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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, May 1, 2024, Vol. 27, No. 88

                           Headlines



A U S T R A L I A

BONZA AVIATION: Collapses Into Voluntary Administration
FIRSTMAC ASSET 1: Moody's Upgrades Rating on Class F Notes to Ba1
KALINDA IT: First Creditors' Meeting Set for May 3
LIBERTY PRIME 2022-1: Moody's Hikes Rating on Class F Notes to B1
MAINTAIN BUILDING: Second Creditors' Meeting Set for May 3

MB CHADSTONE: Second Creditors' Meeting Set for May 7
PLENTI PL-GREEN 2022-1: Moody's Hikes Rating on F Notes From Ba1
QUALRENT PTY: First Creditors' Meeting Set for May 9
ROARING RESPITE: First Creditors' Meeting Set for May 6
TAURUS TRUST 2024-1PP: Moody's Assigns (P)B2 Rating to Cl. F Notes



C H I N A

CENTRAL CHINA REAL: Auditor Issues Disclaimer of Opinion
CHINA VANKE: Moody's Cuts CFR to Ba3 & Alters Outlook to Negative
FANTASIA HOLDINGS: Proposes New Restructuring Terms on $4MM Bonds
TIMES CHINA: Reduces Workforce by a Third by End of 2023


I N D I A

AGRIMONY TRADEX: CARE Keeps D Debt Ratings in Not Cooperating
AJNARA REALTECH: Insolvency Resolution Process Case Summary
ALLIANCE EMBROIDERY: Insolvency Resolution Process Case Summary
AMBRO ASIA: Insolvency Resolution Process Case Summary
ANUPAM PORT: Insolvency Resolution Process Case Summary

ASIAN ALLOYS: Insolvency Resolution Process Case Summary
BEAM COX: CARE Keeps D Debt Ratings in Not Cooperating Category
BEE K BEE PRINTS: Insolvency Resolution Process Case Summary
BRAHMMAS AGRO: CARE Keeps C Debt Rating in Not Cooperating
CUPID ESTATECON: Insolvency Resolution Process Case Summary

DAMAIRA PHARMA: CRISIL Reaffirms B+ Rating on INR11cr Term Loan
EMPIRE HOME: CRISIL Lowers Rating on INR38.3cr Cash Loan to B+
FLEXIBLE ABRASIVES: CRISIL Withdraws B+ Rating on LT Loan
GFM RETAIL: Insolvency Resolution Process Case Summary
GO FIRST: Busy Bee to Assess Position After Reviewing Court Order

GO FIRST: Delhi High Court Deregisters 54 Aircraft
GONDIA EDUCATION: CARE Keeps C Debt Rating in Not Cooperating
GOPISH PHARMA: CARE Keeps D Debt Ratings in Not Cooperating
JTPL PRIVATE: Insolvency Resolution Process Case Summary
KOSHIKA BIOSCIENCE: Insolvency Resolution Process Case Summary

KOUSIC AND CO: CRISIL Withdraws B+ Rating on INR0.6cr LT Loan
M. E. ENERGY: CRISIL Moves B Debt Rating in Watch Developing
M.P MINING: CARE Keeps D Debt Rating in Not Cooperating Category
MADHAV GINNING: Insolvency Resolution Process Case Summary
MAHENDRA COMMERCIAL: Insolvency Resolution Process Case Summary

MANGALNAYAK SHOPPERS: Insolvency Resolution Process Case Summary
PANORAMIC GATEWAY: CARE Keeps D Debt Rating in Not Cooperating
PARANJAPE SCHEMES: CRISIL Withdraws D Rating on INR175cr NCD
QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating
RAJESH PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating

RAJMINAKSHI HOLDINGS: Insolvency Resolution Process Case Summary
RATTANINDIA POWER: REC Files Insolvency Petition Against Company
RAVI ELECTRONICS: Insolvency Resolution Process Case Summary
REAL VALUE: CARE Keeps D Debt Ratings in Not Cooperating Category
ROSMERTA TECHNOLOGIES: CRISIL Withdraws B Rating on INR10cr Loan

RR METALMAKERS: CRISIL Withdraws B Rating on INR6.5cr Cash Loan
SAMVID STEELS: Insolvency Resolution Process Case Summary
SHIVAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
SIMAR INFRASTRUCTURES: CRISIL Withdraws B Rating on INR15cr Loan
SJJ REALTY: CRISIL Withdraws B+ Rating on INR5cr Bank Limits

SOLAPUR SOLAR: CARE Keeps D Debt Rating in Not Cooperating
STAR LAMIPACKS: Insolvency Resolution Process Case Summary
THIRUMALA CABS: CRISIL Withdraws D Rating on INR10cr Loan
UMANG REALTECH: CARE Keeps D Debt Rating in Not Cooperating
VHV BEVERAGES: CARE Keeps D Debt Rating in Not Cooperating



M O N G O L I A

GOLOMT BANK: Moody's Rates New USD Senior Unsecured Notes 'B3'


N E W   Z E A L A N D

BEHRE DECORATORS: Court to Hear Wind-Up Petition on May 7
INNOVATIVE HARVESTING: Court to Hear Wind-Up Petition on May 7
KONGSTRUCT BRICK: Creditors' Proofs of Debt Due on May 17
MT EVEREST: Court to Hear Wind-Up Petition on May 31
WAYNE TIMMS: Creditors' Proofs of Debt Due on May 28



P A K I S T A N

PAKISTAN: IMF Approves US$1.1 Billion Funding


S I N G A P O R E

BELFIN INVESTMENTS: Creditors' Proofs of Debt Due on May 27
TAIPAN TRUSTEE: Creditors' Proofs of Debt Due on May 27
TRANSKY PTE: Court to Hear Wind-Up Petition on May 10
VESTAR IRON: Court to Hear Wind-Up Petition on May 10

                           - - - - -


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A U S T R A L I A
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BONZA AVIATION: Collapses Into Voluntary Administration
-------------------------------------------------------
Brett Lackey for Daily Mail Australia reports that budget airline
Bonza Aviation has collapsed into voluntary administration - as its
planes are repossessed and flights are cancelled.

Daily Mail Australia relates that travellers were left stranded in
airports across Australia on Tuesday morning [April 30] as the
airline paused all its flights to hold urgent talks on the
airline's viability.

Accountants and business advisors Hall Chadwick are understood to
have since been appointed as administrators, the report discloses.


According to the report, Bonza CEO Tim Jordan said in a statement
earlier on April 30 that he apologised to affected customers and
insisted that the suspension of its services was temporary.

The carrier launched in 2023 with the backing of American private
investment firm 777 Partners.

An internal memo leaked on April 30 reveals the reason for the
sudden grounding of the airline's flights, Daily Mail Australia
relays.

'We have been informed this morning that effective 0300 today that
all our aircraft have had repossession proceedings commenced by AlP
the aircraft lessor,' the note said.

'This was a surprise to both ourselves and 777 Partners.

'We are currently assessing all options . . . as a consequence of
this all first wave flights from all bases have been cancelled.'

Flights suspended on April 30 included those to or from Melbourne,
the Sunshine Coast, the Gold Coast, Launceston, Alice Springs and
others.

Daily Mail Australia adds that Federal Transport Minister Catherine
King said a hotline for stranded passengers was available on 1800
069 244.

'My department has reached out to Bonza and our expectation is that
they keep passengers informed of their options and their consumer
rights,' the report quotes Ms King as saying.

Virgin Australia, Qantas and Jetstar have offered to fly Bonza
passengers free of charge to airports closest to their destination,
the report adds.

Richard Albarran, Kathleen Vouris, Brent Kijurina and Cameron Shaw
of Hall Chadwick were appointed Administrators of the Company on
April 30, 2024.

Sunshine Coast-based Bonza was unveiled in October 2021 and its
first flight took off in January 2023.  It operates Boeing
737-Max-8 planes and is backed by 777 Partners, an investment group
based in Miami, Florida.  It originally flew 27 routes to 17
destinations but started cutting services during its first six
months.


FIRSTMAC ASSET 1: Moody's Upgrades Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on five classes of notes
issued by Firstmac Asset Funding Trust No. 1 Series Auto No. 1.

Issuer: Firstmac Asset Funding Trust No. 1 Series Auto No. 1

Class B Notes, Upgraded to Aaa (sf); previously on Sep 26, 2023
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa2 (sf); previously on Sep 26, 2023
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Sep 26, 2023
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Sep 26, 2023
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Sep 26, 2023
Upgraded to Ba3 (sf)

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

RATINGS RATIONALE

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

No action was taken on the remaining rated class in the deal as
credit enhancement remains commensurate with the current rating for
that class of notes.

Following the March 2024 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 16.9%, 12.2%, 10.1%, 7.2% and 5.3%,
respectively, from 15.4%, 11.1%, 9.2%, 6.6% and 3.8% at the time of
the last rating action for these notes in September 2023. Principal
collections have been distributed on a pro-rata basis among all the
rated notes. Current total outstanding notes as a percentage of the
total closing balance is 50%.

As of end-February 2024, 0.9% of the outstanding pool was 30-plus
days delinquent, and 0.2% was 90-plus days delinquent. The deal has
incurred 0.3% of gross losses to date. The seller has repurchased
all loans greater than 120-plus days in arrears since closing.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption of 3% of the
outstanding portfolio balance (equivalent to 1.7% of the original
portfolio balance). Moody's has also maintained the Aaa portfolio
credit enhancement of 13.5%. Moody's has considered sensitivity
scenarios with higher expected default rates, higher prepayment
rates and a different default timing.

The transaction is a static cash securitisation of consumer auto
loans receivables extended to prime borrowers in Australia by
Firstmac Limited.

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

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

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

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


KALINDA IT: First Creditors' Meeting Set for May 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Kalinda IT
Pty Ltd will be held on May 3, 2024 at 11:00 a.m. at the offices of
GS Andrews Advisory at 22 Drummond Street in Carlton and via Zoom
and Telephone facilities.

Andrew Juzva of G S Andrews Advisory was appointed as administrator
of the company on April 22, 2024.


LIBERTY PRIME 2022-1: Moody's Hikes Rating on Class F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded ratings on five classes of notes
issued by three Liberty PRIME Series RMBS.

The affected ratings are as follows:

Issuer: Liberty PRIME Series 2021-1

Class D Notes, Upgraded to Aa3 (sf); previously on Mar 17, 2023
Upgraded to A1 (sf)

Issuer: Liberty PRIME Series 2021-2

Class D Notes, Upgraded to Aa3 (sf); previously on Mar 17, 2023
Upgraded to A1 (sf)

Issuer: Liberty PRIME Series 2022-1

Class C Notes, Upgraded to Aa1 (sf); previously on Jul 28, 2023
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Jul 28, 2023
Upgraded to A2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Mar 3, 2022
Definitive Rating Assigned B2 (sf)

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

RATINGS RATIONALE

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

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

Liberty PRIME Series 2021-1

Following the March 2024 payment date, note subordination available
for the Class D Notes has increased to 3.4% from 3.1% at the time
of the last rating action for these notes in March 2023.

Principal collections have been distributed on a pro-rata basis
among the notes since May 2023. Current total outstanding notes as
a percentage of the total closing balance is 29.3%.

