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

                     A S I A   P A C I F I C

          Thursday, May 30, 2024, Vol. 27, No. 109

                           Headlines



A U S T R A L I A

ADVANCE STEEL: First Creditors' Meeting Set for June 4
ANGLE ASSET 2024-1: Moody's Assigns (P)B2 Rating to Class F Notes
AURORA FUNDS: ASIC Suspends Company's AFS Licence
BCN EVENTS: Hospitality Group Collapses Into Liquidation
CUTT ABOVE: First Creditors' Meeting Set for June 3

DION LEE: First Creditors' Meeting Set for June 3
GO2 PEOPLE: Reveals Profit in H1 From Debt Forgiveness
GREAT OCEAN: First Creditors' Meeting Set for June 3
LUCKY KWONG: Chef Kylie Kwong to Close Sydney Restaurant
MORTGAGE HOUSE NO.1: S&P Assigns B (sf) Rating to Class F Notes

NOVACARE SOLUTIONS: Moody's Cuts Sr. Secured Debt Rating to Ba2
PINNACLE 2024-T1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
PROGRESS 2024-1: S&P Assigns BB (sf) Rating to Class E Notes
SPMG AUSTRALIA: First Creditors' Meeting Set for June 4
[*] AUSTRALIA: Alarm Raised as Mass Casualties Hit Alcohol Sector



C H I N A

CHINA EVERGRANDE: Liquidators Seek Investors for Restructuring
FOSUN INT'L: Sells HAL to ABN Amro for US$731MM to Boost Liquidity
ORIGIN AGRITECH: Posts RMB1.4MM Net Profit in 2024 First Half
XINHU ZHONGBAO: S&P Places 'B-' LT ICR on CreditWatch Negative
ZHENGWEI GROUP: Poised to Lose Control in Amer, Probe Launched



I N D I A

ACME BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
AJR INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
ANKIT METAL: Insolvency Resolution Process Case Summary
ARAMBAGH HATCHERIES: Liquidation Process Case Summary
AVOCADO REALTY: Insolvency Resolution Process Case Summary

AZAD IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGWATI AIR: CARE Keeps D Debt Rating in Not Cooperating Category
BHARAT HITECH: Insolvency Resolution Process Case Summary
BHATIA HIRE: Insolvency Resolution Process Case Summary
BMI WHOLESALE: CARE Keeps D Debt Ratings in Not Cooperating

CONTINUUM GREEN: Moody's Rates New USD Senior Secured Notes 'Ba2'
DHARTI PROTEINS: Insolvency Resolution Process Case Summary
DOUGLAX INDUSTRIES: Voluntary Liquidation Process Case Summary
ELEGANT INFRACON: Insolvency Resolution Process Case Summary
G.R.S. ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating

GOLDSTAR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
HANNOVER RE: Voluntary Liquidation Process Case Summary
HBS VIEW: CARE Keeps D Debt Rating in Not Cooperating Category
HOTEL HARIMANGLA: CARE Keeps D Debt Ratings in Not Cooperating
K K WELDING: CRISIL Keeps D Debt Ratings in Not Cooperating

KAVAN COTTON: Liquidation Process Case Summary
KUFRI FUN: CARE Keeps D Debt Ratings in Not Cooperating Category
L-COMPS AND IMPEX: CARE Lowers Rating on INR5.0cr LT Loan to D
MERCATOR LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
MUDHAI DAIRY: CRISIL Keeps D Debt Rating in Not Cooperating

NIKI AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
OMICRON POWER: CARE Keeps C Debt Rating in Not Cooperating
P. R. PACKING: CRISIL Keeps D Debt Ratings in Not Cooperating
PAWAR PATKAR: CRISIL Keeps D Debt Ratings in Not Cooperating
PROGNOSYS MEDICAL: CARE Keeps C Debt Rating in Not Cooperating

PVS MEMORIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJGARIA TIMBER: Insolvency Resolution Process Case Summary
RAM CASHEW: CARE Keeps C Debt Rating in Not Cooperating Category
RAOS EDUCATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating
RASANDIK AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating

REAL GROW: CARE Keeps D Debt Ratings in Not Cooperating Category
RMJ MODERN: CARE Keeps C Debt Rating in Not Cooperating Category
SALASAR AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
SBS TRANSPOLE: CARE Keeps C Ratings in Not Cooperating Category
SHIRISH HOTELS: CARE Keeps C Debt Rating in Not Cooperating

SHREE VARDHMAN: Insolvency Resolution Process Case Summary
SHWET BIOTECH: Insolvency Resolution Process Case Summary
SPAN OUTSOURCING: CARE Lowers Rating on INR10cr LT/ST Loan to C/A4
SUPERFINE BLEACHING: CARE Keeps C Debt Rating in Not Cooperating
SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating

TATHVA PROJECTS: CARE Keeps C Debt Rating in Not Cooperating
TG INDIA: Voluntary Liquidation Process Case Summary
VAIKUNTH TOWNSHIPS: Insolvency Resolution Process Case Summary


M O N G O L I A

MONGOLIAN MORTGAGE: S&P Affirms 'B-' LT ICR, Outlook Stable


N E W   Z E A L A N D

BROTHERS BEER: Creditors' Proofs of Debt Due on July 5
FOUR ONE: Creditors' Proofs of Debt Due on June 21
INDEPENDENT SECURITY: Court to Hear Wind-Up Petition on June 11
MAKOV ENTERPRISES: Court to Hear Wind-Up Petition on June 11
SMITH & CAUGHEY'S: Auckland Department Store Set to Close

TAHEKE HAULAGE: BDO Tauranga Appointed as Liquidator


P A K I S T A N

PAKISTAN: To Revive China Belt and Road Initiative Projects


S I N G A P O R E

SIMS URBAN: Commences Wind-Up Proceedings

                           - - - - -


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

ADVANCE STEEL: First Creditors' Meeting Set for June 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Advance
Steel Fixing Pty Ltd will be held on June 4, 2024 at 12:00 p.m. at
110 Harris Street in Harris Park 2150 and by Zoom videoconference.

Antonio (Anthony) Bagala and Suelen McCallum of dVT Group were
appointed as administrators of the company on May 24, 2024.


ANGLE ASSET 2024-1: Moody's Assigns (P)B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Ratings has assigned the following provisional ratings to
ABS notes to be issued by Perpetual Corporate Trust Limited as
trustee of Angle Asset Finance - Radian Trust 2024-1.

Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset
Finance - Radian Trust 2024-1

AUD223.50 million Class A Notes, Assigned (P)Aaa (sf)

AUD26.10 million Class B Notes, Assigned (P)Aa2 (sf)

AUD14.10 million Class C Notes, Assigned (P)A2 (sf)

AUD7.20 million Class D Notes, Assigned (P)Baa2 (sf)

AUD14.70 million Class E Notes, Assigned (P)Ba2 (sf)

AUD4.20 million Class F Notes, Assigned (P)B2 (sf)

The AUD5.10 million Class G1 Notes and AUD5.10 million Class G2
Notes (together, the Class G Notes) are not rated by Moody's.

Angle Asset Finance - Radian Trust 2024-1 is a securitisation of
auto and equipment loans and operating leases originated by A.C.N
603 303 126 Pty Ltd trading as Angle Asset Finance (unrated, Angle
Asset Finance). The obligors in the pool are mainly
small-to-medium-sized enterprises (SME), and also include
corporates and government entities, all domiciled in Australia. The
underlying assets relating to the receivables include, among
others, cars (24.0%), light commercial vehicles (17.3%), trucks
(24.3%) and wheeled equipment (20.7%).

Angle Asset Finance originated 99.8% of the receivables in this
portfolio, with 90.0% and 9.8% originated via broker and vendor
channels, respectively. Capital Finance Australia Limited (CFAL,
unrated), a wholly owned subsidiary of Westpac Banking Corporation
(Westpac, Aa2/P-1), originated the residual 0.2% of the receivables
in this portfolio through its then vendor finance business. All
receivables are serviced by Garrison Lending Operations Pty Limited
(unrated), a wholly owned subsidiary of Angle Asset Finance.

Angle Asset Finance is a non-bank lender providing asset financing
to SMEs, corporates and government entities via brokers and vendor
relationships. Angle Asset Finance has been in operation since
October 2019, and started originating auto and equipment loans to
SMEs via brokers in significant volumes from October 2020. As of
April 30, 2024, its assets under management totalled around AUD1.7
billion. Angle Asset Finance is privately owned by an affiliate
company of Cerberus Capital Management, L.P. as a majority
shareholder and Deutsche Bank AG, Sydney Branch.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility in
the amount of 1.5% of all notes other than the Class G Notes; (5)
the legal structure; (6) experience of Garrison Lending Operations
Pty Limited as servicer; and (7) the presence of Perpetual
Corporate Trust Limited as the back-up servicer.

According to Moody's, the transaction benefits from high level of
excess spread. The portfolio yield of 10.4% - relative to the
transaction expenses - results in a high level of excess spread
available to cover losses arising from the portfolio.

The key weaknesses in the transaction are the limited availability
of historical data and higher-than-expected variability in
performance to date. Firstly, Angle Asset Finance started its
originations via brokers in January 2020, with significant volumes
only beginning in October 2020. Its originations via vendors
started in August 2021. Secondly,  more recent origination cohorts
and, in particular, receivables originated in Q3 2022, Q4 2022 and
Q1 2023 are showing higher early cumulative defaults than prior
origination vintages. As such, the performance of the portfolio
could be subject to greater variability in the future than the
observed performance to date indicates. Moody's have taken this
into account in Moody's asset analysis.

TRANSACTION STRUCTURE AND POOL CHARACTERISTICS

Key transactional features are as follows:

-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date, all notes, other than the Class G Notes, will receive
their pro-rata share of principal, provided step-down conditions
are satisfied. These include, among others, no unreimbursed
charge-offs and payment date occurring prior to the call option
date. If step-down conditions are no longer met, the repayment of
principal will revert to sequential.  The call option date will
occur on the earlier of payment date in June 2027 and the invested
amount of the notes falling below, or equal to, 10% of the initial
invested amount of the notes.

-- Citigroup Global Markets Limited (Citi, A1/P-1/Aa3(cr)/P-1(cr))
-and National Australia Bank Limited  (Aa2/P-1/Aa1(cr)/P-1(cr))
will provide fixed rate swaps for around 39.9% and 60.1% of the
total swap notional, respectively, as of closing date. The swaps
will hedge the interest rate mismatch between the assets bearing a
fixed rate of interest, and floating rate liabilities. As at
closing, the total swap notional will correspond to all notes,
other than the Class G2 Notes. The total swap notional will follow
a schedule based on amortisation of the assets assuming a certain
prepayment rate.

Key pool features are as follows:

-- The pool has a weighted average seasoning of 7.9 months.

-- The proportion of loans with a balloon payment is 35.1%.

-- Interest rates in the portfolio range from 4.1% to 20.7%, with
a weighted average interest rate of 10.4%.

-- Loans underwritten on the basis of 'no financials' verification
represent around 94.5% of the pool.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") is 28%. Moody's
expected default rate for this transaction is 5.8% and expected
recovery is 20%, resulting in an expected loss of around 4.6%.

The expected loss captures 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. The expected default rate, recovery and
PCE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in Moody's cash flow
model.

Moody's have estimated expected default rate and PCE for this deal
on the basis of:

-- Cumulative default rates observed to date, taking into account
that more recent origination vintages, and in particular Q3 2022,
Q4 2022 and Q1 2023, are showing higher early cumulative defaults
than prior origination vintages.

-- Benchmarking with other SME auto and equipment receivable
portfolios in the market, in view of short performance history of
receivables originated by Angle Asset Finance.

Moody's asset assumptions also reflect qualitative analysis
including portfolio characteristics, the limited operational track
record of Angle Asset Finance as an originator and servicer and the
current economic environment in Australia.

Methodology Underlying the Rating Action

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

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or a
better-than-expected collateral performance. The Australian economy
and job market are primary drivers of performance.

Factors that could lead to a downgrade of the notes is a
worse-than-expected collateral performance, poor servicing, error
on the part of transaction parties, a deterioration in the credit
quality of transaction counterparties, a lack of transactional
governance, or fraud.

AURORA FUNDS: ASIC Suspends Company's AFS Licence
-------------------------------------------------
The Australian Securities & Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of Aurora
Funds Management Limited until Sept. 20, 2024.

Aurora is the responsible entity of 6 registered managed investment
schemes, the Aurora Absolute Return Fund (ARSN 110 303 430); HHY
Fund (ARSN 112 579 129); Aurora Property Buy-Write Income Trust
(ARSN 125 153 648); Aurora Global Income Trust (ARSN 127 692 406);
Aurora Fortitude Absolute Return Fund (ARSN 145 894 800); and
Aurora Dividend Income Trust (ARSN 151 947 732) (collectively
referred to as 'the Schemes').

