
processing and trading of basmati rice and trading of pulses to a
smaller extent. KKMAPL sells rice under three brand names 'Double
Deer', 'Postman' and 'Bullet'. The company has two rice mills in
Chennai (120 TPD) and a leased unit in Delhi (100 TPD) and has
constructed a new rice mill in Sonepat, Haryana. The Company also
has storage facility of around 4000 MT. The day-today operations of
the company are managed by Mr. Arun Kumar Aggarwal who is assisted
by his son, Mr. Jatin Aggarwal.


KRISHNA IMPEX: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Krishna Impex
(KI) continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Based out of Chennai, KI trades pulses such as black and green
gram. Its operations are managed by Mr P Ravindranath, managing
partner of the firm.


LANCO AMARKANTAK: Jindal Power May Join Race to Buy Power Producer
------------------------------------------------------------------
The Economic Times reports that Jindal Power Ltd (JPL) is seeking
to compete with Reliance Industries, Adani Power and a Power
Finance Corp-led consortium to acquire Lanco Amarkantak Power with
the Naveen Jindal-promoted company expressing its interest in
bidding for the distressed power producer.

According to ET, JPL has filed a petition with the Amaravati bench
of the National Company Law Tribunal (NCLT) for approval to join
the auction process of Lanco Amarkantak Power, said people with
knowledge of the matter.

At a hearing on Jan. 12, the NCLT permitted JPL to submit a
resolution plan along with a INR100 crore bank guarantee. The
tribunal will hear JPL's plea again on Jan. 17.

JPL did not respond to ET's request for comments.

ET relates that the development comes soon after the tribunal
allowed lenders to hold a fresh auction following Adani Power's
belated offer after lenders concluded voting for company.

If the tribunal allows Jindal to join the auction, it will be the
second instance wherein Adani Power will clash with JPL for
acquiring a distressed thermal power company.

Both companies participated in the Coastal Energen auction process
that lasted two days and involved intense bidding. Adani Power
emerged as the winning bidder, offering INR3,440 crore, as reported
by ET on October 23.

In the case of Lanco Amarkantak, the lenders sought special
approval from the tribunal to hold a fresh auction. This is because
in January, nearly 95% of the lenders voted for a resolution plan
by a consortium led by PFC that is also pending before the tribunal
for approval. PFC had offered INR3,020 crore plan to the lenders.

Subsequently, Adani Power gave an unsolicited improved offer of
INR3,650 crore, as reported by ET on November 2. It later improved
the offer to INR4,100 crore, as reported by ET on December 13.

Adani's revised offer was 36% higher than PFC-led consortium's
plan.

Last week, following a plea from lenders, the tribunal allowed the
resolution professional to hold a fresh auction among the three
original bidders- Reliance Industries, Adani Power and Power
Finance Corporation (PFC) led consortium.

On Jan. 12, JPL petitioned that since lenders are holding a fresh
auction, it should also be allowed to participate in the bidding
process, ET notes. JPL argued that competition will improve
recovery for lenders, which is the stated objective of the
Insolvency and Bankruptcy Code (IBC).

Lanco Amarkantak's first phase, which is fully operational, has two
units of 300 MW each, while the second phase is under construction
and comprises two units of 600 MW each. It has INR1,800 crore cash
in the company solely on account of operations from the first
phase.

KPMG-backed RP Saurabh Kumar has admitted INR14,632 crore of claims
from 17 lenders.


LOOCUST INCORP: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Loocust
Incorp Apparel Export Private Limited (LIAEPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       12         CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing          4         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Post Shipment           5         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Pre Shipment           54         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Pre Shipment           15         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Long Term     54         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               6         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with LIAEPL for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

LIAEPL was founded in 2003 under the name Loocust Incorp as
partnership firm & was later incorporated as private limited in
2015. LIAEPL is owned & managed by Mr.T.A. Balasubramanium and his
brother, Mr. T.A. Shanmugasundaram.LIAEPL is engaged in manufacture
of readymade garments mainly for export market. LIAEPLmanufacturing
facility is located in Tirupur with an installed capacity of 4,246
sewing machines.


M.S. REDDY: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.S. Reddy
(MR) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.40       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 MR under the 'issuer non-cooperating'
category as MR 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. MR 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).