As of March 2024, 2.9% of the outstanding pool was 30-plus day
delinquent and 1.6% was 90-plus day delinquent. The pool has
incurred 0.02% (as a percentage of the original pool) of losses to
date, which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected loss assumption to 1.1% of the
outstanding pool balance (equivalent to 0.3% of the original pool
balance) from 1% at the time of the last rating action in July
2023. Moody's has also increased its MILAN CE assumption to 4.2%
from 3.9%.

Liberty PRIME Series 2021-2

Following the March 2024 payment date, note subordination available
for the Class D Notes has increased to 3.3% from 2.7% at the time
of the last rating action for these notes in March 2023. Principal
collections have been distributed on a pro-rata basis among the
notes since August 2023. Current total outstanding notes as a
percentage of the total closing balance is 35.9%.

As of March 2024, 2.7% of the outstanding pool was 30-plus day
delinquent and 1.2% was 90-plus day delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected loss assumption at 1% of the
outstanding pool balance (equivalent to 0.4% of the original pool
balance) as of the last rating action in March 2023. Moody's has
also lowered its MILAN CE assumption to 4.1% from 5.5% in March
2023.

Liberty PRIME Series 2022-1

Following the March 2024 payment date, note subordination available
for the Class C and Class D Notes has increased to 5.3% and 3.5%,
respectively, from 3.8% and 2.5% at the time of the last rating
action for these notes in July 2023. Note subordination available
for the Class F Notes has increased to 0.2% from 0.1% at closing.
Principal collections have been distributed on a pro-rata basis
among the notes since March 2024. Current total outstanding notes
as a percentage of the total closing balance is 41.7%.

As of March 2024, 1.6% of the outstanding pool was 30-plus day
delinquent and 0.3% was 90-plus day delinquent. The deal has not
incurred any losses to date.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected loss assumption at 0.8% of the
outstanding pool balance (equivalent to 0.4% of the original pool
balance) as of the time of the last rating action in July 2023.
Moody's has lowered its MILAN CE assumption to 4% from 4.2% in July
2023.

The transactions are Australian RMBS secured by a portfolio of
residential mortgage loans, originated and serviced by Liberty
Financial Pty Ltd, an Australian non-bank lender. All loans in the
portfolios were extended on a verified income documentation basis,
with no exposure to prior credit impairment.

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

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

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


MAINTAIN BUILDING: Second Creditors' Meeting Set for May 3
----------------------------------------------------------
A second meeting of creditors in the proceedings of Maintain
Building & Civil Pty Ltd has been set for May 3, 2024 at 11:00 a.m.
via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 2, 2024 at 5:00 p.m.

Liam William Paul Bellamy and Trajan John Kukulovski of RRI
Advisory were appointed as administrators of the company on March
21, 2024.


MB CHADSTONE: Second Creditors' Meeting Set for May 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of MB Chadstone
Pty Ltd has been set for May 7, 2024 at 10:00 a.m. at the offices
of Rodgers Reidy at Level 11, 385 Bourke Street in Melbourne and
via online video conferencing.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 6, 2024 at 4:00 p.m.

Brent Leigh Morgan and Neil Mclean of Rodgers Reidy were appointed
as administrators of the company on March 21, 2024.


PLENTI PL-GREEN 2022-1: Moody's Hikes Rating on F Notes From Ba1
----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on four classes of notes
issued by Plenti PL-Green ABS 2022-1 Trust.

The affected ratings are as follows:

Issuer: Plenti PL-Green ABS 2022-1 Trust

Class C Notes, Upgraded to Aa1 (sf); previously on Sep 1, 2023
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Sep 1, 2023
Upgraded to A1 (sf)

Class E Notes, Upgraded to A2 (sf); previously on Sep 1, 2023
Upgraded to Baa1 (sf)

Class F Notes, Upgraded to Baa2 (sf); previously on Sep 1, 2023
Upgraded to Ba1 (sf)

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

RATINGS RATIONALE

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

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

Following the April 2024 payment date, the credit enhancement
available for the Class C, Class D, Class E and Class F Notes has
increased to 20.8%, 17.3%, 13.2% and 8.3%, respectively, from
18.6%, 15.0%, 10.7% and 5.7% at the time of the last rating action
for these notes in September 2023. Principal collections have been
distributed on a pro-rata basis among all the notes. Current total
outstanding notes as a percentage of the total closing balance is
30%.

As of March 2024, 3.6% of the outstanding pool was 30-plus day
delinquent, and 1.6% was 90-plus day delinquent. To date, the deal
has incurred 2.2% and 2.0% of gross and net losses, respectively,
which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption to 5.0% of
the current pool balance (equivalent to 3.7% of the original pool
balance). Moody's has maintained the Aaa portfolio credit
enhancement of 25.5%. Moody's has also considered sensitivity
scenarios with higher expected default assumption and a different
default timing.

The transaction is a cash securitisation of personal loans,
renewable energy loans and renewable energy buy-now-pay-later
(BNPL) receivables originated by Plenti Finance Pty Limited.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

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

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


QUALRENT PTY: First Creditors' Meeting Set for May 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Qualrent Pty
Ltd will be held on May 9, 2024 at 11:00 a.m. at the offices of
Mcleods Accounting at Level 9, 300 Adelaide Street in Brisbane.

Jonathan McLeod of Mcleods Accounting was appointed as
administrators of the company on April 26, 2024.


ROARING RESPITE: First Creditors' Meeting Set for May 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Roaring
Respite Pty Ltd will be held on May 6, 2024 at 10:00 a.m. via a
Teams videoconferencing facility.

Richard Lawrence of Mackay Goodwin was appointed as administrator
of the company on April 23, 2024.


TAURUS TRUST 2024-1PP: Moody's Assigns (P)B2 Rating to Cl. F Notes
------------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
notes to be issued by BNY Trust Company of Australia Limited in its
capacity as the trustee of the Taurus 2024-1PP Trust.

Issuer: BNY Trust Company of Australia Limited in its capacity as
the trustee of the Taurus 2024-1PP Trust

AUD150.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD2.26 million Class A1-X Notes, Assigned (P)Aaa (sf)

AUD56.75 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD23.25 million Class B Notes, Assigned (P)Aa2 (sf)

AUD5.00 million Class C Notes, Assigned (P)A2 (sf)

AUD5.25 million Class D Notes, Assigned (P)Baa2 (sf)

AUD6.75 million Class E Notes, Assigned (P)Ba2 (sf)

AUD1.00 million Class F Notes, Assigned (P)B2 (sf)

The AUD2.0 million Class G Notes are not rated by Moody's.

Taurus 2024-1PP Trust transaction is a static cash securitisation
of consumer and commercial auto loan receivables extended to prime
borrowers in Australia. Taurus Finance Holdings Pty Limited
(Taurus, unrated) originated and services the receivables. Taurus
is a finance company that originates retail auto loans and provides
floorplan finance to automotive dealers. Taurus was founded in 2016
and started originating retail auto loans in October 2019. As of
February 29, 2024, Taurus had a loan portfolio of AUD690.1 million
of retail auto loans.

RATINGS RATIONALE

The ratings take into account, among other factors, evaluation of
the underlying receivables and their expected performance,
evaluation of the capital structure and credit enhancement provided
to the notes, availability of excess spread over the life of the
transaction, the liquidity facility in the amount of 1.50% of the
rated notes balance subject to a floor of AUD252,260, the legal
structure, and the experience of Taurus as servicer.

According to Moody's, the transaction benefits from the prime
nature of the obligors and the strong historical performance of
Taurus's loan portfolio with delinquencies and losses since October
2019 lower than for comparable auto loan originators. However, the
limited nature of historical performance data, presents a challenge
as the future performance of auto loans could be subject to greater
variability than the current data indicates.

KEY PORTFOLIO AND STRUCTURAL FEATURES

Key structural features include:

-- Once step-down conditions are satisfied, all notes, excluding
the Class G Notes, will receive their pro-rata share of principal.
The step-down conditions include, among others, a minimum of 30%
subordination to the Class A2 Notes and no unreimbursed
charge-offs.

-- A swap provided by National Australia Bank Limited
(Aa2/P-1/Aa1(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The notional balance of the swap will follow a
schedule based on amortisation of the rated notes assuming no
prepayments.

-- BNY Trust Company of Australia Limited (BNY), a wholly owned
subsidiary of The Bank of New York Mellon (Aa1/P-1) acts as the
back-up servicer. If Taurus is terminated or retires as servicer,
BNY will take over the servicing role in accordance with the
standby servicing deed and its back-up servicing plan.

KEY MODEL AND PORTFOLIO ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 2.80%, a
recovery rate of 30.0%, and a Aaa portfolio credit enhancement
("PCE") of 16.50%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to observed
levels of default, with only 98 loans written off between October
2019 and February 2024. To address the limited performance history,
Moody's have benchmarked Taurus's portfolio performance, portfolio
characteristics, underwriting and credit policies to comparable
originators. Moody's have also overlaid additional stresses into
Moody's loss assumptions to account for the limited origination and
operational history.

The PCE of 16.50% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.

Key pool features are as follows:

-- The pool consists of 88.9% consumer loans and 11.1% of
commercial loans.

-- Interest rates in the portfolio range from 4.6% to 16.3%, with
a weighted average interest rate of 10.4%.

-- The weighted average seasoning of the portfolio is 7.6 months,
while the weighted average remaining term of the portfolio is 60.3
months.

Methodology Underlying the Rating Action

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

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

Up

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

Down

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




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C H I N A
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CENTRAL CHINA REAL: Auditor Issues Disclaimer of Opinion
--------------------------------------------------------
Nikkei Asia reports that Central China Real Estate saw its auditor
Shinewing (HK) CPA issue a disclaimer of opinion due to substantial
losses, defaulting on its debts, and cross-defaults on other
obligations.

In terms of its personnel, the Henan-based company added about 500
people, or about 23%, to its payroll by the end of last year, the
Nikkei says. However, the company had cut almost 800 positions the
previous year, paying around CNY65 million in termination benefits
in 2022.

The Nikkei relates that although Central China Real Estate's
workforce rebounded in 2023, its overall staff costs came to
CNY434.17 million, almost 30% down from the year before, excluding
the one-time termination benefits. The numbers suggest that the
jobs may be partially back, but not paying as well as they once
did.

                  About Central China Real Estate

Central China Real Estate Limited is a Hong Kong-based investment
holding company principally engaged in property businesses. The
Company's main businesses include the development of properties
projects for sales and rental, as well as hotel operation. Its
properties include Zhengzhou Tianzhu, Zhengzhou Triumph Plaza,
Pingdingshan Eighteen Cities and Jiaozuo Xiuwu Forest Peninsula,
among others. Its hotels include Le Meridien Zhengzhou, Aloft
Zhengzhou Shangjie and Holiday Inn Nanyang, among others. The
Company is also involved in the businesses of cultural tourism
projects and light-asset model projects. The Company mainly
operates businesses in Henan, China.

As reported in the Troubled Company Reporter-Asia Pacific in June
2023, Moody's Investors Service has downgraded Central China Real
Estate Limited's (CCRE) corporate family rating to Ca from Caa2,
and the company's senior unsecured rating to C from Caa3.


The rating outlook remains negative.

"The downgrade and negative outlook reflects Moody's expectation of
weak recovery prospects for CCRE, following the company's interest
payment default on its USD bond," says Daniel Zhou, a Moody's
Analyst.


CHINA VANKE: Moody's Cuts CFR to Ba3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings has downgraded the following ratings of China Vanke
Co., Ltd. and its wholly-owned subsidiary, Vanke Real Estate (Hong
Kong) Company Limited.

