---

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

                     A S I A   P A C I F I C

          Monday, February 24, 2025, Vol. 28, No. 39

                           Headlines



A U S T R A L I A

IKARA WATER: Second Creditors' Meeting Set for Feb. 27
N.A.S.R. INCORPORATED: First Creditors' Meeting Set for Feb. 28
NEWCO HOLDINGS: First Creditors' Meeting Set for March 3
OLYMPUS 2025-1: S&P Assigns Prelim B (sf) Rating to Class F Notes
ONESTEEL MFG: Gupta Says Seizure 'Unprecedented' and 'Wrong'

OZ NONWOVEN: First Creditors' Meeting Set for Feb. 28
RADESKI EARTHMOVING: Second Creditors' Meeting Set for Feb. 27
STAR ENTERTAINMENT: Bally's Corp Considers Buying Casino Operator


C H I N A

AIRNET TECH: Terminates Share Purchase Deal With Investors
AIXIN LIFE: Retains YCM CPA Inc. as Auditor
GEMDALE CORP: Wins 1st Auction After Surviving Debt Repayment Peak
SENMIAO TECHNOLOGY: Logs Net Loss of $583K in 3Q Ended Dec. 2024
SHINECO INC: Reports Lower Net Loss of $2.29M for 2Q Ended Dec 2024

[] CHINA: Builders Lean on Court for Overhaul as Debt Woes Deepen
[] CHINA: Financial Stress Stalks Hospitals; Bankruptcies Soar


I N D I A

ABHIJEET INFRASTRUCTURE: Insolvency Resolution Process Case Summary
ABHYUDAYA GREEN: ICRA Keeps B+ Debt Rating in Not Cooperating
AKSHAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
AKSHYALAKSHMI NIDHI: Voluntary Liquidation Process Case Summary
ANDHRA FERRO: ICRA Keeps D Debt Ratings in Not Cooperating

ANSAL HOUSING: ICRA Reaffirms D Rating on INR50cr LT Loan
B. V. COT: ICRA Keeps D Debt Ratings in Not Cooperating Category
BANGALORE INSTITUTE: ICRA Keeps D Debt Ratings in Not Cooperating
ELECTROPATH SERVICES: ICRA Withdraws D Rating on INR28.73cr Loan
EMTEC SOFTWARE: Voluntary Liquidation Process Case Summary

ENERGO ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
GEEKAY STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
HIRA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
IFARM AGRO: Voluntary Liquidation Process Case Summary
INTERNATIONAL HOTEL: Voluntary Liquidation Process Case Summary

K MOHAN: ICRA Keeps D Debt Ratings in Not Cooperating Category
KANDALA DISTRIBUTORS: ICRA Cuts Rating on INR10cr LT Loan to B+
KARNA INTERNATIONAL: ICRA Keeps B Debt Rating in Not Cooperating
KNK NEXGEN: ICRA Keeps D Debt Ratings in Not Cooperating Category
MAHA DURGA: ICRA Lowers Rating on INR60.08cr Term Loan to D

MORANI MOTORS: Insolvency Resolution Process Case Summary
PADMAVATHI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
PEEL-WORKS PVT: ICRA Keeps D Rating in Not Cooperating Category
PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
PRAGYA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating

RAM PROTEINS: ICRA Keeps D Debt Ratings in Not Cooperating
RANSAN PACKAGING: Liquidation Process Case Summary
RELIANCE BIG: Creditors Take 99% Haircut in Insolvency Resolution
SAISONS TRADE: ICRA Keeps D Debt Rating in Not Cooperating
SAT INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category

SHRIMAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
SVR DRUGS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
VETSHIELD INTERNATIONAL: Insolvency Resolution Process Case Summary
VISHNU WAMAN: ICRA Keeps B+ Debt Ratings in Not Cooperating


J A P A N

EMTEC SOFTWARE: Voluntary Liquidation Process Case Summary
NORINCHUKIN BANK: Sees USD12.6BB Loss in FY2024; CEO to Resign


M A L A Y S I A

CN ASIA: Plans Capital Reduction to Pare Accumulated Losses


N E W   Z E A L A N D

BOYDIES BUILDING: Creditors' Proofs of Debt Due on March 24
KAMAC CONTRACTING: Creditors' Proofs of Debt Due on March 24
KOSHIK RANCHHDO: Waterstone Insolvency Appointed as Receivers
METRO FREIGHT: Court to Hear Wind-Up Petition on March 10
STLAND CONTRACTING: Court to Hear Wind-Up Petition on March 10



S I N G A P O R E

AENO FRESH: Court to Hear Wind-Up Petition on March 7
BIOFUEL RESEARCH: Commences Wind-Up Proceedings
ESPN SINGAPORE: Commences Wind-Up Proceedings
PWC ADMINISTRATION: Creditors' Proofs of Debt Due on March 17
WEBBER CHASE: Creditors' Meeting Set for Feb. 28


                           - - - - -


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

IKARA WATER: Second Creditors' Meeting Set for Feb. 27
------------------------------------------------------
A second meeting of creditors in the proceedings of Ikara Water Two
Pty Ltd and Ikara Water Three Pty Ltd has been set for Feb. 27,
2025 at 10:00 a.m. via virtual meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 26, 2025 at 5:00 p.m.

Lindsay Stephen Bainbridge and Andrew Reginald Yeo of Pitcher
Partners were appointed as administrators of the company on Jan.
22, 2025.


N.A.S.R. INCORPORATED: First Creditors' Meeting Set for Feb. 28
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of N.A.S.R.
Incorporated will be held on Feb. 28, 2025 at 11:00 a.m. at Level
4, 673 Murray Street in West Perth and via virtual meeting
technology.

Shaun William Boyle and Giovanni Maurizio Carrello of BRI Ferrier
Western Australia were appointed as administrators of the company
on Feb. 19, 2025.


NEWCO HOLDINGS: First Creditors' Meeting Set for March 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Newco
Holdings (Australia) Pty Ltd will be held on March 3, 2025 at 11:00
a.m. at the offices of SV Partners at Level 7, 151 Castlereagh
Street in Sydney and via virtual meeting technology.

Joshua Lee Robb of SV Partners was appointed as administrator of
the company on Feb. 19, 2025.


OLYMPUS 2025-1: S&P Assigns Prelim B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Corporate Trust Ltd. as trustee of Olympus
2025-1 Trust.

Olympus 2025-1 Trust is a securitization of prime residential
mortgages originated by Athena Mortgage Pty Ltd. This is the fourth
standalone RMBS transaction rated by S&P Global Ratings consisting
entirely of loans originated by Athena.

The preliminary ratings S&P has assigned to the floating-rate RMBS
reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Note subordination and excess spread
provide credit support. S&P's assessment of credit risk considers
Athena's underwriting standards and approval process. Its
assessment also takes into account Athena's servicing and
underwriting standards.

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 provision of a
liquidity facility, the principal draw function, and the provision
of an extraordinary expense reserve. S&P's analysis is on the basis
that the rated notes are fully redeemed via the principal waterfall
mechanism under the transaction documents by their legal final
maturity date, and it assumes the notes are not called at or beyond
the call-option date.

S&P said, "Our ratings also consider the counterparty exposure to
National Australia Bank Ltd. as bank account provider and liquidity
facility provider. The transaction documents for the facilities
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

  Preliminary Ratings Assigned

  Olympus 2025-1 Trust

  Class A1S, A$127.00 million: AAA (sf)
  Class A1L, A$323.00 million: AAA (sf)
  Class A2, A$29.00 million: AAA (sf)
  Class B, A$8.50 million: AA (sf)
  Class C, A$5.00 million: A (sf)
  Class D, A$2.50 million: BBB (sf)
  Class E, A$2.50 million: BB (sf)
  Class F, A$0.75 million: B (sf)
  Class G1, A$1.00 million: Not rated
  Class G2, A$0.75 million: Not rated


ONESTEEL MFG: Gupta Says Seizure 'Unprecedented' and 'Wrong'
------------------------------------------------------------
The Australian Financial Review reports that Sanjeev Gupta said the
South Australian government's seizure of his Whyalla steelworks was
"unexpected and unprecedented" and "the wrong course of action" for
the troubled plant's creditors and workers.

In an internal memo to executives of his corporate group, GFG
Alliance, obtained by The Australian Financial Review, Gupta said
he would seek legal advice on how to protect the interests of his
other companies, which comprised more than half of Whyalla's
creditors.

But he appeared to accept that there was no way back for him at
Whyalla, using the memo to reflect in valedictory fashion on the
heavy financial support GFG had given to the loss-making plant.

"This news will be disappointing to us all, not least to me
personally, given the huge efforts we have all put in to save
Whyalla in 2017 when it was losing AUD1 million a day, return
operations in 2024 after a near-death experience, and promote
Whyalla's magnetite potential to a global audience," Gupta wrote in
his nine-paragraph memo.

The silver lining, he said, was that GFG would "no longer need to
use our resources to cover those losses".

The Financial Review notes that the SA government on Feb. 19 pushed
through legislation that put GFG subsidiary OneSteel Manufacturing,
which operates the ailing Whyalla mining and steel operation, into
forced administration.

Some reports suggest the company is carrying up to AUD300 million
in unpaid debts. Many of GFG's steel businesses worldwide are
struggling with a depressed steel market, and with Gupta's
unresolved multibillion-dollar exposure to the 2021 collapse of his
main financier Greensill Capital, according to the Financial
Review.

The Whyalla administration will be overseen by insolvency
specialists KordaMentha. If a buyer can be found, the federal and
state governments may put taxpayer money behind a AUD500 million
revival plan.