ASIC found Aurora failed to meet statutory audit and financial
reporting lodgement obligations for:

   * itself for the financial years ending 2022 and 2023;

   * the Schemes:

      - for the financial year ending 2023 and,

      - excluding the Aurora Fortitude Absolute Return Fund, for
        the half-year ending Dec. 31, 2023.

The licence suspension means that Aurora cannot provide financial
services including issuing any new interests in the Schemes.
However, in the interest of ensuring investors in the Schemes are
not disadvantaged by the suspension order, ASIC has made the
suspension subject to a specification enabling Aurora to continue
to provide financial services that are reasonably necessary for, or
incidental to, the day-to-day operation of the Schemes.

The suspension will be lifted earlier if Aurora complies with its
audit and financial reporting lodgement obligations.  ASIC may
consider further action if Aurora has not complied with its
obligations at the end of the suspension period.

Aurora may apply to the Administrative Appeals Tribunal for a
review of ASIC's decision.

Aurora has held AFS licence number 222110 since Sept. 2, 2002. It
is authorised under the licence to operate the Schemes as
responsible entity.


BCN EVENTS: Hospitality Group Collapses Into Liquidation
--------------------------------------------------------
News.com.au reports that a hospitality group has collapsed into
liquidation, with all seven of its business ceasing to trade
immediately while 90 staff have been affected.

On May 28, BCN Events Group entered liquidation, appointing Mark
Holland, Jamie Harris and Anthony Connelly of restructuring firm
McGrath Nicol as liquidators, news.com.au discloses.

According to news.com.au, the Brisbane-based hospitality group
operated seven venues specialising in bakery goods which have all
shut down overnight. Those businesses include cooking school
Lumiere Culinary Studio and popular cafe Mica which had locations
in Newstead and the CBD.

News.com.au relates that King Street Bakery, based in Bowen Hills,
wholesale service provider the Kneadery in Newstead and a
commercial production kitchen in Brisbane have also shut.

There were 90 people employed across the seven venues.

"We intend to work with staff, customers and suppliers during this
difficult time," the liquidators said in a statement to
news.com.au.

The bakery empire was headed by award chef Shannon Kellam.

Mr. Kellam also runs the French fine dining restaurant Montrachet
and another Mica cafe in the Brisbane's airport which continue to
trade and are not caught up in the collapse.

News.com.au contacted Mr. Kellam for comment.


CUTT ABOVE: First Creditors' Meeting Set for June 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Cutt Above
Shearing Pty Ltd will be held on June 3, 2024 at 4:00 p.m. via
Microsoft Teams platform.

Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on May 22, 2024.


DION LEE: First Creditors' Meeting Set for June 3
-------------------------------------------------
A first meeting of the creditors in the proceedings of Dion Lee
Enterprise (USA) Pty. Limited and Dion Lee Enterprise Pty Ltd will
be held on June 3, 2024 at 3:00 p.m. via virtual meeting only.

Henry Kwok and Antony Resnick of dVT Group were appointed as
administrators of the company on May 22, 2024.


GO2 PEOPLE: Reveals Profit in H1 From Debt Forgiveness
------------------------------------------------------
Staffing Industry Analysts reports that The Go2 People Ltd.
published its half-yearly accounts. Profit for the half-year
attributable to the owners of The Go2 People amounted to
AUD12,867,741 (USD8.5 million) (Dec. 31. 2022: loss of AUD2,227,000
(USD1.5 million)).

The company entered into voluntary administration in May 2023 amid
a significant legal dispute with one of its clients and money owed
to the Australian Taxation Office, the report notes.

According to Staffing Industry Analysts, the profit was recorded
only due to debt forgiveness of AUD12,916,427 (USD8.6 million)
one-off debt forgiveness resulting from finalization of Deed of
Company Arrangements (DOCA). A DOCA is an alternative form of
administration which enables a company to restructure itself in
order to facilitate its ongoing corporate existence and trading
ability, and deal with the company's creditors' existing claims
under a formal arrangement.

Save for the debt forgiveness, the company made a loss of AUD48,686
(USD32,471), the report discloses. Reduction in loss from ordinary
activities resulted from discontinuation of operations when the
group entered into External Administration in May 2023.

There was no revenue attributable to the company during the period,
as revenue-generating assets were disposed of, and any proceeds
were used by the External Administrators to pay off the debts,
according to Staffing Industry Analysts. The company has incurred
only administrative costs.

During the half-year, the company has finalised a DOCA that has
finished its Voluntary Administration. Funds to cover the DOCA were
sourced in a capital raising of AUD182,000 (USD121,179), which was
completed on 9 November 2023.

The Go2 People Ltd. is a Perth, Australia-based provider of
recruitment and training services.


GREAT OCEAN: First Creditors' Meeting Set for June 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Great Ocean
Road Gin Pty Ltd will be held on June 3, 2024 at 11:00 a.m. at the
offices of Cor Cordis at Level 29, 360 Collins Street in Melbourne
and via virtual meeting.

Sam Kaso and Shaun Matthews of Cor Cordis were appointed as
administrators of the company on May 22, 2024.


LUCKY KWONG: Chef Kylie Kwong to Close Sydney Restaurant
--------------------------------------------------------
News.com.au reports that an iconic Australian chef has announced
she is closing down her restaurant and quitting the hospitality
industry for good.

On May 27, Kylie Kwong, a well-known chef who has been a staple in
Sydney's culinary scene for the past 24 years, delivered the news
to her 100,000 followers on social media, news.com.au says.

"At the end of June I am hanging up my restaurateur hat," Ms Kwong
wrote.

On June 26, Lucky Kwong, her Australian-Cantonese restaurant based
in Eveleigh in Sydney's inner west, will close, news.com.au
reports.

Ms. Kwong, 55, plans to use the new-found time on her hands to
"relax and reflect" before using her food background to become
involved in social enterprises, particularly with a focus on
Australia's First Nations people and multicultural communities.

According to news.com.au, Ms. Kwong made reference to the fact that
the hospitality industry is facing tough times, but that this
played only a small role in her decision to move her career in a
different direction.

"For all the many challenges that come with being in the
hospitality industry, I consider myself fortunate for I have had
far more positive experiences than negative," the report quotes Ms.
Kwong as saying.

"Everyone is feeling it. I have never seen the restaurant industry
in such tough times as it is right now."

According to news.com.au, Ms. Kwong became a household name in
Australia after doing an apprenticeship with famous Aussie chef
Neil Perry in the 1990s and working her way up the food chain.

She became one of the nation's first female culinary icons through
her TV cooking programs and cookbooks.

In 2000, Ms. Kwong opened her own restaurant, in partnership with
the late Bill Granger.

This restaurant, named Billy Kwong, was first based in Sydney's
Surry Hills but then moved to Potts Point. It shut down in 2019.

In 2021, she opened Lucky Kwong, but that too is now closing,
news.com.au notes.

Ms Kwong was appointed a member of the Order of Australia last
year.

"Food and cooking continues to be my love language, and with you, I
want to farewell these last 24 years on an absolute high," she
added.


MORTGAGE HOUSE NO.1: S&P Assigns B (sf) Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Prime Series 2024-1. Mortgage
House RMBS Prime Series 2024-1 is a securitization of residential
mortgages originated by Mortgage House of Australia Pty Ltd.

The ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio and we believe the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance on 3.93% of the loans in the portfolio,
and excess spread.

"We have taken into account the servicing, underwriting standards
and centralized approval process of the seller, Mortgage House of
Australia."

The various mechanisms to support liquidity within the transaction,
including a liquidity facility equal to 1.5% of the outstanding
balance of the notes and principal draws are sufficient under S&P's
stress assumptions.

The transaction benefits from a fixed- to floating-rate
interest-rate swap provided by National Australia Bank Ltd. to
hedge the mismatch between receipts from any fixed-rate mortgage
loans and the variable-rate RMBS.

S&P has also factored into its ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
its criteria for insolvency remoteness.

  Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS

  Prime Series 2024-1

  Class A1-S, A$150.00 million: AAA (sf)
  Class A1-L, A$487.50 million: AAA (sf)
  Class A2, A$52.50 million: AAA (sf)
  Class AB, A$10.13 million: AAA (sf)
  Class B, A$15.75 million: AA (sf)
  Class C, A$13.50 million: A (sf)
  Class D, A$9.00 million: BBB (sf)
  Class E, A$5.25 million: BB (sf)
  Class F, A$3.37 million: B (sf)
  Class G1, A$1.50 million: Not rated
  Class G2, A$1.50 million: Not rated


NOVACARE SOLUTIONS: Moody's Cuts Sr. Secured Debt Rating to Ba2
---------------------------------------------------------------
Moody's Ratings has downgraded Novacare Solutions Partnership's
senior secured rating to Ba2 from Baa2 and maintained the negative
outlook.

Novacare Solutions Partnership and Novacare Services Pty Ltd
(together known as Novacare), entered into contractual arrangements
with the State of New South Wales (the "State", rated entity New
South Wales Treasury Corporation, Aaa stable) to redevelop and
operate the Mater Hospital precinct in Newcastle, Australia, under
a public private partnership (PPP).

Novacare has subcontracted its facility management services
obligations to Honeywell Limited and Medirest (Australia) Pty Ltd.
These service providers' contractual obligations are backed by
guarantees from their highly rated parents Honeywell International
Inc. (A2 positive) and Compass Group PLC (A2 stable), respectively.
In particular, Moody's understands that such guarantees are payable
on demand. Plenary Group carries out management services for the
SPV.

The downgrade to Ba2 mainly reflects Moody's assessment that
Novacare's operating risk profile is further weakening, following
the State seeking to levy further material abatements on Novacare
in March and April 2024. Honeywell is contesting the majority of
these claimed abatements, and consequently they have not yet
crystallised. Still, such a trend is inconsistent with Moody's
previous expectation that the project's performance would improve
and claimed abatements would consequently reduce. The increasing
and significant amounts of abatement claims by the State could, if
found to be valid in a future arbitration process, lead to
liquidity draws on Novacare and/or termination by the State.

The negative outlook reflects the uncertainty as to the timing and
outcome of a resolution of the contested abatements, as well as the
ongoing operating performance and related relationship challenges
between the project's various stakeholders.

RATINGS RATIONALE

Novacare has reported that the State has notified it of additional
material potential abatements in recent months, due to the State
alleging that Honeywell's operating performance continues to be
inconsistent with contractual requirements.

Given that Honeywell is disputing the majority of the claimed
abatements, the State has to date only abated the project's
availability revenue streams by a small percentage of the total
potential abatements, that have been fully passed through to
Honeywell. Moody's assesses that the magnitude of the disputed
abatements is such that any dispute resolution outcome that is
largely in the State's favour could result in the State having the
right to terminate the project deed and/or make a substantial
monetary claim on Novacare.

That said, Moody's notes that the current amount of the State's
claimed abatements is currently below the level of Honeywell's
guarantee, which mitigates the risk of Novacare experiencing a
liquidity shortfall under such a downside scenario.

The persistence of material abatements is, in Moody's view,
indicative of a continued weakening in Novacare's operating risk
profile and its relationship with the State counterparty. The
volume of abatements in certain months neared thresholds that could
have led to the State issuing a breach notice under the project
deed, and they currently remain at a level above what Moody's would
expect from an established hospital PPP.

Nevertheless, Moody's regards Honeywell and Plenary in its capacity
as manager of Novacare as being well resourced and experienced
companies with established relationships with the State.

Novacare Solutions Partnership's Ba2 rating fundamentally reflects
the Mater Hospital Project's stable and predictable revenue stream,
underpinned by the non-volume-linked availability payments from the
highly rated State counterparty.

The rating also benefits from the project's fully amortising debt
and absence of refinancing risk as well as a likelihood of high
recovery rates, based on the project's termination payment regime
in the unlikely event of an early termination.

The rating is however constrained by Novacare's high financial
leverage and the predetermined nature of its revenue, because these
factors limit its financial flexibility to manage losses from
unexpected events.

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

An upgrade of Novacare's rating is unlikely given the performance
disruptions, high financial leverage and limited revenue
flexibility.

Moody's could return the outlook to stable if the abatements are
resolved in the project's favour or in a manner that does not
materially impact its financial profile, and if the operating
performance challenges are resolved.

On the other hand, Moody's could downgrade Novacare's rating if (1)
its operating performance and/or potential abatements are not
resolved and/or are subject to further deterioration; (2) Novacare
incurs materially higher-than-expected costs that cannot be
recovered on a timely basis from third parties; (3) the credit
profile of the facility management subcontractors weakens
materially; or (4) the State's rating is downgraded.

