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

                     A S I A   P A C I F I C

          Thursday, February 29, 2024, Vol. 27, No. 44

                           Headlines



A U S T R A L I A

APEX HOMES: Court Orders Victorian Builder Into Liquidation
BLOCKCHAIN GLOBAL: ASIC Gets Travel Restraint Order vs Ex-Director
BUNBURY DOLPHIN: Goes Into Voluntary Administration
CRIMSON BOND 2021-1P: S&P Raises Class F Notes Rating to B+ (sf)
FIRSTMAC MORTGAGE 2024-1: S&P Assigns B (sf) Rating to Cl. F Notes

KINGMAN GROUP: Second Creditors' Meeting Set for March 5
PENINSULA CARPENTERS: First Creditors' Meeting Set for March 5
PERKINS BULK: First Creditors' Meeting Set for March 6
REFAP PTY: First Creditors' Meeting Set for March 5
SALENA ESTATE: First Creditors' Meeting Set for March 5



B A N G L A D E S H

SOCIAL ISLAMI: Moody's Affirms 'Caa1' LT Bank Deposit Ratings


C H I N A

CHINA EVERGRANDE: Founder's Ex-Wife Suit Attempt to Protect Assets
COUNTRY GARDEN: Shares Plunge Following Creditor's Winding-Up Bid


I N D I A

A. B. KANISHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ANAND PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANAND TECHNOMARKETING: CRISIL Keeps D Ratings in Not Cooperating
ARMAAX AUTO: CRISIL Keeps D Ratings in Not Cooperating Category
AVINASH DODA: CRISIL Keeps D Rating in Not Cooperating Category

AXLEO INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
BELGIUM ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
GINNI INDUSTRIES: CRISIL Lowers Rating on INR8cr Cash Loan to D
HEMKUND ENERGY: CRISIL Cuts Rating on INR11.5cr Cash Loan to D
KCS PRIVATE: CRISIL Keeps D Debt Ratings in Not Cooperating

MAIHAR ALLOYS: CARE Lowers Rating on INR9.0cr LT Loan to B
N.V. KHAROTE: CARE Keeps D Debt Ratings in Not Cooperating
NAVA PADMINI: CARE Assigns B+ Rating to INR20cr LT Loan
ONEUP MOTORS: CRISIL Lowers Rating on INR14cr e-DFS to D
PRESIDENCY EXPORTS: CRISIL Keeps D Ratings in Not Cooperating

RAC PAPERS: CARE Keeps C Debt Rating in Not Cooperating Category
RAMKA SILK: CRISIL Keeps D Debt Ratings in Not Cooperating
S.S. ENTERPRISES: CRISIL Lowers Long/Short Term Rating to D
SANKALP SIDDHI: NCLT Orders Insolvency Proceedings vs. Developer
SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating

SCV SKY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
SG ACADEMIC: CARE Lowers Rating on INR39.0cr LT Loan to D
VAMSADHARA GINNING: CRISIL Keeps D Ratings in Not Cooperating
VAMSADHARA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
VEDIKA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating

VENKATASAI SOLVENT: CRISIL Keeps D Ratings in Not Cooperating
VINDHYA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating


J A P A N

TEPCO HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB+' ICR


N E W   Z E A L A N D

BATH AND TILE: Court to Hear Wind-Up Petition on March 1
CARLIN HOTEL: Carlin Boutique Hotel Placed Into Receivership
DOWNS CONTRACTING: Creditors' Proofs of Debt Due on March 22
FORWARD JOURNEY: BDO Wellington Appointed as Liquidator
JOBROOK CONSULTING: Court to Hear Wind-Up Petition on March 8

NEWSHUB: To Close Down Newsroom in June; 200 Staff Affected
TREV TERRY: Calibre Partners Appointed as Receivers


S I N G A P O R E

CHIU TENG: Creditors Proofs of Debt Due on March 28
EXCLUSIVE DESIGN: Commences Wind-Up Proceedings
ONB TECHNOLOGIES: Placed in Provisional Liquidation
ROYAL GOALSON: Creditors' Meeting Set for March 8
ZIPMEX PTE: Court Enters Wind-Up Order



S O U T H   K O R E A

KCC CORP: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable

                           - - - - -


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A U S T R A L I A
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APEX HOMES: Court Orders Victorian Builder Into Liquidation
-----------------------------------------------------------
News.com.au reports that a building company has collapsed after a
long, drawn-out death, placing the fate of at least a dozen
projects into jeopardy.  On Feb. 28, the Victorian Supreme Court
ordered Apex Homes Australia Pty Ltd to go into liquidation.

According to news.com.au, Judicial Registrar Gitsham forced the
Melbourne-based construction company to liquidate on the grounds of
"insolvency" and she said "I am satisfied the requirements under
the corporations act are met".

News.com.au notes that concreting business Aerolink Property Group
lodged a winding up application against the building company
earlier this year over a AUD46,200 debt dating back to October
2023.

But since they lodged their application, five other creditors
joined the case as their debts also went unpaid.

Those creditors were Home and Industrial Soil, Bristol Roofing,
Austral Group and ATC Co and the Commissioner of State Revenue.

Matthew Blum of insolvency firm BDO was appointed as the
liquidator.

News.com.au previously reported that Apex Homes appeared on the
brink of collapse after construction work had stalled for months.

Although at the time the company told news.com.au they were
battling the winding up application and had employed solicitors to
fight the case but in Feb. 28's hearing, no-one from Apex Homes
appeared.

News.com.au relates that Aerolink Property Group's solicitor Danny
Didone of Wyndham Law Offices noted he had not heard anything from
Apex Homes for the past six days.

Mr. Didone also noted it might take more than a day for the
liquidation notice to be lodged with the corporate regulator.

According to news.com.au, customers reported the company's
telephone line being disconnected in recent days and a port-a-loo
had been removed from a build site.

Despite the sad news about Apex's demise, some homeowners are
somewhat glad because, for the first time in years, they at least
have clarity.

"Whilst disappointed this has happened and feel for the employees
and staff, at least our family can now move on from the stress of
the past 12 months," one homeowner told news.com.au on the
condition of anonymity.

"I'm relieved however it's bitter sweet as it's horrible seeing a
company go bankrupt and people losing their jobs."

It doesn't appear to be the same for tradies who have been left out
of pocket.

A CreditorWatch report news.com.au has obtained shows that Apex
Homes has had four payment defaults lodged against it since July,
although one was paid.

There are still outstanding debts of AUD19,000, AUD3000 and
AUD160,000, not to mention the ongoing court case.

Some tradies told news.com.au the company was trying to pay back
its debts and that Apex was "really trying".

An Apex Homes spokesperson previously told news.com.au that they
had been struggling to pay debts "since Covid" and that it had been
a "turbulent" and "difficult" three years.


BLOCKCHAIN GLOBAL: ASIC Gets Travel Restraint Order vs Ex-Director
------------------------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
secured interim travel restraint orders against former Blockchain
Global Limited (in liquidation) director Liang Guo, also known as
Allan Guo.

The orders, which amongst other things prevent Mr. Guo from leaving
or attempting to leave Australia until Aug. 20, 2024 or until
further order, were made by the Federal Court after an application
by ASIC.

The orders were made on an ex-parte basis following a hearing on
Feb. 20, 2024.

ASIC is currently investigating Mr Guo and two other directors of
Blockchain Global, Samuel Xue Lee and Zijang (Ryan) Xu, over their
roles in the collapse of a crypto-asset exchange that Blockchain
Global operated. ASIC applied for the travel restraint orders over
concerns that Mr. Guo may leave the country while it continues its
investigation.

As the hearing was held in his absence, Mr Guo has not yet had the
opportunity to respond to ASIC's application or the basis upon
which ASIC claims the orders are necessary.

The matter is next due before court on March 12, 2024.

From around January 2016 until its collapse in around December
2019, Blockchain Global operated a crypto asset exchange known as
the ACX Exchange, which allowed customers to buy, sell and store
crypto assets. On Feb. 11, 2022, Liquidators were appointed to
Blockchain Global. On Nov. 1, 2023, the Liquidators lodged with
ASIC a detailed report to creditors outlining potential breaches of
the Corporations Act 2001 by current and former officeholders of
Blockchain, including Mr. Guo, Mr. Lee and Mr. Xu.

ASIC understands Mr. Lee and Mr. Xu currently reside overseas.


BUNBURY DOLPHIN: Goes Into Voluntary Administration
---------------------------------------------------
RSM Partners and National Directors Recovery and Restructuring,
Greg Dudley, Travis Kukura and Jerome Mohen were appointed as Joint
and Several Voluntary Administrators of the Bunbury Dolphin
Discovery Inc, trading as the Dolphin Discovery Centre ("DDC") as a
result of the DDC's trading performance being impacted by several
factors in recent years.  

Mr. Mohen said in a statement the DDC continues to run a number of
initiatives and programs for the benefit of the community, as it
has done for a number of decades.  