"I believe strongly that this is the wrong course of action for
Whyalla's creditors, employees and the wider community who now face
a very uncertain future," Gupta told his team, notes the report.
"We have our critics in Whyalla, but we have invested around AUD1.5
billion since we owned the business, and the steelworks remains a
net beneficiary of the group."

He said this investment had included almost AUD500 million in the
past year. "While I care deeply about Whyalla and believe in its
future potential, the cost to the group has been huge, and we will
no longer need to use our resources to cover those losses," he
wrote.

Mr. Gupta told his team that he would press on with a plan,
revealed in the Financial Review last week, to raise debt and
equity against his NSW coalmine at Tahmoor, south of Sydney. But it
was unclear if he was still pursuing an AUD800 million sale, saying
that the proposed capital raising would "support the operations and
growth of this tier one asset".

"In the short term, this will make our Australian businesses
stronger and gives us a better foundation to grow in future and
deliver other strategic projects," he said. Proceeds had earlier
been earmarked for Whyalla.

He said the loss of Whyalla would not affect Tahmoor or his other
Australian assets, including the steel distributor InfraBuild, the
Financial Review relays.

"InfraBuild remains strong, well capitalised and continues to
operate as normal," he said. InfraBuild was a key buyer of Whyalla
steel, but Gupta pointed to its "already diversified billet supply
from quality international mills in addition to its own local
electric arc furnaces".

The Financial Review says Mr. Gupta has claimed to be on the verge
of sorting out the Greensill-related debt pile of up to AUD4
billion that has hung over GFG for years. It was this broader
financial struggle that seems to have prompted scepticism in
Canberra and Adelaide over his ability to dig Whyalla out of the
doldrums.

                    About OneSteel Manufacturing

OneSteel Manufacturing Pty Limited manufactures steel products. The
Company offers a variety of products including steel pipes, valves,
and sheets.

KordaMentha partners Mark Mentha, Sebastian Hams, Michael Korda and
Lara Wiggins have been appointed voluntary administrators of
OneSteel Manufacturing Pty Ltd, the owner and operator of the
Whyalla steelworks and the iron ore mining operations in the
Middlebank Range (together, 'Whyalla Steelworks and Mining') in
South Australia.

The appointment was made by the South Australian Government.

OZ NONWOVEN: First Creditors' Meeting Set for Feb. 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Oz Nonwoven
Fabrics Pty Ltd will be held on Feb. 28, 2025 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 Feb. 18, 2025.


RADESKI EARTHMOVING: Second Creditors' Meeting Set for Feb. 27
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Radeski
Earthmoving Pty Ltd has been set for Feb. 27, 2025 at 11:00 a.m.
via teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 26, 2025 at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Jan. 22, 2025.


STAR ENTERTAINMENT: Bally's Corp Considers Buying Casino Operator
-----------------------------------------------------------------
The Australian Financial Review reports that an American casino
operator controlled by a New York hedge fund has joined the
opportunists sniffing around embattled Star Entertainment Group,
which is on its last legs and desperately seeking a capital
injection to avoid administration.

The Australian Financial Review can reveal Bally's Corporation,
which has 19 casinos across 11 American states, sent
representatives to Australia to meet Star and visit its casinos
last week, and has also met key Star shareholders and lenders.

The Financial Review relates that sources close to the situation,
who declined to speak publicly because the talks were private, said
Bally's representatives included its chairman, Soo Kim, whose hedge
fund Standard General took control of the American casino owner in
a US$4.6 billion (AUD7.2 billion) deal earlier this month.

Bally's site trips included all three Star casinos – Brisbane,
Gold Coast and Sydney – while its meetings with lenders and
shareholders have been taking place for months.

The sources said Bally's had told Star and its investors that it
was finally in a position to seriously consider the Australian
casino operator, having just completed its own merger with regional
US casino operator Queen Casino & Entertainment, which was
majority-owned by Mr. Kim's Standard General, the Financial Review
relays.

"They are used to turnaround situations and could bring operational
expertise," one source said.

According to the report, the talks are indicative of the desperate
scrambling around Star, which revealed on January 8 that it was
burning cash and had less than a few months' cash flow left in the
bank.

Star CEO Steve McCann has since confirmed the group is operating in
safe harbour, which gives the directors some protection from
insolvency laws, and the group is scrambling to raise capital via
assets sales or the injection of new debt and/or equity.

The Financial Review notes that financial and strategic investors
and Star's own joint venture partners have lobbed recapitalisation
proposals and offers for Star's assets, including its stake in the
Queens Wharf project in Brisbane and its casino on the Gold Coast,
however Star and its secured lenders have been unable to agree on
any deal. Financial investors including US group Oaktree Capital
have also gone straight to Star's lenders to try to cut a deal.

Star has also tried to get an extra AUD100 million bridge loan out
of the lender group, and repeated its requests for government
support including tax deferral.

The Financial Review says sources involved in the situation have
warned that Star was headed for administration absent a capital
injection for weeks. Casino takings have been hit by regulatory
restrictions and softer consumer spending, while it has also had to
inject much more capital than anticipated into its new resort in
Brisbane. It also awaits a potentially hefty fine from Australia's
financial crime regulator, AUSTRAC.

CEO McCann is due to report Star's half-yearly numbers this week.
Lenders are waiting for its next covenant test.

Bally's is just the latest tyre-kicker to arrive on the scene, the
report notes. It has little experience in Australian gaming but has
a collection of 19 casinos in the US, a golf course in New York and
a horse racetrack in Colorado. It also has sports betting
licences.

                     About Star Entertainment

The Star Entertainment Group Limited (ASX:SGR) --
https://www.starentertainmentgroup.com.au/ -- is an Australia-based
company that provides gaming, entertainment and hospitality
services. The Company operates The Star Sydney (Sydney), The Star
Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). The
Company operates through three segments: Sydney, Gold Coast and
Brisbane. Sydney segment consists of The Star Sydney's casino
operations, including hotels, restaurants, bars and other
entertainment facilities. Gold Coast segment consists of The Star
Gold Coast's casino operations, including hotels, theatre,
restaurants, bars and other entertainment facilities. Brisbane
segment includes Treasury's casino operations, including hotel,
restaurants and bars. The Company also manages the Gold Coast
Convention and Exhibition Centre on behalf of the Queensland
Government. The Company also owns Broadbeach Island on which the
Gold Coast casino is located.

The Star Entertainment Group posted three consecutive annual net
losses of AUD198.6 million, AUD2.43 billion and AUD1.68 billion for
the years ended June 30, 2022, 2023, and 2024, respectively.

As reported in the the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2025, Star Entertainment has warned that it faces
"material uncertainty" over its ability to stay afloat unless it
finds a solution to its worsening financial woes.

In a quarterly update to investors on Jan. 20, ASX-listed Star said
its revenue had fallen 15 per cent in the December quarter, citing
ongoing weakness in its operating performance. It pointed to a
"challenging" consumer environment, the impact of carded play in
NSW, and expenses caused by a series of regulatory and compliance
problems.

According to The Sydney Morning Herald, the Star reiterated that it
had AUD78 million left in cash - after previously indicating
earlier in the month that it is burning through about AUD35 million
a month - which prompted Morningstar's analyst to warn the company
may not survive until its results in late February.

As it fights for survival, Star said it was continuing discussions
to attempt to deal with the crunch on its finances, but there was
no guarantee it would be able to reach a deal to resolve its
situation, the Herald relayed. It acknowledged the uncertainty over
its ability to continue operating if the negotiations were
unsuccessful.



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

AIRNET TECH: Terminates Share Purchase Deal With Investors
----------------------------------------------------------
AirNet Technology Inc. disclosed in a Form 6-K Report filed with
the U.S. Securities and Exchange Commission that on February 13,
2025, the Company sent out a notice to terminate its share purchase
agreement with certain investors.

As previously disclosed, on January 13, 2025, AirNet entered into a
share purchase agreement with certain investors, pursuant to which
the Company agreed to issue and sell, and the Purchasers agreed to
subscribe and purchase, an aggregate of 15,070,000 ordinary shares
of the Company, par value US$0.04 per share, at a purchase price of
US$0.4675 per share for aggregate gross proceeds to the Company of
US$7 million.

Pursuant to Section 6(l) of the Purchase Agreement, the Purchase
Agreement may be terminated by the Company by written notice to the
Purchasers if the closing of the Offering has not been consummated
on or before the 10th day following the execution of the Purchase
Agreement. Once terminated, the Purchase Agreement shall become
void and there shall be no liability or obligation on the part of
any party to the Purchase Agreement, subject to certain exceptions
set forth in the Purchase Agreement.

                      About AirNet Technology

AirNet Technology Inc. was incorporated in the Cayman Islands on
April 12, 2007. AirNet, its subsidiaries, through its variable
interest entities and the VIEs' subsidiaries, operate its
out-of-home advertising network, primarily air travel advertising
network, in the People's Republic of China. The Company also
conducts cryptocurrencies mining business operations by its Hong
Kong subsidiary, Blockchain Dynamics Limited.

As of December 31, 2023, the Company had $115.1 million in total
assets, $101.8 million in total liabilities, and $13.4 million in
total equity.

Singapore-based Audit Alliance LLP, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
April 26, 2024, citing that the Company has a history of operating
losses and negative operating cash flows and has negative working
capital of approximately $56 million as of December 31, 2023. These
conditions indicate that a material uncertainty exists that raise
substantial doubt on the Company's ability to continue as a going
concern, the auditor said.