The principal methodology used in this rating was Operational
Privately Financed Public Infrastructure (PFI/PPP/P3) Projects
published in March 2023.

Novacare Solutions Partnership and Novacare Services Pty Ltd
(together known as Novacare) contracted with NSW Health to
redevelop and operate the Mater Hospital precinct in Newcastle
under a public private partnership structure, with a concession
period ending in 2033.

PINNACLE 2024-T1: S&P Assigns Prelim BB (sf) Rating to Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to six of the seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by BNY Trust Co. of Australia Ltd. as trustee for
Pinnacle Series Trust 2024-T1.

The preliminary ratings reflect the following factors.

S&P said, "We have assessed the credit risk of the underlying
collateral portfolio and believe the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 9.1% of the portfolio.

"We believe the various mechanisms to support liquidity within the
transaction, including an amortizing liquidity reserve equal to
0.80% of the initial aggregate principal outstanding on the pool of
mortgage loans, principal draws, and an excess revenue reserve, are
sufficient under our stress assumptions to ensure timely payment of
interest on the rated notes."

There is an extraordinary expense reserve of A$150,000, funded at
the closing date and available to meet extraordinary expenses. The
reserve is to be topped up from excess spread, if any, to the
extent it has been drawn.

S&P's ratings also reflect the legal structure of the trust, which
has been established as a special-purpose entity and meets its
criteria for insolvency remoteness.

  Preliminary Ratings Assigned

  Pinnacle Series Trust 2024-T1

  Class A, A$322.000 million: AAA (sf)
  Class AB, A$14.385 million: AAA (sf)
  Class B, A$4.585 million: AA (sf)
  Class C, A$3.675 million: A (sf)
  Class D, A$2.100 million: BBB (sf)
  Class E, A$1.610 million: BB (sf)
  Class F, A$1.645 million: Not rated


PROGRESS 2024-1: S&P Assigns BB (sf) Rating to Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Progress 2024-1 Trust. Progress
2024-1 Trust is a securitization of prime residential mortgages
originated by AMP Bank Ltd.

S&P said, "The ratings reflect our view of the credit risk of the
underlying collateral portfolio and the credit support provided to
each class of rated notes are commensurate with the ratings
assigned. Credit support is provided by subordination, lenders'
mortgage insurance (LMI), and excess spread, if any. Our assessment
of credit risk considers AMP Bank's underwriting standards and
approval process, which are consistent with industrywide practices,
the servicing quality of AMP Bank, and the support provided by the
LMI policies on 5.4% of the portfolio.

"We believe the rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
mechanism for trapping excess spread into an excess reserve, the
provision of a liquidity reserve, and the provision of an income
reserve--funded by AMP Bank at closing to cover extraordinary
expenses--sized at a level consistent with the ratings. All rating
stresses are made on the basis that the trust does not call the
notes at or beyond the first call-option date, and that all rated
notes must be fully redeemed via the principal waterfall mechanism
under the transaction documents.

"Our ratings also consider the counterparty exposure to Australia
and New Zealand Banking Group Ltd. and MUFG Bank Ltd. as bank
account providers. The transaction documents include downgrade
remedies consistent with our counterparty criteria. The legal
structure of the trust is established as a special-purpose entity
and meets our criteria for insolvency remoteness."

  Ratings Assigned

  Progress 2024-1 Trust

  Class A, A$690.000 million: AAA (sf)
  Class AB, A$30.525 million: AAA (sf)
  Class B, A$9.750 million: AA (sf)
  Class C, A$8.175 million: A (sf)
  Class D, A$4.500 million: BBB (sf)
  Class E, A$3.525 million: BB (sf)
  Class F, A$3.525 million: Not rated


SPMG AUSTRALIA: First Creditors' Meeting Set for June 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of SPMG
Australia Pty Ltd will be held on June 4, 2024 at 1:00 p.m. at
Level 3, 12 Short Street in Southport.

Anne Meagher and Matthew Bookless of SV Partners were appointed as
administrators of the company on May 23, 2024.


[*] AUSTRALIA: Alarm Raised as Mass Casualties Hit Alcohol Sector
-----------------------------------------------------------------
News.com.au reports that an industry insider is sounding the alarm
on the alcohol sector as onerous taxes and a massive drop in demand
drives breweries to their knees across Australia.

According to news.com.au, Nick Boots, an industry consultant from
The Business of Beer Consulting and Advisory and previously the
general manager of popular Byron Bay brewery Stone & Wood, has
warned that the recent collapse of Melbourne-based Deeds Brewery
won't be the last to rock the sector.

Earlier this month, the "proudly independent" and award-winning
Deeds Brewing announced it was going into liquidation and shutting
down forever, after previously going into administration and trying
to trade its way out of disaster.

Its collapse will leave 50 staff members without jobs.

Mr. Boots told news.com.au that Deeds was paying "huge rent that
was unsustainable", coming in at more than AUD700,000.

On top of that, Mr. Boots said they "specialised in 'limited
release' beers that were very inefficient to produce".

"Excise tax and overhead costs like electricity and malt have
increased more than 20 per cent in the last two years," he added.
"Brewers like Deeds struggled to pass on these increased costs to
drinkers."

A number of other independent breweries have gone into
administration in the past year including Brisbane-based Ballistic
Beer Company, Adelaide business Big Shed Brewing, Melbourne-based
Hawkers Brewery and the Wayward brand and Akasha Brewery, both from
Sydney, news.com.au relays.

Deeds Brewery is the first to be unable to negotiate a deed of
company arrangement, or a DOCA, with its creditors, forcing it to
go into liquidation.

It's an issue many craft beer breweries are experiencing amid the
economic downturn, according to Mr. Boots.

"Craft beer was the hot thing" from 2005 until the post-Covid
economic downturn, news.com.au quotes Mr. Boots as saying.  "So
many new market entrants came into the industry with little
experience and little capital funding," he said.

"The market was growing at triple digits for many years. Now the
music has stopped.

"Craft beer is here to stay but it is flat."

News.com.au says the government-imposed tax excise is the largest
cost for every brewer but during the Covid-19 pandemic, the
Australian Tax Office (ATO) allowed these businesses to defer their
payments.

"The concept was 'we'll help you preserve cash and then we'll
negotiate a repayment plan'," Mr. Boots explained.

"We've seen a number of breweries taking that cash saving and
they've invested that in capital expenditure, new brewing
equipment, opening up new venues.

"Now the ATO have said we want our money back."

Brewers are also being hit with a double whammy because the excise
tax rises twice a year in line with inflation, which is higher than
it's been in decades, news.com.au relays.

The tax charged on spirits and beer - known as the excise tax -
varies depending on the alcohol content of each drink.

The most recent increase happened in February, where one litre of
pure alcohol will now be subject to AUD101.85 cents of excise - up
from AUD100.05 - a rise of 1.8 per cent.

Brewers Association of Australia chief executive John Preston
previously told news.com.au that Australia has the third highest
beer tax in the world, after only Norway and Finland.

It's also getting harder and harder for breweries to make money and
scrape themselves out of a financial black hole.

"We're now seeing a bit of a shift back to more industrial
mainstream beers," news.com.au quotes Mr. Boots as saying.

"I don't think it's flavour driven or brand driven, it's just price
driven."

There's also been an uptick in supermarkets selling generic brands
of beer.

"It looks like boutique craft beers but it's actually mass
produced," he said. "They're able to price them significantly
cheaper than the independent craft brewers can."

Some independent brewers are charging as much as AUD17 for a pint
of beer to claw back some profit.

"And that's where consumers baulk," Mr. Boots said.

He added that: "I'm finding for some brewers, their taproom is the
sole source of reasonable income and margin as consumers go out
less."




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

CHINA EVERGRANDE: Liquidators Seek Investors for Restructuring
--------------------------------------------------------------
Reuters reports that China Evergrande Group said on May 28 its
liquidators have made only "modest realisations" of the company's
assets and were now seeking investors for restructuring.

The embattled developer's "liquidity and other internal resources
remain limited," a filing by the company showed, Reuters relays.

"In view of the company's level of indebtedness and the challenges
faced by the Group's business and operations, in the absence of
substantial new investment into the company, the liquidators do not
currently see a path to a restructuring that would enable the
Company to satisfy the resumption guidance," the liquidators, as
cited by Reuters, said in the filing.

The company said its trading of its shares will remain suspended
until further notice, Reuters adds.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

On Jan. 29, 2024, a Hong Kong court ordered the liquidation of
China Evergrande Group.

FOSUN INT'L: Sells HAL to ABN Amro for US$731MM to Boost Liquidity
------------------------------------------------------------------
Daniel Ren at South China Morning Post reports that Fosun
International, one of China's largest private-sector conglomerates,
has accelerated its pace of asset disposal after agreeing to sell
German lender Hauck & Aufhauser Lampe (HAL) to Dutcj bank ABN Amro
for EUR672 million (US$731 million).

According to the Post, Shanghai-based Fosun, controlled by Chinese
billionaire Guo Guangchang, announced on May 28 that the proceeds
of the sale will be used to replenish general working capital.

The Post relates that the deal, the second asset sale conducted by
Fosun in Europe since mid-April, is expected to close in the first
quarter of 2025. Last month, Fosun sold an 8.2 per cent stake in
Belgian insurer Ageas to BNP Paribas for EUR670 million.  The
divestment aims at streamlining Fosun's portfolio and "enhancing
[our] asset-light operation strategy", the company said in a filing
to the Hong Kong stock exchange. "It also demonstrates the
company's continuous efforts to create maximum value for its
shareholders."

Fosun, which is involved in a wide range of industries including
tourism, pharmaceuticals, real estate and financial services, aims
to cut its debts by CNY10 billion (US$1.38 billion) annually in the
next two to three years, co-chairman Wang Qunbin said during an
earnings briefing on March 28.

An asset-light strategy refers to a business model under which a
company has only a small amount of fixed assets on its balance
sheet.

"[Fosun] could dispose of more noncore assets and could even target
disposing of its stake in Hainan Mining, which could generate more
than enough liquidity for all of its capital market debts," Andrew
Chan, a Bloomberg Intelligence analyst, said in a research note on
May 28.

Fosun owns nearly half of Shanghai-listed Hainan Mining, which has
a market capitalisation of CNY14.6 billion.

Since April 2023, Fosun has spent more than US$46 million to buy
its Hong Kong-listed shares as a way of boosting investor
confidence, according to Mr. Chan, the Post relays. He added that
Fosun is comfortable with its current liquidity buffer, which still
has more than US$2 billion in assets that could be disposed of to
enhance liquidity.

Fosun reduced its interest-bearing debts, such as bank loans and
corporate bonds, by CNY15 billion to CNY211.9 billion in 2023,
according to the company's annual earnings report. It posted a net
profit of CNY1.38 billion for 2023, turning around from a net loss
of CNY831.8 million a year earlier, the Post discloses. Its revenue
grew 8.6 per cent to CNY198.2 billion.

Taking over HAL will strengthen ABN Amro's position as one of the
top three wealth-management firms in Germany and increase its
assets by EUR26 billion.

"This is a rare opportunity to add scale to our German activities,"
the Post quotes ABN Amro CEO Robert Swaak as saying in a statement.
"The proposed acquisition will further strengthen our position and
offer employees of the combined group the opportunity to play a
driving role in the consolidating German market."

Fosun Tourism Group, Fosun International's leisure and tourism
unit, is courting both domestic and international investors,
according to the Post. The group, which owns popular resort chain
operator Club Med, announced in mid-March it was open to strategic
investment as it embarked on the asset-light strategy.

Investors who "share the same values and agree upon the company's
strategy" are welcome to acquire stakes in all units, Xu Xiaoliang,
Fosun Tourism's chairman, said during a media briefing, the Post
relays.

                     About Fosun International

Fosun International Limited provides diversified services. The
Company offers products and services for families in health,
happiness, and wealth businesses. Fosun International serves
clients worldwide.

As reported in the Troubled Company Reporter-Asia Pacific in early
June 2023, S&P Global Ratings revised its rating outlook to stable
from negative on Fosun International Ltd. At the same time, S&P
affirmed its long-term issuer and issue credit ratings on Fosun at
'BB-'.

The stable rating outlook reflects S&P's expectation of moderating
refinancing risk and further deleveraging via asset recycling over
the next 12-18 months.

ORIGIN AGRITECH: Posts RMB1.4MM Net Profit in 2024 First Half
-------------------------------------------------------------
Origin Agritech Limited filed its unaudited financial results for
the first half of FY2024 ended March 31, 2024, with the U.S.
Securities and Exchange Commission, reporting a net revenue of
RMB92 million (US$13 million) during the first half year of FY2024,
compared to RMB66.1 million for the first half year of FY2023.

