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

                     A S I A   P A C I F I C

          Thursday, April 18, 2024, Vol. 27, No. 79

                           Headlines



A U S T R A L I A

ALLIED CREDIT 2024-1: Moody's Assigns B2 Rating to AUD9MM F Notes
ENCAPTO PTY: First Creditors' Meeting Set for April 24
LUCHA ELIZABETH: First Creditors' Meeting Set for April 22
PERENTI FINANCE: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes
PLENTI AUTO 2024-1: Moody's Assigns (P)B2 Rating to AUD8MM F Notes

REDSPEAR HOLDINGS: Owes Huge Amount to Perth Modern School
RESIMAC BASTILLE 2022-2NC: Moody's Hikes Rating on F Notes to Ba3
SAPIEN CYBER: To be Wound Up After No Bids Received
SEARANGE HOLDINGS: Second Creditors' Meeting Set for April 22
STRONG AND CO: First Creditors' Meeting Set for April 23

TAURUS 2022-1 TRUST: Moody's Ups Rating on Class F Notes From Ba1
TOPLACE: Creditors Vote to Defer Liquidation for Better Return
ZEGA HOLDINGS: Second Creditors' Meeting Set for April 23


C H I N A

GREENLAND HONG KONG: Moody's Lowers CFR to 'Ca', Outlook Negative
GREENTOWN CHINA: Moody's Cuts CFR & Senior Unsecured Rating to B1
HILONG HOLDING: Moody's Lowers CFR to 'Caa2', Outlook Negative
ZHENRO PROPERTIES: May Fail to Pay US$290MM Debt Due This Week
ZHENRO PROPERTIES: Seeks to Delay Implementation of Restructuring



I N D I A

ANAND RICE: CARE Keeps C Debt Rating in Not Cooperating Category
ANNAI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating
BAJLA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category
CALYPSO AGRO: CARE Keeps D Debt Rating in Not Cooperating Category

CAMSON AGRI-VENTURES: CARE Keeps D Debt Ratings in Not Cooperating
CHEMSOL LABS: CARE Keeps C Debt Rating in Not Cooperating Category
COLD CARE: CARE Keeps D Debt Rating in Not Cooperating Category
DHRUV COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
HINDUJA NATIONAL: Asks NCLT to Junk BHEL Insolvency Plea

ICED DESSERTS: CARE Keeps C Debt Rating in Not Cooperating
JINDAL GREEN: CARE Lowers Rating on INR40cr ST Loan to D
KAMINENI EDUCATIONAL: Ind-Ra Keeps BB+ Rating in Non-Cooperating
OMKARA POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating
PROGRESSIVE EXIM: CARE Keeps D Debt Ratings in Not Cooperating

R.K.I. BUILDERS: CARE Keeps D Debt Ratings in Not Cooperating
SANTLAL INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
SAPTAGIR LABORATORIES: CARE Keeps C Debt Rating in Not Cooperating
SARASWATI TIMBER: CARE Lowers Rating on INR7.99cr LT Loan to C
SARAYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating

SINGH EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating
VUDDANDA SOLAR: CARE Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

KARIKAAS NATURAL: Faces Liquidation Bid by Business Partners
KC SEAVIEW: Court to Hear Wind-Up Petition on April 24
LONG RIVER: Court to Hear Wind-Up Petition on April 24
NEW ZEALAND CARPENTRY: Liquidator Unable to Contact Owner
Q CARD: Fitch Assigns 'Bsf' Rating on Class F-2024-1 Notes

ROBERTSON LOGGING: Creditors' Proofs of Debt Due on May 8
TOTALHEALTHDENTISTRY LTD: Creditors' Proofs of Debt Due on May 10
WAITONUI MILLTRUST: McGrathNicol Appointed as Receivers


S I N G A P O R E

BUEY TAHAN: Court to Hear Wind-Up Petition on April 26
BUTLER SNOW: Creditors' Proofs of Debt Due on May 15
LEON SYNERGY: Court Enters Wind-Up Order
QUATIM PTE: Court to Hear Wind-Up Petition on April 26
SEA HUB: Commences Wind-Up Proceedings



S O U T H   K O R E A

KDB LIFE: Fitch Affirms & Then Withdraws 'BB+' LongTerm IDR


V I E T N A M

SAIGON JOINT: Vietnam Mounts 'Unprecedented' US$24 Billion Rescue

                           - - - - -


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

ALLIED CREDIT 2024-1: Moody's Assigns B2 Rating to AUD9MM F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned the following definitive ratings to
the notes issued by AMAL Trustees Pty Ltd as trustee of Allied
Credit ABS Trust 2024-1.

Issuer: AMAL Trustees Pty Ltd as trustee of Allied Credit ABS Trust
2024-1

AUD35.00 million Class A-X Notes, Assigned Aaa (sf)

AUD793.00 million Class A Notes, Assigned Aaa (sf)

AUD68.00 million Class B Notes, Assigned Aa2 (sf)

AUD33.00 million Class C Notes, Assigned A2 (sf)

AUD17.00 million Class D Notes, Assigned Baa2 (sf)

AUD43.00 million Class E Notes, Assigned Ba1 (sf)

AUD9.00 million Class F Notes, Assigned B2 (sf)

The AUD27.00 million Class G1 and AUD10.00 million Class G2 Notes
(together, the Class G Notes) are not rated by Moody's Ratings.

Allied Credit ABS Trust 2024-1 is a cash securitisation of loans
backed by auto, motorcycle or other assets by Allied Credit Pty Ltd
(Allied Credit, unrated). This is Allied Credit's sixth term ABS
transaction.

The loans are to either consumer (64.3%) or commercial (35.7%)
borrowers based in Australia. Loans backed by motor vehicles,
motorcycles and caravans represent 94.4%, 4.7% and 0.9% of the
securitised pool, respectively.

The receivables were originated by entities either 100% owned by
Allied Credit or 50% owned by Allied Credit together with a joint
venture partner. All receivables were underwritten by Allied
Credit. The receivables are serviced by Allied Retail Finance Pty
Ltd (ARF, unrated), a wholly owned subsidiary of Allied Credit.

Allied Credit's total loan book was around AUD3.4 billion as of
February 29, 2024, including AUD2.6 billion of retail auto loans.
Allied Credit, a privately owned company, was established in 2010
with the primary focus on financing of motorcycle and marine
consumer loans. In 2019, Allied expanded into financing of auto
loans.

Allied Credit's origination volumes of retail auto loans grew
significantly since 2022, following its acquisition of the auto
dealer finance portfolio in December 2021 from Macquarie Leasing
Pty Limited (Macquarie Leasing), a wholly owned subsidiary of
Macquarie Bank Limited (Aa2/P-1/Aa2(cr)/P- 1(cr)).

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 2.00% of the rated notes balance, the legal structure,
the experience of ARF as servicer and presence of AMAL Asset
Management Limited (AMAL) as a back-up servicer.

According to Moody's Ratings, the transaction benefits from
granular composition of the pool with good geographic
diversification.

The key challenge is the presence of the Class A-X Notes. These
notes are not collateralised and repaid senior in the waterfall
from the available income, which reduces the excess spread
available to cover losses.

Another challenge is the limited historical performance data
available for motor vehicle loans. With limited historical
performance data available, the future performance of these loans
could be subject to greater variability than the current data
indicates.

Key transactional features are as follows:

-- Once step-down conditions are satisfied, all notes, including
Class G Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 27% subordination to
the Class A Notes and no unreimbursed charge-offs.

-- National Australia Bank Limited (Aa2/P-1/Aa1(cr)/P-1(cr)),
Macquarie Bank Limited (Aa2/P- 1/Aa2(cr)/P-1(cr)) and Westpac
Banking Corporation (Aa2/P-1/Aa1(cr)/P-1(cr)) will provide interest
rate swaps in the transaction, hedging the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The swap notional will follow a schedule based on
the amortisation rate of the underlying receivable assuming certain
prepayment rate.

-- AMAL Asset Management Limited is the back-up servicer. If ARF
is terminated as servicer, AMAL will take over the servicing role
in accordance with the standby servicing deed and its back-up
servicing plan.

Key model and portfolio assumptions:

Moody's Ratings' Portfolio Credit Enhancement ("PCE") —
representing the loss that Moody's Ratings expects the portfolio to
suffer in the event of a severe recessionary scenario — is 19%.
Moody's Ratings' mean default for this transaction is 4.3%. The
assumed recovery rate is 34%. Expected defaults, recoveries and PCE
are parameters used by Moody's Ratings to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in Moody's cash flow model
to rate consumer ABS.

Key pool features are as follows:

-- Interest rates in the portfolio range from 4% to 20%, with a
weighted average interest rate of 10.2%.

-- Loans with balloon payments at the end of the term represent
around 19.3% of the pool. This includes 7.1% of loans with a
separate Guaranteed Future Value (GFV) contract between Allied
Credit and the loan obligor. Under the contract, Allied Credit
provides a guaranteed future value option for repurchase of the
underlying asset at the end of the term of the receivable, at its
final balloon loan amount. The total balloon with the GFV represent
around 3.6% of the pool.

-- The weighted average seasoning of the portfolio is 10.1 months,
while the weighted average remaining term of the portfolio is 53.1
months.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's Ratings' subsequent
expectations of loss could be better than its original expectations
because of fewer defaults by underlying obligors. The performance
of the Australian economy and job market are primary drivers of
overall performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's Ratings' subsequent expectations
of loss could be worse than its original expectations because of
more defaults by underlying obligors. Factors that could lead to
poorer performance than expected by Moody's Ratings include
inadequate servicing, errors made by parties involved in the
transaction, a decline in the credit quality of transaction
counterparties, insufficient transactional governance, and fraud.


ENCAPTO PTY: First Creditors' Meeting Set for April 24
------------------------------------------------------
A first meeting of the creditors in the proceedings of Encapto Pty
Ltd will be held on April 24, 2024 at 11:00 a.m. at Level 30, 140
William Street in Melbourne.

Andrew Mattinson and Malcolm Kimbal Howell of Jirsch Sutherland
were appointed as administrators of the company on April 12, 2024.


LUCHA ELIZABETH: First Creditors' Meeting Set for April 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Lucha
Elizabeth Pty Ltd will be held on April 22, 2024 at 10:30 a.m. via
video conference only by Microsoft Teams.

