---

       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

          Friday, March 7, 2025, Vol. 28, No. 48

                           Headlines



A U S T R A L I A

CENTREX LIMITED: Goes Into Voluntary Administration
ELLIOTT'S FOREST: First Creditors' Meeting Set for March 13
KONVOY KEGS: Appoints FTI Consulting as Lender Pulls the Plug
MINERAL RESOURCES: Fitch Lowers IDR to 'BB-', Outlook Negative
ODYSSEY SHARED: First Creditors' Meeting Set for March 14

SAPPHIRE XXXII 2025-1: S&P Assigns Prelim B (sf) Rating to F Notes
STAR ENTERTAINMENT: Hong Kong Investors to Rescue Casino Operator
TECHNICOLOR CREATIVE: First Creditors' Meeting Set for March 14
THINK TANK 2025-1P: S&P Assigns B (sf) Rating to Class F Notes
TOTAL CARE: Second Creditors' Meeting Set for March 12

WEST COAST AQUACULTURE: First Creditors' Meeting Set for March 13
YEEDA PASTORAL: Sale Deal in Limbo as SC Seeks More Information


C H I N A

CHINA VANKE: S&P Puts 'B-' ICR on Watch Developing on Mgmt. Changes
COUNTRY GARDEN: Contracted Sales Slump Drags on in February 2025


H O N G   K O N G

HARBOUR CENTRE: Annual Net Loss Narrows to HKD70MM in 2024


I N D I A

AGRA OIL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
ANILINE PROPERTIES: CARE Hikes Rating on INR69cr NCDs to C
ARNAV TECHNOSOFT: ICRA Keeps D Debt Rating in Not Cooperating
BALAJI FOOD: CARE Keeps C Debt Rating in Not Cooperating Category
BHADRESHWAR VIDYUT: Jindal Power Wins Bid for Firm at INR500 crore

BRICK & MORTAR REALTY: Insolvency Resolution Process Case Summary
BUDDHA SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
CORODEX INFRA: CARE Keeps D Debt Ratings in Not Cooperating
CRISSAM DECOR: Voluntary Liquidation Process Case Summary
DHANALAKSHMI SRINIVASAN: ICRA Keeps D Rating in Not Cooperating

FERMOS ENGINEERING: Liquidation Process Case Summary
FIVE CORE: CARE Keeps D Debt Ratings in Not Cooperating Category
GENESIS INFRATECH: Insolvency Resolution Process Case Summary
GENSOL ENGINEERING: CARE Lowers Rating on INR639.70cr Loan to D
GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating

HENGLI HYDRAULIC: Voluntary Liquidation Process Case Summary
JUNGLE HOMES: ICRA Keeps B+ Debt Rating in Not Cooperating
LAVASA CORP: Court Allows 90-Day Extension to Revive Company
MACRO GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
MAHALAXMI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating

MANGLAM FISCAL: Liquidation Process Case Summary
MILTON CYCLE: ICRA Keeps B+ Debt Rating in Not Cooperating
NAVMI STEEL: Liquidation Process Case Summary
NETDOX HEALTH: Voluntary Liquidation Process Case Summary
NSL SUGARS: ICRA Reaffirms D Rating on INR184.15cr LT Term Loan

PANCHWATI PRAYOGSHALA: ICRA Keeps B+ Ratings in Not Cooperating
PCL FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
PRAGATHI GROUP: CARE Lowers Rating on INR32.49cr LT Loan to B+
PRIVILEGE HEALTHCARE: Insolvency Resolution Process Case Summary
RANGANATHAN RAJESWARI: ICRA Keeps D Rating in Not Cooperating

SAMARO GLOBAL: CARE Keeps D Debt Rating in Not Cooperating
SASA MUSA: Liquidation Process Case Summary
SHANDAR SNACKS: CARE Keeps D Debt Ratings in Not Cooperating
SHIV AGREVO: CARE Lowers Rating on INR20cr LT Loan to B
SHIV VEGPRO: CARE Lowers Rating on INR30cr LT Loan to B

SHRIKALYANI AGRITECH: CARE Keeps B- Debt Rating in Not Cooperating
TARANG JEWELS: CARE Keeps D Debt Rating in Not Cooperating
TGB BANQUETS: CARE Reaffirms B+ Rating on INR5.28cr LT Loan
V. N. MARKETING: CARE Keeps D Debt Rating in Not Cooperating


I N D O N E S I A

REJEKI ISMAN: Seeks Investors to Lease Assets and Rehire Workers


M O N G O L I A

MONGOLIAN MINING: Moody's Affirms B3 CFR, Alters Outlook to Pos.


