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

                     A S I A   P A C I F I C

          Wednesday, April 24, 2024, Vol. 27, No. 83

                           Headlines



A U S T R A L I A

BUNDABERG FARMING: Court Issues Winding Up Order; Owes AUD16MM
FLEXICOMMERCIAL ABS: Moody's Hikes Rating on Class C Notes to Ba1
GRAND PLATINUM: First Creditors' Meeting Set for May 1
GREEN EARTH: First Creditors' Meeting Set for April 30
KARLAYURA CONTRACTING: First Creditors' Meeting Set for April 26

NWQ CAPITAL: Federal Court Appoints GT Advisory as Liquidators
ROQO PTY: First Creditors' Meeting Set for April 26
THREE FLOORS: First Creditors' Meeting Set for April 30


C H I N A

CHINA JINMAO: Moody's Lowers CFR to Ba2, Outlook Remains Negative
FANTASIA HOLDINGS: Restructuring Agreement Extended to April 24
GUANGXI BEIBU: Moody's Withdraws 'Ba1' Corporate Family Rating
LANDSEA GREEN: Misses Repayment of US$96 Million Bond
SUNAC CHINA: 204 Bund Southside Units Sell Out in One Day

YUEXIU PROPERTY: Moody's Assigns 'Ba1' CFR, Outlook Negative
[*] Fitch Affirms 'BBB/BB+' Ratings on 7 Chinese Banks


H O N G   K O N G

CHEUNG KEI: Boss Faces Demand for $200MM in Overdue Loan Payments


I N D I A

ADVANSYS (INDIA): CARE Keeps C Debt Rating in Not Cooperating
ARTEMIS AUTO: CARE Keeps D Debt Rating in Not Cooperating
BALA BALAJI: CARE Keeps D Debt Rating in Not Cooperating Category
DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
E.P. INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating

EXPAT ENGINEERING: CARE Lowers Rating on INR11cr LT Loan to C
GARG ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category
JDC INDIA: CARE Lowers Rating on INR7.10cr LT Loan to C
JEKIN ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating
KAADAMBARY RICETECH: CARE Keeps D Debt Rating in Not Cooperating

KAMAL IDEAL: CARE Keeps D Debt Rating in Not Cooperating Category
KAMLA RICE: CARE Keeps D Debt Rating in Not Cooperating Category
MAANASA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
NOXX AND CHEF'S: CARE Keeps D Debt Ratings in Not Cooperating
OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category

RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
SAI DURGA: CARE Keeps D Debt Ratings in Not Cooperating Category
SHANTI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
SREEREDDY PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating
SURAJ SHIV: CARE Lowers Rating on INR13cr LT Loan to C

TRISHUL DREAM: CARE Lowers Rating on INR15cr LT Loan to D
VELANI OILS: CARE Keeps D Debt Ratings in Not Cooperating Category
ZEE ENTERTAINMENT: Court Admits Insolvency Plea Against Founder


N E W   Z E A L A N D

AUTECH SOFTWARE: Court to Hear Wind-Up Petition on May 20
D. & T. MACDONALD: Court to Hear Wind-Up Petition on May 13
INVISIBLE LIMITED: Creditors' Proofs of Debt Due on May 22
MURRAY HEWITT: Creditors' Proofs of Debt Due on May 16
PALMER TRADING: Creditors' Proofs of Debt Due on May 17

STORAGE BOX: Homeware Retailer to Close by End of May


P H I L I P P I N E S

MFT GROUP: SEC Files Charges Over Illegal Investment Scheme


S I N G A P O R E

FLYING WOK: Creditors' Meetings Set for May 6
KALON RESOURCES: Commences Wind-Up Proceedings
NOBLE PLANTATIONS: Commences Wind-Up Proceedings
PAUL Y: Court to Hear Wind-Up Petition on May 3
WLB ASSET: Creditors' Proofs of Debt Due on May 22



T A I W A N

WAN HAI: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive

                           - - - - -


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

BUNDABERG FARMING: Court Issues Winding Up Order; Owes AUD16MM
--------------------------------------------------------------
News.com.au reports that a Queensland company has been forced into
liquidation after a court issued a winding up order for the firm
with its accumulated debt topping AUD16 million.

Bundaberg Farming Co Pty Ltd collapsed after the New South Wales
Supreme Court issued a winding up order and appointed liquidator
Glenn Livingstone for WLP Restructuring, news.com.au discloses.

The company had functioned as a fruit and vegetable farm, but was
not operational at the time of its collapse, according to Mr.
Livingstone, who said in a report that its demise was caused by a
number of reasons including poor financial control.

According to news.com.au, the liquidator's report revealed
Bundaberg Farming had AUD16 million in debt with AUD12 million owed
to unsecured creditors, the Courier Mail reported.

There was also AUD1.5 million outstanding in unpaid wages and
overdue superannuation to 215 employees.

Secured creditors were also owed AUD1.6 million, including Opal
Packaging Australia Pty Ltd who went to the Supreme Court over its
AUD107,962 debt, which then triggered the liquidation.

News.com.au relates that Mr. Livingstone's investigations uncovered
a bank account in the name of Bundaberg Farming Pty Ltd, which had
a balance of just AUD14.87.

He also identified farming equipment worth AUD38,000 but did not
expect to recover any value from the assets.

It comes as a record number of businesses across Australia are
collapsing.

Credit reporting agency CreditorWatch revealed that the number of
external administrators appointed to Australian businesses had hit
a record high and was now 22.1 per cent higher than a year ago with
the construction sector most prominently impacted.

News.com.au has reported on a number of firms going bust this year.


This includes Melbourne (Wholesale) Roller Shutters who left a
trail of creditors owed more than AUD900,000, including up to 20
customers who had paid deposits but never had the work done.


FLEXICOMMERCIAL ABS: Moody's Hikes Rating on Class C Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on three classes of notes
issued by flexicommercial ABS Inspire Trust.

The affected ratings are as follows:

Issuer: flexicommercial ABS Inspire Trust

Class B Notes, Upgraded to A3 (sf); previously on Aug 23, 2023
Assigned Baa2 (sf)

Class C Notes, Upgraded to Ba1 (sf); previously on Aug 23, 2023
Assigned Ba2 (sf)

Class D Notes, Upgraded to Ba3 (sf); previously on Aug 23, 2023
Assigned B2 (sf)

RATINGS RATIONALE

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

Following the March 2024 payment, credit enhancement available for
the Class B, Class C, and Class D Notes has increased to 12.7%,
7.6% and 6.1% respectively, from 10.4%, 6.2% and 5.0% at closing.
Principal collections have been distributed on a sequential basis
starting from the Class A Notes. Current total outstanding notes as
a percentage of the total closing balance is 82%.

As of February 2024, 1.0% of the outstanding pool was 30-plus day
delinquent and 0.1% was 90-plus day delinquent. The deal has
incurred 0.4% of loss to date, which has been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected loss assumption at 5.4% of the
outstanding portfolio balance (equivalent to 4.9% of the original
portfolio balance) while lowering the Aaa portfolio credit
enhancement to 29% from 31% at closing.

The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and flexicommercial Pty Ltd, each a wholly owned
subsidiary of Humm Group Limited, and serviced by flexicommercial
Pty Ltd.

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

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

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

GRAND PLATINUM: First Creditors' Meeting Set for May 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of Grand
Platinum Pty Ltd will be held on May 1, 2024, at 11:00 a.m. at
Level 9, 66 Clarence Street, in Sydney, NSW and via virtual meeting
technology.

Liam Bailey and Christopher Palmer of O'Brien Palmer were appointed
as administrators of the company on April 18, 2024.


GREEN EARTH: First Creditors' Meeting Set for April 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Green Earth
Industries Pty Ltd will be held on April 30, 2024, at 2:00 p.m. via
teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on April 17, 2024.


KARLAYURA CONTRACTING: First Creditors' Meeting Set for April 26
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Karlayura
Contracting Pty Ltd will be held on April 26, 2024, at 10:00 a.m.
via virtual facilities.

Clifford Rocke and Jimmy Trpcevski of WA Insolvency Solution were
appointed as administrators of the company on April 15, 2024.


NWQ CAPITAL: Federal Court Appoints GT Advisory as Liquidators
--------------------------------------------------------------
Max Mason at Australian Financial Review reports that a Perth-based
hedge fund that previously counted former Reserve Bank governor
Glenn Stevens on its investment committee has gone belly up after
being unable to hash out a deal with debt holders after its
financial licence was suspended.

NWQ Capital Management's financial services licence was suspended
in August last year by the corporate watchdog until January,
claiming the fund did not hold enough assets to meet its licence
obligations.

On April 17, NWQ founder Jonathan Horton told clients that the
Australian Securities and Investments Commission's move led to a
major institutional client pulling its funds.

"In light of this redemption, coupled with the firm's inability to
raise new assets during the licence suspension period, NWQ made the
difficult decision, in the best interest of our remaining unit
holders, to close the funds and return capital to them," Mr. Horton
wrote in an email to clients, seen by AFR Weekend.

"This closure has occurred in an orderly fashion over the past
several months and is now almost completed. NWQ's financial
services licence will be voluntarily surrendered."

NWQ provided portfolio management services and is the trustee of
two wholesale unregistered managed investment schemes: the NWQ
Global Markets Fund and the NWQ Diversified Equity Fund. NWQ
invested in a range of hedge funds operated by other groups, using
a fund-of-funds model. In 2016, the Alternative Investment
Management Association named it hedge fund investor of the year.