The primary objectives of the DDC, as stated in its constitution,
are:

   * the conservation of marine animals and their environment;
education to the public and schools;

   * research into the well-being of marine animals and their
natural environment;

   * to promote tourism generally in the region and support
destination marketing strategies; and

   * to provide volunteering opportunities; and to develop and
maintain networks with like-minded institutions, organisations, and
individuals.

Mr. Mohen said RSM were advised that the DDC's trading performance
had been affected by several factors including the covid-19
pandemic, increased supply costs, and staffing challenges,
particularly in hospitality.  

"The Management Committee, which has recently been appointed
following the recent resignation of several Board members and the
CEO, have formed the opinion that the DDC may experience
significant cash flow difficulties in the short term future," he
said.  

"And accordingly, the Committee found it necessary to appoint
voluntary administrators to the incorporated association.  

Mr. Mohen said the aquariums in the dolphin interpretive centre and
tour operations were envisaged to remain open during the
administration period, including the upcoming school holidays.  

However, RSM are now in the process of conducting an urgent review
of the incorporated association's operations, including the
hospitality component of the business.   

"It is anticipated that the restaurant offering may be reduced in
the short term," he added.   

"And prior to our appointment, the Board recently made the
difficult decision to not proceed with the Utopia Beach Festival
event, which was scheduled for early March.     

"We understand the value and significance of the DDC to the local
community, especially the numerous locals who continue to volunteer
their time to the association, and we appreciate their and the
community's continued support during the administration, whilst the
necessary changes to funding and operations can be implemented."  

According to ABC News, the Dolphin Discovery Centre, in its latest
financial report, warned the centre was at risk of closure if it
wasn't able to secure additional grant funding and generate
"sufficient cash flow".

The state government contributed AUD13 million towards a major
upgrade in 2019 in a bid to boost tourism on Bunbury's waterfront,
the ABC notes.

Regional Development Minister Don Punch has said that he wouldn't
commit to more funding to keep the centre running.

However, he said he was keen to get a better idea of the issues and
work to have them resolved.

"It's pretty disappointing that this has happened," the ABC quotes
Mr. Punch as saying.  "We've got to get to the bottom of what is
needed to keep the centre functioning into the future. How should
it operate? What would make it financially sustainable?


CRIMSON BOND 2021-1P: S&P Raises Class F Notes Rating to B+ (sf)
----------------------------------------------------------------
S&P Global raised its ratings on five classes of residential
mortgage-backed securities (RMBS) issued by Perpetual Corporate
Trust Ltd. as trustee for Crimson Bond Trust 2021-1P. Crimson Bond
Trust 2021-1P is a securitization of prime residential mortgage
loans originated by BC Securities Pty Ltd.

The raised ratings reflect S&P's view that the transaction has been
performing well. The underlying collateral portfolio predominantly
comprises residential mortgage loans to borrowers who are
nonresidents of Australia. As of Dec. 31, 2023, the portfolio has a
pool factor of 48.5%, with a current weighted-average loan-to-value
ratio of 57.4% and weighted-average seasoning of 39.4 months. There
have been no losses to date.

The credit support available to each class of rated notes, which
has increased significantly since closing, is more than sufficient
to withstand the stresses S&P applies at each respective rating
level. This credit support comprises subordination from junior
classes of notes, excess spread, if any, and should certain
triggers be met, a loss reserve funded by excess spread. The
various mechanisms to support liquidity within the transaction
include an amortizing liquidity reserve and principal draws.

S&P said, "Factors constraining our ratings reflect the unique
features of the portfolio. This includes that the concentration of
borrowers from a single country--China--remains high, at about 70%.
Such concentration exposes the transaction to events or policies
that could disrupt the flow of funds between countries. In our
cash-flow analysis, we applied additional compressed default curves
to simulate a possible concentrated disruption in cash flows to the
trust. Furthermore, compared with typical prime Australian RMBS,
the underlying security property in this portfolio is materially
more concentrated (47.3%) in inner city postcodes, with exposure to
the Melbourne central business district (postcode 3000) in excess
of 25% of the pool. The portfolio has some concentration to the
larger loan sizes, with the 10 largest loans approaching 10% of the
pool. Additionally, while arrears are currently low, we have
observed some volatility in this measure."

  Ratings Raised

  Crimson Bond Trust 2021-1P

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)
  Class D: to BBB+ (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)
  Class F: to B+ (sf) from B (sf)
  Class G: Not rated


FIRSTMAC MORTGAGE 2024-1: S&P Assigns B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the nine
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2024-1.

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

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support for the rated notes is
provided by subordination, excess spread, and lenders' mortgage
insurance (LMI). The credit support provided to the rated notes is
sufficient to cover the assumed losses at the applicable rating
stress. S&P's assessment of credit risk considers Firstmac Ltd.'s
(Firstmac) underwriting standards and approval processes, which are
consistent with industry-wide practices, and the strong servicing
quality of Firstmac, and the support provided by the LMI policies
on 19% of the loan portfolio.

The rated notes can meet timely payment of interest--excluding the
residual interest due on the class C, class D, class E, and class F
notes--and ultimate payment of principal under the rating stresses.
Key rating factors are the level of subordination provided, the LMI
cover, the liquidity reserve, the principal draw function, the
interest-rate swap, and the provision of an extraordinary expense
reserve. S&P's analysis is on the basis that the notes are fully
redeemed by their legal final maturity date, and it does not assume
the notes are called at or beyond the call date.

S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as bank account provider and
Australia and New Zealand Banking Group Ltd. as interest-rate swap
provider. The transaction documents for the facilities include
downgrade language consistent with our counterparty criteria.

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

  Ratings Assigned

  Firstmac Mortgage Funding Trust No.4 Series 2024-1

  Class A-1, A$1,800.00 million: AAA (sf)
  Class A-2, A$80.00 million: AAA (sf)
  Class AB, A$30.00 million: AAA (sf)
  Class B, A$32.80 million: AA (sf)
  Class C, A$25.20 million: A (sf)
  Class D, A$14.60 million: BBB (sf)
  Class E, A$8.20 million: BB (sf)
  Class F, A$4.40 million: B (sf)
  Class G, A$4.80 million: Not rated


KINGMAN GROUP: Second Creditors' Meeting Set for March 5
--------------------------------------------------------
A second meeting of creditors in the proceedings of Kingman Group
Holdings Pty Ltd and Kingman Signs & Graphics Pty Ltd has been set
for March 5, 2024 at 2:00 p.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 1, 2024 at 2:00 p.m.

John Bumbak and Richard Tucker of Korda Mentha were appointed as
administrators of the company on Jan. 29, 2024.


PENINSULA CARPENTERS: First Creditors' Meeting Set for March 5
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Peninsula
Carpenters Pty Ltd will be held on March 5, 2024 at 11:00 a.m. at
the offices of 165 Camberwell Road at Hawthorn East.

Adrian John Warry and Shane Leslie Deane of Dye & Co. were
appointed as administrators of the company on Feb. 22, 2024.


PERKINS BULK: First Creditors' Meeting Set for March 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Perkins Bulk
Haulage Pty Ltd will be held on March 6, 2024 at 10:00 a.m. virtual
via teleconference.

Jarvis Lee Archer of Revive Financial was appointed as
administrator of the company on Feb. 23, 2024.


REFAP PTY: First Creditors' Meeting Set for March 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Refap Pty
Ltd, Refap Industrial Services Pty Ltd, and Bushlolly Enterprises
Pty Ltd will be held on March 5, 2024 at 10:30 a.m. via virtual
meeting.

Robert Michael Kirman and Linda Methven Smith of McGrathNicol were
appointed as administrators of the company on Feb. 21, 2024.


SALENA ESTATE: First Creditors' Meeting Set for March 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Salena
Estate Wines Pty Ltd will be held on March 5, 2024 at 10:00 a.m. at
Tim O'Brien Room, Berri Hotel, Riverview Drive in Berri.

Tim Mableson and Ryan Eagle of KPMG were appointed as
administrators of the company on Feb. 22, 2024.




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B A N G L A D E S H
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SOCIAL ISLAMI: Moody's Affirms 'Caa1' LT Bank Deposit Ratings
-------------------------------------------------------------
Moody's Investors Service has affirmed Social Islami Bank PLC.'s
(SIBP) Caa1 long-term (LT) foreign (FC) and local (LC) currency
bank deposit ratings and its caa2 Baseline Credit Assessment (BCA)
and Adjusted BCA.

Moody's has also affirmed SIBP's B3 LT FC and LC Counterparty Risk
Ratings (CRRs), its B3(cr) LT Counterparty Risk Assessment (CR
Assessment) and its Caa1 LT FC and LC issuer ratings.

In addition, Moody's has affirmed the bank's Not Prime (NP)
short-term (ST) foreign and domestic CRRs, ST FC and LC bank
deposit, ST FC and LC issuer ratings and NP(cr) ST CR Assessment.

At the same time, Moody's has changed SIBP's rating outlook to
stable from negative, where applicable.