Alexander Siu and Marcus Watters of Hall Chadwick were appointed as
administrators of the company on April 10, 2024.


PERENTI FINANCE: Fitch Assigns 'BB+' Rating on Sr. Unsecured Notes
------------------------------------------------------------------
Fitch Ratings has assigned Australia-based Perenti Limited's
(BB+/Stable) proposed USD350 million guaranteed senior unsecured
notes a rating of 'BB+'. The proposed notes will be issued by
Perenti's wholly owned subsidiary, Perenti Finance Pty Ltd, and
guaranteed by Perenti and certain subsidiaries. The proposed notes
are rated at the same level as Perenti's Long-Term Issuer Default
Rating (IDR), as they constitute its unconditional, unsecured and
unsubordinated obligations.

Net proceeds from the proposed notes will be used to refinance
existing debt, including partial redemption of its USD433 million
senior unsecured bonds maturing in October 2025, and USD120 million
partial repayment of its syndicated facilities.

KEY RATING DRIVERS

Improving Market Position in Australia: Perenti forecasts revenue
to reach AUD3.3 billion-3.4 billion in the financial year ending
June 2024 (FY24) (FY23: AUD2.9 billion), following the acquisition
of DDH1 Limited, which derives around 90% of revenue from
Australia. Fitch expects the acquisition to bolster Perenti's
market position in Australia by boosting its underground and
surface drilling operations, with a focus on the mine production
phase. Consolidation of DDH1 increases the proportion of revenue
from more stable jurisdictions.

Stable Cash Flow from Underground Mining: Perenti's focus on
underground mining supports its ability to generate stable cash
flow through the cycle. The stability buffers against cyclical
commodity prices and is underpinned by the low-cost position of the
mines Perenti serves, a focus on production-related services as
well as higher entry barriers and lower capital intensity than
surface mining.

The benefits afforded to Perenti's portfolio were highlighted when
the company announced it was maintaining its earnings guidance in
December 2023, despite two of the nickel mines which it operated
being placed into care and maintenance amid falling commodity
prices.

Conservative Financial Policy: Fitch expects Fitch-defined EBITDA
net leverage to remain at or below 1.0x in the next few years on
higher EBITDA generation. Perenti is committed to maintaining
leverage below this level, after a reduction to 0.9x in FY23. Fitch
believes successful deleveraging and a commitment to maintaining a
conservative financial profile will better position the company to
withstand commodity price downturns. Perenti maintains conservative
leverage metrics through capital-management initiatives, such as
limiting capex, suspending dividends and divesting non-core
assets.

Improving Jurisdictional Risk Profile: Fitch believes the DDH1
acquisition supports Perenti's strategy to focus on stable
jurisdictions and continues to bring its operating risk profile in
line with that of peers. Perenti's strategy has also driven its
contract tender and renewal decisions over recent years. This has
seen its revenue contribution from lower-risk mining jurisdictions,
including Australia (AAA/Stable), United States of America
(AA+/Stable), Canada (AA+/Stable), Botswana and Europe, rise to
around 70% in 1HFY24, from around 60% in FY23.

DERIVATION SUMMARY

Perenti's financial profile is similar to that of Thiess Group
Holdings Pty Ltd (BBB-/Stable). The companies also have comparable
business profiles, but Thiess has a larger operational scale in
terms of revenue and a stronger EBIT margin, supported by Thiess'
exposure to surface mining. These factors underscore the one-notch
rating differential between the two entities.

Perenti's stable cash flow from diversified underground-mining
service contracts and a competitive cost position at the mines it
serves compares favourably against Indonesia-based peer PT Bukit
Makmur Mandiri Utama (BUMA, BB-/Stable). BUMA has a less
diversified business model and a higher concentration of
lower-quality counterparties. Perenti's superior credit metrics and
minimal coal exposure further support the rating differential
between the two entities.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within the Rating Case for the Issuer:

- Revenue growth of 16% in FY24 on the consolidation of DDH1; flat
revenue thereafter (FY23: 18%);

- Fitch-adjusted group EBITDA margin of around 18% over the next
four years (FY23: 18%);

- Net capex of AUD360 million in FY24 and then 11% of revenue on
average (FY23: 13%)

- No new acquisitions or divestments;

- Dividends of 40% of net profit after tax from FY24 as net
leverage remains below 1x

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- No positive action is expected over next 12-24 months as Perenti
integrates new businesses and continues its transition to low-risk
mining jurisdictions; however, improvement in Fitch-defined EBIT
margin to around 10% could lead to positive rating action.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- EBITDA net leverage rising above 1.7x for a sustained period;

- Weakening market position, including weak execution of its
business strategy, and/or inability to renew or replace expiring
contracts.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Perenti had cash and equivalents of AUD307.4
million at end-June 2023, against interest-bearing liabilities of
around AUD768 million. Liabilities included USD433 million in
senior unsecured debt and a AUD420 million revolving credit
facility, of which 29% was undrawn. The next material maturity is
USD433 million in senior unsecured notes due October 2025.

ISSUER PROFILE

Perenti is a leading global provider of contract mining, drilling
and other mining services. It has become one of the largest mining
services companies listed on the Australian Securities Exchange
since operations started in 1987.

DATE OF RELEVANT COMMITTEE

08 April 2024

   Entity/Debt                Rating           
   -----------                ------           
Perenti Finance Pty Ltd

   senior unsecured       LT BB+  New Rating

PLENTI AUTO 2024-1: Moody's Assigns (P)B2 Rating to AUD8MM F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
the notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the Plenti Auto ABS Trust 2024-1.

Issuer: Perpetual Corporate Trust Limited in its capacity as the
trustee of the Plenti Auto ABS Trust 2024-1

AUD334.0 million Class A Notes, Provisional Rating Assigned (P)Aaa
(sf)

AUD7.0 million Class A-X Notes, Provisional Rating Assigned (P)Aaa
(sf)

AUD18.0 million Class B1 Notes, Provisional Rating Assigned (P)Aa2
(sf)

AUD10.0 million Class B2 Notes, Provisional Rating Assigned (P)Aa2
(sf)

AUD13.0 million Class C Notes, Provisional Rating Assigned (P)A2
(sf)

AUD5.0 million Class D Notes, Provisional Rating Assigned (P)Baa2
(sf)

AUD8.0 million Class E Notes, Provisional Rating Assigned (P)Ba1
(sf)

AUD8.0 million Class F Notes, Provisional Rating Assigned (P)B2
(sf)

The AUD4.0 million Class G Notes are not rated by Moody's Ratings.

Plenti Auto ABS Trust 2024-1 (Plenti 2024-1) transaction is a
static cash securitisation of consumer and commercial auto loan
receivables extended to prime borrowers in Australia. The loans are
originated by Plenti Finance Pty Limited (Plenti, unrated) and are
serviced by Plenti RE Limited (Plenti RE).

Plenti is a 100% owned Australian subsidiary of Plenti Group
Limited. The Plenti business was established in 2014 focusing on
unsecured consumer lending before commencing automotive lending in
2017. Following strong growth in its automotive finance book,
Plenti is issuing its fourth auto ABS term transaction. Plenti is a
technology-led lending business, offering automotive, renewable
energy and personal loans, delivered via its proprietary technology
platform.

RATINGS RATIONALE

-- The limited amount of historical data. Plenti was established
in 2014, with significant origination growth beginning in 2017
onwards and commercial auto loans commencing in 2021. The
collateral performance data used in Moody's analysis reflects
Plenti's short origination history and does not cover a full
economic cycle.

-- The evaluation of the capital structure. The transaction
features a sequential/pro rata paydown structure. Initially, the
notes will be repaid on a sequential basis starting with the Class
A notes. Once pro rata paydown conditions are satisfied, principal
will be distributed pro rata among Class A through Class F Notes.
Following the call date, or if the pro rata conditions are
otherwise not satisfied, the principal collections distribution
will revert to sequential. Initially, the Class A, Class B (Class
B1 and B2), Class C, Class D, Class E and Class F Notes benefit
from 16.50%, 9.50%, 6.25%, 5.00%, 3.00% and 1.00% of note
subordination, respectively.

-- The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
February 2027. If the deal is called by the sponsor before
repayment of the Class A-X Notes under the amortisation schedule in
February 2027, the Class A-X Notes will be made whole and repaid in
full. The notes also benefit from access to principal draw
providing the Class A Notes stated amount is above zero.

-- The availability of excess spread over the life of the
transaction. Repayment of the Class A-X Notes in a senior position
the interest waterfall reduces the availability of excess spread
for the other notes.

-- The liquidity facility in the amount of 1.50% of the note
balances, subject to a floor of AUD1.50 million.

-- The interest rate swap provided by National Australia Bank
Limited ("NAB", Aa2/P-1/Aa1(cr)/P-1(cr)).

-- The experience of Plenti RE Limited as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.

MAIN MODEL ASSUMPTIONS

Moody's Ratings' base case assumptions are a mean default rate of
3.2%, a recovery rate of 35.0%, and a Aaa portfolio credit
enhancement ("PCE") of 16.0%. The expected defaults and recoveries
capture Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
Ratings to calibrate its lognormal portfolio default distribution
curve and to associate a probability with each potential future
default scenario in its ABSROM cash flow model.

Moody's Ratings assumed mean default rate is stressed compared to
the extrapolated observed levels of default, estimated at 1.80%.
The stress Moody's Ratings has applied in determining its mean
default rate reflects the limited historical data available for
Plenti's portfolio. It also reflects the current macroeconomic
trends, and other similar transactions used as a benchmark.

The PCE of 16.0% is broadly in line with other Australian auto ABS
deals and is based on Moody's Ratings' assessment of the pool
taking into account (i) historical data variability, (ii) quantity,
quality and relevance of historical performance data, (iii)
originator quality, (iv) servicer quality, (v) certain pool
characteristics, such as asset concentration.

Key pool features are as follows:

-- Consumer loans constitute 70.0% of the pool while the remaining
30.0% is made up of commercial loans;

-- The weighted average interest rate of the portfolio is 9.66%;

-- The weighted average remaining term of the portfolio is 62.2
months; and

-- The weighted average seasoning of the initial portfolio is 5.4
months.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's Ratings' current expectations
of loss could be better than its original expectations because of
fewer defaults by underlying obligors. The Australian job market is
a primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's Ratings' current expectations of
loss could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's Ratings expects include poor servicing, error on the
part of transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


REDSPEAR HOLDINGS: Owes Huge Amount to Perth Modern School
----------------------------------------------------------
The West Australian reports that WA's flagship public school Perth
Modern has claimed it's owed nearly half a million dollars after
the collapse of a Space Camp tour company.

