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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

          Monday, January 29, 2024, Vol. 27, No. 21

                           Headlines



A U S T R A L I A

AUSTRALIA FRESH: First Creditors' Meeting Set for Feb. 2
EMECO HOLDINGS: Moody's Hikes CFR to Ba3, Alters Outlook to Stable
G. V. PROCESS: First Creditors' Meeting Set for Feb. 5
GENESISCARE: Shareholder Ordered to Comply With Chapter 11 Plan
GROW ABS 2023-1: Moody's Upgrades Rating on Class E Notes to B1

PORT PHILLIP: First Creditors' Meeting Set for Feb. 1
T. & S. D'ARCY: First Creditors' Meeting Set for Feb. 2
TSA AU: First Creditors' Meeting Set for Feb. 5


C H I N A

CHINA EVERGRANDE: Unit Starts Legal Proceedings Against Parent
CHINA EVERGRANDE: Unit to Sell Shantou Project Stake for US$19.4MM
CHINA: Bad Loans Rise to CNY3.95 Trillion
COUNTRY GARDEN: Offshore Bondholders Tap Kirkland as Legal Adviser
GUANGXI BEIBU: Moody's Assigns 'Ba1' CFR, Outlook Negative

SERES GROUP: Sees Up to US$706 Million Net Loss for 2023
WEIFANG BINHAI: Extends Debt Payment Deadline
[*] Moody's Confirms Ratings of 9 Chinese LGVFs


H O N G   K O N G

ASIA INSURANCE: S&P Raises Financial Strength Rating to 'B'


I N D I A

ABHIJIT PATOWARY: CRISIL Assigns B+ Rating to INR8.5cr Loan
ACE FOOTMARK: CARE Lowers Rating on INR18.58cr LT Loan to D
ALPEX SOLAR: CRISIL Withdraws D Rating on Long/Short Term Loans
AMBICA INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
B B MINERALS: CARE Lowers Rating on INR5cr LT Loan to B-

BEFFY CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
DIAONICS AUTOMATION: Insolvency Resolution Process Case Summary
GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
GAURI ENTERPRISES: CRISIL Assigns B Rating to INR0.11cr Loan
GI HYDRO: CARE Keeps D Debt Rating in Not Cooperating Category

GREEN INDIA: Insolvency Resolution Process Case Summary
HIMACHAL FIBRES: CARE Keeps D Debt Ratings in Not Cooperating
ISHANI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
KALIKA ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
KEEN AND CORE: CRISIL Keeps C Debt Rating in Not Cooperating

MARIAN PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
METCUT TOOLINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
OM BESCO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
ORMA MARBLE: CRISIL Keeps D Debt Ratings in Not Cooperating
P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating

PARAS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
PINK CITY: CARE Keeps D Debt Rating in Not Cooperating Category
PRO KNITS: CRISIL Keeps D Debt Ratings in Not Cooperating
RADHE FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
RAJHANS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating

RATAN ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating
S.M. RAM: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SAMYU GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
SANGANI INFRA: CRISIL Lowers Rating on INR40.55cr LT Loan to D

SARGA HOTELS: Shri Ram Multicom to Acquire Hotel under IBC
SHAH GROUP: Insolvency Resolution Process Case Summary
SUPRINT SALES: CARE Keeps B- Debt Rating in Not Cooperating
VIMIT METALS: CARE Keeps B- Debt Rating in Not Cooperating Cateogy
ZEE ENTERTAINMENT: Asks Sony to Honour Merger Obligations



I N D O N E S I A

BAYAN RESOURCES: Moody's Affirms 'Ba2' CFR, Alters Outlook to Pos.


J A P A N

RAKUTEN GROUP: S&P Rates New Sr. Unsecured U.S. Dollar Bonds 'BB'


N E W   Z E A L A N D

12 MORTON: Baker Tilly Appointed as Receivers and Managers
CW PROPERTY: Court to Hear Wind-Up Petition on Feb. 8
DRIVE IT: Court to Hear Wind-Up Petition on Feb. 1
GARDEN CITY: Waterstone Insolvency Appointed as Receivers
VIKING ROOFING: Court to Hear Wind-Up Petition on Feb. 1



S I N G A P O R E

ALPHATECH SOLUTIONS: Court to Hear Wind-Up Petition on Feb. 9
INFINITY INC: Court to Hear Wind-Up Petition on Feb. 9
KKP TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 9
MANSANG PTE: Court to Hear Wind-Up Petition on Feb. 9
SATS DELAWARE: Creditors' Proofs of Debt Due on Feb. 26


                           - - - - -


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

AUSTRALIA FRESH: First Creditors' Meeting Set for Feb. 2
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Australia
Fresh Kailyard Pty Ltd will be held on Feb. 2, 2024 at 11:30 a.m.
via virtual meeting only.

Matthew Hutton and Robert Smith of McGrathNicol were appointed as
administrators of the company on Jan. 22, 2024.


EMECO HOLDINGS: Moody's Hikes CFR to Ba3, Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded Emeco Holdings Limited's
corporate family rating to Ba3 from B1, and changed the outlook to
stable from positive.

RATINGS RATIONALE

The upgrade of Emeco's CFR reflects the company's: 1) track record
of maintaining a conservative financial profile and strong credit
metrics; 2) solid market position in the Australian mining
equipment rental sector, and; 3) increased operational scale in its
core rental business as well as enhanced business offerings
following several bolt-on acquisitions in recent years.

Also supportive of the rating is Emeco's improvement in credit
management processes, which Moody's expects will continue and has
improved its counterparty risk and receivables collection from its
customers.

Moody's views Emeco's conservative financial profile, highlighted
by a public target of maintaining net debt/EBITDA around 1.0x, as
providing the company with a buffer against potential future
deterioration in the currently solid operating conditions for
mining equipment rental. The company's geographic, customer and
commodity diversification, as well as its significant fleet size
and refocus to its core rental business, also help mitigate the
impact from weaker operating conditions. The company also has a
largely variable cost base and the ability to manage capital
expenditure during weak utilization periods.

Emeco has been benefitting from supportive supply and demand
fundamentals in the Australian mining equipment market. This has
been a result of miners' greater capital discipline as they grow
their mining fleet, as well as the consolidation of the Australian
mining equipment rental sector.

Under Moody's base assumptions, the rating agency expects gross
debt/EBITDA to be between 1.1x-1.3x over the next 12-18 months,
which remains well within the parameters set for the rating.

Nevertheless, Emeco's CFR remains constrained by its exposure to
the inherent cyclicality of the minerals industry, which can cause
sharp declines in earnings and cash flow during cyclical
downturns.

The stable outlook reflects Moody's expectation that Emeco's
enhanced scale, strong market position and commodity
diversification will enable earnings growth over the next 12-18
months. It also reflects Moody's expectation that the company will
continue to manage its balance sheet in a conservative manner and
maintain its financial profile in line with its net leverage target
of 1x.

LIQUIDITY

Emeco has a good liquidity profile supported by its around AUD47
million cash balance and AUD95 million in an undrawn, available
revolving credit facility as of June 30, 2023. The facility matures
in December 2025, with an option to extend for a further two years
at Emeco's discretion.

Moody expects Emeco to be free cash flow negative in the fiscal
year ended June 2024, due to elevated levels of growth capital
expenditure. However, Moody's expects the company to return to
positive free cash flow generation in fiscal 2025 and the company's
total liquidity to be more than sufficient to cover basic cash
usage.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

An upgrade is unlikely over the next 1-2 years and would require
improvements in Emeco's business profile, while continuing to
adhere to its stated conservative financial policies, including its
1x net debt to EBITDA target. To consider an upgrade Moody's would
expect material improvements in the company's scale and margins,
while maintaining strong operating metrics. Moody's would also
consider other factors for an upgrade such as any material changes
to Emeco's contract, customer and commodity mix profile, as well as
the company's future growth strategy and funding approach.

Moody's could downgrade the ratings if 1) the company's operating
performance and credit metrics weaken; 2) operating conditions
deteriorate significantly; 3) its liquidity profile reduces, such
that the company does not maintain total liquidity of around AUD150
million; and/or; 4) it is unable to win new contracts, or if its
expiring contracts are not renewed on similar or enhanced terms.

Specifically, the ratings could be downgraded if (1) the company
deviates materially from its current around 1x net leverage target;
(2) gross debt/EBITDA does not remain comfortably below 2.0x; (3)
free cash flow turns negative on a sustained basis, and/or (4)
utilization rates deteriorate meaningfully.

The principal methodology used in this rating was Equipment and
Transportation Rental published in February 2022.

BACKGROUND

Emeco Holdings Limited is an Australian Stock Exchange-listed
company primarily focused on providing equipment rental to the
Australian mining sector. Emeco also owns and operates component
and rebuild company Force.

G. V. PROCESS: First Creditors' Meeting Set for Feb. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of G. V.
Process & Investigations Pty Ltd will be held on Feb. 5, 2024 at
4:00 p.m. via virtual meeting.

Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on Jan. 23, 2024.


GENESISCARE: Shareholder Ordered to Comply With Chapter 11 Plan
---------------------------------------------------------------
Ben Zigterman of Law360 reports that a Texas bankruptcy judge on
Tuesday, January 16, 2024, ordered a shareholder in the bankrupt
healthcare company GenesisCare to comply with the company's Chapter
11 plan after GenesisCare said the investor was preventing it from
emerging from bankruptcy.

                       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. Texas
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.  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.

GROW ABS 2023-1: Moody's Upgrades Rating on Class E Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes from Grow ABS Trust 2023-1.