RATINGS RATIONALE

The revision in SIBP's outlook to stable reflects Moody's
expectation that the bank's funding and liquidity will remain
stable over the next 12 to 18 months. Depositor confidence is
returning in the bank as reflected by the continued deposit growth
in the June and September 2023 quarters, amid tight liquidity
conditions in Bangladesh. SIBP's foreign currency liquidity has
improved, supported by the strong inflow of remittances from
overseas Bangladeshis. The bank's deposit base has also become more
granular, driven by the increase in retail deposits, which will
reduce the likelihood of large depositor outflows.

Nonetheless, the bank remains vulnerable because of its very weak
liquidity buffers. As of September 30, 2023, liquid assets as a
percentage of total assets was low at 8.2%. In addition, 80% of the
government securities holdings were encumbered as collateral for
borrowings from the central bank to enable the bank meet the
minimum regulatory Cash Reserve and Statutory Liquidity ratios.
This limits SIBP's access to immediate funding that requires
collateral.

The bank's solvency metrics have remained broadly stable over the
past one year. As of December 2023, its nonperforming loans (NPL)
ratio declined moderately to 4.6% from 4.7% a year earlier while
the Common Equity Tier 1 increased to 7.1% from 7.0% over the same
period. For the nine months ended September 30, 2023, the bank's
annualized return on assets was stable at 0.4% compared with that
during the year earlier period.

However, the bank remains susceptible to large defaults because of
its single-borrower concentration and modest provision coverage.
The bank capitalization is weak because of its low profitability,
driven by high funding costs.

SIBP's Caa1 deposit ratings incorporate the bank's caa2 BCA and a
one-notch uplift to reflect Moody's expectation of a moderate level
of support from the Government of Bangladesh (B1 stable) when
needed.

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

WHAT COULD MOVE THE RATINGS UP

Moody's could upgrade SIBP's deposit and issuer ratings if its
standalone credit strength improves. Moody's could raise SIBP's
caa2 BCA if the bank  (1) reduces the usage of central bank funding
for meeting minimum liquidity requirements and (2) improves its
tangible common equity to risk-weighted assets to more than 9% and
its return on tangible assets stabilizes at 0.6% on a sustained
basis.

WHAT COULD MOVE THE RATINGS DOWN

Moody's could lower SIBP's BCA and downgrade long-term ratings if
the bank's funding and liquidity worsen. A spike in the NPL ratio,
leading to a deterioration in capital and profitability will also
be negative for the ratings.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Social Islami Bank PLC. is headquartered in Dhaka and reported
total assets of BDT436 billion as of September 30, 2023.



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C H I N A
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CHINA EVERGRANDE: Founder's Ex-Wife Suit Attempt to Protect Assets
------------------------------------------------------------------
South China Morning Post reports that family members of the founder
of China Evergrande Group may be scrambling to move their money
around to prevent it from being confiscated, a month after the
property giant was ordered to wind up, according to analysts.

The Post relates that Ding Yumei, the ex-wife of Evergrande's
founder, Hui Ka-yan, or Xu Jiayin as he is known in mandarin
Chinese, is suing her second son Peter Xu Tenghe to recover over
HK$1 billion (US$128 million) in loan payments, according to a writ
filed this week at the Hong Kong High Court.

But the case may in fact be an attempt by Ding and Xu to transfer
assets to avoid their confiscation, analysts said.

The former partner of the detained billionaire is asking Xu for the
money, which includes principal and interest, according to the
court filings. The case is not yet scheduled for a hearing, the
Post relays.

"Xu and his father's assets could be confiscated by courts in
mainland China as the two are currently under investigation," the
Post quotes Shen Meng, a director at Beijing-based investment firm
Chanson & Company, as saying.

"As such, the lawsuit by the mother might help Xu to transfer some
of his assets and prevent them from being seized."

Saddled with US$328 billion of liabilities, making it the world's
most indebted developer, Evergrande was ordered by the Hong Kong
High Court to liquidate in January, in the biggest such case seen
in the city.

"Since only limited information was disclosed, it is hard to
determine at this point whether this is an asset transfer in
disguise, or whether [Ding is actually trying to] reclaim her
money," the report quotes Wang Yuchen, director at Beijing Jinsu
Law Firm, as saying.

While there is a possibility that financial disputes actually exist
within the family, a lawsuit could also be used as a method to
avoid paying creditors, or to "make a secondary distribution or
transfer of property," said Wang.

"It is worth noting that Evergrande and Hui's family are getting a
lot of attention at the moment . . . so it's difficult for them to
hide their actions. As for whether Ding could get the money, it
depends on a lot of things, such as whether the court supports it,
and Xu's financial situation," he added.

The matter is unlikely to have an impact on the property market,
according to Kenny Wen, KGI's head of strategy based in Hong Kong.

"[Evergrande] has already defaulted, so the liquidation will only
impact its shareholders and bond holders," Wen said. "[As for the
property sector,] investors fully understand that the sector may
take years to recover, and the market has already reflected those
factors."

According to the Post, Ding and her son's loan agreement was signed
in June 2020, at a time when China Evergrande was raising capital
to fund the expansion of its property services and vehicle
subsidiaries.

Xu was taken into custody last year along with employees at
Evergrande's wealth management arm, which he oversaw. Hui Ka-yan
himself was taken away by the police last September for suspected
economic crimes, the Post notes.

                        About China Evergrande

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

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

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

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

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

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

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

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

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

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.  The court appointed Alvarez & Marsal as
provisional liquidators.

COUNTRY GARDEN: Shares Plunge Following Creditor's Winding-Up Bid
-----------------------------------------------------------------
Yicai Global reports that shares of Country Garden Holdings plunged
despite the struggling Chinese property developer said the
winding-up petition filed by an overseas creditor will not have a
significant impact on the company's operation and house delivery.

The debts cited in the winding-up petition only account for a very
small portion of Country Garden's total overseas interest-bearing
liabilities, the Foshan-based developer told Yicai. The creditor's
aggressive move will not have a significant impact on the company's
normal operation, overseas debt restructuring, and delivery of real
estate projects, it added.

Yicai relates that Kingboard Holdings-backed money lender Ever
Credit on Feb. 27 filed a winding-up petition against Country
Garden to the Hong Kong High Court, as the builder failed to pay
term loans and interests worth about HKD1.6 billion (USD204.4
million). The case's first hearing will be held on May 17.

According to Yicai, Country Garden is firmly against the move from
Ever Credit, the company said in a statement on Feb. 27, adding
that all stock transactions and asset disposal that will happen
after the winding-up petition was filed will be void if the court
rules in favor of the liquidation.

Last October, Country Garden announced it defaulted on debts. Its
interest-bearing debts totaled CNY257.9 billion (USD35.8 billion),
and its overall cash balance neared CNY130.6 billion as of June 30,
last year, Yicai discloses citing the firm's latest semiannual
earnings report.

Country Garden had 17 overseas bonds, 15 of which were US
dollar-denominated ones, with a total unpaid sum of USD9.9 billion
as of the end of October, according to previous media reports,
Yicai relays. The company had two ordinary convertible bonds traded
on the Singapore Exchange, with an unpaid value of HKD6.9 billion
(USD881.7 million).

After announcing the completion of arrangements to roll over nine
corporate bonds in the Chinese mainland, Country Garden said on
Jan. 16 that it was formulating an overall solution for its
overseas debts.

                        About Country Garden

Country Garden Services Holdings Co Ltd (HKE:6098) is 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.



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

A. B. KANISHA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A. B. Kanisha
Timbers (ABKT) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           1.25        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Letter of Credit      4.25        CRISIL A4 (Issuer Not
                                     Cooperating)

   Proposed Long Term    1.29        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with ABKT for
obtaining information through letter and email dated January 5,
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 ABKT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABKT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABKT continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

ABKT was set up in 2009 as a proprietorship firm by Mr. M.Britto.
The company is engaged in trading of wood logs.

ANAND PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand
Projects & Engineering Consultancy Private Limited (APECL) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             4         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit        1         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           0.5       CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with APECL for
obtaining information through letter and email dated January 5,
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 APECL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on APECL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
APECL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

APECL, incorporated in 2011, is promoted by Mr. Hemant Jawade and
his family. The company engaged in operation and maintenance of
heavy equipment's of open cast and underground mines, skilled
manpower supply, erection and commissioning of HT/LT lines for
MSEDCL in Vidharbha region.


ANAND TECHNOMARKETING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand
Technomarketing Private Limited (ATPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       0.65       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2.8        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with ATPL for
obtaining information through letter and email dated January 5,
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 ATPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ATPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ATPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ATPL, incorporated in 2010 and based in Nagpur, is promoted by Mr.
Hemant Jawade and his family members. The company trades in
engineering goods such as special slurry pumps, motors, gear boxes,
and variable frequency drives, and Sandvik's surface drill machine
and crushers. The company set up a showroom for luxury passenger
vehicles of Jaguar and Land Rover in October 2017


ARMAAX AUTO: CRISIL Keeps D Ratings in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Armaax Auto
Private Limited (AAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term     1.36      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.84      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        4.15      CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

   Working Capital        2.65      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with AAPL for
obtaining information through letter and email dated January 5,
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 AAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AAPL continues to be 'CRISIL D Issuer Not Cooperating'.