Administrators appointed to examine the books for Redspear
Holdings, which traded as Edu School Tours, last week recommended
it should be wound up.

Leon D'Souza and Richard Albarran of Hall Chadwick were appointed
as administrators of the company on March 12, 2024.


RESIMAC BASTILLE 2022-2NC: Moody's Hikes Rating on F Notes to Ba3
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on 10 classes of notes issued
by two RESIMAC Bastille RMBS.

The affected ratings are as follows:

Issuer: RESIMAC Bastille Trust Series 2022-2NC

Class B Notes, Upgraded to Aaa (sf); previously on Jul 28, 2023
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Jul 28, 2023
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Jul 28, 2023
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Jul 28, 2023
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Dec 15, 2022
Definitive Rating Assigned B2 (sf)

Issuer: RESIMAC Bastille Trust in respect of the RESIMAC Series
2023-1NC

Class B Notes, Upgraded to Aaa (sf); previously on Apr 20, 2023
Definitive Rating Assigned Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Jul 28, 2023
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Jul 28, 2023
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Apr 20, 2023
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Apr 20, 2023
Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

The upgrades were prompted by (1) an increase in credit enhancement
available to the affected notes and (2) the collateral performance
to date.

No actions were taken on the remaining rated classes in these deals
as credit enhancement remains commensurate with the current rating
for the respective notes.

RESIMAC Bastille Trust Series 2022-2NC

Following the March 2024 payment date, credit enhancement available
for the Class B, Class C, Class D and Class E Notes has increased
to 12.5%, 9.3%, 6.2% and 3.2% respectively, from 8.3%, 6.2%, 4.1%
and 2.1% at the time of the last rating action for these notes in
July 2023. Credit enhancement available for the Class F Notes has
increased to 2.3% from 0.9% at closing. Principal collections have
been distributed on a sequential basis starting from the Class A1
Notes.

As of February 2024, current outstanding pool as a percentage of
the closing pool was 50.4%. 2.4% of the outstanding pool was
30-plus day delinquent and 1.3% was 90-plus day delinquent. The
deal has not incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's Ratings has maintained its expected loss assumption at 1.6%
of the outstanding pool balance (equivalent to 0.8% of the original
pool balance). Moody's Ratings has increased its MILAN CE
assumption to 9.6% from 9.4% at the time of the last rating action,
based on the current portfolio characteristics.

RESIMAC Bastille Trust in respect of the RESIMAC Series 2023-1NC

Following the March 2024 payment date, credit enhancement available
for the Class C and Class D has increased to 7.3% and 4.6%
respectively, from 5.2% and 3.3% at the time of the last rating
action for these notes in July 2023. Credit enhancement available
for the Class B, Class E and Class F Notes has increased to 9.5%,
2.4% and 1.7% respectively, from 6.4%, 1.6% and 0.9% at closing.
Principal collections have been distributed on a sequential basis
starting from the Class A Notes.

As of February 2024, the current outstanding pool as a percentage
of the closing pool was 65.2%. 2.1% of the outstanding pool was
30-plus day delinquent and 0.8% was 90-plus day delinquent. The
deal has not incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's Ratings has updated its expected loss assumption to 1.5% of
the outstanding pool balance (equivalent to 1.0% of the original
pool balance) from 1.3% (equivalent to 1.2% of the original pool
balance) at the time of the last rating action. Moody's Ratings has
decreased its MILAN CE assumption to 7.8% from 8.4% at the time of
the last rating action, based on the current portfolio
characteristics.

The transactions are Australian RMBS secured by a portfolio of
residential mortgage loans, originated by RESIMAC Limited, an
Australian non-bank mortgage lender. A portion of the portfolio
consists of loans extended to borrowers with impaired credit
histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in October
2023.

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

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

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


SAPIEN CYBER: To be Wound Up After No Bids Received
---------------------------------------------------
BusinessNews reports that Perth cyber security startup Sapien Cyber
will be wound up after no bids were received to restructure or
recapitalize the business, now in the hands of liquidators.

Sapien Cyber, based on technology developed at Edith Cowan
university, entered administration after two big customers who were
also major shareholders went elsewhere for protection against cyber
threats, WAtoday reported on March 5.

Prominent Perth businessman John Poynton, who has long been
involved with Sapien and became chair in October 2023, said its
entrance to administration was unfortunate, WAtoday related.

According to WAtoday, Mr. Poynton said a financier arranged to back
the company immediately withdrew its support after two major
clients, who were also shareholders, ceased to be customers.

WAtoday said the business based at ECU's Joondalup campus offered
products to understand where a company's software and hardware was
vulnerable to cyber attacks and automatically detect and
investigate those attacks.

The outlook for Sapien was cautious but not without hope in
December 2023 when its annual report for the 12 months to June
2023, revealing a AUD3.6 million loss and about AUD700,000 in cash,
was signed off, according to WAtoday.

Quentin Olde and Liam Healey of Ankura Consulting were appointed as
administrators of the company on Feb. 28, 2024.


SEARANGE HOLDINGS: Second Creditors' Meeting Set for April 22
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Searange
Holdings Pty Ltd has been set for April 22, 2024 at 2:30 p.m. at
the offices of GTS Advisory at Level 2/68 St George Terrace in
Perth and via Zoom virtual meeting facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 19, 2024 at 5:00 p.m.

Domenico Alessandro Calabretta and Mathieu Tribut of Mackay Goodwin
were appointed as administrators of the company on March 7, 2024.


STRONG AND CO: First Creditors' Meeting Set for April 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Strong and
Co Australia Pty Ltd will be held on April 23, 2024 at 11:00 a.m.
via Microsoft Teams.

David Ingram and David Ross of I & R Advisory were appointed as
administrators of the company on April 11, 2024.


TAURUS 2022-1 TRUST: Moody's Ups Rating on Class F Notes From Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on five classes of notes
issued by Taurus 2022-1 Trust.

The affected ratings are as follows:

Issuer: Taurus 2022-1 Trust

Class B Notes, Upgraded to Aaa (sf); previously on Sep 14, 2023
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa2 (sf); previously on Sep 14, 2023
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Sep 14, 2023
Upgraded to A3 (sf)

Class E Notes, Upgraded to A3 (sf); previously on Sep 14, 2023
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Baa2 (sf); previously on Sep 14, 2023
Upgraded to Ba1 (sf)

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

RATINGS RATIONALE

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

No action was taken on the remaining rated classes in the deal as
credit enhancements remain commensurate with the current ratings
for the respective notes.

Following the March 2024 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 19.0%, 13.4%, 10.8%, 9.2% and 5.6%,
respectively, from 15.0%, 10.6%, 8.5%, 7.2% and 4.3% at the last
rating action in September 2023.

The transaction satisfied the step-down conditions on the March
2024 payment date and principal collections are now being
distributed amongst all rated classes of notes on a pro-rata basis.
Current outstanding notes as a percentage of the closing notes
balance is 53.4%.

As of end-February 2024, 1.7% of the outstanding pool was 30-plus
days delinquent, and 0.4% was 90-plus days delinquent. The deal has
incurred 0.24% of gross losses and 0.22% net losses to date, which
have been covered by excess spread. According to the servicer,
reported gross losses are net of collections from vehicle sales or
insurance claims proceeds; and reported net losses are net of
further collections after a loan is written off. As such, reported
recovery has been very low. The servicer will provide Moody's
Ratings with the vehicles sales and insurance claims proceeds data
going forward.

The servicer has been writing off loans at 180-plus days
delinquent. Going forward, this will be changed to 120-plus days
delinquent, as defined in the documents.

Based on the observed performance to date and loan attributes,
Moody's Ratings has lowered its expected default assumption to 2.8%
of the current pool balance (equivalent to 1.7% of the closing pool
balance) from 3.5% of the pool balance at the last rating action.
Moody's Ratings has also lowered the Aaa portfolio credit
enhancement to 16.5% from 18% at the last rating action. Moody's
Ratings has considered sensitivity scenarios with lower recovery
rate, higher expected default rate and different default timing.

The transaction is a cash securitization of consumer and commercial
auto loan receivables extended to prime borrowers in Australia by
Taurus Finance Holdings Pty Limited (unrated).

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2023.

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

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

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


TOPLACE: Creditors Vote to Defer Liquidation for Better Return
--------------------------------------------------------------
Australian Financial Review reports that creditors of collapsed
Western Sydney developer Toplace, which amassed debts of over $2
billion before founder and now fugitive Jean Nassif fled to
Lebanon, voted on April 16 to hold off liquidation of the group in
favour of a scheme that may see them get a better payout.

Known as a holding deed of a company arrangement (DOCA), the
proposal was formulated and recommended by administrators Suelen
McCallum and Antony Resnick from dVT Group who were appointed on
July 7 last year, AFR relates.

Rather than liquidate the group, a holding DOCA provides a holding
period where administrators can continue to "investigate potential
actions that may be available for the benefit of creditors and the
dealings of, and between, the companies in the group".

AFR relates that these investigations have, to date, uncovered
millions of dollars in loans provided to Mr. Nassif in the months
before he fled Australia amid claims by administrators that he
"treated company bank accounts as his exclusive personal financial
resources".

Administrators also said that a holding DOCA would minimise the
risk of the value of assets held within the group being adversely
affected by a liquidation, AFR relays.

In February, the dVT administrators said they had realised $300
million in funds for creditors, whilst securing all employee
entitlements.

"While no return will be paid to ordinary unsecured creditors while
the holding DOCA is on foot, the aim of the administrators is to
maximise the return to ordinary unsecured creditors that may
eventually become available to them, whether by those creditors
ultimately resolving to approve an amended DOCA or from a winding
up of one or more companies in the group," the administrators said
in an April supplementary report to creditors, recalls AFR.

More than 20,000 homeowners across 20 buildings may have been
caught up in the collapse of Toplace, which was founded in 2009 and
was one of the biggest private apartment developers in Sydney for
over a decade, AFR says.

Its collapse, which came after Toplace's building licence was
suspended in March 2023, and after numerous building works
rectification orders were made for defects ranging from stormwater
drainage, structural problems to fire safety and waterproofing, was
one of the biggest private developer failures in Australian
history, AFR notes.