AIXIN LIFE: Retains YCM CPA Inc. as Auditor
-------------------------------------------
AiXin Life International, Inc. disclosed in a Form 8-K Report filed
with the U.S. Securities and Exchange Commission that the Board of
Directors approved the retention of YCM CPA Inc. as the Company's
independent registered principal accounting firm for the year
ending December 31, 2024.

During the two years ended December 31, 2024 and through the date
of this report, the Company did not consult YCM CPA INC. with
respect to any of:
     (i) the application of accounting principles to a specified
transaction, either completed or proposed;
    (ii) the type of audit opinion that might be rendered on the
Company's financial statements; or
   (iii) any matter that was either the subject of a disagreement
(as defined in Item 304(a)(1)(iv) of Regulation S-K) or an event of
the type described in Item 304(a)(1)(v) of Regulation S-K.

                  About AiXin Life International

Sichuan Province, China-based AiXin Life International, Inc. is a
Colorado holding company and conducts substantially all of its
operations through its operating companies established in the
People's Republic of China, or the PRC. The Company focuses on
providing health and wellness products to the growing middle class
in China. It currently develops, manufactures, markets, and sells
premium-quality healthcare, nutritional products, and wellness
supplements, including herbs and greens, traditional Chinese
remedies, functional products such as weight management products,
probiotics, foods, and drinks. The Company also provides
advertising and marketing services to clients who engage us to
market and distribute their products.

Diamond Bar, California-based KCCW Accountancy Corp., the Company's
former auditor, issued a "going concern" qualification in its
report dated April 5, 2024, citing that the Company incurred
recurring losses from operations and has an accumulated deficit,
which raises substantial doubt about its ability to continue as a
going concern.

GEMDALE CORP: Wins 1st Auction After Surviving Debt Repayment Peak
------------------------------------------------------------------
Yicai Global reports that indebted Chinese developer Gemdale Group
has jointly won the development rights of a residential plot in
Shanghai, reentering the local land market after nearly two years
of absence, after surviving the debt repayment peak period.

Yicai relates that a consortium of Gemdale and two other builders
secured a land plot in Songjiang district for a total of CNY810
million (USD111.7 million), equal to a floor price of CNY26,100
(USD3,600) per square meter, during Shanghai's first land auction
of this year on Feb. 20. The price represents a premium of 14
percent.

Compared with other plots auctioned at the same event, the one won
by Gemdale's consortium had a relatively low price and was located
in a rather remote area.

Because of the widespread financial crisis in the Chinese real
estate market, Gemdale temporarily withdrew from the Shanghai land
market after acquiring the last plot in the first-tier city in the
second half of 2023, according to Yicai.

Last year was a peak debt repayment period for Gemdale, which was
once on the verge of defaulting, Yicai notes. The company had nine
domestic bonds, one offshore bond, and three asset-based securities
worth a total of about CNY18 billion (USD2.5 billion) maturing in
2024, according to data from China Real Estate Information
Corporation.

With means such as asset sales, bank financing, and strengthening
cash collection, Gemdale was able to raise funds and repay all its
public debts of last year, avoiding defaulting.

Now Gemdale has some breathing space, Yicai says. It only has
CNY2.8 billion (USD381.3 million) of public debts maturing this and
next years. Moreover, the firm announced on Feb. 14 that it would
repay the principle and interests of a maturing bond for CNY1.8
billion, equal to nearly 64 percent of the total, on time.

After settling its debt situation, Gemdale gradually reentered the
land auction market, Yicai relates. On Jan. 21, it won the
development rights for a plot in Hangzhou for CNY186 million, a
premium of 31 percent. At the end of last year, its subsidiary
Gemdale Commercial Properties acquired the rights to develop a
residential plot in Wuhan for CNY354 million.

The plots in Shanghai and Hangzhou are very similar. Both are
small, cheap, and in suburban areas with low-density residential
areas, suitable for building villas.

"It is not easy for Gemdale to restart land acquisition," a staffer
from the company's East China branch told Yicai. "The plots
acquired are all small, as the company plans to build high-quality
products."

Gemdale Corp -- https://www.gemdale.com/ -- is a China-based
company principally engaged in the development and sales of real
estate. The Company's main businesses include residential real
estate development, commercial real estate and industrial real
estate development and operation, real estate finance, property
leasing and property management services. The Company mainly
conducts its businesses in the domestic market.


SENMIAO TECHNOLOGY: Logs Net Loss of $583K in 3Q Ended Dec. 2024
----------------------------------------------------------------
Senmiao Technology Limited filed its quarterly report on Form 10-Q
with the Securities and Exchange Commission, revealing a net loss
of $583,378 on total revenues of $919,836 for the three months
ending Dec. 31, 2024.  This represents an improvement over the
previous year, when the Company reported a net loss of $893,928 on
revenues of $1.11 million.

For the nine months ending Dec. 31, 2024, the Company reported a
net loss of $1.77 million on total revenues of $2.54 million,
compared to a net loss of $2.52 million on total revenues of $3.48
million for the same period in 2023.

As of Dec. 31, 2024, the Company had $7.89 million in total assets,
$5.43 million in total liabilities, $234,364 in series A
convertible preferred stock, and $2.23 million in total equity.

"We do not believe that the proceeds from our public offerings and
our anticipated cash flows would be sufficient to meet our
anticipated working capital requirements and capital expenditures
in the ordinary course of business for the next 12 months from the
date of this Report.  We have determined there is substantial doubt
about our ability to continue as a going concern.  If we are unable
to generate significant revenue, we may be required to cease or
curtail our operations," the Company stated in the report.

The complete text of the Form 10-Q is available for free at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/1711012/000121390025014277/ea0229302-10q_senmiao.htm

                    About Senmiao Technology Limited

Senmiao Technology Limited is a provider of automobile transaction
and related services, connecting auto dealers and consumers, who
are mostly existing and prospective ride-hailing drivers affiliated
with different operators of online ride-hailing platforms in the
People's Republic of China.  The Company provides automobile
transaction and related services through its wholly owned
subsidiary, Chengdu Corenel Technology Limited, a PRC limited
liability company, and its majority owned subsidiaries, Chengdu
Jiekai Technology Ltd., and Hunan Ruixi Financial Leasing Co.,
Ltd., a PRC limited liability company.  Since October 2020, the
Company also operates an online ride-hailing platform through Hunan
Xixingtianxia Technology Co., Ltd. ("XXTX"), a wholly-owned
subsidiary of Sichuan Senmiao Zecheng Business Consulting Co.,
Ltd., its wholly-owned subsidiary.  The Company's platform enables
qualified ride-hailing drivers to provide application-based
transportation services mainly in Chengdu, Changsha and other 20
cities in China.  Substantially all of the Company's operations are
conducted in China.

New York, New York-based Marcum Asia CPAs LLP, the Company's
auditor since 2018, issued a "going concern" qualification dated
June 27, 2024.  The report cited that the Company has a significant
working capital deficiency, has incurred significant losses and
needs to raise additional funds to meet its obligations and sustain
its operations.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.

The Company had net losses of $4,234,214 and $3,790,693 in the
years ended March 31, 2024 and 2023, respectively.

"We may continue to incur losses in the future.  We anticipate that
our operating expenses will increase in the foreseeable future as
we schedule to attract more customers and further enhance and
develop our current businesses and may seek for other profitable
business in the future.  These efforts may prove more expensive
than we currently anticipate, and we may not succeed in increasing
our revenue sufficiently to offset these higher expenses.  Our net
revenue growth may slow, our net income margins may decline or we
may incur additional net losses in the future and may not be able
to achieve and maintain profitability on a quarterly or annual
basis. In addition, our net revenue growth rate will likely decline
as our net revenue grows to higher levels," the Company stated in
its Annual Report for the year ended March 31, 2024.

SHINECO INC: Reports Lower Net Loss of $2.29M for 2Q Ended Dec 2024
-------------------------------------------------------------------
Shineco, Inc., submitted its Quarterly Report on Form 10-Q to the
Securities and Exchange Commission, showing a net loss of US$2.29
million on revenue of US$3.05 million for the three months ending
Dec. 31, 2024.  This marks an improvement compared to the same
period last year, when the Company posted a net loss of US$5.06
million on revenue of US$2.31 million.

For the six months ending Dec. 31, 2024, the Company reported a net
loss of US$4.85 million on revenue of US$5.22 million, as compared
to a net income of US$286,021 on revenue of US$3.95 million for the
six months ended Dec. 31, 2023.

As of Dec. 31, 2024, the Company had US$95.80 million in total
assets, US$53.30 million in total liabilities, and US$42.50 million
in total equity.

The Company had recurring net losses from continuing operations of
US$4.8 million and US$8.6 million, and continuing cash outflow of
US$2.7 million and US$2.5 million from operating activities for the
six months ended Dec. 31, 2024 and 2023, respectively.  As of Dec.
31, 2024 and June 30, 2024, the Company had accumulated a deficit
of US$58.0 million and US$54.3 million, and as of Dec. 31, 2024,
the Company had negative working capital of US$6.0 million.

"The Company's management believes these factors raise substantial
doubt about the Company's ability to continue as a going concern
for the next twelve months.  In assessing the Company's going
concern, the Company's management monitors and analyzes the
Company's cash on-hand and its ability to generate sufficient
revenue sources in the future to support its operating and capital
expenditure commitments.  The Company's liquidity needs are to meet
its working capital requirements, operating expenses and capital
expenditure obligations.  Direct offering and debt financing have
been utilized to finance the working capital requirements of the
Company.  The continuation of the Company as a going concern
through the next twelve months is dependent on the continued
financial support from its stockholders," Shineco stated in the
Report.