Mr. Stevens joined NWQ as a member of its investment committee in
2017 having known Mr Horton since the 1990s. He reportedly left the
fund in 2023. Mr Horton founded NWQ in 2007 and began managing
client money in 2010.

ASIC said the suspension meant NWQ cannot provide financial
services including accepting any new investments in those two
funds.

AFR relates that Mr. Horton also said a "small number" of
noteholders have been unable to reach consensus to convert debt
into equity.

"These cumulative developments have made it impossible to secure
necessary funding for a business pivot to a subscription-based
business as outlined in our last note and so the only option
remaining is to close the business," he wrote.

"I am disappointed to inform you that NWQ has been left with no
alternative but to accept a formal liquidation due to a noteholder
formally petitioning to the courts to wind up NWQ. You will be
notified over the next month about the appointment of a liquidator
who will act in your best interests."

GT Advisory & Consulting principal Glenn O'Kearney was appointed
liquidator of NWQ on April 17 by the Federal Court.

NWQ had spent the months since ASIC suspended its licence looking
for a way to stay open. A December update to clients shows Mr
Horton was attempting to pivot away from the fund-of-funds model to
an alternative advisory model, as well as restructuring the firm's
balance sheet, which was contingent on converting debt to equity.

"After 15 years of building NWQ to play an important role in the
portfolios of many investors, the series of events over the past 12
months that have required a dismantling of the business and
resulted in financial losses for noteholders has been personally
devastating to me," Mr. Horton wrote.

"I thank all of you and all the other employees, partners and
clients that have helped to build NWQ over the years for your
support to date. In particular, thank you to those key investors
who have advised and supported me throughout this very difficult
period and ultimate decision to wind up the company."


ROQO PTY: First Creditors' Meeting Set for April 26
---------------------------------------------------
A first meeting of the creditors in the proceedings of ROQO Pty Ltd
will be held on April 26, 2024, at 11:00 a.m. via Zoom.

Steven Nicols of Nicols + Brien was appointed as administrator of
the company on April 15, 2024.


THREE FLOORS: First Creditors' Meeting Set for April 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Three Floors
Up Pty Ltd ATF Swan Hospitality Unit Trust will be held on April
30, 2024, at 3:00 p.m. via virtual meeting technology.

David Mutton and Andrew Blundell of Cathro Partners were appointed
as administrators of the company on April 17, 2024.




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

CHINA JINMAO: Moody's Lowers CFR to Ba2, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Ratings has downgraded to Ba2 from Ba1 China Jinmao
Holdings Group Limited's (China Jinmao) corporate family rating and
the backed senior unsecured rating on the USD notes issued by
Franshion Brilliant Limited, a wholly-owned subsidiary of China
Jinmao; and to B1 from Ba3 the backed preferred stock rating.

The notes are unconditionally and irrevocably guaranteed by China
Jinmao.

Moody's has also maintained the negative rating outlooks.

"The rating downgrade and negative outlook reflect Moody's
expectation that China Jinmao's credit metrics will remain weak
amid volatile market conditions and will unlikely recover to levels
commensurate with its previous rating over the next 1-2 years,"
says Cedric Lai, a Moody's Vice President and Senior Analyst.

Moody's also expects that China Jinmao will receive extraordinary
support from its largest shareholder, Sinochem Hong Kong (Group)
Company Limited (Sinochem HK, A3 stable) in times of financial
distress, which has resulted in a one-notch rating uplift and
partially offset the company's weakened credit profile. Previously,
Moody's did not incorporate any uplift in China Jinmao's rating.

RATINGS RATIONALE

Moody's expects nationwide contracted sales will continue to
decline in 2024 despite the government's supportive measures in
view of the weak market sentiment amid the sector's prolonged
downturn and China's slowing economic growth.

Moody's forecasts China Jinmao's gross contracted sales will fall
moderately because of weak housing demand amid a slow economic
recovery in China. The company would also have to offer discounts
on certain projects to support sales in the downcycle, which will
pressure its profit margin. This is despite the company's focus on
top-tier cities where economic fundamentals are stronger than those
of lower-tier cities.

The weakened sales performance casts uncertainties over the
company's ability to reduce its high debt leverage. Moody's
estimates the company's EBIT/interest coverage will recover
slightly to 2.0x over the next 12-18 months from a weak level of
1.4x in 2023, driven by an expected decline in its debt level.
Meanwhile, China Jinmao's adjusted debt/EBITDA will fall moderately
to 8.5x-9.0x over the next 12-18 months from around 10.8x in 2023.
These metrics position the company's standalone credit profile at
the weak end of the Ba category compared with rated property
peers.

China Jinmao's Ba2 corporate family rating (CFR) incorporates its
standalone credit strength and one-notch uplift based on Moody's
expectation that the company will receive extraordinary financial
support from Sinochem HK, which is in turn ultimately owned by
Sinochem Holdings Corporation Ltd. (Sinochem Holdings), a
state-owned enterprise under the central government, in times of
financial distress.

The one-notch support assumption has considered China Jinmao's
operational and financial contribution to Sinochem HK, as well as
Sinochem HK's 37.22% shareholding and management oversight,
including appointment of senior management, in China Jinmao.
Moody's expects Sinochem HK's will continue to regard China Jinmao
as a major subsidiary, as reflected in the company's company
announcement in March 2024 about Sinochem HK's plan to increase its
shareholding in China Jinmao by a total amount of up to HKD200
million. [1]  In addition, Sinochem HK's ability to provide support
is underpinned by its status as a state-owned enterprise (SOE) and
good access to funding.

China Jinmao's standalone credit strength reflects the company's
solid track record of developing landmark integrated projects and
its diversified and solid access to funding, supported by its
state-owned background. At the same time, the company's standalone
credit profile is constrained by its declining contracted sales and
profitability, as well as weak financial metrics.

China Jinmao's liquidity is good, underpinned by the company's good
access to funding. Moody's expects the company's cash holdings,
along with its operating cash flow, to cover its short-term debt
and committed land payments over the next 12-18 months. Its
unrestricted cash balance of RMB30.9 billion as of the end 2023
could cover 1.3x of its short-term debt as of the same date.

The company's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. Despite
China Jinmao's status as a holding company with most of the claims
at the operating subsidiaries, Moody's expects support from
Sinochem HK to China Jinmao to flow through the holding company
rather than directly to its main operating companies, which
mitigates structural subordination risk. The B1 backed preferred
stock rating reflects the subordinated nature of the securities.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's strong shareholders and
representation on its board of directors. In addition, China
Jinmao's established internal governance structures and standards,
as required by the Corporate Governance Code for companies listed
on the Hong Kong Stock Exchange, help strengthen the company's
governance.

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

An upgrade of China Jinmao's ratings is unlikely, given the
negative outlook.

However, Moody's could revise the outlook to stable if the company
strengthens its contracted sales, financial metrics and access to
various types of funding at stable costs, all on a sustained
basis.

Key metrics indicative of a stable outlook include EBIT/interest
coverage rising above 2.5x and adjusted debt/EBITDA falling below
7.0x, both on a sustained basis.

On the other hand, Moody's could downgrade China Jinmao's ratings
if its credit metrics, contracted sales or liquidity weaken, such
that its EBIT/interest falls below 2.0x and adjusted debt/EBITDA is
unlikely to trend towards 7.5x-8.0x, both on a sustained basis.

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

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

China Jinmao Holdings Group Limited develops residential and
commercial properties in first-tier and major second-tier cities in
China. As of December 31, 2023, the company had a total property
development land bank of approximately 39.4 million square meters
in gross floor area.

The company listed on the Hong Kong Stock Exchange in 2007. As of
December 31, 2023, China Jinmao was 37.1% owned by Sinochem HK,
which was in turn 100% owned by Sinochem Holdings.

In 2023, Sinochem Group and China National Chemical Corporation
Limited (ChemChina, Baa2 stable) completed a share transfer to
Sinochem Holdings, which is fully owned by the State-owned Assets
Supervision and Administration Commission (SASAC) of the State
Council of China. Consequently, Sinochem HK is now ultimately 100%
owned by, and managed as an integral part of, Sinochem Holdings.


FANTASIA HOLDINGS: Restructuring Agreement Extended to April 24
---------------------------------------------------------------
Fantasia Holdings Group Co. Limited said on April 21 that the long
stop date of the Restructuring Support Agreement (RSA) entered into
on Jan. 13, 2023 has been further extended by the parties to April
24.

The Company and its advisors will continue to engage in discussion
with various stakeholders, and will make further announcements on
the progress of the Proposed Restructuring as and when
appropriate.

As reported in Troubled Company Reporter-Asia Pacific in
mid-January 2023, Fantasia Holdings proposed a restructuring that
would give it two to six-and-a-half years of breathing room thanks
to a debt-to-equity swap and the conversion to longer-term,
lower-coupon bonds.  The offer includes swapping US$1.3 billion out
of the company's total of US$4.018 billion in offshore bonds into
Fantasia shares, according to South China Morning Post.

The Post said the balance of the debt would be converted into eight
new tranches of notes maturing between 2024 and 2029. The new notes
will earn payment-in-kind in initial years before cash interest
kicks in at 5 to 8 per cent annually. The annual coupon on the
company's existing defaulted bonds ranges from 6.95
to 15 per cent.

The Shenzhen-based company, among the earliest Chinese developer to
renege on its offshore debts, said it has received approval from
creditors holding 24.5 per cent of the aggregate principal amount
of the bonds.