The affected ratings are as follows:

Issuer: Grow ABS Trust 2023-1

Class B Notes, Upgraded to A1 (sf); previously on May 11, 2023
Definitive Rating Assigned A2 (sf)

Class C Notes, Upgraded to A3 (sf); previously on May 11, 2023
Definitive Rating Assigned Baa2 (sf)

Class D Notes, Upgraded to Ba1 (sf); previously on May 11, 2023
Definitive Rating Assigned Ba2 (sf)

Class E Notes, Upgraded to B1 (sf); previously on May 11, 2023
Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance to date.

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

Following the January 2024 payment date, note subordination
available for Class B, Class C, Class D and Class E Notes has
increased to 22.6%, 17.7%, 10.9% and 7.2% respectively, from 17.6%,
13.8%, 8.5% and 5.3% at closing.

As of end-December 2023, 1.0% of the outstanding pool was 30-plus
day delinquent, and 0.3% was 90-plus day delinquent. The deal has
incurred 0.1% gross losses to date (as a percentage of the original
pool balance), which have been covered by excess spread.

Based on the observed performance to date, loan attributes and the
economic environment, Moody's has maintained its default assumption
of 7.5% of the outstanding portfolio balance (equivalent to 5.9% of
the original portfolio balance) and the Aaa portfolio credit
enhancement assumption at 40%.

Moody's analysis has considered various scenarios involving
different default rate, default timing, and recovery rate to
evaluate the resiliency of the note ratings.

The transaction is a cash securitisation of commercial auto and
equipment loan and lease receivables extended to Australian small
and medium sized businesses, as well as a small proportion extended
to consumers, originated by Grow Finance Limited and Grow Funding
Pty Ltd, which rebranded to Dynamoney in November 2023.

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations methodology" published in September
2023.

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

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

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

PORT PHILLIP: First Creditors' Meeting Set for Feb. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Port Phillip
Building Services Pty Ltd will be held on Feb. 1, 2024 at 2:30 p.m.
at the offices of 52/41-49 Norcal Road, Nunawading in Victoria.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Jan. 24, 2024.


T. & S. D'ARCY: First Creditors' Meeting Set for Feb. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of T. & S.
D'Arcy Pty. Limited will be held on Feb. 2, 2024 at 11:00 a.m. via
virtual meeting.

Sean Magnus Wengel & Michael Brereton of William Buck were
appointed as administrators of the company on Jan. 22, 2024.


TSA AU: First Creditors' Meeting Set for Feb. 5
-----------------------------------------------
A first meeting of the creditors in the proceedings of TSA Au Pty
Ltd will be held on Feb. 5, 2024 at 2:00 p.m. at the offices of SV
Partners at Level 7 151 Castlereagh Street in Sydney.

Hugh Armenis and Jason Lloyd Porter of SV Partners were appointed
as administrators of the company on Jan. 23, 2024.




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

CHINA EVERGRANDE: Unit Starts Legal Proceedings Against Parent
--------------------------------------------------------------
Reuters reports that Evergrande Property Services said on Jan. 26
its units have started legal proceedings against parent China
Evergrande to recover CNY11.4 billion ($1.59 billion) of pledge
guarantees on deposit certificates.

Reuters relates that the lawsuits, which also name China
Evergrande's other units including Hengda Real Estate, come ahead
of a high-profile case on Monday where a judge will decide whether
to liquidate the embattled Chinese property developer.

In late November, Jinbi Property Management, another unit of
Evergrande Property Services, also commenced proceedings for the
recovery of about CNY2 billion deposit certificate pledge
guarantees, Reuters recalls.

In February last year, parent Evergrande said it was in talks with
Evergrande Property Services to repay the funds.

In July 2022, Evergrande revealed that deposits of about CNY13.4
billion belonging to the property unit were used as collateral for
pledge guarantees by the group.

Evergrande Property Services has received notices from the
Guangzhou Intermediate People's Court of Guangdong province
formally accepting the filing of the cases, it said on Jan. 26.

In a separate statement, Evergrande Property Services said its
units have received tax notices for not providing supporting
documents recognising bad debt losses and tax deductions for
deposits worth CNY13.4 billion during 2021 to 2023, according to
Reuters.

Reuters relates that Evergrande Property Services said there was a
risk that corporate income tax was underpaid by about CNY650
million for 2021 and 2022, along with related late payment fees,
and it may have to rectify the tax filing.

However, the profit and loss statements for 2021 and 2022 already
fully reflected the tax payable, Evergrande Property Services
said.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

CHINA EVERGRANDE: Unit to Sell Shantou Project Stake for US$19.4MM
------------------------------------------------------------------
South China Morning Post reports that a unit of China Evergrande
Group, the most indebted property developer in mainland China, has
agreed to sell its stake in a project in Shantou, southern
Guangdong province, continuing to pare down assets as it awaits the
fate of its debt restructuring proposal.

The subsidiary, Hengda Real Estate Group Yuedong, will sell its
entire 65% stake in Shantou Hengmeng Property Development for
CNY137.6 million (US$19.4 million), according to a filing to the
Hong Kong stock exchange on Jan. 25.

"The disposal serves to revitalise the group's projects, promote
the resumption of work and construction of existing projects, and
safeguard the legitimate rights and interests of project investors,
creditors and homebuyers," Evergrande said in the filing.

Last month, a Hong Kong court granted Evergrande another reprieve,
adjourning a hearing until January 29 and giving the company more
time to restructure its debts. This was the seventh time the
petition had been adjourned, the Post notes.

As part of the transaction, part of the debt amounting to CNY376
million owed by Hengda and related parties to Shantou Hengmeng,
will be waived.

Shantou Hengmeng is developing a 445.4 acre project in Shantou, a
prefecture-level city on Guangdong's eastern coast.

The sale of the Shantou Jinbi Bay project in the Haojiang district
of the city commenced in August 2017, the report says. Some 478,800
square metres of the development have been sold, with 1,145 units
subject to guaranteed delivery.

The buyer, Shantou Hengyao Property Development, "will fully
promote the resumption of work and construction of the project to
ensure the realisation of the goals of 'ensuring the delivery of
properties, protecting people's livelihood, and ensuring
stability'," the statement, as cited by the Post, said.

Evergrande expects to record a gain of about CNY304 million from
the disposal.

Earlier this month, Evergrande rejected claims by financial
analysts that changes to its accounting methodology suggested the
debt-laden property developer was "never profitable" in its years
of operation, stressing that earnings statements for previous years
that were audited by PwC received standard unqualified opinion, the
Post recalls.

According to the Post, the developer belatedly published its 2021
and 2022 annual accounts last August. PwC resigned on January 16
last year, and Evergrande appointed Prism Hong Kong and Shanghai to
fill the temporary vacancy.

Evergrande, once China's biggest home builder by sales, incurred a
net loss of CNY476 billion for 2021 and 105.9 billion yuan for
2022, according to its stock exchange filings in July. It defaulted
on a dollar-denominated bond in December 2022, triggering a wave of
cross defaults by other mainland developers.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

CHINA: Bad Loans Rise to CNY3.95 Trillion
-----------------------------------------
The Standard reports that bad loans among Chinese commercial banks
rose by CNY149.5 billion (HK$163.5 billion) to CNY3.95 trillion by
the end of last year, with a non-performing loan ratio of 1.62
percent, China's financial regulator said.

The Standard relates that the National Financial Regulatory
Administration also said on Jan. 25 that it will focus on the
reform and risk control of small and medium banks in cooperation
with local governments and boost the capability of smaller lenders
in management and operation.

The ratio of loans due 90 days or more to NPL in commercial banks
was 84.2 percent, which NFRA said remained at a "relatively low
level."

The regulator also revealed that CNY3 trillion worth of bad assets
was disposed of in 2023, The Standard discloses.

Moreover, the balance of credit loss reserves rose by CNY476.8
billion. And the provision coverage ratio was 205 percent.

Additionally, the net profit of commercial banks grew 3.24 percent
yearly to CNY2.38 trillion.


COUNTRY GARDEN: Offshore Bondholders Tap Kirkland as Legal Adviser
------------------------------------------------------------------
Reuters reports that a major group of Country Garden offshore
creditors has appointed Kirkland & Ellis LLP as the legal adviser,
a source familiar with the matter said, in a move towards
discussing debt repayment options with the defaulted Chinese
developer.

According to Reuters, Country Garden has been working on a plan to
restructure its $11 billion offshore bonds after it missed a coupon
repayment in October, becoming one of the biggest Chinese
developers that have defaulted on its offshore debt.

The developer's offshore bondholders group, which has hired
Kirkland, had appointed PJT Partners as a financial adviser to
discuss repayment plans with the company last year, Reuters
reported in October.

Bloomberg reported the appointment of Kirkland earlier on Jan. 22.
The report also said that Country Garden's financial advisers,
Houlihan Lokey Inc and China International Capital Corp, were no
longer working for the developer, Reuters relays.

Country Garden on Jan. 16 said that it had appointed KPMG Advisory
(China) Ltd as its principal financial adviser for its offshore
debt restructuring. The source said Houlihan Lokey had been
replaced by KPMG.

Houlihan Lokey, CICC and PJT also did not immediately respond to
Reuters request for comment.

                       About Country Garden

Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.

As reported in the Troubled Company Reporter-Asia Pacific on Dec.
18, 2023, Fitch Ratings has maintained Country Garden Services
Holdings Company Limited's (CGS) Long-Term Issuer Default Rating
(IDR) of 'BB+' on Rating Watch Negative (RWN). At the same time,
Fitch has withdrawn the rating.