Around AUD436 million is owed to unsecured creditors, including
AUD146 million relating to strata bodies' defect claims and AUD85
million to tradies and suppliers. Related party creditor claims top
AUD1.6 billion, AFR discloses.

Lenders with registered mortgages over Toplace related entities
include the Commonwealth Bank, National Australian Bank, La Trobe
Financial, MaxCap and Central Real Capital. Westpac was Mr Nassif's
main banker.

No estimate of a return to creditors has been made by
administrators, according to its latest April supplementary
report.

Administrators, who have had to comb through the records of 77
Toplace companies, believe the business may have been insolvent
since 2020, according to AFR.

AFR recalls that NSW Police's Organised Crime Squad was last year
granted an arrest warrant for Mr. Nassif over allegations of fraud
involving a Sydney apartment project developed by his firm.

Mr. Nassif emerged from exile in Beirut earlier this month to tell
the ABC's Background Briefing program that he would return to
Australia to clear his name and fix defects in his buildings if
police dropped their "bullshit of an arrest".

A second creditors meeting was held on February 9, but adjourned
for 45 days to allow creditors to consider the holding DOCA
proposal, AFR discloses.

"The majority of creditors and strata groups have voted for the
holding DOCA," a spokesman for the administrators told The
Australian Financial Review on April 16.


ZEGA HOLDINGS: Second Creditors' Meeting Set for April 23
---------------------------------------------------------
A second meeting of creditors in the proceedings of Zega Holdings
Pty Ltd has been set for April 23, 2024 at 11:00 a.m. at Suite 5,
82-86 Pacific Highway in St Leonards.

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

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

Tim Heesh and Mark Everingham of TPH Advisory were appointed as
administrators of the company on March 8, 2024.




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

GREENLAND HONG KONG: Moody's Lowers CFR to 'Ca', Outlook Negative
-----------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of
Greenland Hong Kong Holdings Limited to Ca from Caa2.

At the same time, Moody's Ratings has downgraded the following
ratings:

-- The backed senior unsecured rating on Greenland Hong Kong
Holdings Limited's MTN program to (P)C from (P)Caa3; and

-- The backed senior unsecured rating on Greenland Hong Kong
Holdings Limited's USD notes to C from Caa3.

Moody's Ratings has maintained the negative outlook on the
ratings.

"The rating downgrade with a negative outlook reflects Greenland
Hong Kong's weak liquidity with payment default, and Moody's
expectation of weak recovery prospects for the company's
creditors," says Daniel Zhou, a Moody's Ratings Assistant Vice
President and Analyst.

Moody's Ratings has also conducted a review on Greenland Holding
Group Company Limited's Ca corporate family rating and Greenland
Global Investment Limited's C backed senior unsecured rating, and
(P)C rating on its backed senior unsecured medium-term note
program, through a rating committee. These ratings and the negative
outlooks remain unchanged.

RATINGS RATIONALE

Greenland Hong Kong's liquidity is weak, as reflected in its missed
payment of some loans by scheduled repayment dates as indicated in
its annual results announcement for 2023.

While the company has extended the maturity of the defaulted loans
after the end of 2023, Moody's Ratings estimates that Greenland
Hong Kong's cash holding and operating cash flow will still be
insufficient to cover its maturing debt, mostly bank loans, over
the next 6-12 months. The company reported short-term debt of
RMB7.6 billion as of December 31, 2023, against a weak level of
RMB1.7 billion unrestricted cash as of the same date.

Moody's Ratings also expects the recovery prospects for Greenland
Hong Kong's unsecured creditors to be low in a bankruptcy scenario,
given the company's high debt leverage and large amount of
financing at the operating subsidiary level.

Although Greenland Hong Kong could raise funds from asset disposals
or other channels, these  activities entail high execution risks
amid prolonged weak market sentiment. The company's fundraising
ability is also constrained by its deteriorated financial profile
and the high contagion risks to its parent, Greenland Holding,
given the latter's weak credit quality and the two entities' close
links and sharing of brand name.

Greenland Hong Kong's senior unsecured rating is one notch lower
than it would otherwise have been because of the risk of structural
subordination. This risk reflects the fact that most of the claims
are at the operating subsidiaries and have priority over claims at
the holding company level in a bankruptcy scenario. Additionally,
the holding company lacks significant mitigating factors for
structural subordination. As a result of these factors, the
expected recovery rate for claims at the holding company will be
lower.

Greenland Holding's Ca CFR continues to reflect the company's
history of payment defaults on its debt, its weak liquidity and
financial metrics, as well as the low recovery prospects for its
creditors.

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

Moody's Ratings could downgrade Greenland Hong Kong's CFR if the
recovery prospects of its creditors deteriorate.

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could develop if Greenland Hong
Kong improves its liquidity position materially and repays its
maturing debt obligations on time.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Greenland Hong Kong Holdings Limited is principally engaged in the
development of large-scale, high-quality residential communities,
city-center integrated projects, and travel and leisure projects
that target the middle- to high-end customer segment. Greenland
Holding is the largest shareholder of Greenland Hong Kong.


GREENTOWN CHINA: Moody's Cuts CFR & Senior Unsecured Rating to B1
-----------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating, backed
senior unsecured rating, and senior unsecured rating of Greentown
China Holdings Limited to B1 from Ba3.

Moody's Ratings has maintained the negative outlook on the
ratings.

"The rating downgrade reflects Moody's expectation that the
likelihood of extraordinary support from China Communications
Construction Group Limited (CCCG), Greentown's largest shareholder,
will decrease over time, as the prolonged challenges in China's
property market will likely weaken Greentown's strategic and
economic value to CCCG," says Daniel Zhou, a Moody's Ratings
Assistant Vice President and Analyst.

The expectation of lower support results in a reduction of the
rating uplift from CCCG to one notch from two notches previously.

"The negative outlook continues to reflect uncertainties over
Greentown's ability to improve its operating performance and credit
metrics. It also reflects Moody's view that the likelihood of
extraordinary support from CCCG could further reduce under the
prolonged challenging market environment," adds Zhou.

RATINGS RATIONALE

Greentown's B1 CFR incorporates its standalone credit strength and
one-notch uplift based on Moody's Ratings expectation that the
company will receive extraordinary financial support from CCCG in
times of financial distress.

The current support assumption has considered Greentown's
operational and financial contribution to CCCG with cooperation in
businesses, CCCG's 28.97% shareholding in Greentown, as well as
CCCG's influence over and track record of providing financial
support to Greentown. This also factors in CCCG's ability to
provide support, underpinned by its status as a state-owned
enterprise (SOE) and good access to funding.

However, the likelihood of extraordinary support from CCCG to
Greentown could further decrease over time if Greentown's strategic
and economic value to CCCG continues to reduce along with the
fundamental shift in China's property sector with significantly
lower sales growth prospects and declining profitability.

Greentown's standalone credit strength reflects its
well-established market position and long operating record in
property development in Yangtze River Delta, good brand name,
high-quality products and adequate liquidity. The company's
standalone credit strength is constrained by its high debt
leverage, as well as exposure to joint ventures, albeit it is
reducing.

Moody's Ratings expects Greentown's annual gross contracted sales
to continue falling by 5%-10% over the next 12-18 months after
declining by 8.7% to RMB194 billion in 2023, which reflects
diminished homebuyer confidence amid a slow economic recovery in
China. Nevertheless, the company's established brand, good land
bank quality and SOE background could support a better performance
than its privately-owned China property peers.

The weakened sales performance casts uncertainties over the
company's ability to reduce its high debt leverage. Moody's Ratings
estimates Greentown's adjusted debt/EBITDA will lower moderately to
7.6x-7.8x over the next 12-18 months from around 8x in 2023.
Similarly, Greentown's EBIT/interest will improve slightly to
2.6x-2.7x over the next 12-18 months from around 2.5x in 2023.

At the same time, Moody's Ratings expects the company's debt to
decline gradually as the company slows its land acquisition and
repays debt using internal cash resources.

Greentown's liquidity remains adequate, as Moody's Ratings expects
its cash holdings, together with its operating cash flow, to cover
its maturing debt, committed land premiums and dividends over the
next 12-18 months. Greentown maintains access to different types of
onshore funding, benefiting from its ownership by CCCG as a SOE.

Greentown's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. Despite
Greentown's status as a holding company, Moody's Ratings expects
support from CCCG to Greentown to flow through the holding company
rather than directly to its main operating companies, mitigating
potential differences in expected losses that could arise from
structural subordination.

In terms of environmental, social and governance (ESG)
considerations, Moody's Ratings has considered the company's high
leverage and the presence of state-owned shareholder.

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

Greentown's rating is unlikely to be upgraded because of the
negative outlook.

Moody's Ratings could revise Greentown's outlook to stable if the
company's credit metrics improve, with its adjusted debt/EBITDA
falling below 7.0x-7.5x and EBIT interest coverage rising above
2.0x-2.5x, both on a sustained basis; or Greentown maintains its
strategic and economic value to CCCG.

Moody's Ratings could downgrade Greentown's ratings if its sales
decline or it aggressively grows its business, such that its credit
metrics and liquidity weaken, with its EBIT/interest coverage
falling below 1.5x; or its liquidity deteriorates, reflected in its
unrestricted cash/short-term debt falling below 1.0x.

Any sign of further weakening in the likelihood of support from or
reduced ownership by CCCG would be negative for the company's
ratings.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Greentown is one of China's main property developers, focused on
Hangzhou city and Yangtze River Delta region. As of December 31,
2023, the company had 168 projects with a total gross floor area of
37.2 million square meters (sqm), with 23.3 million sqm
attributable to the company.

Greentown listed on the Hong Kong Stock Exchange in July 2006. CCCG
is the company's largest shareholder, with a 28.97% equity stake as
of February 28, 2024.


HILONG HOLDING: Moody's Lowers CFR to 'Caa2', Outlook Negative
--------------------------------------------------------------
Moody's Ratings has downgraded Hilong Holding Limited's corporate
family rating to Caa2 from Caa1, and maintained the negative
outlook.

"The downgrade and negative outlook reflect Hilong's deteriorated
liquidity and heightened refinancing risks. The company's inability
to publish its 2023 financial results by the end of March 2024 and
the subsequent suspension of trading of its shares will further
constrain its ability to access funding," says Chenyi Lu, a Moody's
Ratings Vice President and Senior Credit Officer.

