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

                     A S I A   P A C I F I C

          Monday, April 15, 2024, Vol. 27, No. 76

                           Headlines



A U S T R A L I A

AUSTRALIAN FIBRE: First Creditors' Meeting Set for April 16
DCA CAPITAL: First Creditors' Meeting Set for April 17
IMAGINE ROOM: First Creditors' Meeting Set for April 18
MADECO: Goes Into Voluntary Administration; Owes AUD2.5 Million
MULTIPACK NSW: First Creditors' Meeting Set for April 18

NGS CRYPTO: ASIC Obtains Federal Court Orders Appointing Receivers
OFF YA TREE: In Liquidation; Closes Stores at Rapid Pace
PROSPAROUS TRUST 2024-1: Moody's Assigns B2 Rating to Cl. E Notes
PROSPERO MARKETS: Court Winds Up Retail OTC Derivative Issuer
TESNA RESTAURANTS: First Creditors' Meeting Set for April 17



C H I N A

CHINA MINSHENG: Calls in Rivals to Run Day-to-Day Business
DALIAN WANDA: Sells Yacht Builder Lionheart Capital
ZHONGYU ENERGY: Moody's Withdraws 'Ba3' Corporate Family Rating


I N D I A

BIPIN KUMAR: ICRA Keeps B+/A4 Keeps Ratings in Not Cooperating
BOIRON LABORATORIES: Voluntary Liquidation Process Case Summary
CHAUHAN POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
DECCAN CHARTERS: NCLAT Stays Insolvency Proceedings Till April 26
HOUSE OF GRAINS: Voluntary Liquidation Process Case Summary

J. S. GAUTAM: CRISIL Keeps B Debt Ratings in Not Cooperating
JPK EDUCATIONAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
K. K. TEX: CRISIL Keeps B Debt Ratings in Not Cooperating
K.G. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
KAAS FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating

KARANJA TERMINAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KAY ESS: Voluntary Liquidation Process Case Summary
KF BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
KHANDELWAL BRASS: CRISIL Keeps B Debt Rating in Not Cooperating
KOLLAPPALLIL HYPERMARKET: CRISIL Keeps B+ Rating in Not Coop.

KRISH CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating
KRISHNA COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
KSPL SHIPYARD: Voluntary Liquidation Process Case Summary
MADHUCON GRANITES: ICRA Keeps D Debt Ratings in Not Cooperating
MAITHRI DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating

MYTRAH VAYU: ICRA Lowers Rating on INR852.23cr Term Loan to D
NAMMA SPORTZ: Voluntary Liquidation Process Case Summary
NANDI INTERNATIONAL: CRISIL Keeps B Ratings in Not Cooperating
NILA SANDROCK: CRISIL Keeps D Debt Ratings in Not Cooperating
OCEAN PEARL: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating

PATLIPUTRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
PILOT 2: ICRA Lowers Rating on INR23cr LT Loan to D
PMV MALTINGS: ICRA Withdraws B+ Rating on INR51cr Term Loan
PROPELLER ADS : Voluntary Liquidation Process Case Summary
RENEWABLE ENERGY: Voluntary Liquidation Process Case Summary

RIONA LAMINATE: ICRA Keeps B+ Debt Ratings in Not Cooperating
ROYALICA TILES: ICRA Keeps B/A4 Debt Ratings in Not Cooperating
S.K.P.V.V. HINDU: CRISIL Keeps D Debt Rating in Not Cooperating
SHRIJI GINNING: CRISIL Keeps B Debt Ratings in Not Cooperating
SILVER SPRING: Voluntary Liquidation Process Case Summary

TRI SOLAR: CRISIL Keeps B Debt Ratings in Not Cooperating
YELLOWSTONE NIRMITI: ICRA Withdraws B+ Rating on INR75cr LT Loan


N E W   Z E A L A N D

180 TRAFFIC: Creditors' Proofs of Debt Due on May 6
DIANA BENNETT: Court to Hear Wind-Up Petition on April 24
ISLAND 2000 NZ: Court to Hear Wind-Up Petition on April 19
JN&SK LIMITED: Court to Hear Wind-Up Petition on April 23
PERMACONN TOPCO: Cliffwater Marks A$2.8-Mil. Loan at 37% Off

S V COMMERCIAL: Creditors' Proofs of Debt Due on May 10


S I N G A P O R E

FALCON ENERGY: Court Enters Wind-Up Order
GL BUILDER: Court Enters Wind-Up Order
INFRONT CONSULTING: Court Enters Wind-Up Order
J.N.L LLP: Court to Hear Wind-Up Petition on April 26
PUMA ENERGY: Moody's Affirms Ba3 CFR, Rates New Unsecured Notes Ba3

TAIYO ASIA: Court Enters Wind-Up Order


V I E T N A M

VIETNAM: Cement Industry Faces Declining Production, Bankruptcies

                           - - - - -


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A U S T R A L I A
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AUSTRALIAN FIBRE: First Creditors' Meeting Set for April 16
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Australian Fibre Company Pty Ltd will be held on April 16, 2024, at
2:00 p.m. Meeting to be held virtually only.

Barry Frederic Kogan and Matthew Hutton of McGrathNicol were
appointed as administrators of the company on April 4, 2024.


DCA CAPITAL: First Creditors' Meeting Set for April 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of DCA Capital
Pty Ltd and Digital Commodity Assets Pty Ltd will be held on April
17, 2024, at 10:00 a.m. via Microsoft Teams.

Sule Arnautovic of Salea Advisory was appointed as administrator of
the company on April 5, 2024.


IMAGINE ROOM: First Creditors' Meeting Set for April 18
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Imagine Room
Pty Ltd will be held on April 18, 2024, at 3:30 p.m. via virtual
meeting technology.

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


MADECO: Goes Into Voluntary Administration; Owes AUD2.5 Million
---------------------------------------------------------------
News.com.au reports that MadeCo, a company involved in the
construction industry, has gone bust leaving it AUD2.5 million in
debt.

According to news.com.au, Melbourne-based company MadeCo, which was
responsible for kitchen manufacturing, went into voluntary
administration with 30 employees impacted.

Its failure has left 70 creditors with unpaid debts including
AUD620,000 owed to employees for annual leave, long service leave
and superannuation.

Paul Langdon and Ian Grant from LangdonGrant were appointed as
administrators in March, news.com.au discloses.

A "chain reaction" from two other companies that went under, which
owed MadeCo a total of AUD520,000, forced the company into
voluntary administration, Mr. Langdon told news.com.au.

"The company was having financial difficulties for quite some time,
but an insolvency event last year with one of those companies that
owed AUD400,000 - that was a bit of tipping point," he explained.

News.com.au relates that Mr. Langdon added that MadeCo was another
victim of the construction industry, which continues to be plagued
by a cost crisis.

"In essence, the company which operates in the construction space -
and the construction space always has financial difficulties,
especially through and on the back end of Covid and general economy
issues like increasing supply costs, wages, the supply of labour,
getting staff and all those sorts of things – it was those sorts
of things that impacted it," he said.

"But in addition two of their customers went through insolvency and
owed a significant amount of money, which hasn't been paid, so
there has been a chain reaction."

News.com.au relates that Mr. Langdon said there were a number of
building and installation of kitchens that were still pending and a
"fair few" had been completed after MadeCo's collapse - but no
deposits were outstanding as people paid once the job was
complete.

"There is a minimal impact to customers but obviously there is an
impact as people have made an order and are waiting on it and there
was a lot of different orders," he said.

"Obviously it's very difficult if you have placed an order and they
wait a month or two for your kitchen and then you are told you are
not going to get your kitchen.

"The impact is not a financial impact but certainly it's a very
frustrating process for customers that have to go elsewhere - it's
inconvenient."

News.com.au says MadeCo announced on social media that it was with
"heavy hearts" that it had made the "difficult decision" to go into
voluntary administration on March 20.

"At MadeCo we've weathered many storms, but unfortunately, some
waves hit harder than others. The challenges brought on by the
pandemic were tough enough, and the recent downturn in the
cabinetry market, coupled with the closure of two major account
clients has made our journey even more arduous," it revealed.

A creditors meeting on April 17 is likely to see the 18-year-old
company tipped into liquidation, Mr. Langdon, as cited by
news.com.au, said.

He added creditors included other trades, financiers and the
Australian Taxation Office and it was still too early to say if any
of their money would be paid.

"The company has ceased trading now and it is clearly insolvent and
I have recommended to creditors that they place the company into
liquidation," he said.

There is no reprieve in sight for the construction industry, which
has experienced a torrid few years with hundreds of companies going
under.


MULTIPACK NSW: First Creditors' Meeting Set for April 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Multipack
NSW Pty Ltd will be held on April 18, 2024, at 12:00 p.m. via
Tele/Video Conference.