N E W   Z E A L A N D

AA SURPLUS: BDO Auckland Appointed as Receivers
CREMER LIFTS: Court to Hear Wind-Up Petition on March 21
MANZO LIMITED: Creditors' Proofs of Debt Due on March 28
POWER PADDOCKS: Creditors' Proofs of Debt Due on April 30
RIVERLEA REARING: Court to Hear Wind-Up Petition on March 28



S I N G A P O R E

DA-QIAO ENTERPRISE: Court to Hear Wind-Up Petition on March 21
EDGIO SINGAPORE: Creditors' Meeting Set for March 27
FURNITURE CLUB: Court to Hear Wind-Up Petition on March 14
NANYANG ADVERTISING: Court Enters Wind-Up Order
PLACE TO RELAX: Court to Hear Wind-Up Petition on March 21


                           - - - - -


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

CENTREX LIMITED: Goes Into Voluntary Administration
---------------------------------------------------
Centrex Limited announced on March 4 that the Directors of Centrex
resolved on March 3 to appoint John Park and Joanne Dunn of FTI
Consulting as joint and several voluntary administrators of the
company.

The Administrators have also been appointed as joint and several
voluntary administrators of its subsidiary AgriFlex Pty Ltd.

The Voluntary Administrators are continuing to operate the
businesses of Centrex and Agriflex with a view of assessing
possible restructuring options, Centrex said in a statement.

According to InDaily, FTI administrator Dunn said the
administrators would "seek to maximise the chances of the companies
exiting the administration process in an orderly fashion".

"The administrators intend to trade the companies on a
business-as-usual basis, while we conduct an independent assessment
of the financial position and ongoing viability of the business,"
Ms. Dunn said.

"A sale and recapitalisation campaign will also be undertaken in
the coming weeks."

A first meeting of creditors will be held in mid-March,
administrators said.

InDaily notes that the company's collapse comes after Centrex was
suspended from trading at its own request in December, pending the
release of "announcements regarding the outcome of negotiations
with its logistics provider and lender and a capital raising".

Centrex also said last week when requesting an extension of its
trading suspension that "the continued trading in its securities
was likely to be materially prejudicial to the proposed capital
raise which is crucial to help stabilise and maintain its ongoing
financial viability," InDaily relays.

InDaily relates that the company was attempting to raise AUD10.4
million from shareholders, which it announced on January 14.

It said proceeds would be used to fund plant upgrades and working
capital, and followed "the successful execution of strategic
agreements with its logistics supplier".

At the time, Centrex managing director Robert Mencel said the
entitlement issue was "a vital step in ensuring the financial
viability of the company moving forward".

                           About Centrex

Centrex Limited (ASX:CXM) -- https://www.centrexlimited.com.au/ --
together with its subsidiaries, engages in the exploration,
evaluation, development, and production of mineral resources in
Australia. The company produces phosphate rock, as well as explores
for base metals, potash, zinc, and copper deposits. Its flagship
project is the 100% owned Ardmore rock phosphate mine located in
North West Queensland. The company was formerly known as Centrex
Metals Limited and changed its name to Centrex Limited in December
2021.  


ELLIOTT'S FOREST: First Creditors' Meeting Set for March 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Elliott's
Forest Management & Harvesting Services Pty Ltd will be held on
March 13, 2025 at 2:00 p.m. virtually via Zoom.

Nathan Lee Deppeler and Matthew Jess of Worrells Solvency &
Forensic Accountants were appointed as administrators of the
company on March 3, 2025.


KONVOY KEGS: Appoints FTI Consulting as Lender Pulls the Plug
-------------------------------------------------------------
The Australian Financial Review's Street Talk reports that Sydney's
Konvoy Kegs, a 5-1/2-year-old company that rents kegs to brewers
and is backed by the likes of Ellerston Capital and Five V, has
tapped FTI Consulting amid a dispute with one of its financiers.

Street Talk reveals Konvoy Kegs has called in FTI, after private
debt player AquAsia reneged on a previously agreed upon drawdown
the start-up had requested last week amid a cash crunch.