The complete text of the Form 10-Q can be accessed for free at:

https://www.sec.gov/Archives/edgar/data/1300734/000149315225006895/form10-q.htm

                         About Shineco Inc.

Headquartered in Beijing, People's Republic of China, Shineco, Inc.
is a holding company with no material operations of its own.  The
Company is focused on health and well-being through plant-based
products, leveraging vertically and horizontally integrated
production, distribution, and sales channels.  It has expanded into
the Point-of-Care Testing industry through its subsidiary,
Changzhou Biowin Pharmaceutical Co., Ltd., which develops
diagnostic products and medical devices.  Additionally, after
acquiring Chongqing Wintus Group, the Company entered the
agricultural products sector, including silk, silk fabrics, and
fresh fruit, while also launching a health-oriented chain
restaurant through its subsidiary, Fuzhou Meida Health Management
Co., Ltd.  The Company's shares of common stock currently listed on
the Nasdaq Capital Markets are shares of its Delaware holding
company.

Singapore-based AssentSure PAC, the Company's auditor since 2021,
issued a "going concern" qualification in its report dated Sept.
30, 2024, citing that the Company had net losses of approximately
US$$24.3 million and US$14.0 million, and cash outflow of US$3.9
million and US$5.4 million from operating activities for the years
ended June 30, 2024 and 2023, respectively.  As of June 30, 2024
and 2023, the Company had accumulated deficit of US$54.3 million
and US$ 31.7 million, respectively, and as of June 30, 2024 and
2023, the Company had negative working capital of US$6.7 million
and US28.9 million, respectively.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.

[] CHINA: Builders Lean on Court for Overhaul as Debt Woes Deepen
-----------------------------------------------------------------
Bloomberg News reports that China's distressed developers are
increasingly asking local courts to drive their restructuring
efforts, as weak home sales continue to weaken their ability to
make headway or deliver on private debt workout plans.

Chongqing Casin Property Development Group late last month became
the newest among its peers to apply for the court to overhaul its
debt. The move followed a Bloomberg News' report that defaulter
China Fortune Land Development is considering scrapping a
creditor-approved debt plan for a court-led solution. Jinke
Property Group was the country's first high-profile, listed
delinquent builder to pursue this option.

According to Bloomberg, the expanding list of Chinese developers
seeking the court's help is the latest sign of stress in a property
debt crisis that's entering its fifth year, as private debt talks
become protracted and existing restructuring efforts suffer
setbacks. While a court-driven process does present an alternative
path for distressed firms, its success hinges on key factors
including the introduction of cash-rich new investors.

"Court-led restructuring is the last resort for distressed
companies," Bloomberg quotes Qian Wenhan, partner of Zhong Yin Law
Firm, who specialises in restructuring and bankruptcies, as saying.
"As China's housing market has yet to notably stabilise and some
companies' debt negotiations become lengthy or even hit an impasse,
more developers are expected to use this approach to solve their
predicament."

Bloomberg says the trend is also evident across industries as a
slowdown in the world's second-largest economy takes its toll. The
number of Chinese listed companies seeking court-led restructuring
rose to a six-year high of 29 last year, Bloomberg discloses citing
a report by Shanghai-based AllBright Law Offices. Nearly a quarter
of them were from real estate or construction firms, it shows.

Court-supervised restructuring for developers in China remains a
novelty, despite a record wave of defaults in the industry over
recent years. Such an approach generally requires a procedure to
place the company under bankruptcy administration, and may include
white knights to bring in new funds.

A growing number of Chinese developers also have ended up in court
in Hong Kong since the crisis began, although it was predominantly
the offshore creditors that applied to liquidate the defaulters'
business, according to Bloomberg. At least seven such builders,
including former industry behemoth China Evergrande Group, has
received the court's so-called winding-up rulings.

"Court-led restructuring is one of the relatively efficient ways to
reduce debt and improve companies' fundraising efficiencies," said
Luo Yuan, a lawyer at Beijing Docvit Law Firm, notes the report.
"If more developers are able to deliver unfinished projects and
slash debt via this approach, it may boost financial institutions'
confidence in issuing special loans to the industry."

That said, whether a court will agree to drive a company's
restructuring depends on key conditions such as securing strategic
investors who can inject new life into the debt-laden firm,
Bloomberg relays.

While the sample pool in China remains too small to meaningfully
analyze the impact of court-led restructuring on creditors and
investors, the prolonged nature of the debt crisis has lowered the
expectations for some, Bloomberg states.

"Holders of public bonds can otherwise only live to see corporate
assets depreciate over time," Bloomberg quotes Ma Suiqing, senior
partner and fixed income investment director at Tensor Pacific, a
Hangzhou-based hedge fund, as saying. "That's why court-led
restructuring of developers is clearly beneficial to most
bondholders as it at least offers some level of transparency and
fairness."


[] CHINA: Financial Stress Stalks Hospitals; Bankruptcies Soar
--------------------------------------------------------------
The New York Times reports that legal warnings posted on the door
of a private, for-profit hospital in eastern China tracked its
descent into financial failure.

The NY Times says Huiren Hospital in the city of Suqian was warned
for failing to pay employees. Four months later, a judicial summons
said it still had not paid back wages. Finally, in September a
paper taped across its entrance declared the building closed.

The hospital, once known for treating men with infertility or
sexually transmitted diseases, had been hollowed out. The furniture
and equipment were gone. There was no staff.

According to the NY Times, public and private hospitals across
China are suffering financially. During the Covid-19 pandemic,
their expenses swelled from the enormous cost of mass testing - a
core component of the government's campaign to prevent the spread
of the coronavirus. At the same time, hospitals generated less
revenue because patients avoided crowded waiting rooms for fear of
contracting the virus.

After pandemic restrictions lifted, hospitals encountered a new
problem: an economy slumping from a collapse in the real estate
sector, the NY Times notes. People put off noncritical care to save
money, and local governments failed to provide much-needed
financial support to public hospitals.

The NY Times adds that hospitals are also facing a more fundamental
challenge. As China's population ages, health care costs are
increasing faster than the money flowing into the country's
insurance funds. The government, in turn, is engaged in a campaign
to reduce spending. Hospitals have been left in the lurch when
insurance has not fully reimbursed them for certain procedures or
medications.

Over the past two decades, the number of hospitals in China has
more than doubled, the NY Times says. Private health care
facilities, in particular, grew eightfold. Many hospitals took on
loans to expand, serve more patients and offer more services. But
as the money coming in slowed, some institutions struggled to repay
debts.

The hospital boom coincided with China's economic rise, resulting
in more people living healthier and for longer. The average life
expectancy has increased more than 15 years since the 1970s, while
the infant mortality rate was below 0.5 percent in 2023, down from
30 percent in the 1950s.

But the country's recent economic struggles have wreaked havoc on
the business of hospitals, an acute problem in a country where
people mostly receive medical care in hospitals.

More than 200 hospitals have publicly declared bankruptcy in the
past five years, compared with seven in the previous five years,
the NY Times discloses citing a national bankruptcy database.
Nearly all of the bankruptcies involve private hospitals, the
report notes. The closings represent a small number of China's
total hospitals - nearly 40,000 at the end of 2023. But the trend
is worrisome, experts said.

"This is just the beginning, and there will be more," said He Bin,
an independent Chinese medical industry analyst, notes the report.

Hospitals borrowed heavily in recent years, the NY Times notes.
Public hospital debt nearly quadrupled from 2011 to 2021, according
to the China Health Statistics Yearbook.

In November, the Affiliated Hospital of the Medical College of
Jiaying University, a public hospital in Meizhou in southern China,
said it had hired an accounting firm to help liquidate its assets,
recalls the NY Times. A month earlier, local media said the
hospital was suspending operations. Members of the medical staff
who had not been paid for 10 months were told to resign.

The NY Times relates that the hospital had invested $16 million for
a new building in 2021, hoping to gain China's highest
classification for hospitals. But its revenue plummeted during and
after the pandemic. In financial reports, the hospital said
business revenue fell by half in 2023.

The country must "prudently resolve the long-term debt problems of
hospitals," Lei Haichao, director of China's National Health
Commission, said last month in an article for a Chinese Communist
Party magazine, the NY Times recalls. The National Health
Commission told all local government officials in June to pay close
attention to budget deficits, long-term debt and unpaid wages.




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

ABHIJEET INFRASTRUCTURE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: Abhijeet Infrastructure Limited

        Registered Address:
        FE-83, Sector-III Salt Lake City,
        Ground Floor, Kolkata, Kolkata,
        West Bengal, India, 700106

Insolvency Commencement Date: February 5, 2025

Court: National Company Law Tribunal, Cuttack Bench

Estimated date of closure of
insolvency resolution process: August 4, 2025

Insolvency professional: Satish Kumar Gupta

Interim Resolution
Professional: Satish Kumar Gupta
              Flat No. 17012, Building No. 17,
              Phase 2, Kohinoor City, Kurla West,
              Mumbai, Maharashtra 400070
              Email: satishg19@outlook.com
              Email: abhijeetinfracirp@gmail.com

Last date for
submission of claims: February 19, 2025



ABHYUDAYA GREEN: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Abhyudaya Green Economic
Zones Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          7.35       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2013, Abhyudaya Green Economic Zones Private
Limited is setting up a 4.00 MW (AC) grid connected solar PV power
plant in Chevella Village, Ranga Reddy District, Telangana. The
operations are being managed by Dr. Vijay Kolaventy, who has more
than 25 years of experience in Information Technology, Information
Technology Enabled Services, Renewable Energy and Energy Efficiency
services. AGEZPL has signed PPA with TSSPDCL at a tariff rate of
INR6.49/- valid for 20 years. The total cost of solar power plant
is INR29.37 crore which is funded by INR7.34 crore of equity,
INR7.35 crore of term loan and INR 14.68 crore by IFCI in the form
of Optionally Convertible Debentures (OCD). The expected COD of the
plant was March 2016.