Mitch Ball and Grahame Ward of Mackay Goodwin were appointed as
administrators of the company on April 8, 2024.


NGS CRYPTO: ASIC Obtains Federal Court Orders Appointing Receivers
------------------------------------------------------------------
Australian Securities & Investments Commission (ASIC) has commenced
civil proceedings against blockchain mining companies NGS Crypto
Pty Ltd, NGS Digital Pty Ltd and NGS Group Ltd (NGS Companies) and
the sole directors of those respective companies, Brett Mendham,
Ryan Brown and Mark Ten Caten.

On April 10, 2024, the Federal Court made orders appointing Anthony
Connelly, Kathy Sozou, and Jamie Harris of McGrathNicol as
receivers over the digital currency assets of the NGS Companies and
of Mr. Mendham, Mr. Ten Caten and Mr Brown.  ASIC applied for these
orders because it is concerned that the digital assets of
investors, which are invested in the blockchain mining products
offered by the NGS Companies, are at risk of dissipation and
considered the appointment of a receiver was the best way to
protect the assets.

The Court also made orders restraining Mr Mendham from travelling
outside of Australia.

ASIC alleges that the NGS Companies target Australian investors to
invest in blockchain mining packages with fixed-rate returns,
encouraging them to use funds transferred from regulated super
funds to self-managed super funds (SMSFs) and then converted into
cryptocurrency. ASIC's preliminary investigations indicate over 450
Australians invested approximately USD41 million through the NGS
Companies.

ASIC alleges in the proceedings that the NGS Companies contravened
section 911A of the Corporations Act by providing financial
services without an Australian financial services licence. As part
of the proceedings ASIC is also seeking interim and final
injunctions against the NGS Companies preventing them from
providing financial services in Australia without an Australian
financial services licence.

ASIC Chair Joe Longo said, 'Australians who decide to self-manage
their super should consider the risks before using their SMSF to
invest in crypto related investment products such as blockchain
mining. These proceedings should also send a message to the crypto
industry that products will continue to be scrutinised by ASIC to
ensure they comply with regulatory obligations in order to protect
consumers.'

No return date has been scheduled for the proceeding at this
stage.

Investors can contact the receivers with any queries by emailing:
ngscrypto@mcgrathnicol.com.

ASIC's investigation into the NGS Companies and their directors is
otherwise continuing.


OFF YA TREE: In Liquidation; Closes Stores at Rapid Pace
--------------------------------------------------------
News.com.au reports that cult-favourite Off Ya Tree stores are
vanishing at a rate of knots as its perilous financial position is
revealed.

Thendro, which includes Off Ya Tree, was placed in liquidation on
April 11 with Con Kokkinos from Worrells appointed, news.com.au
discloses.

Adelaide's store on Hindley Street is the latest as it closed
suddenly on April 11.

One insider claiming to be the store's former manager took to the
anonymous online forum Reddit on April 10, claiming staff were told
the only South Australian outlet would be shutting for good at 3:00
p.m. that day, news.com.au relays.

"They've told us nothing, and I honestly doubt they will, but the
store was losing massive amounts of money because we were just
dead," he wrote.

"The location meant there wasn't much in the way of foot traffic
and there wasn't a whole lot of marketing, so we weren't reaching
new customers and you can't pay the rent with nostalgia.

"Either way, the rest of the staff are now out of jobs - and most
were casual, so they'll get nothing."

At least three more stores in New South Wales and WA have recently
been listed as "permanently closed," news.com.au notes.

A Byron Bay store also closed abruptly roughly three weeks ago,
upsetting some locals, adds news.com.au.

At its peak, Off Ya Tree, the Australian retail chain specialising
in alternative fashion, body piercing, and accessories, had around
30 stores across Australia.

Founder Jim Kouts, a music business owner, opened Off Ya Tree in
2001 because, as he once recounted in a media interview, "the bongs
were doing a lot better than the music side of things."

He pursued the bong side of the business, which eventually led to
the establishment of Off Ya Tree and The Bong Shop.

Off Ya Tree has drawn sporadic criticism over the years for selling
various types of bongs, pipes, "stash tins", and plastic "baggies"
used by drug dealers.

Kouts remains listed as a significant shareholder of Thendro Pty
Ltd, which owns Off Ya Tree and other brands, news.com.au
discloses.


PROSPAROUS TRUST 2024-1: Moody's Assigns B2 Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by PROSPArous Trust 2024-1

Issuer: PROSPArous Trust 2024-1

AUD124.4 million Class A Notes, Assigned Aa2 (sf)

AUD10.4 million Class B Notes, Assigned A2 (sf)

AUD25.0 million Class C Notes, Assigned Baa2 (sf)

AUD11.0 million Class D Notes, Assigned Ba2 (sf)

AUD11.6 million Class E Notes, Assigned B2 (sf)

The AUD7.6 million Class F Notes and the AUD10.0 million Seller
Notes are not rated by Moody's Ratings.

PROSPArous Trust 2024-1 is a securitisation of Australian small
business loans and line of credit facilities. All portfolio
receivables were originated by Prospa Advance Pty Ltd (Prospa,
unrated). This is Prospa's third term securitisation.

Prospa is an Australian financial technology company providing cash
flow products and services to small businesses in Australia and New
Zealand. Prospa started originating loans in 2012. As of December
31, 2023, Prospa had originated over AUD3.9 billion of loans and
had 20,900 active customers.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 3.00% of the rated notes balance, the legal structure,
the experience of Prospa as servicer and presence of Perpetual
Corporate Trust Limited as a back-up servicer.

Key transactional features are as follows:

-- Once step-down conditions are satisfied, Class A to Class F
Notes, will receive their pro-rata share of principal. Step-down
conditions include, among others, 53% subordination to the Class A
Notes and no unreimbursed charge-offs or principal draws.

-- An asset funding facility established to fund line of credit
facility draws in excess of available principal proceeds. The asset
funding facility will be repaid senior to the rated notes. Line of
credit facility draws in excess of available principal proceeds
will be funded by the asset funding facility in conjunction with
the issuance of Class L notes to Prospa. Class L notes will be
repaid subordinate to the rated notes. The utilisation of asset
funding facility draws and Class L notes issuance will be
proportioned to maintain Class A Notes credit enhancement levels.

-- National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)), will
provide an interest rate cap, hedging the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The interest rate cap notional will follow a
schedule based on the amortisation profile of the underlying
receivables.

-- Perpetual Corporate Trust Limited is the back-up servicer. If
Prospa is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

Notable underlying portfolio features are as follows:

-- The portfolio obligors are micro-size companies and individual
entrepreneurs.

-- 40.0% of the collateral pool are line of credit facilities with
a maximum redraw period of 24 months.

-- Granularity of the portfolio: The securitised portfolio is
highly granular, with the largest borrower representing 0.25% of
the pool and the 10 largest borrowers representing 1.7% of the
pool. The total number of borrowers is 4,020.

-- Short weighted average life of the portfolio: 60.0% of the
collateral pool are fully amortising term loans. The maximum loan
maturity is 36 months. The portfolio weighted average life is 12
months, calculated on the assumption that all line of credit
facilities are refinanced out of the portfolio on the expiry of
their redraw period.

-- High portfolio yield: The transaction benefits from the
collateral pool's high weighted average interest rate of 29.69%.

-- Portfolio concentration in certain industry sectors: Borrowers
active in the Construction Services and Other Store-Based Retailing
industries, as defined by the Australian and New Zealand Standard
Industrial Classification (ANZSIC), account for 16.6% and 16.4% of
the loan portfolio, respectively.

-- 91.8% of the portfolio are unsecured loans. These loans are
collateralised by personal guarantees only, and recoveries on
defaulted loans often rely on the realization of this personal
guarantee.

Key collateral assumptions:

Mean default rate: Moody's Ratings assumed a mean default rate of
8.9% for the initial and subsequent portfolios over a weighted
average life (WAL) of 1.03 years (equivalent to a B2 proxy rating
as per Moody's Ratings' Idealized Default Rates). This default
assumption is based on: (1) the available historical vintage data;
(2) the performance of previous warehouse transactions originated
by the originator and (3) the characteristics of the loan-by-loan
portfolio information. Moody's Ratings took also into account the
current economic environment and its potential impact on the
portfolio's future performance, as well as industry outlooks or
past observed cyclicality of sector-specific delinquency and
default rates.

Default rate volatility and recovery rate: Moody's Ratings assumed
a coefficient of variation (i.e. the ratio of standard deviation
over the mean default rate explained above) of 47.8%, as a result
of the analysis of the portfolio concentrations in terms of single
obligors and industry sectors. Moody's Ratings assumes a recovery
rate of 10%, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "SME
Asset-Backed Securitizations methodology" published in December
2023.