FTI has not been appointed as a voluntary administrator, but to
help Konvoy solve its short-term cash crunch, Street Talk notes.


MINERAL RESOURCES: Fitch Lowers IDR to 'BB-', Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Australia-based Mineral Resources
Limited's (MinRes) Issuer Default Rating (IDR) to 'BB-' from 'BB'.
The Outlook is Negative. Fitch has also downgraded MinRes' US
dollar senior unsecured notes to 'BB-' from 'BB'.

The rating downgrade reflects MinRes' high leverage and increased
deleveraging risks over the medium term. Fitch expects EBITDA net
leverage to worsen to 7.3x in the financial year ending June 2025
(FY25), from 4.9x in FY24, and remain above 3.0x in FY26-FY28,
considering Fitch's mid-cycle price assumptions. Reported net debt
increased by AUD656 million to AUD5.1 billion at end-December 2024,
despite AUD1.9 billion in cash proceeds from the sale of a 49%
stake in the Onslow Iron haul road and gas assets. Around AUD320
million of the increase in the company's debt was related to the
revaluation of its USD3.1 billion in bonds.

The Negative Outlook reflects the execution risks associated with
its planned cost improvements, capex discipline and production
ramp-up at its Onslow iron ore project that may keep leverage above
its expectations, which could lead to negative rating action.

Key Rating Drivers

High Leverage: Its EBITDA net leverage forecast of 7.3x in FY25
reflects MinRes' weaker financial performance in 1HFY25,
accompanied by working capital build-up and revaluation of its US
dollar bonds, which resulted in the increased debt. MinRes also
revised the full-year guidance for its Onslow project due to
increased capex for a haulage road upgrade and slower production
ramp-up.

Fitch expects performance to improve in FY26 on cost-cutting
initiatives, capex discipline and Onslow's higher production
volume. This will allow MinRes to stabilise the leverage ratio at
about 3.4x on average in FY26-FY28, assuming no new significant
investments.

Challenging Lithium Market: The company reported a loss of AUD15
million in lithium segment EBITDA in 1HFY25, driven by a continued
decline in average realised spodumene concentrate prices compared
with FY24, while costs at the Mt Marion and Wodgina mines rose to
AUD1,076 and AUD1,013 per dry metric tonne (dmt), respectively.

Streamlining Operations: MinRes has continued optimising production
at its lithium mines to reflect softer market conditions. The Bald
Hill mine was put into care and maintenance, while Fitch expects
costs to drop to MinRes' reaffirmed FY25 guidance of
AUD870-AUD970/dmt for Mt Marion and AUD800-AUD890/dmt for Wodgina.

Onslow Guidance Revised: Fitch expects MinRes' deleveraging from
FY26 to be supported by rising cash generation at Onslow. Fitch
forecasts Onslow will generate EBITDA of around AUD1 billion,
provided there are no material delays in the production ramp-up and
no significant operational disruptions thereafter. This also
assumes MinRes will remain disciplined in capital allocation, with
Fitch expecting a material decline in the project's capex from a
revised AUD1.1 billion in FY25.

MinRes revised its guidance on Onslow in February 2025, increasing
growth capex by around AUD200 million to AUD1.6 billion in 1HFY25,
driven by the road upgrade. The company also expects a slight delay
in the project ramping up following weather-related disruptions in
January-February 2025, with FY25 attributable production guidance
decreasing by around 2 million tonnes (mt).

Corporate Governance Issues: The downgrade also reflects a
deficiency in MinRes' corporate governance, which may exacerbate
its credit risks. The MinRes board has been reviewing and
investigating some issues over the past few months. It has
introduced new practices that will enhance internal processes for
related-party transactions, investment decisions, disclosure and
leadership succession. Fitch expects MinRes to continue
strengthening its corporate governance to reduce pressure on its
ratings.

Monetising Investments: MinRes has a long-term EBITDA leverage
target of 2.0x. It has been monetising investments to support its
balance sheet and fund an extensive capex pipeline over the past
few years. It sold the 49% stake in its Onslow Iron haul road for
up to AUD1.3 billion in FY24, with net proceeds of AUD1.1 billion
to be received in FY25. It also received AUD780 million as the
initial consideration for its gas assets sold in 1HFY25. Additional
contingent considerations for these transactions total AUD0.55
billion.