AKSHAR COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Akshar
Cotton Industries (ACI) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D;ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         0.03      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         1.39      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Akshar Cotton Industries (ACI) was established in August 2011 in
Gujarat as a partnership firm. ACI is promoted and managed by Mr.
Ashok Bhai Dudhagara, Mr. Hashmukbhai Pansuriya and Mr.
Narendrabhai Virani. Firm is engaged in production of cotton bales
and cottonseeds widely used in textile and edible oil industry.



AKSHYALAKSHMI NIDHI: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Akshyalakshmi Nidhi Limited
        No. 403, Block-B, No. 36,
        Athreya Apartment Willamsroad,
        Tiruchirappalli Cantonment,
        Tiruchirappalli, Tamil Nadu 620001

Liquidation Commencement Date: February 1, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Shanmugakani Saraskumar
            132-A, NTR Street,
            Rangarajapuram Main Road
            Kodambakkam, Chennai 600025
            Email: saraskcsca@gmail.com
            Mobile: 94440 11294

Last date for
submission of claims: March 2, 2025


ANDHRA FERRO: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Andhra Ferro Alloys Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D;ISSUER
NOT COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term-        15.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/        33.50      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short-term-        8.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-        30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 1986, Andhra Ferro Alloys Limited is engaged in the
production of ferro alloys. The company has two units - unit1 is
located at Srinivasan agar, Pendurthi, Vizianagaram district
(installed capacity is 3.5 million volt ampere (MVA)) and unit 2 is
located at Garbham, Vizianagaram district (installed capacity of
15.5MVA). The unit 1 was dismantled during February 2009 and AFAL
is setting up 11MVA capacity ferro alloy unit each at unit 1 and 2.
The total capex at unit 2 is INR26.34 crore funded by a term loan
of INR15.00 crore and is expected to be completed by April 2016.
The total capex at unit 1 is INR27.56 crore and was proposed to be
funded by term loan of INR17.00 crore; however, the company has
deferred the construction of unit 1. AFAL is promoted and managed
by Mr. Brajendra Khandelwal who has over 25 years of experience in
the ferro alloy industry.


ANSAL HOUSING: ICRA Reaffirms D Rating on INR50cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Ansal
Housing Limited (AHL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Short-term–
   Fund-based           22.55       [ICRA] D; Reaffirmed

   Long-term-
   Non-fund based       50.00       [ICRA] D; Reaffirmed

Rationale

The rating reaffirmation of the bank facilities of AHL factors in
the continued irregularities in debt servicing by AHL on account of
poor liquidity due to weak project collections. The cash inflows
from the projects remained inadequate to meet the required
obligations on time. Although the company has pending collections
of INR291 crore which is sufficient to cover the pending cost of
around INR237 crores as of September 2024, incremental sales
generated from the unsold inventory valued at INR550 crore and
improvement in collections will remain critical for the company to
ensure timely debt servicing from its operating cash flows. ICRA
notes that the company, at a consolidated level, has modest
cashflow from operations as against high debt repayment
obligations. AHL defaulted on INR212 crore of debt as of March 2024
pertaining to Industrial Finance Corporation of India Limited (IFCI
Ltd.) and HDFC Bank which has been assigned to Suraksha Asset
Reconstruction Company (SARC) for restructuring of debt.
ICRA, however, takes into account that the promoters' long presence
in the industry, which have helped the Group to establish strong
relationships with its customers and key suppliers. This has
resulted in a diversified project portfolio in terms of micro
market, thus enabling it to cater to a wide clientele.

Key rating drivers and their description

Credit strengths
* Experienced promoters with established track record in real
estate industry: The Ansal Group and its promoters have been
involved in the real estate industry for more than four decades.
The promoters' long presence in the industry resulted in strong
relationships with the key suppliers, which has enabled the company
to diversify its project portfolio in terms of micromarkets, which
helps to cater to a wide clientele. It has presence in metro cities
as well as in tier-1 and tier-2 cities, namely Delhi, Mumbai,
Gurgaon, Ghaziabad, Agra, Meerut, Indore, Alwar, Ajmer, etc.

Credit challenges

* Delays in debt servicing: There have been delays in debt
servicing by the company due to weak collections from its projects.
Its cash flows are inadequate to meet its debt obligations in a
timely manner.

* High reliance on incremental sales and collections to meet debt
obligations: While the pending collections of INR291 crore is
sufficient to cover the pending cost of around INR237 crores as of
September 2024, incremental sales generated from the unsold
inventory valued at INR550 crore and collections thereof will
remain critical for the company to ensure timely debt servicing
from its operating cash flows

* Modest cashflow from operations: The company at a consolidated
level, has modest cashflow from operations as against high debt
repayment obligations. AHL defaulted on INR212 crore of debt as of
March 2024 pertaining to Industrial Finance Corporation of India
Limited (IFCI Ltd.) and HDFC Bank which has been assigned to
Suraksha Asset Reconstruction Company (SARC) for restructuring of
debt.

* Environmental and social risk: The real estate segment is exposed
to risks of increasing environmental norms impacting operating
costs, including higher cost of compliance with pollution control
regulations. Environmental clearances are required for commencement
of projects and lack of timely approvals can affect its business
operations. The impact of the changing environmental regulations on
licences taken for property development could create credit risks.
In terms of social risks, the trend post-pandemic has been
favourable to residential real estate developers as demand for
quality home with good social infrastructure has increased.
Further, rapid urbanisation and a high proportion of workforce
population (aged 25-44 years) will support the long-term demand for
the real estate sector in India.

Liquidity position: Poor

The company's liquidity is poor due to a deficit in cash flow
because of slow sales velocity and weak customer collections. The
company has debt overdue of INR212 crore as of March 2024. The
generation of incremental sales and collections will remain
critical to ensure timely debt servicing from its operating cash
flows.

Rating sensitivities

Positive factors – ICRA could upgrade the rating if the company
is timely in its debt servicing, on a sustained basis, and reports
an improvement in its sales and cash flows on a prolonged basis.

Negative factors – NA

Incorporated in 1983, AHL is a part of the Ansal Housing Group. The
company develops residential as well as commercial real estate
properties. AHL has already completed various projects encompassing
an area of about 76 million square feet (msf) in Delhi, Mumbai,
Meerut, Lucknow and Ghaziabad, among others, and currently has more
than 25 msf area under development.


B. V. COT: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of B. V.
Cot Spin Industries (BVCSI) in the 'Issuer Not Cooperating'
category.  The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        18.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         3.15      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Established in 2012, B. V. Cotspin Industries (BVCSI) is a
partnership firm with Mr. Babu Patel, Mr. Piyush Patel and Mr.
Bhavin Patel along with their family members as partners. The firm
gins and presses raw cotton to produce cotton bales and
cottonseeds. The commercial production of the firm commenced in
November 2013. BVCSI possesses 54 cotton ginning machines, with an
installed capacity of manufacturing 300-350 bales per 12 hours.


BANGALORE INSTITUTE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Bangalore Institute of
Gastroenterology Private Limited (BIG) in the 'Issuer Not
Cooperating' category. The rating is denoted as "ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         9.95       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-         0.05       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Bangalore Institute of Gastroenterology Private Limited (BIG/the
company) was incorporated in FY 2013 and started operations in
December 2015 with the following directors:

1. Dr. Ramesh Reddy
2. Dr. S. Divakara Murthy
3. Dr. Preethan K. N.
4. Dr. R. Sahadev
5. Dr. Tejeswi S. Gutti

BIG is a tertiary care center, first of its kind in the state of
Karnataka, aimed to be a one stop solution for gastrointestinal,
hepatobiliary and pancreatic diseases. The hospital provides
comprehensive care for patients with basic and complex
gastrointestinal diseases. The hospital consists of 100 beds of
which 12 are of Intensive care beds. The total project cost was
~INR19.95 crore funded by term loan of INR9.95 crore and remaining
from promoters in the form of equity and interest free unsecured
loans. The hospital is located at Ashoka Pillar Road, Jayanagar,
Bangalore; about 7.3 kms from the City Railway
Station. Jayanagar is a residential and commercial neighborhood
city of Bangalore and is easily accessible by BMTC busses and there
is also a metro station coming up in the area.


ELECTROPATH SERVICES: ICRA Withdraws D Rating on INR28.73cr Loan
----------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Electropath Services (India) Private Limited, based on the request
of the company and the No Objection Certificate/No Due Certificate
or Closure certificate received from its lender's. The Key Rating
Drivers and their description, Liquidity Position, Rating
Sensitivities have not been captured as the rated  instruments are
being withdrawn.

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        21.27      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

   Short-term        28.73      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Withdrawn
   Others                        

Established in 2006, ESIPL is engaged in executing turnkey power
projects for Maharashtra State Electricity Distribution Company
Limited (MSEDCL). The company provides services like designing,
erecting, commissioning, testing for projects like electricity
distribution and transmission lines, electricity distribution
transformer centres, substations, etc. The promoter, Mr. Sambhaji
Nathrao Gitte, has experience of more than two decades in
electrical contracting.