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

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Additionally, Moody's
Ratings could downgrade the ratings in case of poor servicing,
error on the part of transaction parties, a deterioration in the
credit quality of transaction counterparties, or lack of
transactional governance and fraud.


PROSPERO MARKETS: Court Winds Up Retail OTC Derivative Issuer
-------------------------------------------------------------
The Federal Court has ordered that Prospero Markets Pty Ltd be
wound up on just and equitable grounds and that liquidators be
appointed following an application by Australian Securities &
Investments Commission (ASIC).

ASIC applied for these orders because it holds a broad range of
concerns regarding the management of Prospero's business, including
in relation to compliance with its Australian financial services
(AFS) licence conditions and obligations as an OTC derivatives
issuer under the Corporations Act.

ASIC has received enquiries from clients who are concerned about
the return of their funds. In bringing the application, ASIC
considered that the appointment of liquidators was the best way to
ensure the efficient return of client funds.

In making his decision to wind up the company Registrar Luxton
stressed the importance for licensees to comply with the statutory
obligations of an Australian Financial Services licence, such as
the need to:

- appoint and maintain an auditor;

- lodge audited financial accounts with ASIC;

- lodge monthly derivative client money reconciliations
   with ASIC;

- lodge annual derivative client money declarations with ASIC;
   and

- provide derivative transaction reporting data to ASIC.

The appointed liquidators are Andrew Cummins, Jonathon Keenan and
Peter Krejci of BRI Ferrier.

Clients or creditors of Prospero can contact the liquidators using
the following details:

  Email: prosperomarkets@brifnsw.com.au  

  Phone: 1300-291-012 (toll free)
     or +61 2-8044 0530 (international)

Prospero holds AFS Licence, number 423034, which authorised it to
provide the following services to retail and wholesale clients:

- issue and make a market in derivatives and foreign
    exchange contracts;

- deal in derivatives and foreign exchange contracts
   on behalf of clients;

- provide financial product advice in relation to
   derivatives and foreign exchange contracts.

Prospero's AFS Licence was suspended in December 2023, after
Prospero failed to lodge its 2023 audited financial accounts. The
suspension is currently in place until Sept. 26, 2024.

ASIC commenced its investigation into Prospero following the
Australian Federal Police's Operation Avarus-Nightwolf which
resulted in former officers and responsible managers of Prospero
being charged with money-laundering offences in October 2023
relating to the Changjiang Currency Exchange money remitting
chain.


TESNA RESTAURANTS: First Creditors' Meeting Set for April 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Tesna
Restaurants Five Pty Ltd will be held on April 17, 2024, at 10:30
a.m. via Zoom.

Matthew Kucianski of Worrells was appointed as administrator of the
company on April 5, 2024.




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C H I N A
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CHINA MINSHENG: Calls in Rivals to Run Day-to-Day Business
----------------------------------------------------------
Caixin Global reports that China Minsheng Trust Co. Ltd. has hired
two state-backed peers to help manage its daily operations, as the
troubled trust company tries to rein in risks stemming from its
mounting losses and nonperforming assets.

To improve the effectiveness of company operations, Minsheng Trust
has signed an agreement with Citic Trust Co. Ltd. and Huarong
International Trust Co. Ltd. to have them provide services for its
day-to-day operations and management, according to an announcement
on April 11, Caixin relays. The agreement, which came into effect
on the same day, doesn't alter any of Mingsheng Trust's debt- and
trust-related relationships and will continue until the two sides
decide to end it, the announcement said.

China Minsheng Trust Co., Ltd. provides trust services. The Company
offers capital trust, movable property trust, real estate trust,
and other services. China Minsheng Trust provides services in
China.


DALIAN WANDA: Sells Yacht Builder Lionheart Capital
---------------------------------------------------
South China Morning Post reports that an entity affiliated with
Dalian Wanda Group agreed to sell Sunseeker International, a maker
of yachts, to Lionheart Capital, according to people with knowledge
of the matter.

The Post relates that the Chinese conglomerate and Miami-based
Lionheart have signed a so-called sale and purchase agreement, said
one of the people, all of whom asked not to be identified
discussing confidential information. The transaction, which is
subject to British regulatory approval, is poised to close as soon
as next month, one of the people said.

Lionheart, led by founder and Chief Executive Officer Ophir
Sternberg, has backed companies including restaurant chain BurgerFi
International, reimbursement specialist MSP Recovery and technology
company SMX (Security Matters). In 2021, the firm was part of a
group that bought powerboat maker Cigarette Racing Team.

According to Post, Wanda was once seen as one of the few
high-quality Chinese issuers in the junk-bond market thanks to its
focus on commercial real estate, as well as its asset-light
property-management business. The conglomerate came under pressure
after borrowing costs surged and Beijing cracked down on the
property sector.

Wanda acquired a 92 per cent stake in Sunseeker in mid-2013 for "an
estimated GBP320 million," or US$493 million at the time, the Post
recakks. Wanda Chairman Wang Jianling said then that the investment
was driven by growth in China's consumption of high-end luxury
products that was "exponential."

Sunseeker, led by CEO Andrea Frabetti, was founded in 1969 in Poole
on England's south coast by brothers John and Robert Braithwaite.
Its models include Superyacht, Ocean, Predator and Manhattan, and
the company's boats were featured in the James Bond films Casino
Royale, Quantum of Solace and Die Another Day.

                         About Dalian Wanda

Dalian Wanda Group Co., Ltd. operates real estate business. The
Company develops commercial property including commercial centres,
urban pedestrian streets, hotels, office buildings, and apartments.
Dalian Wanda Group also operates tourism investment, cultural, and
department store businesses.

As reported in the Troubled Company Reporter-Asia Pacific in early
December 2023, Bloomberg News said Dalian Wanda Group's founder
Wang Jianlin is planning to sell the rest of the firm's film unit
as the troubled Chinese conglomerate faces increasing debt
repayment pressure.

The billionaire plans to transfer his 51 per cent stake in Beijing
Wanda Investment, which controls Wanda Film Holding, to a
subsidiary of China Ruyi Holdings, according to a Shenzhen Stock
Exchange filing on Dec. 6, 2023. That will give Ruyi full ownership
after its July purchase of 49 per cent of Beijing Wanda Investment
for CNY2.3 billion.

Investors in November 2023 rejected Wanda's proposal to extend the
deadline for the repayment of CNY30 billion plus interest if its
mall unit fails to list shares by the end of this year, Bloomberg
said. Its property arm only recently managed to obtain consent from
creditors to push back the maturity date for a US$600 million US
dollar bond.

The TCR-AP reported in early January 2024, Fitch Ratings downgraded
Dalian Wanda Commercial Management Group Co., Ltd.'s (Wanda
Commercial) and Wanda Commercial Properties (Hong Kong) Co.
Limited's (Wanda HK) Long-Term Foreign-Currency Issuer Default
Ratings to 'RD' from 'C' on completion of the distressed debt
exchange (DDE), in accordance with the distressed debt exchange
section in Fitch's Corporate Rating Criteria.


ZHONGYU ENERGY: Moody's Withdraws 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Ratings has withdrawn Zhongyu Energy Holdings Limited's Ba3
corporate family rating.

Prior to the withdrawal, the rating outlook was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Established in 2002, Zhongyu Energy Holdings Limited (previously
known as Zhongyu Gas) is a city gas distributor in China with most
of its projects in cities in Henan and Hebei.




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I N D I A
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BIPIN KUMAR: ICRA Keeps B+/A4 Keeps Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings for the bank
facilities of Bipin Kumar Agrawal (BKA) in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

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

   Long Term-          1.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          4.50       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Non-Fund Based-                Rating Continues to remain
   Others                         under issuer not cooperating
                                  category

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

Established in 1987 as a proprietorship firm, BKA is involved in
construction business in Odisha. It has an established track record
of executing Government contracts for construction and maintenance
of roads and bridges. The firm has also been executing contracts
floated by the East Coast Railway for earthwork, civil construction
etc. over the last few years.


BOIRON LABORATORIES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Boiron Laboratories Private Limited
A-502, Cello Triumph
        I.B. Patel Road, Goregaon (East)
        Mumbai City, Mumbai
        Maharashtra, India, 400063

Liquidation Commencement Date: March 29, 2024

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Prajakta Menezes
     106, 1st Floor, Kanakia Atrium 2, Cross Road A,
            Behind Courtyard Marriot,
            Chakala, Andheri East,
            Mumbai - 400093
            Email: liq.boironlab@aegisipe.com
            Email: prajakta@prmlegal.in
            Tel No: +91 9833939366

Last date for
submission of claims: April 28, 2024


CHAUHAN POULTRY: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chauhan
Poultry Farm (CPF) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.25        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    1.00        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             5.75        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CPF for
obtaining information through letter and email dated March 15, 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 CPF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CPF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CPF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CPF, set up as a partnership firm in 1990s, manages a poultry farm
in Yamuna Nagar (Haryana) with a capacity of 1,80,000 egg-laying
birds. The firm is promoted by Mr. Mansingh.