1. China Vanke's corporate family rating to Ba3 from Ba1;

2. Backed senior unsecured rating on the medium-term note (MTN)
program of Vanke Real Estate to (P)B1 from (P)Ba2; and

3. Backed senior unsecured rating on the bonds issued by Vanke Real
Estate to B1 from Ba2.

The MTN program and senior unsecured bonds are supported by a deed
of equity interest purchase undertaking and a keepwell deed between
China Vanke, Vanke Real Estate and the bond trustee.

The entities' outlooks have been revised to negative. Previously,
their ratings were on review for downgrade.

"The rating downgrades and negative outlooks reflect Moody's
expectation that China Vanke's credit metrics and liquidity buffer
will further decline over the next 6-12 months and weakly position
it at the Ba level. This weakening reflects the company's
continuing decline in contracted sales, constrained access to
unsecured financing and sizable refinancing needs," says Kaven
Tsang, a Moody's Senior Vice President.

"Moody's expect China Vanke will increasingly rely on secured
borrowings at the project level, and while this provides it with
the necessary liquidity to refinance its unsecured debt, it will
also reduce its financial flexibility," adds Tsang.

RATINGS RATIONALE

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

China Vanke's contracted sales could further decline due to
weakened homebuyer confidence given negative news surrounding the
company, and due to a slowdown in its operations as it deleverages
and preserves liquidity.

Moody's forecasts China Vanke's contracted sales will fall around
25% in 2024 from RMB376 billion in 2023, which will undermine its
revenue and operating cash flow over the next 6-12 months. Moody's
also expects the company will have to offer discounts on certain
projects to strengthen its sales amid the current downcycle, which
will weaken its profit margin.

As a result, Moody's projects China Vanke's EBIT/interest to drop
towards 2.5x over the next 12-18 months from 4.3x in 2023, and its
adjusted debt/EBITDA to rise towards 7.0x from 4.6x over the same
period. These projected credit metrics weakly position the
company's ratings at the Ba level.

The company's debt reduction plan could partially temper the
weakening in key credit metrics, but the scale is unlikely to be
material in the absence of asset disposals, which would entail high
execution uncertainties amid the current property market
downcycle.

Additionally, China Vanke's liquidity buffer will continue to
reduce because of its diminishing operating cash flow, constrained
access to long-term unsecured funding and sizable refinancing needs
over the same period, including a total of around $804 million
(around RMB5.8 billion) of offshore bonds and RMB7.3 billion of
onshore bonds due or becoming puttable in 2024.

China Vanke will likely maintain its access to secured bank loans,
supported by its linkage with Shenzhen Metro Group Co., Ltd., which
could temper the impact of any near-term funding volatility.
However, the company's increasing reliance on secured financing
will reduce its financial flexibility.

Moody's has also downgraded Vanke Real Estate's senior unsecured
ratings.

The senior unsecured ratings on Vanke Real Estate's notes and MTN
program incorporate the company's standalone credit strength and a
three-notch uplift for parental support to reflect Moody's
expectation that China Vanke will provide financial support to
Vanke Real Estate when needed.

In terms of environmental, social and governance (ESG) factors,
China Vanke's CFR considers the company's weakened ability to
maintain stable access to funding and a strong liquidity buffer
amid difficult market conditions; and lower risks associated with
concentrated ownership, given that no shareholder holds a stake of
more than 30% in the company.

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

China Vanke's ratings are unlikely to be upgraded given the
negative outlook.

However, Moody's could stabilize the outlook if China Vanke
improves its contracted sales and financial metrics, restores its
access to unsecured funding, and maintains an adequate and stable
liquidity buffer.

Credit metrics that could indicate a stable rating outlook include
EBIT/interest coverage above 3.0x and debt/EBITDA below 6.5x on a
sustained basis.

Moody's could downgrade the ratings if China Vanke's contracted
sales, credit metrics or liquidity buffer further deteriorate. The
ratings will also come under pressure if the company's access to
funding is unlikely to recover or if it significantly increases the
use of secured financing, thereby straining its financial
flexibility and liquidity.

Credit metrics indicating a downgrade include EBIT/interest
coverage falling below 2.5x or adjusted debt/EBITDA above 7.0x,
both on a sustained basis. Any sign of a deterioration in
liquidity, as reflected in a material increase in restricted cash
or a decline in unrestricted cash/short-term debt to below 1.25x,
could also trigger a downgrade.

The senior unsecured ratings of Vanke Real Estate could be
downgraded if China Vanke's willingness or ability to extend
support weaken, or the subordination risks to China Vanke's senior
unsecured creditors increase.

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

China Vanke Co., Ltd. was founded in 1984 and started its real
estate operations in 1988. It is one of China's largest property
developers in terms of contracted sales. The company listed on the
Shenzhen Stock Exchange in 1991 and on the Hong Kong Stock Exchange
(HKSE) in 2014. Shenzhen Metro, which is wholly owned by the
State-owned Assets Supervision and Administration Commission of the
Shenzhen government, was China Vanke's largest shareholder with a
27.18% stake in the company as of the end of 2023.


FANTASIA HOLDINGS: Proposes New Restructuring Terms on $4MM Bonds
-----------------------------------------------------------------
Reuters reports that Fantasia said on April 29 it has entered into
a new agreement with its ad hoc group of bondholders to restructure
its $4 billion dollar bonds with new notes and equities.

Reuters relates that the latest restructuring terms offered by the
Shenzhen-based developer, which defaulted its offshore bonds in
late 2021, were seen revised down from its first proposal published
in early 2023, according to the term sheets published on Monday
evening [April 29].

Cheering the restructuring agreement, shares of Fantasia jumped
more than 11% on April 30, outperforming the 0.4% fall in the Hang
Seng Mainland Properties Index,

According to Reuters, many Chinese property developers have
defaulted since the sector slipped into a debt crisis in mid-2021
and a growing list of companies have reached restructuring
agreement with their creditors.

Developers and creditors have said they expected the revamp terms
to be tightened due to a worsening outlook for the county's real
estate sector.

Fantasia said in a filing on April 29 it plans to swap $1.3 billion
of the debt into 45.2% of enlarged shares in the company, and issue
eight tranches of new notes maturing between 2026 to 2031, with
cash interest ranging from 4.5% to 6.5%, Reuters relays.

Controlling shareholder Baby Zeng will inject $6 million as a
shareholder loan into the company, with an interest of 5-8% per
annum, and the "new money" will fund the fees and expenses of the
proposed restructuring.

The terms compare to the first proposal in which the new notes had
a maturity between 2024 an 2029 and interests ranging from 5% to
8%, and Zeng and Guangdong government backed investor Gortune
Alternative Fund Management were going to inject $15 million and
$100 million, respectively.

Reuters adds Fantasia said it has gained support from the ad hoc
group which held 32% of the outstanding notes, and creditors will
receive a 0.1% consent fee if they support the proposal by May 21.

                      About Fantasia Holdings

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.


TIMES CHINA: Reduces Workforce by a Third by End of 2023
--------------------------------------------------------
Nikkei Asia reports that Times China Holdings, which was hit with a
liquidation filing from Hang Seng Bank in the Hong Kong court
earlier in April, shaved off about a third of its workforce by the
end of last year, to 1,757 from 2,656.

The Nikkei says the Guangzhou-based developer is also heavily
indebted and has defaulted on its senior notes and loans.

EY, which audited Times China, withheld its opinion on the latest
financial statement, the report notes.

Times China Holdings Limited operates as a real estate development
company. The Company develops and markets residential areas, office
buildings, hotels, restaurants, and other related areas. Times
China Holdings markets its buildings throughout China.

As reported in the Troubled Company Reporter-Asia Pacific in early
January 2023, Moody's Investors Service has downgraded Times China
Holdings Limited's corporate family rating to Ca from Caa1 and the
company's senior unsecured rating to C from Caa2.  The outlook
remains negative.




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

AGRIMONY TRADEX: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Agrimony
Tradex Vyaappar Private Limited (ATVPL) continue to remain in the
'Issuer Not Cooperating' category.

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

   Short Term Bank     15.00       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 February 3,
2023, placed the rating(s) of ATVPL under the 'issuer
non-cooperating' category as ATVPL 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. ATVPL 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).

Agrimony Tradex Vyaappar Private Limited (ATVPL) was incorporated
in 2017 and is promoted by Mr. Sunil Kumar Choudhary, who is the
managing director and the Chief Executive Officer of the company;
he looks after the overall business operations of the company and
has two decades of experience. He is ably supported by Mr. Bivor
Bagaria, who is the director and Chief Financial Officer of the
company and has an overall experience of over a decade and takes
care of finance. ATVPL is part of Narayani group; the group
comprises of five companies namely Narayani Steels Limited (NSL),
Narayani Ispat Limited (NIL), Hari Equipment Private Limited
(HEPL), Kedarnath Commotrade Private Limited (KCPL) and Agrimony
Tradex Vyaappar Private Limited (ATVPL). Narayani group is engaged
in trading of blooms, billets, TMT bars, pellets, wire coils and
manufacturing of TMT bars and other long products such as rounds,
flats, angles, channels, etc. Further, the group has a wide network
for the sales and distribution of the products across Andhra
Pradesh, Telangana and other states in India.


AJNARA REALTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ajnara Realtech Limited

        Registered Address:
        Office No. 208, Second Floor
        Plot 20, Parmesh Business Towers
        Karkardooma Community Centre
        Delhi 110092

        Corporate Office:
        Office No. 814B, 8th Floor
        Iconic Tower, Corenthum Plot No. A-41
        Noida Sector - 62
        Gautam Buddha Nagar
        Noida, Uttar Pradesh 201309

Insolvency Commencement Date: April 15, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 12, 2024

Insolvency professional: Amarpal

Interim Resolution
Professional: Amarpal
              A-304, Plot No. 3C
              Mandakini Apartments, Sector 2
              Dwarka, New Delhi 110075
              Email: amarpal@icai.org

                -- and --

              Office No. 814B, 8th Floor
              Iconic Tower, Corenthum Plot No. A-41
              Noida Sector - 62
              Gautam Buddha Nagar
              Noida, Uttar Pradesh 201309
              Email: cirp.anjnararealtech@gmail.com            

Last date for
submission of claims: April 29, 2024


ALLIANCE EMBROIDERY: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Alliance Embroidery Machine Private Limited
        Registered Address:
        B-501, Safal Pegasus
        100ft Ring Road, Prahalad Nagar
        Ahmedabad, Gujarat 380015
        Email: cirp.aempl@gmail.com

Insolvency Commencement Date: April 10, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 7, 2024

Insolvency professional: Mahendra Prasad Jindal

Interim Resolution
Professional: Mahendra Prasad Jindal
              2nd Floor, Megh Malhar Apartment
              Plot-94, Nr. Sosiyo Circle
              U.M. Road, Surat, Gujarat
              India 395210

Last date for
submission of claims: April 24, 2024


AMBRO ASIA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ambro Asia Private Limited
        Registered Address:
        16/17 S/F LSC Road,
        Infront 14 to 23 LSC Madangir,
        Opposite ESPN Sports
        New Delhi - 110062

Insolvency Commencement Date: April 18, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 15, 2024

Insolvency professional: Piyush Moona

Interim Resolution
Professional: Piyush Moona
              Flat no. 16072 ATS Advantage
              Ahinsa Khand 1, Indirapuram
              Ghaziabad 201014
              E-mail: piyushmoona@gmail.com