EMTEC SOFTWARE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Emtec Software India Private Limited
        No.56, Sai Arcade
        Opp. Intel. Next to Advaith Hyundai
        Marathalli, Outer Ring Road,
        Devarbisanhalli, Bangalore,
        Karnataka, India 560103

Liquidation Commencement Date: January 30, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Sreenivasan P R
            PSDY & Associates
            Plot No. 9-A 'Deepam'
            Jawahar Nagar Kadavanthra
            Ernakulam, Kerala 682020

Last date for
submission of claims: March 1, 2025


ENERGO ENGINEERING: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings for the Bank
Facility of Energo Engineering Projects Limited (EEPL) in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D;ISSUER NOT COOPERATING/[ICRA]D;ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-       140.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term-        22.75       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loans                    'Issuer Not Cooperating'
                                 Category

   Short-term     1,150.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating Continues to remain under
   Based limits                  the 'Issuer Not Cooperating'
                                 Category

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

Incorporate as a sole proprietorship in 1987, EEPL is engaged in
providing EPC/turnkey solutions of Balance of Plant (BOP)
requirements of Power Plants which includes coal handling, ash
handling, water systems, instrumentation, civil work etc. In BOP,
the company has focus on coal handling and ash handling. The
services include design, manufacture, fabrication, supply, site
construction, erection, commissioning and testing as well as
operations & maintenance on turnkey basis. The factory is
located at Coimbatore, Tamil Nadu on a land area of 400,000 sq. ft.
with manufacturing are enclosed in 150,000 sq. ft. EEPL also
provides consultancy services to power plants in the form of
residual life assessment studies, assessment of renovation and
modernization requirements and suggesting cost-effective method for
improving the efficiencies of the existing systems, besides energy
audits and independent performance testing. EEPL has a portfolio in
EPC contracting of more than 20,000 MW.


GEEKAY STEEL: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term rating of Geekay Steel Corporation
(GSC) in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING."

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         15.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Geekay Steel Corporation (GSC) was founded in the year 2016 by Mr.
Gopal Kishan Agarwal as a sole proprietorship concern.  The firm is
involved in the trading of steel products including iron rods,
flats, angles, scrap, etc. These products are majorly used in
fabrication, cement, infrastructure and machine manufacturing
industry.


HIRA COTTON: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Hira
Cotton Fibers (HCF) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

HCF, a partnership firm promoted by Khandelwal family of Sendhwa,
is engaged in cotton ginning and pressing. HCF's ginning unit based
at Chopda in District Jalgaon (Maharashtra) is equipped with 30
ginning machines and a bale pressing machine, whereby it
manufactures lint from kapas (raw cotton) and undertakes pressing
operation to produce cotton bales. Cotton seed, which is by-product
of ginning operation, is sold to oil extraction units.


IFARM AGRO: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: IFarm Agro Industries Private Limited
        No. 6/604 Mittatharar, Thottam,
        Mummudi, Talaivasal, Salem Attur,
        Tamil Nadu, India 636112

Liquidation Commencement Date: January 28, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: CA Uthukuli Venkata Rao Sujatha
            "Akshayam", 4th Floor,
            Old No" 4/1, New No: 153-B,
            Sugavaneswara Street, Salem - 636 004
            Email: ifarmagrolpservices@gmail.com
            Email: suja2122@gmail.com
            Mobile: 9842812338

Last date for
submission of claims: February 27, 2025


INTERNATIONAL HOTEL: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: International Hotel Supply (India) Private Limited
        Unit 108-109, 1 Flr B wing,
        Cts no.16/1 to 24 & 17 Chakala,
        Andheri-Kurla Road, Andheri E,
        Mumbai, Maharashtra, India, 400059

Liquidation Commencement Date: February 6, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Kashyap Ashwinbhai Shah
            Insolvency Professional
            B-203, Mumbai Towers,
            Opp. M S University,
            Sayajigunj, Vadodara 390020
            Email: kashyap.cs.ip@gmail.com
            Telephone no. 0265-2362244
    
Last date for
submission of claims: March 8, 2025


K MOHAN: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of K Mohan &
Company (Exports) Private Limited (KMCPL) in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING/[ICRA]D; ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term           (10.00)      [ICRA]D; ISSUER NOT
   Interchangeable                  COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Long Term/            3.50       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                      COOPERATING; Rating continues
   Unallocated                      to remain under 'Issuer Not
                                    Cooperating' category

   Short-term-          53.00       [ICRA]D; ISSUER NOT
   Fund based                       COOPERATING; Rating Continues
   Cash Credit                      to remain under 'Issuer Not
                                    Cooperating' Category

   Short Term          (68.00)      [ICRA]D; ISSUER NOT
   Interchangeable                  COOPERATING; Rating continues
   Others                           to remain under 'Issuer Not
                                    Cooperating' category

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

K Mohan & Company (Exports) Private Limited (herein after referred
to as 'KMCPL') was established by late Mr. K. Mohandas Mahtaney as
a partnership firm in Mumbai in 1954 to manufacture cotton based
readymade garments and the company became one of the India's first
garment exporter in 1973. In 1988, promoters moved their business
to Bangalore, Karnataka with 120 machines. Over the years the
company has gradually ramped up its capacity to 3070 sewing
machines at its 6 factories and a central warehouse at Bangalore.
The firm was converted into a private limited company-KMCPL in
2004. The company has also set up in-house washing and embroidery
units. The product profile of the company mainly consists of woven
garments for men, women and kids. The company caters to the
renowned brands of Europe and USA like Marks & Spencer, Ralph
Laruen, Vans & Group etc.


KANDALA DISTRIBUTORS: ICRA Cuts Rating on INR10cr LT Loan to B+
---------------------------------------------------------------
ICRA has downgraded and moved the rating for the bank facilities of
Kandala Distributors to the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term            10.00      [ICRA]B+(Stable); ISSUER NOT
   fund-based-                     COOPERATING; Rating downgraded
   Cash  credit                    from [ICRA]BB (Stable) and
                                   moved to 'Issuer Not
                                   Cooperating' category

The rating downgrade is because of lack of adequate information on
Kandala Distributors's performance and hence the uncertainty around
its credit risk. ICRA assesses whether the information available
about the entity is commensurate with its rating and reviews the
same as per its "Policy in respect of non-cooperation by a rated
entity" available at www.icra.in. The lenders, investors and other
market participants are thus advised to exercise appropriate
caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Kandala Distributors is a partnership firm formed in 1992 and is
involved in the distribution of pharmaceutical products. The  firm
is a super stockist/clearing and forwarding agent of pharmaceutical
companies and caters to stockists all over Karnataka.  The firm
trades in over 1,500 branded drugs with supplies from
pharmaceutical companies like British Biologicals, Hegde &  Hegde
LLP, MSD Pharmaceuticals Ltd, Albert David Limited, among others.
It used to operate from four warehouses in  Bengaluru. However, it
has now shifted its operations to Harohalli, Ramanagara, Karnataka.
The Group consists of sister  concern, Kandalaa, which is a
jewellery retail outlet; Kandalaa Prints which is a packaging firm;
and Sribalaji Hitechexim Projects Private Limited which is the
lessor for the warehouse leased to Kandala Distributors. Kandalaa,
established in 2011 by Mr. K.G. Subbaraj, is a partnership firm
involved in the retailing of gold and diamond jewellery.  The firm
operates a single retail showroom at Jayanagar in Bengaluru, which
was set up in October 2011. The firm's retail store  sells both
readymade and customised jewellery. Kandalaa Prints, established in
2020, is an integrated packaging firm located at Harohalli. Its
capacity includes conventional printing & UV printing.


KARNA INTERNATIONAL: ICRA Keeps B Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of Karna
International (KI) in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B(Stable);ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        12.50       [ICRA]B (Stable); ISSUER NOT
   Fund-based                    COOPERATING; Rating continues to
   Cash Credit                   remain under 'Issuer Not
                                 Cooperating' category

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

KI was established in 1992 as a partnership concern with Mr.
Karnajit Lamba and Ms. Monica Lamba as partners. The firm is a
Government of India-recognised export house and an ISO 9001:2008
certified unit. The firm manufactures cold and hot forged bolts,
nuts, washers, fasteners, anchors, brackets and other equipment,
which are used in hardware item manufacturing, and architectural
and construction activities. Its manufacturing facility is located
in the Ludhiana district of Punjab. The firm derives most of its
revenues from export sales, primarily in the UK.


KNK NEXGEN: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term and Short Term ratings of KNK Nexgen
Construction Pvt Ltd in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-        15.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short term-       40.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         5.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

KNK Nexgen Construction Private Limited was established in 2006,
with its registered office in Bangalore, Karnataka. The company
primarily operates as a civil contractor engaged in the
construction of diversified projects—including the construction
of multi-storeyed buildings, residential apartments, hotels,
hospitals, commercial buildings, IT parks and factories. The
company is a member of the Indian Green Building Council (IGBC) and
has been associated with many energy efficient projects. The
company has won three awards for adopting best safety practises at
its construction sites from the National Safety Council for the
years 2011, 2013 and 2014. KNK was set up in fiscal 2017 by merging
the group companies, KNK Nexgen Construction Pvt Ltd and KNK Swami
and Co. It constructs factories, industrial houses, and commercial
and residential buildings for the Government of Karnataka and
private entities outside the state.


MAHA DURGA: ICRA Lowers Rating on INR60.08cr Term Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Maha
Durga Charitable Trust (MDCT), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         60.08       ICRA]D; ISSUER NOT COOPERATING;
   Fund Based-                    Rating downgraded from
   Term Loan                      [ICRA]B+(Stable); ISSUER NOT
                                  COOPERATING and continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Long Term-         10.92       ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                    Rating downgraded from
                                  [ICRA]B+(Stable); ISSUER NOT
                                  COOPERATING and continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

Rationale

Material event

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

Impact of material event

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

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

Maha Durga Charitable Trust (MDCT) runs a 100-bedded multi super
specialty hospital named "MD City Hospital" at North Ex, Model
Town, Delhi. Outpatient admissions commenced in September 2018 and
Inpatient services commenced in September 2019. Dr. Ashok Makhija
is the key trustee promoter of MDCT .