The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies,
in light of the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH). The 'BB+'
IDR is supported by CGS's leading market position, sustained
operating and free cash flow (FCF) generation from its stable,
asset-light business and robust net cash position.

Fitch has chosen to withdraw CGS' ratings for commercial reasons.

GUANGXI BEIBU: Moody's Assigns 'Ba1' CFR, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has assigned a new long-term corporate
family rating of Ba1 to Guangxi Beibu Gulf International Port Group
Co., Ltd. (GBG) and withdrawn GBG's long-term issuer rating of
Baa3, with a negative outlook. Previously, the rating was on review
for downgrade. Moody's has also affirmed the company's b1 Baseline
Credit Assessment (BCA).

All the ratings and outlook will be subsequently withdrawn for
business reasons.

"GBG's rating reflects Moody's revised assumption of lower
government support, to strong from high, considering the government
will likely prioritize support for state-owned enterprises (SOEs)
owned by the central government over local SOEs, and those with
public policy mandates over commercialized SOEs. This revised
assumption results in a lower rating uplift of three notches
instead of the previous four notches," says Yuting Liu, a Moody's
Vice President and Senior Analyst.

The negative outlook reflects Moody's expectation that GBG's debt
leverage, as measured by Moody's-adjusted funds from operations
(FFO)/debt, will remain weak at around 3.5%-4% over the next 12-18
months, primarily driven by the weakening profitability of its
industrial segment.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.
         
GBG's Ba1 CFR incorporates its b1 Baseline Credit Assessment (BCA)
and a three-notch uplift to reflect Moody's assessment of a strong
likelihood of support from, and the company's high level of
dependence on, the Guangxi government and ultimately the Government
of China (A1 negative).

Moody's has lowered the government support assumptions for GBG to
strong from high, resulting in a lower uplift of three notches
instead of the previous four notches. This adjustment considers the
fact that the government is likely to prioritize support for (1)
SOEs owned by the central government over local SOEs, (2) those
with public policy mandates over commercialized SOEs, and (3) those
with high strategic importance such as companies providing national
security and key infrastructure.

Moody's strong support assessment considers (1) GBG's strategic
importance to the Guangxi government and the Chinese government, in
particular the significance of the New Land-Sea Route -- a new
strategic corridor that connects northwest and southwest China to
Southeast Asia -- to the government's national strategy; (2) GBG's
close links with the Guangxi government, which fully owns the
company; and (3) the Guangxi and Chinese governments' track record
of extending operational and financial support to the company,
mainly to facilitate the development of its ports.

Moody's assessment of the company's high level of dependence on the
government reflects the fact that GBG and the central government
are exposed to common political and economic event risks.

GBG's b1 BCA reflects its dominant position in Guangxi's port
sector, diversified business profile and good access to domestic
funding. However, the BCA is constrained by GBG's weak financial
metrics and high exposure to cyclical commercial businesses.

Moody's expects GBG's leverage to remain weak in 2023, with
adjusted FFO/debt staying at around 3.5%. Moody's forecasts the
FFO/debt will remain at around 3.5%-4% over the next 1-2 years, as
the port will contribute a growing portion of FFO that will
partially offset weakness from the industrial segment. However,
this leverage level is weak for its b1 BCA.

GBG has a weak liquidity profile. Its reported cash balance of
around RMB21 billion as of the end of June 2023 and projected
operating cash flow over the next 12 months are insufficient to
cover its around RMB42 billion of maturing reported debt and
expected capital spending over the same period. Nevertheless, the
company's good access to domestic funding markets, backed by its
state-owned status, tempers its refinancing risk.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

GBG's rating is unlikely to be upgraded in the near term given the
negative outlook.

Moody's could revise GBG's outlook to stable if the company
establishes a track record of stronger business stability by
significantly increasing its port operations and lowering its
exposure to cyclical commercial businesses.

Credit metrics supportive of a stable outlook include adjusted
FFO/debt above 4.5%-5.0% on a sustained basis.

Conversely, Moody's would downgrade GBG's ratings if its BCA is
lowered because of a significant deterioration in its business
profile or financial position, without any material changes in the
support assessment.

Credit metrics indicative of a potential downgrade of the BCA
include adjusted EBITDA/interest below 1.5x-1.8x or adjusted
FFO/debt below 4.5%-5.0% on a sustained basis.

A downgrade of GBG's rating without a lowering of its BCA could be
triggered by a decline in the company's importance to the Guangxi
government and ultimately the Chinese government, or a weakening in
the government's ability to provide support.

The methodologies used in these ratings were Investment Holding
Companies and Conglomerates published in April 2023.

Guangxi Beibu Gulf International Port Group Co., Ltd. (GBG) was
established in 2007. It is wholly owned by the State-owned Assets
Supervision and Administration Commission (SASAC) of the Guangxi
Zhuang Autonomous Region. It was the fourth-largest SOE in Guangxi
in terms of total assets as of the end of 2022.

GBG has a diversified business profile covering port services,
steel production, non-ferrous metal production, agricultural
products, commodity trading, cement production, power generation
and dam operations, among other segments.

As of the end of 2022, the company reported RMB108.1 billion in
revenue and RMB149.8 billion in total assets.

SERES GROUP: Sees Up to US$706 Million Net Loss for 2023
--------------------------------------------------------
Caixin Global reports that Seres Group Co. Ltd., which develops
electric SUVs with Huawei Technologies Ltd., said on Jan. 24 that
it expects to report a net loss of up to CNY5 billion ($705
million) last year, after deducting non-recurring gain or loss.

The automaker expects to report sales of 35.5 billion to CNY36.5
billion for 2023, an increase of 4.1% to 7% from 2022, Caixin
discloses.

Seres Group Co.,ltd. manufactures and distributes automotive and
parts. The Company produces sport utility vehicles, new energy
vehicles, electric commercial automobiles, engines, and other
products. Seres Group markets its products worldwide.

WEIFANG BINHAI: Extends Debt Payment Deadline
---------------------------------------------
Bloomberg News reports that a local government financing vehicle in
China's Shandong province reached an agreement with creditors to
partially repay and extend the payment deadline for nearly all of
its CNY479 million ($66.8 million) non-bond debts, highlighting the
sector's liquidity challenges despite government support.

Weifang Binhai Investment Development Co., which raises
off-balance-sheet debt financing for the province's infrastructure
projects, hadn't made payments as of Dec. 31, 2023, past the
original deadline, according to the LGFV's filing this month that
was posted on Shanghai Stock Exchange's private disclosure forum
but seen by Bloomberg.

[*] Moody's Confirms Ratings of 9 Chinese LGVFs
-----------------------------------------------
Moody's Investors Service has confirmed the ratings of nine Chinese
local government financing vehicles (LGFVs), following the
conclusion of the agency's review of the governmental capacity to
support (GCS) scores of the respective regional and local
governments (RLGs) that own the LGFVs.

Moody's has lowered the GCS scores of five RLGs that own seven of
the nine LGFVs covered in this announcement, based on its view that
support from upper-tier governments will be more selective, despite
long-term debt sustainability challenges, particularly following
the increase in debt levels and the material decline in land sales
revenue. However, the negative impact on the ratings of these seven
LGFVs is counterbalanced by a largely strengthened government
propensity to support or a continued exceptionally strong
government propensity to support, which could narrow the gap
between the ratings and their respective GCS scores. The remaining
two LGFVs are owned by Jinan city government, whose GCS score
remains unchanged after the review.

At the same time, Moody's has changed the outlooks on the nine
LGFVs' ratings to negative, reflecting a potential weakening in the
GCS scores of their respective RLG owners, given the negative
outlook on China's sovereign rating. Previously, the ratings were
on review for downgrade.

This concludes the rating review for the nine LGFVs that was
initiated on December 6, 2023.

A List of Affected Credit Ratings is available at
https://urlcurt.com/u?l=NUSyLF

RATINGS RATIONALE

The ratings confirmation reflects (1) the improvement or the
buffers in the LGFVs' characteristics affecting the government's
propensity to support that can offset the negative impact of a
one-notch decline in the GCS scores of their respective RLG owners
due to weakened fundamentals, or (2) no change in the GCS scores of
the LGFVs' respective RLG owners.

The confirmation of Chongqing Development Investment Co. Ltd's A3
issuer rating reflects its elevated strategic importance, indicated
by its expanding size and share of public transportation
infrastructure relative to its total assets. These factors result
in a higher government propensity to support, which offsets the
impact on the company's rating from the decline of Chongqing
municipality's GCS score to a3 from a2.

The confirmation of Chengdu High-Tech Investment Group Co. Ltd.'s
Baa2 issuer rating reflects the company's reduced contingent risks,
which removes the drag in the government's propensity to support.
This improvement offsets the impact on the company's rating from
the decline of Chengdu city's GCS score to baa1 from a3.

The confirmation of Chengdu Tianfu New Area Invs. Grp. Co., Ltd's
Baa2 issuer rating reflects the company's increasing strategic
importance and improved access to funding amid the Sichuan Tianfu
New Area's rising contribution to Chengdu city's economic and
social development. The resultant improvement in the government's
propensity to support could offset the impact on the company's
rating from the decline of Chengdu city's GCS score to baa1 from
a3.

The confirmation of ChengDu JingKai GuoTou Inv Grp Co.,Ltd.'s Ba2
corporate family rating reflects its elevated strategic importance,
reduced contingent liability exposure and improved financial
management. These factors result in a stronger government
propensity to support that offsets the impact on the company's
rating from the decline of Chengdu city's GCS score to baa1 from
a3.