M.S Reddy was established in the year 2014 as a proprietorship firm
promoted by Mr. M Sahadeva Reddy. The firm is planning to setting
up of agriculture rural Godown with an installed capacity of 39,030
MT/1,70,000 Sq. feet in the location Kasaba Hobli, Nelamangala
Taluk, Bengaluru, Karnataka. The godown would be utilized by
governments, private organizations and local
formers for storage requirements of products like red chilli and
various food grains. The proposed rent for the godown during
initial year of commencement is INR14/- per Sq. feet per month. As
per the management, the Scheduled Commercial Operational Date
(SCOD) of the project was expected to be in December, 2017.


MADURA TEXTILES: CRISIL Lowers Rating on INR8cr Term Loan to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Sri
Madura Textiles (SMT) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/           6          CRISIL B/Stable (ISSUER NOT
   Overdraft facility                COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan              8          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SMT for
obtaining information through letter and email dated December 13,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Established in 2017, the firm is engaged in manufacturing of grey
fabric. The firm is based in Coimbatore, Tamil Nadu and the
operations are owned and managed by Mr. K. Manoj Kumar and Ms. S.P.
Chitra.


MALT COMPANY: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of The Malt
Company India Private Limited (MCIPL; part of the PMV group)
continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

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

   Proposed Long Term      8         CRISIL B/Stable (Issuer Not  
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MCIPL for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of PMV Malting Private Limited
(PMV) and The Malt Company (India) Pvt Ltd (MCIPL), as the two
companies, together referred to as the PMV group, have a common
management and strong operational and financial links.

Incorporated in 2008, PMV was dormant till April 2003 and started
operations post the demerger of MCIPL. Under the demerger scheme,
MCIPL handed over two units'in Pataudi (Haryana) and Kashipur
(Uttarakhand)'to PMV, and retained the Khandsa (Haryana) facility.
The group is promoted by Mr Purushottam Kumar Jain. PMV
manufactures barley malt. Installed capacity at its Pataudi and
Kashipur units is 30,000 tonne per annum (tpa) and 150,000 tpa,
respectively. MCIPL manufactures malt, malt extract, and malt
powder extract. Installed capacity of its Khandsa unit is 20,000
tpa of malt, 25,000 tpa of malt extract, and 500 tpa of malt powder
extract.


MISHRA POLYPACKS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mishra
Polypacks Private Limited (MPPL) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            21         CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

MPPL was set up in 1994, by the promoter, Mr Sushil Kumar Mishra.
The company manufactures polypropylene (PP) bags at its facility in
Hyderabad. It also trades in various steel products, through
warehouses across Hyderabad, Bhagalpur and Kurnool.


OM METALS: CRISIL Lowers Rating on INR55cr LT Loan to B
-------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of OM
Metals Consortium Private Limited (OMCPL) to 'CRISIL B/Stable
Issuer Not Cooperating' from 'CRISIL BB-/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          55        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

   Proposed Long Term      20        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB-/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with OMCPL for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

OMCPL is presently developing a project “PALLACIA”. The project
comprise of 152 residential apartments over 19,134.81 sq mtrs of
land area at Prithvi Raj Road, Near Statue Circle, and Jaipur.
OMCPL was incorporated in in 2006 by Mr. Sunil Kothari and Mr.
Vishal Kothari.

The Company is 100% subsidiary of OMIL. OMIL is an engineering
construction company specializing in executing turnkey contracts
for large infrastructure projects covering power, roads, irrigation
and real estate.

OM SAI: CRISIL Keeps B+ Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Om Sai Cotton
Industries (OSCI) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     6          CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with OSCI for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

OSCI was set up in 2010 as a partnership firm by Mr B Parameswar,
Mr H J Reddy, Mr H V Reddy, Mrs C Aruna, and Mrs G Swathi. The
firm, based in Warangal District (Telangana), gins and presses
cotton.


PODDAR CONSTRUCTION: CRISIL Keeps B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Poddar
Construction (PC) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-         5          CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with PC for
obtaining information through letter and email dated December 12,
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 co-operation by a rated entity
may be a result of deterioration in its credit risk profile. These
ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking
component.'

Detailed Rationale

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

A Kolkata-based firm, PC was established in 2000. The firm is a
real estate developer that primarily works on residential projects
in and around Kolkata. Managed by Mr Aniket Poddar, it is focused
on executing LIG/MIG projects because of its low capital outlay and
better saleability. Since its inception, the group has completed 24
projects with construction area of about 2 lakh sqft.