MORANI MOTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Morani Motors Pvt. Ltd.

        Registered Address:
        Plot No.-5, Opposite Sitabari Tonk Road,
        Jaipur, Jaipur, Rajasthan, India, 302011

Insolvency Commencement Date: February 4, 2025

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: August 3, 2025

Insolvency professional: Satyendra Prasad Khorania

Interim Resolution
Professional: Satyendra Prasad Khorania
              402, 4th Floor, OK Plus, D P Metro
              Opp. Pillar No. 94, New Sanganer Road
              Jaipur, Rajasthan 302019
              E-mail: skhorania@live.com
              E-mail: cirpmorani@gmail.com

Last date for
submission of claims: February 18, 2025


PADMAVATHI COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Padmavathi Cotton Industries in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         4.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term-         6.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Padmavathi Cotton Industries, located at Chintapally Mandal in
Nalgonda district of Telangana, is registered as a partnership firm
in March 2015 and started its operations on 28th January 2016. The
firm is primarily engaged in ginning. The ginning facility includes
48 double roller gins, auto pressing and an auto feeder. The
installed capacity of the ginning and pressing unit is 351000
Quintals of kappas per annum.


PEEL-WORKS PVT: ICRA Keeps D Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Debenture Programme of Peel-Works Pvt. Ltd. in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         6.00      [ICRA]D; ISSUER NOT COOPERATING;
   Convertible                  Rating continues to remain under  
   Debentures                   'Issuer Not Cooperating' category


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

Peel-Works Pvt. Ltd. was set up in September 2010 by Mr. Sachin
Chhabra (ex-HUL) as a 'Software as a Service' (SaaS) and big data
analytics company focused on the general trade (mom-and-pop retail)
channel. It is headquartered in Gurugram (Haryana), with offices
across India, including Mumbai, Pune, and Bengaluru. The company
provides software products to retailers and consumer-packaged goods
(CPG) companies and other corporates.


PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term and Short-Term rating of Pragati Glass
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term-        17.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Pragati Glass Private Limited (Pragati Glass) was incorporated in
1982 by MrDinesh Gupta to engage in the manufacturing of glass
tableware and bottles. The company caters primarily to the
cosmetics and perfumes industry with small presence in foods &
beverages industry. Almost 60% of the company's sales are to the
exports market while balance being towards the domestic market.
Around 15-20% of its exports sales are deemed exports to SEZs. The
company has its manufacturing facility located at Kosamba,
Gujarat.


PRAGYA RICE: ICRA Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term rating of Pragya Rice Mill in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         8.00        [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2013, Pragya Rice Mill is a partnership firm
engaged in milling, processing and sorting of non-basmati rice. The
concern has its plant at Rai Bareli (U.P.) with a milling capacity
of 4 tonnes per hour. The firm started its commercial operations in
September 2014 and primarily sells non-basmati (Sama Mansoori) rice
through export as well as domestic sales. The direct exports are
made to Nepal and the balance is sold through exporters to
countries like Dubai, Saudi Arabia etc.


RAM PROTEINS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short-Term rating of Shree Ram
Proteins Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D; ISSUER NOT COOPERATING/[ICRA]D;
ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         6.15       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     the 'Issuer Not Cooperating'
                                 category

   Short-term-       31.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   the 'Issuer Not Cooperating'
                                 category

   Short term-        0.10       [ICRA]D; ISSUER NOT COOPERATING;
   Non fund based-               Rating Continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category


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

Initially incorporated as Shree Ram Proteins Private Limited in
August 2008 by Rajkot-based Mr. Lalit Vasoya, Mr. Lavji Savaliya
and their family members for processing cotton seeds and carrying
out related trading activities, it was converted into a public
limited company in 2017, and its name was changed to Shree Ram
Proteins Limited. The company was listed on the NSE in 2020, prior
to which it was listed on the NSE Emerge Platform (SME) since 2018.
At present, the company's processing plant operations include
cotton seed de-linting, de-hulling, cotton seed oil extraction and
cotton seeds DOC. The company also deals in rapeseed oil, oil cake,
soya oil, groundnut oil, mustard seeds/oil, rice bran and soya
cake.


RANSAN PACKAGING: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Ransan Packaging Private Limited
        New No. 11, Old No. 7,
        Kailasam Street Tondiarpet,
        Chennai, Tamil Nadu, India 600081

Liquidation Commencement Date: January 24, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: E. Santhanalakshmi
            Insolvency Professional
            Plot No. 42B, Sree Krishna Flats,
            S-1, 2nd Floor, LIC Nagar 2nd Street,
            Madipakkam, Chennai, Tamil Nadu 600091
            Mobile: +91 99414 65504
            Email: cirp.ransanpackaging@gmail.com

Last date for
submission of claims: March 7, 2025


RELIANCE BIG: Creditors Take 99% Haircut in Insolvency Resolution
-----------------------------------------------------------------
The New Indian Express reports that financial creditors of Reliance
Big Private Limited, formerly promoted by Anil Ambani, are set to
face a 99% haircut as part of the approved resolution plan in its
insolvency case. The National Company Law Tribunal (NCLT), Mumbai
Bench, has given its nod to the resolution plan submitted by Manoj
Kumar Upadhyay through his affiliate firm, ACME Cleantech Solutions
Private Limited, for the revival of Reliance Big Private Limited.

As per the resolution plan, secured financial creditors will
receive INR3.5 crore against total admitted claims of INR484 crore,
the report discloses. Meanwhile, unsecured financial creditors, who
submitted claims totalling INR515 crore, will not receive any
payments. The plan also includes an upfront cash infusion of INR4
crore in the form of equity. The total dues to financial creditors
were of INR999 crore.

Successful resolution applicant Manoj Kumar Upadhyay is founder of
ACME Group, which is a renewable energy and independent power
producers in India.  

Reliance Big Private Limited is engaged in radio and television
activities, including the production of radio and TV programs.

Reliance Big entered the Corporate Insolvency Resolution Process
(CIRP) in August 2023 after failing to maintain security cover for
its debenture obligations, the New Indian Express notes. Axis
Trustee Services Limited, representing Franklin Templeton Asset
Management (India) Private Limited, was the primary secured
financial creditor.


SAISONS TRADE: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the ratings for the Non-Convertible Debentures (NCD)
of Saisons Trade & Industry Private Limited (STIPL) in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING"

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Non-Convertible       5.00      [ICRA]D; ISSUER NOT
   Debenture (NCD)                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1999, STIPL manufactures electrical panels, fire
panels and accessories, wire harness, telecom products and various
fabricated products. It ventured into merchant exports of agro
commodities and chemicals in FY2018. The company's manufacturing
facility is in Bhiwandi (Thane district in Maharashtra) and its
registered office is in Mumbai.

SAT INDIA: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Sat India Limited (SIL) in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         5.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Sat India Limited (SIL) was incorporated in the year 1994 by Mr.
Prashant Saraogi as a public limited company and commenced its
commercial production from June 2015. Prior to this, the company
was involved into software development business. The company is
currently managed by its directors Mr. Prashant Saraogi, Ms. Swati
Saraogi, Mr. Raghunandan Chimpa. The company has its registered
office located in Kolkata. The company is involved in the business
of manufacturing of annealed copper wires under the brand name
"Connection". Annealed copper wires are extensively used in the
electrical and electronic equipment industry comprising of motors,
transformers, pump sets, switchgears, fans, air-conditioners,
refrigerators, hand tools, domestic appliances, televisions,
watches, computer peripherals etc. SIL has its manufacturing unit
located in Bhiwadi, Rajasthan having installed capacity of 4320
MTPA. The company mainly caters to its customers based in and
around Bhiwadi, Rajasthan.

SHRIMAN ENTERPRISES: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings for the Bank Facility of
Shriman Enterprises in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        36.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Constituted in 2015, Shriman Enterprises is a partnership concern
with the following partners -Dr. Ved Prakash Sharma, Dr. Harmeet
Paul Singh, Mrs. Deepali Marwaha, Mrs. Aarti Bhatia. The firm is
setting up a 150-bed super specialty hospital on
Jalandhar-Pathankot road, near Nupur Village in The name of Shriman
Super Specialty Hospital. The partners are doctors who have
extensive experience in their respective fields and have been based
out of Jalandhar for a considerable period of time. The doctors
would shift their existing operations to the new facility once the
construction is completed. The proposed hospital would be equipped
with various Equipments for MRI, CT Scan, X-Ray, Cath Lab, etc.


SVR DRUGS: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of SVR Drugs Private Limited
(SVRDPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.48        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B+ (Stable); ISSUER NOT
   Non-Fund                        COOPERATING; Rating Continues
   Based-Others                    to remain under issuer not
                                   cooperating category

   Long Term-          2.02        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

SVR Drugs Private Limited (SVRDPL) was incorporated in the year
2010 for establishing a bulk drug and intermediates manufacturing
unit at JN Pharma City, Vishakhapatnam with an annual production
capacity of about 400 Tonnes. The company is promoted by Mr. P.
Nageswara Rao and Mr. V.V Ravi Kumar. The directors also own and
operate an intermediates unit, SVR Laboratories Private Limited
(SVRLPL) rated [ICRA]BB (Stable)/[ICRA]A4+) near Hyderabad. SVRDPL
has 40 reactors with total capacity of 250 KL.