AAPL manufactures tractor components, primary for Mahindra and
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established in by Mr. R S Kamble in Mumbai.


AVINASH DODA: CRISIL Keeps D Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Avinash Doda
(AD) continues to be 'CRISIL D Issuer Not Cooperating'.

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

CRISIL Ratings has been consistently following up with AD for
obtaining information through letter and email dated January 5,
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 AD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AD is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AD
continues to be 'CRISIL D Issuer Not Cooperating'.

Set-up in 2009, AD is a proprietorship concern of Mr. Avinash Doda.
The firm trades in, both wholesale and retail, Indian-made foreign
liquor and beer, in Punjab. It has 'L2' license for 47 retail
liquor shops and the requisite 'L1' license for wholesale vending
liquor in the state.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           2.5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    3.27        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             2.9         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       0.9         CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

   Working Capital       3.43        CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with Axleo for
obtaining information through letter and email dated January 5,
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 Axleo, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Axleo
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Axleo continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings had earlier combined the
business and financial risk profiles of Armaax Auto Pvt Ltd,
Maharashtra Engineering, and Axleo, as the entities were managed by
the same promoters, had common suppliers and customers, and had
cash flow fungibility. While the shareholding in the entities
remains the same, they now have limited cash flow fungibility.
Hence, CRISIL has now considered each entity's standalone business
and financial risk profile to arrive at the rating.

Axleo manufactures tractor components, primary for Mahindra &
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established by Mr. R S Kamble in Mumbai.


BELGIUM ALUMINIUM: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Belgium
Aluminium and Glass Industries Private Limited (BAGIPL) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         8          CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         9          CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee        45          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           12.7        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           13          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       6          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      18.97       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      20          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BAGIPL for
obtaining information through letter and email dated January 5,
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 BAGIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
BAGIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of BAGIPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

BAGIPL, established in 2007, is engaged in facade engineering - it
designs, fabricates, and installs aluminium and glazed structures.
The company started operations in February 2012. It is promoted by
Dr. J R Gangaramani, who co-founded UAE-based Al Fara'a group,
which has an established position in the infrastructure industry.
BAGIPL's registered office is in Mumbai and manufacturing units are
at Rabale in Maharashtra, and in Gurgaon.


GINNI INDUSTRIES: CRISIL Lowers Rating on INR8cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Ginni Industries (GI; part of the Ginni group) to
'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Drop Line              7          CRISIL D (Downgraded from
   Overdraft Facility                'CRISIL B+/Stable')

   Proposed Fund-         1.5        CRISIL D (Downgraded from
   Based Bank Limits                 'CRISIL B+/Stable')

The rating reflects delays in servicing debt obligation on account
of weak liquidity and weak financial risk profile. These weaknesses
are partially offset by the extensive experience of the partners in
the liquefied petroleum gas (LPG) cylinder manufacturing industry
and the reputed clientele

Analytical Approach

CRISIL Ratings has consolidated the business and financial risk
profiles of GI with Hemkund Energy Pvt Ltd (HEPL) and Hemkund Gases
(HG) to arrive at the derived ratings. The consolidation,
collectively referred to as the Ginni group, has been done basis
the common management and presence in the same line of business,
along with operational and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: There have been
irregularities in debt servicing by GI on its repayment
obligations. The track record of timely servicing of debt will
remain key rating sensitive factor.

* Weak financial risk profile: Capital structure remains
constrained by high gearing over 6 times and total outside
liabilities to tangible networth ratio of 8.7 times, estimated as
on March 2023 and is expected to remain at similar level as on
March 31, 2024. Debt protection metrics have weakened due to low
accruals. Improvement in interest cover and other debt protection
metrics would be closely monitored going forward.

Strengths:

* Extensive experience of the promoters: The two-decade-long
experience of the promoters in the LPG cylinder manufacturing and
distribution industry, their thorough understanding of the market
dynamics and healthy relationships with suppliers and customers
will continue to support the business risk profile. On the back of
such extensive experience, the group has been able to establish its
presence as a parallel LPG marketer under its own brand 'Hemkund',
and slowly increasing its foothold in eastern India, especially in
the commercial cylinder segment.

* Reputed clientele: The group has built longstanding relationships
with all major oil marketing companies. These clients have been key
factors behind the stable scale of operations in the past and
should remain key revenue driver going forward as well.

Liquidity: Poor

Liquidity is poor as reflected in irregularities in debt servicing
by the group

Rating Sensitivity factors

Upward factors:

* Timely repayment of debt obligations continuously for atleast 90
days.
* Significant improvement in liquidity on back of substantial
improvement in operating performance, restructuring of debt or
infusion of equity

About the Group

Established in 1993, the Ginni group was formed by starting GI,
which manufactures LPG cylinders. The firm is managed, owned and
promoted by Mr. Santosh Kaur and Mr. Zorawar Singh.

HEPL was incorporated in 2011 and started commercial operations in
2018. It manufactures and repairs LPG cylinders. The manufacturing
facility is in 24 Parganas, Kolkata. Mr. Surjeet Singh and Mr.
Zorawar Singh are the promoters of the company.

HG was established as partnership firm and is engaged in gas
filling and distribution of LPG in cylinders for domestic,
commercial and industrial purposes across different segments; under
its own brand 'Hemkund'.


HEMKUND ENERGY: CRISIL Cuts Rating on INR11.5cr Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Hemkund Energy Private Limited (HEPL; part of the
Ginni group) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.5        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan              2          CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')
   Working Capital
   Term Loan              2.7        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating reflects delays in servicing debt obligation on account
of weak liquidity and weak financial risk profile. These weaknesses
are partially offset by the extensive experience of the partners in
the liquefied petroleum gas (LPG) cylinder manufacturing industry
and the reputed clientele.

Analytical Approach

CRISIL Ratings has consolidated the business and financial risk
profiles of HEPL with Ginni Industries (GI) and Hemkund Gases (HG),
collectively referred to as the Ginni group, to arrive at the
rating. The consolidation has been done because these companies
have common management and are in the same line of business with
definite operational and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: There have been
irregularities in debt servicing by HEPL on its term debt and cash
credit loans. The track record of timely servicing of debt will
remain key rating sensitive factor.

* Weak financial risk profile: Capital structure remains
constrained by high gearing over 6 times and total outside
liabilities to tangible networth ratio of 8.7 times, estimated as
on March 2023 and is expected to remain at similar level as on
March 31, 2024. Debt protection metrics have weakened due to low
accruals. Improvement in interest cover and other debt protection
metrics would be closely monitored going forward.

Strengths:

* Extensive experience of the promoters: The two-decade-long
experience of the promoters in the LPG cylinder manufacturing and
distribution industry, their thorough understanding of the market
dynamics and healthy relationships with suppliers and customers
will continue to support the business risk profile. On the back of
such extensive experience, the group has been able to establish its
presence as a parallel LPG marketer under its own brand 'Hemkund',
and slowly increasing its foothold in eastern India, especially in
the commercial cylinder segment.

* Reputed clientele: The group has built longstanding relationships
with all major oil marketing companies. These clients have been key
factors behind the stable scale of operations in the past and
should remain key revenue driver going forward as well.

Liquidity: Poor

Liquidity is poor as reflected in irregularities in debt servicing
by the group

Rating Sensitivity factors

Upward factors:

* Timely repayment of debt obligations continuously for atleast 90
days.
* Significant improvement in liquidity on back of substantial
improvement in operating performance, restructuring of debt or
infusion of equity

                          About the Group

Established in 1993, the Ginni group was formed by starting GI,
which manufactures LPG cylinders. The firm is managed, owned and
promoted by Mr. Santosh Kaur and Mr. Zorawar Singh.

HEPL was incorporated in 2011 and started commercial operations in
2018. It manufactures and repairs LPG cylinders. The manufacturing
facility is in 24 Parganas, Kolkata. Mr. Surjeet Singh and Mr.
Zorawar Singh are the promoters of the company.

HG was established as partnership firm and is engaged in gas
filling and distribution of LPG in cylinders for domestic,
commercial and industrial purposes across different segments; under
its own brand 'Hemkund'.


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

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.88        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             1.12        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KCS for
obtaining information through letter and email dated January 5,
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 KCS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCS continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KCS was set up in 1971 by Mr. Kishore Chandra Sahu as a
proprietorship firm, and reconstituted as a private limited company
in 1991. Based in Rourkela (Odisha), KCS undertakes turnkey
projects involving supplying, fabricating, and erecting electrical
and mechanical components, and also civil construction.