Total operating expenses for the first half year of FY2024 were
RMB13.4 million (US$1.9 million), down 10% from RMB15 million for
the same period a year ago. Selling and marketing expenses for the
first half year of FY2024 were RMB3.5 million (US$0.5 million),
compared to RMB3.9 million a year ago. General and administrative
expenses decreased 19% to RMB6.7 million (US$ 1.0 million), down
from RMB8.3 million a year ago. Research and development expenses
for the first half year of FY2024 were RMB3.2 million (US$0.5
million), up 13% from RMB2.8 million a year ago.

Total operating income for the first half year of FY2024 was RMB4.3
million (US$0.6 million), compared to total operating loss of
RMB0.2 million reported a year ago.

The interest expense during the first half year of FY2024 was
RMB0.4 million (US$0.1 million), compared to interest income of
RMB0.02 million reported a year ago. There was no rental income
during the first half year of FY2024.

Net profit attributable to the Company for the first half year of
FY2024 was RMB1.4 million (US$0.2 million), compared to the net
loss of RMB1.1 million a year ago.

Income per ordinary share for the first half of FY2024 was RMB0.21
(or US$0.03), compared to the loss per share of RMB0.17 during the
same period a year ago.

The Company's cash and cash equivalents as of March 31, 2024, were
RMB10.4 million (US$1.5 million), a decrease of RMB13.3million from
the cash and cash equivalents of RMB23.7 million as of September
30, 2023.

A full-text copy of the Company's report filed on Form 6-K is
available at https://tinyurl.com/3ppjdxs9

                        About Origin Agritech

Headquartered in Beijing, China, Origin Agritech Limited, along
with its subsidiaries, is focused on agricultural biotechnology,
operating in the PRC.  The Company's seed research and development
activities specialize in crop seed breeding and genetic
improvement.  Origin believes that it has built a solid capacity
for seed breeding technologies, including marker-assisted breeding
and doubled haploids technologies, which it believes, along with
its rich germplasm resources, will allow it to become a significant
seed technology company in China.

As of March 31, 2024, the Company has RMB223.4 million (US$31.5
million) in total assets, and RMB299.8 million (US$42.3 million) in
total liabilities.

Lakewood, Colo.-based BF Borgers CPA PC, the Company's auditor
since 2020, issued a "going concern" qualification in its report
dated Feb. 15, 2024, citing that the Company incurred recurring
losses from operations, has net current liabilities and an
accumulated deficit that raise substantial doubt about its ability
to continue as a going concern.

XINHU ZHONGBAO: S&P Places 'B-' LT ICR on CreditWatch Negative
--------------------------------------------------------------
S&P Global Ratings placed on CreditWatch with negative implications
the following ratings: the 'B-' long-term issuer credit rating on
Xinhu Zhongbao Co. Ltd.; and the 'CCC+' long-term issue ratings on
the senior unsecured notes the company guarantees.

S&P expects to resolve the CreditWatch once it has enough details
to assess Xinhu's measures to manage its liquidity and capital
structure. Such measures include a refinancing plan on its offshore
short-term maturities, as well as disposal of its equity
investments.

Xinhu's concentrated short-term debt maturities and thin cash
balance weigh on its liquidity. The company's cash balance is far
from sufficient to serve its short-term borrowing. S&P estimates
Xinhu's adjusted accessible cash at end-March 2024 covers only 20%
of its short-term borrowing, down from about 30% as of end-2023.

The increased shortfall is mainly due to the company's concentrated
debt maturities in the first quarter of 2025. These maturities
include more than Chinese renminbi (RMB) 5 billion equivalent of
offshore secured bank borrowings, leading to a surge in short-term
borrowings to RMB17.9 billion as of March 31, 2024, (according to
the first quarter report of 2024), from RMB12 billion as of
end-2023. Xinhu also has a U.S. dollar bond coming due in September
2024, with outstanding maturities of US$494 million. Thus far, the
company's refinancing progress on offshore borrowings is slower
than S&P's expectation.

S&P needs more details to access Xinhu's refinancing plan and
progress. If the company fails to refinance the bond, it will have
to utilize internal resources (including disposing of assets) to
repay debt. However, this is subject to market and execution
risks.

The liquidity buffer of Xinhu's unpledged and marketable investment
portfolio has shrunk. The company has a record of disposing its
onshore and offshore investment portfolio for liquidity. However,
the market value of the portfolio has decreased significantly over
the past year, especially the value of shares Shengjing Bank Co.
Ltd. and Sunshine Insurance Group Co. Ltd., two of Xinhu's major
investments. S&P said, "We estimate the current market value of
Xinhu's remaining liquid investments that are ready for sale is
RMB2.0 billion. This amount excludes the borrowings pledged by
these shares. We didn't include Xinhu's investment in China Citic
Bank Corp. Ltd. in our liquidity source because we consider it as a
long-term strategic investment."

The introduction of state-owned shareholding is on schedule. In
January 2024, Xinhu announced it will introduce Quzhou Zhibao
Enterprise Management Partnership Enterprise, a state-owned
enterprise (SOE) in Quzhou, Zhejiang province, as a shareholder.
About 18.43% interest will to be transferred to the SOE from the
current largest shareholder, Zhejiang Xinhu Group Co. Ltd., Mr.
Huang Wei, and their persons acting in concert.

As of end-April 2024, 13.28% stake in Xinhu had been transferred to
Quzhou Zhibao. Xinhu had in August 2023 introduced another 100% SOE
in Quzhou as the second-largest shareholder (10.11% interest). As a
result, Quzhou State-owned Assets Supervision and Administration
Commission (SASAC) owned 23.39% interest in Xinhu as of end-April
2024.

On completion of the last phase of the transaction, Quzhou SASAC
will indirectly hold 28.54% interest in Xinhu, slightly more than
the holding of Zhejiang Xinhu, Mr. Huang Wei, and their persons
acting in concert. The latter will remain the controlling
shareholder.

The introduction of SOE shareholders could help Xinhu to maintain
its strong relationships with banks and other financial
institutions. That said, it is unlikely to have a direct positive
influence on the company's strained liquidity over the next 12
months.

S&P said, "We expect to resolve the CreditWatch once we have more
details on Xinhu's refinancing plan for its upcoming offshore
maturities. We will then be better placed to assess the company's
liquidity and capital structure.

"We may lower our ratings on Xinhu if the company's liquidity
further deteriorates, such that its capital structure appears to be
unsustainable, or if debt nonpayment risks increase." Indications
of this could be:

-- The company failing to execute refinancing plans to
sufficiently address its upcoming maturities, including the U.S.
dollar bond due in September 2024 and offshore secured bank loans
due in the first quarter of 2025; or

-- Sluggish property sales or delayed project presales, leading to
a weaker operating cashflow.

Xinhu may be able to sustain its credit quality in line with S&P's
'B-' rating if the company refinances its short-term maturities, or
it efficiently executes material asset disposals to ease the
liquidity strain.


ZHENGWEI GROUP: Poised to Lose Control in Amer, Probe Launched
--------------------------------------------------------------
Yicai Global reports that Zhengwei Group stands on the brink of
losing its majority stake in Jiangsu Amer New Material through a
judicial auction, and as the firm is probed by China's securities
regulator.

Just under 3.8 percent of Amer New Material's equity, held by
Zhengwei subsidiary Shenzhen Yiwei New Materials, was auctioned off
on May 24, the Rugao-based company said on May 27, Yicai relays.
The winning bid was from new materials firm Yinque, which has no
affiliation with any of Amer New Material's major shareholders, at
CNY261 million (USD36 million).

According to Yicai, the sale has decreased Zhengwei's holdings to
18.8 percent and Jiangsu Jiuding Group and its persons acting in
concert are now the biggest shareholder with a stake of 20.3
percent.

Yicai says the auction was ordered by the Fuzhou Municipal
Intermediate People's Court in southeastern Fujian province on May
23, which together with the Chengdu Municipal Intermediate People's
Court froze part of Shenzhen Yiwei's holdings in Amer New Material
on Nov. 24 last year and then all of it on Nov. 27. Although the
chairman at the time, Wang Weiyin, became aware of the situation on
Dec. 19, Amer New Material did not disclose it until Jan. 12.

Yicai relates that the country's securities watchdog has also filed
a case against Amer New Material for alleged multiple disclosure
violations, the company said in a separate statement on May 27. The
China Securities Regulatory Commission's branch in eastern Jiangsu
province has issued warning letters to Amer New Material and Wang,
who was also board secretary of the firm, and recorded them in the
securities and futures market integrity files.

Zhengwei Group owns around 30 percent of China's copper reserves at
about 30 million tons, financial magazine Anhui Business said in
2016, Yicai notes. At the time, Wang was hailed as 'the world's
copper king.' But since last October, the group has been embroiled
in a number of lawsuits, and had many of its assets frozen, adds
Yicai.




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

ACME BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Acme Builders
Private Limited (ABPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan              50          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letter and email dated April 19, 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 ABPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continues to be 'CRISIL D Issuer Not Cooperating'.

ABPL, incorporated in 2010, is promoted by Mr. Harsh Kohli, Mr.
Jogesh Kohli, Mr. Ashween Singh, Mr. Mohinder Paul Singh Grewal and
Mr. Sukhwant Singh. The company has two ongoing residential
projects, Acme Floors and Acme Eden Court in Mohali (SAS Nagar),
Punjab.

AJR INFRA: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of AJR Infra
& Tolling Limited continue to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank     35.00       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 March 1, 2023
placed the rating(s) of AJR Infra & Tolling Limited under the
'issuer non-cooperating' category as AJR Infra & Tolling Limited
had failed to provide information for monitoring of the rating. AJR
Infra & Tolling Limited continues to be non-cooperative despite
repeated requests for submission of information through emails,
phone calls and a letter/email dated January 15, 2024, January 25,
2024 and 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 ratings take into account ongoing delays in debt servicing.

Analytical approach: Standalone

Outlook: Not Applicable

Detailed description of the key rating drivers

At the time of last rating on March 1, 2023, the following were the
rating strengths and weaknesses (updated for the information
available from MCA website).

Key weaknesses

* Ongoing delays in servicing of debt obligations: As mentioned in
FY23 Annual Report, the auditor has made several observations, few
or which are as below. The Company's current liabilities exceeded
current assets significantly. There is a continuing mismatch
including defaults in payment of its financial obligations to its
subsidiary Company. The liquidity crunch is affecting the Company's
operation with increasing severity. There is continuing default in
payment of interest of INR6.69 lakh on short term borrowing, due
date of payment of such interest is March 31, 2023. The said loan
is outstanding as at March 31, 2023. Further, there are defaults at
standalone level as well as in various SPVs (Special Purpose
Vehicles) where the accounts are classified as non-performing
accounts (NPA) and some of the SPVs are undergoing Insolvency
Resolution Process (IRP). Various SPV projects are stressed due to
delay in completion, cost overrun, liquidity crunch and have legal
issues, arbitration proceedings or negotiations. Besides, the
operations at the SPVs levels are stressed on account of delayed
execution and stalled projects along with debt burden leading to
constrained liquidity position of the company.

AITL, formerly known as (Gammon Infrastructure Projects Limited
(GIPL)) is an infrastructure project development company, promoted
by Gammon India Limited (GIL) (CARE D/ INC), one of the largest
construction companies in India. Incorporated in
2001, AITL undertakes the development of infrastructure projects on
a public-private partnership (PPP) basis under separate
project-specific Special Purpose Vehicles (SPVs), having presence
in project development, project advisory and sector-specific
operations and maintenance. AITL is publicly listed entity on both
recognized stock exchanges i.e BSE and NSE and its presence is
pan-India with two decades of experience and technical expertise in
the multi-purpose infrastructure segments with diverse portfolio
across Roads, Power and Port sectors. The company is presently
engaged in the development of various infrastructure projects in
sectors like transportation, energy and urban infrastructure
through several special purpose vehicles (SPVs). It is also engaged
in carrying out operation and maintenance (O&M) activities for the
transportation sector projects. The current portfolio of the
Company comprises of four operational assets into Power, Ports and
Road and six projects under different stages of development with
majorly into Road projects. The Company's projects are spread
across seven states in India.