Founded in 1996 by Zeng Jie, the niece of former vice-president
Zeng Qinghong, Fantasia surprised the market in October 2021 when
it said it would not be able to repay US$205.7 million in remaining
principal it owed on a US$500 million senior note it issued, only
days after it told investors and creditors that it had made a
funding arrangement to repay the bond on maturity, the Post
recalled.

The company's debt was swiftly downgraded, and it later faced a
winding-up petition but got a reprieve on a US$108 million bond
repayment in July 2022.

Fantasia Holdings Group Co., Limited, an investment holding
company, invests in, develops, sells, and leases commercial and
residential properties primarily in the People's Republic of
China.

The developer logged losses of CNY10.8 billion in 2021 and CNY6
billion in 2022.


GUANGXI BEIBU: Moody's Withdraws 'Ba1' Corporate Family Rating
--------------------------------------------------------------
Moody's Ratings has withdrawn Guangxi Beibu Gulf Investment Group
Co., Ltd.'s (Beibu Investment) Ba1 corporate family rating.

The outlook prior to the withdrawal was negative.  

RATINGS RATIONALE

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

COMPANY PROFILE

Guangxi Beibu Gulf Investment Group Co., Ltd. is the third largest
provincial state-owned enterprise in Guangxi in terms of reported
assets as of year-end 2022. The company is 100% owned by the
Guangxi government.

The company is Guangxi's second-largest toll road owner and
operator in terms of toll road distance, primarily focused on Beibu
Gulf area. It also engages in water utilities services,
construction, logistics park and property development, and the sale
of refined oil products and construction materials. In 2022, the
company reported assets of RMB359 billion and a revenue of RMB79
billion.

LANDSEA GREEN: Misses Repayment of US$96 Million Bond
-----------------------------------------------------
New Straits Times reports that Landsea Green Management said in a
filing on April 21 that slow sales meant it failed to redeem some
U.S. dollar notes and may have to accelerate repayments of the
debt.

Landsea has joined a growing list of Chinese developers facing a
lack of liquidity because of a sustained fall in the value of
property in the country, NST relates.

According to the report, the senior notes in question were issued
by Landsea in 2022 and are listed on the Singapore Exchange
Securities Trading Limited with interest at 10.75 per cent per
annum payable semi-annually, April 21's filing to the Hong Kong
bourse said.

It added the notes have a principal amount worth US$96.1 million,
NST discloses.

Landsea was scheduled to redeem at least 30 per cent of the
principal amount, together with accrued and unpaid interest, on
Saturday, but did not make that payment because of "the liquidity
pressure currently faced by the company," the filing, as cited by
NST, said.

It said Landsea's pre-sales volume and collection of pre-sale
proceeds fell significantly in 2022 and 2023.

It is in discussions with the holders of the 2022 notes and will
monitor the situation and consider all possible actions, the filing
said, NST adds.

Landsea Green Management Limited operates as a real estate
development company. The Company develops and markets residential
areas, office buildings, hotels, restaurants, and other related
areas. Landsea Green Management also provides financial services.


SUNAC CHINA: 204 Bund Southside Units Sell Out in One Day
---------------------------------------------------------
The Standard reports that a Shanghai project of Sunac China sold
out in a single day, reaping nearly CNY10 billion (HK$10.8 billion)
for the developer in another rare bit of good news for the
lackluster mainland property market.

The Standard relates that the project, phase two of the luxury One
Sino Park in the south of the Bund in Huangpu, saw 204 units put on
the market at an average price of CNY168,000 per square meter. The
selloff marked the second-highest sales turnover by one single
project in Shanghai this year, The Standard says.

A limited supply of luxury homes in the prime location contributed
to the sale.

During the subscription phase, the project has been booked by over
350 groups of buyers, according to Sunac.

The Standard notes that the luxury market in the city is also
showing other signs of resilience.

Last week, a house with a garden in Jing'an district was sold off
for CNY310 million, or one million yuan per square meter, a new
record high for the city, The Standard notes.

According to The Standard, the success of One Sino Park could be a
milestone for Sunac.

The Standard says the embattled developer got CNY12 billion from
seven financial institutions to save the project at the end of 2022
at the price of diluting its stake to just 10.32 percent from total
ownership.

However, it is hard to tell if the prime location of One Sino Park
makes its selloff unique.

                         About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
21, 2023, Sunac China Holdings Limited sought creditor protection
in the United States under Chapter 15 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19.

U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15
proceedings.

Sidley Austin is the Legal Counsel to China Sunac.


YUEXIU PROPERTY: Moody's Assigns 'Ba1' CFR, Outlook Negative
------------------------------------------------------------
Moody's Ratings has taken the following rating actions on Yuexiu
Property Company Limited and its wholly-owned subsidiaries:

1. Withdrawn Yuexiu Property's Baa3 issuer rating and assigned the
company a Ba1 corporate family rating (CFR);

2. Downgraded to (P)Ba1 from (P)Baa3 the senior unsecured rating on
Yuexiu Property's medium-term note (MTN) program; and

3. Downgraded to (P)Ba1 from (P)Baa3 the backed senior unsecured
rating on the MTN program of Westwood Group Holdings Limited, which
is guaranteed by Yuexiu Property; and

4. Downgraded to Ba1 from Baa3 the backed senior unsecured rating
on the bonds issued by Westwood Group and Joy Delight International
Limited and guaranteed by Yuexiu Property.

Moody's has maintained the negative outlooks on all entities.

"The downgrade and negative outlook reflect Moody's expectation
that Yuexiu Property's credit metrics will remain weak for its
standalone credit profile amid the protracted property market
downcycle, given that its contracting margins and rising debt level
have more than offset the impact of its solid contracted sales
performance in 2023 and its sound liquidity position," says Kaven
Tsang, a Moody's Senior Vice President.

RATINGS RATIONALE

Yuexiu Property's Ba1 CFR incorporates its standalone credit
profile and a two-notch uplift to reflect a strong likelihood of
extraordinary support from its ultimate parent Guangzhou Yue Xiu
Holdings Limited, which is one of the largest enterprises owned by
the Guangzhou municipal government through the Guangzhou
State-owned Assets Supervision and Administration Commission
(SASAC).

Moody's expects nationwide contracted property sales will continue
to decline in 2024 despite the government's supportive measures,
given the weak market sentiment amid the sector's prolonged
downturn and China's slowing economic growth.

Yuexiu Property's overall sales in 2024 will likely remain weak and
slightly decline from 2023 levels, despite potentially
outperforming the broader market, supported by its  focus on
high-tier cities and state-owned background.

Challenging market conditions would also hinder a recovery in the
company's profitability and credit metrics over the next 12-18
months, while the company will continue to have funding needs to
support its business growth plan.

As a result, Yuexiu Property's debt leverage, as measured by
adjusted debt/EBITDA, will stay elevated at 6.5x-7.0x over the next
1-2 years, following an increase to around 7.3x in 2023 from 5.4x
in 2022. Its EBIT/interest will stay at around 3.0x over the next
1-2 years after falling to around 3.1x in 2023 from 3.9x in 2022.
These projected metrics no longer support the company's previous
standalone credit profile.

Yuexiu Property's standalone credit profile reflects its good track
record of developing landmark integrated projects in prime
locations in Guangzhou, its good-quality land bank in the Greater
Bay Area and Eastern China, and its close relationship with the
Guangzhou municipal government.

These strengths are counterbalanced by the company's weakened
profitability and credit metrics, strong growth appetite and
ongoing funding needs, which increased its leverage with
uncertainties for deleverage in the next 1-2 years in view of the
property market downcycle.

Yuexiu Property's liquidity is good, underpinned by the company's
solid contracted sales, cash holdings and strong access to funding
because of its government-owned background. Moody's projects the
company's unrestricted cash balance and projected operating cash
flow will be sufficient to cover its unpaid land premiums, dividend
payments and maturing debts over the next 12-18 months. The company
had unrestricted cash of RMB29 billion as of December 2023, which
covered 1.3x of its maturing debt of RMB23 billion as of the same
date.

Moody's assessment of a strong likelihood of support for Yuexiu
Property from Guangzhou Yue Xiu considers (1) the parent's status
as Yuexiu Property's single-largest shareholder with close
management oversight of the company, (2) the track record of
financial assistance from the parent, (3) Yuexiu Property's
significant contributions to the group's revenue and earnings, and
(4) the company's strategic role in developing the parent's core
property business in the Greater Bay Area, which is a key
development focus of the Guangzhou municipal government. Moody's
also expects Guangzhou municipal government would support the
efforts of Guangzhou Yue Xiu in providing support to Yuexiu
Property in times of need.

In terms of environmental, social and governance (ESG)
considerations, Yuexiu Property's Ba1 ratings consider the
company's ownership by Guangzhou Yue Xiu, which is in turn owned by
and under the supervision of the Guangzhou municipal government.
The ratings also factor in the company's growth appetite, partly
tempered by its track record of maintaining good liquidity.

The senior unsecured ratings of Yuexiu Property, Westwood Group and
Joy Delight International are not affected by subordination to
claims at the operating company level. This is because despite
Guangzhou Yue Xiu's status as a holding company, Moody's expects
parental support to flow through to the company rather than
directly to its main operating subsidiaries, thereby mitigating any
differences in expected losses from structural subordination.

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

An upgrade of Yuexiu Property's ratings is unlikely, given the
negative outlook.