POORNASAI AGRO: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Poornasai
Agro Industries (PAI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.11       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 December 07,
2022, placed the rating(s) of PAI under the 'issuer
non-cooperating' category as PAI 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. PAI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 23, 2023, November 2, 2023, November 12,
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).

Karnataka based, Poornasai Agro Industries (PAI) was incorporated
in 2014, started its commercial operations from November 2016 and
promoted by Mr. M R Ramanjanaya along with his son Mr. M R Sainath.
PAI is engaged in processing and selling of rice. The rice
processing unit of the firm is located at Gadwal road, Raichur,
Karnataka. Apart from rice processing and selling, the firm is also
into selling of by-products such as broken rice and rice bran. The
main raw material, paddy, is majorly procured from paddy merchants
and farmers located in Karnataka region (Around 90%) and from
Gujarat, Chhattisgarh, Maharashtra and Andhra Pradesh, (Around
10%). The firm sells rice and other by-products to the rice dealers
located in Karnataka (Around 40%), Kerala (Around 40%) and Tamil
Nadu (Around 20%).

PRABHU PETROCHEMICALS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Prabhu
Petrochemicals Private Limited (SPPPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

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

   Term Loan               3         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               2.5       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SPPPL for
obtaining information through letter and email dated December 13,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

SPPPL, incorporated in June, 2012, is promoted by Mr. Somnath Sakre
and Mr. Kachrulal Karva. It manufactures three, four and five-layer
water tankers of sizes ranging from 100 to 5000 litres. The
registered office is at Aurangabad, Maharashtra.


QRS RETAIL: CRISIL Keeps B Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of QRS Retail
Limited (QRL) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             17        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with QRL for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Incorporated in 2006, QRL is part of the QRS group, and is jointly
managed by Mr  S Gauthaman and his brother, Mr S Muralidharan.. The
company retails consumer durables through 21 outlets spread across
Kerala. It also retails Titan watches (three outlets), Max branded
apparel (five outlets), and food items through Nilgiris (2
outlets).

The QRS group has been in the business of retailing for more than
seven decades. Besides consumer durables, the group also retails
mobile phones and textiles through various group entities. QRL
operates most of its showrooms on the properties of Quilon Radio
Service, a group entity, which undertakes real estate development.


R.J. BUSINESS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.J.
Business Solutions Private Limited (RBSPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.45       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 29,
2022, placed the rating(s) of RBSPL under the 'issuer
non-cooperating' category as RBSPL 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. RBSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 15, 2023, October 25,
2023, November 4, 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 2010, R.J. Business Solution Private Limited
(RBSPL) was promoted by Mr. Jogendra Barman and Mrs. Anita Barman.
Since its inception, the company has been engaged in the business
of providing cold storage services primarily for potatoes to
farmers and traders. The company is also engaged in trading of agro
product depending on the economic viability. The cold storage
facility of the company is located at Burdwan district in West
Bengal with a storage capacity of 189000
quintals.


RAM AUTOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Ram
Autotech Private Limited (SRAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         1.0        CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     6.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SRAPL for
obtaining information through letter and email dated December 13,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

SRAPL was formed as a proprietorship firm in 1992 and was
reconstituted as a private limited company in 2010. The company
manufactures auto components such as sheet metals, plastic moulded
components, flanges, jigs, and fixtures. Its manufacturing units
are in Gurugram and Faridabad in Haryana. The company is promoted
by Ramesh Sharma and family.


RAVINDRA RICE: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ravindra Rice
and General Mills (RRGM) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           16.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RRGM for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

RRGM is a partnership firm promoted by Mr. Ravindra and his family
members. The firm is primarily involved in milling of Basmati rice.
It is also involved in converting semi-processed rice into
parboiled Basmati rice. RRGM's milling unit is based out of
Jalalabad district, Ferozpur in close proximity to the local grain
market.


SAIRAM COMMUNICATIONS: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Sairam
Communications (India) Private Limited (SSCPL) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Cash Credit            1.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSCPL for
obtaining information through letter and email dated December 13,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Incorporated in 2014, Chennai-based SSCPL is an authorized
distributor of Airtel SIM cards, mobile handsets, recharge vouchers
and Airtel DTH products to 200 retailers in Chennai region. The
operations of the company managed by Mr S Ponkarthick and Mr Sushil
Lalwani.