ANKIT METAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Ankit Metal & Power Limited

Registered Office:
        35, Chittaranjan Avenue,
        Kolkata, West Bengal 700012

        Corporate Office:
        SKP House, 132A,
        Shyama Prasad Mukherjee Road,
        Kolkata, West Bengal 700026

Insolvency Commencement Date: May 3, 2024

Estimated date of closure of
insolvency resolution process: October 29, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Kshitiz Chhawchharia
       c/o B. Chhawchharia & Co.,
              8A & 8B Satyam Towers,
              3 Alipore Road,
              Kolkata, West Bengal 700027
              E-mail: kshitiz@bccoindia.com

              c/o GT Restructuring Services LLP,
              Unit 1603 & 1604, Eco Centre,
              Plot no. 4, Street Number 13,
              EM Block, Sector V, Bidhannagar,
              Kolkata - 700091, West Bengal
              E-mail: IP.AnkitMetal@gmail.com

Last date for
submission of claims: May 17, 2024

ARAMBAGH HATCHERIES: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Arambagh Hatcheries Limited
P O Arambagh, Dist Hooghly, Na,
        West Bengal, India, 712601

Liquidation Commencement Date: May 1, 2024

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Sanjay Kumar Poddar
     Todi Chamber.2 Lal Bazar Street,
            2nd Floor, Room 201-203, Kolkata,
            West Bengal, 7000001
            E-mail: Poddar.sanjay@gmail.com

Last date for
submission of claims: May 31, 2024


AVOCADO REALTY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Avocado Realty Private Limited
507, 5th Floor, Vyapar Bhavan,
        49, P.D' Mello Road, Carnac Bunder,
        Mumbai, 400009, Maharashtra, India

Insolvency Commencement Date: April 29, 2024

Estimated date of closure of
insolvency resolution process: October 26, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ms. Shubham Agarwal Goyal
              Rosewood Estate, B-404,
              Prernatirth Derasar Road,
              Satellite, Ahmedabad-380015, Gujarat
              Email: fcs.shubhamgoyal@gmail.com

              A-402, "Aaryabhumi", Opp. M.G. Party Plot,
              Jodhpur Char Rasta, Satellite,
              Ahmedabad-380015, Gujarat
              Email: arpl.cirp@gmail.com

Last date for
submission of claims: May 14, 2024



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

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             4          CRISIL D (Issuer Not
                                      Cooperating)

   Import Letter          44          CRISIL D (Issuer Not
   of Credit Limit                    Cooperating)

CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letter and email dated April 19, 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 AIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in Delhi in 2007, AIPL saws and trades in timber. The
company has warehouses in Gujarat and Haryana. Established in Delhi
in 2007, AIPL saws and trades in timber. The company is managed by
the Goyal family that has been engaged in the timber business for
the past 50 years. The company has warehouses in Gujarat and
Haryana.


BHAGWATI AIR: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Bhagwati
Air Express Private Limited (BAEPL) continue to remain in the
'Issuer Not Cooperating' category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated April 3, 2023,
placed the rating(s) of BAEPL under the 'issuer non-cooperating'
category as BAEPL 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. BAEPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 17, 2024, February 27, 2024, March 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).

BAEPL was incorporated in 2010 by Mr. Dinesh Kumar Digga and Mr.
Roopchand Baheti. The company provides domestic freight services
through airway channel (air freight forwarding services) and
surface transportation. The company has tie up with domestic air
carrier for transportation of goods through air and for surface
transportation the company has its own fleet of more than 108
trucks with capacity ranging from 9 tons to 18 tons.


BHARAT HITECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Bharat Hitech (cements) Private Limited
16, Ganesh Chandra Avenue, 4th Floor,
        Kolkata - 700013, West Bengal, India

Insolvency Commencement Date: April 30, 2024

Estimated date of closure of
insolvency resolution process: October 27, 2024

Court: National Company Law Tribunal, New Delhi Bench-IV

Insolvency
Professional: Soumitra Lahiri
       Flat 14D & E, Tower- 32, Genexx Valley,
              Joka, Diamond Harbour Road,
              Kolkata - 700104
              Mobile: +91 8420969857
              Email: slahiri0207@gmail.com
              Email: ibc.bharatcements@gmail.com

Last date for
submission of claims: May 17, 2024



BHATIA HIRE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s. Bhatia Hire Purchase Private Limited
  V-378, Ganpati Enclave, Bathinda,
        Punjab-151001 India

Insolvency Commencement Date: April 23, 2024

Estimated date of closure of
insolvency resolution process: October 20, 2024

Court: National Company Law Tribunal, New Delhi Bench-Court IV

Insolvency
Professional: Anuj Maheshwari
       201, Harsh Bhawan,
              64-65, Nehru Place,
              New Delhi-110019
              E-mail: anuj@vksa.in

Last date for
submission of claims: May 7, 2024




BMI WHOLESALE: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of BMI
Wholesale Trading Private Limited (BWTPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.33       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 30, 2023,
placed the rating(s) of BWTPL under the 'issuer non-cooperating'
category as BWTPL 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. BWTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 13, 2024, February 23, 2024, March 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).

Incorporated in 2006, BMI Wholesale Trading Private Limited [BWTPL,
formerly known as MK Retail Private Limited] is promoted by
Prestige Brands Limited (a company wholly owned by New York based
Murjani Group). BWTPL is engaged in wholesale trading and marketing
of licensed products such as apparels and innerwear under the brand
'French Connection' in the Indian Territory wherein BWTPL has the
exclusive long-term rights for "French Connection".


CONTINUUM GREEN: Moody's Rates New USD Senior Secured Notes 'Ba2'
-----------------------------------------------------------------
Moody's Ratings has assigned a first-time rating of Ba2 to the
proposed nine-year USD backed senior secured notes to be issued by
the newly established restricted group (RG2) of Continuum Green
Energy Limited (CGEL).  

RG-2 comprises eight of CGEL's wholly-owned subsidiaries: (1) Bothe
Windfarm Development Private Limited (BWDPL), (2) DJ Energy Private
Limited (DJEPL), (3) Uttar Urja Projects Private Limited (UUPPL),
(4) Watsun Infrabuild Private Limited (WIPL), (5) Trinethra Wind
and Hydro Power Private Limited (TWHPPL), (6) Renewables Trinethra
Private Limited (RTPL), (7) Kutch Windfarm Development Private
Limited (KWDPL) and (8) Continuum Trinethra Renewables Private
Limited (CTRPL). Excluding KWDPL and CTRPL, the remaining six
subsidiaries are from the CGEL's existing restricted group (RG1),
whose credit quality underpins the existing USD 561 million notes
issued by Continuum Energy Levanter Pte. Limited (CELPL).

The proposed partially amortizing notes will be issued in part, by
each of the eight subsidiaries in RG2, as co-issuers. The cash flow
waterfall, creation of reserves, default, and acceleration
conditions will be based on the entire RG2 collectively.

All co-issuers will cross guarantee the proposed notes, and the
noteholders will be secured by the movable and immovable project
assets, rights under project documents, share pledge and assignment
of project accounts of the co-issuers.

The co-issuers will use the proceeds from the USD notes primarily
to redeem the existing INR non-convertible debentures on RG1,
prepay existing project loans at KWDPL and CTRPL, and to support
capital expenditures within the group, in accordance with External
Commercial Borrowing regulations.

The rating outlook is stable for all entities.

RATINGS RATIONALE

"RG2's revenue is supported by long-term power purchase agreements
(PPAs) with both state-owned distribution companies (discoms) and
commercial and industrial (C&I) customers. The tariff level of the
latter, over the near to medium team, is sustained by the growing
power demand and supply constraint in India. Additionally, RG2's
financial profile is on an upward trajectory, given the partial
debt amortization structure," explains Erman Zhang, a Moody's
Analyst.

"On the other hand, RG2's operational performance, on a portfolio
basis, has not achieved one-year P90 levels in recent years. The
rating also considers CGEL's sizable expansion plans and the
potential equity transaction among the existing sponsors. However,
financing plans for both capital expenditure and the equity
transaction will continue to evolve," adds Zhang.

Moody's projects that RG2's average adjusted funds from operations
(FFO)/senior debt will remain within the range of 8%-11% during the
tenor of the notes, gradually improving from high-single digit
percentages to low double digit percentages due to the declining
outstanding balance. The partial debt amortization, comprising
scheduled amortization and mandatory cash sweeps, will assist RG2
in mitigating its refinancing risk.

The credit metrics are projected based on conservative C&I tariff
assumptions. Since C&I tariffs are mainly pegged to discom tariffs,
the metrics could strengthen further as discoms increasingly adopt
cost reflective pricing.

RG2 comprises operational  solar capacity and wind capacity of
218.8 MW and 772 MW respectively, which have been commissioned in
phases from 2014 to 2023. At present, approximately 63% of the
total capacity is contracted with around 130 C&I customers spanning
a broad spectrum of industries. This diversified customer base
materially reduces RG2's dependence on individual customers.

PPAs with C&I customers are typically tenured between 10 to 20
years, albeit with shorter lock-in periods, and tariffs are set at
a discount to high-tension discom tariffs. Over the next 3-5 years,
C&I tariffs in India should remain supportive, driven by rising
electricity demand and the need for cost-reflective tariffs, which
will aid RG2 in mitigating competition and repricing risks within
the same timeframe. For the 37% of the total capacity that is
contracted with discoms, the fixed tariff arrangement will continue
to contribute to the predictability of RG2's revenue.

In recent years, there has been uneven operational performance, as
evidenced by the majority of RG2's assets underperforming the
one-year P90 probability of exceedance. This underperformance was
largely due to factors such as weaker-than-expected wind resources
and the resolution of network issues. However, a degree of
compensation has been provided by the escalation in the C&I tariff.
Moody's conservatively assumes that the uneven generation
performance may continue.

CGEL has a sizable capital expenditure requirement for the next 2-3
years. As of March 2024, CGEL has approximately 1,592 MW
operational capacity, 741 MW shortly operational capactiy and 1,700
MW under-development capacity. A portion of the proposed notes is
expected to be allocated to support the company's capital
expenditures, which will have an impact on RG2's financial metrics
in comparison to the otherwise situation.

The rating also considers the disclosures made by CGEL on May 20,
2024, relating to a share purchase and subscription agreement
executed by the existing sponsors, and the associated financing
plan, which is subject to certain completion precedents.

Moody's expects that RG2 will implement necessary currency hedging
to appropriately hedge any currency exposure related to the notes
throughout their tenor. If these measures are implemented in a
timely manner and adjusted in tune with material currency
movements, they will mitigate the currency risk stemming from the
absence of US dollar-denominated revenue.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

ESG considerations have a limited impact on the current credit
rating with potential for greater negative impact over time. RG2
has a pure play renewable generation business but is exposed to
variability in the available wind resource and physical climate
risk. While RG2 is potentially exposed to political or regulatory
interference because of affordability concerns, it benefits from
the positive social trend toward clean energy and a highly
diversified C&I customer base. Governance risk can arise from the
current concentrated shareholding.

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

The stable outlook reflects Moody's expectation that Continuum
RG2's performance will not likely change materially over the next
12-18 months relative to the rating agency's base-case
expectations.

Moody's could upgrade the rating if Continuum RG2's FFO/senior debt
consistently improves to 14% or above, due to a sustained
improvement in RG2's operational performance or due to C&I tariffs
being supported at materially stronger levels than currently
expected.

Moody's could consider a downgrade if Continuum RG2's FFO/senior
debt ratio falls to 8% or below on a sustained basis, due to any of
the following:  (1) inadequate currency hedging, a
higher-than-expected all-in interest cost or debt load post
transaction close, (2) a sustained weakening in the operational
performance of its assets, or (3) intensified competition in the
C&I space that depresses tariffs or causes churn in RG2's C&I
portfolio, with material credit losses from the resultant customer
group.

The principal methodology used in these ratings was Power
Generation Projects published in June 2023.

Continuum Green Energy Restricted Group (RG2) comprises eight
operating subsidiaries of Continuum Green Energy Limited (CGEL).
RG2 owns and operates power plants with 990.8 megawatts (MW) of
capacity -- 772 MW of wind and 218.8 MW of solar -- across
Maharashtra, Madhya Pradesh, Tamil Nadu and Gujarat states in
India. Continuum RG2 is owned by CGEL through Continuum Green
Energy (India) Pvt Ltd (CGEIPL), an India-based holding company.

Continuum Green Energy Ltd. Singapore (CGEL), a holding company
based in Singapore, has operational wind and solar power plants
with 1,592 MW of generating capacity as well as 741 MW of shortly
operational capacity under construction on a consolidated basis, as
of March 31, 2024. The company aims to increase its total capacity
by another 1,700 MW over the next 2-3 years. The shareholders of
CGEL are currently Clean Energy Investing Ltd, Singapore (Morgan
Stanley Infrastructure Partners, 83%) and its founders (17%).