               -- and --

              Ground Floor, 175, Vaishali Sector-6
              Ghaziabad (U.P.) 201 010
              E-mail: cirpofambroasia@gmail.com

Last date for
submission of claims: May 2, 2024


ANUPAM PORT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Anupam Port Cranes Corporation Limited
        Registered Address:
        Plot No. 138
        GIDC Industrial Estate
        Vithal Udhyognagar
        Anand, Gujarat 388121

Insolvency Commencement Date: April 9, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 6, 2024

Insolvency professional: Nandish Sunilbhai Vin

Interim Resolution
Professional: Nandish Sunilbhai Vin
              C/53, Shanti Niketan Row House
              Opp. Sagar Complex
              Anand Mahal Road
              Surat 395009
              Email: ip.nandish.vin@gmail.com

               -- and --

              301, Sovereign Shopper
              Beside Sindhu Seva Samiti School
              Near Sneh Sankul Wadi
              Anand Mahal Road
              Surat 395009
              Email: cirp.anupam@gmail

Last date for
submission of claims: April 30, 2024


ASIAN ALLOYS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Asian Alloys Limited

        Registered Address:
        GT Road, Khanna
        Ludhiana, Punjab - 141401

        Factory Address:
        Village Siri Sikanderpur
        Gurgaon 122004, Haryana

        Factory Address:
        GT Road, NH-1, Sardar Nagar Village
        Ambey Majra, Mandi
        Gobindgarh, Tehsil Amloh
        Dist. Fatehgarh
        Sahib, Punjab - 140407

Insolvency Commencement Date: April 16, 2024

Court: National Company Law Tribunal, Chandigarh, Court I

Estimated date of closure of
insolvency resolution process: October 13, 2024

Insolvency professional: Shamsher Bahadur Singh

Interim Resolution
Professional: Shamsher Bahadur Singh
              48, Sidhartha Apartment
              Behind Inder Enclave Rohtak Road
              Opposite Jwala Puri No. 5
              New Delhi-110087
              Email: shamsher_cs@yahoo.co.in

               -- and --

              D-54, First Floor, Defence Colony,
              New Delhi-110024
              Email: cirp.asianalloys24@gmail.com

Last date for
submission of claims: April 3, 2024


BEAM COX: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Beam Cox
Constructions Private Limited (BCCPL) 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      0.50       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 2,
2023, placed the rating(s) of BCCPL under the 'issuer
non-cooperating' category as BCCPL 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. BCCPL 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).

BCCPL was incorporated in the year 1994 by Mr Y Ravinder Reddy and
other three directors. The company is registered as Class I
contractor with Andhra Pradesh government and is into execution of
civil works and construction contracts for government entities.
Major works of the company include construction of school
buildings, school and college hostel buildings, laying of cement
roads, laying of water pipelines, etc.


BEE K BEE PRINTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bee K Bee Prints Private Limited

        Registered Address:
        C-2 East Of Kailash
        New Delhi-110065

        Principal Office:
        Khesra No 55, Kila No 22/2
        Near Mohla Chaprola Road
        Village Mohla Tehsil  Ballabgarh
        Sikri, Industrial Area
        Faridabad, Haryana - 121004

Insolvency Commencement Date: April 15, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 12, 2024

Insolvency professional: Akhil Ahuja

Interim Resolution
Professional: Akhil Ahuja
              B-29, LGF, LAJPAT NAGAR III,
              NEW DELHI- 110024
              Email: caakhilahuja@gmail.com
              Email: cirp.bkb@gmail.com

Last date for
submission of claims: May 2, 2024


BRAHMMAS AGRO: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Brahmmas
Agro Industries Private Limited (BAIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 14,
2023, placed the rating(s) of BAIPL under the 'issuer
non-cooperating' category as BAIPL 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. BAIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 31, 2023, January 10,
2024, January 20, 2024.

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).

Brahmmas Agro Industries Pvt. Ltd (BAIPL), incorporated in August
2008, was promoted by Mr. B. Srinivasa Rao and Mr. T. Mastan Reddy.
Mr. Mastan Reddy has around four decades of experience in
extraction and refining of cotton seed oil while, Mr. B. Srinivasa
Rao has an overall experience of over a decade in the industry. The
company is engaged into processing of cotton seed for solvent
extraction & refining of cotton seed oil and manufacturing of
allied products like cotton seed hulls, cotton seed cake, linters
etc. The company has a processing plant at Vetapalemu, Prakasham
district, Andhra Pradesh with an installed capacity of 125,000 MTPA
for Cotton seed processing, 65000 MTPA for solvent extraction of
cotton seed cake and 12000 MTPA for extraction refinery.


CUPID ESTATECON: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Cupid Estatecon Private Limited
        Registered Address:
        Kamleshbhai Ki Chawl
        Block B, R. No. 1,
        Samarani, Silvassa
        Dadra & Nagar Haveli
        India 396230

Insolvency Commencement Date: April 16, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 13, 2024

Insolvency professional: Modilal Dhanraj Pamecha

Interim Resolution
Professional: Modilal Dhanraj Pamecha
              C-802 Padmarag, J.B.Nagar Andheri (E)
              Mumbai - 400059, Maharashtra
              Email : cirpcupidestatecon@gmail.com
              Email: camodilalpamecha@gmail.com

Last date for
submission of claims: April 3, 2024


DAMAIRA PHARMA: CRISIL Reaffirms B+ Rating on INR11cr Term Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long term bank facilities of Damaira Pharmaceuticals Private
Limited (DPPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      2.1       CRISIL B+/Stable (Reaffirmed)

   Term Loan             11         CRISIL B+/Stable (Reaffirmed)

   Term Loan              5.5       CRISIL B+/Stable (Reaffirmed)

   Term Loan              1.4       CRISIL B+/Stable (Reaffirmed)

   Term Loan              3         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations and
weak financial risk profile of the company. These weaknesses are
partially offset by the extensive experience of the promoters of
DPPL in the pharmaceutical industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The commercialisation of the plant
got delayed by around six months because of the delay in the
installation of machineries. It got commercialised in September
2023 and now the trial run has been completed. Revenue recorded in
fiscal 2024 of around INR17-17.5 crores is from the trading of
medicines. It is expected to remain modest in the first year of
operations, i.e., fiscal 2025 at INR70-75 crore. However, the same
is expected to increase in fiscal 2026 supported by increased
capacity utilisation and regular orders from the customers,
however, the same will remain monitorable.

* Weak financial risk profile: Over the upcoming fiscals, networth
is expected to be negative because of high losses in fiscal 2024.
However, with the scaling up of business and increasing
profitability with efficient utilisation of capacity, networth will
improve gradually. The debt is high because of the term loans
availed and the utilisation of working capital limits. The
repayment of term loans is expected to start from October 2024, by
then the company is expected to achieve sufficient accruals to make
the repayments. Interest expenses are expected to increase over the
medium term because of higher debt on account of increased working
capital requirements. However, with increased operating
profitability in fiscal 2025, debt protection indicators are also
expected to improve with interest cover likely at 1.6-1.7 times.
Improvement in the overall financial risk profile supported by
increase in scale of operations will remain a key monitorable.

Strength:

* Extensive experience of the promoters: The promoters' experience
of 5-6 decades in the pharmaceutical industry has enabled them to
understand the market dynamics and establish healthy relationships
with customers as well as the suppliers. This is also supported by
their long presence in the industry through group companies Damaira
Exports and Medicos. The company has recorded a revenue of
INR17-17.5 crores in fiscal 2024 from the trading of medicines
which is expected to increase to INR70-75 crores in fiscal 2025
supported by the commencement of the manufacturing unit post trial
run; orders of INR8-9 crore are to be fulfilled by April/May 2024
and the company is also expected to enter into the export market by
mid fiscal 2025. Scale of business marked by significant increase
in revenue over the medium term will remain key monitorable.

Liquidity: Poor

Bank limit utilisation was around 86% for the six months through
December 2023. The operating profitability is estimated to be
negative in fiscal 2024 because of low revenue recorded as against
the expenses which has further resulted in negative cash accruals.
However, the same is expected to improve from fiscal 2025 onwards,
with expected net cash accrual of INR2.5-3.0 crore sufficient
against annual repayment obligations of INR1.5-2.0 crore, which are
to begin from October 2024. Unsecured loans from the promoters
should also aid financial flexibility. Moreover, the company is
also availing enhancement in the working capital limits to support
its operations.

Outlook: Stable

CRISIL Ratings believes DPPL will benefit from the extensive
industry experience of its promoters.

Rating Sensitivity factors

Upward factors

* Timely stabilization of operations leading to revenue of over
INR70-75 crores with positive profitability
* Improvement in the financial risk profile resulting in improved
capital structure

Downward factors

* Delay in ramp-up of operations/delay in approvals leading to
lower-than-expected revenue and profitability.
* Significantly low cash accrual below INR1-1.5 crore during the
initial phase of operations.

Incorporated in July 2020, DPPL has set up a manufacturing unit for
dry powder injectables of antibiotics such as meropenem, imipenem
or cilastatin, and ceftriaxone, among others, with capacity of
80,000 vials per day. The company's facility is in Raipur Rani,
Haryana. DPPL is promoted and managed by Mr Bhagwat Bansal and Mr
Vikul Bansal.


EMPIRE HOME: CRISIL Lowers Rating on INR38.3cr Cash Loan to B+
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Empire Home Appliances Pvt Ltd (EHAPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            38.3       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit       46         CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      0.4       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Short Term              3.3       CRISIL A4 (Downgraded from
   Bank Facility                     'CRISIL A4+')

The downgrade reflects weak liquidity with bank limit utilisation
of 95-96% over the 12 months through March 2024 owing to the large
working capital requirement of the company. There were multiple
instances of overdrawals and letter of credit devolvement over the
past 12 months, though regularised within 30 days. Modest cash
accrual of INR9.0-9.5 crore in fiscal 2024 sufficiently covered
debt obligation of INR1.0-1.2 crore. Capital structure was
comfortable and debt protection metrics adequate in fiscal 2024,
supporting the financial risk profile.

The downgrade also factors in the weakening of the business risk
profile, as reflected in lower-than-anticipated revenue of around
INR312 crore in fiscal 2024 as against CRISIL's expectations of
INR410-420 crores. The decline in revenue was on account of
disruption in supply chain in Q2 of fy24 amid floods in Himachal
Pradesh. Working capital requirement remains large resulting in
high reliance on bank lines.

The ratings reflect the modest scale of operations, large working
capital requirement and modest profitability of the company. These
weaknesses are partially offset by the extensive experience of the
promoters in the white goods industry and a healthy financial risk
profile.

Analytical Approach

Unsecured loan of INR25.32 crore as on March 31, 2023, has been
treated as 75% equity and 25% debt as the loan is interest-free and
will remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: With revenue de-growing at a compound
annual growth rate (CAGR) of ~1-1.5% over the three fiscals through
2024, the scale continues to remain modest. The company has booked
a revenue of INR~312 crores in fiscal 2024 which is below CRISIL's
previous expectations. The de-growth of 12% on y-o-y basis (Rs. 354
crores in fiscal 2023) is on account of disruption in supply chain
in Q2 of fy24 amid floods in Himachal Pradesh. Significant
improvement in revenue in the upcoming fiscals will remain a key
rating sensitivity factor.