SCIENTIFIC INT'L: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scientific
International Private Limited (SIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Drop Line              5.2        CRISIL B/Stable (Issuer Not
   Overdraft Facility                Cooperating)

   Drop Line              0.6        CRISIL B/Stable (Issuer Not
   Overdraft Facility                Cooperating)

   Drop Line              1          CRISIL B/Stable (Issuer Not
   Overdraft Facility                Cooperating)

   Term Loan              0.65       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Term Loan              4.55       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SIPL for
obtaining information through letter and email dated December 13,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Established in 1993 in New Delhi by Mr. Rajan Jain and family, SIPL
publishes and trades in engineering, medical, science, geology, and
other higher educational textbooks. Operations primarily involve
distribution of books published by foreign publishers.

SMD ENGINEERS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of SMD
Engineers and Contractors (SEC) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE B-; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      8.67       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 25,
2022, placed the rating(s) of SEC under the 'issuer
non-cooperating' category as SEC 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. SEC
continues to be non-cooperative 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).

M/s. SMD Engineers & Contractors (SEC) was set up as a
proprietorship entity in the year 2006 by Mr. Maleeksab A Bagawan
of Bangalore, Karnataka, for carrying out different types of
construction activities. The entity is engaged in the Business of
construction of roads, buildings, laying pipelines, etc mainly for
Karnataka Government. The entity caters to Clients and projects
only in Karnataka.


SWARN CARS: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Swarn Cars
Private Limited (Swarn) continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Swarn for
obtaining information through letter and email dated December 13,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

Incorporated in 2005 and promoted by Mr Manmohan Singh, Mr Ravinder
Singh, and Mr Satwant Singh, Swarn is a dealer of Ford India Pvt
Ltd's passenger cars. The company has one showroom and two
workshops in Kanpur (Uttar Pradesh).


UNITED INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United India
Shoe Corporation Private Limited (UNISCO) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Export Packing
   Credit                28.7        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       1          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       7.5        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        17          CRISIL D (Issuer Not
                                     Cooperating)

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

CRISIL Ratings has been consistently following up with UNISCO for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of UNISCO and UNICO Leather
Product & Co (UCCO). This is because the two companies, together
referred to as the UNISCO group, are under a common management with
fungible cash flows.

Established in 2001, UNISCO manufactures leather shoes. UCCO,
established in 2015 manufactures shoe uppers and supplies them to
UNISCO.


VEDANTA RESOURCES: S&P Upgrades ICR to 'CCC+', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Vedanta Resources Ltd. to 'CCC+' from 'SD' (selective default). S&P
also raised its long-term issue ratings on the company's
outstanding bonds due January 2024, August 2024, and March 2025 to
'CCC+' from 'D'.

S&P said, "At the same time, we raised our long-term issue rating
on its April 2026 bond, which was not part of the liability
management, to 'CCC+' from 'CCC'. We removed the rating from
CreditWatch where we had placed it with developing implications on
Dec. 14, 2023.

"The stable outlook on Vedanta Resources reflects the high
prospects that the company will meet its debt obligations over the
next 12-15 months, after completing its liability management
exercise."

Completion of the liability management exercise has alleviated
refinancing risk for Vedanta Resources, although liquidity risks
remain. The company has annual external debt maturities of about
US$900 million at the holding-company level in fiscal years 2025
and 2026 (year-end March 31). This is more manageable than its debt
maturities of US$2.5 billion-US$3 billion annually in fiscal years
2023-2024.

However, Vedanta Resources' debt maturities in fiscal years
2025-2026 are still meaningful relative to our projected liquidity
sources for the company. S&P said, "We estimate a cash flow deficit
of about US$500 million each in fiscal 2025 and the first half of
fiscal 2026. Our forecasts assume sustainable dividends of US$500
million-US$600 million that the company will receive annually from
64%-owned subsidiary Vedanta Ltd., about US$300 million in brand
fee payments, and US$800 million-US$850 million in annual interest
expense initially at the Vedanta Resources level."

Vedanta Resources should be able to meet these deficits, even
without immediate external funding. This is given the strength of
the company's businesses and track record of funding. The company
is also looking at options to improve dividend capacity at its
subsidiaries.

S&P said, "We believe further deleveraging is crucial for Vedanta
Resources to render its debt servicing more sustainable. Cash flow
coverage for the company's non-private credit debt remains weak.
This is given the high interest expense and securitization of brand
fees for a new US$1.25 billion private credit facility. We estimate
interest cover at just about 1x at least over the next 12 months.
The company's weak cash flow also leaves limited room for any
shortfall in operational performance at Vedanta Ltd., which would
affect the latter's dividend capacity.