However, Moody's could stabilize the outlook if (1) the company's
credit metrics improve, with its EBIT/interest rising above 3.0x
and its adjusted debt/EBITDA improving to below 6.5x; (2) the
company maintains its strong strategic and economic importance to
Guangzhou Yue Xiu, and (3) Guangzhou Yue Xiu's capacity to provide
support remains strong.

Moody's could downgrade the ratings if (1) Guangzhou Yue Xiu's
ability or willingness to provide support declines; (2) Yuexiu
Property's sales significantly decline; (3) its liquidity worsens
because of weak sales or aggressive growth; or (4) its credit
metrics deteriorate, with its adjusted debt/EBITDA remaining above
7.0x or its EBIT/interest falling below 2.5x on a sustained basis.

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

Yuexiu Property Company Limited, formerly known as Guangzhou
Investment Company Limited, listed on the Hong Kong Stock Exchange
in 1992. The company's and its subsidiaries' core businesses are in
property development and investment.

As of the end of June 2023, Yuexiu Property was 43.39% owned by
Guangzhou Yue Xiu Holdings Limited and 19.9% owned by Guangzhou
Metro Group Co., Ltd., which in turn are owned by the Guangzhou
municipal government.


[*] Fitch Affirms 'BBB/BB+' Ratings on 7 Chinese Banks
------------------------------------------------------
Fitch Ratings has revised the Outlook on three foreign-owned
Chinese banks' Long-Term Issuer Default Ratings (IDRs) to Negative,
from Stable. At the same time, Fitch has affirmed these banks'
Long-Term Foreign-Currency IDRs, Shareholder Support Ratings (SSRs)
and Short-Term IDRs.

The three subsidiaries of foreign banks are:

1. United Overseas Bank (China) Limited (UOBC),
2. Standard Chartered Bank (China) Limited (SCBC) and
3. Bank of Montreal (China) Co. Ltd. (BMOC).

The revision of the Outlooks follows the revision in the Outlook on
China (A+/Negative/F1+) on April 9, 2024, which reflects increasing
risks to China's public finance outlook as the country contends
with more uncertain economic prospects amid a transition away from
property-reliant growth to what the government views as a more
sustainable growth model. For more details, see "Fitch Revises
Outlook on China to Negative; Affirms at 'A+'".

At the same time, Fitch has affirmed seven other Chinese mid-tier
banks' Long-Term IDRs, Government Support Ratings (GSRs) and
Short-Term IDRs. The Outlooks remain Stable. They are:

1. Shanghai Pudong Development Bank Co., Ltd. (SPDB),
2. Industrial Bank Co., Ltd (IND),
3. China Minsheng Banking Corp., Ltd. (CMBC),
4. Bank of Beijing Co., Ltd. (BOB),
5. Ping An Bank Co., Ltd. (PAB),
6. Hua Xia Bank Co., Limited (HXB) and
7. China Guangfa Bank Co., Ltd. (CGB).

The banks' Viability Ratings and ex-government support (xgs)
ratings, where assigned, were not part of this review.

KEY RATING DRIVERS

Foreign-Bank Subsidiaries at Country Ceiling: The Long-Term IDRs of
UOBC, SCBC and BMOC are the same as China's Country Ceiling, which
is at the same level as China's Long-Term Foreign-Currency IDR of
'A+'. The Country Ceiling almost always caps a bank's Long-Term
Foreign-Currency IDR because country risk, such as transfer and
convertibility risks, in a subsidiary's jurisdiction could
constrain the subsidiary's ability to use parental support to
service foreign-currency obligations if required.

Smaller Banks' Support Prospects Unchanged: The affirmation of the
ratings with Stable Outlooks for SPDB, IND, CMBC, BOB, PAB, HXB and
CGB reflects its belief that the support ability and propensity for
these banks would not be materially affected even in the event of a
one-notch downgrade of China's sovereign rating, as their GSRs are
multiple notches lower than China's sovereign rating.

The seven mid-tier banks are designated as domestic systemically
important banks in China.

RATING SENSITIVITIES

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

UOBC, SCBC and BMOC

Downward revisions to China's Country Ceiling would lead to similar
negative rating actions for UOBC, SCBC and BMOC.

SCBC's IDRs and SSR are also sensitive to changes in its ultimate
parent Standard Chartered PLC's (SC, A/Stable) Long-Term IDR, as
well as Fitch's assumptions regarding SC's ability and/or
propensity to extend extraordinary support in a timely manner
during times of stress. A decline in SCBC's relevance to the
parent's strategy would be negative for the ratings.

The one-notch uplift applied to SCBC's Long-Term IDR could also be
removed if Fitch no longer believes its senior creditors would
benefit from protection in resolution, such as because of changing
internal loss-absorbing capacity requirements or a lower importance
to the group.

A VR downgrade of UOBC's parent United Overseas Bank Limited (UOB,
AA-/Stable) to below China's Country Ceiling, at which UOBC's
Long-Term IDR is capped, would lead to negative rating action on
UOBC.

The bank's Long-Term IDR and SSR would also come under pressure if
there is any weakening in Fitch's assessment of UOB's propensity to
support UOBC. For example, this may arise from reduced management
and operational integration, as well as a decline in shareholding
that could lead to a significant reduction in the subsidiary's
strategic importance to the parent. However, Fitch does not
consider any changes in support propensity to be likely in the
medium term.

BMOC's SSR and Long-Term IDR would come under pressure if Fitch
assesses any weakening in its parent Bank of Montreal's (BMO,
AA-/Stable) propensity to support BMOC, such as a significant
reduction in the subsidiary's strategic importance to the parent.
BMOC's ratings are closely linked with the parent's VR. A downgrade
of BMO's VR could lead to negative rating action on BMOC's SSR and
IDRs.

SCBC, UOBC, and BMOC's Short-Term IDRs could be downgraded if there
is negative rating action on their parents' Short-Term IDRs.

SPDB and IND

The Long-Term IDRs and GSRs will most likely be downgraded if the
China sovereign is downgraded to at least 'A-'. The ratings may
also be downgraded, potentially by multiple notches, if Fitch
perceives that the central government's propensity to provide
timely extraordinary support to the bank has diminished
significantly. The lower propensity may be demonstrated in the form
of an enhanced resolution framework.

A weakening in SPDB's relationship with the Shanghai government,
such as significant changes to its ownership structure or regional
significance, may have a negative effect on its assessment of the
state's propensity to support the bank.

A weakening in IND's relationship with the Fujian government, such
as significant changes to its ownership structure or to its
regional significance, may also affect its assessment of the
state's propensity to support the bank.

SPDB and IND's Short-Term IDR will be downgraded if their Long-Term
IDRs are downgraded.

CMBC, BOB, PAB, HXB and CGB

The Long-Term IDRs and GSRs of CMBC, BOB, PAB, HXB and CGB will
come under pressure if Fitch perceives that the central
government's propensity or ability to provide timely extraordinary
support has diminished significantly. Lower propensity may be
demonstrated in the form of an enhanced resolution framework or
materially weaker government support ability.

The Short-Term IDRs of CMBC, BOB, PAB, HXB and CGB will not be
downgraded unless the Long-Term IDR is downgraded to or below
'CCC+', which Fitch views as highly unlikely in the short to medium
term.

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

UOBC, SCBC and BMOC

There is no near-term upside to SCBC's, UOBC's and BMOC's Long-Term
IDRs.

SCBC's Short-Term IDR may be upgraded if there is a similar upgrade
to SC's Short-Term IDR.

There is no upside for UOBC's and BMOC's Short-Term IDRs, as they
are already at the highest level on the rating scale.

SPDB and IND

An upgrade of the sovereign ratings could lead to positive rating
action on SPDB's and IND's GSRs and support-driven IDRs, if that
were to indicate greater ability to support the banks with no less
propensity to provide support.

SPDB and IND's Short-Term IDRs are likely to be upgraded if their
Long-Term IDRs are upgraded.

CMBC, BOB, PAB, HXB and CGB

An upgrade of China's sovereign ratings could lead to positive
rating action on the GSRs and support-driven IDRs of CMBC, BOB,
PAB, HXB and CGB, if that were to indicate greater ability to
support the banks with no less propensity to provide support.

The Short-Term IDRs of CMBC, BOB, PAB, HXB and CGB will be upgraded
if their Long-Term IDR is upgraded.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

SPDB's senior debt instruments are rated in line with its
respective Long-Term IDRs as they are unsecured and unsubordinated
obligations.

UOBC's Tier 2 capital bonds are notched down twice from its anchor
rating, its Long-Term IDR, to reflect high loss severity relative
to senior unsecured instruments.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

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

A downgrade of SPDB's Long-Term IDRs would lead to negative rating
action on the respective senior debt rating.

A downgrade of UOBC's Long-Term IDR would lead to negative rating
action on its Tier 2 capital bonds.

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

An upgrade of SPDB's Long-Term IDRs would lead to positive rating
action on the respective senior debt rating.

An upgrade of UOBC's Long-Term IDR would lead to positive rating
action on its Tier 2 capital bonds.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The IDRs of SPDB, IND, CMBC, BOB, PAB, HXB and CGB are directly
linked to China's sovereign ratings.

SCBC's IDRs are directly linked to the Long-Term IDR of its
ultimate parent, SC, subject to China's Country Ceiling.

BMOC's IDRs are linked to the VR of its parent, BMO, subject to
China's Country Ceiling.

UOBC's IDRs are linked to the VR of its parent, UOB, subject to
China's Country Ceiling.