Earnings Diversification: Fitch expects Onslow's ramp-up, which
should reach full capacity in FY26, to boost MinRes' earnings
diversification. Fitch forecasts Onslow to deliver incremental
EBITDA of AUD0.9 billion on average in FY26-FY28 as it boosts
production to 35mt per annum, with a significant portion of EBITDA
from mining services, which have less exposure to commodity price
fluctuations. This will complement its already strong position in
lithium spodumene mining and mining services.

Unique Model: MinRes' strength lies in the provision of
pit-to-ship, life-of-mine services to mines. It funds a mine's
design and construction in return for equity, before securing a
life-of-mine contract that charges based on production units, with
no direct exposure to commodity prices. MinRes earns a margin on
the volume. Current investments and developments tie the company's
cash flow to lithium and iron ore markets through its vertical
integration options.

Prepayment Treated as Debt: MinRes presold iron ore under an
agreement for USD400 million (around AUD600 million), with delivery
over FY25-FY28. MinRes includes the prepayment as non-debt in its
financial statements. However, Fitch treats the prepayment as debt,
as Fitch believes the agreement creates an obligation for MinRes.
There are costs under the agreement that are akin to interest
payments and the arrangement is an alternative source of funding
for the company.

Derivation Summary

MinRes' rating reflects its strong position in upstream lithium and
rising production of iron ore. Fitch expects the company to
increase iron ore production to 29-31mt (FY24: 18mt) over the next
two years, with a material improvement in its average cost position
on the iron ore industry curve.

PT Indika Energy Tbk (BB-/Stable) and PT Golden Energy Mines Tbk
(BB-/Stable) are both rated at the same level as MinRes. The
business profiles of both companies are affected by large exposure
to coal and relatively low diversification. This could increase
their credit risks as funding access tightens for thermal
coal-related industries due to increasing environmental, social,
and governance considerations. However, both companies have
stronger financial profiles than MinRes, supported by lower
leverage.

Hudbay Minerals Inc. (BB-/Stable) is a mid-sized copper mining
company with meaningful commodity diversification through its gold
production. It has a longer-term focus on copper, which makes its
cash flow sensitive to changes in commodity prices. This contrasts
with MinRes, whose near-term cash flow will be better diversified
in the medium term. Still, Hudbay has a more conservative financial
profile than MinRes as Fitch projects its EBITDA net leverage will
be sustained below 2.0x through 2027 under its copper and gold
assumptions.

Key Assumptions

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

- Iron ore price of USD90/t in 2025, USD85/t in 2026, USD75/t in
2027 and USD70/t thereafter, adjusted for impurity discounts.

- Spodumene concentrate price of around USD886/t in 2025 and
USD855/t in 2026 before a gradual increase to USD1,154/t by 2028.

- Gradual ramp-up in MinRes' share of export volume from Onslow to
21mt by FY27.

- Spodumene concentrate sales of 440,000t (SC6 equivalent) in FY25
and 490,000t on average in FY26-FY28 before rising to 515,000t by
FY28.

- Bald Hill remains in maintenance and care across the rating
horizon to FY28.

- No commercial production of lithium hydroxide over FY25-FY28.

- Dividend payments to resume in FY28 at a payout ratio of 35% of
underlying net profit after tax.

- Capex forecast does not include any major growth projects after
FY26.

RATING SENSITIVITIES

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

- EBITDA net leverage rising above 4.0x for a sustained period;

- Material loss of mining-service contracts.

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

- Fitch may revises the Outlook to Stable if EBITDA net leverage
falls below 4.0x for a sustained period. This could be through a
reduction in capex and improved financial performance following the
completion of growth projects or other initiatives.

Liquidity and Debt Structure

MinRes had AUD720 million in cash as of December 2024 and AUD800
million in undrawn revolving facilities expiring in 2027. The
company's debt is largely made up of bonds, with the nearest
maturity of USD700 million in May 2027. The remainder of its debt
maturities is well-spread-out. The repayment of the AUD600 million
prepayment will be achieved through the delivery of iron ore; Fitch
expects AUD400 million to be effectively repaid in FY26 and FY27.

Issuer Profile

MinRes is a mining and mining-service company based in Australia.
The mining segment operates iron ore and lithium mines located in
Western Australia. The company also holds an interest in gas
exploration and production assets in the Perth and Carnarvon
Basins.