The confirmation of Henan Water Conservancy Investment Grp Co Ltd's
A3 issuer rating reflects the company's elevated strategic
importance and an improvement in the predictability and scale of
government payments to support the company's investments. These
factors have resulted in Moody's removal of a one-notch gap between
the company's rating and Henan province's GCS score. As a result,
the agency has confirmed Henan Water's A3 rating, which is on par
with Henan province's current GCS score after it was lowered to a3
from a2.  

The confirmation of Qingdao Haifa State-Owned Cap Invt & Op Group's
Baa3 issuer rating reflects the company's reduced contingent risk,
which removes the drag in the government's propensity to support.
This improvement offsets the impact on the company's ratings from
the decline of Qingdao city's GCS score to a3 from a2.

The confirmation of Shandong Finance Investment Group Co., Ltd's A2
issuer rating reflects the Shandong government's exceptionally
strong propensity to support the company, backed by its important
public policy functions, close linkage with the government and long
track record. These characteristics underpin the company's rating
to be on par with Shandong province's GCS score of a2, which was
lowered from a1 after the review.

Shandong Finance's issuer rating was previously one notch below the
Shandong government's previous a1 GCS score, reflecting the
company's credit quality relative to its sector and regional peers.
This accordingly capped the issuer rating at A2, despite the
government's exceptionally strong propensity to support. Given that
there is no change in the Shandong government's propensity to
support the company, Shandong Finance's issuer rating can now be on
par with Shandong's current a2 GCS score.

Despite Shandong province's lower GCS score, Moody's has confirmed
the a3 GCS score of its provincial capital Jinan city in view of
its relative strengths, including lower direct debt and SOE
liability risks as well as recent track record of growth. Given
that there is no change in the city's GCS score and the
government's propensity to support, Moody's has thus confirmed the
Baa1 issuer ratings of Jinan Energy Group Co., Ltd and Jinan City
Construction Group Limited Company.  

The negative outlooks on the nine LGFVs' ratings reflect Moody's
expectation of a  potential weakening of their respective RLG
owners' capacity to support, given the negative outlook on China's
sovereign rating. Under the agency's rating approach for LGFVs, an
LGFV's rating is closely linked to its owner government's GCS
score, which in turn is directly linked to China's sovereign
rating.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the negative outlooks, any upward rating pressure on these
companies is unlikely.

Moody's could return the rating outlooks to stable if (1) the
outlook on China's rating returns to stable,  (2) changes occur in
the RLGs' characteristics that lead to an increase in their
governmental capacity to support; or (3) changes occur in the
LGFVs' characteristics that could lead to an increase in their
owner RLGs' propensity to support and offset the impact of weaker
governmental capacity to support.

Moody's could downgrade the LGFVs' ratings if (1) China's sovereign
rating is downgraded; (2) their owner RLGs' capacity to support
weakens, which could arise from a material worsening of the RLGs'
economic or financial profile or their ability to coordinate timely
support; (3) changes occur in the Chinese government's policies
that prohibit RLGs from providing financial support to LGFVs; or
(4) changes occur in the LGFVs' characteristics that could weaken
their owner RLGs' propensity to support, such as diminished roles
in key public projects.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Local
Government Financing Vehicles in China Methodology published in
April 2022.



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

ASIA INSURANCE: S&P Raises Financial Strength Rating to 'B'
-----------------------------------------------------------
S&P Global Ratings raised its long-term financial strength rating
on Asia Insurance Sugurta Kompaniyasi JSC (AI) to 'B' from 'B-'.
The outlook is stable.

Impact Of Revised Capital Model Criteria

-- The improvement in capital adequacy primarily reflects the
benefits of risk diversification, which we captured more explicitly
in our analysis.

-- Higher catastrophe-risk charges, the revised approach on
interest rate risk charges, as well as AI's overall absolute small
capital size partly offset these improvements.

Credit Highlights

The stable outlook reflects S&P's expectation that, over the coming
12 months, AI will maintain its satisfactory capital adequacy,
profitability, and competitive standing.

S&P could consider a downgrade during the next 12 months if it
saw:

-- AI underperforming S&P's base-case expectations for a prolonged
period, or risks to its market standing, for example, due to a
spike in competition.

-- A material deterioration of the capital base due to
weaker-than-expected operating performance and investment losses,
increasing investments in affiliates, an unplanned rise in
dividends, or AI being used to support its shareholders' other
businesses.

-- Deterioration in the regulatory solvency margin due to
higher-than-expected growth, for example, resulting in an increased
risk of regulatory intervention--although we see this as unlikely.

-- Significant and sustained asset-quality deterioration.

-- Deficiencies in management and governance, including financial
reporting or risk controls, that we view as detrimental to AI's
credit profile.

S&P said, "We view an upgrade unlikely at this stage considering
the company's still-modest capital and premium size. However, we
could consider raising the rating in the medium term if we saw
improvements in AI's competitive standing and profitable operating
performance, sustainable capital adequacy, and capital build up in
absolute terms.

"For a positive rating action, we would also expect no significant
deficiencies in management and governance, whether in financial
reporting standards or risk controls, including related-party
transactions.

"AI's capital adequacy strengthened within the satisfactory level,
making its financial risk profile more comparable to higher rated
local and international peers. AI's capital adequacy was 10% above
the 99.50% confidence level in 2022, according to our revised
capital model. We forecast capital adequacy will improve slightly
above the 99.80% confidence level by 2025 due to the company's
intention to retain profits and build up absolute capital levels to
meet increasing regulatory requirements. Despite AI's capital
adequacy strengthening and its financial risk profile now being
more comparable with higher rated peers', we cap the capital and
earning assessment at the satisfactory level.

"This is because we note that its overall absolute capital size
remains relatively modest (below $5 million), which makes it
susceptible to single-event losses.

"AI has been profitable over the past five years, although its
technical performance has been volatile. The company reported a net
loss of Uzbek sum (UZS) 1.7 billion over the first nine months of
2023, amid an increased unearned premium reserve (UPR) associated
with some big contracts renewed in 2023 and a one-off claim of UZS5
billion. We expect AI's combined (loss and expense) ratio for full
year 2023 may reach 110%, versus our previous expectation of 105%.
However, we expect its investment income will contribute to overall
profitability. In addition, expense control should also partly
offset negative underwriting performance and we forecast a return
on equity of 15% in 2024-2025, supported by a gradual recovery of
the UPR as well as interest and rental income. Our capital
projections include a combined ratio of 100%-105% in 2024-2025, in
line with the market average, no dividend payouts in 2023-2024, and
dividends of about 40% of net income in 2025.

"AI's position in Uzbekistan's P/C insurance market remains
relatively weak, although with growth potential. It had very
limited market share in Uzbekistan of 1.2% as of Oct. 1, 2023,
although it has operated profitably since its establishment in
2005. AI showed lower than sector-average premium growth of 30% in
2023 due to its conservative underwriting -- versus the estimated
market growth of above 50%. Its absolute size remains very small in
a global context, with gross premiums written at about UZS75
billion or about $6 million in 2023. We view the market as still
nascent and the operating environment as difficult, which to some
extent restricts our assessment of the company's overall business
profile."




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

ABHIJIT PATOWARY: CRISIL Assigns B+ Rating to INR8.5cr Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Abhijit Patowary (AP).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL A4 (Assigned)

   Proposed Working
   Capital Facility       3.16       CRISIL B+/Stable (Assigned)

   Secured Overdraft
   Facility               8.5        CRISIL B+/Stable (Assigned)

   Term Loan              2.9        CRISIL B+/Stable (Assigned)

   Term Loan              0.22       CRISIL B+/Stable (Assigned)

   Term Loan              0.56       CRISIL B+/Stable (Assigned)

   Term Loan              2.15       CRISIL B+/Stable (Assigned)

   Term Loan              0.99       CRISIL B+/Stable (Assigned)

   Term Loan              0.05       CRISIL B+/Stable (Assigned)

   Term Loan              0.05       CRISIL B+/Stable (Assigned)

   Term Loan              0.93       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan              0.36       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan              0.09       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan              5          CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan              8.5        CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan              0.04       CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan              0.5        CRISIL B+/Stable (Assigned)

The ratings reflect APs susceptibility to tender-based operations
and leveraged capital structure. These weaknesses are partially
offset by extensive industry experience of the proprietor, moderate
scale of operations and order book providing revenue visibility.

Analytical Approach

Unsecured loans of INR1.25 crore as on March 31, 2023 infused by
proprietor and his relatives is treated as NDNE as these loans are
interest free and is expected to remain in business over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
bidding aggressively to get contracts, which restricts the
operating margin to a moderate level. Operating margins for AP was
in range in 6-8.7% during 3 fiscals through March 31, 2023.  Also,
given the cyclicality inherent in the construction industry, the
ability to maintain profitability margin through operating
efficiency becomes critical.

* Leveraged capital structure: AP has an average financial profile
marked by high gearing and total outside liabilities to adj
tangible net worth (TOL/ANW) of 3.91 times and 5.13 times as on
March 31, 2023 on account of modest networth of INR5.65 crore for
fiscal 2023.In absence of large, debt-funded capital expenditure
(capex), and incremental working capital debt in line with growth
in scale of operations, healthy accretion to reserves is critical
for improvement in capital structure over the medium term.


Strengths:

* Extensive industry experience of the proprietor: The proprietor
has experience of around two decades in civil construction
industry. This has given them an understanding of the dynamics of
the market and enabled them to establish relationships with
suppliers and customers.