"Previously, our rating on Vedanta Resources was higher despite a
similar or even higher level of debt. We now assess the company's
funding access has weakened. Its plan to monetize assets at Vedanta
Ltd. could be an important driver of further deleveraging, and
improved funding access."

Vedanta Resources will likely use proceeds from potential asset
sales to prepay a large part of its new private credit facility.
This will reduce the group's interest burden as well as the cash
flow subordination of other creditors. Both will be positive for
refinancing, which is important since S&P estimates a sizable
funding deficit of at least US$1 billion in April 2026 when the
private credit facility and US$600 million of bonds mature.

S&P said, "Vedanta Resources maintains a healthy operating outlook.
Our base case assumes Vedanta Ltd. will have consolidated EBITDA of
about US$4 billion in fiscal 2024 and US$4 billion-US$4.4 billion
in fiscal 2025. Our fiscal 2024 forecast excludes a one-off gain of
about US$580 million from the arbitration of profit-sharing in the
oil business.

"Sustaining operating performances is important for the creation of
adequate dividend potential for Vedanta Resources. Our base case
factors in dividends of US$500 million-US$600 million annually over
the next two years. We estimate subsidiary Hindustan Zinc Ltd. will
account for about two-thirds of this.

"The stable rating outlook reflects the high prospects that Vedanta
Resources will be able to meet its immediate debt obligations,
having completed its liability management exercise. The stable
outlook also reflects our belief that the company's healthy
operational performance will support sustainable brand fee and
dividend income of close to US$1 billion annually.

"We may lower the ratings if Vedanta Resources' liquidity position
deteriorates such that risks of the company's ability to meet its
debt obligations rise. Any significant deterioration in operating
performances affecting Vedanta Ltd.'s dividend potential could lead
to this scenario.

"A sustainable improvement in Vedanta Resources' liquidity on the
back of improved funding access could result in a higher rating. We
believe this, in turn, would need further deleveraging at Vedanta
Resources."

Repayment of a large part of the private credit facility, which
would lower interest cost and eventually free up collateral and
cash flow from brand fees, would strengthen funding prospects. Such
a scenario would strengthen cash flow at the holding company
relative to interest costs, and reduce the group's dependence on
the level of operating earnings.


VIRAJ STEEL: CRISIL Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Viraj Steel
and Energy Private Limited (VSEL) continues to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with VSEL for
obtaining information through letter and email dated December 12,
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
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

VSEL, incorporated in 2004, started commercial production in 2006.
The company is owned and operated by Mr Kamaljeet Singh Ahluwalia
and Mr Prashant Kumar Ahluwalia. VSEL manufactures sponge iron
(capacity of 220,000 tonne per annum'tpa) and mild steel billets
(280,000 tpa) at its facility in Sambalpur, Orrisa. The company
also has a waste head recovery based power plant of 16 MW capacity
and an atmospheric fluidised bed combustion (AFBC) based power
plant with 14 MW capacity.


VISHWA SAMANYU: CARE Lowers Rating on INR38.58cr LT Loan to B
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vishwa Samanyu Projects Private Limited (VSPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      38.58       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 November 29,
2022, placed the rating(s) of VSPPL under the 'issuer
non-cooperating' category as VSPPL 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. VSPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 15, 2023, October 25,
2023, November 4, 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 ratings assigned to the bank facilities of VSPPL have been
revised on account of non-availability of requisite information.
The ratings also factored accumulating of net losses during FY22
and FY23.

Navayuga Real Ventures Private Limited (NRVPL) is part of Hyderabad
based Navayuga group which is into all types of core infrastructure
development. NRVPL has developed office/commercial space of 2,
07,034 square feet (sft.). The area is spread across two buildings
in Hyderabad (Navayuga Vizva–Gachibowli and Navayuga Complex -
Jubilee Hills) and another in Mumbai (Universal Majestic - Bandra).
Out of total space, 1, 54, 522 sft. has been completely leased out
with 100% occupancy ratio. The balance space of 52,512 sft. (6th
and 7th floor of Navayuga Vizva) was sold by NRVPL during FY17. The
company however still undertakes the maintenance contract (CAM) for
the same and hence derives income from it. The company has changed
its name to Vishwa Samanyu Projects Private Limited (VSPPL) since
December 11, 2020.