DECCAN CHARTERS: NCLAT Stays Insolvency Proceedings Till April 26
-----------------------------------------------------------------
Deccan Herald reports that the National Company Law Appellate
Tribunal (NCLAT) has stayed insolvency proceedings against Captain
GR Gopinath's Deccan Charters until April 26, 2024, its next date
of hearing.

Earlier, the Bengaluru bench of the National Company Law Tribunal
(NCLT) had directed initiation of Corporate Insolvency Resolution
Process (CIRP), admitting a plea of financial creditor Krone
Finstock claiming a default of around INR10 crore, Deccan Herald
relates.

A three-member bench of the appellate tribunal also directed the
interim resolution professional (IRP) not to proceed any further
till the next date of hearing i.e. April 26, 2024.

According to Deccan Herald, the Chennai bench of NCLAT on a
petition filed by Sanjay Saihgal, a director of the suspended board
of Deccan Charters, on April 10 directed Krone Finstock to file a
reply within four days.

Deccan Charters provides services such as aircraft maintenance,
aviation training and charter services of helicopter and fixed-wing
aircraft.

The NCLT had also appointed an IRP for the company, which was
challenged before NCLAT.

During the hearing, NCLAT was informed that the IRP made a public
announcement on April 8, 2024 regarding the CIRP and the last date
for bids was April 19, 2024, Deccan Herald says.

GR Gopinath, along with the other directors, had approached Krone
Finstock for a INR5 crore loan. A loan agreement was signed between
the creditor and the company.

Deccan Charters had repaid some amount which was adjusted into the
accrued interest.

However, it subsequently failed to pay the rest of the amount as
per the agreement, following which financial creditor Krone
Finstock moved NCLT, which on April 5, 2024 directed initiation of
CIRP, Deccan Herald relates.


HOUSE OF GRAINS: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: House of Grains (India) Private Limited
DSISC, Sched No-21 Road 20 to 25,
        Okhla Industrial Area, Phase-2,
        Near Gol Chakkar,
           NorthEast, New Delhi-110020

Liquidation Commencement Date: March 31, 2024

Court: National Company Law Tribunal

Liquidator: Mr. Chetan Gupta
     604-605, PP City Center,
            Road No. 44, Pitampura,
            Delhi-110034
            Email: Chetan.gupta@apacandaassociates.com
            Tel No: 9818188855

Last date for
submission of claims: April 30, 2024


J. S. GAUTAM: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J. S. Gautam
Enterprises Private Limited (JSGEPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1.4        CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         3.6        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JSGEPL for
obtaining information through letter and email dated March 15, 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 JSGEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
JSGEPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of JSGEPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

The company is promoted by Mr. Jitendra Gautam. J.S. Gautam
Enterprise Pvt Ltd (JSGEPL) is being set up to manufacture mineral
water that will be supplied to 'Parle Agro- Bailley'. The company
has manufacturing capacity of 120 bottles Per Min. Its
manufacturing unit is located in Kanpur. The company's operations
has not started it is expected to start in July 2018.


JPK EDUCATIONAL: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of JPK
Educational Trust (JPK) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         5.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Secured Overdraft      0.5        CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with JPK for
obtaining information through letter and email dated March 15, 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 JPK, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JPK
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JPK continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

JPK was established by the Mr. K Soundararajan in 2008. The trust
runs the Spark Matriculation Higher Secondary School' in Vellore,
Tamil Nadu.


K. K. TEX: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K. K. Tex
Enterprises (KKTE) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.57       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.43       CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KKTE for
obtaining information through letter and email dated March 15, 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 KKTE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KKTE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KKTE continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

KKTE, established in 2003 by the Mumbai-based Gada family, is
engaged in the manufacturing of various types of grey fabrics. KKTE
mainly manufacturers grey fabric for suiting and shirting. The
firm's business operations are managed by Mr. Kalpesh Gada. The
promoters of KKTE have gained experience in the textile business
over the past 20 years by virtue of their association with other
entities operating in a similar line of business.


K.G. INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K.G.
Industries (KGI) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            22.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Warehouse Receipts      2.5      CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KGI for
obtaining information through letter and email dated March 15, 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 KGI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KGI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KGI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 1957 KGI processes and sells basmati and parmal
rice. Its facility in Jalalabad (Punjab) has milling and sorting
capacity of 12 tonne per hour. Mr. Sumit Jindal is the promoters.


KAAS FOOTWEAR: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kaas Footwear
Industries Private Limited (Kaas) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.67        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             3.97        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             2.74        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Kaas for
obtaining information through letter and email dated March 15, 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 Kaas, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Kaas
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Kaas continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in February 2014 and promoted by Mr Rajesh Karande and
family, Kaas started commercial operations in November 2015 and
manufactures shoes for men and women. Unit is in Khed SEZ near
Pune.


KARANJA TERMINAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karanja
Terminal & Logistics Private Limited (KTLPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Funded Interest       7.05        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Funded Interest       7.06        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Funded Interest      42.89        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Term Loan            81.74        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan           249.52        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            81.74        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital      10.00        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with KTLPL for
obtaining information through letter and email dated March 15, 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 KTLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KTLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KTLPL continues to be 'CRISIL D Issuer Not Cooperating'.

KTLPL, incorporated in 2010 and promoted by Mr. Jay Mehta, operates
a multipurpose terminal and ship repair facility at Karanja creek
in Raigad, Maharashtra.


KAY ESS: Voluntary Liquidation Process Case Summary
---------------------------------------------------
Debtor: Kay Ess Fasteners Private Limited
91, Mohindra Enclave, Near Moti Nagar,
        Opp York Exports, Ludhiana – 141010

Liquidation Commencement Date: April 1, 2024

Court: National Company Law Tribunal Chandigarh Bench

Liquidator: Mr. Rajeev Bhambri
     SCO 9, 2nd Floor, Jandu Towers, Miller Ganj,
            Ludhiana – 141003, Punjab
            Email: kayess.liq@gmail.com
            Tel No: 9915710010

Last date for
submission of claims: May 1, 2024


KF BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KF Biotech
Private Limited (KFBPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

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

   Long Term Loan         1          CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Working       1          CRISIL C (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with KFBPL for
obtaining information through letter and email dated March 15, 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 KFBPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KFBPL continues to be 'CRISIL C Issuer Not Cooperating'.

KFBPL was established in 2005 by the Kapur group of companies and
is engaged in the high quality seed potato business. The company
has a dedicated plant tissue culture-based facility in Bengaluru.


KHANDELWAL BRASS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Khandelwal
Brass Industries (KBI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KBI for
obtaining information through letter and email dated March 15, 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 KBI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KBI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KBI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 1972, KBI is promoted by Jamnagar (Gujarat)-based
Khandelwal family. The firm manufactures brass extruded rods and
components used in sanitary ware and electric components.


KOLLAPPALLIL HYPERMARKET: CRISIL Keeps B+ Rating in Not Coop.
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kollappallil
Hypermarket Private Limited (KHPL) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      20        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with KHPL for
obtaining information through letter and email dated March 15, 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 KHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KHPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

KHPL was established by Mr Manikuttan Pillai and Ms Anju Manikuttan
in January 2018. It is constructing a hypermarket in
Nangiarkulangara, Kerala. The hypermarket is expected to be
inaugurated in August 2018.


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

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

   Proposed Long Term     6          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KCPL for
obtaining information through letter and email dated March 15, 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 KCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KCPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2010, KCPL initially traded rice; in 2013, it
started milling and sorting rice, with a unit having capacity of 8
tph.


KRISHNA COTTON: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishna
Cotton - Jamnagar (KC) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.75      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     4.25      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with KC for
obtaining information through letter and email dated March 15, 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 KC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KC
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 2011, KC is a partnership firm in Jamnagar (Gujarat) that
gins and presses cotton. The firm is owned and managed by the
Kasundra family.