* Moderate scale of operations and order book providing revenue
visibility: Revenue is estimated to be around INR63 crore for
fiscal 2023, marked by 66% growth on year. The growth is estimated
to have continued even in fiscal 2024, with revenues estimated over
INR71 crore in 9M of fiscal 2024. The company has unexecuted orders
of around INR116 crore as on November 30, 2023 to be executed over
next 18-24 months, providing revenue visibility over medium term.
Timely offtake of orders is critical for sustenance of moderate
scale of operations.

Liquidity: Stretched

Bank limit utilization is moderate at around 93 percent for the
past twelve months ended Dec-2023. Cash accruals are expected to be
over INR4.5-5.5 crores which are sufficient against term debt
obligation of INR3.5-4.5 crores over the medium term. In addition,
it will act as a cushion to the liquidity of the company. Current
ratio is healthy at 1.43 times on March 31, 2023. Moderate cash and
bank balance of around Rs. 0.53 crore as on March 31, 2023.

Outlook: Stable

CRISIL Ratings believe AP will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factors:

* Improvement in capital structure with gearing below 3 times
* Sustained improvement in cash flow adequacy and financial
flexibility emanating from rise in scale of operations

Downward factors:

* Decline in scale of operations leading to fall in revenue and
profitability margin leading to net cash accruals to repayment
obligations of 1 time.
* Witnesses a substantial increase in its working capital
requirements and/or debt funded capex thus weakening its liquidity
& financial profile.

AP was established as a proprietorship firm in 2007. It is located
in Guwahati, Assam. AP is engaged in civil construction works, such
as construction of roads, buildings and embarkment dams and allied
works. AP is promoted by Mr. Abhijit Patowary.


ACE FOOTMARK: CARE Lowers Rating on INR18.58cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ace Footmark Private Limited (AFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.58       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

   Long Term/           2.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE C; Stable/
                                   CARE A4

   Short Term Bank      4.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated December 9,
2022, placed the rating(s) of AFPL under the 'issuer
non-cooperating' category as AFPL 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. AFPL
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, January 18, 2024.

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

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

The ratings for AFPL have been revised on account of
non-availability of requisite information. Further, the rating
revision also considers the admission of the company for corporate
insolvency resolution process as recognized from publicly available
information i.e. NCLT order and the stretch liquidity position as a
result of accumulation of losses increase chances of cash flow
mismatches and hence the likelihood of delays in servicing of fixed
repayment obligations.

ACE Footmark Private Limited was incorporated in July 2000 and
currently being managed by Mr Arjun Puri, Mr Akash Kapoor and Mr
Angad Puri. The company is engaged in the manufacturing of footwear
products like hawai slipper, sandal, etc. The manufacturing
facility of the company is located in Bahadurgarh, Haryana. The
company has its own in-house ethylene vinyl acetate (EVA)
compounding unit which produces EVA sheets from EVA granules. The
company sells its products under the brand name 'FIZIK' in India
through its distributor network. Beside ACE, group also consists of
Saraswati Timber Private Limited and Focus Shoes Private Limited.
Both are engaged in the manufacturing of footwear.


ALPEX SOLAR: CRISIL Withdraws D Rating on Long/Short Term Loans
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Alpex Solar Limited (ASPL)
to 'CRISIL D/CRISIL D/Issuer Not Cooperating'. CRISIL Ratings has
withdrawn its rating on bank facility of ASPL following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL Ratings is migrating the ratings on
bank facilities of ASPL from 'CRISIL D/CRISIL D Issuer Not
Cooperating' to 'CRISIL D/CRISIL D'. The rating action is in line
with CRISIL Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating        -         CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

   Short Term Rating       -         CRISIL D (Migrated from
                                     'CRISIL D ISSUER NOT
                                     COOPERATING'; Rating
                                     Withdrawn)

Incorporated in 1993 and promoted by Delhi-based Sehgal family,
ASPL manufactures Solar PV modules, solar power plants, and AC/DC
water pumps. It also undertakes EPC (engineering, procurement,
construction) projects in the segment. Moreover, ASPL trades in
circular knitting needles, yarn, air purifiers, water pumps, and
solar panels.


AMBICA INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Ambica
International Food Company Private Limited (SAIFCO) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            21         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            59         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            30         CRISIL D (Issuer Not
                                     Cooperating)
       
   Export Packing         18         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing         15         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Export Packing         37         CRISIL D (Issuer Not
   Credit                            Cooperating)

   Term Loan              11.06      CRISIL D (Issuer Not
                                     Cooperating)

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

SAIFCO was set up by Mr Ishwar Chand Goel in 1983 as a
proprietorship firm, and was reconstituted as a private limited
company in November 2006. It mills and processes basmati rice. Its
plant is at Taraori in Karnal, Haryana. The company also purchases
semi-processed rice from smaller mills in the area, and sorts and
exports it.


B B MINERALS: CARE Lowers Rating on INR5cr LT Loan to B-
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
B B Minerals and Metals (BBMM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       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 January 16,
2023, placed the rating(s) of BBMM under the 'issuer
non-cooperating' category as BBMM 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. BBMM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 2, 2023, December 12, 2023, December
22, 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.

BBMM is a Nagpur based proprietorship firm established in August
2009. The firm is majorly engaged in trading of ferroalloys, coal
and minerals with its storage facilities located at Nagpur and
Gujarat. The firm also derives the minor component of the revenue
from the processing of ferroalloys at its processing facility.


BEFFY CASHEW: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Beffy Cashew
Company (BCC) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        7         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      3         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          8         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         27         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital         4         CRISIL D (Issuer Not
   Facility                          Cooperating)

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

BCC, set up in 2003, is based in Kollam. The firm processes raw
cashew nuts. Mr. Benny George manages operations.


DIAONICS AUTOMATION: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Diaonics Automation (India) Private Limited
OFFICE NO. 4/5, NALAWADE CHAMBERS,
        OPP. MUKTIDHAM NASHIK ROAD,
        NASHIK, MAHARASHTRA - 422101

Insolvency Commencement Date: December 19, 2023

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

Court: National Company Law Tribunal, Mumbai Bench-V

Insolvency
Professional: Mr. Rajan Rawat
       B - 602, AZZIANO, RUSTOMJEE URBANIA, MAJIWADA,
              THANE WEST, MUMBAI- 400601
              Email Id: rajanrawat61@rediffmail.com
              Email Id: diaonics.ibc@gmail.com
  
Last date for
submission of claims: January 16, 2024


GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gati
Infrastructure Bhasmey Power Private Limited (GIBPPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      285.34      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 16,
2022, placed the rating(s) of GIBPPL under the 'issuer
non-cooperating' category as GIBPPL 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. GIBPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 2, 2023, October 12,
2023, October 22, 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).

Gati Infrastructure Bhasmey Power Private Limited is a Special
purpose vehicle (SPV) promoted by Mr. M K Agarwal and an associate
company; Amrit Jal Ventures Pvt Ltd. (AJVPL) for setting up a 54 MW
(2 X 27 MW) (which was later revised to 62 MW) Run of the River,
Bhasmey Hydro Electric Power Project (BHEPP). The project is
located on the river Rangpo, a major tributary of Teesta River in
the East District of Sikkim. The project was awarded by Government
of Sikkim (GoS) and Sikkim Power Development Company (SPDC) on
Build, Own, Operate and Transfer (BOOT) basis for a period of 35
years from the scheduled Commercial Operations Date (COD). The
project was scheduled to be commissioned in March 2014.


GAURI ENTERPRISES: CRISIL Assigns B Rating to INR0.11cr Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Gauri Enterprises - Hathras (GE).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility     0.11        CRISIL B/Stable (Assigned)

   Proposed Working
   Capital Facility       0.07        CRISIL B/Stable (Assigned)

The rating reflects the susceptibility of the firm to risks
inherent in tender-based business and its modest scale of
operations. These weaknesses are partially offset by the extensive
experience of the proprietor in the trading business and the firm's
comfortable debt protection metrics.

Analytical Approach

Unsecured loan of INR10.18 lakh from the proprietor has been
treated as debt as it is expected to be repaid over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to risks inherent in tender-based business:
Revenue and profitability depend entirely on the ability to win
tenders. Also, intense competition necessitates aggressive bidding
to get contracts, which restricts the operating margin. GE has
orders worth INR30-40 lakh to be fulfilled by March 2024 and plans
to bid for an order of INR80 lakh related to suppliers for new
schools. Higher success rate in winning tenders leading to an
increase in the order book and in revenue visibility will remain
monitorable.

* Modest scale of operations: The business risk profile of GE is
constrained by its modest scale of operations in the intensely
competitive industry. The firm recorded revenue of INR45-50 lakh
till December 2023 in fiscal 2024 and expects to close the fiscal
at INR80-85 lakh, supported by an order book of INR30-40 lakh to be
executed by March 2024. Though the firm is continuously bidding for
new orders, its scale of operations and geographical concentration
in and around Hathras, Uttar Pradesh, will limit its operating
flexibility. Ramp-up in scale of operations on account of increase
in order book will remain monitorable.

Strengths:

* Extensive industry experience of the proprietor: The proprietor
has experience of over a decade in trading and has developed an
understanding of the market dynamics and established relationships
with suppliers and customers. As a result, the firm has been
serving some government customers on a steady basis, such as
Kasturba Gandhi Girls College, district offices, CMO offices and
receives frequent orders from these customers.