* Large working capital requirement: Operations are working capital
intensive, as reflected in gross current assets estimated at
140-150 days as of March 31, 2024, driven by large receivables and
inventory. Owing to import of raw material, inventory will increase
over the medium term (66 days as on March 31, 2023). Bank lines
were fully utilised over the past six months. Efficient management
of the working capital cycle leading to moderation in bank lines
will remain a key monitorable.

* Modest operating profitability: Operating margin was 2.4-4.0% in
the three fiscals through 2024 and is estimated at 4% in fiscal
2024. The operating margin remains constrained by intense
competition in the branded white goods industry owing to renowned
players having pan-India presence and established brands across
product categories. Hence, intense competition continues to
constrain scalability, pricing power and profitability.
Furthermore, the company is susceptible to fluctuations in raw
material prices and foreign exchange rates. Increase in operating
profitability in fiscal 2025 on the back of higher volumes from own
brand amid increasing revenue will remain a monitorable.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of over four decades in the white goods industry; their
strong understanding of market dynamics and healthy relationships
with suppliers and customers will continue to support the business.
Revenue declined to INR312 crore in fiscal 2024 from INR354 crore
in fiscal 2023 driven by decrease in volumes. The company's
products are sold under the brand GEM. The promoters' expertise
will support revenue growth over the medium term.

* Healthy financial risk profile: The financial risk profile is
supported by the absence of large, debt-funded capital expenditure
(capex). Adjusted networth, gearing and total outside liabilities
to tangible networth ratio are estimated at INR82-83 crore,
0.5-0.55 time and 0.8-0.9 time, respectively, as on March 31, 2024.
Debt protection metrics were comfortable, as reflected in interest
coverage and net cash accrual to total debt ratios of 3.6-3.7 times
and 0.2-0.25 time, respectively, in fiscal 2024 and are expected at
similar levels in fiscal 2025. The financial risk profile will
continue to be above-average over the medium term.  

Liquidity: Stretched

Bank limit of INR35 crore was utilised 99.33% during the six months
through October 2023. Cash accrual, estimated at INR9.0-9.5 crore,
sufficiently covered term debt obligation of INR1.10 crore in
fiscal 2024. Current ratio will remain healthy above 2.0 times as
on March 31, 2025 (2 times as on March 31, 2024). The promoters
will extend support in the form of equity and unsecured loans to
meet working capital requirement and capex.

Outlook: Stable

EHAPL will continue to benefit from the extensive experience of its
promoters.

Rating Sensitivity factors

Upward factors

* Steady revenue growth and stable operating margin leading to
higher cash accrual
* Prudent working capital management leading to utilisation of bank
lines below 80%

Downward factors

* Decline in scale of operations by 10-15% or fall in operating
margin below 3% resulting in lower cash accrual
* Sizeable withdrawal of unsecured loans or large, debt-funded
capex
* Further stretch in the working capital cycle weakening the
liquidity

Incorporated in 2006, EHAPL manufactures refrigerators and washing
machines under the brand GEM. Its manufacturing unit is in Baddi,
Himachal Pradesh, and corporate office is in New Delhi. Mr Harish
Kumar and Ms Anita Kumar are the promoters.


FLEXIBLE ABRASIVES: CRISIL Withdraws B+ Rating on LT Loan
---------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Flexible Abrasives Private
Limited (FAPL) to 'CRISIL B+/Stable/CRISIL A4/Issuer not
cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of (FAPL) following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of FAPL
from 'CRISIL B+/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B+/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL B+/Stable ISSUER NOT
                                     COOPERATING (Withdrawn)

   Short Term Rating      -          CRISIL A4 ISSUER NOT
                                     COOPERATING (Withdrawn)

Incorporated in 2007, FAPL started its commercial operations in
January 2012 and is promoted by Mr Rajesh Lundia. Company is
engaged in manufacturing of cloth based coated abrasives used in
grinding and polishing.


GFM RETAIL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: GFM Retail Private Limited
        Registered Address:
        No. 2, 4th Cross, 1st Main Road
        S.V.S. Nagar, Valsarvakkam
        Chennai, Tamil Nadu
        India 600087

Insolvency Commencement Date: March 18, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 14, 2024

Insolvency professional: Hitesh Narayanbhai Agrawal

Interim Resolution
Professional: Hitesh Narayanbhai Agrawal
              Ground Floor, Hotel Bansal
              Near Lalita Tower
              Behind Railway Station
              Alkapuri, Vadodara
              Gujarat 390005
              Email: caagrawalhitesh@gmail.com

               -- and --

              204, Wall Street I
              Near Gujarat College
              Ellisbridge, Ahmedabad
              Gujarat 380006
              Email: cirp.gfmretail@gmail.com

Last date for
submission of claims: April 27, 2024


GO FIRST: Busy Bee to Assess Position After Reviewing Court Order
-----------------------------------------------------------------
The Economic Times reports that with the Delhi High Court allowing
lessors to take back 54 planes leased to bankrupt Go First, joint
bidder Busy Bee Airways' Nishant Pitti on April 26 said he will
consider any necessary adjustments to its proposed offer for the
airline after reviewing the court order.  Busy Bee Airways, along
with SpiceJet chief Ajay Singh, has put in a bid for Go First under
the insolvency resolution process.  Travel portal EaseMyTrip's
co-founder and CEO Nishant Pitti is a majority shareholder in Busy
Bee Airways.

On April 26, the court directed the Directorate General of Civil
Aviation (DGCA) to forthwith process the applications filed by
several lessors for deregistration of their 54 planes so that they
could take them back from the crisis-hit Go First airline.

In a post on X, saying it is on behalf of Busy Bee Airways, Pitti
said, "We will review the details of the order once we receive the
official document," ET relays.

Following this review of the court order, it will evaluate the
position and consider any necessary adjustments to the proposed
offer for Go First.

"Our commitment remains to proceed in a manner that respects the
legal process and aligns with our strategic objectives," he said in
the post.

The court, on April 29, directed the Directorate General of Civil
Aviation (DGCA) to forthwith process the applications filed by
several lessors for deregistration of their 54 planes leased to Go
First and said the process shall be done in not later than five
working days, adds ET.

                          About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.


GO FIRST: Delhi High Court Deregisters 54 Aircraft
--------------------------------------------------
ET Now reports that in a blow to financially struggling carrier Go
First, the Delhi High Court granted the lessors' request for the
deregistration of the company's 54 airplanes.

According to ET Now, Delhi High Court has directed civil aviation
regulator DGCA to process the deregistration applications of
aircrafts leased by the airline within five working days.
Additionally, the court prohibited Go First, which owes its
creditors more than INR6,200 crore, from operating these planes.

ET Now relates that the Resolution Professional of Go First has
also been prohibited from removing any accessories, spare parts,
documents, or other materials from the planes. Also, the RP has
been directed to furnish current information and documentation
related to the aircraft to the lessors.

Go First's RP previously informed the HC that returning the
aircraft to the lessors would effectively render the airline
"dead," with 7,000 employees to support.

Earlier this month, the National Company Law Tribunal extended Go
First's insolvency proceedings by 60 days, beyond the previous
deadline of April 4, 2024, ET Now recalls. The airline ceased
operations on May 3, 2023.

ET Now says the RP of Go First informed the tribunal that the
insolvency proceedings were in their final stages, with the CoC
deliberating over two resolution plans for the bankrupt airline.

The two bidders include Sky One, an aviation firm based in Sharjah
led by Jaideep Mirchandani, and Ajay Singh, the promoter of
domestic airline SpiceJet, along with Busy Bee Airways, owned by
Nishant Pitti, who also owns the online travel portal EaseMyTrip.

Vidhan Vyas, Founder, Vyas Legal, stated, 'This will surely impact
the shareholders of the debt-ridden airlines negatively.'

'However, this is likely to be challenged in division bench and in
the supreme court,' Vyas added.

                          About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE C; 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 GES under the 'issuer
non-cooperating' category as GES 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. GES
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).

Gondia Education Society (GES) was established on December 8, 1958.
The society was formed by Late Shri Manoharbhai Patel in the region
of Bhandara and Gondia district of Maharashtra. Currently, the
society is managed by its president Mrs. Varsha Prafulbhai Patel
who has around 20 years of experience in the field of education.

GOPISH PHARMA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gopish
Pharma Limited (GPL) 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

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

   Short Term Bank      2.50       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 6,
2023, placed the rating(s) of GPL under the 'issuer
non-cooperating' category as GPL 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. GPL
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).

GPL is a closely held public limited company incorporated in 1995.
The company was originally incorporated as a private limited
company and its constitution was changed in 1996. The present
directors of the company include Mr. Ravi Prakash Goyal, Mr. Ratish
Goyal and Ms. Santosh Goyal. GPL is engaged in manufacturing of
generic drugs at its manufacturing facility located in Solan,
Himachal Pradesh.

JTPL PRIVATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: JTPL Private Limited
        Registered Address:
        Room 203, 2-A/3, Kundan Mansion
        Asif Ali Road, Ahmeri Gate Extn
        Central Delhi, Delhi, India 110002

Insolvency Commencement Date: April 15, 2024

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 12, 2024

Insolvency professional: Sandeep Goel

Interim Resolution
Professional: Sandeep Goel
              410, Pratap Bhawan
              5 Bahadur Shah Zafar Marg,
              Central Delhi I 10002
              Email: emasandeepgoel@gmail.com

               -- and --

              STALWART RESOLUTION - Professional LLP
              Block-SD, Flat No. 73
              Pitampura, Delhi 110034
              Email: cirp.jtpl@gmail.com

Last date for
submission of claims: April 30, 2024


KOSHIKA BIOSCIENCE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Koshika Bioscience Private Limited
        Registered Address:
        A/503, Western Edge II
        CCI Compound
        Western Express Highway
        Borivali East, Mumbai 400066

Insolvency Commencement Date: April 16, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 13, 2024

Insolvency professional: Nitin om Kothari

Interim Resolution
Professional: Nitin om Kothari
              5A-301, Alica Nagar
              Lokhandwala Township
              Kandivali East, Mumbai-400101
              Maharashtra
              Email : cakotharico@gmail.com
              Email: kbpl.cirp@outlook.com

Last date for
submission of claims: April 30, 2024


KOUSIC AND CO: CRISIL Withdraws B+ Rating on INR0.6cr LT Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Kousic and Co (KOANCO) on the request of the company and receipt of
a no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          1         CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Overdraft Facility      6         CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Long Term      0.6       CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up KOANCO for
obtaining information through letters and emails dated February 15,
2024, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KOANCO. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
KOANCO is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of KOANCO continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'

Set up as a partnership firm in 2002, KOANCO is into civil
construction work for Class 1 Government civil contractor.


M. E. ENERGY: CRISIL Moves B Debt Rating in Watch Developing
------------------------------------------------------------
Due to non-receipt of No Default Statements (NDS) for three
consecutive months, CRISIL Ratings, in line with SEBI guidelines,
had migrated the ratings for bank loan facilities of M. E. Energy
Private Limited (MEEPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the rated entity has now shared NDS with
CRISIL Ratings. Consequently, CRISIL Ratings is migrating its
ratings on the bank facilities of (MEEPL) from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL B/CRISIL A4'
and placed its ratings on 'Rating Watch with Developing
Implications'.