MAIHAR ALLOYS: CARE Lowers Rating on INR9.0cr LT Loan to B
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Maihar Alloys Private Limited (MAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated December 27,
2022, placed the rating(s) of MAPL under the 'issuer
non-cooperating' category as MAPL 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. MAPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 12, 2023, November 22, 2023, December
2, 2023.

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

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

The ratings assigned to the bank facilities of MAPL have been
revised on account of non-availability of requisite information.

Incorporated in May 2004, Maihar Alloys Pvt. Ltd. (MAPL) was
promoted by the two brothers, Mr. Dhananjay Kumar and Mr. Pawanjay
Kumar based out of Jharkhand. Since April 2005, the company was
engaged in manufacturing of mild steel (MS) ingots. However, from
November 2018, the company has discontinued the ingots
manufacturing and has started manufacturing of mild steel billets.
The manufacturing facility of the company is located at Rauta in
Ramgarh, Jharkhand with an aggregate installed capacity of 80,000
metric tons per annum. The manufacturing facility of the company
has ISO: 9001:2008 certified which helps in the wide acceptance of
its products in the market. The company has not availed any
moratorium from its lender that could be availed as per RBI
circular. Moreover, it has availed Covid relief loan of INR1.78
crore from its lender.


N.V. KHAROTE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of N.V.
Kharote Constructions Private Limited (NKCPL) continue to remain in
the 'Issuer Not Cooperating' category.

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

   Short Term Bank      7.83       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 4,
2023, placed the rating(s) of NKCPL under the 'issuer
non-cooperating' category as NKCPL 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. NKCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 20, 2023, November
30, 2023, December 10, 2023.

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

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

Pune (Maharashtra) based NVKCPL, incorporated in 1997 was promoted
by Mr. Ratnakar Narhar Kharote and Mr. Sanjay Narhar Kharote. The
company is engaged in construction of canals and other irrigation
projects for various government departments like Water Resources
Department and Municipal Corporations. NVKCPL is a registered
government contractor {Class- I-A (Without Limit)} with Public
Works Department.


NAVA PADMINI: CARE Assigns B+ Rating to INR20cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Nava
Padmini Spices, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           20.00      CARE B+; Stable Assigned

Rationale and key rating drivers

The ratings assigned to the bank facilities of Nava Padmini Spices
are constrained by moderate operational performance with thin
profitability margins, leveraged capital structure on account of
working capital-intensive nature of operations, constitution as a
proprietorship firm, commodity price risk, forex fluctuations and
counterparty risk, susceptibility of profit margins to volatility
in cost of raw materials induced by climatic and environmental
factors and presence in highly competitive industry. However, the
weaknesses are offset by comfort from experienced and resourceful
promoter, increase in scale of operations for past 2 years ended
FY23 (Audited) [FY refers to the period April 1 to March 31] and
10MFY24 (Unaudited), favourable location of operations, established
relationship with customers and suppliers and presence across
geographies, comfortable operating cycle, and stable industry
outlook.

Rating sensitivities: Factors likely to lead to rating actions.

Positive factors

* Growth in scale of operations to above INR150 crore while
maintaining PBILDT margin of more than 2% and above.

* Improvement in gearing to below 2.50x

Negative factors

* Decline in scale of operations to below INR70.00 crore in further
years.

* Elongation in operating cycle more than 90 days

Analytical approach: Standalone

Outlook: Stable: The 'Stable' outlook on the ratings of Nava
Padmini Spices reflects expectation to sustain its stable financial
risk profile and maintaining sustained profit margins.

Detailed description of the key rating drivers:

Key Weaknesses

* Exposure to price volatility and seasonality of raw materials:
The firm is into the processing of chillies which are the primary
raw material. The profitability is vulnerable to fluctuations in
raw material prices due to the commoditized nature of the business
and the limited level of value addition. Furthermore, the
agro-based commodities are seasonal and are available readily only
for a few months in a year requiring adequate stocking levels of
raw materials. The agro raw materials as required by the firm are
commodities and their prices are linked to the demand-supply
scenario, which in turn depends upon other external factors like
rainfall and international prices, thereby exposing the firm
profitability to changes in raw material prices.

* Presence in a highly fragmented and competitive agro-commodity
industry: Nava Padmini operates in a competitive and highly
fragmented agro-commodity industry which has a presence of large
number of small and medium scale players. Further, the overall
value addition in the trading industry is very low which translates
into thin profitability. For its exports, Nava
Padmini also faces intense competition from large established
players in the industry (which contributes majority of its
turnover), who have global sourcing and customer base.

* Concentration of Customers risk: Nava Padmini is having 95% of
the revenue generated by just two international companies which
signifies a high level of dependency on those clients. Any changes
in these customers' purchasing behaviours, such as a shift to
competitors or changes in their own financial health, could
significantly impact the company's revenue stream.

* Moderate scale of operations albeit decline in FY23 TOI and thin
profitability margins: The scale of operations of the firm has
increased from INR24.34 crore in FY20 to INR96.83 crore in FY22.
However, there has been moderation in TOI in FY23 on account of low
harvest of crops due to insufficient rains. The net worth bases of
the firm improved but remains small at INR2.05 crore as on March
31, 2023, as against INR1.53 crore as on March 31, 2022. The
profitability margins of the firm continue to be thin given the low
value addition nature of the operation. Operating margin decreased
to 0.84% in FY23 as against 1.09% in FY22. During the 10MFY24, the
firm reported increase in net revenue to INR130.19 crore and is
projected to further report approximately in the next 2 months
INR5-7 crore resulting in revenue of ~Rs.137-140crore for FY24. The
PBILDT stood at INR1.86 crore (1.42% of TOI). Increase in financial
profile of the firm is led by significant increase in export of red
chillis from January 2023.

* Leveraged capital structure and weak debt coverage indicators:
The overall gearing ratio of the firm though improved from 4.97x as
on March 31, 2022, to 3.80x as on March 31, 2023, on account of
improved net worth vis-à-vis decreased working capital borrowings,
continues to remain on a higher side. The debt profile of the firm
consists of secured and unsecured loans. The interest coverage
ratio also deteriorated from 7.5x in FY22 to 2.03x in FY23 on
account of the stable PBILDT level but an increase in interest
expenses. As of January 31, 2024, the overall gearing further
improved to 2.86x led by improved net worth base and lower
borrowings. Borrowings as of Jan 31, 2024, consists majorly of
unsecured loans from partners to fund the incremental working
capital needs in line with increase in scale of operations.

* Constitution of the entity being a partnership firm: Nava Padmini
Spices being a proprietorship firm has the inherent risk of
possibility of withdrawal of the partners' capital by the partners
at the time of personal contingency and the firm being dissolved
upon the death/retirement/insolvency of partners. Moreover, firms
have restricted access to external borrowings as credit worthiness
of the partners being the key factors affecting credit decision for
the lenders.

Key strengths

* Experienced management with long track record in the trading of
agri-commodities: Nava Padmini Spices was incorporated by Nagaraju
Dongari having more than two decades of experience in agriculture
w.r.t to procurements, processing, and supply chain. He overlooks
the day-to-day operations. By virtue of being in the trading nature
of operations for considerable period of about two decades, he has
developed strong business relation with suppliers and buyers.

* Comfortable operating cycle: The operating cycle of the firm
stood comfortable at 47 days during FY23 (31 days during FY22). The
firms' raw materials are predominantly agro commodities which are
seasonal in nature and are available readily only for a few months
in a year requiring adequate stocking levels of raw materials due
to which it had 55 Inventory days, the firm extends
credit period ranges from 0-30 days to its clientele leading to
average collection of 27 days. The firm procured raw materials from
traders located in Punjab, New Delhi, Andhra Pradesh, Rajasthan,
Karnataka, Telangana etc., which offers credit period ranging from
15-45 days.

* Capital infusion by promoter: The promoters have been infusing
funds to support the increasing scale of operations in the past.
Further, in current fiscal, as of Jan 31, 2024, total unsecured
loans outstanding stood at INR3.22 crore. There has been a fresh
infusion of INR3 crore in current fiscal for further growth and
expansion as per requirement.

* Stable Industry Outlook: Asia-Pacific dominates the market, as
India is the world's largest producer, consumer, and exporter of
dry chillies. India's top importers are China, the United States,
Thailand, Sri Lanka, and Indonesia. Andhra Pradesh is the primary
producer of chillies in the country, followed by Karnataka,
Rajasthan, and Gujarat. Chillies are grown for various uses,
including vegetables, spices, condiments, sauces, and pickles. The
dry chillies market is expected to register a CAGR of 5.5% during
the forecast period. Among other major producers, India is the
world's top producer and consumer of chilli. It accounts for 36% of
global production and continues to lead in international trade,
exporting approximately 30% of its overall output. The demand for
the world-famous Sannam S4 dry red chillies is very high worldwide.
It is grown in the states of Andhra Pradesh, Rajasthan,
Maharashtra, Assam, and Madhya Pradesh. Therefore, increasing the
demand for cuisine and restaurant foods and consumer demand for
flavoured foods will raise the growth of the dry chilli market,
which will be anticipated to grow in the coming years.