* Comfortable financial risk profile: The financial risk profile is
supported by healthy gearing, expected below 1 time for fiscals
2024 and 2025 on account of limited dependence on external debt.
Low interest expenses have resulted in comfortable debt protection
metrics. Interest coverage is expected at 17-18 times in fiscals
2024 and 2025. The financial risk profile will remain comfortable
on account of steady accretion to reserve and no debt obligation.

Liquidity: Stretched

Bank limit utilisation was low at 19%, on average, for the 12
months through December 2023. Cash accrual is expected at INR4-5
lakh against nil term debt obligation over the medium term and will
cushion liquidity. Current ratio is expected to be healthy at 3.5-4
times as on March 31, 2024. Low gearing and moderate networth
provide financial flexibility to help withstand adverse conditions
or downturn in the business.

Outlook: Stable

CRISIL Ratings believes GE will continue to benefit from its
longstanding business relationships and the experience of the
management to mitigate the inherent risks in the trading business.

Rating Sensitivity factors

Upward factors:

* Sustenance of financial risk profile with gearing ratio below 1
time
* Improvement in the working capital cycle with timely realisation
from debtors

Downward factors:

* Decline in revenue leading to net cash accruals below 1-2 lakhs
* Stretch in the working capital cycle leading to higher dependence
on bank limits

GE was set up as a proprietorship firm in 2017 in Hathras. It
supplies to government agencies and provides food supplies,
uniforms, furniture, electronic items, stationary items, among
other items, by bidding for tenders. GE is promoted by Ms Sunita
Agnihotri, and the business is managed by Mr Arvind Agnihotri.


GI HYDRO: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of GI Hydro
Private Limited (GHPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      229.23      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 16,
2022, placed the rating(s) of GHPL under the 'issuer
non-cooperating' category as GHPL 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. GHPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 2, 2023, October 12, 2023, October 22,
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).

Gati Infrastructure Pvt Ltd. (GIPL) is a special purpose vehicle
(SPV) promoted by Mr. M K Agarwal & associates along with his group
company – Amrit Jal Ventures P Ltd. (AJVPL) to set up a 110 MW
run-of-the-river, Chuzachen hydro-electric project (HEP) in the
state of Sikkim. The project is located on the tributaries of
Teesta River - Rangpo and Rangli, in east Sikkim. The project was
awarded to GIPL under an implementation agreement entered into
between Government of Sikkim (GoS), Sikkim Power Development
Company (SPDC) for a period of 35 years from commercial operating
date (COD). The name of the company has been changed from Gati
Infrastructure Private Limited to GI Hydro Private Limited from
August 2023.


GREEN INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Green India Building Systems and Services Pvt Ltd
New Bridge Business Centre, Boomrang,
        Ground floor, B wing
        B1-04/05 Chandivali Road,
        Andheri East Mumbai City 400072 India

Insolvency Commencement Date: January 5, 2024

Estimated date of closure of
insolvency resolution process: July 3, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Shekhar Arvind Parkhi
       A-303, Yashwin Society, Susgaon Road,
              Behind Mercedez Benz showroom, near Vibgyor school,
              Pune, Maharashtra - 411021
              Email ID: ip.shekharparkhi@gmail.com

              A-904, Malpani Vivanta, Laxman Nagar,
              Behind Baner Dmart, Balewadi, Pune 411045
              Email: cirp.greenindia@gmail.con

Last date for
submission of claims: January 19, 2024


HIMACHAL FIBRES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Himachal
Fibres Limited (HFL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      5.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 7,
2022, placed the rating(s) of HFL under the 'issuer
non-cooperating' category as HFL 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. HFL
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).

Set up in 1980, Himachal Fibres Limited (HFL) [ISIN: INE723D01021]
was promoted by Mr. BK Garodia in collaboration with Himachal
Pradesh Minerals & Industrial Development Corporation Limited. It
was subsequently acquired by the 'Shiva' group in 2010. The product
profile of HFL was also changed from cotton yarn to include
polyester spun yarn, acrylic yarn, blended yarns and knitted cloth.
HFL operates from its manufacturing facility in Baddi, Himachal
Pradesh.



ISHANI RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ishani Rice
Mills Private Limited (IRMPL; formerly known as Agnibina Rice Mills
Private Limited) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.2        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1.8        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Bank          0.8        CRISIL D (Issuer Not
   Guarantee                         Cooperating)

   Proposed Cash          2.7        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

   Term Loan              4.5        CRISIL D (Issuer Not
                                     Cooperating)

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

IRMPL was incorporated in 2013 and commenced operation in April
2018. The company is owned and managed by Mr Nazrul Islam Miya and
his family members. It operates a rice mill at Burdwan, West Bengal
with an installed capacity of 24,000 metric tonnes per annum.


KALIKA ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kalika
Enterprise (KE) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.5        CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest        2.0        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

KE was set up as a partnership firm in 1997. The firm undertook
trading of coal and coke in Durgapur. Currently, the business is
currently not operational, due to unavailability of coal and coke
at a viable price.


KEEN AND CORE: CRISIL Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Keen and Core
Developers (KCD) continues to be 'CRISIL C/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         5          CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            6          CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KCD 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 KCD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCD
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCD continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

KC is proprietorship of Mr Satyabeer Singh registered in June 2008.
The firm is engaged in civil, building and road construction work.
Operations are concentrated in Uttar Pradesh and Madhya Pradesh.


MARIAN PROJECTS: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Marian
Projects Private Limited (MPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      37.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 7,
2022, placed the rating(s) of MPPL under the 'issuer
non-cooperating' category as MPPL 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. MPPL
continues to be noncooperative 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).

Marian Projects Pvt Ltd (MPPL) was established in 2008 as a
partnership firm. Later in March 2011, the firm was reconstituted
as a private limited company. The day-to-day activities of the
company are managed by Mr. Naveen Cardoza (Managing Director), Mr.
Ujwal D'souza (Director) and Mrs. Suman Sandhya D'souza (Director),
who are well-supported by a team of experienced senior management.
MPPL is engaged in development and construction of residential
projects in the state of Karnataka.


METCUT TOOLINGS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Metcut
Toolings Private Limited (MTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit       0.6        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     9.45       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        2.9        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Incorporated in 1989, MTPL manufactures carbide cutting tools that
are primarily used in the automotive industry. The company is
promoted by Mr. Kushal J Shetty.


OM BESCO: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of OM Besco Rail
Products Limited (OBRPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             15        CRISIL D (Issuer Not
                                     Cooperating)

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

OBRPL, is a Kolkata based company, is involved in manufacture alloy
steel casting products for use in railway freight wagons. The
company has manufacturing facility based in Kolkata.


ORMA MARBLE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orma Marble
Palace Private Limited (OMPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit       5          CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1994, OMPPL promoted by Mr. Lijo Joseph in
Angamaly, Kerala, is primarily engaged into in trading of granites,
marbles, ceramic tiles, vitrified tiles, adhesives, sanitary and
bathroom fittings, etc. The company owns three showrooms in
Angamaly.


P G MERCANTILE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P G
Mercantile Private Limited (PGMPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Exchange        3         CRISIL D (Issuer Not
   Forward                           Cooperating)

   Letter of Credit       60         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     79.89      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               5.57      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              13.41      CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan               4.63      CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2003 and promoted by Mr. Prateek Gupta, PGMPL
primarily trades in ferrous and non-ferrous metals. The company
also has two windmills (one each in Maharashtra and Tamil Nadu)
with total capacity of 3.7 megawatt. Mr. Gupta is also the
vice-chairman of Ushdev International Ltd, which is in the same
business.


PARAS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paras
Industries (Paras) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Post Shipment          3.7        CRISIL D (Issuer Not  
   Credit                            Cooperating)

   Pre Shipment           7.5        CRISIL D (Issuer Not
   Packing Credit                    Cooperating)

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

Set up as a partnership firm in 1987`, in Mumbai, Paras was owned
by the Jariwala and Shah families till March 2010. The Shah family
exited in April 2010. The firm manufactures and exports knitted
garments and accessories to departmental stores in the US.

PINK CITY: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pink City
Expressway Private Limited (PCEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank    1,790.55      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 2,
2022, placed the rating(s) of PCEPL under the 'issuer
non-cooperating' category as PCEPL 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. PCEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 28, 2023, November 7,
2023, January 12, 2024.

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

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

Pink City Expressway Private Limited (PCEPL) is an SPV formed by
ETA Group of Dubai and KMC Group of Hyderabad (51:49 JV). IKSHU
Infrastructure Pvt Ltd was inducted in FY13 with 13% stake dilution
by each of the sponsors. The company was incorporated on April 2,
2008 to undertake the improvement, operation and maintenance
including strengthening and widening of the existing 4-lane road to
6-lane highway with service lane on either side from 42.7 km to 273
km (a length of 225.6 km) in states of Haryana and Rajasthan on
NH-8 (Gurgaon-Kotputli-Jaipur Section) on BOT basis. CARE does not
have any update on the latest developments in this regard.


PRO KNITS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of PRO Knits (PK)
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting        8         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit         20         CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 1998 by Mr. Ravi Kumar and Mrs. Mallika as a
partnership firm, Pro Knits is into manufacture and export of
readymade garments to UK and various other European countries. The
firm specialises in the manufacture of knitted garments of kids,
men, and women. The firm has a manufacturing plant in Tirpur.


RADHE FOODS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri Radhe
Foods Product (SRFP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.85       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 January 16,
2023, placed the rating(s) of SRFP under the 'issuer
non-cooperating' category as SRFP 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. SRFP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 2, 2023, December 12, 2023, December
23, 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).