DHARTI PROTEINS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Dharti Proteins Limited
M/s Dharti Proteins Limited
At 203-ABHIJEET1, Mithakhali Six Road,
        Ellisbridge, Ahmedabad,
        Gujarat, India, 380006

Insolvency Commencement Date: May 1, 2024

Estimated date of closure of
insolvency resolution process: October 26, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Manish Santosh Buchasia
       306, 3rd floor, Gala Mart, Nr Sobo Centre,
              Before Safal Parisar Above, Sbi/Union Bank,
              South Bopal, Ahmedabad-380058, Gujarat
              Mobile No: 9898055367
              Email: manishbuchasiacs@gmail.com
              Email: dhartiibc2024@gmail.com

Last date for
submission of claims: May 13, 2024


DOUGLAX INDUSTRIES: Voluntary Liquidation Process Case Summary
--------------------------------------------------------------
Debtor: Douglax Industries India Private Limited
Vaswani-We Work Vaswani Chambers,
        G/1st/2nd/3rd floor, 264-26 Dr. Annie Besant Road,
        Municipal Colony, Worli Shivaji Nagar,
        Worli Colony, Mumbai Maharashtra, 400030

Liquidation Commencement Date: April 30, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Pranav Damania
     407, Sanjar Enclave, Opposite Milap Cinema,
            S.V Road, Kandivali West, Mumbai - 400067
            Email: pranav@winadvisors.co.in
            Contact No: +91 98204 69825

Last date for
submission of claims: May 30, 2024

ELEGANT INFRACON: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Project 'Elegant Ville' of
        Elegant Infracon Private Limited
        Plot No. GH - 06B, Sector Tech Zone IV,
        Noida Extension, Greater Noida, Uttar Pradesh

        H. No. 225 F/F, Durga Mandir Gali, Village Kondli,
        East Delhi, India, 110096

Insolvency Commencement Date: April 30, 2024

Estimated date of closure of
insolvency resolution process: October 27, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Mr. Naresh Kumar Aggarwal
       M-806, Emaar Palm Drive, Golf Course Ext. Road,
              Sector 66, Near Badshahpur Chowk,
              Gurgaon, Haryana, 122018
              E-mail: nareshaggarwal375@gmail.com
              E-mail: irp.elegant@gmail.com

Representative of
creditors in a class:

              1. Varun Vashisht
                 R-8, South Extension Part 2, South,
                 National Capital Territory of Delhi 110049

              2. Rajesh Ramnani
          D-44, Second Floor, back side,
                 Naraina Vihar, Delhi,110028

              3. Vikky Dang
                 B-11, Near Mangal Bazar Gurudwara,
                 Vishnu Garden, New Delhi-110018

Last date for
submission of claims: May 15, 2024



G.R.S. ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G.R.S. Ispat
Company Private Limited (GICPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit           14.75        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.25        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with GICPL for
obtaining information through letter and email dated April 19, 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 GICPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GICPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GICPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1995 by Mr Saket Saroha, GICPL started operations
in March 2013. It trades in steel scrap, hot-rolled and cold-rolled
steel coils, thermo-mechanically treated bars, and copper
products.


GOLDSTAR POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goldstar
Polymers Limited (GPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         0.25        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            7           CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Bank          2           CRISIL D (Issuer Not
   Guarantee                          Cooperating)

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

CRISIL Ratings has been consistently following up with GPL for
obtaining information through letter and email dated April 19, 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 GPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

GPL was incorporated in 1999 by Mr. Prem Saraogi and his family
members. The company is engaged in manufacturing of high density
polyethylene (HDPE) containers used in pharmaceutical, and
petroleum industry. GPL's manufacturing facility is located in
Daman.


HANNOVER RE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Hannover Re Consulting Services India Private Limited
Fulcrum, B-604, 6th Floor, Sahar Road,
        Andheri (east), Mumbai City, Mumbai
        Maharashtra, India, 400099

Liquidation Commencement Date: March 12, 2024

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Govind Laddha
     D-302, Swagat Complex,
            Aai Mata Road Parvat Patiya,
            Surat-395010
            Email: govindladdha75@gmail.com
            Telephone no: +91 9426825044

Last date for
submission of claims: April 10, 2024


HBS VIEW: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of HBS View
Private Limited (HVPL) continue 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 and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 15, 2023,
placed the rating(s) of HVPL under the 'issuer non-cooperating'
category as HVPL 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. HVPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 29, 2024, February 8, 2024, February 18, 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).

HBS View Pvt. Ltd (HVPL) is a special purpose vehicle to undertake
redevelopment of residential tower on 3,63,930 sq. ft. of
developable area, at Haji Ali Road, South Mumbai. The company is
promoted by HBS Realtors Pvt. Ltd., a Mumbai based real estate
developer, having track record of executing large scale project
development in commercial as well as residential segment.


HOTEL HARIMANGLA: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Hotel
Harimangla Private Limited (HHPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      75.55       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           0.45       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 14, 2023,
placed the rating(s) of HHPL under the 'issuer non-cooperating'
category as HHPL 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. HHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 14, 2024, May 15, 2024, May 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).

Bharuch (Gujarat) based Hotel Harimangla Private Limited (HHPL) is
a private limited company incorporated on February 17, 1997, and
managed by directors Mr. Natwarlal Prajapati, Mr. Amit Prajapati
and Ms. Usha Prajapati. The company is engaged into the business of
hospitality. HHPL has developed and now managing hotel named
'Regenta Central Harimangla' owned by Royal Orchid Hotels Limited
(ROHL) which comprises 104 rooms since 2013. Further, HHPL is
developing hotel 5-star hotel 'Hyatt' owned by Hyatt India
Consultancy Private Limited which comprises of 151 rooms with
amenities like gym, swimming pool, BQT hall, conference hall,
restaurant, spa, and saloon since 2018.


K K WELDING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K K Welding
Limited (KKWL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            17.5        CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        5          CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      14         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility       1         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      12.5       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Working         2         CRISIL D (Issuer Not
   Capital Facility                   Cooperating)

CRISIL Ratings has been consistently following up with KKWL for
obtaining information through letter and email dated April 19, 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 KKWL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KKWL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KKWL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KKWL was incorporated in Mumbai in 2001, by Mr. M.S. Mehta and his
family members. The company is engaged in trading of Welding
Electrodes, Welding Rods, Welding Cables, Safety Equipments,
Grinding Wheels and welding accessories. KKWL is an authorized
distributor for various companies.


KAVAN COTTON: Liquidation Process Case Summary
----------------------------------------------
Debtor: Kavan Cotton Private Limited
Kavan Cotton, Maliya Jamnagar Highway
        Tal. Maliya (Miyana) Chanchavadarada-363636
        Gujarat

Liquidation Commencement Date: April 29, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Mr. Hitesh Narayanbhai Agrawal
     Ground Floor, Hotel Bansal Near Lalita Tower,
            Behind Railway Station, Alkapuri
            Vadodara, Gujarat, 390005
            E-mail: caagrawalhitesh@gmail.com

            204, Wall Street-1, Opp. Orient Club,
            Nr. Gujarat College, Ellisbridge,
            Ahmedabad-380006
            E-mail: cirp.kavan@gmail.com

Last date for
submission of claims: May 29, 2024


KUFRI FUN: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kufri Fun
Campus Private Limited (KFCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      8.50       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 March 13, 2023,
placed the rating(s) of KFCPL under the 'issuer non-cooperating'
category as KFCPL 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. KFCPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 27, 2024, February 6, 2024, February 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).

Kufri Fun Campus Private Limited (KFCPL) was incorporated in 2006
and started its commercial operations in August, 2013 and is
promoted and managed by Mr. Baldev Singh Thakur and Mr. Vikas
Agarwal. KFCPL owns and operates a theme park called 'Kufri Fun
Campus' located at Shimla, Himachal Pradesh. KFCPL also owns and
operates Food and Beverages (F&B) outlets, retail and merchandise
shops as well as banquet hall inside the theme park. Apart from
this, KFCPL has provided hotel named 'Twin Towers' on lease to
Colors of India Tours Private Limited w.e.f. April 2018.


L-COMPS AND IMPEX: CARE Lowers Rating on INR5.0cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
L-Comps and Impex Private Limited (LIPL), as:

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

   Short Term Bank      5.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 10, 2023,
placed the rating(s) of LIPL under the 'issuer non-cooperating'
category as LIPL 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. LIPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 24, 2024, March 5, 2024, March 15, 2024, May 17, 2024.

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

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

The ratings have been revised on account of non-availability of
requisite information. Further it also considers delay in debt
servicing as recognized from publicly available information i.e.,
auditor's comments in the FY22 annual report available from ROC
Filings.

L-Comps & Impex Pvt. Ltd. (LIPL), promoted by Mr. Puneet Gupta, was
incorporated in 1979. The company is engaged in importing various
FMCG products like Juices, Chocolates, Cookies, Jams, honey, Olive
oil, Yoghurt etc. for sale in the domestic market (through its
distributor network all over India). LIPL imports its products
mainly from Italy and other European countries.


MERCATOR LIMITED: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mercator
Limited continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      959.53      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     150.00      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 March 6, 2023
placed the rating(s) of Mercator Limited under the 'issuer
non-cooperating' category as Mercator Limited had failed to provide
information for monitoring of the rating. Mercator Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 20, 2024, January 30, 2024 and February
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).

The ratings take into account ongoing delays in debt servicing.

Analytical approach: Consolidated

CARE has analysed ML's credit profile considering the consolidated
business profile and financial statements of the company owing to
the strong operating and financial linkages between the parent
(India operations) and subsidiaries (global operations). Out of the
same few have 100% shareholding, few have proportionate
shareholding and few have moderate shareholding.

Outlook: Not Applicable

Detailed description of the key rating drivers

At the time of last rating on March 6, 2023, the following were the
rating strengths and weaknesses (updated for the information
available from BSE).

Key weaknesses

* Delay in servicing of debt obligation: The ratings consider the
ongoing delays in debt servicing owing to the stretched liquidity
position.

Mercator Limited (ML) along with its subsidiaries is a diversified
group engaged in shipping (dry bulk, wet bulk and dredging), gas,
coal mining and E&P activities. ML commenced business as a shipping
company in 1984 (taken over by present promoters in FY1989) and has
over the years, through its subsidiaries,  diversified into various
other sectors like coal mining and logistics, E&P and dredging.


MUDHAI DAIRY: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mudhai Dairy
Private Limited (MDPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Loan        3.75         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with MDPL for
obtaining information through letter and email dated April 19, 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 MDPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MDPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MDPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2008, MDPL has dairy farm in Satara with total
installed capacity of 30,000 litres per day. It also has four
retail shops in Mumbai and Navi Mumbai.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.24       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 15, 2023,
placed the rating(s) of NAPPL under the 'issuer non-cooperating'
category as NAPPL 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. NAPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 29, 2024, February 8, 2024, February 18, 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 2001, NAPPL is a Jalgaon based company promoted by
Mr. Kantilal Jain and Mr. Deepak Jain. The company is engaged in
the processing and trading of pulses comprising of Toor dal, Moong
dal, Urad dal, Masoor dal, Lobia, Chana, Rajma, dried peas etc.


OMICRON POWER: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Omicron
Power Engineers Private Limited (OPEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.09       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 March 15, 2023,
placed the rating(s) of OPEPL under the 'issuer non-cooperating'
category as OPEPL 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. OPEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 29, 2024, February 8, 2024, February 18, 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).

Aurangabad-based (Maharashtra) OPEPL was initially established as a
partnership firm in 1990 and later in 2010 was converted into a
private limited company. OPEPL is a turnkey power infrastructure
development company engaged in execution of power
infrastructure works like erection and commissioning of
substations, transmission line setup for government,
semi-government and private organizations.


P. R. PACKING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of P. R. Packing
Service (PR) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            15          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      5          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with PR for
obtaining information through letter and email dated April 19, 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 PR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PR is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PR
continues to be 'CRISIL D Issuer Not Cooperating'.

PR was set up as a partnership firm in 1999 by Mr. Dhananjay
Bhansali and his wife Mrs. Rekha Bhansali. The firm manufactures
corrugated boxes using kraft paper. PR's operations are managed by
Mr. Pathik Bhansali, son of Mr. Dhananjay Bhansali. PR has one
manufacturing unit in Silvassa. Its second manufacturing unit, at
Naroli (Dadra and Nagar Haveli), commenced operations in April
2012.



PAWAR PATKAR: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pawar Patkar
and D. S. Contractors Associates Private Limited (Pawar) continue
to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            10          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      3          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with Pawar for
obtaining information through letter and email dated April 19, 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 Pawar, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Pawar
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Pawar continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in 2010 by Mr. R D Pawar, Pawar undertakes
government-funded civil construction projects in Nashik,
Maharashtra.


PROGNOSYS MEDICAL: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Prognosys
Medical Systems Private Limited (PMSPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      7.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 8, 2023,
placed the rating(s) of PMSPL under the 'issuer non-cooperating'
category as PMSPL 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. PMSPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 22, 2024, February 1, 2024, February 11, 2024.

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

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

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

The revision also factored in accumulation of losses and
significant increase in debt levels in FY22.