RATINGS RATIONALE

Moody's Ratings believes that Hilong's refinancing risks have
increased in view of its weak liquidity. The rating agency
estimates that the company's cash and operating cash flow over the
next 12-18 months will be insufficient to cover its short-term
debt, including its RMB2.26 billion (USD314 million) USD bonds
coming due in November 2024 and its maintenance capital spending
over the same period.

On April 2, 2024, Hilong announced that trading of its shares on
the Hong Kong Stock Exchange had been suspended because the company
was unable to publish its 2023 annual results in compliance with
the stock exchange's listing rule [1]. This development will affect
Hilong's ability to access funding, including bank loans and the
equity market.

Hilong is in the process of assessing and discussing with its
creditors on a plan to extend its outstanding USD314 million senior
notes maturing on November 18, 2024. Moody's Ratings considers this
possible debt extension as a means for the company to potentially
avoid a default. If completed, the debt extension could be viewed
as a distressed exchange, which Moody's Ratings considers a
default.

Hilong's CFR reflects the company's relatively small size and high
customer concentration; its performance volatility, caused by the
cyclical nature of the drill pipe and oilfield service businesses,
which are exposed to global oil price movements; and its weak
liquidity. The rating also considers the company's weak financial
policy, demonstrated by its debt default in June 2020 and debt
restructuring in May 2021.

As for environmental, social and governance (ESG) considerations,
the company's Credit Impact Score (CIS) of CIS-5 indicates that the
rating is lower than it would have been if ESG risk exposures did
not exist. In particular, Moody's Ratings' assessment of the
company's governance risk is G-5, reflecting its weak financial
strategy and risk management as well as poor management credibility
and track record, demonstrated by its debt default in June 2020 and
debt restructuring in May 2021.

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

Given the negative outlook, an upgrade of Hilong's rating over the
near term is unlikely. Positive rating pressure could emerge if the
company improves its liquidity position on a sustained basis.

Moody's Ratings could downgrade the rating if the recovery
prospects for its lenders deteriorate further.

The principal methodology used in this rating was Oilfield Services
published in January 2023.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. Its four main businesses are oilfield equipment
manufacturing and services; line pipe technology and services;
oilfield services; and offshore engineering services.

The company listed on the Hong Kong Stock Exchange in 2011. Its
chairman and founder Mr. Jun Zhang is its controlling shareholder
with a 48.8% equity interest as of the end of June 2023.


ZHENRO PROPERTIES: May Fail to Pay US$290MM Debt Due This Week
--------------------------------------------------------------
Reuters reports that Zhenro Properties said on April 12 it does not
expect to be in a position to pay the $290 million principal amount
on notes set to mature early this week citing "tight liquidity" and
"significant financial pressure".

Zhenro Properties issued the senior notes in early January 2020
with an interest rate of 7.875%.

"In light of the tight liquidity and significant financial pressure
of the group, the company does not expect to be in a position to
pay the outstanding principal amount of the January 2020 notes and
the accrued and unpaid interest thereon upon its maturity on April
15," it said in an exchange filing, Reuters relays.

Zhenro and its advisors will continue working on restructuring of
its offshore debts, it added.

                      About Zhenro Properties

Zhenro Properties Group Limited is an investment holding company
principally engaged in the sale of properties. Along with its
subsidiaries, the Company provides sales of properties, property
leasing business, provision of commercial property management
services, and sales of goods and provision of design consultation
services.

As reported in the Troubled Company Reporter-Asia Pacific on early
October 2022, Moody's Investors Service has downgraded the
corporate family rating of Zhenro Properties Group Limited to Ca
from Caa2, and the company's senior unsecured ratings to C from
Caa3.  The outlook remains negative.

The TCR-AP reported in early April 2022, that Fitch Ratings has
downgraded Zhenro Properties Group Limited's Long-Term Issuer
Default Rating (IDR) to 'RD' (Restricted Default) from 'C' on the
completion of an exchange offer and consent solicitation in
accordance with the agency's rating definitions.  Zhenro's senior
unsecured rating has been affirmed at 'C', with a revised Recovery
Rating of 'RR5' from 'RR4'.


ZHENRO PROPERTIES: Seeks to Delay Implementation of Restructuring
-----------------------------------------------------------------
South China Morning Post reports that defaulted Chinese developer
Zhenro Properties Group is seeking to postpone a restructuring plan
as its liquidity woes continue amid slumping sales, slow asset
disposal and the threat of a lawsuit from Ping An Insurance Group
over a property-linked trust.

The Post relates that Zhenro plans to delay the implementation of a
restructuring agreement and is seeking to vacate a May 2 Hong Kong
court hearing related to it, the company said in a filing with the
Hong Kong stock exchange late on April 11.

According to the Post, the Shanghai-headquartered developer said it
needs more time to consider the agreement in light of a "strained
operating and funding environment" due to slumping contracted sales
and slower asset disposal in the country's property sector.

"The company requires more time to consider whether the commercial
terms as currently presented in the [agreement] remain the
appropriate solution to the group's offshore indebtedness in order
to secure a sustainable and viable business for the company in the
long-term," it said.

Zhenro's move came on the same day that a unit of Ping An Insurance
Group, China's largest insurer by market value, delayed repayment
for a property-linked trust product worth CNY772.4 million (US$106
million), the Post reports. Ping An cited the country's property
woes for the delay in payment and said it would be suing Zhenro, in
which it invested.

"The company and its advisers will continue to work on reaching a
feasible outcome on the holistic restructuring of the offshore
debts of the company that can secure the sustainable operations of
the group for the benefit of all stakeholders," Zhenro's filing
said.

The developer reported a net loss of CNY8.5 billion for 2023, 34
per cent narrower than its 2022 loss, as revenue increased 50 per
cent to CNY38.8 billion, the Post discloses. However, contracted
sales in 2023 plunged 54 per cent on the year to CNY15.4 billion.

                      About Zhenro Properties

Zhenro Properties Group Limited is an investment holding company
principally engaged in the sale of properties. Along with its
subsidiaries, the Company provides sales of properties, property
leasing business, provision of commercial property management
services, and sales of goods and provision of design consultation
services.

As reported in the Troubled Company Reporter-Asia Pacific on early
October 2022, Moody's Investors Service has downgraded the
corporate family rating of Zhenro Properties Group Limited to Ca
from Caa2, and the company's senior unsecured ratings to C from
Caa3.  The outlook remains negative.

The TCR-AP reported in early April 2022, that Fitch Ratings has
downgraded Zhenro Properties Group Limited's Long-Term Issuer
Default Rating (IDR) to 'RD' (Restricted Default) from 'C' on the
completion of an exchange offer and consent solicitation in
accordance with the agency's rating definitions.  Zhenro's senior
unsecured rating has been affirmed at 'C', with a revised Recovery
Rating of 'RR5' from 'RR4'.




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

ANAND RICE: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anand Rice
Mill (ARM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.14       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2023, placed the rating(s) of ARM under the 'issuer
non-cooperating' category as ARM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ARM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 17, 2023, December 27, 2023, January 6,
2024.

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

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

Nagpur (Maharashtra) based, ARM was established as a partnership
firm on June 11, 2015 by Mr. Ravindranath Yadlapati and Ms. Sridevi
Srinivasrao Yarlavarthi. The entity took over the operations of a
proprietorship entity led by Mr. Srinivasrao Yarlavarthi which was
established in the year 1992 and was engaged in rice milling. ARM
is engaged in processing of rice at its
processing facility located at Nagpur, Maharashtra, having an
installed capacity to process 4 metric tonnes per day (MTPD) of
paddy.

ANNAI CONSTRUCTIONS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Annai
Constructions (AC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 20,
2023, placed the rating(s) of AC under the 'issuer non-cooperating'
category as AC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 6, 2023, December 26, 2023, April 1, 2024.

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

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

Annai Constructions (AC) is a Partnership firm established in 2001
by Mr. Gnana Thiriviam and his two friends Mr. Xavier Selvaraj and
Mr. Thinakaran in Tiruneveli District of Tamil Nadu. The firm is
into the business of construction of civil foundation works for
wind mill power generators. Some of its major customers are Suzlon
Gujarath Wind Park Limited, Mytrah Energy Limited, kshema Power
Infrastructure and Gamesa Renewables etc. Besides engaged in civil
foundation works, AC has also a Wind mill with an installed
capacity of around 750 KWP in Tirunelveli. The power generated from
this wind mill is sold to Tamil Nadu Government.

APPOLLO DISTILLERIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Appollo
Distilleries and Breweries Private Limited (ADBPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      57.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Appollo Distilleries and Breweries Private Limited (erstwhile
Appollo Distilleries Private Limited -ADPL) owns and operates a
brewery plant having an installed capacity of 50,000 KLPA (kilo
litre per annum) at Billakuppam, Gummidipundi, Tamil Nadu (TN). The
commercial operation of ADPL's manufacturing facility commenced in
May 2012. The manufacturing facility was established at total cost
of Rs.116 cr which was funded with term debt of Rs.75 cr and the
rest in the form of equity from the promoters. Appollo Distilleries
and Breweries Private Limited is the subsidiary of Empee
Distilleries Limited (EDL) which is a part of Empee group. EDL is
in the resolution process under Insolvency and Bankruptcy Code
(IBC), 2016 as per National Company Law Tribunal (NCLT) order dated
November 1, 2018. In accord with the Corporate Insolvency
Resolution Process, the NCLT on January 20, 2020 has approved the
resolution plan submitted by one of the resolution applicants with
respect to EDL.


BAJLA MOTORS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bajla
Motors Private Limited (BMPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of BMPL under the 'issuer
non-cooperating' category as BMPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. BMPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2023, January 5, 2024, April 2,
2024.

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

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

Bajla Motors Pvt. Ltd. (BMPL) was incorporated in August, 2000 by
Bajla Family of Siliguri, West Bengal and started its commercial
operation from January, 2001. The company is an authorized dealer
of Tata Motors Ltd (TML) for its passenger cars, spares &
accessories for three districts of West Bengal. At present, BMPL
offers vehicles of TML & PVPL through its four showrooms (two
in Siliguri, one in Darjeeling and one in Cooch Behar districts of
West Bengal) equipped with 3-S facilities (Sales, Service and
Spare-parts). Apart from this, the company also purchases and sells
pre-owned cars.