Liquidity analysis: Stretched.

The liquidity profile of the firm is stretched marked by low
profits. The current ratio of the firm remained above unity at
1.78x as on March 31, 2023. The cash and bank balances stood at
INR1.11 crore as on March 31, 2023. Also, the GCA of the firm stood
at INR0.58 crore as on March 31, 2023. With increasing need of
working capital, the firm may increase the utilizations of working
capital limits which will have an impact on liquidity profile of
the firm.

Telangana-based Nava Padmini Spices was established in the year
2019 and promoted by Mr. Nagaraju Dongari. The firm is engaged in
the processing (stem cut) and trading of chillies. The procurement
of chillies is from the local farmers. The company generates
revenue majorly from exports (64%), 40% of the domestic sales is
generated from Sidhhartha Corporation Private Limited in the FY23.
However, in 10MFY24, the firm has focused solely on exports with
100% revenue being generated from exporting to China.


ONEUP MOTORS: CRISIL Lowers Rating on INR14cr e-DFS to D
--------------------------------------------------------
CRISIL Ratings has revised the ratings on certain bank facilities
of Oneup Motors India Private Limited (OMIPL), as:

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Electronic Dealer      14         CRISIL D (ISSUER NOT
   Financing Scheme                  COOPERATING; Downgraded from
   (e-DFS)                           'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Inventory Funding       6         CRISIL D (ISSUER NOT
   Facility                          COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Inventory Funding       1.25      CRISIL D (ISSUER NOT
   Facility                          COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Inventory      0.25      CRISIL D (ISSUER NOT
   Funding                           COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with OMIPL for
obtaining information through letter and email dated February 20,
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 OMIPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OMIPL
is consistent with 'Assessing Information Adequacy Risk'.

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

Incorporated in 2006, Oneup deals in MSIL vehicles; it has 2
showroom-cum-service centre and 3 service centre in Lucknow (Uttar
Pradesh).


PRESIDENCY EXPORTS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Presidency
Exports and Industries Limited (PEIL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           13          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              4          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PEIL for
obtaining information through letter and email dated January 5,
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 PEIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PEIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PEIL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1919 and based in Kolkata, PEIL provides
warehousing and is engaged in the lease rental business.


RAC PAPERS: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RAC Papers
Limited (RPL) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.30       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.33       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 January 9,
2023, placed the rating(s) of RPL under the 'issuer
non-cooperating' category as RPL 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. RPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated November 25, 2023, December 5, 2023, December
15, 2023.

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

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

Delhi based, RAC Paper Limited [RPL] (Formerly known as Nav Bharat
Duplex Limited) was established in 1985, promoted by Mr. Dayanand
Gupta and Mr. Raj Bala Gupta. The company is engaged into
manufacturing of Kraft paper, newsprint paper, duplex board etc.
The company has its manufacturing unit at Hapur, Ghaziabad.


RAMKA SILK: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ramka Silk
House Private Limited (RSHPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Packing Credit        14.5        CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit        10.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RSHPL for
obtaining information through letter and email dated January 5,
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 RSHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSHPL continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2002, RSHPL, promoted by Mr. Sharad Rochlaney and
Mr. Kiran Rochlaney, manufactures and exports embroidered fabric
and garments. The company procures fabric or yarn depending upon
requirement, provides the designs, and gets the processing and
embroidery done on a jobwork basis.


S.S. ENTERPRISES: CRISIL Lowers Long/Short Term Rating to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
S.S. Enterprises Electricals (SSEE) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' owing to delay in debt servicing

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating      -          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with SSEE for
obtaining information through letters and email dated 20-Feb-2024
and 13-Dec-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 SSEE, which restricts CRISIL
Ratings ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSEE
is consistent with Assessing Information Adequacy Risk.

SSEE, is a proprietorship firm, Tamil Nadu based company, is
involved in Electrical works and contracts. Firm is managed by Mr.
Selvaraj and his wife Amudha.


SANKALP SIDDHI: NCLT Orders Insolvency Proceedings vs. Developer
----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has ordered initiation of corporate insolvency resolution
process against real estate special purpose vehicle (SPV) Sankalp
Siddhi Developers.

According to ET, the company's operational creditor, Lekha
Enterprises, filed an insolvency petition following the default in
its payments against services rendered under a work contract
awarded by the company in June 2022.

The SPV was promoted by Ahuja Hive, now known as Hive Carbon-Zero
Developers, for the development of a project in Mumbai's Jogeshwari
suburb, and has been controlled and managed by Chinese group Fosun
since 2022.


SARVODYA HOSPITAL: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sarvodya
Hospital (SH) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               19        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SH for
obtaining information through letter and email dated January 5,
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 SH, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SH is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SH
continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2011, SH is a 110-bed multispecialty hospital at
Jalandhar, with departments such as general medicine, cardiology,
neurology, nephrology, gastroenterology, urology, and so on.


SCV SKY: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SCV SKY
Vision (SCV) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SCV for
obtaining information through letter and email dated January 5,
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 SCV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SCV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SCV continues to be 'CRISIL D Issuer Not Cooperating'.

SCV, established in 1980, is a Multi system operator (MSO) of
television channels in Chitoor district. SCV's operations are
managed by Mr. Chenchu krishnama Naidu, Managing partner.


SG ACADEMIC: CARE Lowers Rating on INR39.0cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SG Academic Establishments Private Limited (hereinafter referred to
as SGAEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           39.00      CARE D Revised from CARE B-;
                                   Stable

Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of
SGAEPL takes into consideration the delays in debt servicing
obligations of the company owing to poor liquidity position. There
were multiple instances of delays in servicing term debt interest
and principal obligations.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely track record of debt servicing obligations of more than 90
days and improvement in liquidity position
* Infusion of funds by promoters to improve the liquidity position
of the company.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers:

Key weaknesses

* Delay in debt servicing: There have been multiple instances of
delay in servicing of term loan payments (including interest
and principal) in the recent past. Furthermore, there were
instances of penal charges being levied in the bank statements
owing to such delays in repayments.

Key strengths

* Presence of long-term sub-lease agreement: SGAEPL had taken a
plot on lease for a period of 94 years and 9 months.

SGAEPL, in 2018, had developed a school building, along with other
amenities over the plot and sub-let it to Gems Education Society,
Kerala (group entity) for the purpose of opening and operating a
school for a period of 30 years from the date of execution of lease
deed i.e. August 06th 2018. The sub-lease shall be renewable twice
for 30 years each, extending adequate revenue visibility.

Liquidity: Poor

The company has poor liquidity position marked by delays in payment
of interest and instalments due for term loan. Further, the company
is expected to generate the lease rental of INR7.50 cr in FY24
against debt repayment obligation of INR12.0 cr (including
interest).

SG Academic Establishments Private Limited (SGAEPL) was
incorporated in the year 2014 and is promoted by Varkey (One)
Investments Limited (VOIL). SGAEPL had taken a plot on lease for a
period of 94 years and 9 months. SGAEPL, in 2018, had developed a
school building and sub-let it to Gems Education Society, Kerala
(group entity) for a period of 30 years from the date of execution
of lease deed i.e. August 2018. The sub-lease shall be renewable
twice for 30 years each.

VAMSADHARA GINNING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vamsadhara
Ginning and Pressing Industries (VGPI) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            12         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          2.69      CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      2.31      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VGPI for
obtaining information through letter and email dated January 5,
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 VGPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VGPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VGPI continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2017, VGPI is into ginning of cotton. The firm,
located in Guntur (Andhra Pradesh), commenced commercial operation
in February 2017 and fiscal 2018 is the first full year of
operations. Operations are managed by Mr. Sontineni Venkateswara
Rao.


VAMSADHARA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vamsadhara
Rice Industries (VRI) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term     2          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VRI for
obtaining information through letter and email dated January 5,
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 VRI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VRI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VRI continues to be 'CRISIL D Issuer Not Cooperating'.

VRI was started in 2006 as a partnership firm. It is engaged in
milling and processing of paddy into rice, rice bran and broken
rice. It is managed by partners Mr. Venkateshwara Rao and his
family members. Its processing facilities are located in Janapadu,
Andhra, and has an installed capacity to process about 4 tonnes per
hour (tph).


VEDIKA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vedika Agro
Industries (VAI) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan         3.75       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working       1.25       CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with VAI for
obtaining information through letter and email dated January 5,
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 VAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VAI continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2011, VAI, a proprietorship concern of Mr. Uday Jankar,
processes chana to chana dal and then to besan. It facility at
Ambegaon, Maharashtra, has a capacity of 15 tonne per day.


VENKATASAI SOLVENT: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Venkatasai
Solvent India Private Limited (VSIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Long Term Loan         1.41       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.59       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with VSIPL for
obtaining information through letter and email dated January 5,
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 VSIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSIPL continues to be 'CRISIL D Issuer Not Cooperating'.