Shri Radhe Foods Product (SRFP) is a proprietorship firm
established by Mr. Gopal Agrawal in 2015.The firm is engaged in
milling and processing of non-basmati rice. SRFP is operating from
its sole manufacturing plant located at Gondia (Maharashtra).
Further the firm is also engaged in sorting of rice at its plant.

RAJHANS INFRATECH: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rajhans
Infratech Private Limited (RIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              16         CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1982, RIPL develops real estate in Noida, Uttar
Pradesh. Mr Ramesh Goel and Mrs Neelam Goel are the promoters.


RATAN ENGINEERING: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ratan
Engineering Company Private Limited (RECPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.75       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.25       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 December 7,
2022, placed the rating(s) of RECPL under the 'issuer
non-cooperating' category as RECPL 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. RECPL 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).

Ratan Engineering Company Private Limited (RECPL) was established
in 1985 by Mr. Ram Parkash, Mr. Naresh Garg and Mr. Vikram Garg.
RECPL is engaged in manufacturing of customised ferrous and steel
casting products, which includes industrial valves, turbine
components and other type of casting using radiography technology.
The company has manufacturing facilities located at Kahrani and
Bhiwadi (Rajasthan).


RICHLOOK CREATIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Richlook
Creations Private Limited (RCPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      6.37      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               4.13      CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 2007, RCPL undertakes embroidery of saris and
knitting of grey manufacture of saris and dress materials. The
company, based in Surat, Gujarat, is promoted by Mr. Rajratan N
Goyal and his family members. It has a capacity of embroidery to
the extent of 150.5 million metres of saris per annum and knitting
to the extent of 20 million meters per annum.


S.M. RAM: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.M. Ram Coal
Importers Private Limited (SMR) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Negotiation       2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      12          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.5        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

SMR was established in 2009 as a proprietorship concern by Mr SM
Ramar and was reconstituted as a private limited company in fiscal
2016. The company trades in steam coal and is based in Thoothukudi,
Tamil Nadu.


SAMYU GLASS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Samyu Glass
Private Limited (SGPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        3.35        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          13.60        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      2.35        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       11.8         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        0.7         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital      11.1         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

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

Based in Hyderabad, SGPL manufactures glass containers. The company
is promoted by Mr. S V Reddy and his associates.


SANGANI INFRA: CRISIL Lowers Rating on INR40.55cr LT Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sangani Infrastructure India Private Limited (SIIPL)
to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer
Not Cooperating' due to delays in servicing debt obligation.

                          Amount
   Facilities          (INR Crore)   Ratings
   ----------          -----------   -------
   Proposed Long Term      40.55     CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan                8.45     CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan                19.5     CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan                16.5     CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SIIPL for
obtaining information through letter and email dated September 11,
2023 and January 17, 2024 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIIPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on best-available information, CRISIL Ratings has downgraded
its rating on the long-term bank facilities of SIIPL to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not
Cooperating' due to delays in servicing debt obligation.

SIIPL, incorporated in 2007 in Ahmedabad, undertakes residential
and commercial real estate development. It is promoted by Mr
Hanubhai Sangani, Mr Arvindbhai Sangani, Mr Bhanubhai Sangani, and
Mr Rakeshkumar Limbasia. It is a part of the Sangani group that
develops real estate in Gujarat.

Status of noncooperation with previous CRA

SIIPL has not cooperated with India Ratings & Research (IND-RR),
which has classified the company as non-cooperative through a
release dated September 11, 2019. The reason provided by IND-RR is
non-furnishing of information for monitoring the ratings.


SARGA HOTELS: Shri Ram Multicom to Acquire Hotel under IBC
----------------------------------------------------------
The Economic Times of India reports that Hemant Kanoria-promoted
Sarga Hotels, which operates a five-star hotel under the Westin
brand in Kolkata, will be acquired by Shri Ram Multicom under the
Insolvency and Bankruptcy Code (IBC) process.

ET relates that the Kolkata bench of the National Company Law
Tribunal approved a INR301 crore resolution plan against INR816
crore admitted claims from creditors, employees, and trade
creditors. Shri Ram Multicom has developed Fairfield Hotel, a
budget category hotel and operates malls and hotels in Dhanbad,
Jharkhand.

Creditors JC Flowers Asset Reconstruction Company and Rare ARC have
voted in favour of Shri Ram Multicom's plan, the report says. This
will equate to a recovery of 39% for both creditors.

Sarga Hotels is a wholly-owned subsidiary of Shristi Infrastructure
Development Corporation - which is owned by the Kanoria family, the
erstwhile promoters of Srei Infrastructure Finance and Srei
Equipment Finance.


SHAH GROUP: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shah Group Builders Limited
323 -329, Arenja Corner
        Plot No 71 Sector 17 Vashi,
        Navi Mumbai, Maharashtra, 400705

Insolvency Commencement Date: January 3, 2024

Estimated date of closure of
insolvency resolution process: July 4, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: CMA Srigini Rajat Naidu
       Block No. 11-12, First floor, Mount Annex,
              Opp. Oriental Insurance Co., Mount Road,
              Ext. Sadar, Nagpur - 440001
              Email: rajat_naidu@yahoo.com

              1502-Ved Solitaire, Cement Road,
              Dharampeth Extension,
              Shivaji Nagar, Nagpur (MH) - 440010
              Email: shahgroupbuilderscirp@gmail.com

Representative of
Creditors in a Class:

              1. Mr. Anil Vaidya
                 Plot No. 107, S.No. 62/65, Mahatma Society,
                 Bhusari Colony, Kothrud, Pune, Maharashtra, 411038

                 Email.id: anilvaidya38@gmail.com

              2. Mr. Prashant Jain
                 A501, Shanti Heights, Plot No. 2,3,9B/10,
                 Sector 11, Koparkharine, Thane, Navi Mumbai,
                 Maharashtra, 400709
                 Email.id: ipprashantjain@gmail.com

              3. Ms. Neeraja Kartik
                 202 Padmasani Apartments
                 58/2 Shivaji Nagar, Nagpur - 10
                 Email id: neerajakartikip@gmail.com

Last date for
submission of claims: January 20, 2024


SUPRINT SALES: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Suprint
Sales (SS) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 2,
2022, placed the rating(s) of SS under the 'issuer non-cooperating'
category as SS 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. SS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 28, 2023, November 7, 2023, January 16, 2024.

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

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

SS was formed in 2003 as a partnership concern by Mr Jasmeet Sodhi,
Mr. Harinder Singh Sodhi, Mrs. Raj Sodhi, Mrs. Anita Sodhi and Mr.
Pavnet Sodhi. However, the partnership of the firm has changed in
April 2007 and current partners are Mr. Jasmeet Sodhi and Mrs.
Anita Sodhi. Sodhi family has also promoted STJPL in 2000. SS and
STJPL are engaged in manufacturing of made-ups primarily home
furnishing items like bed linen, kitchen and table linen etc.


VIMIT METALS: CARE Keeps B- Debt Rating in Not Cooperating Cateogy
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vimit
Metals and Infrastructure Private Limited (VMIPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.39       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 VMIPL under the 'issuer
non-cooperating' category as VMIPL 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. VMIPL continues to be non-cooperative 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).

Jaipur (Rajasthan) based Vimit Metals and Infrastructure Private
Limited (VMIPL), incorporated in May 2008, was promoted by Mr. Arun
Sharma along with his son, Mr. Amit Sharma. VMIPL is engaged in the
business of manufacturing of Polyvinyl Chloride (PVC), Soil, Waste
& Rainwater (SWR), Un-plasticized Poly Vinyl Chloride (uPVC) pipes
and fittings that find their end user
applications in the irrigation, water management, drainage and
sewerage systems.


ZEE ENTERTAINMENT: Asks Sony to Honour Merger Obligations
---------------------------------------------------------
Reuters reports that Zee Entertainment on Jan. 24 called on Sony to
honour its obligations to close a $10 billion merger deal between
the companies and asked an Indian tribunal to order Sony to
complete the combination that the Japanese firm terminated.

Reuters relates that Sony terminated merger plans with Zee on Jan.
22 after more than two years of negotiations, seeking $90 million
in termination fees from the Indian broadcaster for alleged
breaches of terms of the agreement.

According to Reuters, the Japanese company said certain "closing
conditions" for the merger were not satisfied despite "good faith
discussions" with Zee, and the companies had been unable to agree
on an extension by their Jan. 21 deadline.

Zee, in a regulatory filing, denied Sony's claims that it breached
its obligations under the deal and said it has started legal action
to contest the claims in arbitration proceedings before the
Singapore International Arbitration Centre.

"The company has called upon (Sony) to immediately withdraw the
termination and confirm that they will perform their obligations to
give effect to and implement the merger scheme," Zee said.

Reuters says the collapse of the deal was particularly concerning
for Zee as competition heats up, with Disney and billionaire Mukesh
Ambani's Reliance in talks to merge their Indian media assets.

Sony and Zee did not elaborate on which merger conditions had been
unfulfilled. However, the firms had been at odds over Zee's
proposal for its CEO Punit Goenka to lead the combined company,
after Goenka became the subject of an investigation by India's
market regulator.

Goenka, who was in India's Ayodhya city on Jan. 22 to attend the
grand opening of a Lord Ram temple, had written on X that he sees
the collapse of the Sony deal as "a sign from the Lord" and that he
would move forward by strengthening his company for stakeholders.

Zee said on Jan. 24 it has approached India's National Company Law
Tribunal (NCLT), which handles corporate disputes, seeking
directions to implement the merger, Reuters reports.