ESG CONSIDERATIONS

SPDB, IND, CMBC, HXB, PAB, CGB and BOB have an ESG Relevance Score
of '4' for Financial Transparency due to structural issues around
financial transparency and disclosure.

These are not captured in headline performance metrics in China and
affect its operating environment and financial profile assessments.
These banks are more exposed to such risks relative to the state
banks due to a greater exposure to wealth management products and
entrusted investments, stemming from the use of off-balance-sheet
transactions. This has a negative impact on their credit profiles,
and is relevant to their ratings in conjunction with other
factors.

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.

   Entity/Debt                      Rating           Prior
   -----------                      ------           -----
Hua Xia Bank
Co., Limited       LT IDR             BB+ Affirmed   BB+
                   ST IDR             B   Affirmed   B
                   Government Support bb+ Affirmed   bb+

Bank of Beijing
Co., Ltd.          LT IDR             BB+ Affirmed   BB+
                   ST IDR             B   Affirmed   B
                   Government Support bb+ Affirmed   bb+

Ping An Bank
Co., Ltd.          LT IDR             BB+ Affirmed   BB+
                   ST IDR             B   Affirmed   B
                   Government Support bb+ Affirmed   bb+

Standard
Chartered Bank
(China) Limited    LT IDR             A+  Affirmed   A+
                   ST IDR             F1  Affirmed   F1
                   Shareholder Support a  Affirmed   a

China Minsheng
Banking Corp.,
Ltd.               LT IDR             BB+ Affirmed   BB+
                   ST IDR             B   Affirmed   B
                   Government Support bb+ Affirmed   bb+

Shanghai Pudong
Development  
Bank Co., Ltd.     LT IDR             BBB Affirmed   BBB
                   ST IDR             F2  Affirmed   F2
                   Government Support bbb Affirmed   bbb

   senior
   unsecured       LT                 BBB Affirmed   BBB

United Overseas
Bank (China)
Limited            LT IDR             A+  Affirmed   A+
                   ST IDR             F1+ Affirmed   F1+
                   Shareholder Support a+ Affirmed   a+
   Subordinated    LT                 A-  Affirmed   A-

China Guangfa
Bank Co., Ltd.     LT IDR             BB+ Affirmed   BB+
                   ST IDR             B   Affirmed   B
                   Gov't Support      bb+ Affirmed   bb+

Bank of Montreal
(China) Co. Ltd.   LT IDR             A+  Affirmed   A+
                   ST IDR             F1+ Affirmed   F1+
                   Shareholder Support a+ Affirmed   a+

Industrial
Bank Co., Ltd.     LT IDR             BBB Affirmed   BBB
                   ST IDR             F2  Affirmed   F2
                   Gov't Support      bbb Affirmed   bbb




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

CHEUNG KEI: Boss Faces Demand for $200MM in Overdue Loan Payments
-----------------------------------------------------------------
Bloomberg News reports that a Chinese tycoon who had snapped up
mansions and offices in Hong Kong and London faces demands from
banks to repay more than $200 million of loans for which he and his
family had provided personal guarantees, in a sign of further
liquidity problems for the businessman and his property-investment
company.

Nanyang Commercial Bank Ltd. has demanded payment from Chen
Hongtian, chairman of Hong Kong-based investment company Cheung Kei
Group, and his wife, Chen Li Ni Yao, on five overdue term-loan
facilities totaling HK$799 million ($102 million), plus default
interest, according to a writ dated April 17, Bloomberg relays.

Each has provided personal guarantees for the loans and has agreed
to be liable independently to pay for all sums guaranteed,
according to the writ. The term loans dated 2017 all have a
five-year tenor and were outstanding as of March 8.

Chen has lost at least US$1.4 billion worth of properties to
creditors, both in Hong Kong and London, according to data compiled
by Bloomberg, plagued by what he has called "short-term liquidity
issues" at Cheung Kei Group, which acquires and operates real
estate assets globally.

Among these properties, creditors have put up for sale a US$892
million office tower in Hong Kong's Hung Hom area and two buildings
at Canary Wharf in London.

According to Bloomberg, the latest lawsuit from Nanyang Commercial
Bank followed a separate demand by United Overseas Bank last month
seeking payment of loan principal and unpaid interest, plus default
interest, totalling HK$848 million. Chen, his wife and his son had
made a similar personal guarantee for that loan, which was payable
on March 21.

An ongoing downturn in office markets worldwide has weighed further
on properties previously owned by Cheung Kei Group, Bloomberg says.
Sales plans for 5 Churchill Place, one of the group's investments
at Canary Wharf, have been shelved, as interest rates remain high
and vacancy rates shoot up.

The defendants have 14 days from the date of the writ to either
satisfy the banks' claims or to indicate to the court whether they
would contest the proceedings or make an admission, according to
the court filing.

Cheung Kei Group Co. Ltd. operates as a real estate developer. The
Company mainly offers real estate development, property management,
and other services.




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

ADVANSYS (INDIA): CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Advansys
(INDIA) Private limited (AIPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.64       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 23,
2023, placed the rating(s) of AIPL under the 'issuer
non-cooperating' category as AIPL 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. AIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 9, 2023, December 19, 2023, December
29, 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 2002, Advansys (India) Private Limited (AIPL) is
Mumbai based company promoted by the Mr. Pankaj Inder Balwani and
his wife Mrs. Shakuntala Balwani. The company was earlier engaged
into manufacturing and export of all types of healthcare equipment,
fitness equipment, rehabilitation equipment, diagnostics
equipment's and electrical appliances to European and USA. Post
2010 entire business was transferred to their group company namely
Xplore Lifestyle Solutions Private Limited (XLSPL) as Advansys
(India) Private Limited (AIPL) could not generate business. During
2014-15 AIPL rented its owned manufacturing unit to Brose India
Automotive Systems Private Limited by entering into five years
agreement. Later on September 1, 2018 AIPL decided to venture into
construction business and construct building of 41,946 square
meteres, situated at Raisoni industrial Partk, Village Mann, Taluka
Mulshi, and District Pune.

ARTEMIS AUTO: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Artemis
Auto India Private Limited (AAIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.50       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 February 1,
2023, placed the rating(s) of AAIPL under the 'issuer
non-cooperating' category as AAIPL 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. AAIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 18, 2023, December
28, 2023, January 7, 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).

Artemis Auto India Private Limited (AAIPL) is engaged in the
dealership of passenger cars of Volvo Auto India Private Limited
(VAIL) such as S60, V40, VC60, and VC90, etc., spare parts &
accessories and servicing of vehicles. AAIPL was incorporated in
2010 by Mrs. B. Umamaheswari, Managing Director and Mrs. Nrithya
Sivaganesh, Director and Mr. B. Sivaganesh.


BALA BALAJI: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bala
Balaji Srinivasa Poultry Complex (BBSPC) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.97       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 February 14,
2023, placed the rating(s) of BBSPC under the 'issuer
non-cooperating' category as BBSPC 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. BBSPC continues to be noncooperative 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.

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).
  
Bala Balaji Srinivasa Poultry Complex (BBSPC) was established on
October 25, 2018 by Dr. G.V.Subramaniam (Managing Partner), Mr.
G.V. Subramanyam (Managing Partner) and other family members. The
firm started its commercial operations from August 2019 onwards.
BBSPC is engaged in farming of egg, laying poultry birds (chickens)
and trading of eggs, cull birds and their manure. The firm sells
its products such as eggs and cull birds to retailers through own
sales personnel and dealers, across the southern and Kolkata
region.

DIVYA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Divya Agro
Roller Flour Mills Private Limited (DARFMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.60       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 23,
2023, placed the rating(s) of DARFMPL under the 'issuer
non-cooperating' category as DARFMPL 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. DARFMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 9, 2023, December 19,
2023, December 29, 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).

DARFMPL was incorporated on December 11, 2011, by Mr. Kapil Gupta,
Mr. Vishal Vijaywargi and Mr. Nandlal Vijaywargi for setting up a
manufacturing unit for the production of various grain-based flours
(viz, Maida, Suzi, Atta and Bran) with an installed capacity of
60,000 metric tonnes per annum. The total cost of the project was
about Rs.14.34 crore and the company had expected the unit to
achieve commercial operations in April 2015.


E.P. INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of E.P.
Industrial & Agro Products Private Limited (EIAPPL) continue to
remain in the 'Issuer Not Cooperating' category.

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

   Short Term Bank      9.25       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 31,
2023, placed the rating(s) of EIAPPL under the 'issuer
non-cooperating' category as EIAPPL 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. EIAPPL 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).

Hyderabad based, E.P. Industrial & Agro Private Limited (EIAPPL)
was incorporated in 1994 and promoted by Mr. Jatinder Kumar Arya
and Ms. Chander Mohini Arya. The company is engaged into
manufacturing of specialty chemicals covering a wide range of
cellulose and starch-based specialty chemicals for various
industrial applications i.e., oil well drilling, detergents, paper,
textiles, cosmetics, ceramic, paint, drug and pharmaceuticals etc.
Currently, the company has an aggregate capacity of 2400 MT per
annum. The company purchases the raw material like Cellulose and
Starch from local supplier SR Drugs and Intermediaries Private
Limited, SR Enterprises, Gunjan Enterprises, Gayatri Bio organics
Limited among others in India.


EXPAT ENGINEERING: CARE Lowers Rating on INR11cr LT Loan to C
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Expat Engineering India Limited (EEIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank     13.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2023, placed the rating(s) of EEIL under the 'issuer
non-cooperating' category as EEIL 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. EEIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 14, 2024, January 24, 2024, February 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).