CALYPSO AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Calypso
Agro Industries Private Limited (CAIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of CAIPL under the 'issuer
non-cooperating' category as CAIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. CAIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 5, 2023, December 15,
2023, December 25, 2023.

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

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

Incorporated in the year 2012, Calypso Agro Industries Private
Limited (CAIPL) was promoted by Mr Vekanta Ramanrao, Mr. Prakash
Kharat, Mr Anil Pohekar, Mr Abhijeet Pohekar, Mr Amitabh Pohekar
and Mr Arvind Deshmukh. CAIPL is engaged in the trading of grains.
The major products of the company include pulses, rice and paddy.


CAMSON AGRI-VENTURES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Camson
AgrI-Ventures Private Limited (CAPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of CAPL under the 'issuer
non-cooperating' category as CAPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CAPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2023, December 15, 2023, December
25, 2023.

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

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

Camson AgrI Ventures Pvt. Ltd. (CAPL) was incorporated on January
25, 2013 by Mr. Rohit Sareen and Mr. Nimir Mehta. Camson Bio
Technologies Limited (CBT) is a holding company. CAPL is an
integrated provider of eco-friendly agricultural solutions. CAPL is
engaged in the business of contract farming, food processing and
trading of seeds and biocides. The company is majorly engaged in
trading activity (agricultural goods viz. maize and paddy seeds).


CHEMSOL LABS: CARE Keeps C Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Chemsol
Labs Private Limited (CLPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.18       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of CLPL under the 'issuer
non-cooperating' category as CLPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. CLPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2023, December 15, 2023, December
25, 2023.

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

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

Incorporated in August, 2006 as "Chemsol Labs Private Limited"
(CLPL), by Mr Vamsi Krishna (Managing Director) and his wife Mrs
Swarna Kumari (Director), to carry on trading of pharmaceuticals
(Pharma) products. The company also undertakes manufacturing of
certain pharmaceutical products (APIs and formulations) and
chemicals which is in the nature of conversion
under loan licenses. The company does not have its own
manufacturing facilities and gets the manufacturing done by way of
job work. CLPL deals with around 70 pharma products (trading and
manufacturing).


COLD CARE: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Cold Care Technologies Private Limited (CCTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 14,
2023, placed the rating(s) of CCTPL under the 'issuer
non-cooperating' category as CCTPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. CCTPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 31, 2023, January 10,
2024, January 20, 2024 and April 5, 2024.

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

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

The ratings assigned to the bank facilities of CCTPL have been
revised on account of delays in debt servicing recognized from
publicly available information i.e. Audit Report of FY22, available
from registrar of the companies.

Cold Care Technologies Private Limited (CCTPL) was established in
December, 2015 by Mr. P. Srinivasa Rao, Mr. P. Upender Rao and Mr.
P. Janardhan Rao to set up an integrated cold chain unit at its
plant located at Industrial Park, Gurram Palem, and
Visakhapatnam.The company would be catering its services to retail
outlets of KFC, McDonald's, Subways, Burger King, Mother
dairy etc.

DHRUV COTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhruv Cottons
(DC) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan         2          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash          2          CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

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

Established in 2006, DC gins cotton at its unit in Bhainsa,
Telangana. Managing partner, Mr. C Maruti, has experience of more
than 30 years in the cotton segment.



HINDUJA NATIONAL: Asks NCLT to Junk BHEL Insolvency Plea
--------------------------------------------------------
The Economic Times reports that Hinduja National Power Corporation
Ltd (HNPCL) on April 11 requested the National Company Law Tribunal
that the insolvency petition filed by public sector undertaking
Bharat Heavy Electricals Ltd (BHEL) against it be dismissed given
that the PSU had not completed the project as per the contract.

ET relates that the case has been dragging on for over four years,
where BHEL has contested that HNPCL failed to make a payment of
INR281 crore towards the works it had carried out.

Hinduja National Power Corporation Ltd (HNPCL) operates as an
energy company. The Company owns, supports, manages, and develops
power plant to produce electricity. HNPCL serves clients in India.


ICED DESSERTS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Iced
Desserts and Food Parlours (india)p. Limited (IDFPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of IDFPL under the 'issuer
non-cooperating' category as IDFPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. IDFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 5, 2023, December 15,
2023, December 25, 2023.

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

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

IDFPL was established in 1994 and is a part of the N. R. Group of
Companies promoted by Mr Neeraj Rawal. The company was engaged in
Super Distributorship of Kingfisher beer brand of UBL for entire
Maharashtra except Mumbai. However, since April 1, 2016, IDFPL has
been appointed as a Commission Agent by UBL.


JINDAL GREEN: CARE Lowers Rating on INR40cr ST Loan to D
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Jindal Green Crop International Private Limited (JGCIPL), as:

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

   Short Term Bank      40.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 25,
2023, placed the rating(s) of JGCIPL under the 'issuer
non-cooperating' category as JGCIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. JGCIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 11, 2023, December
21, 2023, December 31, 2023 and April 5, 2024.

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

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

The rating assigned to the JGCIPL has been revised on account of
non-availability of requisite information. The revision also
considers the prosecution of promoter by the Enforcement
Directorate under the Prevention of Money Laundering Act (PMLA) for
defrauding lenders as recognized from publicly available
information.

Incorporated in July 2013, Jindal Green Crop International Private
Limited (JGCIPL) was promoted by Mr. Dalip Jindal and Mrs. Shaloo
Jindal. JGCIPL imports pulses (Red Lentils, Chickpeas, Green Peas,
Yellow Peas, Pigeon Peas, Black Matpe, Green Moong, Lentils).


KAMINENI EDUCATIONAL: Ind-Ra Keeps BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kamineni
Educational Society's instrument(s) rating in the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the agency
through emails and phone calls. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND BB+/Stable
(ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating actions are:

-- INR50 mil. Fund Based Working Capital Limit maintained in non-
     cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING) rating;

-- INR200 mil. Non-Fund Based Working Capital Limit maintained in

     non-cooperating category with IND BB+/Stable (ISSUER NOT
     COOPERATING) rating; and

-- INR650 mil. Term loan maintained in non-cooperating category
     with IND BB+/Stable (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information. Ind-Ra is unable to provide an
update, as the agency does not have adequate information to review
the ratings.

About the Company

Formed in 1989, Kamineni Educational Society is registered under
the Andhra Pradesh (Telangana) Public Societies Registration Act,
1350 Fasli. It runs nursing schools and colleges.



OMKARA POLYPLAST: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Omkara
Polyplast Private Limited (OPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.91       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           3.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      0.18       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2023, placed the rating(s) of OPPL under the 'issuer
non-cooperating' category as OPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. OPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2023, December 15, 2023, December
25, 2023.

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

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

Omkara Polyplast Private Limited (OPPL), incorporated in August,
2007, as Elegant Dealcomm Private Limited (EDPL) was initially
commenced as an investment company dealing in securities and
commodities. Subsequently in December 2009, the company was
acquired by Mr Sumit Kumar Agarwal and Mr Somit Kumar Murarka of
Kolkata and undertook a project to set up a unit for manufacturing
high density polyethylene (HDPE)/polypropylene (PP) based woven
sacks, fabrics and tarpaulins at Asansol, West Bengal with an
installed capacity of 4,752 MTPA. The company commenced
manufacturing operations since December 2011 onwards. The product
manufactured by OPPL are used for packaging purpose in various
industries such as food grain industry, sugar industry, cement
industry, salt industry, textile industry etc.


PROGRESSIVE EXIM: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Progressive Exim Limited (PEL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.66       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          24.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of PEL under the 'issuer
non-cooperating' category as PEL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PEL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2023, January 5, 2024, April 2,
2024.

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

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

Progressive Exim Ltd. (PEL), promoted by Shrishrimal family of
Raipur, is engaged in the manufacture/processing of Specialty fats
(application: bakery and confectionery segment) and edible oils
(soya bean oil, rice bran oil etc) & by products (application:
fishery, poultry, cattle feed, fertilizers and detergents). The
plant is located in Raipur, Chhattisgarh and has total solvent
extraction capacity of 130 tonnes per day (TPD), edible oil
refining capacity of 20 TPD, expellers of 70 TPD and acetone
fractionation plant of 12 TPD. The company specializes in the
processing of specialty fats which are exported to reputed
chocolate manufacturers like Ferrero Trading Lux S.A and Britannia
Food Ingredients Ltd. Other products includes processing of Shea
Nuts, Soya Bean, Rice Bran, Sal seed, Mowha, Sunflower, Mango,
Cotton seed, Kokam, Karanj, Kusum, Pulse, etc. It markets Rice Bran
Oil under the brand name "Manmokah" and Soya Bean Oil as
"Manbhavan". Other products are sold in bulk in tankers. One of the
group companies, AS Nutra Tech Pvt Ltd is engaged in manufacturing
refined soya oil and refined rice bran oil.

R.K.I. BUILDERS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R.K.I.
Builders Private Limited (RBPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 20,
2023, placed the rating(s) of RBPL under the 'issuer
non-cooperating' category as RBPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RBPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2023, December 26, 2023, April 3,
2024.

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

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

Incorporated in April 2003 as a Private Limited Company, RKI
Builders Private Limited (RBPL) was promoted by Mr. A. Rajendra
Prasad (Managing Director), Mr. T. Satish Kumar (Director) and Mr.
K. Sridhar Reddy (Director). RKI is an ISO 9001:2008 certified
company and focuses on construction projects for the government and
public sector entities and trading of construction material
(majorly steel and cement). During FY15, total operating income
constituted 75% from civil construction works and rest 25% from
trading of raw material.

SANTLAL INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Santlal
Industries Limited (SIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      60.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     37.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 20,
2023, placed the rating(s) of SIL under the 'issuer
non-cooperating' category as SIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2023, December 26, 2023, April 2,
2024.

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

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

Santlal Industries Ltd (SIL), incorporated in the year 1999 is
engaged in milling, processing and manufacture of Basmati rice at
Mainpuri, Uttar Pradesh. The company commenced its operations in
2000. The company is a part of Santlal Group, which started its
business with fertilizers & cloth trading in 1935 as Santlal
Agarwal & Sons.


SAPTAGIR LABORATORIES: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saptagir
Laboratories Private Limited (SLPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.95       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of SLPL under the 'issuer
non-cooperating' category as SLPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SLPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2023, January 5, 2024, January 6,
2024.