Established as a private limited company in April, 2012, VSIPL is
engaged in extraction of edible rice bran oil (RBO) and de-oiled
rice bran (DORB) cake. The company has its manufacturing facility
located in Nalgonda district of Telangana. The company is promoted
and managed by Mr.Vinjam Sridhar.


VINDHYA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vindhya
Cereals Private Limited (VCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           32          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1.62       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              4.38       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with VCPL for
obtaining information through letter and email dated January 5,
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 VCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VCPL continues to be 'CRISIL D Issuer Not Cooperating'.

VCPL, established in 2009 by Mr. Kamlesh Kumar Argal, mills and
processes basmati rice. The manufacturing facility is at
Obedullaganj in Raisen, Madhya Pradesh.





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

TEPCO HOLDINGS: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
---------------------------------------------------------------
S&P Global Ratings has revised up to stable from negative its
outlook on the long-term issuer credit rating on Tokyo Electric
Power Co. Holdings Inc. (Tepco Holdings). S&P also affirmed its
'BB+' long-term issuer credit and senior secured ratings on the
company.

S&P said, "We revised the outlook because we see a stronger
likelihood of the group's performance and cash flow generation
remaining commensurate with our ratings on the company in the next
one to two years. Both have recovered materially. The outlook
revision also reflects our view that ongoing benefits from
regulated operations and likely extraordinary support from the
government in times of need will continue to underpin the group's
creditworthiness."

S&P estimates that the group's consolidated ordinary profit will
exceed JPY400 billion in fiscal 2023 (ending March 31, 2024), and
JPY200 billion in fiscal 2024 and 2025, recovering from an about
JPY285 billion ordinary loss in fiscal 2022. These estimates exceed
JPY200 billion, the threshold that we consider commensurate with
the current rating. The group is now able to pass on a large part
of higher fuel price costs to customers. This is because
electricity rate hikes in 2023 coincided with a lift in the maximum
limit in the prices of fuels such as liquid natural gas (LNG) and
coal that the group was permitted to pass on to customers. In
addition, the group narrowed the differences between its actual
fuel mix and that used for rate calculations. This has mitigated
the impact of fluctuations of fossil fuel prices and electricity
wholesale prices on company performance. Given these factors, S&P
expects group profit to remain stable. Its monopoly on power
transmission and distribution under regulation will also support
stability of earnings for the entire group, in its view.

S&P said, "We believe, however, it will take a long time for
profitability to stabilize, given no reactors at Kashiwazaki-Kariwa
nuclear power plant have restarted operations. We estimate that
restarts of the reactors would improve the profit/loss balance by
over JPY100 billion per reactor annually. In addition, group
performance may be weakened due to a resurgence in competition from
entrants to the electricity retail market since deregulation in
2016.

"We think Tepco Holdings' financial soundness is unlikely to
swiftly improve substantially unless its performance improves
further. The group's ordinary profit is likely to remain well below
JPY300 billion in the next couple of years. It targets this figure
by the mid-2020's under its Revised Comprehensive Special Business
Plan. We assume the Kashiwazaki-Kariwa plant will not restart in
our base case scenario. We also anticipate the group's free
operating cash flow (FOCF) will remain negative, as capital
expenditures will likely remain high at JPY800 billion-JPY900
billion annually in the next two to three years. The company is
renewing power transmission and distribution networks and investing
in decarbonization.

"We expect the high likelihood of the extraordinary support from
the government to continue to underpin the group's
creditworthiness. The issuer credit rating on Tepco Holdings
incorporates three notches of uplift from our stand alone credit
profile on Tepco Holdings, reflecting stronger prospects of
extraordinary support from the government. The government has
consistently supported the Tepco Holdings group since taking a
majority stake in the company in July 2012 through the
state-instituted Nuclear Damage Compensation and Decommissioning
Facilitation Corp. Support has taken the form of managerial
involvement and financial assistance for the cleanup at the
Fukushima plant and related compensation costs. Tepco Holdings has
incurred debt of more than JPY16 trillion relating to the Fukushima
No. 1 nuclear power plant. The government has paid the amount on a
temporary basis for the company. Although expenses for compensation
and decommissioning may increase further, we do not think the
government will change its stance on supporting the group.

"The stable outlook reflects our expectations that the group's
ordinary profit can exceed JPY200 billion in the next one to two
years. The outlook also incorporates our view that the group's
creditworthiness will continue to be supported by its benefit from
regulations and high likelihood of the government extraordinary
support."

S&P will consider a downgrade if it sees a heightened likelihood of
either of the following scenarios:

-- The group's ordinary profit being markedly below JPY200 billion
because of a continuous deficit in its electricity retail sales
operations;

-- The group's funding becoming unstable because it is unable to
issue public bonds as planned, even when offering higher yields, or
if we see a heightened likelihood of it being unable to extend its
bank loan repayment schedules; or

-- Support from the government weakening.

Conversely, S&P may consider an upgrade if it sees increased
stability in the group's profits and cash flow owing to a
heightened likelihood of both of the following scenarios:

-- The group's ordinary profit remaining steady above JPY300
billion because it restarts the Kashiwazaki-Kariwa plant, and
profitability in the electricity retail business stabilizes; and

-- Continued support from the government and creditor financial
institutions based on its Comprehensive Special Business Plan that
has been revised regularly.

S&P said, "Environmental factors are a very negative consideration
in our credit rating analysis of Tepco Holdings. The Fukushima No.
1 nuclear power plant accident in 2011 has caused unprecedented
environmental concerns across Japan, and the burden on the company
itself is immense. Even though the company has dramatically changed
its management and business operations, we think it will carry the
burden for a long time. The company continues to bear a colossal
financial burden from compensation to Fukushima locals, who
suffered from the meltdowns. The company's mission to remove
radioactive contaminants and to compensate damage is also critical
to the Japanese government, which aims for the recovery and
revitalization of Fukushima.

"We evaluate the group's management and governance as moderately
negative, reflecting the massive off-balance debt and litigation
risk relating to the Fukushima accident. We also observe the
group's weakness in its risk management and internal controls, as
Japan's Nuclear Regulation Authority banned the operation of the
Kashiwazaki-Kariwa nuclear power plant after it detected flaws in
its safeguards against terrorism. The ban was lifted in 2023, but
the plant remains offline and we view a restart as unlikely over
the next one to two years."




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

BATH AND TILE: Court to Hear Wind-Up Petition on March 1
--------------------------------------------------------
A petition to wind up the operations of Bath and Tile Limited will
be heard before the High Court at Auckland on March 1, 2024, at
10:00 a.m.

Freight Direct (NZ) Limited filed the petition against the company
on Nov. 22, 2023.

The Petitioner's solicitor is:

          Pratibha Raj
          C/- Sabera Accounting & Taxation Limited
          41 Middlefield Drive
          East Tamaki Heights
          Auckland


CARLIN HOTEL: Carlin Boutique Hotel Placed Into Receivership
------------------------------------------------------------
Stuff.co.nz reports that the company that owns and operates the
boutique Carlin Boutique Hotel in Queenstown is in receivership,
following the death of founder Kevin Carlin.

BDO Christchurch has confirmed that Carlin Hotel Property
Management Limited and Queenstown Views Villas Limited were placed
in receivership on Feb. 26, Stuff relates.

Carlin Hotel Property Management Ltd operates The Carlin Boutique
Hotel Queenstown.

Pablo (Aust) Pty Limited, which holds security over the land,
buildings, and business of the companies, appointed the receivers.

Stuff says Kevin Carlin, a United States emigrant who made
Queenstown his home, died aged 69, in December. It is believed he
died of natural causes.

The NZD30 million hotel was his retirement project, which he
completed in 2022, describing it as "beyond five-star".

In a statement, the receivers said the hotel would continue to
trade as normal, according to Stuff.

"Guests can expect no disruption to their stay, while staff,
suppliers, contractors, and service providers will continue to be
paid as normal for all authorised post receivership goods and
services supplied."

They would likely seek buyers for the companies and/or their
assets, they said.

They anticipated releasing a first receivers' report on or before
May 3, adds Stuff.

Mr. Carlin is listed as a director and/or shareholder in another
five companies.


DOWNS CONTRACTING: Creditors' Proofs of Debt Due on March 22
------------------------------------------------------------
Creditors of Downs Contracting Limited are required to file their
proofs of debt by March 22, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 23, 2024.

The company's liquidators are:

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


FORWARD JOURNEY: BDO Wellington Appointed as Liquidator
-------------------------------------------------------
Iain Bruce Shephard and Jessica Jane Kellow of BDO Wellington on
March 30, 2023, were appointed as liquidators of Forward Journey
Limited and The Mana Building Company Limited.

The liquidators may be reached at:

          BDO Wellington, Business Restructuring
          Level 1, 50 Customhouse Quay
          Wellington 6011


JOBROOK CONSULTING: Court to Hear Wind-Up Petition on March 8
-------------------------------------------------------------
A petition to wind up the operations of Jobrook Consulting Limited
will be heard before the High Court at Auckland on March 8, 2024,
at 10:45 a.m.