Analytical approach: Standalone

Outlook: Stable

Prognosys Medical Systems Private Limited (PMSPL), a Bangalore
(Karnataka) based company, was incorporated in 2004 by Mr.V.
Krishna Prasad (Managing Director), Mr. Kesava (Director) and Mr.
Sunil Monga (Director) at Chamarajpet, Bangalore, Karnataka. PMSPL
is engaged in designing, manufacturing, integrating and installing
products related to digital radiology equipment. The company is
also engaged in manufacturing other related accessories, providing
end to end solutions in the healthcare industry through the
integrated delivery of medical devices, communication equipment,
computers, servers, software supply, installation and maintenance
of the same on a turnkey basis under the brand name of ProRad.
PMSPL is an ISO 9001:2000 certified company for radiology imaging
equipment and other allied healthcare products.


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

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Overdraft Facility     2.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Overdraft     7.5         CRISIL D (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with PMHPL for
obtaining information through letter and email dated April 19, 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 PMHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PMHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PMHPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1992, PMHPL operates a multi-specialty hospital in
Kochi. Mr PV Chandran, Mr PV Gangadharan, Mr PV Nidish, Ms PV Mini
and Mr Jayagovind P are the promoters.



RAJGARIA TIMBER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rajgaria Timber Private Limited
"Raikva", 3A Ram Mohan Mullick Garden Lane
        4th Floor, Room No. 10, P.S.-Beliaghata,
        West Bengal, Kolkata-700010

Insolvency Commencement Date: April 30, 2024

Estimated date of closure of
insolvency resolution process: October 27, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Anil Agarwal
       Unit No. 508, 5th Floor,
              1865 Rajdanga Main Road,
              Kolkata, West Bengal, 700107
              Email: anil@avbassociates.co.in

              Mousumi Co. Op. Housing Society,
              Ground Floor, 15B, Ballygunge Circular Road,
              Kolkata-700019
              Email: rajgariatpl@gmail.com

Last date for
submission of claims: May 14, 2024



RAM CASHEW: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri Ram
Cashew (SRC) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       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 March 6, 2023,
placed the rating(s) of SRC's under the 'issuer non-cooperating'
category as SRC 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. SRC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 20, 2024, January 30, 2024, February 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).

Sri Ram Cashews (SRC) was established in the year 2010 as a
partnership firm by Ms. Divya and other three family members as
partners of the firm. SRC has its registered office located at
Udupi, Karnataka covering an area of 1.50 acres. The firm is
engaged in processing of raw cashew nuts and retailing of the same
in domestic market. The firm markets its products under "Sri Ram
Cashews" brand. The firm procures raw cashew nuts from
international market, from places such as Dubai, Tanzania Ivory
Coast and other African countries. The firm has customer base in
Delhi, Punjab, Maharashtra, Karnataka and Andhra Pradesh.

RAOS EDUCATIONAL: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raos
Educational Society (RES) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Rupee Term Loan        10          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with RES for
obtaining information through letter and email dated April 19, 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 RES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RES continues to be 'CRISIL D Issuer Not Cooperating'.

                          About the Group

Rao's Group is one of the leading educational organization in
Telangana and Andhra Pradesh prominent states in India. Established
in the year 1985 and has expanded to 32 schools and junior college.
RES was incorporated by Mr.Prabhakar Rao and currently has
Mr.Nidhin Rao Polsani as its managing director.


RASANDIK AUTO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rasandik Auto
Components Private Limited (RACPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        0.75         CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee        0.25         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           5            CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit      1            CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term    3            CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan             9.4          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             5.73         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan             4.8          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with RACPL for
obtaining information through letter and email dated April 19, 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 RACPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RACPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RACPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2005, RACPL is primarily a manufacturer of motor
cycle frames used in TVS Motor Company Limited's (TVS') motor cycle
model, Apache. The company also manufactures other motor cycle
parts for Apache, Vevo and Jupiter models of TVS, apart from
four-wheeler components for Ashok Leyland.


REAL GROW: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Real Grow
Exims Private Limited (RGEPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      29.80       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.00       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 March 9, 2023,
placed the rating(s) of RGEPL under the 'issuer non-cooperating'
category as RGEPL 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. RGEPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 23, 2024, February 2, 2024, February 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).

Real Grow Exim Private Limited (RGEPL), incorporated in May 2012,
is promoted by Mr. Goluguri Venkata Reddy, Mr. Karri Venkata
Srinivasa Reddy and Mr. G N V S Satyanarayana Reddy. RGEPL
commenced its operations from June 2014 and is engaged in
trading of aqua feed for fish and prawns feeds in and around West
Godavari district, Andhra Pradesh. The promoters have long
established presence in the fish feed industry through several
other group companies viz. Reddy and Reddy Imports and Exports,
Nutrient Marine Foods Limited, Reddy and Reddy Motors, Reddy and
Reddy Automobiles and Nexus Feeds Ltd. Which are engaged in fish
and prawns feed/shrimp processing business.

RMJ MODERN: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of RMJ Modern
Rice Mill (RMRM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.89       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 24,
2023, placed the rating(s) of RMRM under the 'issuer
non-cooperating' category as RMRM 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. RMRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 10, 2024, January 20, 2024, January 30,
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).

RMRM, engaged in rice milling business, was established in June
2006, by Mr J. Thangapandi and Mr J. Sundarapandian as a
partnership firm sharing profits and losses equally. The raw
material, paddy is procured from farmers in and around the
districts of Madurai, Theni, Usulampati and Sivagangai.

SALASAR AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri
Salasar Agro Processors (SSAP) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.35      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 23, 2023,
placed the rating(s) of SSAP under the 'issuer non-cooperating'
category as SSAP 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. SSAP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 6, 2024, February 16, 2024, February 26, 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).

Established in June 2013, SSAP is a Nagpur-based (Maharashtra)
entity engaged in extraction of soya bean oil. The firm also sells
the by-product, i.e., de-oiled cake to traders in vicinity of
Nagpur.


SBS TRANSPOLE: CARE Keeps C Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of SBS
Transpole Logistics Private Limited (STLPL) continue 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

   Short Term Bank     116.00      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 March 1, 2023,
placed the rating(s) of STLPL under the 'issuer non-cooperating'
category as STLPL 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. STLPL 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 company was incorporated in August, 2004 by the name of
Transpole Logistics Private Limited and is engaged in integrated
logistics services. Subsequently, in Oct, 2014; the name was
changed to the current one, SBS Transpole Logistics Private
Limited (STLPL). STLPL is promoted by Mr Anant Chaudhary and Mr.
Vivek Shukla and the company business segment offers general
logistics, including 3PL, international logistics, warehouse
logistics and various other multi-modal logistics solutions.


SHIRISH HOTELS: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shirish
Hotels Private Limited (SHPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.85       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 March 9, 2023,
placed the rating(s) of SHPL under the 'issuer non-cooperating'
category as SHPL 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. SHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 23, 2024, February 2, 2024, February 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).

Hyderabad based, Shirish Hotels Private Limited (SHPL) was
incorporated on September 12, 2016 as a private limited company by
Mr. Yugandhar Dande (Managing Director), Mr. Dande Shanmug Shirish
(Director) and Mrs. Uma Devi Dande (Director). The
company is engaged in hospitality business and offers services in
the area of restaurants, bar, banquet hall, rooms, and coffee shop.
Mr. Yugandhar Dande is also the proprietor of "Shirish Hotels (SH)"
under which the proprietor runs a hotel located at Panjagutta,
Hyderabad. SH is engaged in bar & restaurants. Currently, the
company is managed by Mr. YugandharDande and his son Mr. Shanmug
Shirish who looks after overall operations of the company.


SHREE VARDHMAN: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: SHREE VARDHMAN BUILDPROP PRIVATE LIMITED
301, THIRD FLOOR, INDRAPRAKASH BUILDING 21,
        BARAKHAMBA ROAD, NEW DELHI-110001

Insolvency Commencement Date: April 29, 2024

Estimated date of closure of
insolvency resolution process: October 26, 2024

Court: National Company Law Tribunal, New Delhi Bench-IV

Insolvency
Professional: MR. JALESH KUMAR GROVER
              SCO 818, 1ST FLOOR, NAC,
              MANIMAJRA, CHANDIGARH-160101
              Email: jk.grover27@gmail.com
              Email: svbpcirp@gmail.com

Representative of
Creditors in a Class:

              1. VIJAY KISHORE SAXENA
              2. ARVIND MITTAL
              3. JAYA BARUKHA

Last date for
submission of claims: May 15, 2024












SHWET BIOTECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shwet Biotech Private Limited
C-008, Raj Nagar CHS Ltd, Dahisar East,
        Opp. Gulfarm Hotel, Mumbai City, Mumbai,
        Maharashtra, India 400068

Insolvency Commencement Date: May 19, 2024

Estimated date of closure of
insolvency resolution process: October 16, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Ms. Kala Agarwal
       801, Embassy Center, Jamnalal Bajaj Road,
              Near Status Restaurant,
              Mumbai City, Maharashtra 400021
              Email: agarwalkala@gmail.com
              Email: cirp@shwetbiotech.com

Last date for
submission of claims: May 6, 2024



SPAN OUTSOURCING: CARE Lowers Rating on INR10cr LT/ST Loan to C/A4
------------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Span Outsourcing Private Limited (SOPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          10.00       CARE C/CARE A4; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-;
                                   Stable/CARE A4

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 8, 2023,
placed the rating(s) of SOPL under the 'issuer non-cooperating'
category as SOPL 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. SOPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 22, 2024, February 1, 2024, February 11, 2024.

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

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

The ratings assigned to the bank facilities of SOPL have been
revised on account of non-availability of requisite information.
The revision also factored increase in debt levels in FY23 over
FY22.

Span Outsourcing Private Limited (SOPL) is an ISO certified
company, incorporated on May 18, 2004 as a marketing service
provider, specializing in compiling and delivering high quality web
content, marketing and data solutions. The company provides its
software solutions majorly to healthcare, technology and
manufacturing industries.


SUPERFINE BLEACHING: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Superfine
Bleaching Company Limited (SBCL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.96       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 March 3, 2023,
placed the rating(s) of SBCL under the 'issuer non-cooperating'
category as SBCL 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. SBCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 17, 2024, January 27, 2024, February 6, 2024.

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

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

SBCL is a family-run business promoted by Late Mr Soundappan, under
the name M/s Veena Processing Mills Limited (VPML) in 1993. The
company was earlier engaged in job work of dyeing both fabric and
yarn. Subsequently, during October 2005, the
company was renamed SBCL and shifted focus to scouring, bleaching
and dyeing of yarn alone. The company presently undertakes only job
work in dyeing of yarn for players in and around Tiruppur. The
company is presently managed by Mr. Ravindran, who represents the
third generation of the family in the business. SBCL has an
installed capacity of dyeing yarn of 10,120 kgs per day as of June
30, 2015, at Namakkal, Tamil Nadu, operating in two shifts. The
company has also established the effluent treatment plant which
became operational from September 2014.


SURYA PLASTICS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Surya
Plastics Manufacturing Private Limited (SPMPL) 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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated March 14, 2023,
placed the rating(s) of SPMPL under the 'issuer non-cooperating'
category as SPMPL 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. SPMPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 28, 2024, February 7, 2024, February 17, 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).

Bhiwani (Haryana) based Surya Plastics Manufacturing Private
Limited (SPMPL) was incorporated as a Private Limited Company in
2012 by Mr. Keshav Aggrawal and Ms. Ruchi Aggarwal. The company
commenced its operation in January 2016. The company is engaged in
manufacturing of non-woven fabric and Poly Propylene (PP) tape. The
key raw material i.e. Plastic granules are procured from
distributors of Reliance Industries Limited (RIL), IOC Ltd and
Haldia Petro Chemicals Ltd and also from open market of Delhi and
local traders in Bhiwani (Haryana). The company markets non-woven
fabric through dealers located in Delhi, Haryana and Rajasthan etc.


TATHVA PROJECTS: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Tathva
Projects Private Limited (TPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.30       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.70       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 March 2, 2023,
placed the rating(s) of TPPL under the 'issuer non-cooperating'
category as TPPL 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. TPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 16, 2024, January 26, 2024, February 5, 2024.

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

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

Tathva Projects Private Limited (TPPL) was incorporated in March,
2006 by Mr R Phaneendra Kumar (Managing Director) and Mr. B
Srinivas (Director). The company is engaged in the construction
activities like layout development works, dredging works, water
pipelines works, etc. for private companies. The company has an
associate concern; Tathva Developers Private Limited (TDPL) which
is also engaged in construction business to which TPPL assigns job
work activities of their projects.