KSPL SHIPYARD: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: KSPL Shipyard Private Limited
1st Floor, Sy. No. 312 Deep Water Port Area,
        ADB Road, East Godavani Kakineda-533003,
        Andhra Pradesh, India

Liquidation Commencement Date: February 2, 2024

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Mr. Kamlesh Kumar Sharma
     D-9 Ground Floor, Lane No.5
            Mahavir Enclave, New Delhi-110045
            Email: kspi.kksharma@gmail.com
            Tel No: 9971992095

Last date for
submission of claims: March 2, 2024


MADHUCON GRANITES: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and Short-term rating for the bank
facilities of Madhucon Granites Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term–          82.06     [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term–         42.57     [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term           9.10     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

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

Madhucon Granites Limited, a part of Madhucon Group, was
incorporated in 1994 as a private limited company and is closely
held by the promoters. The company is involved in manufacturing of
polished granite slabs. It has one processing unit at Hosur (Tamil
Nadu) with an installed capacity of 6.5 lakh sq. mtr. The company
also has 13 operational quarries mainly located in Andhra Pradesh,
Tamil Nadu and Karnataka. Madhucon Group has diversified interests
across industries including construction, granite, coal, sugar and
power. MGL has three subsidiaries, namely, Madhucon Sugar and Power
Industries Limited (MSPIL), Nama Granites Private Limited (NGPL-
not operational) and Nama Holdings Pte Limited (NHPL). MSPIL has a
sugar plant in Khammam (Andhra Pradesh) with an installed capacity
of 3500 tons of canes per day and a power plant with a capacity of
generating 24.2 MW from baggase and coal. MSPIL has also
established a distillery unit in 2015 with a capacity of 65 kilo
litres per day. NHPL is a Singapore based entity which has in turn
invested in the Group's Indonesian entities for the procurement of
imported coal; however, the same is currently not operational.


MAITHRI DEVELOPERS: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of
Maithri Developers (MD) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         60.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2004, Maithri Developers (MD) is a proprietorship
firm engaged in real estate development in Bangalore, Karnataka.
The proprietor has long experience in the field of real estate
development and construction and the firm has successfully executed
11 residential projects since its establishment encompassing ~2.0
million square feet (msft) of saleable area. The residential
projects include apartments, with amenities such as clubhouse,
swimming pool and gymnasium. Presently, the firm has two ongoing
projects and three more projects are expected to commence within a
year's time. The firm undertakes all the activities with the
assistance of its in-house team of engineers and architects.


MYTRAH VAYU: ICRA Lowers Rating on INR852.23cr Term Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mytrah
Vayu (Tungabhadra) Private Limited (MVTPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term-         852.23      Downgraded to [ICRA]D; ISSUER
   Fund based–                    NOT COOPERATING from [ICRA]B-
   Term loan                      (Negative) and simultaneously
                                  upgraded to [ICRA]A- (Stable)
                                  and Removed from ISSUER not
                                  cooperating category

   Long term-         48.50       Downgraded to [ICRA]D; ISSUER
   Fund based–                    NOT COOPERATING from [ICRA]B-
   Term loan                      (Negative) and simultaneously
                                  upgraded to [ICRA]A- (Stable)
                                  and Removed from ISSUER not
                                  cooperating category

Rationale

In September 2020, ICRA downgraded the rating assigned to MVTPL to
[ICRA]D from [ICRA]B- (Negative) owing to the delays in the
servicing of the debt obligations caused by the significant delays
in receiving payments from the customer for its 148.9-MW wind power
project. Further in November 2020, the rating was moved to 'ISSUER
NOT COOPERATING' category due to non-submission of monthly 'No
Default Statement' ("NDS") by the entity. However, ICRA was unable
to publish these rating actions on the website in due compliance
with the directions passed by the High Court of Andhra Pradesh,
vide its order dated September 25, 2020, in the matter of MEIPL and
MVTPL vs Southern Power Distribution Company of Andhra Pradesh
Limited (APSPDCL), ICRA Limited, Bank of Baroda and Power Finance
Corporation Limited. After the withdrawal of the petition by MEIPL
and MVTPL, ICRA is disclosing the rating action of downgrade to
[ICRA]D in line with its Policy on Default Recognition and also,
ICRA is simultaneously upgrading the rating to [ICRA]A- (Stable)
basis the latest developments as discussed below and removing the
rating from ISSUER NOT COOPERATING category on NDS.

The rating upgrade for MVTPL factors in the timely servicing of the
debt obligations by the company since June 15, 2023 following the
debt restructuring by its lenders and the acquisition of its 100%
shareholding by JSW Neo Energy Limited (JSWNEL), a 100% subsidiary
of JSW Energy Limited (JSWEL; rated [ICRA]AA (Stable)/[ICRA]A1+),
from the erstwhile sponsor, MEIPL. Further, the timely debt
servicing by the company was supported by the recovery of overdues
from its customer - Southern Power Distribution Company of Andhra
Pradesh Limited (APSPDCL) - between August 2022 and July 2023 along
with support from the new sponsor.

The rating for MVTPL factors in the managerial and financial
support from a strong ultimate parent, JSWEL. JSWEL's credit
profile is supported by its large scale of operations and a
diversified business profile with presence across thermal, hydro
and renewable power generation, power transmission and power
trading. The operating portfolio of the Group is expected to reach
9.8 GW by 2025, with renewables having a 60% share. It enjoys
strong financial flexibility by being part of an experienced and
resourceful promoter group.

The rating for MVTPL considers the limited demand and tariff risks
for its wind power capacity of 148.9 MW, by virtue of a 25-year
long-term power purchase agreements (PPAs) with APSPDCL for the
entire capacity at a fixed tariff rate. Also, the debt
restructuring approved by the lenders at the time of takeover by
the new sponsor with the conversion of debt plus principal and
interest overdue amounting to INR1,232.38 crore into sustainable
debt (INR910 crore) and unsustainable debt (INR322.38 crore in the
form of optionally convertible debentures (OCDs) with a coupon of
0.1% payable annually), reduction in interest rate and an elongated
repayment tenure are expected to result in adequate debt coverage
metrics for the company, with the cumulative debt service coverage
ratio (DSCR) on the external debt estimated at ~1.2x over the debt
tenure. Moreover, the correction in receivables from APSPDCL, the
availability of one-quarter debt service reserve (DSRA) that shall
be increased to two quarters and a working capital facility
covering for four months' receivables would support the liquidity
profile of the company.

The company recovered the past dues from APSPDCL through 12 monthly
instalments till July 2023, under the Electricity (Late Payment
Surcharge and Related Matters) Rules, 2022 (LPS) notified by the
Ministry of Power, Government of India, in June 2022. Also, the
company is receiving payments for the bills raised after June 2022
in a regular manner, i.e. within 75 days from the date of billing.
However, APSPDCL is capping the payments for the electricity
generated and supplied to the normative plant load factor (PLF) of
23.5% approved under the tariff regulations, which is being
contested by the wind IPPs in the state as there is no such
provision under the PPA. Nonetheless, the debt sizing for MVTPL
under the restructuring was arrived based on a PLF of 23.5%,
thereby mitigating any downside risk. Moreover, the
generation-based incentive (GBI) of 50 paise per unit provided by
the Government of India is being retained by APSPDCL, which is
challenged by the wind IPPs in the state. A favorable resolution of
these issues would improve the financial profile of MVTPL. Earlier,
the company along with other wind and solar power projects in
Andhra Pradesh received a favorable resolution of the tariff issue
with the High Court of Andhra Pradesh (APHC) issuing an order in
March 2022, directing the distribution utilities (discoms) of
Andhra Pradesh to adhere to the terms of the PPA and make payments
at the full PPA tariff.

The rating is, however, constrained by the exposure to a weak
counterparty, APSPDCL, which has a modest financial profile. While
the receivable position has witnessed a significant reduction over
the past 18 months, the timely receipt of the ongoing bills from
APSPDCL on a sustained basis remains a key monitorable for MVTPL.
The rating is also constrained by the vulnerability of the revenues
and cash flows to the seasonality and variation in wind power
density across the years owing to the single-part nature of the
tariff under the PPAs and single location of the project. Also, the
machine availability for the project was adversely impacted by
inadequate maintenance activity in the past, leading to weak
generation performance in FY2022 and FY2023. Post takeover, the new
sponsor is undertaking rectification measures to resolve these
issues. This improved the generation performance in FY2024 with a
reported PLF of 28.9% in 11M FY2024 against 15.8% in FY2023. The
sustainability of this improvement remains to be seen.

Further, the weak cost competitiveness of the PPA tariffs in
relation to the average power purchase cost (APPC) of the state
discoms exposes the project to the risk of grid curtailment in the
future. Also, the leveraged capital structure and fixed tariff of
the project exposes the company to variations in interest rates on
project debt. Further, the company's operations remain exposed to
regulatory risks pertaining to the scheduling and forecasting
requirements of wind power projects.

The Stable outlook on the rating for the bank loan facilities of
MVTPL factors in the revenue visibility with the presence of
long-term PPAs, improved payment discipline by the customers and
adequate debt coverage metrics, along with the support available
from the Group.

ICRA upgraded the rating for MVTPL to investment grade prior to the
elapse of the standard 365-day cooling period, following the change
in ownership and management. This is in accordance with ICRA's
Policy on Default Recognition, and the exceptions allowed therein.