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

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

Saptagir Laboratories Private Limited (Erstwhile known as Astrica
Laboratories Private Limited), was incorporated on July 18, 2007
and promoted by Mr. Gopala Krishna and Mr. Bhaskar Rao along with
two other directors. The company has set-up a manufacturing unit
for bulk drugs with an installed capacity of 30,000 kg per annum.
The company achieved commercial operations on October 1, 2016. The
manufacturing unit of the company is located at Medak District,
Telangana. However, the company is planning to increase the
installed capacity to 60,000 kg per annum.



SARASWATI TIMBER: CARE Lowers Rating on INR7.99cr LT Loan to C
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Saraswati Timber Private Limited (STPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.99       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

   Long Term/           1.63       CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   revised from CARE B-/
                                   CARE A4

Rationale and key rating drivers

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

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

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

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

Saraswati Timber Private Limited (STPL) was incorporated in 1998
and started its commercial operations in July 2011. The company is
engaged in manufacturing of footwear products like slippers, sandal
and flip flop etc. The manufacturing facility of the company is
located at Bahadurgarh in Haryana with the installed capacity of 36
lakh pairs per annum. The company has integrated manufacturing
process. The company has its own in-house ethylene vinyl acetate
(EVA) compounding unit which produces EVA sheets from EVA granules.
The main raw material for the company is rubber, plastic foam and
vinyl and other different raw material depending upon the type of
products.


SARAYA INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Saraya
Industries Limited (SIL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      44.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

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

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

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

Saraya Industries Ltd. (SIL), promoted by the Majithia family was
originally incorporated as a partnership firm in 1949 which was
subsequently converted into a private limited company and later on
into limited company in 1989. SIL is engaged in the business of
manufacturing, sugar, country liquor, Indian Made Foreign Liquor
(IMFL), industrial alcohol and co-generation of power.


SINGH EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Singh
Education Society (SES) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.78       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of SES under the 'issuer
non-cooperating' category as SES had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SES
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2023, January 5, 2024, April 1,
2024.

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

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

Nagpur based, SES is a trust registered under the Societies
Registration Act, 1860. The society is managing "Edify School" in
Nagpur since 2010. The combined strength of SES is around 665
students with a new enrolment of 99 new students in Academic Year
(AY) 2020-21. The society has started its 11th grade in
AY2020-2021.

VESTA EQUIPMENT: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vesta
Equipment Private Limited (VEPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.45       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           8.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

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

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

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

Vesta Equipment Private Limited (VEPL) was incorporated in May,
2010 and is promoted by Mr. R. Balasubramanian and Mr. Sam Alumkal
Thampi of Bangalore, Karnataka. The company is engaged in
designing, development and manufacturing of diesel engine driven
portable screw air compressor in technical collaboration with M/s.
Sullair Corporation, USA. Currently the company manufactures three
kinds of air screw compressors which are utilized in water well
drilling, coal bed methane drilling, geothermal, underbalanced
drilling etc. The manufacturing unit of the company is situated at
Bangalore.


VUDDANDA SOLAR: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vuddanda
Solar Power Private Limited (VSPPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.82       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of VSPPL under the 'issuer
non-cooperating' category as VSPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. VSPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 26, 2023, January 5,
2024, January 6, 2024.

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

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

Vuddanda Solar Power Private Limited (VSPPL) was incorporated in
2013 and promoted by Mr. M. Balakrishna Reddy along with his
friends. The first solar power project commissioned by VSPPL, of
3.3 MW power, was installed on over 24 acres of land located
Kothapalli, Near Kalikiri, Chittoor District, Andhra Pradesh. FY17
was the first full year of operations of the 3.3 MW plant. VSPPL
has executed this project under third party open access agreement.
The power is being purchased by 4 customers located in Tirupathi
(Andhra Pradesh). VSPPL has entered Power Purchase Agreements
(PPAs) with Bliss Hotels Limited, Bhimas Residency Hotels,
Thirumala Residency Hotels and Sri Vishnu Priya Hotels Private
Limited.




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

KARIKAAS NATURAL: Faces Liquidation Bid by Business Partners
------------------------------------------------------------
The Press reports that part owners of Karikaas Natural Dairy
Products Holdings, an award-winning cheese business, hope to fight
a liquidation application by their business partners.

Dairy farmers Heather and John Lamers and business couple Diana and
Alan Hawkins bought Loburn-based Karikaas in 2004.

According to The Press, the Lamers have applied to the High Court
to put the Karikaas Natural Dairy Products Holdings and an
associated company into liquidation. They own almost 60% of the
business.

It was founded by Karin and Rients Rypma, from the Netherlands, in
the early 1980s to produce authentic Dutch-style cheese.

The North Canterbury company has won countless awards awards such
as champion Dutch cheese, champion cheesemaker, champion export
cheese and champion of champions: best cheese in New Zealand.

The Press says the Hawkins, who own more than 40% and run the
business, want to continue.

According to a judgment in December by Associate Judge Dale Lester,
the Lamers have wanted to leave since 2021, The Press relays.

They made a statutory demand - the first step in a process under
the Companies Act to recover debts - for loans of $656,000 in July
last year.

The money was loaned to the companies between 2004 and 2020. The
amount is not disputed.

Diana Hawkins, who manages the business, told The Press the company
was unable to repay the Lamers' advances.

"We are a solvent company and will honour all current and future
debt," she said.

She said she and her husband Alan wanted to buy the Lamers' shares
and hoped to have an agreement in place before the liquidation
application is heard on April 18.

If negotiations failed and the company was put into liquidation,
she still hoped to buy it, The Press relays.

"We haven't given up hope. It's been stressful while trying to run
a company and we just celebrated our 40-year anniversary. I love
the company and I want its existence to continue with us or without
us. We make a really good product, we have just won another award.
We are good at what we do and it would be a shame to go out now,"
the report quotes Ms. Hawkins as saying.

The business employed about nine people, some part-time, she said.

The Lamers did not respond to a voicemail or a request for comment
through their lawyer, The Press notes.


KC SEAVIEW: Court to Hear Wind-Up Petition on April 24
------------------------------------------------------
A petition to wind up the operations of KC Seaview Limited will be
heard before the High Court at Auckland on April 24, 2024, at 10:45
a.m.

Mccore Group NZ Limited filed the petition against the company on
Feb. 2 2024.

The Petitioner's solicitor is:

          James Turner
          Level 1
          42e Tawa Drive
          Albany
          Auckland


LONG RIVER: Court to Hear Wind-Up Petition on April 24
------------------------------------------------------
A petition to wind up the operations of Long River Investments
Corporation Limited will be heard before the High Court at Auckland
on April 24, 2024, at 10:45 a.m.

Inovagen Limited filed the petition against the company on Jan. 23,
2024.

The Petitioner's solicitor is:

          Eung Chul (John)
          Law.NZ Lawyers
          B:HIVE Building
          Smales Farm, 72 Taharoto Road
          Takapuna
          Auckland


NEW ZEALAND CARPENTRY: Liquidator Unable to Contact Owner
---------------------------------------------------------
The Timaru Herald reports that the owner of a Timaru-based building
company has not responded to attempts to contact him by the
liquidator appointed to investigate his company's debts and
assets.

In March, Timaru-based building company New Zealand Carpentry
Limited was placed into liquidation following an application by the
company which owns Mitre 10 Mega stores in Timaru, Ōamaru and
Ashburton.

The sole director of the building company, Joshua Drummond, is
listed as a 90% shareholder.

In his first report to creditors and shareholders liquidator Iain
Shephard, of BDO Wellington, listed the known amount owed to
creditors by the company at just over NZD48,000, according to The
Timaru Herald.

More than NZD42,000 of that was owed to unsecured creditors.

In his report, Mr. Shephard said "we have been unable to identify
any assets that remain in the company as at the date of
liquidation," The Timaru Herald relays.

He added that it was his understanding that the director moved
abroad several years prior to the liquidation.

"We understand that the sole director of the company moved to the
United States several years ago. Although it appears that trading
ceased upon the director's relocation, outstanding debt remained
unpaid by the company.

"The liquidators have attempted to contact the director to
understand the background to the company, the events leading to
liquidation, and obtain key records to assist with the
administration of the liquidation.

"No response has been received to date."

He said he welcomed any further information or documentation which
any creditors may have regarding the company, the report relays.

"The liquidators will conduct an investigation of the available
company's books and records to further establish if there are any
potentially voidable transactions that require investigation, and
further to assess whether the director has complied with the duties
and obligations imposed on him under the Act."

The Timaru Herald adds Mr. Shephard said it was not practical to
estimate the date of completion of the liquidation at this stage.

Any creditors have until April 19 to make a claim and should direct
enquiries to BDO Wellington.


Q CARD: Fitch Assigns 'Bsf' Rating on Class F-2024-1 Notes
----------------------------------------------------------
Fitch Ratings has assigned ratings to Q Card Trust's issuance of
the following floating-rate notes: NZD60.0 million class A series
2024-1, NZD16.6 million class B series 2024-1, NZD11.5 million
class C series 2024-1, NZD3.0 million class D series 2024-1, NZD2.0
million class E series 2024-1 and NZD1.0 million class F series
2024-1.

The transaction, a securitisation of New Zealand credit card
receivables, is an asset-backed note programme featuring a
multiclass structure that purchases eligible receivables from
related entities of humm group limited (hummgroup) on a revolving
basis. Issuance proceeds will be used to fully redeem two series of
notes and partially redeem the outstanding balance of variable
funding notes on the issue.

The notes are issued by The New Zealand Guardian Trust Company
Limited in its capacity as trustee of Q Card Trust. The ratings of
the remaining notes outstanding under the trust were affirmed on 19
December 2023.