Summary of Financial Adjustments

Fitch has reclassified MinRes' prepayment of USD400 million (around
AUD600 million) as debt. Further details are provided in the Key
Rating Drivers.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Macro and Sector
Forecasts data file which aggregates key data points used in its
credit analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

ESG Considerations

MinRes has an ESG Relevance Score of '4' for Governance Structure
due to corporate governance issues, including related-party
transactions involving its executives, which has a negative impact
on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt              Rating           Prior
   -----------              ------           -----
Mineral Resources
Limited               LT IDR BB- Downgrade   BB

   senior unsecured   LT     BB- Downgrade   BB

ODYSSEY SHARED: First Creditors' Meeting Set for March 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Odyssey
Shared Services Pty Ltd will be held on March 14, 2025 at 10:30
a.m. at the offices of B&T Advisory at Level 19, 144 Edward Street
in Brisbane.

Travis Jay Pullen of B&T Advisory was appointed as administrator of
the company on March 4, 2025.


SAPPHIRE XXXII 2025-1: S&P Assigns Prelim B (sf) Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Sapphire XXXII Series 2025-1 Trust. Sapphire XXXII
Series 2025-1 Trust is a securitization of nonconforming and prime
residential mortgages originated by Bluestone Group Pty Ltd. and
Bluestone Mortgages Pty Ltd. (collectively Bluestone).

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. Our assessment of credit risk considers
Bluestone's underwriting standards and approval process, and
Bluestone's strong servicing quality.

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, the yield reserve,
retention amount built from excess spread, 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 we assume the notes are not called at or beyond
the call-option date.

S&P's ratings also consider the counterparty exposure to
Commonwealth Bank of Australia 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.

S&P has also factored into its 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

  Sapphire XXXII Series 2025-1 Trust

  Class A1S, A$250.00 million: AAA (sf)
  Class A1L, A$390.00 million: AAA (sf)
  Class A2, A$76.00 million: AAA (sf)
  Class B, A$32.80 million: AA (sf)
  Class C, A$21.20 million: A+ (sf)
  Class D, A$14.40 million: BBB (sf)
  Class E, A$9.20 million: BB (sf)
  Class F, A$3.20 million: B (sf)
  Class G1, A$1.60 million: Not rated
  Class G2, A$1.60 million: Not rated


STAR ENTERTAINMENT: Hong Kong Investors to Rescue Casino Operator
-----------------------------------------------------------------
The Australian Financial Review reports that Star Entertainment
will offload its newly opened Brisbane casino and entertainment
complex as part of a deal with its Hong Kong-based shareholders to
provide it with immediate financial relief.

People with direct knowledge of the discussion said Chow Tai Fook
Enterprises and Far East Consortium were close to agreeing to an
injection of up to $50 million as part of a plan to save Star from
administration, AFR relates.

The two companies, which are investors in Brisbane's Queen's Wharf
precinct and major shareholders in Star, will take control of the
Queensland casino under the plans.  

A bailout from the two Hong Kong investors will provide some
much-needed relief to Star, which is days away from running out of
cash and desperately needs short-term funding to keep its
operations running, according to AFR.

The Australian Financial Review revealed in February that Chow Tai
Fook and Far East had been discussing a deal with Star that would
leave them in control of the Queen's Wharf development. They are
not only major shareholders in Star, but separate partners in the
Brisbane project.

At the time, they had offered to take Star's 50 per cent stake and
the project's debt, which needs to be refinanced later this year.
They already own the rest of the development, each with a 25 per
cent stake in the complex.

However, the companies could not agree about the amount of money
Star would receive as the long-term manager of the casino. Other
sticking points include government and lender approval, which would
both be required, AFR relays.

AFR notes that Star has debts of AUD400 million, and its shares
have not traded since March 3 because the company has been unable
to sign off on financial accounts, with the board unable to
guarantee the casino group was not insolvent. The Queen's Wharf
project separately has debts of AUD1.6 billion.

                      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.

TECHNICOLOR CREATIVE: First Creditors' Meeting Set for March 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Technicolor
Creative Studios Australia Pty Limited will be held on March 14,
2025 at 10:00 a.m. via Zoom.

Katherine Sozou and Damien Pasfield of McGrathNicol were appointed
as administrators of the company on March 3, 2025.