Key rating drivers and their description

Credit strengths

* Presence of a strong sponsor in the form of JSW Energy Limited:
MVTPL, post its acquisition by the JSW Group in June 2023, is
supported by the strong credit profile of the sponsor, underpinned
by its large scale of operations and a diversified business
profile. The operating portfolio of the Group is expected to reach
9.8 GW by 2025 with focus on increasing the share of the renewable
energy capacity in its overall portfolio to 60%. Further, the
company enjoys strong financial flexibility by being part of an
experienced and resourceful promoter group. As part of the
restructuring, JSWNEL had infused INR30 crore as OCDs into MVTPL,
which was inter-alia used for the creation of a one-quarter DSRA.
JSWNEL has also committed to fund any capex for repairs of the wind
turbine generators (WTGs) over next 2 years.

* Revenue visibility due to long-term PPAs at fixed tariffs: The
company has signed long-term PPAs with APSPDCL for the entire
project capacity of 148.9 MW at a fixed tariff of INR4.83 per unit
for 98.3 MW and INR4.84 per unit for 50.6, for a tenure of 25
years, limiting the demand and tariff risks.

* Improved generation performance and debt restructuring at the
time of acquisition expected to lead to adequate debt coverage
metrics: The generation performance of the wind power capacity
under MVTPL improved in FY2024 after the acquisition by the new
sponsor, following the rectification measures undertaken by the new
sponsor with a reported PLF of 28.9% in 11M FY2024 against 15.8% in
FY2023. A sustainable improvement in generation performance by the
company remains a key monitorable. The improvement in generation
performance, favorable debt restructuring with a reduction in
interest rate and an elongated repayment tenure are expected to
result in adequate debt coverage metrics for the company.

* Comfortable liquidity profile: The liquidity profile of the
company is supported by the improved payment discipline of the
discoms following the notification of LPS rules in June 2022, a
one-quarter debt service reserve (DSRA) that shall be increased to
two quarters and a working capital facility covering four months'
receivables. The company recovered the past dues from APSPDCL
through 12 monthly instalments till July 2023, resulting in a
significant reduction in the receivable position from the company.

Credit challenges

* Sensitivity of debt metrics to energy generation; single location
of the project: The debt coverage metrics of wind power projects
remain sensitive to the PLF level, given the one-part tariff
structure under the PPA. Hence, any adverse variation in weather
conditions and/or equipment performance may impact the PLF and
consequently the cash flows. Also, the company faces high asset
concentration risk.

* Counterparty credit risk due to exposure to discoms having modest
financial profile: The company remains exposed to counterparty
credit risks due to the exposure to APSPDCL, which has a modest
financial profile, and this is reflected in the large payment
delays witnessed in the past. Nonetheless, following the
implementation of the LPS rules, the payment cycle has improved
significantly with the collection period reducing to ~75 days.
However, the sustainability of the same remains to be seen.

* Weak tariff competitiveness: The competitiveness of the tariff of
INR4.83/4.84 per unit for the project remains relatively weak in
relation to the APPC of the discoms. Further, it is higher than the
tariff of about INR3.0 per unit discovered recently in the sector.
This exposes the company to the risk of grid curtailment by the
discoms.

* Exposure to interest rate movement: The company's debt coverage
metrics remain exposed to the variation in interest rates because
of the leveraged capital structure and single-part nature of the
fixed tariff in the PPAs. However, this is partly mitigated in the
near term as the interest rate is fixed for a period of three years
from the date of debt restructuring (March 2023).

* Regulatory challenges associated with scheduling and forecasting
framework: The company's operations remain exposed to regulatory
risks pertaining to scheduling and forecasting requirements
applicable for wind energy projects, given the variable nature of
wind energy generation.

Liquidity position: Adequate

MVTPL's liquidity position is expected to remain adequate,
supported by the improved generation performance and regular
realisation of dues from the customers. The company is expected to
generate cash flow from operations of ~Rs. 49 crore in FY2025
against debt repayment obligation of INR36.4 crore. Moreover, the
availability of a DSRA of one quarter, free cash balances of
INR106.24 crore as on Feb. 29, 2024 and the availability of working
capital facility covering four months' receivables are expected to
support the liquidity profile.

Rating sensitivities

Positive factors – ICRA could upgrade MVTPL's rating in case of a
sustained improvement in the generation performance of its wind
asset, along with the timely payments from the offtaker, thereby
resulting in comfortable debt coverage metrics. Also, the rating
could improve if the credit profile of its ultimate parent, JSWEL,
improves.

Negative factors – The rating could be downgraded in case of a
deterioration in the generation performance of MVTPL, thereby
adversely impacting its debt coverage metrics. A specific credit
metric for downgrade includes the cumulative DSCR on the external
debt falling below 1.15 times. Further, any significant delays in
receiving payments from the offtaker, adversely impacting the
company's liquidity profile, would be a negative factor. Also,
weakening of the credit profile of JSWEL, or any change in
linkages/support philosophy between the parent and MVTPL would be
the negative factors.

MVTPL was incorporated by the Mytrah Group in March 2015. The
company owns and operates 148.9-MW wind power capacity at Aspari in
the Kurnool district of Andhra Pradesh. The project was fully
commissioned in March 2017. In June 2023, the company was acquired
by JSWNEL from the Mytrah Group in an 100% stake sale. The company
is now fully held by JSWNEL, a 100% subsidiary of JSW Energy
Limited. The project was developed using wind turbine generators
(WTGs) from GE India Industrial Private Limited, which is also the
O&M contractor for this project.


NAMMA SPORTZ: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Namma Sportz Private Limited
270, 1st Main Road,
        Jayanagar HBCS 1st Stage,
        Padmanabhanagar, Bangalore,
        Karnataka, India, 560070

Liquidation Commencement Date: March 31, 2024

Court: National Company Law Tribunal Bangalore Bench

Liquidator: Ganesh Panduranga Pai
     No.68, 6B, 6th Floor,
            Chitrapur Bhawan 8th Main,
            Email: pragnya.cas@gmail.com
     Tel No: 9845666596

Last date for
submission of claims: April 30, 2024


NANDI INTERNATIONAL: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nandi
International Private Limited (NIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

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

   Rupee Term Loan         4        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NIPL for
obtaining information through letter and email dated March 15, 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 NIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NIPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

NIPL was incorporated in 2013 and commenced its operation in
October 2017. The company is engaged in milling and processing of
paddy. It supplies basmati rice and non-basmati rice to exporters
and local distributors.


NILA SANDROCK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nila Sandrock
Granites Private Limited (NSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             8.5         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NSPL for
obtaining information through letter and email dated March 15, 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 NSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NSPL continues to be 'CRISIL D Issuer Not Cooperating'.

NSPL was incorporated in 2011, promoted by Mr Mahesh Jayantilal
Shah and Mr Sudeesh Babu. The company has establised a
stone-crushing unit in Palakkad, Kerala; the unit started
commercial operations in November 2016.


OCEAN PEARL: ICRA Keeps C+/A4 Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the bank facilities of Ocean Pearl Hotels
Private Limited (OPHPL} continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term/        65.00       [ICRA]C+/[ICRA]A4 ISSUER NOT
   Short Term-                   COOPERATING; Rating continues
   Non Fund                      to remain under 'Issuer Not
   Based-Others                  Cooperating' category

Rationale

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

Mr. Jayaram Banan began operating OPHPL from 1986 with a restaurant
called Sagar Ratna in Defence Colony, New Delhi. In 2010, the
company opened an 84-room, four-star luxury hotel in Mangalore,
Karnataka. In FY2012, the company hived off its restaurant business
and transferred its assets and liabilities to its wholly-owned
subsidiary, SRRPL. Later it sold its ~76% equity stake in SRRPL to
a private equity (PE) firm. Subsequently, in 2012, OPHPL started
banqueting services at a leased farmhouse in Chhatarpur, New Delhi,
and named it Ocean Retreat. In May 2017, OPHPL bought back the ~76%
stake in SRRPL from the PE firm, which was entirely funded by
debt.

At present, OPHPL operates an 84-room hotel in Mangalore, two
banquet halls in New Delhi, two restaurants at Ashoka Hotel, New
Delhi, a 50-room hotel at Udupi, Karnataka, with an adjacent
banquet hall with a 300-pax capacity, a 68-room hotel in Bejai
(Mangalore) and a 29-room hotel in Hubli, Karnataka. Further, OPHPL
owns the Sagar Ratna restaurant chain via its 100%
subsidiary, SRRPL.


PATLIPUTRA: CRISIL Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of The Patliputra
(Patliputra) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with Patliputra
for obtaining information through letter and email dated March 15,
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 Patliputra, which restricts
CRISIL Ratings' ability to take a forward looking view on the
entity's credit quality. CRISIL Ratings believes that rating action
on Patliputra is consistent with 'Assessing Information Adequacy
Risk'. Based on the last available information, the ratings on bank
facilities of Patliputra continues to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

The Patliputra was setup in September 2017, as a partnership firm
by Mr. Ashutosh Shah and his brother Mr. Ranbir Singh. It retails
gold and diamond jewellery under the franchisee of Tanishq, in
Arrah (Bihar).