VETSHIELD INTERNATIONAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------------
Debtor: Vetshield International Private Limited

        Registered Address:
        Flat No 17, 4th Floor, A Wing,
        Jeevan Suddha CHS, Plot No. 19,
        C. D. Barfiwala Road Andheri West,
        Mumbai, Maharashtra, India, 400058

Insolvency Commencement Date: February 5, 2025

Court: National Company Law Tribunal, Mumbai Bench-I

Estimated date of closure of
insolvency resolution process: August 4, 2025

Insolvency professional: Kshitiz Gupta

Interim Resolution
Professional: Kshitiz Gupta
              F-52, First Floor, Centrium Mall,
              Lokhandwala Township, Kandivali East,
              Mumbai - 400101, Maharashtra
              E-mail: kshitiz.ca@gmail.com
                      vetshield.ibc@gmail.com

Last date for
submission of claims: February 19, 2025


VISHNU WAMAN: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has kept the Long-term rating of Late Shri Vishnu Waman Thakur
Charitable Trust in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING."

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        10.41       [ICRA]B+ (Stable); ISSUER NOT
   Fund-based                    COOPERATING; Rating continues to
   Cash Credit                   remain under 'Issuer Not
                                 Cooperating' category

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

Late Shri Vishnu Waman Thakur Charitable Trust was established in
October 1987 by MLA Hitendra Thakur along with 9 other trustees,
with the view of providing education in the Vasai-Virar region of
Maharashtra. The first educational institute built by the trust was
Utkarsh Vidyalaya, a school which was started in 1989-90 with
pre-school facilities. Eventually, Utkarsh Junior College, VIVA
College of Arts Science and Commerce, Master of Management Studies
(MMS), Engineering College, Polytechnic College etc. were started.



=========
J A P A N
=========

EMTEC SOFTWARE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Emtec Software India Private Limited
No. 56, Sai Arcade, Opp. Intel
        Next to Advaith Hyundai, Marathali,
        Outer Ring Road, Devarbisanhalli, Bangalore,
        Karnataka, India, 560103

Liquidation Commencement Date: January 3, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Mr. Sreenivasan P.R.
            PSDY & Associates
            Plot No. 9-A,
            & 'Deepam &', Jawhar Nagar Kadavanthra,
            Ernakulam, Kerala, 682020
            Email: Sreenivasan.p.r@icai.org

Last date for
submission of claims: March 1, 2025



NORINCHUKIN BANK: Sees USD12.6BB Loss in FY2024; CEO to Resign
--------------------------------------------------------------
Reuters reports that Japan's Norinchukin Bank expects to record a
loss of approximately JPY1.9 trillion (US$12.66 billion) in the
year to March 2025 and its CEO, Kazuto Oku, will step down to take
responsibility, it said on Feb. 20.

According to Reuters, Norinchukin's portfolio of overseas
government bonds crashed in value as interest rates in Europe and
the U.S. stayed higher for longer than expected. In June last year
it said it would sell down $63 billion worth of these bonds to stem
the losses.

Oku will be replaced by chief financial officer Taro Kitabayashi
and the bank will establish a new financial strategy committee that
reports to Kitabayashi to guard against losses of this scale in the
future, Reuters relays.

It has forecast a modest profit of between JPY30 and JPY70 billion
in the year to March 2026 on new investments and rising interest
rates in Japan.

Norinchukin is Japan's main financial institution for farm,
forestry and fishery cooperatives and is one of the country's
largest institutional investors, primarily generating profit from
securities investments rather than from lending.

Its market investment portfolio totals JPY45.2 trillion, down from
JPY56.3 trillion at the end of March 2024, Reuters discloses.

The Norinchukin Bank, also referred to as Nochu Bank, is a Japanese
cooperative bank serving over 5,612 agricultural, fishing and
forestry cooperatives.




===============
M A L A Y S I A
===============

CN ASIA: Plans Capital Reduction to Pare Accumulated Losses
-----------------------------------------------------------
The Edge Malaysia reports that CN Asia Corp Bhd has proposed a
share capital reduction to pare its accumulated losses.

The capital reduction exercise will involve reducing MYR35 million
of its MYR75.98 million share capital, according to the group's
bourse filing on Feb. 21.

The Edge relates that the exercise is expected to slash the group's
accumulated losses of MYR43.41 million as at September 2024 to
MYR8.66 million.

"The proposed share capital reduction will enable the group to
rationalise its financial position by reducing the accumulated
losses to more appropriately reflect the value of the underlying
assets and the financial position of the group," CN Asia said,
notes the report. "In addition, the reduction of accumulated losses
is expected to enhance the credibility of the group with bankers,
customers, suppliers, investors and other stakeholders," it added.

The share capital reduction is expected to be completed by the
second quarter of 2025, the Edge relays.

TA Securities Holdings Bhd has been appointed as the principal
adviser for the exercise.

For the second quarter ended Sept. 30, 2024 (2QFY2025), CN Asia
posted a 52.4% decline in net profit to MYR129,000 from MYR271,000
in the same period a year earlier, while revenue rose 13.5% to
MYR5.42 million versus MYR4.77 million previously, the Edge
discloses.

The lower earnings were due to a rise in raw material and labour
costs.

For the six months ended Sept. 30, 2024 (6MFY2025), the group
logged a net loss of MYR160,000 versus a net profit of MYR512,000
in 6MFY2024, as revenue rose 9.2% to MYR8.58 million from MYR7.86
million previously, the Edge adds.

                           About CN Asia

CN Asia Corporation Berhad (KL:7986) and its subsidiaries
manufacture and trade tanks, dish ends, pressure vessels, and pipes
for the petroleum industry. The Company also has operations in
specialized engineering and fabrication works and also provides
repairing and leasing services of transportable containers for
hazardous chemicals.

CN Asia reported consecutive annual net losses of MYR5.10 million,
MYR11.67 million, and MYR10.19 million for the years ended Dec. 31,
2020, Dec. 31 2021 and March 31, 2024, respectively.



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

BOYDIES BUILDING: Creditors' Proofs of Debt Due on March 24
-----------------------------------------------------------
Creditors of Boydies Building Bop Limited and Boydies Services (NZ)
Limited are required to file their proofs of debt by March 24,
2025, to be included in the company's dividend distribution.

The High Court at Tauranga appointed Wendy Somerville and Malcolm
Hollis of PwC as liquidators on Feb. 17, 2025.


KAMAC CONTRACTING: Creditors' Proofs of Debt Due on March 24
------------------------------------------------------------
Creditors of Kamac Contracting Limited are required to file their
proofs of debt by March 24, 2025, to be included in the company's
dividend distribution.

The High Court at Timaru appointed Wendy Somerville and Malcolm
Hollis of PwC as liquidators on Feb. 17, 2025.


KOSHIK RANCHHDO: Waterstone Insolvency Appointed as Receivers
-------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on Feb.
18, 2025, were appointed as receivers and managers of Koshik
Ranchhdo Kanji and 2F2F Limited.

The receivers and managers may be reached at:

          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632


METRO FREIGHT: Court to Hear Wind-Up Petition on March 10
---------------------------------------------------------
A petition to wind up the operations of Metro Freight Limited will
be heard before the High Court at Hamilton on March 10, 2025, at
10:45 a.m.

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

The Petitioner's solicitor is:

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


STLAND CONTRACTING: Court to Hear Wind-Up Petition on March 10
--------------------------------------------------------------
A petition to wind up the operations of Stland Contracting Limited
will be heard before the High Court at Hamilton on March 10, 2025,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 21, 2024.

The Petitioner's solicitor is:

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




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

AENO FRESH: Court to Hear Wind-Up Petition on March 7
-----------------------------------------------------
A petition to wind up the operations of Aeno Fresh Pte. Ltd. will
be heard before the High Court of Singapore on March 7, 2025, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 13, 2025.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


BIOFUEL RESEARCH: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Biofuel Research Pte. Ltd. on Feb. 7, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

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


ESPN SINGAPORE: Commences Wind-Up Proceedings
---------------------------------------------
Members of ESPN Singapore Pte. Ltd. on Feb. 14, 2025, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Ms. Toh Ai Ling
          Mr. Chan Kwong Shing, Adrian
          Ms. Tan Yen Chiaw
          12 Marina View #15-01
          Asia Square Tower 2
          Singapore 018961


PWC ADMINISTRATION: Creditors' Proofs of Debt Due on March 17
-------------------------------------------------------------
Creditors of PWC Administration Pte. Ltd. are required to file
their proofs of debt by March 17, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 5, 2025.

The company's liquidators are:

          Sam Kok Weng
          Lie Kok Keong
          c/o 7 Straits View
          Marina One East Tower, Level 12
          Singapore 018936


WEBBER CHASE: Creditors' Meeting Set for Feb. 28
------------------------------------------------
Webber Chase Pte. Ltd. will hold a meeting for its creditors on
Feb. 28, 2025, at 3:00 p.m., via Zoom.

Agenda of the meeting includes:

   a. to nominate liquidator(s) or to confirm members’
nomination
      of liquidator(s);

   b. to receive a full statement of the Company’s affairs
      together with a list of its creditors and the estimated
      amount of their claims;

   c. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of such winding up; and

   d. to consider any other matters which may be brought before
      the meeting.

Mr. Farooq Ahmad Mann of M/s Mann & Associates PAC was appointed as
provisional liquidator of the Company on Feb. 3, 2025.



                           *********


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 2025.  All rights reserved.  ISSN: 1520-9482.

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

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



                *** End of Transmission ***