THINK TANK 2025-1P: S&P Assigns B (sf) Rating to Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven classes
of residential mortgage-backed, floating-rate pass-through notes
issued by BNY Trust Co. of Australia Ltd. as trustee of Think Tank
Residential Series 2025-1P Trust.

Think Tank Residential Series 2025-1P Trust is a securitization of
loans to residential borrowers, secured by first-registered
mortgages over Australian residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The ratings reflect the following factors.

S&P has considered the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

The credit support is sufficient to withstand the stresses S&P
applies. This credit support comprises note subordination for each
class of rated note.

The transaction's cash flows can meet timely payment of interest
and ultimate payment of principal to the noteholders under the
rating stresses. Key factors are the level of subordination
provided, the condition that a minimum margin will be maintained on
the assets, an amortizing liquidity facility sized at 1.5% of the
outstanding balance of the rated notes, the yield reserve, and the
principal draw function.

There is an extraordinary expense reserve of A$150,000, funded from
day one, that will be available to meet extraordinary expenses. The
reserve will be topped up via excess spread if drawn.

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

S&P has also considered the counterparty exposure to Commonwealth
Bank of Australia as bank account provider and Westpac Banking
Corp. as liquidity facility provider. The transaction documents for
the bank account and liquidity facility include downgrade language
consistent with our counterparty criteria.


  Ratings Assigned

  Think Tank Residential Series 2025-1P Trust

  Class A, A$370.00 million: AAA (sf)
  Class B, A$12.92 million: AA (sf)
  Class C, A$7.72 million: A (sf)
  Class D, A$3.96 million: BBB (sf)
  Class E, A$2.40 million: BB (sf)
  Class F, A$1.60 million: B (sf)
  Class G, A$1.40 million: Not rated


TOTAL CARE: Second Creditors' Meeting Set for March 12
------------------------------------------------------
A second meeting of creditors in the proceedings of Total Care
Bundaberg Qld Pty Ltd has been set for March 12, 2025 at 11:00 a.m.
via Microsoft Teams platform.

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 March 11, 2025 at 4:00 p.m.

Rajiv Ghedia of Westburn Advisory was appointed as administrator of
the company on Feb. 7, 2025.


WEST COAST AQUACULTURE: First Creditors' Meeting Set for March 13
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of West Coast
Aquaculture Group Ltd will be held on March 13, 2025 at 10:00 a.m.
via Microsoft Teams videoconferencing facility.

Richard Lawrence and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of the company on Feb. 28, 2025.


YEEDA PASTORAL: Sale Deal in Limbo as SC Seeks More Information
---------------------------------------------------------------
ABC News reports that administrators for an embattled cattle
enterprise in Western Australia's north have appeared in the
state's Supreme Court as proceedings threaten the company's AUD55
million rescue deal.

Yeeda Pastoral Company (YPC) and its subsidiaries, including the
Kimberley Meat Company, went into administration early last year
amid a AUD120 million debt.

TLP4 Australian Holdings later entered into a Deed of Company
Arrangement to buy the company in August, the ABC relates.

To finalise the sale, Yeeda administrators KordaMentha sought
Supreme Court leave to transfer all YPC shares to TLP4 ownership.

After two days of proceedings on February 12–13, Supreme Court
Justice Jennifer Hill adjourned the matter, calling for further
evidence, the ABC says.

According to the ABC, transcripts showed Fitzroy River Limited
Liability Company, a 20 per cent shareholder of Yeeda, alleged the
valuation from YPC used to inform the price of shares was
inadmissible.

"[There] is a raft of deficiencies in that expert evidence," Dr
Felicity Mayer, representing Fitzroy, told the court.

The ABC relates that the senior counsel for Fitzroy argued RSM
Global, the company contracted by KordaMentha to report the value
of Yeeda's pastoral land and cattle, relied on outdated valuations
done by real estate specialists LAWD.

Paul Edgar, representing KordaMentha, accepted the LAWD reports
were dated, but did not accept this meant it was unreasonable to
rely upon them.

Fitzroy's legal representation also claimed the independent
expert's report failed to consider the value of any claims against
the company or its directors if the sale did not progress and YPC
was liquidated, the ABC relays.

These included claims against former directors for breach of duties
and claims of insolvent trading from 2023 onwards.

The administrator's report, put together by KordaMentha, suggested
the company may have been trading while insolvent, the ABC notes.