                       Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Bank Guarantee        17       CRISIL A4/Watch Developing
                                  (Migrated from 'CRISIL A4
                                  ISSUER NOT COOPERATING'; Placed
                                  on 'Rating Watch with
                                  Developing Implications')

   Cash Credit            4       CRISIL B/Watch Developing
                                  (Migrated from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING'; Placed
                                  on 'Rating Watch with
                                  Developing Implications')

   Letter of Credit       2.5     CRISIL A4/Watch Developing
                                  (Migrated from 'CRISIL A4
                                  ISSUER NOT COOPERATING'; Placed
                                  on 'Rating Watch with
                                  Developing Implications')

   Proposed Bank          5       CRISIL A4/Watch Developing
   Guarantee                      (Migrated from 'CRISIL A4
                                  ISSUER NOT COOPERATING'; Placed
                                  on 'Rating Watch with
                                  Developing Implications')

   Proposed Bank         20       CRISIL A4/Watch Developing
   Guarantee                      (Migrated from 'CRISIL A4
                                  ISSUER NOT COOPERATING'; Placed
                                  on 'Rating Watch with
                                  Developing Implications')

   Rupee Term Loan        1.5     CRISIL B/Watch Developing
                                  (Migrated from 'CRISIL B/Stable
                                  ISSUER NOT COOPERATING'; Placed
                                  on 'Rating Watch with
                                  Developing Implications')

The Rating Rationale dated March 4, 2024 is placed below with
necessary updates.

Key Rating Drivers & Detailed Description

Weakness:

* Large working capital requirement: Gross current assets were
sizeable at 227 days in the two fiscals through 2023, because of
large receivables, inventory and other current assets. The working
capital cycle is partly supported by payables and bank lines.

* Average financial risk profile: Networth was small at INR7.43
crore and gearing and total outside liabilities to tangible
networth ratio were high at 2.01 times and over 4.22 times,
respectively, as on March 31, 2023. Networth had eroded in the past
owing to losses but increased in fiscal 2022.

Strengths:

* Longstanding presence and extensive experience of the promoter:
The promoter has experience of over 25 years in the engineering
goods industry and has built strong relationships with customers
and suppliers. Also, the company benefits from its established
track record with reputed customers.

Liquidity: Stretched

Bank limit utilization is high at around 97.29 percent for the past
twelve months ended December 23 Cash accrual are expected to be
over INR3-4.5 crore which are sufficient against term debt
obligation of INR2.5-3.5 crore over the medium term. In addition,
it will act as cushion to the liquidity of the company.

Current ratios are moderate at 1.21 times on March 31, 2023

Rating Sensitivity factors

Upward Factors:

* Revenue growth of 25% and stable operating margin leading to cash
accrual over INR5 crore
* Efficient working capital management and maintenance of adequate
liquidity
* Improvement in the key financial metrics

Downward Factors:

* Decline in revenue or operating margin (below 10%) resulting in
lower cash accrual.
* Large, debt-funded capital expenditure or further stretch in the
working capital cycle weakening the capital structure.

Set up in 1998 by Mr K V Kartha, MEEPL undertakes energy-saving
projects and designs, manufactures and installs heating and cooling
systems and equipment. Its facility is in Pune, Maharashtra.


M.P MINING: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of M.P Mining
and Energy Limited (MMEL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 13,
2023, placed the rating(s) of MMEL under the 'issuer
non-cooperating' category as MMEL 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. MMEL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 30, 2023, January 9, 2024, January 19,
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 September 2011, M.P Mining and Energy Limited
(MMEL) is engaged in manufacturing of steel shot and grit which is
used in the process of metal surface cleaning, metal surface
finishing, improving the surface tension of metal and it also finds
application in construction, automobile and steel industry etc. The
facility of the company is located at Deoghar, Jharkhand with an
aggregate installed capacity of 9,000 Metric Tonne Per Annum
(MTPA). The company started its commercial operations from February
2016. Mr. Rajesh Bajoria, having around two decades of experience
in the steel industry, looks after the overall management of the
company along with the other directors Mr. Rajiv Tekriwal and Mr.
Puneet Jain and supported by the team of experienced professionals.


MADHAV GINNING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Madhav Ginning and Pressing Private Limited
        Registered Address:
        Survey No. 768
        Ahmedabad Highway
        Near Suddheshwar Temple
        Jasdan, Gujarat, India 360050

Insolvency Commencement Date: April 16, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 13, 2024

Insolvency professional: Rahul Shah

Interim Resolution
Professional: Rahul Shah
              20, Sudershan Society, Part 2
              Near Naranpura Bus Stop
              Naranpura, Ahmadabad
              Gujarat 380014
              Email: carahulhshah@gmail.com

               -- and --

              Shop No. 6, Samprati Residency
              Opp Paliyadnagar AMC Garden
              Naranpura, Ahmadabad
              Gujarat 380014
              Email: cirp.madhav@gmail.com

Last date for
submission of claims: May 1, 2024


MAHENDRA COMMERCIAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Mahendra Commercial Ltd
        Registered Address:
        265, Rabindra Sarani
        4th Floor, Barabazar
        Kolkata 700007 WB IN
        Email: mahendracommercialltd@gmail.com   

Insolvency Commencement Date: April 10, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 7, 2024

Insolvency professional: Netai Basak

Interim Resolution
Professional: Netai Basak
              Flat No. 3B, Srijoni Apartment
              34T/3 N K Ghoshal Road
              Kasba, Kolkata 700042
              Email: mahendra.cirp@gamil.com

Last date for
submission of claims: April 24, 2024


MANGALNAYAK SHOPPERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Mangalnayak Shoppers Private Limited
        Registered Address:
        101, Sarat Pally 1st Bye Lane
        South Baksara Village Road
        Howrah, Howrah
        West Bengal, India 711110

Insolvency Commencement Date: April 10, 2024

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 7, 2024

Insolvency professional: Binay Kumar Singhania

Interim Resolution
Professional: Binay Kumar Singhania
              c/o B K S & Co. Diamond Heritage 16
              Strand Road Unit 519, 5th Floor
              Kolkata, West Bengal 700001
              Email: binay1@yahoo.com

               -- and --

              Mousumi Co. Op. Housing Society
              15B, Ballygunge Circular Road
              Kolkata 700019
              Email: mangalnayakspl@gmail.com

Last date for
submission of claims: April 24, 2024


PANORAMIC GATEWAY: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of The
Panoramic Gateway (TPG) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.24       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 March 1, 2023,
placed the rating(s) of TPG under the 'issuer non-cooperating'
category as TPG 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. TPG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 15, 2024, January 25, 2024, February 4, 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 Panoramic Gateway (TPG) was established as a proprietorship
concern by Ms. Sona Bennett in December 2014. Ms. Sona Bennett, the
proprietor, has about 15 years of experience in hospitality
industry. The firm runs a resort which is located at Munnar, Kerala
and has facilities like helipad, swimming pools, restaurants, beer
and wine parlor, a large sitting area and 51 furnished rooms. The
resort is categorized as 'Five Star-Unofficial'.


PARANJAPE SCHEMES: CRISIL Withdraws D Rating on INR175cr NCD
------------------------------------------------------------
Due to inadequate information and in line with the Securities
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the bank facilities and NCDs of Paranjape Schemes
(Construction) Ltd (PSCL; a part of the Paranjape group) to 'CRISIL
D Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information to carry out a comprehensive
review of the rating. Consequently, CRISIL Ratings is migrating its
rating on the bank facilities and NCDs of PSCL to 'CRISIL D'.

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

   Non Convertible       175         CRISIL D (Migrated from
   Debentures                        'CRISIL D ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has also withdrawn its rating on the long-term bank
facilities of PSCL as requested by the company and on receipt of
'no dues certificate' from the bankers. This rating action is in
line with the withdrawal policy of CRISIL Ratings.

The rating continues to reflect the delay in debt servicing and the
weak financial profile of the group. These weaknesses are partially
offset by the extensive experience of the promoters in the real
estate business.

Analytical Approach

CRISIL Ratings has consolidated the business and financial risk
profiles of PSCL with its subsidiaries, collectively referred to
herein as the Paranjape group, as these entities have financial
fungibility and business synergies.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in the repayment obligation: There has been instance of
delay in the repayment of principal and interest components of the
term loan availed by the group.

* Weak financial risk profile: The financial risk profile has been
subdued owing to accumulated losses. Networth was negative INR1,114
crore as on March 31, 2023. Financial risk profile may improve over
the medium term, led by accretion to reserve, and will remain
monitorable.

Strength:

* Extensive experience of the promoters: The promoters -- Mr
Shrikant Paranjape and Mr Shashank Paranjape -- have been in the
real estate business since 1987. Expertise of the promoters, their
strong understanding of market dynamics and healthy relationships
with customers and suppliers helped the group successfully execute
projects and create a strong brand.

Liquidity: Poor

Net cash accrual should be insufficient to meet the yearly maturing
debt over the medium term. Cash and cash equivalents were INR138
crore as on March 31, 2023. The promoters may extend need-based
funds (equity and unsecured loan) to meet repayment obligations.

Rating Sensitivity factors

Upward factors

* Track record of timely debt servicing for 90 days or more
* Improvement in operating performance

Incorporated in 1987 by brothers -- Mr Shashank Paranjape and Mr
Shrikant Paranjape -- as a private-limited company, the entity got
reconstituted into a public-limited company in 2005. The Paranjape
group is a leading real estate developer in Pune and operates
across Mumbai, Chiplun, Kolhapur, Nashik (all in Maharashtra) and
Bengaluru.


QUADROS AUTOMARK: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadros
Automark Private Limited (QAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.68       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 QAPL under the 'issuer
non-cooperating' category as QAPL 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. QAPL
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).

QAPL incorporated in the year 2012 and is authorized dealer for
Renault India Private Limited (Renault) and covers the south Goa
region. QAPL is promoted by Mr Evencio Quadros and Mr Ramchandra
Shirodlar and are first generation entrepreneurs. QAPL being an
authorised dealer for Renault, also provides its spares and
services by virtue of being a '3-S' dealer. However, QAPL has
surrendered the dealership of Renault India Private Limited
(Renault) and acquired the dealership of Hyundai Motors.


RAJESH PROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rajesh
Projects (India) Private Limited (RPIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      56.26       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     23.00       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 30,
2023, placed the rating(s) of RPIPL under the 'issuer
non-cooperating' category as RPIPL 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. RPIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 26, 2023, January 5,
2024, April 16, 2024.

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

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

RPIPL was incorporated in 1999 & is engaged in real estate
business. Historically, the group was mainly into development of
commercial projects in Delhi and has successfully executed 14
commercial/retail projects in Delhi. In 2010, the company
ventured into residential group housing projects in Noida and
Greater Noida region. The group was promoted by Mr. Jai Bhagwan
Goyal, a qualified Civil Engineer, who has more than 40 years'
experience in construction. Currently his son, Mr. Rajesh Goyal who
is also MD of RPIPL, is actively handling the operations of group.


RAJMINAKSHI HOLDINGS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Rajminakshi Holdings Private Limited
        Registered Address:
        5-C, Trishla Building
        122 Shaikh Memon Street
        Mumbai MH 400002 IN

Insolvency Commencement Date: April 12, 2024

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 9, 2024

Insolvency professional: Vimal Kumar Agrawal

Interim Resolution
Professional: Vimal Kumar Agrawal
              Office No. 4, Ground Floor C Wing
              Shanti Jyot Building, Balaji Nagar
              Near Railway Station, Bhayander West
              Thane Pin 401101
              Email: vimal@vpagrawal.in
              Email: cirp.rajminakshi@gmail.com

Last date for
submission of claims: April 26, 2024


RATTANINDIA POWER: REC Files Insolvency Petition Against Company
----------------------------------------------------------------
Business Standard reports that RattanIndia Power announced that REC
Limited, holding 0.001% Redeemable Preference Shares (RPS) of
INR28.72 crore in the Company, has filed an application against the
Company, under Section 7 of IBC Code. The RPS were issued, in
favour of REC, on Dec. 27, 2019.