"This action does not come as a surprise, but there are no
substantive reasons for the NCLT to rule in favour of Zee and force
a merger," the report quotes Shriram Subramanian, founder and MD of
corporate governance advisory firm InGovern Research Services, as
saying.

                       About Zee Entertainment

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.

As reported in the Troubled Company Reporter-Asia Pacific in early
September 2023, the National Company Law Appellate Tribunal (NCLAT)
on Aug. 31 issued notice to Zee Entertainment Enterprises Ltd
(ZEEL) in a plea by IDBI Bank to initiate insolvency proceedings
against the company.

According to Hindu BusinessLine, IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.

Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.



=================
I N D O N E S I A
=================

BAYAN RESOURCES: Moody's Affirms 'Ba2' CFR, Alters Outlook to Pos.
------------------------------------------------------------------
Moody's Investors Service has affirmed Bayan Resources Tbk (P.T.)'s
Ba2 corporate family rating and revised the outlook to positive
from stable.

"The positive outlook reflects Moody's expectation that Bayan will
continue to significantly increase its coal production capacity
while maintaining strong credit metrics and very good liquidity,"
says Maisam Hasnain, a Moody's Vice President and Senior Analyst.

"Bayan's credit quality remains supported by its thermal coal
operations with low operating costs, its long reserve life and
strong cash flow generation even during periods of low coal
prices," adds Hasnain, who is Moody's lead analyst for Bayan.

RATINGS RATIONALE

Bayan is in the process of substantially expanding its thermal coal
production to around 70 million metric tons (MT) by the end of
2025, from around 48 million MT expected in 2023, which will make
it Indonesia's second-largest coal producer. The Tabang project,
the company's largest producing asset, will continue to drive
production growth, representing around 90% of its coal production
over the next 12-18 months.

Bayan has completed most of the expansionary capital spending
associated with expanding production at Tabang, which includes a
new coal haul road and new barge loading facilities. Therefore, the
execution risk associated with the expansion is limited. The
company has a demonstrated track record of growing production at
Tabang, which consists of a number of adjoining mining concessions
including North Pakar, since the asset commenced operations in
2015. It has since grown to around 42 million MT of annual
production in 2023.

Tabang is one of the world's lowest energy-adjusted seaborne
thermal coal projects that has enabled Bayan to generate solid
profitability even during periods of low coal prices. For example,
the company generated a Moody's-adjusted EBITDA margin of 33% in
2020 during the most recent coal price downturn, considerably
higher than other coal miners that Moody's rates.

Bayan has a large reserve base with a long reserve life at Tabang.
Moody's estimates that Tabang's coal reserves of around 1.6 billion
MT translate into a reserve life of around 32 years at Tabang,
based on its expected production in 2024.

The company will continue to have minimal reliance on incremental
debt funding over the next few years, as it will use its internal
cash flow to fund its ongoing capital spending to increase
production capacity and infrastructure.

Moody's expects Bayan's liquidity to remain very good over the next
12-18 months, with sufficient internal cash and projected operating
cash flow to fund its capital spending and dividend payments.
Moody's estimates that the company also had around $200 million
undrawn under committed working capital facilities with banks as of
the end of December 2023, which supplement the company's
liquidity.

ESG CONSIDERATIONS

Thermal coal companies face very high credit exposure to carbon
transition risks associated with the uncertain pace and magnitude
of a secular decline in coal demand. As decarbonization efforts
progress around the world, thermal coal companies will need to
demonstrate resilience to key risks such as lower earnings amid
declining coal demand and prices, and reduced access to funding.

Bayan has initially responded by repaying debt and focusing on
developing low-cost assets. This allows the company to be more
resilient to a secular decline in coal demand and affords it
greater financial flexibility to implement longer term business
transition plans.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Moody's could upgrade the rating over the next 12-18 months if
Bayan achieves its coal production growth forecasts while
maintaining its current strong credit metrics and very good
liquidity, with minimal reliance on incremental debt.

A near-term downgrade is unlikely, given the positive outlook.
However, Moody's could revise the outlook to stable if (1) Bayan
experiences delays in ramping up coal production; (2) industry
fundamentals deteriorate, leading to a significant decline in its
earnings; or (3) the company's underlying financial or operational
strategy changes materially, including higher-than-expected capital
spending, material debt-funded investment or a more aggressive
dividend payment policy.

The principal methodology used in this rating was Mining published
in October 2021.

Bayan is engaged in surface open cut mining of coal mines primarily
in East and South Kalimantan. It listed on the Indonesian Stock
Exchange in 2008 and had a market capitalization of around IDR653
trillion ($41 billion) as of January 24, 2024.



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

RAKUTEN GROUP: S&P Rates New Sr. Unsecured U.S. Dollar Bonds 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue credit rating to the
proposed U.S. dollar-denominated senior unsecured bonds that
Japan-based internet services company Rakuten Group Inc.
(BB/Negative/--) has announced.

S&P equalizes the issue rating on Rakuten's proposed U.S.
dollar-denominated senior unsecured bonds with its long-term issuer
credit rating on the company. This reflects its view that more
senior debt (secured debt and subsidiaries' debt) accounts for a
very small portion of the nonfinancial unit's debt and does not
significantly subordinate the proposed bonds to other debt.

In addition to issuing the bonds, the company also announced that
it would prepay the U.S. dollar bonds due in November 2024 through
a tender offer.

S&P said, "We regard the proposed tender offer to be opportunistic
and a part of the company's debt management. The proceeds will be
financed by the proposed bonds and cash at hand.

"We base our 'BB' long-term issuer credit rating on Rakuten on
three main factors. One, it has a leading position in Japan's
e-commerce market thanks to a strong brand and solid ecosystem that
includes financial services. Two, while the deeply negative EBITDA
and free operating cash flow (FOCF) in its nonfinancial unit are
likely to narrow as the company's mobile business improves, the
company's debt burden will remain very heavy. And three, the higher
creditworthiness of the financial unit, albeit gradually
deteriorating, continues to support overall creditworthiness of the
company.

"The negative outlook reflects the nonfinancial unit's insufficient
fundraising for the total amount of large bond redemptions due in
2024-2025, despite recovery in the nonfinancial unit, mainly in its
mobile business. We may consider a downgrade if we do not believe
the company's liquidity outlook will improve for the coming 12
months because of difficulties raising funds for bond redemptions
or refinancing them."




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

12 MORTON: Baker Tilly Appointed as Receivers and Managers
----------------------------------------------------------
Tony Leonard Maginness and Jared Waiata Booth of Baker Tilly were
appointed as receivers and managers of 12 Morton Limited on Jan.
25, 2024.

The receivers and managers may be reached at:

          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140

CW PROPERTY: Court to Hear Wind-Up Petition on Feb. 8
-----------------------------------------------------
A petition to wind up the operations of CW Property Services
Limited will be heard before the High Court at Auckland on Feb. 8,
2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 3, 2023.

The Petitioner's solicitor is:

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


DRIVE IT: Court to Hear Wind-Up Petition on Feb. 1
--------------------------------------------------
A petition to wind up the operations of Drive It Consulting Limited
will be heard before the High Court at Wellington on Feb. 1, 2024,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 15, 2023.

The Petitioner's solicitor is:

          Ashley Ashika Singh
          Legal Services, 5th Floor
          Asteron Centre
          55 Featherston Street
          PO Box 1462
          Wellington


GARDEN CITY: Waterstone Insolvency Appointed as Receivers
---------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Jan.
22, 2024, were appointed as receivers and managers of Garden City
Homes Limited and Mehak Kala.

The receivers and managers may be reached at:

          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632


VIKING ROOFING: Court to Hear Wind-Up Petition on Feb. 1
--------------------------------------------------------
A petition to wind up the operations of Viking Roofing Repairs
Limited will be heard before the High Court at Wellington on Feb.
1, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 6, 2023.

The Petitioner's solicitor is:

          Claudia Elizabeth Mazuecos
          Legal Services, Asteron Centre
          55 Featherston Street
          PO Box 1462
          Wellington




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

ALPHATECH SOLUTIONS: Court to Hear Wind-Up Petition on Feb. 9
-------------------------------------------------------------
A petition to wind up the operations of Alphatech Solutions Pte Ltd
will be heard before the High Court of Singapore on Feb. 9, 2024,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 16, 2024.

The Petitioner's solicitors are:

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


INFINITY INC: Court to Hear Wind-Up Petition on Feb. 9
------------------------------------------------------
A petition to wind up the operations of Infinity Incorporation Pte
Ltd will be heard before the High Court of Singapore on Feb. 9,
2024, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 16, 2024.

The Petitioner's solicitors are:

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


KKP TECHNOLOGY: Court to Hear Wind-Up Petition on Feb. 9
--------------------------------------------------------
A petition to wind up the operations of KKP Technology Pte Ltd will
be heard before the High Court of Singapore on Feb. 9, 2024, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 16, 2024.

The Petitioner's solicitors are:


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


MANSANG PTE: Court to Hear Wind-Up Petition on Feb. 9
-----------------------------------------------------
A petition to wind up the operations of Mansang Pte Ltd will be
heard before the High Court of Singapore on Feb. 9, 2024, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Jan. 18, 2024.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


SATS DELAWARE: Creditors' Proofs of Debt Due on Feb. 26
-------------------------------------------------------
Creditors of Sats Delaware North Pte. Ltd. are required to file
their proofs of debt by Feb. 26, 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:


          Ong Kok Yeong David
          c/o Tricor Singapore  
          80 Robinson Road #02-00
          Singapore 068898



                           *********


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