=========
J A P A N
=========

A.L.I. TECHNOLOGIES: Hoverbike Pioneer Files for Bankruptcy
-----------------------------------------------------------
Bloomberg News reports that Star Wars-inspired hoverbike maker
A.L.I. Technologies Inc. filed for bankruptcy due to mounting
research and development costs and slow adoption of the
next-generation vehicles.

According to Bloomberg, the filing comes less than a year after
parent Aerwins Technology Inc. debuted on the Nasdaq in one of the
worst SPAC mergers of all time, prompting the startup to say it was
at risk as a going concern. Liabilities at the startup were about
JPY1.2 billion ($8.3 million) at the end of December 2022, when its
annual net loss was around JPY2 billion, or almost three times
revenue, corporate data provider Teikoku Databank said Jan. 15.

Bloomberg says the startup's Xturismo Limited Edition hoverbike
made a splash at the 2022 Detroit Motor Show, and A.L.I. was
targeting orders for the models priced at $500,000 each, due for
delivery last year. As cash flow dwindled, the company had shifted
much of its focus to cultivating demand in the Middle East while
whittling down costs.

Aerwins, which continues to trade on the Nasdaq, last exchanged
hands at $0.12 a share in New York.  

The company's merger with a special purpose acquisition company was
a rare attempt by a Japanese startup to raise funds in the US
market, the report notes. But about 99% of Aerwins's SPAC investors
chose to redeem their shares right after the initial public
offering, sending its stock down almost 90% in a month.

Based in Tokyo, Japan, A.L.I. Technologies focuses on the
development of its own business using cutting-edge technologies
such as drones, artificial intelligence, and blockchain. The
company offers services in the development of next-generation
businesses in collaboration with major companies.




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

A & A ELECTRICAL: Court to Hear Wind-Up Petition on Feb. 2
----------------------------------------------------------
A petition to wind up the operations of A & A Electrical Services
Limited will be heard before the High Court at Auckland on Feb. 2,
2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 27, 2023.

The Petitioner's solicitor is:

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


HUTT AND CITY: Court to Hear Wind-Up Petition on Feb. 1
-------------------------------------------------------
A petition to wind up the operations of Hutt And City Taxis Limited
will be heard before the High Court at Wellington on Feb. 1, 2024,
at 10:00 a.m.

Rahid Amin filed the petition against the company on Nov. 3, 2023.

The Petitioner's solicitor is:

          Matt Belesky
          Buckettlaw
          1/309 Willis Street
          Te Aro
          Wellington


KADRI INVESTMENTS: Court to Hear Wind-Up Petition on Feb. 16
------------------------------------------------------------
A petition to wind up the operations of Kadri Investments Limited
will be heard before the High Court at Auckland on Feb. 16, 2024,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 17, 2023.

The Petitioner's solicitor is:

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


PINNACLE REAL: Creditors' Proofs of Debt Due on Feb. 11
-------------------------------------------------------
Creditors of Pinnacle Real Estate Rentals Limited, Pinnacle Real
Estate Limited and Property Experts Limited are required to file
their proofs of debt by Feb. 11, 2024, to be included in the
company's dividend distribution.

Pinnacle Real Estate Rentals Limited and Pinnacle Real Estate
Limited commenced wind-up proceedings on Dec. 20, 2023.

Property Experts Limited commenced wind-up proceedings on Dec. 21,
2023.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


THREE TOBYS: Creditors' Proofs of Debt Due on Feb. 20
-----------------------------------------------------
Creditors of The Three Tobys Limited are required to file their
proofs of debt by Feb. 20, 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:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140




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

FRIGO FOOD: Creditors' Meeting Set for Jan. 31
----------------------------------------------
Frigo Food Logistics Pte Ltd will hold a meeting for its creditors
on Jan. 31, 2024, at 4:00 p.m., via electronic means.

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

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

   d. Any other business.

Cosimo Borrelli and Jason Aleksander Kardachi of Kroll Pte. Limited
were appointed as joint and several provisional liquidators of the
Company on Jan. 10, 2024.


JOY INDUSTRIES: Creditors' Proofs of Debt Due on Feb. 16
--------------------------------------------------------
Creditors of Joy Industries Pte Ltd are required to file their
proofs of debt by Feb. 16, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Jan. 15, 2024.