The ratings for EEIL have been revised on account of
non-availability of requisite information. Further, the rating
revision also considers the corporate insolvency resolution process
initiated against EEIL by its operational creditor as recognized
from publicly available information i.e. NCLT order.

Expat Engineering India Limited (EEIL) was originally a division of
Expat Properties India Limited, established in 1999 and part of the
Expat Group. Later in 2007, this division demerged into a separate
entity, EEIL. This restructuring was done to expand the operations
for construction of residential buildings other than the group
projects. EEIL, promoted by Mr. Santosh Balakrishna Shetty and
several others, is engaged in executing contracts for land &
infrastructure development and construction of residential &
commercial buildings for projects belonging to the Expat group as
well as others.


GARG ISPAT: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Garg Ispat
Udyog Limited (GIUL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.00       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 25,
2023, placed the rating(s) of GIUL under the 'issuer
non-cooperating' category as GIUL 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. GIUL
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.

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

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

Delhi based, Garg Ispat Udyog Ltd. (GIUL) was incorporated in 1987
and is being managed by Mr. Manish Gupta, Ms. Nidhi Gupta, Ms. Alka
Gupta and Ms. Kamini Goyal. GIUL is engaged is manufacturing of MS
black pipes, scaffolding, PPG fabricated sheets for Buildings, MS
fabrications etc. GUIL procures key raw-material viz. HR-coil,
aluminium extrusion, aluminium form work from traders. The company
sells its products domestically to real estate developers and
construction contractors.


JDC INDIA: CARE Lowers Rating on INR7.10cr LT Loan to C
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
JDC India Limited (JIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.10       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 6,
2023, placed the rating(s) of JIL under the 'issuer
non-cooperating' category as JIL 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. JIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 23, 2023, January 2, 2024, January 12,
2024.

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

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

JDC India Limited was incorporated in October 24, 1995 with an
objective to enter into the rice milling and processing business.
However, after remaining dormant for a few years, the company
started its commercial operations from 2006. The manufacturing unit
of the company is located at Ausgram, Burdwan, West Bengal. The
current installed capacity of the unit is 24,000 tons per annum.
The entity is procuring raw paddy from the local farmers. The
company also has a cold storage facility in Ausgram for potato
traders and farmers. This apart, it also exports electrical goods
to Doha, Qatar. Mr. Ajoy Kumar Basu and Mr. Asim Kumar Bose both
having almost four decades of experience in similar line of
business, looks after the day to day operation of the company along
with other directors and a team of experienced professionals who
have rich experience in the similar line of business.

JEKIN ENTERPRISE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jekin
Enterprise (JE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      25.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     20.00       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 23,
2023, placed the rating(s) of JE under the 'issuer non-cooperating'
category as JE 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. JE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
December 9, 2023, December 19, 2023, December 29, 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).

Jekin Enterprise (JE) is a partnership firm set up by Mr. Mukesh B.
Shah and Mrs. Savita Shah in 2001. Later, in 2011, it was
reconstituted with Mr. Mukesh B. Shah and Mr. Jekin M Shah as the
partners of the firm. The firm was originally established as a
proprietary concern in the year 1990 The firm is engaged in
execution of civil construction projects which involve earth work,
road work, deep excavation, bridges, hard rock cuttings, blasting
operations, land development, drainage system, industrial building
(civil work) and various other infrastructure jobs for both private
as well as government departments whereby it gets orders through
bidding and tendering process. The firm also executes projects as
sub-contractor for government projects which
are obtained through private corporates. The firm has been
classified as Class 1A contractor by Public Works Department.

KAADAMBARY RICETECH: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kaadambary
Ricetech Private Limited (KRPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.50       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 KRPL under the 'issuer
non-cooperating' category as KRPL 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. KRPL
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).

KRPL was incorporated as a private limited company in the year
2013. The company is setting up a unit for rice milling and
parboiling unit. The proposed processing facilities are located at
Raipur Chhattisgarh.


KAMAL IDEAL: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamal Ideal
Infratech Private Limited (KIIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.79       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 27,
2023, placed the rating(s) of KIIPL under the 'issuer
non-cooperating' category as KIIPL 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. KIIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 13, 2023, December
23, 2023, January 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).

Incorporated in 2012, Kamal Ideal Infratech Pvt Ltd (KIIPL) is
engaged in real estate development. The company is currently
developing a group housing project in Nangal Kalan village,
sector-64, Kundli, Sonepat. The company was promoted by Mr. Ravi
Sharma and Mr. Shekhar Grover. Prior to KIIPL, the promoters have
been involved in the real estate development of residential and
commercial properties in the NCR region.


KAMLA RICE: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kamla Rice
and General Mills (KRGM) continues to remain in the 'Issuer Not
Cooperating' category.

                       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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 30,
2023, placed the rating(s) of KRGM under the 'issuer
non-cooperating' category as KRGM 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. KRGM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 26, 2023, January 5, 2024, April 9,
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).

Kamla Rice and General Mills (KRGM) was established as a
proprietorship concern in 1994 and it is currently being managed by
Mr. Vipin Goyal. The firm is engaged in processing of paddy at its
manufacturing facility located in Karnal, Haryana.


MAANASA ENTERPRISES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Maanasa
Enterprises Private Limited (SMEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.60       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 February 15,
2023, placed the rating(s) of SMEPL under the 'issuer
non-cooperating' category as SMEPL 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. SMEPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 1, 2024, January 11,
2024, January 21, 2024, April 10, 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 SMEPL have been
revised on account of delays in debt servicing recognized from
publicly available information i.e. CIBIL check.

Sri Maanasa Enterprises Private Ltd. (SMEPL) was incorporated on
August 10, 2012. The company was started as a partnership firm in
2007 under the name of M/s. Sri Maanasa Enterprises at Kakinada
with a single retail outlet before being incorporated as a private
limited concern. In 2011, another retail outlet was started in
Vizag under the name of Sri Maanasa Garments Private Limited and
subsequently, in 2013, both the units got amalgamated into the
present form of Sri Maanasa Enterprises Private Ltd. The company is
engaged in textile trading business dealing in men's, women's and
children's garments, and currently operates four retail outlets;
one each in Vizag and Eluru and two in Kakinada, Andhra Pradesh.
The entire shareholding lies with the promoters and their
relatives. Mr. Krishna Murthy Gollapudy (Managing Director) has
around 15 years of experience in the retail industry.


NOXX AND CHEF'S: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Noxx And
Chef's Deck Private Limited (NCDPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.33       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.54       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 27,
2023, placed the rating(s) of NCDPL under the 'issuer
non-cooperating' category as NCDPL 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. NCDPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 13, 2023, December
23, 2023, January 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).

Noxx & Chefs Deck Pvt Ltd (NCDPL) was incorporated during September
2013 as Merven Developers Pvt Ltd (MDPL). However, after
incorporation, the company remained dormant and during September
2015 MDPL was rechristened as NCDPL and started trading of
agricultural and textile products. However, during July 2017, the
company stopped trading operations and entered into a restaurant
business at Howrah with the facility located at Dumurjala, Howrah,
West Bengal. Further, off late the company has ventured into
Packaged Drinking Water Business (PDW) with its plant located at
Domjur, NH-6, Howrah with an installed capacity of 14000 litres per
day. The company sells its products under the brand name of
“Eveque”. The PDW businesses have partly started its operation
from April 2019. The company currently managed by Mrs. Amrita
Banerjee, Director, along with other director Mr. Pritish Roy. All
the directors are having around a decade of experience in
construction and retailing of electronic goods business looks after
the day to day operations of company along with a team of
experienced professionals in restaurant and PDW business.

OZONE GSP: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ozone GSP
Infratech (OGI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      35.00       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 24,
2023, placed the rating(s) of OGI under the 'issuer
non-cooperating' category as OGI 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. OGI
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).

Ozone GSP Infratech constituted as a partnership firm on September
20, 2010 is currently partnered by Jotindra steel and tubes limited
and Mr. Akhil Kumar Sureka. The entity is a part of a business
conglomerate that is engaged in diverse industries viz. Steel tube
manufacturing, LPG Cylinder manufacturing, trading and finance
businesses and real estate.


RPN ENGINEERS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RPN
Engineers Chennai Private Limited (RECPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.26       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      4.87       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 February 3,
2023, placed the rating(s) of RECPL under the 'issuer
non-cooperating' category as RECPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RECPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 20, 2023, December
30, 2023, January 9, 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).

RECPL was established as a proprietorship firm (M/s. Lookmans
Engineering Contractors) in 1995 by Mr. P.K. Luqmman Basha and was
reconstituted into a private limited in May 1999 in Chennai. RPN is
engaged in the business of civil and mechanical constructions like
laying of pipes for state and central government agencies and
contract work for the Indian railways.


SAI DURGA: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Sai
Durga Infratech India Private Limited (SSDIIPL) continue to remain
in the 'Issuer Not Cooperating' category.

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

   Long Term/          23.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category


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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2023, placed the rating(s) of SDIIPL under the 'issuer
non-cooperating' category as SSDIIPL 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. SSDIIPL 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).

Sri Sai Durga Infratech India Private Limited (SSDIIPL) was
incorporated in September 2010 to take over the business of Sri Sai
Durga Constructions, a partnership firm started in 2008 by Mr.
Chandra Rangarao and Mrs. Chandra Satvika. The company is engaged
in the civil construction segment with work orders spanning across
construction of building works, water supply works, electrical
works and irrigation works etc.