"Both KMC and YPC [were] exhibiting indicators of insolvency for an
extended period prior to our appointment," the report states,
according to the ABC. "We . . . do not believe the provisions under
safe harbour would be a defence available to its directors."

The ABC says Justice Jennifer Hill acknowledged Fitzroy's concerns
in her final delivery.

"On the basis of evidence before me, I accept in a liquidation
scenario, the liquidators of Yeeda may be able to pursue a claim
against its former directors," she said, notes ABC. "However, there
is no evidence before me as to the possible quantum of the claims,
the likely costs involved in pursuing them, or the prospects of
recovery [if any]."

Noting the only remaining condition before the Deed of Company
Arrangement (DOCA) was completed was for the court to order the
transfer of all issued shares in Yeeda to TLP4, Justice Hill called
for more evidence.

"The Yeeda LAWD report is inadmissible. As a consequence, the
opinions of RSM, which are based on the Yeeda LAWD report, are also
inadmissible," she said.

"My preliminary view is the originating process should be adjourned
to enable the plaintiffs to re-open their case to adduce the
necessary evidence."

The ABC notes that the agreement requires the transfer of issued
Yeeda shares by March 31, 2025.

Administration documents show there are approximately 175 unsecured
creditors who are owed money by Yeeda.

All are set to receive zero cents to the dollar if the
administration concludes in a sale deal, the ABC adds.

Yeeda Pastoral Company Pty Ltd was founded in 2000. The company's
line of business includes operating farms primarily livestock and
animal specialties.

David Osborne, Richard Tucker and Tony Miskiewicz of KordaMentha
were appointed as administrators of Kimberley Meat Company on  Feb.
27, 2024 and to its parent company Yeeda Pastoral Company and
several associated companies on Feb. 29, 2024.




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

CHINA VANKE: S&P Puts 'B-' ICR on Watch Developing on Mgmt. Changes
-------------------------------------------------------------------
S&P Global Ratings placed on CreditWatch with developing
implications the following ratings: the 'B-' long-term issuer
credit ratings on China Vanke and on China Vanke's subsidiary Vanke
Real Estate (Hong Kong) Co. Ltd. (Vanke HK), and the 'B-' issue
ratings on Vanke HK's senior unsecured notes.

S&P expects to resolve the CreditWatch as soon as practicable when
it has more details about how China Vanke's new management will
address the company's liquidity pressure in the face of its bond
maturity wall in 2025. Measures may include, but are not limited
to, possible liquidity-support plans by shareholders, noncore asset
disposals, and obtaining asset-pledged borrowings.

Secured shareholder loans provided by Shenzhen Metro Group Co. Ltd.
are timely, but insufficient to fully address China Vanke's
liquidity strains. In February 2025, Shenzhen Metro provided
Chinese renminbi (RMB) 7 billion of loans to China Vanke to help
address the company's bond maturities. S&P sees these loans as
important liquidity sources for China Vanke, which has RMB9.9
billion of onshore bonds due in the first quarter of 2025.

This is mainly because we assess China Vanke's parent-level cash,
one of its major liquidity sources, to be significantly short of
its bond maturity wall, which is equivalent to more than RMB36
billion in 2025 (onshore and offshore). As such, S&P continues to
assess as weak the liquidity of the company and that of its sole
offshore financing platform, Vanke HK. During January to February
2025, China Vanke repaid RMB8 billion of its maturing bonds.

To date, it is still uncertain as to how China Vanke's new
management will help alleviate liquidity pressure. Since late
January 2025, there have been major changes in the company's board
and senior management. Shenzhen Metro's chairman, Mr. Jie Xin, is
now also the chairman of the board of directors of China Vanke.
Furthermore, at least 14 individuals from Shenzhen Metro or
Shenzhen-government-related entities joined China Vanke to assume
senior management positions.

S&P said, "If timely and sufficient liquidity support were being
extended to China Vanke, the company's liquidity and credit profile
could improve meaningfully, in our view. Otherwise, we think China
Vanke will continue to face mounting liquidity challenges in
2025."

China Vanke will likely record a net operating cash outflow in the
first quarter of 2025. This is mainly because China Vanke
historically settles outstanding payables in this period. Moreover,
the company's contracted sales have further weakened. According to
China Real Estate Information Corp., China Vanke's contracted sales
dropped 43% year on year to RMB11 billion in January 2025. This
compares with the average decline of about 3% among China's top 100
developers over this period. S&P estimates this amount of monthly
sales is below the breakeven level for China Vanke's operating cash
flow.