PILOT 2: ICRA Lowers Rating on INR23cr LT Loan to D
---------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Pilot
2 Wheelers Pvt Ltd (PWPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        23.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long-term–         2.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating downgraded from
                                 [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not

Rationale

The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources.

The rating is based on limited information on the entity's
performance since the time it was last rated on March 21, 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Pilot 2 Wheelers Pvt Ltd, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2001 by Mr. Jagjeet Singh, PWPL is an authorised
dealer for Honda's two-wheelers in Chembur, Mumbai. The company is
a family-run business whose daily operations are managed by Mr.
Jagjeet Singh and his son, Mr. Karanjiv Singh. Prior to the Honda
dealership, the promoters were engaged in spare parts trading and
were also the authorized dealers for Daewoo Motors until 2001. PWPL
currently operates three showroom-cum-workshops at Chembur, Bhandup
and Byculla in Mumbai).


PMV MALTINGS: ICRA Withdraws B+ Rating on INR51cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
PMV Maltings Private Limited at the request of the company and
based on the No Due Certificate (NDC) received from its bankers.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers and their description, Liquidity Position,
Rating Sensitivities have not been captured as the rated
instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         51.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Term Loan                      

   Long Term-         35.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Cash Credit                    

   Long Term-         14.00       [ICRA]B+(Stable) ISSUER NOT
   Unallocated                    COOPERATING; Withdrawn

Incorporated in 2008, PMV Maltings Private Limited (PMV) was a
dormant company till thedemerger of The Malt Company (India)
Private Limited (MCIPL) with effect from April 2013. Under the
demergerscheme, MCIPL transferred two of its units i.e. Pataudi and
Kashipur units to PMV which were established in 2002and 2010
respectively while retaining the Khandsa based unit. PMV
manufactures barley malt with an installed capacity of 30,000 MTPA
and 130,000 MTPA at Pataudi and Kashipur units.


PROPELLER ADS : Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Propeller Ads Private Limited
c/o We work No 36, Prestige Central,
        Infantry Road, Bangalore G.P.O.,
        Banglore North,
        Karnataka, India, 560001

Liquidation Commencement Date: February 28, 2024

Court: National Company Law Tribunal Hyderabad Bench

Liquidator: V. Shankar
     303, Block-A, Legend Commercial Complex,
            3-4-770 & 136,
            Opp. ICICI Bank,
            Above Keshav Medicals,
            Barkatpura, Hyderabad - 500027
            Email: 1981shanky@gmail.com

Last date for
submission of claims: March 29, 2024


RENEWABLE ENERGY: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Renewable Energy Corporation (India) Private Limited
Office No. S-01, Regus Business Centre,
        10th Floor, Tower-B, Unitech Cyber Park,
        Sector 39, Gurugram
        Gurgaon Sector 45,
        Haryana, India, 122003

Liquidation Commencement Date: February 28, 2024

Court: National Company Law Tribunal Hyderabad Bench

Liquidator: V. Shankar
     303, Block-A, Legend Commercial Complex,
            3-4-770 & 136,
            Opp. ICICI Bank,
            Above Keshav Medicals,
            Barkatpura, Hyderabad - 500027
            Email: 1981shanky@gmail.com

Last date for
submission of claims: March 29, 2024


RIONA LAMINATE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term rating for the bank facilities of Riona
Laminate Pvt. Ltd. (RLPL) in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2011, Riona Laminate Pvt. Ltd. (RLPL) was set up to
manufacture high pressure decorative laminates which are primarily
used in furniture for surface decoration. The company commenced
commercial production in September 2012. It is owned and managed by
Mr. Kishan Bhalodiya, Mr. Jayntilal Kanani and Mr. Jaydeep Kanani.
The plant is in Morbi (Gujarat) and has an installed capacity to
manufacture 90000 sheets per month. The company mainly manufactures
decorative sheets of the size 8'x4' with thickness ranging from
0.8mm-1.0 mm which is the most common size sold in India. The
company also manufactures phenol resin and melamine resin for
captive consumption as well as sold externally.


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

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          7.07        [ICRA]B(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

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

Royalica Tiles will initially engage in manufacturing of digital
vitrified parking tiles of two sizes i.e. 12"x12" and 8"x24". The
plant of the company is located in Morbi, Gujarat. The plant has an
installed capacity of 51300 MTPA (9000 boxes) of digital vitrified
parking tiles. RT is likely to commence its trial runs from July
2016 and commercial production from August 2016.


S.K.P.V.V. HINDU: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.K.P.V.V.
Hindu High Schools Committee (SSC) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Secured Overdraft      10         CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with SSC for
obtaining information through letter and email dated March 15, 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 SSC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSC continues to be 'CRISIL D Issuer Not Cooperating'.

SSC established in the year 1906 in Vijayawada, Andhra Pradesh by
Mr.G Mallaiah and his family. The society presently runs 4 schools
and 3 colleges in Vijayawada.


SHRIJI GINNING: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shriji
Ginning and Pressing Factory (SGPF) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             2        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit            18        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SGPF for
obtaining information through letter and email dated March 15, 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 SGPF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SGPF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SGPF continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2002 as a partnership concern by Mr Nayan Saraf and Mr
Jeevan Bayas in Jalgaon, Maharashtra, SGPF gins and presses raw
cotton and sells cotton lint and cotton seeds.


SILVER SPRING: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Silver Spring Networks India LLP
H-63, Ground Floor, Vijay Chowk,
        Laxmi Nagar, New Delhi, Delhi-110092

Liquidation Commencement Date: March 30, 2024

Court: National Company Law Tribunal Chennai Bench

Liquidator: Vasudevan Gopu
     G.V Enclave 18/30, Ramani Street,
            K.K Pudur, Saibaba Colony
            (4th Right Opp. Road to Saibaba
            Colony Hotel Annapoorna Road)
            Coimbatore - 641038
            Tamil Nadu, India
            Email: vasudevangopu.ip@gmail.com
            Email: vasudevanacs@gmail.com
            Tel No: 0422-4347063

Last date for
submission of claims: April 29, 2024


TRI SOLAR: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Tri Solar
Private Limited (TSPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.40       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan       26.35       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.25       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with TSPL for
obtaining information through letter and email dated March 15, 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 TSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TSPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2015, TSPL has set up a 5.75 MW solar power plant
in Mahabubnagar, Telangana. The project was commissioned in
January, 2016. Dr N R N Reddy manages the operations.


YELLOWSTONE NIRMITI: ICRA Withdraws B+ Rating on INR75cr LT Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Yellowstone Nirmiti Llp Based on the information received from the
Publicly Available Source where all the Charges of the Entity have
been closed. However, ICRA does not have information to suggest
that the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers and their description, Liquidity
Position, Rating Sensitivities, Key Financial Indicators have not
been captured as the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         75.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Withdrawn
   Term Loan                       

Incorporated in February 2015, Yellowstone Nirmiti LLP is engaged
in execution of residential projects. The promoters of the
partnership firm are also the promoters of real estate groups
namely, 'Pristine Group', 'Kohinoor Group' and 'Wellworth Reality'
having presence in Pune, Maharashtra. The company is executing a
project named Yellowstone Nirmiti; located in Mahalunge, Pune near
Mumbai Bangalore Highway and close to Hinjewadi IT Park.




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

180 TRAFFIC: Creditors' Proofs of Debt Due on May 6
---------------------------------------------------
Creditors of 180 Traffic Control Limited are required to file their
proofs of debt by May 6, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 5, 2024.

The company's liquidators are:

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


DIANA BENNETT: Court to Hear Wind-Up Petition on April 24
---------------------------------------------------------
A petition to wind up the operations of Diana Bennett Investments
Limited will be heard before the High Court at Auckland on April
24, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 4, 2024.

The Petitioner's solicitor is:

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


ISLAND 2000 NZ: Court to Hear Wind-Up Petition on April 19
----------------------------------------------------------
A petition to wind up the operations of Island 2000 NZ Limited will
be heard before the High Court at Auckland on April 19, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Jan. 15, 2024.

The Petitioner's solicitor is:

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


JN&SK LIMITED: Court to Hear Wind-Up Petition on April 23
---------------------------------------------------------
A petition to wind up the operations of JN&SK Limited will be heard
before the High Court of Singapore on April 23, 2024, at 10:45 a.m.


Kiwi Leenovation Limited filed the petition against the company on
Dec. 5, 2023.