The company's liquidator is:

          Koh Swee Tian
          7 Temasek Boulevard
          #04-01 Suntec Tower One
          Singapore 038987


PACIFIC TRANS: Creditors' Meeting Set for Jan. 31
-------------------------------------------------
Pacific Trans Pte Ltd will hold a meeting for its creditors on Jan.
31, 2024, at 2:00 p.m., via electronic means.

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

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

   d. Any other business.

Cosimo Borrelli and Jason Aleksander Kardachi of Kroll Pte. Limited
were appointed as joint and several provisional liquidators of the
Company on Jan. 10, 2024.


YANG KEE: Creditors' Meeting Set for Jan. 31
--------------------------------------------
Yang Kee Chemical Logistics Pte. Ltd. will hold a meeting for its
creditors on Jan. 31, 2024, at 2:00 p.m., via electronic means.

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

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

   d. Any other business.

Cosimo Borrelli and Jason Aleksander Kardachi of Kroll Pte. Limited
were appointed as joint and several provisional liquidators of the
Company on Jan. 10, 2024.




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

THAI AIRASIA: Bankruptcy Proceedings to Delay Merger
----------------------------------------------------
ch-aviation reports that folding the AirAsia and AirAsia X brands
into a single corporate entity may take several years to finalise,
according to Tassapon Bijleveld, the executive chairman of Thai
AirAsia (FD, Bangkok Don Mueang) and Thai AirAsia X (XJ, Bangkok
Suvarnabhumi). He said the planned merger cannot close until Thai
AirAsia X wraps up its rehabilitation process.

Last week, AirAsia X (AAX) told the Malaysian bourse that it had
signed a non-binding letter of intent to acquire AirAsia (AAB) and
AirAsia Aviation Group (AAAGL) from Capital A. AAX plans to merge
the airlines operated by AAB and AAAGL into a single business.

AAB operates AirAsia (AK, Kuala Lumpur International) while AAAGL
owns and operates AirAsia Cambodia, Indonesia AirAsia, AirAsia
Philippines, and Thai AirAsia in conjunction with local partners.

However, the executive chairman of Thai AirAsia and Thai AirAsia X
told The Nation newspaper late last week that those two entities
may continue to operate under their present ownership structure
until as far out as 2027, ch-aviation relays.

"The merger of two airlines in Thailand may have to wait two to
three years until Thai AirAsia X leaves the business rehabilitation
plan, which should happen around late 2025," ch-aviation quotes
Tassapon Bijleveld as saying. Thai AirAsia entered into bankruptcy
protection in May 2022, at the time saying doing so would allow it
to manage better debts incurred earlier in the pandemic.

AAX already owns 49% of Thai AirAsia X, with the remainder in the
hands of Thai investors. However, the buyout would see AAAGL's 43%
stake in Thai AirAsia go to AAX. External Thai-based investors also
hold a 38% stake on Thai AirAsia, while the airline's board and
management, including Bijleveld, hold the remaining 19%.

According to ch-aviation, AirAsia founder and CEO of Capital A,
Tony Fernandes, said the decision to divest its airline businesses
"makes complete sense." Mr. Fernandes will retain significant
direct and indirect stakes in the AirAsia carriers via his other
investment vehicles. He is also optimistic the Thailand-based
AirAsia brands have a big future. He wants to turn Bangkok into a
hub for AirAsia operations into Europe. "We want to make Bangkok
the next Dubai in terms of being a global aviation hub," he said
last week.

                         About Thai AirAsia

Thai AirAsia is a joint venture of Malaysian low-fare airline
AirAsia and Thailand's Asia Aviation. It serves AirAsia's regularly
scheduled domestic and international flights from Bangkok and other
cities in Thailand.  Thai AirAsia launched operations in February
2004.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2022, Thai AirAsia X, the long-haul budget airline under the
AirAsia group, said its application for bankruptcy protection was
accepted by Thailand's Central Bankruptcy Court.

According to Forbes, the carrier said it is aiming to revamp its
administration process and restructure its debts as part of its
efforts to deliver greater efficiency and establish a solid
platform for future growth. The company didn't disclose the figure
for its debts.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
5, 2023, the Central Bankruptcy Court has given approval to the
business rehabilitation plan of Thai AirAsia X, which was revised
in accordance with decisions made by a conference of creditors on
July 14, 2023. Following this decision, Thai AirAsia X is now again
ready to pursue continual growth. As part of its expansion plan, it
will be adding aircraft to its fleet, opening new routes to
increase cash flow and revenue, and efficiently managing capital.



                           *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***