SHANTI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shanti Agro
Foods Private Limited (SAFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.42       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 24,
2023, placed the rating(s) of SAFPL under the 'issuer
non-cooperating' category as SAFPL 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. SAFPL 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).

Shanti Agro Food Private Limited (SAFPL) was established as a
proprietorship firm in November, 2008 by Mr Sahil Verma under the
name of M/S Shanti Foods. In 2013, the business operations were
taken-over by Shanti Agro Food Private Limited with Mr Sahil Verma
and Mr Bishambar Lal as its directors. The company is engaged in
processing of paddy at its manufacturing facility located at
Karnal, Haryana.


SREEREDDY PROPERTIES: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of SreeReddy
Properties Private Limited (SPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.34       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 2,
2023, placed the rating(s) of SPPL under the 'issuer
non-cooperating' category as SPPL 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. SPPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 19, 2023, December 29, 2023, January 8,
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).

Bangalore (Karnataka) based, SreeReddy Properties Private Limited
(SPPL) was incorporated in the year 2009. Its promoters are Mr.
Sirish Kumar Reddy (Managing Director) and Mrs. Jamuna Sirish
Reddy. The company is engaged in the construction and development
of residential townships, apartments, shopping malls and commercial
complexes.


SURAJ SHIV: CARE Lowers Rating on INR13cr LT Loan to C
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shree Suraj Shiv Industries Private Limited (SSSIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank      2.00       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 31,
2023, placed the rating(s) of SSSIPL under the 'issuer
non-cooperating' category as SSSIPL 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. SSSIPL 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).

The ratings assigned to the bank facilities of SSSIPL have been
revised on account of non-availability of requisite information.
The revision also factored in increased debt levels during FY23.

Shree Suraj Shiv Industries Private Limited (SSSIPL) was
incorporated in January 2019 by Mr. Sharad Chandra Goyal, Mr.
Chetan Jalan, and Mr. Vishnu Kumar Goyal for setting up a
processing and milling unit for rice and its bi-products with an
aggregate project cost of INR12.34 crore (including INR1.67 crore
as margin money of working capital) which is estimated to be funded
through term loan of INR8.00 crore and balance through promoters
contribution of INR4.34 crore.


TRISHUL DREAM: CARE Lowers Rating on INR15cr LT Loan to D
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Trishul Dream Homes Limited (TDHL), as:

                       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 and Revised from
                                   CARE C; Stable

   Long Term/           27.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE C; Stable/
                                   CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 3,
2023, placed the rating(s) of TDHL under the 'issuer
non-cooperating' category as TDHL 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. TDHL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2023, December 30, 2023, January 9,
2024, April 10, 2024.

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

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

The ratings for TDHL have been revised on account of
non-availability of requisite information. Further, the rating
revision also considers the admission of the company for corporate
insolvency resolution process as recognized from publicly available
information i.e. NCLT order.

Trishul Dream Homes Ltd (TDHL) incorporated in 2007 is into real
estate development. It is part of Trishul Group which was
established in 1992 and has more than 25 years of experience in
real estate and construction industry. The group has successfully
executed a number of residential buildings projects in Delhi NCR.


VELANI OILS: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Velani
Oils Private Limited (VOPL) continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank     45.00       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 25,
2023, placed the rating(s) of VOPL under the 'issuer
non-cooperating' category as VOPL 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. VOPL
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.

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).

Velani Oils Private Ltd (VOPL) was incorporated on June 9, 2010 by
its present promoter director Mr. Mansukh Lal Patel and his son Mr.
Tushar Patel. The company is engaged in the business of trading
edible and non-edible oils for supplying it to large edible/
non-edible oil refining companies in India. VOPL operates from its
Head office (HO) in Delhi and branch offices in Gujarat in
Gandhidham and Kandla.


ZEE ENTERTAINMENT: Court Admits Insolvency Plea Against Founder
---------------------------------------------------------------
Bloomberg News reports that a bankruptcy court in India has begun
insolvency proceedings against Zee Entertainment Enterprises Ltd.'s
founder and chairman emeritus Subhash Chandra on a plea by
Indiabulls Housing Finance Ltd. following a loan default.

Chandra stood as a personal guarantor for a loan given to a real
estate developer Vivek Infracon Pvt., according to Indiabulls
Housing's lawyer Sumesh Dhawan. According to Bloomberg, the
insolvency plea came to court in 2022 after the 1.7 billion-rupee
loan ($20.4 million) was declared in default but the case was
stalled for nearly two years as the Supreme Court of India decided
on the validity of personal insolvency laws.

"The copy of the order is awaited," Bloomberg quotes a spokesperson
for Chandra as saying. "Appropriate steps will be actioned in
accordance with the applicable law."

Bloomberg says the setback for Chandra comes just months after Sony
Group Corp. withdrew from a proposed merger between its India
operations with Zee to create a media behemoth. In addition,
Chandra and his son Punit Goenka face an investigation by India's
capital markets regulator on allegations of siphoning off Zee
funds.

With an aim to enhance profitability of the company following the
failure of the merger deal, Zee's Managing Director Goenka is
seeking to restructure the organization by cutting 15% of its
workforce, Bloomberg relates. Zee also withdrew its litigation in
India against Sony to force it to implement the merger.

Chandra founded Zee in 1992, a year after India's economic
liberalization, Bloomberg notes. He stepped down from his position
as the company's chairman in 2019. Chandra was also a member of
parliament in the upper house between 2016 and 2022.

Initiation of insolvency means that there'll be a moratorium on all
legal proceedings against Chandra, and that he cannot sell or
pledge his assets. The media baron can challenge the court's
insolvency order before an appellate tribunal.

                       About Zee Entertainment

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

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

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

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



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

AUTECH SOFTWARE: Court to Hear Wind-Up Petition on May 20
---------------------------------------------------------
A petition to wind up the operations of Autech Software Limited
will be heard before the High Court at Auckland on May 20, 2024, at
10:00 a.m.

Body Corporate 494072 filed the petition against the company on
March 25, 2024.

The Petitioner's solicitor is:

          James McDougall
          Holland Beckett
          525 Cameron Road
          Tauranga 3143


D. & T. MACDONALD: Court to Hear Wind-Up Petition on May 13
-----------------------------------------------------------
A petition to wind up the operations of D. & T. Macdonald Limited
will be heard before the High Court at Hamilton on May 13, 2024, at
10:45 a.m.

David Edward Godman Nielsen filed the petition against the company
on March 22, 2024.

The Petitioner's solicitor is:

          David Nielsen
          Nielsen Law
          6 Claudelands Road
          PO Box 1108
          Hamilton


INVISIBLE LIMITED: Creditors' Proofs of Debt Due on May 22
----------------------------------------------------------
Creditors of Invisible Limited are required to file their proofs of
debt by May 22, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 17, 2024.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington, Business Restructuring
          Level 1, 50 Customhouse Quay
          Wellington 6011


MURRAY HEWITT: Creditors' Proofs of Debt Due on May 16
------------------------------------------------------
Creditors of Murray Hewitt Joinery Limited are required to file
their proofs of debt by May 16, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 16, 2024.

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


PALMER TRADING: Creditors' Proofs of Debt Due on May 17
-------------------------------------------------------
Creditors of Palmer Trading Limited are required to file their
proofs of debt by May 17, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 17, 2024.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


STORAGE BOX: Homeware Retailer to Close by End of May
-----------------------------------------------------
Tim Scott at Otago Daily Times reports that a Dunedin homeware
retailer says a "very challenging" economic climate has forced them
to close their doors, and warns the challenges for business are far
from over.

After 10 years of service, the owners of Storage Box Dunedin
announced on social media their Cumberland St store would be
shutting its doors, according to ODT.

ODT relates that the store's closing down sale began April 19 and
the business was expected to close by the end of May.

Rachael Jefferson, who owns the business with husband Lee
Jefferson, said the decision was made after carefully considering
all the options.

Mrs. Jefferson said the closure was the end of an era for their
store.

"We will miss our wonderful staff, many have been with us for over
five years, as well as our loyal customers," ODT quotes Mrs.
Jefferson as saying.

The business environment had been extremely challenging since the
Covid-19 pandemic and the store had experienced a number of events
that could not have been foreseen, Mrs. Jefferson said.

Transportation and labour costs had risen over the past few years,
along with other costs across the board.

"The current economic climate is very challenging especially for
the small businesses," Mrs. Jefferson said.

"The reward for the risk that we have to take is no longer there
for us.

"The coming year is shaping up to be extremely challenging and I
believe there will be limited discretionary spending."

While other stores stocked lines of their products, Mrs. Jefferson
said "no-one else" had the full range of organisational products,
ODT relays.

She said they had become acquainted with many loyal customers and
it would be sad to say goodbye.

She said it was sad another locally-owned and operated business was
closing.

"But with the current situation I can only see more of this on the
horizon."




=====================
P H I L I P P I N E S
=====================

MFT GROUP: SEC Files Charges Over Illegal Investment Scheme
-----------------------------------------------------------
The Philippine Star reports that the Securities and Exchange
Commission (SEC) has filed a criminal complaint against the MFT
Group for unauthorized solicitation of investments.

In a statement, the SEC said it has brought Maria Francesca Tan
(MFT) Group of Companies Inc. and Foundry Ventures I Inc. before
the Department of Justice for criminal prosecution over their
illegal investment taking activities.