TG INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: TG INDIA (Consulting Private Limited)
93B, Mittal Court, Nariman Point, Mumbai City,
        Mumbai Maharashtra, India, 400051

Liquidation Commencement Date: April 3, 2024

Court: National Company Law Tribunal, Hyderabad Bench

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

Last date for
submission of claims: May 2, 2024



VAIKUNTH TOWNSHIPS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Vaikunth Townships Private Limited
509-510, Navratan Premises Co Op Society,
        69, P D Mello Road, Camac Bunder
        Mumbai City, Mumbai,
        Maharashtra, India, 400009
  
Insolvency Commencement Date: May 1, 2024

Estimated date of closure of
insolvency resolution process: October 27, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Suman Kumar Verma
       Plot No. WZ-D-9, KH. NO. 83/4
       Gali No.5, Mahavir Enclave, Sullabh International,
       South West, National Capital Territory of Delhi, 110045
       E-mail: cirp.vtpl@yahoo.com

Last date for
submission of claims: May 14, 2024




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

MONGOLIAN MORTGAGE: S&P Affirms 'B-' LT ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term and 'B' short-term
issuer credit ratings on Mongolian Mortgage Corp. HFC LLC (MIK).
The outlook on the long-term rating is stable.

S&P also affirmed its 'B-' long-term foreign currency issue rating
on MIK's outstanding senior unsecured notes due Jan. 18, 2027.

S&P said, "Our rating affirmation reflects our belief that MIK does
not face payment or liquidity risk over the next 12 months,
considering its long-term liability structure. This is despite a
weakening in the company's capitalization due to a slower earnings
recovery. At the same time, we expect a very high likelihood of
extraordinary government support for MIK, if needed."

MIK could book net losses again in 2024. This mainly reflects: (1)
sizable one-off expenses related to fee payments for an exchange
offer for senior unsecured notes due February 2024; and (2)
marked-to-market losses on equity investments in parent MIK Holding
JSC. MIK holds 19.98% of MIK Holding, whose share price had
declined nearly 20% in the first four months of 2024.

S&P said, "We believe MIK will gradually restore profitability as
it expands its liquidity-provider business with proceeds from U.S.
dollar-denominated bonds issued in January 2024. In this business,
the company purchases nonsubsidized mortgage receivables with
recourse from financial institutions.

"The improvement in profitability will be gradual because MIK will
likely consider underlying credit risks when purchasing the
mortgage assets. We also think Mongolian financial institutions may
have a less pressing liquidity need to sell their assets amid
strong economic conditions in recent years.

"MIK faces significant pressure on its capitalization. A delay in
earnings recovery could strain the company's already thin capital
buffer. We estimate a risk-adjusted capital ratio of about 1.9% as
of end-2023, down from about 2.9% a year ago. The company's capital
buffer dwindled materially in the past couple of years due to
accumulated losses.

"We think MIK is financially vulnerable and is dependent on
favorable business and economic conditions to meet its financial
commitments on a stand-alone basis. This is given the company's
delayed earnings recovery. We revised downward our assessment of
the company's stand-alone credit profile (SACP) to 'ccc+' from
'b-'.

"Payment or liquidity risk is not high over the next 12-18 months,
in our view. MIK issued three-year US$225 million senior unsecured
notes in January 2024 via an exchange offer on outstanding bonds
and new notes. This was to fund the company's liquidity-provider
business. We estimate the company's U.S. dollar-denominated bond
due January 2027 accounted for about 90% of its total liabilities
as of end-March 2024."

MIK will likely remain a key participant of Mongolia's affordable
housing finance program (AHFP). S&P believes the company plays a
very important role as the only authorized issuer of residential
mortgage-backed securities in the country. The government has
demonstrated a willingness and commitment to promoting the
subsidized program. This reinforces the company's importance. The
government recently announced new funding worth Mongolian tugrik
1.2 trillion for AHFP from the National Treasury Fund.

S&P also believes MIK has very strong links with the government,
given the significance of housing finance to the economy and
financial system. The government will likely closely monitor the
company's strategic and business development due to its role in
AHFP. It indirectly owned about 17% of MIK Holding through
Development Bank of Mongolia LLC and State Bank JSC as of end-March
2024.

Still, prolonged weakness in MIK's capital structure could indicate
the company's diminishing importance to the government and lower
the likelihood of extraordinary government support, in S&P's view.

S&P said, "The stable outlook on the long-term issuer credit rating
reflects our view that MIK will not likely face any payment or
liquidity risk over the next 12 months. This is despite the
company's weak capitalization and slower earnings recovery. At the
same time, we expect MIK to continue benefiting from a very high
likelihood of extraordinary government support if needed over the
next 12 months."

Downside scenario

S&P could downgrade MIK if it believes the likelihood of
extraordinary government support has weakened significantly, while
MIK remains vulnerable to risk of not meeting its financial
commitments.

Prolonged weakness in MIK's capital structure could mean its
importance to the government is diminishing, thus lowering the
likelihood of extraordinary government support, in S&P's view.

Although unlikely over the next 18 months, S&P could also downgrade
MIK if its debt-servicing capabilities deteriorate substantially,
exposing it to a near-term payment or liquidity risk.

Upside scenario

S&P believes an upgrade is highly unlikely over the next 12
months.




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

BROTHERS BEER: Creditors' Proofs of Debt Due on July 5
------------------------------------------------------
Creditors of Brothers Beer Holdings Limited, Brothers Beer Limited
and Brothers Wholesale Limited are required to file their proofs of
debt by July 5, 2024, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 24, 2024.

The company's liquidators are:

          John Howard Ross Fisk
          Stephen Robert White
          PwC Auckland
          Private Bag 92162
          Victoria Street West
          Auckland 1142


FOUR ONE: Creditors' Proofs of Debt Due on June 21
--------------------------------------------------
Creditors of Four One Five Hair Studio Limited are required to file
their proofs of debt by June 21, 2024, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 21, 2024.

The company's liquidator is David Edward Thomas.



INDEPENDENT SECURITY: Court to Hear Wind-Up Petition on June 11
---------------------------------------------------------------
A petition to wind up the operations of Independent Security
Consultants Limited will be heard before the High Court at Rotorua
on June 11, 2024, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 11, 2024.

The Petitioner's solicitor is:

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


MAKOV ENTERPRISES: Court to Hear Wind-Up Petition on June 11
------------------------------------------------------------
A petition to wind up the operations of Makov Enterprises Limited
will be heard before the High Court at Rotorua on June 11, 2024, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 30, 2024.

The Petitioner's solicitor is:

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


SMITH & CAUGHEY'S: Auckland Department Store Set to Close
---------------------------------------------------------
Stuff.co.nz reports that Smith & Caughey's, one of New Zealand's
oldest department stores, could be set to close after 144 years.

According to Stuff, the company announced on May 29 it had started
consulting with staff about the potential closure of its retail
operations on Auckland's Queen St and in Newmarket, and its online
stores.

This proposal will be under consultation for five weeks, in which
time the company will consider and evaluate staff feedback on the
proposal. It is set to impact 240 staff members.

In announcing the news, Tony Caughey, chairperson of Smith &
Caughey's, said it was just a proposal at this point and no
decision had been made.

However, at the same time, he acknowledged they had spent two years
"turning over every rock" to find ways to get the company to where
it needed to be, Stuff relays.

"We have used international independent advisers, we have looked at
making bits smaller and bits bigger, but we didn't find a
solution," Mr. Caughey told Stuff.

Stuff relates that Mr. Caughey said the store has experienced a 40%
decline in revenue in what he described as being due to factors
outside their control.

"As a result, the company is trading at a significant loss which is
unsustainable. Sadly, we do not believe sales can be restored to
levels necessary to continue to operate."

Mr. Caughey said changes to the retail landscape, including the
growth of new shopping malls, have contributed to consumers looking
away from prestige department stores, Stuff relays.

He also said the aftermath of the Covid pandemic has led to a
reduction in the number of office workers in the central city,
while ongoing roadworks and development in the area have been
disruptive to shoppers.

"There has been huge disruption in the centre of town, with
roadworks and people being discouraged to drive their cars in the
city."

Mr. Caughey added the Auckland CBD had become unfriendly.

"It would be nice to be a more friendlier place to come to. It is a
less friendlier place than it could be and there are other places
people can go shopping other than coming to town any more."

Mr. Caughey told Stuff everyone was sad it had come to this.

"It has been a deeply emotional time for the people connected to
this historic establishment. We are acutely mindful of the impact
to staff, customers and suppliers by the proposal."

"We must be realistic and at the heart of us commencing this
consultation process now, is the need to look after all Smith &
Caughey's staff as well as we can, and to operate in good faith."

On the possibility of a Queen St without Smith & Caughey's after
144 years, Caughey was confident it would survive.

"Queen Street will continue. It will be in a different form from
what it is in now, but it will survive."

If the proposal proceeds, the company is set to cease operation in
early 2025, adds Stuff.


TAHEKE HAULAGE: BDO Tauranga Appointed as Liquidator
----------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on May
19, 2024, were appointed as liquidators of Taheke Haulage Limited.

The liquidators may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144




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

PAKISTAN: To Revive China Belt and Road Initiative Projects
-----------------------------------------------------------
Bloomberg News reports that Pakistan's new government is hoping to
inject some fresh momentum into projects that fall under China's
Belt and Road Initiative, as it tries to boost the country's
troubled economy.

The South Asian nation is looking at joint ventures for renewable
energy projects, agriculture collaboration and possibly enticing
some Chinese companies to relocate to Pakistan, said Ahsan Iqbal,
Pakistan's federal minister for Planning, Development and Special
Initiatives, who also co-heads the committee responsible for the
China-Pakistan Economic Corridor, in an interview, Bloomberg
relates.

"Yeah, I'm very hopeful because I was there in China recently and I
had meetings with their senior leadership," said Iqbal at his
office in Islamabad, decorated with a large map showcasing the
China-Pakistan Economic Corridor, notes the report. "So I see great
interest on the Chinese side to revive the momentum for CPEC and
also to take it into the second phase."

According to Bloomberg, Pakistan was seen as a flagship destination
for BRI projects, with CPEC - which includes a port in the southern
town of Gwadar and new power plants - the crown jewel. The progress
on new projects stalled in the aftermath of the COVID-19 pandemic
and amid Pakistan's on-going economic difficulties that have
required the International Monetary Fund's intervention.

Pakistan's Prime Minister Shehbaz Sharif, who was elected to a
second successive term in February, has been looking to revive
economic cooperation with China for the past two years. Sharif's
older brother, Nawaz, led the country when Pakistan signed on to
the BRI in 2013.

Projects worth about $25 billion came online in the first phase,
including power plants that ended the nation's chronic power
deficit, Bloomberg notes.

A Pakistani committee approved a long-delayed railway upgrade
project last week - but scaled it down from $10 billion to $6.8
billion.

The project will be done in two phases "so there is not a big
burden on Pakistan," said Iqbal, Bloomberg relays. The railway, in
its first phase will run from Karachi, the southern coast city, to
Multan, a little over halfway to the capital, Islamabad.

Bloomberg relates that the Sharif government has also finished some
key BRI projects that were pending for years: a water-supply
project in Gwadar, dredging work at the port and an electricity
transmission line from Iran.

"So all these things really help China see that the new government
is again serious and it restored their confidence that now Pakistan
is, you know, serious about CPEC initiatives," said Iqbal.

China has also been a key financial lender, alongside the IMF, with
its loans helping Pakistan avoid bankruptcy, Bloomberg states. The
country is struggling with low growth and the fastest rising
consumer prices in Asia. Islamabad's difficulties have seen it fall
behind on payments related to Chinese-funded power plants.

To mark the tenth anniversary of CPEC last year, China's Vice
Premier He Lifeng unveiled five new corridors including one focused
on growth to boost economic activity in Pakistan, Bloomberg
recalls. The others are related to livelihood, innovation, green
energy and regional connectivity. Sharif is likely to visit China
soon, said Iqbal.

One change in the second phase would likely involve Islamabad
taking a step back while urging the private sector to forge
partnerships with Chinese firms.

The other big focus, albeit a long-shot prospect, is to try and
attract Chinese firms thinking of relocating from China amid rising
labor costs and heightening geopolitical tensions, Bloomberg says.


"That would be a success because at the moment more than 80 million
jobs are being relocated from China to other countries because of
the high level cost in China," the report quotes Iqbal as saying.
"They have gone to Vietnam and you know, Laos and Cambodia. There
is now overcrowding there. So they are certainly looking for new
places."

                           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
=================

SIMS URBAN: Commences Wind-Up Proceedings
-----------------------------------------
Members of Sims Urban Oasis Pte Ltd on May 21, 2024, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Wong Peck Ling
          14 Robinson Road
          #12-01/02 Far East Finance Building
          Singapore 048545



                           *********


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

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

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

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