The Petitioner's solicitor is:

          Ji Chang Hwang
          CL Law Limited
          5/205 Wairau Road
          Wairau Valley
          Auckland 0627


PERMACONN TOPCO: Cliffwater Marks A$2.8-Mil. Loan at 37% Off
------------------------------------------------------------
The Cliffwater Corporate Lending Fund has marked its A$2,800,000
loan extended to Permaconn TopCo Pty, Ltd to market at A$1,754,955
or 63% of the outstanding amount, as of September 30, 2023,
according to a disclosure contained in Cliffwater's Amended Form
N-CSR report for the fiscal year ended September 30, 2023, filed
with the Securities and Exchange Commission on March 28, 2024.

The Cliffwater Corporate Lending Fund is a participant in a First
Lien Term Loan to Permaconn TopCo Pty, Ltd. The loan accrues
interest at a rate of 10.43% (BBSY+625) per annum. The loan matures
on December 8, 2027.

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

The Fund's fiscal year ends March 31.

The Fund is led by president Stephen Nesbitt and treasurer Lance J.
Johnson.  The Fund can be reached through:

     Terrance P. Gallagher
     c/o UMB Fund Services, Inc.
     235 West Galena Street
     Milwaukee, WI 53212

Permaconn provides mission-critical signaling solutions for the
alarm security industry. It is based in New South Wales, Australia.

S V COMMERCIAL: Creditors' Proofs of Debt Due on May 10
-------------------------------------------------------
Creditors of S V Commercial Cleaning Limited are required to file
their proofs of debt by May 10, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 5, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140




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

FALCON ENERGY: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on April 5, 2024, to
wind up the operations of Falcon Energy Group Limited.

Ambank (M) Berhad (Labuan Offshore Branch) filed the petition
against the company.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          c/o Deloitte & Touche LLP
          6 Shenton Way
          #33-00 OUE Downtown 2
          Singapore 068809


GL BUILDER: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on April 5, 2024, to
wind up the operations of GL Builder Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


INFRONT CONSULTING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on April 5, 2024, to
wind up the operations of Infront Consulting Group (S) Pte Ltd.

The company's liquidator is:

          Ms Ellyn Tan Huixian
          c/o Mazars Consulting Pte Ltd
          135 Cecil Street
          #10-01
          Singapore 069536


J.N.L LLP: Court to Hear Wind-Up Petition on April 26
-----------------------------------------------------
A petition to wind up the operations of J.N.L LLP will be heard
before the High Court of Singapore on April 26, 2024, at 10:00 a.m.


Maybank Singapore Limited filed the petition against the company on
April 3, 2024.

The Petitioner's solicitors are:

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


PUMA ENERGY: Moody's Affirms Ba3 CFR, Rates New Unsecured Notes Ba3
-------------------------------------------------------------------
Moody's Ratings has affirmed Puma Energy Holdings Pte. Ltd's (Puma
Energy, the company) Ba3 corporate family rating and Ba3-PD
probability of default rating. Concurrently, Moody's Ratings also
assigned a Ba3 rating to the new backed senior unsecured notes due
2029 and affirmed the Ba3 rating of the backed senior unsecured
notes due 2026, both issued by Puma International Financing S.A.
and guaranteed by Puma Energy. The outlook for both entities
remains stable.

RATINGS RATIONALE

The affirmations and Ba3 assignment to the new notes reflect the
credit positive extension of Puma Energy's debt maturity profile
through the planned partial refinancing of the 2026 notes via the
new issuance. This is another step in Puma Energy's efforts to
strengthen its capital structure and follows significant debt
reduction in the last two years.

The rating on the new notes is aligned with both the CFR and the
existing instrument rating, which reflects the new notes' senior
unsecured position, that is shared by the bank facilities and
remaining 2026 notes which represent the other main components of
the debt capital structure. However, the instrument rating also
considers the subordination to some local debt and liabilities at
Puma Energy's subsidiaries, which do not guarantee the new or
existing notes. The amount of local debt has reduced over recent
years.

Puma Energy's 2023 performance was in line with Moody's Ratings
expectations, supporting the company's Ba3 rating. Moody's
Ratings-adjusted debt/ EBITDA of 3.4x (4.1x including the perpetual
subordinated shareholder instrument which is fully qualifying as
equity under IFRS) was in line with the 3-4x range expectation for
the rating, a position also supported by a significant Moody's
Ratings-adjusted debt reduction in 2023. There is potential for
further gradual leverage improvements in 2024 and 2025 as the
company executes on its organic growth plans, for example growing
its convenience contributions and retail network further, and in
light of Moody's Ratings expectation of positive free cash flow
generation. Moody's Ratings also currently expects the company to
fully convert the perpetual subordinated shareholder instrument to
common equity by Q2'24. However, there is also room within the
company's intention to maintain a 2.5x net leverage (at 1.3x as of
December 2023) to temporarily increase leverage, for example for
acquisition opportunities. Nevertheless, Moody's Ratings would
expect the company to be more measured than in the past when
considering growth opportunities.

For 2024, Moody's Ratings expects Puma Energy to record broadly
similar profits to 2023 considering a softer start to the year but
also the company's growth investments. However, the company's
profitability also remains exposed to range of elevated country and
business risks around regulation, commodity prices, currency
volatility and currency controls given its emerging market focus.

Puma Energy's credit strengths continue to include its significant
geographical diversification, often leading market positions in
countries it operates in, margin protection in regulated markets,
ability to pass on commodity price volatility in most instances in
non-regulated markets and its supportive shareholder.

Sufficient liquidity remains important given the exposure to
volatile commodity prices, currency risk and markets where it can
be difficult at times to timely repatriate funds. In this context,
Moody's Ratings continues to view the company's liquidity as
adequate given solid cash balances and access to revolving credit
facilities. However, there remains a significant share of
short-dated, one-year revolving credit facilities, notwithstanding
the continued shift gradually towards a multi-year maturity
profile. The next larger maturities are the residual 2026 senior
notes.

ESG CONSIDERATIONS

Puma Energy's Credit Impact Score of CIS-3 indicates that ESG
considerations have a limited impact on the current credit rating
with potential for greater negative impact over time. This reflects
some exposures to environmental and social risks, but also
governance considerations. While the company's capital structure,
performance and hence governance has improved in 2022 and 2023, the
company had a more mixed governance track record prior to that.

RATING OUTLOOK

The stable outlook reflects Moody's Ratings expectation that Puma
Energy will be able to build on its recent track record and
maintain metrics commensurate with a Ba3 rating.

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

Positive pressure on the rating would arise from continued
improvement in operating profitability, a strengthening of the
company's business profile through scale or diversification, a
tightened financial policy and track record that would result in
Moody's Ratings-adjusted debt/EBITDA below 3.0x on a sustained
basis, while maintaining positive free cash flow generation and a
strengthened liquidity profile through longer-dated external
facilities.

Conversely, negative pressure on the rating would occur if
operating profitability of the company's core downstream business
returns to significant volatility or weakens sustainably, its
Moody's Ratings-adjusted total debt to EBITDA rises above 4.0x, for
example from debt-funded acquisitions, EBITDA-CAPEX/Interest
reduces below 2.0x or its liquidity profile weakens.

The principal methodology used in these ratings was Retail and
Apparel published in November 2023.

COMPANY PROFILE

Headquartered in Singapore, Puma Energy is a downstream oil group
that stores, supplies and distributes refined oil products, largely
in emerging markets. Trafigura Group, a global commodity trader,
established Puma Energy in 1997 and remains its dominant
shareholder with 96.6%.


TAIYO ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on April 5, 2024, to
wind up the operations of Taiyo Asia (E & C) Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory  
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778




=============
V I E T N A M
=============

VIETNAM: Cement Industry Faces Declining Production, Bankruptcies
-----------------------------------------------------------------
Global Cement News reports that the Vietnam Cement Association
(VNCA) has urged the government to address the cement industry's
challenges, following a continuous decline in sales since 2022.
Despite having 61 cement plants with a combined capacity of
117Mt/yr, the industry recorded sales of only 87.8Mt/yr in 2023,
marking a 16% year-on-year fall in domestic consumption to 56.6Mt
and a 1% decline in exports to 31.2Mt. Global Cement News says the
downturn in both domestic and export markets has resulted in excess
inventory, leading many plants to reduce capacity or halt
operations, with some facing bankruptcy or the risk of foreign
acquisition.

According to Global Cement News, several factors have contributed
to the industry's difficulties, including reduced domestic demand
due to reliance on traditional construction techniques in major
infrastructure projects, a stagnant real estate market, escalating
fuel costs, and increased export taxes on clinker. To combat these
issues, VNCA proposes promoting concrete use in high-speed
infrastructure projects, especially in the Central region and the
Mekong Delta. It also advocates maintaining or eliminating export
taxes on clinker for the next two years and providing VAT
exemptions. Additionally, VNCA calls for financial support,
requesting banks to offer debt relief and reduced interest rates to
cement companies. The association also advises against further
foreign investment in Vietnam's cement sector.



                           *********


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

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

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

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to be reliable, but is not guaranteed.

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



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