A criminal complaint was filed by the commission for the group’s
alleged violation of Sections 8, 26 and 28 of the Securities
Regulation Code (SRC), in relation to Section 6 the Cybercrime
Prevention Act of 2012.

The Star relates that the SEC also charged the MFT Group and
Foundry Venture with violation of Section 54.1 (c), in relation to
Section 54.2 of the SRC and Section 177 of the Revised Corporation
Code, and SRC Rule 68, in connection with material
misrepresentations in their audited financial statements (AFS).

The filing of the criminal case stemmed from complaints submitted
by several investors who participated in the investment scheme of
the MFT Group, which later transitioned to Foundry Ventures.

According to the commission, the MFT Group allegedly promised
guaranteed returns ranging from 12 percent to 18 percent of the
amount they invested, which was considered as interest income, the
Star relays.

The scheme was made through the issuance of post-dated checks
reflecting a one percent to 1.5 percent monthly interest to
interested investors, who were given either a promissory note or
borrower-lender agreement, as proof of their investment, the
commission, as cited by the Star, said.

"The instruments executed by MFT Group and Foundry Ventures are
clearly investment contracts considering that the scheme, the
transactions, as well as the attendant circumstances show that
elements provided under SRC Rule 26.3.5 are all present (which are
also the elements under the Howey Test)," the SEC complaint
stated.

The SEC on April 1 made permanent the cease and desist order it
issued against the MFT Group and Foundry Ventures in January, where
the officers and directors of the companies were directed to stop
their investment solicitation activities without the necessary
licenses from the commission, the Star recalls.

The SEC added that it found that the MFT Group and its officers and
directors are liable for 17 counts of misrepresentation in its 2018
to 2021 AFS by reflecting dividend income which has no basis.

In relation to the misrepresentations in the MFT Group’s
financial statements, also implicated in the SEC complaint was Isla
Lipana & Co., which served as the independent auditor of the MFT
Group and Foundry Ventures for the fiscal years 2018 to 2021,
according to the Star.

The Star relates that the SEC said it found that Isla Lipana
colluded with the MFT Group in their fraudulent activities by
making it appear that the financial statements of the company were
fairly presented despite inconsistencies and inaccuracies in the
AFS.

According to the SEC, Isla Lipana issued an unqualified opinion for
the years 2020 and 2021, indicating that the AFS of the MFT Group
are fairly presented in all material respects and in accordance
with the identified financial reporting framework.

“The investing public, including and especially MFT’s
investors, relied on these AFS in making investment decisions.
Stated otherwise, the information/entries in the AFS of the MFT
Group were essential in convincing investors to part with their
hard-earned money, and entrust the same to the MFT Group, because
they presented MFT Group as financially healthy and viable,” the
SEC complaint read.

MFT Group operates as a private equity firm with strategic
investments in robust industries including healthcare, financial
services, food and beverage, and real estate.




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

FLYING WOK: Creditors' Meetings Set for May 6
---------------------------------------------
Flying Wok Canberra Pte Ltd will hold a meeting for its creditors
on May 6, 2024, at 11:30 a.m. video conference via Zoom.

Agenda of the meeting includes:

   a. to lay a full statement of the Company’s affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to nominate Liquidator(s) or confirm the nomination of
      Liquidator(s) by member(s);

   c. to appoint a Committee of Inspection consisting
      of not more than 5 persons, whether creditors or not, for
      the purpose of winding up the Company; and

   d. Any other business.

Mr. Lau Chin Huat and Mr. Yeo Boon Keong of Technic Inter-Asia Pte
Ltd, were appointed as Joint and Several Provisional Liquidators of
the Company on April 17, 2024.


KALON RESOURCES: Commences Wind-Up Proceedings
----------------------------------------------
Members of Kalon Resources Pte Ltd, on April 17, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are Messrs Bernard Juay and Shirley Lim
of Complete Corporate Services.


NOBLE PLANTATIONS: Commences Wind-Up Proceedings
------------------------------------------------
Members of Noble Plantations Pte Ltd, on on April 17, 2024, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidators are Messrs Bernard Juay and Shirley Lim
of Complete Corporate Services.


PAUL Y: Court to Hear Wind-Up Petition on May 3
-----------------------------------------------
A petition to wind up the operations of Paul Y. Construction &
Engineering Pte. Limited will be heard before the High Court of
Singapore on May 3, 2024, at 10:00 a.m.

Soon Hock Sprinkler System Pte. Ltd. filed the petition against the
company on Feb. 15, 2024.

The Petitioner's solicitors are:

     Alan Shankar & Lim LLC
     151 Chin Swee Road
     #09-16, Manhattan House
     Singapore 169876


WLB ASSET: Creditors' Proofs of Debt Due on May 22
--------------------------------------------------
Creditors of WLB ASSET II Pte. Ltd. are required to file their
proofs of debt by May 22, 2024, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on April 17, 2024.

The company's liquidator is:

          Yiong Kok Kong
          Avic DKKY  
          180 Cecil Street, #12-04
          Singapore 069546




===========
T A I W A N
===========

WAN HAI: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive
---------------------------------------------------------------
Moody's Ratings has affirmed Wan Hai Lines Ltd.'s Ba1 corporate
family rating.

At the same time, Moody's has changed the outlook on the rating to
positive from stable.

"The positive outlook reflects Wan Hai's increased resilience
against industry cycles through an enhanced strong market position
in the intra-Asia liner market, larger operating scale, more
diversified operations, proactive operational management and very
good liquidity. Moody's expect the company will continue to build
this resilience over the next two years," says Chenyi Lu, a Moody's
Vice President and Senior Credit Officer.

"The rating action also reflects Moody's expectation that Wan Hai's
credit profile will remain solid with steady earnings, low leverage
and very good liquidity, which will provide a buffer against
intense competition, potential volatility in freight rates and
ongoing investment requirements," adds Lu.

RATINGS RATIONALE

Wan Hai's Ba1 CFR reflects the company's leading position in the
intra-Asia liner market; good track record of operating through
shipping industry cycles since 1976; good access to the domestic
banking and capital markets; proactive operational and financial
management; and very good liquidity.

Wan Hai's rating is constrained by the company's lack of business
diversification, which is partly tempered by its established and
wide customer base. The company's single-segment liner operations
expose it to cyclicality in performance.

Moody's expects Wan Hai's revenue to grow by about 7% to NTD108
billion ($3.51 billion) in 2024 and about 1% in 2025. The growth in
2024 will be driven by higher freight rates because a prolonged
drought affecting the Panama Canal and unrest in the Red Sea
affecting the Suez Canal are delaying global shipping deliveries
and pushing up freight rates.

The growth in 2025 will be driven largely by an increase in
shipping volumes as the global economic situation gradually
improves. The container shipping industry will add sizable extra
capacity with newbuild deliveries in 2024 and 2025, which will
exert pressure on freight rates in 2025. Therefore, Wan Hai's
revenue growth will be offset by lower average freight rates in
2025.

Moody's also expects Wan Hai's adjusted EBITDA margin to improve to
25%-26% over the next two years from 20.0% in 2023 on the back of
higher average freight rates, lower short-term chartering rates and
the company's implementation of expense controls and cost
improvement measures. Therefore, its adjusted EBITDA will increase
by 26% to NTD25 billion-NTD26 billion in 2024 and by 12% to NTD28
billion-NTD29 billion in 2025.

The agency projects that Wan Hai's net cash position will be around
NTD15 billion to NTD16 billion over the next two years as the
company will use cash to fund its capital spending, dividend
payments and investments and support its more diversified and
expanded operations despite intense industry competition. The net
cash position will provide a buffer against industry volatility and
high capital expenditure.

Wan Hai's liquidity position is very good. As of the end of 2023,
the company held NTD120 billion in cash and cash equivalents and
short-term marketable investments of NTD7.1 billion. This amount,
together with its Moody's estimated operating cash flow for the
company of NTD22 billion to NTD23 billion over the next 12 months,
provides a strong liquidity reserve for the repayment of NTD15.4
billion in short-term maturing debt and its Moody's-projected
capital spending of about NTD27.4 billion for the company over the
same period.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

The company's environmental risk exposure relates to carbon
transition and waste and pollution risks, and its social risk
exposure owes to demographic and societal trends and health and
safety. However, Wan Hai's credit quality benefits from its prudent
financial policy because of its very good liquidity position. The
company has a strong management record of maintaining its solid
financial performance through shipping industry cycles.

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

Moody's could upgrade Wan Hai's rating if the company upholds its
prudent investment and operating strategy, as well as maintains its
very good liquidity position and solid credit metrics, such that
its adjusted net debt/EBITDA stays below 0.5x on a sustained
basis.

A downgrade of Wan Hai's rating is unlikely over the next 12-18
months, given the positive outlook.

Moody's could change Wan Hai's outlook to stable if the company's
liquidity reserve reduces significantly; or its debt leverage
rises, such that its adjusted net debt/EBITDA exceeds 0.5x on a
sustained basis, as a result of declining revenue, deteriorating
profitability or debt-funded acquisitions.

The principal methodology used in this rating was Shipping
published in June 2021.

Wan Hai Lines Ltd., listed on the Taiwan Stock Exchange since May
1996, operated a fleet of 114 container vessels (106 wholly owned
and 8 chartered) as of the end of 2023, offering intra-Asia,
Asia-Middle East and trans-Pacific liner services.

With 30 dedicated service routes as of the end of 2023, Wan Hai is
the leading provider of intra-Asia container shipping services,
with an estimated 15% market share.



                           *********


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

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

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

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

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