Alpha First Securities Limited filed the petition against the
company on Dec. 12, 2023.

The Petitioner's solicitor is:

          Benoit Jacques Upton
          Simpson Grierson, Solicitors
          Level 27, 88 Shortland Street
          Auckland


NEWSHUB: To Close Down Newsroom in June; 200 Staff Affected
-----------------------------------------------------------
Radio New Zealand reports that Newshub staff have expressed shock
at learning the media company is to close its newsroom operations
from June 30.

Newshub is owned by the global entertainment giant Warner Bros
Discovery which also owns Eden, Rush, HGTV and Bravo.

Staff were called to a meeting at Newshub at 11:00 a.m. on Feb. 28
where they were told Warner Brothers discovery was starting
consultation on a restructuring of its free-to-air business, RNZ
relates.

According to RNZ, a statement issued by Warner Bros Discovery said
it has "commenced consultation on a proposed remodelling and
restructure of its ANZ free-to-air business in New Zealand".

Its Asia Pacific president James Gibbons said the move was a result
of negative events in New Zealand and globally and "the impacts of
the economic downturn had been severe".

The proposed new model would focus on a digitally led business with
ThreeNow at its core, he said.

RNZ relates that Warner Bros Discovery ANZ senior vice president
head of networks Glen Kyne said the company had to keep looking at
ways of reducing costs.

"We've now reached a stage where any further reduction in costs
means proposing major changes. This is why we are proposing to shut
down the newsroom. This would mean stopping all news production
including the Newshub website from June 30," he said in the
statement.

Newshub presenter Mike McRoberts told RNZ the news was
"heartbreaking".

He did not know what it meant for news but said: "We're a pretty
good newsroom. If we can't make it work, who can?"

Newshub's Wellington bureau chief Caitlin Cherry took to LinkedIn
following the announcement:

"So the news is out that there's a proposal to close Newshub at the
end of June. It's very sad and there are a lot of pretty devastated
staff.

"So I will be back in the market for work! Media, communications,
digital, social media and management."

A Newshub staff member described the atmosphere in the meeting as
"pretty grim," RNZ relays.

"I think everybody's just trying to take it a step at a time," he
said.

"We're absolutely devastated and shocked. Newshub is such a
tight-knit team of passionate and dedicated people, this news has
blindsided us," another Newshub staff member said.

People in the meeting have told RNZ Warner Bros Discovery ANZ's
Glen Kyne was in tears as he delivered news.

It is understood about 200 staff are affected, adds RNZ.


TREV TERRY: Calibre Partners Appointed as Receivers
---------------------------------------------------
Neale Jackson and Natalie Gytha Burrett of Calibre Partners on Feb.
23, 2023, were appointed as receivers and managers of Trev Terry
Marine Limited.

The receivers and managers may be reached at:

          Calibre Partners
          Level 21, 88 Shortland Street
          Auckland




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

CHIU TENG: Creditors Proofs of Debt Due on March 28
---------------------------------------------------
Creditors of Chiu Teng @ Bukit Timah Pte. Ltd. are required to file
their proofs of debt by March 28, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 26, 2024.


EXCLUSIVE DESIGN: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Exclusive Design Construction Pte Ltd, on Feb. 20, 2024,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Mr. Leow Quek Shiong
          Mr. Gary Loh Weng Fatt
          Ms. Seah Roh Lin
          BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


ONB TECHNOLOGIES: Placed in Provisional Liquidation
---------------------------------------------------
Ms Ellyn Tan Huixian of Mazars Consulting on Feb. 17, 2024, was
appointed as provisional liquidator of ONB Technologies Pte Ltd.

The provisional liquidator may be reached at:

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


ROYAL GOALSON: Creditors' Meeting Set for March 8
-------------------------------------------------
Royal Goalson Plastic Pte Ltd, which is in compulsory liquidation,
will hold a meeting for its creditors on March 8, 2024, at 10:00
a.m. via video conference via Zoom.

Agenda of the meeting includes:

   a. to receive a status update from the Liquidators;

   b. to appoint a Committee of Inspection; and

   c. to approve the renumeration and disbursements of the
      Liquidators;

   d. to approve the remuneration and disbursements of the
      Solicitors to the Liquidators; and

   e. to discuss other business.

The liquidators may be reached at:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


ZIPMEX PTE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on Feb. 26, 2024, to
wind up the operations of Zipmex Pte. Ltd.

Richard Chua Fen Peng filed the petition against the company on
Jan. 12, 2024.

The company's liquidator is:

          Wong Pheng Cheong Martin
          (Huang Pingchang Martin)
          c/o FTI Consulting (Singapore)
          1 Raffles Quay, #27-10
          Singapore 048583




=====================
S O U T H   K O R E A
=====================

KCC CORP: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer rating on Korean
building materials producer KCC Corp. at 'BB+'.

The stable outlook reflects S&P's expectation that, despite
narrower ratings headroom, KCC's leverage should recover during
2024-2025, with its healthy building materials business to support
consolidated margins.

Leverage ratio should decline from 2023 level, but remain at an
elevated level. KCC's debt leverage will stay high through 2024.
S&P estimates the company's debt leverage at 6.1x for 2023. S&P
projects leverage will gradually decline to 5.3x by the end of
2024, due to a combination of a modest recovery in EBITDA and a
decline in net debt.

S&P said, "We anticipate a decline in capital expenditure (capex)
to Korean won (KRW) 200 billion in 2024, compared with our estimate
of KRW345 billion during 2023. This should help lower net debt in
2024. KCC finished capacity expansion of glass wool and epoxy
molding compound (EMC) in 2023, and plans mostly
maintenance-related capex in 2024.

"We forecast KCC's profit will expand modestly in 2024-2025 with a
recovery in margins for the silicone business. While 2023 results
were weaker than we expected due to losses at the silicone
business, profits at building and coating materials were better
than our projections due to more favorable pricing.

"We expect good results at building and coating materials to
continue over 2024-2025, albeit at slightly lower margins, given
weaker macro conditions and a subdued property market in Korea.
Margins for the silicone business should gradually recover over
2024-2025 as inventory destocking pressure eases. Nonetheless,
there is a meaningful degree of uncertainty on the pace of the
recovery. We anticipate a recovery in EBITDA to KRW800
billion-KRW850 billion per year during 2024-2025 from our estimate
of KRW777 billion in 2023."

Supply-demand imbalance in basic silicone market contributes to
higher volatility. The margin pressure at KCC's silicone business
mainly came from basic silicone products. With market pricing on
basic silicone falling due to oversupply from China and weaker
demand, the company's silicone business turned to an operating loss
from the second quarter of 2023 as it had to sell inventory at
lower prices.

S&P said, "We expect the demand situation to improve to some degree
starting in 2024, contributing to margin improvement. Profitability
of specialty chemical products under the silicone business has held
up fairly well, in our view, staying within its historical range of
high single digits to high teens. Concurrently, we re-categorized
KCC's U.S.-based subsidiary Momentive Performance Materials Inc.
(B/Negative/--) in the specialty chemical industry in our business
assessment. This contributed to our decision to revise downward the
assessment of KCC's business profile to fair from satisfactory.

"Sizable noncore investments provide some buffer. We believe KCC
might dispose of some of its noncore investments to strengthen its
balance sheet. The company's security holdings were valued at
KRW2.6 trillion as of Dec. 31, 2023. The minority shareholder in
Momentive can exercise its drag-along rights if an IPO of Momentive
isn't completed by May 2024. Concurrently, KCC has a call option to
acquire the interests of minority shareholders.

"Based on current market conditions, we believe an IPO of the
business is unlikely, and we increasingly expect KCC to sell a
portion of its investments to buy out the minority stake (estimated
at KRW400 billion). In the event that KCC does not sell down a
portion of its portfolio to fund the call option, downside pressure
on the outlook or rating would increase, in our view.

"The long-term rating outlook on KCC is stable, but the rating
headroom will likely remain narrow for some time. We forecast the
company's leverage could recover below 5.5x during 2024-2025, as
the silicone business improves to some degree and building
materials business sustains solid margin. The potential disposal of
some noncore investment holdings could provide some buffer.

"We will continue to monitor KCC's decisions around an IPO for
Momentive or the acquisition of the remaining stake in the
U.S.-based silicone company in May 2024 or shortly thereafter.

"We may lower our rating on KCC if the company's adjusted
debt-to-EBITDA ratio remains above 5.5x on a sustained basis. Such
a scenario could materialize if the basic silicone business
continues to post weak results without meaningful recovery; or if
margins at the building and coating materials business weaken
materially.

"Although less likely in the near term, we may upgrade KCC if its
adjusted debt-to-EBITDA ratio stays below 4x on a sustained basis.
Such a scenario could be possible if the company disposes of a
sizable portion of its investment holdings and uses the proceeds to
reduce debt. Stronger earnings from its silicone business and
building and coating materials, coupled with disciplined capex and
a decline in adjusted debt, could also drive such improvement."


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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-
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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.

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