Business Standard relates that the Company strongly disputes the
eligibility and entitlement of REC to seek the initiation of
proceedings against it, under the IBC Code and will accordingly, be
pursuing the legal remedies in the matter, available under the
law.

RattanIndia Power Limited is engaged in the business of dealing in
power generation, distribution, trading and transmission and other
ancillary and incidental activities. The Company’s thermal power
projects include Amravati Thermal Power Project and Nasik Thermal
Power Project. Its Amravati Thermal Power Project is a coal based
thermal power plant spread over an area of 1,350 acres at
Nandgaonpeth, 13 kilometers from Amravati city, Maharashtra in
India. The Amravati Plant comprises of five units of 270 megawatts
with total installed capacity of 1350 megawatts. Amravati Thermal
Power Plant also comprises of a residential township for its
personnel. The Nashik Thermal Power Project is situated near
Sinnar, approximately 40 kilometers from Nashik city in
Maharashtra, India. The plant spreads over an area of 1,040 acres
has an installed capacity of 1,350 megawatts.


RAVI ELECTRONICS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ravi Electronics Private Limited
        Registered Address:
        F-1/A, Industrial Development Area
        Kukatpally, Hyderabad

Insolvency Commencement Date: April 18, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 14, 2024

Insolvency professional: S. Kasthuri Rengan

Interim Resolution
Professional: S. Kasthuri Rengan
              909A, Raghava Ratna Towers
              Chirag Ali Lane
              Abids, Hyderabad 500001
              Email: askrco@gmail.com

Last date for
submission of claims: April 29, 2024


REAL VALUE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Real Value
Ventures Private Limited (RVV) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      27.00      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non Convertible      16.00      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. (CARE) had, vide its press release dated February
26, 2018, placed the rating of RVV under the 'issuer
non-cooperating' category as RVV had failed to provide information
for monitoring of the rating. RVV continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and emails dated March 9, 2024, March 19,
2024, etc.

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.

Real Value Ventures Pvt Ltd (RVV) is a special purpose vehicle
(SPV) formed by the Real Value Promoters (RV) group, to develop a
real estate residential project at Pallavaram, Chennai. The RV
group has nearly 25 years of experience in developing apartments,
villas and commercial complexes across Chennai. The group has
acquired and developed 6.6 million square feet of completed and
ongoing projects.


ROSMERTA TECHNOLOGIES: CRISIL Withdraws B Rating on INR10cr Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Rosmerta Technologies Limited (RTL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         15         CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Letter of Credit       15         CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Bank          10         CRISIL A4/Issuer Not
   Guarantee                         Cooperating (Withdrawn)

   Proposed Cash          10         CRISIL B/Stable/Issuer Not
   Credit Limit                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with RTL for
obtaining information through letters and emails dated December 12,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RTL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, CRISIL Ratings has Continued the
ratings on the bank facilities of RTL to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

Incorporated in 2006, as a private limited company, RTL was
converted into a public limited company with effect from September
29, 2009. RTL is engaged in the business of issuing smart
card-based VRCs, DLs, property card, security system integration
and high security registration plates. The company bids for tenders
floated by various state governments, to convert/replace the
current paper-based VRCs, DLs, property card and ration card into
smart cards.


RR METALMAKERS: CRISIL Withdraws B Rating on INR6.5cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
RR Metalmakers India Ltd (RRMIL) and simultaneously withdrawn on
receipt of withdrawal request from the company and No Objection
certificate from the banker. The withdrawal is in line with
CRISIL's withdrawal policy.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.5        CRISIL B/Stable (Rating
                                     Reaffirmed and Withdrawn)

   Inland/Import         18.5        CRISIL A4 (Rating Reaffirmed
   Letter of Credit                  and Withdrawn)

The ratings continue to reflect the company's modest scale in the
intensely competitive steel trading industry and volatile operating
margins and below-average financial risk profile. These weaknesses
are partially offset by the extensive experience of the promoters
in the steel trading business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Intensely competitive steel trading industry and volatile
operating margins: Intense competition from a large number of
players in the steel trading business limits the bargaining power
of RRML, leading to modest scale of operations and leading to
volatile operating margins as highlighted with expected revenues of
INR110 to INR130 crores in fiscal 2024 and Fiscal 2025 and between
3% to 6% over the last 3 fiscal years. The company has achieved
revenues of INR76 crores in 9 months till December 2023 of FY
2024.

* Below-average financial risk profile: Net worth is modest at
INR5.5 crore as on March 31, 2023. which has kept capital structure
aggressive, as reflected in total outside liabilities to adjusted
net worth (TOLANW) ratio of 6.71 times as on March 31, 2023,
because of high reliance on short-term borrowings. Debt protection
metrics remained below average on account of modest operating
margin, indicated by interest coverage ratio of 0.84 times in
fiscal 2023.

Strength:

* Extensive experience of the promoters: The promoters experience
of over a two decade, his strong understanding of local market
dynamics, and healthy relationships with suppliers and customers
should continue to support the business.

Liquidity: Poor

Cash accrual, expected at INR1.3 to 1.5 crore per fiscal, is
expected to be sufficient against nil repayments obligation,
respectively. Bank limit utilisation averaged 95% over the 12
months through March 2024. Cash and Cash equivalents were moderate
at INR8.2 crores as on March 31, 2023.

Outlook: Stable

CRISIL Ratings believes will continue to benefit from its the
experience of the management in mitigating risks inherent in the
trading business.

Rating Sensitivity Factors

Upward factors

* Increase in revenue and stability of the operating margin leading
to higher cash accrual.
* Increase in net worth reducing TOLANW to less than 4.5 times.

Downward factors

* Stretch in the working capital cycle weakening the financial risk
profile.
* Decline in revenue or operating margin leading to fall in net
cash accrual to below INR1 crore over the medium term.

RRMIL (earlier Shree Surgovind Tradelink Ltd) was incorporated in
1985 in Ahmedabad and was acquired by Mr Virat Shah and family in
2015. The company trades in steel and iron ore and manufactures
steel pipes. The company will be incurring a capital expenditure
for enhancement in steel manufacturing unit over the medium term.
RR Lifecare Private Limited India Limited is involved in
manufacturing of injections through job work.


SAMVID STEELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Samvid Steels Private Limited
        Registered Address:
        M/S Samvid Steels Private Limited
        At 2, Ashima Complex Kadi-Kalol Highway
        Karannagar Kadi-382727
        Mahesana Gujarat, India

Insolvency Commencement Date: April 17, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 14, 2024

Insolvency professional: Manish Santosh Buchasia

Interim Resolution
Professional: Manish Santosh Buchasia
              306, 3rd Floor, "Gala Mart"
              Near Sobo Centre
              Before Safal Parisar
              Above SBI/Union Bank
              South Bopal
              Ahmadabad-380058 Gujarat
              E-mail: manishbuchasiacs(@)gmail.com
              E- mall: samvidsteelsibc24(@)gmall.com
              Mobile no.: 9898055367

Last date for
submission of claims: May 1, 2024


SHIVAM INDUSTRIES: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Shivam Industries (SSI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.99       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   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 February 21,
2023, placed the rating(s) of SSI under the 'issuer
non-cooperating' category as SSI 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. SSI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 7, 2024, January 17, 2024, January 27,
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).

Shree Shivam Industries (SSI) was established in March 2016 as a
partnership firm by Mr. Gulshan Agrawal and Mrs. Priyanka Agrawal.
The firm is engaged in rice milling, processing and trading of rice
and its by products business and started its commercial operations
since January 2017 at its plant, located at Dhamtari district of
Chhattisgarh with aggregate installed capacity of 2,400 metric ton
per month. Moreover, the firm has availed moratorium from its
lender under the terms of recent RBI circular.


SIMAR INFRASTRUCTURES: CRISIL Withdraws B Rating on INR15cr Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Simar Infrastructures Limited (SIL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         15         CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Cash Credit            10         CRISIL B/Stable/Issuer Not
                                     Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SIL for
obtaining information through letters and emails dated October 10,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SIL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, CRISIL Ratings has Continued the
ratings on the bank facilities of SIL to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

Incorporated in 2009, SIL, promoted by Mr Jaswinder Singh and his
sons, Mr Harsimran Singh and Mr Amandeep Singh, provides electrical
and mechanical services such as fabrication and erection, testing
and commissioning and operations and maintenance for thermal power
plants, refineries, solar power plants and mining of minerals.


SJJ REALTY: CRISIL Withdraws B+ Rating on INR5cr Bank Limits
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facility of SJJ Realty Private Limited (SRPL) following a request
from the company. The rating action is in line with CRISIL Ratings'
policy on withdrawal of bank loan ratings

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Fund-          5         CRISIL B+/Stable (Withdrawn)
   Based Bank Limits       

SRPL was incorporated in 2006 and promoted by Mr. Jagdishprasad
Joshi and Mr. Sachin Joshi. It operates a hotel under a franchise
agreement with Planet Hollywood International, Inc, under the brand
name of Planet Hollywood. It is five-star-rated property located in
Thane-Maharashtra with the 127 rooms and inaugurated in November
2022.


SOLAPUR SOLAR: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Solapur
Solar Energy Private Limited (SSEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.98       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 9,
2021, placed the rating of SSEPL under the 'issuer non-cooperating'
category as SSEPL had failed to provide information for monitoring
of the rating.

SSEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and emails
dated January 24, 2024, February 3, 2024, February 8, 2024 and
February 13, 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.

SHDPL was incorporated in 2014 as a 100% subsidiary of Sunil
HiTechEngineers Ltd (SHEL) to implement suitable solar power
generation projects. Solar Energy Corporation of India (SECI), a
central government SPV had invited bids to implement solar power
projects for a total quantum of 750 MW out of which SHDPL was
successfully awarded with a 5MW project under the Jawaharlal Nehru
National Solar Mission (JNNSM) scheme. SHDPL won the bid at a
Viability gap funding (VGF) of Rs.6.75 crore or Rs.1.35 crore per
MW. The company achieved COD on July 17, 2015 and had entered into
a power purchase agreement (PPA) for 25 years with SECI for
purchase and sale of contracted capacity (CUF) of minimum 7.014
million kwh (MU) and maximum 9.077 million kwh (MU).


STAR LAMIPACKS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Star Lamipacks Private Limited
        Registered Address:
        c/o Onkarlal Gupta
        Chiteraoli Meat Gali
        Lashkar, Gwalior
        Madhya Pradesh
        India, 474001

Insolvency Commencement Date: April 4, 2024

Court: National Company Law Tribunal, Indore Bench

Estimated date of closure of
insolvency resolution process: October 12, 2024

Insolvency professional: Nishant Agrawal

Interim Resolution
Professional: Nishant Agrawal
              405, Amar Residency, Survey
              No. 1264/1/2, Eastern Ring Road,
              Gram Khajrana
              Near Mayur Hospital, Indore
              Madhya Pradesh 452016
              Email: nishantagrawalca@gmail.com

               - and -

              AS-2, P-Plaza, 345, Alok Nagar
              Opposite Maruti Nexa Service
              Near Green Valley Apartments
              Kanadiya Road, Indore
              Madhya Pradesh 452016
              Email: ip.starlamipacks@gmail.com

Last date for
submission of claims: April 29, 2024


THIRUMALA CABS: CRISIL Withdraws D Rating on INR10cr Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facility of
Thirumala Cabs Limited (TCL) and subsequently withdrawn the ratings
at the company's request and on receipt of no-objection certificate
from the bankers. The withdrawal is in line with the CRISIL Ratings
policy on withdrawal of bank loan ratings.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility       10        CRISIL D (Rating Reaffirmed
                                      and Withdrawn)

The rating reflects delays in servicing its term debt obligations
due to huge operational expenses and stretched liquidity.