   Entity/Debt                 Rating           
   -----------                 ------           
Q Card Trust

   A-2024-1 NZFPFD1056R8   LT AAAsf New Rating
   B-2024-1 NZFPFD1057R6   LT AAsf  New Rating
   C-2024-1 NZFPFD1058R4   LT Asf   New Rating
   D-2024-1 NZFPFD1059R2   LT BBBsf New Rating
   E-2024-1 NZFPFD1060R0   LT BBsf  New Rating
   F-2024-1 NZFPFD1061R8   LT Bsf   New Rating

KEY RATING DRIVERS

Stable Steady-State Performance: The steady states and rating
stresses are shown below. These remain unchanged from the last
review:

Charge-offs: 4.5%

Monthly payment rate (MPR): 7.5%

Gross yield: 17.00%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Charge-offs (increase): 4.75x / 4.00x / 3.10x / 2.40x / 1.90x /
1.30x

MPR (% decrease): 35.00% / 30.00% / 25.00% / 20.00% / 10.00% /
5.00%

Gross yield (% decrease): 35.00% / 30.00% / 25.00% / 20.00% /
15.00% / 10.00%

Purchase rate (% decrease): 90.00% / 85.00% / 75.00% / 65.00% /
55.00% / 45.00%

Transaction performance is supported by New Zealand's tight labour
market, despite interest rates increasing from October 2021 through
May 2023. GDP grew 0.6% in 2023, while unemployment was 4.0% at
end-December 2023. Fitch expects GDP growth to remain subdued in
2024 with unemployment reaching 5.0%, reflecting elevated inflation
combined with a slowdown in consumer spending. Fitch expects
interest rates to remain at current levels until end-2024.

Originator and Servicer Risk Mitigated: Fitch reviewed hummgroup's
origination and servicing capabilities and found that the
operations were comparable with those of other credit card
providers in Australia and New Zealand.

The key rating drivers listed in the applicable sector criteria,
but not mentioned above, are not material to this rating action.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Downgrade Sensitivity:

The sensitivity of the ratings to decreased yields, increased
charge-offs and decreased MPRs over the life of the transaction
were evaluated. The model indicates that note ratings are sensitive
to an increase in defaults and a reduction in MPRs, with less
sensitivity to lower yields.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An improvement in long-term asset performance, such as decreased
charge-offs, increased MPR or increased portfolio yield, driven by
a sustainable positive change of underlying asset quality, would
contribute to a positive revision of Fitch's asset assumptions.
This could positively affect the notes' ratings. Increased credit
enhancement ratios, which are able to fully compensate for credit
losses and cash flow stresses commensurate with higher rating
scenarios, all else being equal, would also be positive for the
ratings.

Upgrade Sensitivity:

Some of the outstanding subordinate tranches may be able to support
higher ratings based on the output of Fitch's proprietary cash flow
model. Enhancement levels are set to maintain a constant rating
level per class of issued notes and may provide more than the
minimum enhancement necessary to retain issuance flexibility, since
the credit card programme is set up as a continuous funding
programme and requires that any new issuance or note reductions do
not affect the rating of existing tranches.

Therefore, Fitch may decide not to assign or maintain ratings above
the current outstanding ratings in anticipation of future issuance
or reductions.

Please see "Fitch Affirms Q Card Trust; Outlook Stable", published
on 19 December 2023, for the detailed sensitivities.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information as part
of its ongoing monitoring.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of hummgroup's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolio.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis, according to its applicable rating methodologies,
indicates that it is adequately reliable.

DATE OF RELEVANT COMMITTEE

18 December 2023

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

ROBERTSON LOGGING: Creditors' Proofs of Debt Due on May 8
---------------------------------------------------------
Creditors of Robertson Logging & Contracting Limited are required
to file their proofs of debt by May 8, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 11, 2024.

The company's liquidator is:

          John Marshall Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach


TOTALHEALTHDENTISTRY LTD: Creditors' Proofs of Debt Due on May 10
-----------------------------------------------------------------
Creditors of TotalHealthDentistry Limited are required to file
their proofs of debt by May 10, 2024, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Kieran Jones and Steven Khov
of Khov Jones Limited as liquidators on April 11, 2024.


WAITONUI MILLTRUST: McGrathNicol Appointed as Receivers
-------------------------------------------------------
Andrew Grenfell and Kare Johnstone of McGrathNicol on April 15,
2024, were appointed as receivers and managers of:

- Waitonui Milltrust Agricultural Holdings Limited
   Partnership;

- Waitonui Milltrust Agricultural Holdings Farm Management
   Limited Partnership;

- Waitonui Milltrust Agricultural Holdings General Partner
   Limited; and

- WMAH Farm Management General Partner Limited

The receivers and managers may be reached at:

          McGrathNicol
          Level 17
          41 Shortland Street
          Auckland




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

BUEY TAHAN: Court to Hear Wind-Up Petition on April 26
------------------------------------------------------
A petition to wind up the operations of Buey Tahan Pte Ltd and Buey
Tahan Catering Pte. Ltd. will be heard before the High Court of
Singapore on April 26, 2024, at 10:00 a.m.

The Petitioner's solicitors are:

          Aquinas Law Alliance LLP
          16 Raffles Quay
          #17-03, Hong Leong Building
          Singapore 048581


BUTLER SNOW: Creditors' Proofs of Debt Due on May 15
----------------------------------------------------
Creditors of Butler Snow Singapore LLP are required to file their
proofs of debt by May 15, 2024, to be included in the company's
dividend distribution.

The company's liquidator is:

          David Dong-Won Kim
          c/o KordaMentha Pte Ltd
          16 Collyer Quay #30-01
          Singapore 049318


LEON SYNERGY: Court Enters Wind-Up Order
----------------------------------------
The High Court of Singapore entered an order on April 5, 2024, to
wind up the operations of Leon Synergy Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


QUATIM PTE: Court to Hear Wind-Up Petition on April 26
------------------------------------------------------
A petition to wind up the operations of Quatim Pte Ltd will be
heard before the High Court of Singapore on April 26, 2024, at
10:00 a.m.

Golesus Energy Pte Ltd filed the petition against the company on
April 4, 2024.

The Petitioner's solicitors are:

          Drew & Napier LLC
          10 Collyer Quay
          #10-01 Ocean Financial Centre
          Singapore 049315


SEA HUB: Commences Wind-Up Proceedings
--------------------------------------
Members of Sea Hub Energy Pte Ltd on April 5, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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




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

KDB LIFE: Fitch Affirms & Then Withdraws 'BB+' LongTerm IDR
-----------------------------------------------------------
Fitch Ratings has affirmed and withdrawn KDB Life Insurance Co.,
Ltd.'s (KDB Life) Insurer Financial Strength (IFS) Rating of 'BBB-'
(Good) and its Long-Term Issuer Default Rating (IDR) of 'BB+'. The
Outlook on the ratings is Negative.

Fitch has chosen to withdraw the ratings of KDB Life for commercial
reasons. Fitch will no longer provide ratings or analytical
coverage for this entity.

KEY RATING DRIVERS

Outlook Remains Negative: The Negative Outlook reflects KDB Life's
tightened capital buffer and high financial leverage. It also
reflects the uncertainty over the insurer's potential ownership
change.

Narrowed Solvency Buffer: The company's capitalisation, based on
Fitch's Prism Model score, fell below the 'Adequate' level at
end-2023, including contractual service margin (CSM) net of tax.
This was mainly due to the reduction in shareholders' capital and
changes in the regulator's actuarial assumptions. KDB Life reported
a Korean Insurance Capital Standard (K-ICS) ratio with a
transitional measure of 128.8% at end-3Q23, above the regulatory
minimum of 100%. In addition, KDB Life's financial leverage ratio
remained high at 51% at end-2023, above Fitch's guideline for an
IFS Rating of 'BBB-'.

KDB Life's capital pressure was partially eased by a fresh equity
injection of KRW100 billion by Korea Development Bank (AA-/Stable)
and issuance of capital supplementary bonds in September 2023.

High Asset-Risk Exposure: The risky-asset ratio remained high and
was significantly above Fitch's guideline for a 'BBB-' IFS Rating.
This followed a large drop in shareholders' equity as a result of
unrealised bond valuation losses. KDB Life increased asset
allocation to alternative investments since 2018 to improve its
risk-adjusted returns. Its alternative investments, at about 20% of
total invested assets, are largely in real estate and
infrastructure. It is maintaining its alternative investment
strategy but is likely to invest in assets with lower risk charges
to secure its K-ICS ratio.

Stable Profitability: KDB Life's CSM was KRW583 billion in 2023,
with amortised CSM accounting for 8.8% of total CSM. Its new
business CSM rose to KRW302 billion in 2023, from KRW142.9 billion
in 2022. This was because the company focused more on profitable
protection and health-type policies. KDB Life's net income in 2023
was KRW 23.9 billion. Fitch believes capital market volatility will
constrain the company's ability to improve its operating earnings.

Mid-Sized Domestic Player: Fitch ranks KDB Life's company profile
as 'Moderate', based on a 'Moderate' business profile and 'Neutral'
corporate governance profile, compared with other life insurers in
South Korea. The ranking is underpinned by its position as a
mid-sized life insurer in the country, a 'Somewhat Diversified'
business portfolio and a 'Moderate' business risk profile. Fitch
scores its company profile at 'bbb' under its credit-factor scoring
guidelines.

RATING SENSITIVITIES

Not applicable as the ratings have been withdrawn.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

Following the withdrawal of ratings for KDB Life, Fitch will no
longer be providing the associated ESG Relevance Scores.

   Entity/Debt              Rating            Prior
   -----------              ------            -----
KDB Life Insurance
Co., Ltd.             LT IDR BB+  Affirmed    BB+
                      LT IDR WD   Withdrawn   BB+
                      LT IFS BBB- Affirmed    BBB-
                      LT IFS WD   Withdrawn   BBB-




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

SAIGON JOINT: Vietnam Mounts 'Unprecedented' US$24 Billion Rescue
-----------------------------------------------------------------
Reuters reports that Vietnam has mounted an "unprecedented" rescue
of Saigon Joint Stock Commercial Bank (SCB), a lender engulfed in
the nation's biggest financial fraud, according to three bank
documents and new official information provided to Reuters by a
person with access to the documents.

"Without lending, SCB will collapse," according to the new
information provided to Reuters. "If the lending continues, the
national treasury will gradually dry up."

Reuters is not identifying the source more specifically due to the
sensitivity of the matter.

The new information also described the situation as "unprecedented"
for the massive volume of the cash injections, the complexity of
the operation and the scale of existing and potential damage to
Vietnam's financial system.

Reuters was unable to establish whether the conclusions about the
impact on state coffers were broadly shared by other officials
currently involved with monitoring SCB.

Saigon Joint Stock Commercial Bank (SCB) is a commercial joint bank
operating in the Vietnam financial system.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                *** End of Transmission ***