The rating continues to reflect delay in servicing the term debt
obligation due to weaker liquidity profile and susceptibility to
volatile input cost, intense competition, and government policies
in road freight transport segment. These weaknesses are partially
offset by the longstanding experience of TCL's promoters in the
transport industry and geographical diversification in revenue
profile. These strengths are mitigated by moderate scale of
operations and

Key Rating Drivers & Detailed Description

Weakness:

* Delay in servicing the term debt obligation due to weaker
liquidity profile: Liquidity is weak, as reflected in multiple
instances of delay in term debt servicing due to cash flow
mismatches and huge operational expenses

* Susceptibility to volatile input cost, intense competition, and
government policies in road freight transport segment: Operating
margin in the intensely competitive logistics industry is
vulnerable to volatility in fuel prices, which in turn depends on
international crude oil prices. Also, the cost structure and
profitability margins are highly exposed to transport policies at
state and national level related to heavy vehicle and pollution.

Strengths:

* Extensive industry experience of the promoters: The promoters
have experience of over two decades in Transport & Logistics
industry. This has given them an understanding of the dynamics of
the market and enabled them to establish relationships with
suppliers and customers.

* Geographical diversification in revenue profile: TCL's passenger
transportation business is geographically diversified in the states
of Tamil Nadu, Karnataka, Kerala, Telangana, and Andhra Pradesh.
CRISIL Ratings believes that TCL's business profile shall continue
to benefit on the back of geographic diversification in revenue
profile.

Liquidity: Poor

The stretched working capital cycle have led to full utilization of
the CC/OD account. The average Bank limit utilization is 100% for
past 12 months ended January 2024. Further, several instances of
delays are seen in servicing the term debt obligation.

Rating Sensitivity factors

Upward factor

* Track record of timely debt servicing for at least 90 days
* Improvement in overall liquidity profile of the company.

Company Incorporated in 2000, and based out of Hyderabad, Thirumala
Cabs Ltd (TCL) is engaged in to Inter-city bus transportation
service. The day to-day operations of the firm is managed by Mr.
Sunil Kumar.


UMANG REALTECH: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Umang
Realtech Private Limited (URPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      100.00      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 February 6,
2023, placed the rating(s) of URPL under the 'issuer
non-cooperating' category as URPL 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. URPL
continues to be noncooperative 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).

Incorporated in May 2007, Umang Realtech Private Limited (URPL) is
a JV between Uppal Housing Private Limited and private equity
player Indus Capital Partners, LLC (USA) (ICP). ICP holds 52% stake
in URPL, UHPL holds 45% and the remaining 3% is with Mr. Ajay
Mangal, Ex-CEO of URPL. The company is into real estate development
and is undertaking residential group housing projects in NCR.


VHV BEVERAGES: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of VHV
Beverages Private Limited (VBPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.00       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 February 2,
2023, placed the rating(s) of VBPL under the 'issuer
non-cooperating' category as VBPL 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. VBPL
continues to be noncooperative 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).

Haryana-based VHV was incorporated in 2012 and currently being
managed by Mr Vinod Sehwag, Mrs Homi and Mrs Pooja Malhotra. The
company is engaged in the manufacturing of fruit beverages, soda
and mineral water. The main raw materials, i.e., fruit pulp, along
with others like plastic caps, bottles, carbon dioxide are procured
from manufacturers based in Haryana region. The company is
currently selling the product pan India covering regions namely
Haryana, Rajasthan, Punjab, Uttar Pradesh and Delhi, Kerala,
Maharashtra, Gujarat and West Bengal through a dealer network under
the brand name "XALTA".




===============
M O N G O L I A
===============

GOLOMT BANK: Moody's Rates New USD Senior Unsecured Notes 'B3'
--------------------------------------------------------------
Moody's Ratings has assigned a B3 foreign currency senior unsecured
debt rating to the proposed USD notes to be issued by Golomt Bank
JSC (B3 stable, b3).

The outlook is stable.

The assigned rating is based on draft documents reviewed by
Moody's, which the rating agency does not expect to be materially
different from those in the final documentation.

RATINGS RATIONALE

The B3 foreign currency senior unsecured debt rating is in line
with Golomt Bank's B3 long-term issuer rating. The bonds will rank
pari passu with all other present and future unsecured and
unsubordinated obligations of the company. The bonds will be
redeemable at par on maturity.

Golomt Bank's B3 issuer rating is at the same level as the bank's
b3 Baseline Credit Assessment (BCA) and Adjusted BCA. Moody's
assesses the level of support from the Government of Mongolia (B3
stable) for Golomt Bank to be high because of its importance to the
domestic economy considering (1) its 18% market share of the
banking system by asset size as of end-2022; and (2) its
designation as one of the country's five domestic systemically
important banks. However, this assessment does not lead to any
government support uplift to the bank's Adjusted BCA because it is
already at the same level as the government's issuer ratings.

Golomt Bank's b3 BCA reflects the bank's (1) asset quality that is
constrained by its moderate loan concentration and high long-run
loan-loss performance; and (2) its modest profitability due to
volatile credit costs. Mitigating these credit challenges are its
good retail banking franchise that supports its funding strength
and liquidity. As of the end of 2023, the bank's problem loans
ratio improved to 8.0% from 10.5% as of the end of 2022, and its
Tier 1 capital ratio remained moderate at 15.9%. Moody's has not
incorporated affiliate support for Golomt Bank, and therefore, the
bank's Adjusted BCA is in line with its BCA of b3.

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

Golomt Bank's b3 BCA is at the same level as Mongolia's sovereign
rating. Therefore, a rating upgrade is unlikely in the absence of
an upgrade of the sovereign rating.

Conversely, Moody's could downgrade Golomt Bank's ratings if the
sovereign rating is downgraded.

The bank's BCA could be downgraded if (1) the bank's solvency
weakens meaningfully with asset quality deterioration, such that
its new nonperforming loan formation ratio rises above 5%, and its
total common equity/risk-weighted assets falls below 10%; (2) or if
its funding and liquidity deteriorate significantly.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in March 2024.

Golomt Bank JSC is headquartered in Ulaanbaatar, Mongolia. The bank
reported total assets of MNT11.5 trillion (USD3.4 billion) as of
the end of 2023.




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

BEHRE DECORATORS: Court to Hear Wind-Up Petition on May 7
---------------------------------------------------------
A petition to wind up the operations of Behre Decorators Limited
will be heard before the High Court at Rotorua on May 7, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 12, 2024.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton


INNOVATIVE HARVESTING: Court to Hear Wind-Up Petition on May 7
--------------------------------------------------------------
A petition to wind up the operations of Innovative Harvesting
Limited will be heard before the High Court at Rotorua on May 7,
2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 13, 2024.

The Petitioner's solicitor is:

          Christina Anne Hunt
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


KONGSTRUCT BRICK: Creditors' Proofs of Debt Due on May 17
---------------------------------------------------------
Creditors of Kongstruct Brick & Block Limited and Southridge
Mechanical & Engineering 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 liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


MT EVEREST: Court to Hear Wind-Up Petition on May 31
----------------------------------------------------
A petition to wind up the operations of Mt Everest Property Holding
Limited will be heard before the High Court at Auckland on May 31,
2024, at 10:00 a.m.

Body Corporate 164205 filed the petition against the company on
April 4, 2024.

The Petitioner's solicitor is:

          Graeme Skeates
          Skeates Law, Unit 1
          19 Edwin Street
          Mt Eden
          Auckland


WAYNE TIMMS: Creditors' Proofs of Debt Due on May 28
----------------------------------------------------
Creditors of Wayne Timms Motor Court Limited are required to file
their proofs of debt by May 28, 2024, to be included in the
company's dividend distribution.

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

The company's liquidators are:
          
          Bryan Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841




===============
P A K I S T A N
===============

PAKISTAN: IMF Approves US$1.1 Billion Funding
---------------------------------------------
Reuters reports that the executive board of the International
Monetary Fund (IMF) approved $1.1 billion in funding for Pakistan
on April 29, the agency said in a statement, amid discussions for a
new loan.

The funding is the second and last tranche of a $3 billion standby
arrangement with the IMF, which Islamabad secured last summer to
help avert a sovereign default, Reuters relates.

According to Reuters, the approval came a day after Pakistan Prime
Minister Shehbaz Sharif discussed a new loan programme with IMF
Managing Director Kristalina Georgieva on the sidelines of the
World Economic Forum in Riyadh.

Islamabad is seeking a new, larger long-term Extended Fund Facility
(EFF) agreement with the fund after the current standby arrangement
expires this month.

Pakistan's Finance Minister, Muhammad Aurangzeb, has said Islamabad
could secure a staff-level agreement on the new program by early
July, Reuters relays.

According to Reuters, Islamabad said it is seeking a loan over at
least three years to help achieve macroeconomic stability and
execute long-overdue and painful structural reforms.

Islamabad is yet to make a formal request, but the Fund and the
government are already in discussions.

If secured, it would be Pakistan's 24th IMF bailout, Reuters
notes.

Reuters adds that the $350 billion economy faces a chronic balance
of payments crisis, with nearly $24 billion to repay in debt and
interest over the next fiscal year - three-time more than its
central bank's foreign currency reserves.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2023, Fitch Ratings affirmed Pakistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'CCC'. Fitch
typically does not assign Outlooks to sovereigns with a rating of
'CCC+' or below.




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

BELFIN INVESTMENTS: Creditors' Proofs of Debt Due on May 27
-----------------------------------------------------------
Creditors of Belfin Investments Pte Ltd, Pine I Residential Pte
Ltd, and Intone Pte Ltd are required to file their proofs of debt
by May 27, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 19, 2024.

The company's liquidators are:

          Victor Goh
          Khor Boon Hong
          Marie Lee
          C/o Baker Tilly
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


TAIPAN TRUSTEE: Creditors' Proofs of Debt Due on May 27
-------------------------------------------------------
Creditors of Taipan Trustee Pte. Ltd. and Taipan Property Holdings
(Singapore) Pte. Ltd. are required to file their proofs of debt by
May 27, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 18, 2024.

The company's liquidators are:

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


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

Maybank Singapore Limited filed the petition against the company on
April 22, 2024.

The Petitioner's solicitors are:

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


VESTAR IRON: Court to Hear Wind-Up Petition on May 10
-----------------------------------------------------
A petition to wind up the operations of Vestar Iron Works Pte Ltd
will be heard before the High Court of Singapore on May 10, 2024,
at 10:00 a.m.

FHL Builders Pte. Ltd. filed the petition against the company on
April 12, 2024.

The Petitioner's solicitors are:

          Cairnhill Law LLC
          30 Cecil Street
          Prudential Tower, #10-05
          Singapore 049712



                           *********


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.

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



                *** End of Transmission ***