S&P said, "In our view, China Vanke will need to replenish
liquidity through various means to address its upcoming bond
maturities in 2025. Such means include, but are not limited to,
executing on cash collection from noncore asset disposals, further
disposing of assets, and obtaining asset-pledged loans.

"By our estimate, China Vanke could receive RMB21.6 billion in
proceeds over the 12 months to Sept. 30, 2025, from contracted
asset disposals. We note that the company has also monetized some
of its rental apartment assets by spinning them off into a pre-REIT
fund recently. The scale of this fund is currently at RMB1.6
billion.

"We believe China Vanke could obtain asset-pledged loans in 2025 of
a similar amount to that obtained in 2024 (RMB18.7 billion obtained
in the first nine months of 2024).

"We expect to resolve the CreditWatch as soon as practicable when
we have more details about how China Vanke's new management will
address the company's liquidity pressure in the face of its bond
maturity wall in 2025." Measures may include, but not limited to,
liquidity-support plans by Shenzhen Metro, noncore asset disposals,
and obtaining asset-pledged borrowings.

S&P may lower its ratings on China Vanke if its liquidity further
deteriorates and financial commitments appear to be unsustainable.
This could happen if:

-- The company's access to financing channels, including its
ability to pledge assets for new loans, diminishes. This could
happen if China Vanke's relationship with banks and insurers
weakens; or

-- It fails to execute its asset disposal plans or cash collection
from disposals is delayed; or

-- The company's contracted sales, operating cash flow, and
profitability are materially weaker than S&P expects.

S&P said, "We could lower the rating on Vanke HK if we downgrade
China Vanke. In addition, we may lower the rating on Vanke HK if we
believe China Vanke's ability or willingness to support Vanke HK
has weakened.

"We may upgrade China Vanke if we expect Shenzhen Metro to provide
timely and sufficient extraordinary liquidity support in the
foreseeable future. Additionally, we would expect China Vanke to be
important to Shenzhen Metro's long-term strategy."

S&P may also raise our ratings on China Vanke if its liquidity
assessment for the company improves. This could happen if:

-- The company swiftly executes material asset disposals or
collects material cash from contracted disposals; or

-- The company obtains significant new financing by pledging its
assets.


COUNTRY GARDEN: Contracted Sales Slump Drags on in February 2025
----------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co.'s sales
slump continued in February, as new home transactions saw only a
tepid recovery across China and homebuyers shifted to state
builders.

Contracted sales dropped 38% from a year earlier to CNY2.3 billion
(US$317 million), following a 59% year-on-year drop in January,
Bloomberg calculations based on corporate filings show. Sales were
little changed from the previous month.

According to Bloomberg, Country Garden is counting on a turnaround
in sales to secure broad support for its restructuring and fight
off liquidation. The developer told a court that it expected to
reach an agreement with creditors by the end of February, but has
made little progress since January with a key group of creditors,
Bloomberg reported last month.

Country Garden's contracted sales this year could fall to the low
levels seen in 2012 and 2013, Bloomberg Intelligence analysts
Daniel Fan and Hui Yen Tay wrote in a recent note. While it made a
"huge impairment provision" when posting a record loss of 178
billion yuan for 2023, further impairment is possible as it's only
written down about 11% of its inventory, they said.

Country Garden's decline in home sales contrasts the 1.2% increase
last month for the 100 biggest real estate companies tracked by
China Real Estate Information Corp.

                   About Country Garden Holdings

Country Garden Holdings Company Limited (HKEX:2007), an investment
holding company, invests, develops, and constructs real estate
properties primarily in Mainland China. The company operates in two
segments, Property Development and Construction. It develops
residential projects, such as townhouses and condominiums; and car
parks and retail shops. The company also develops, operates, and
manages hotels. In addition, it researches and develops robots;
sells electronic hardware and food; and provides interior
decoration, agriculture, landscape design, investment and
management consulting, cultural activity planning, and real estate
consulting services.

As reported in the Troubled Company Reporter-Asia Pacific in late
February 2024, Kingboard Holdings-backed money lender Ever Credit
on Feb. 27, 2024, filed a winding-up petition against Country
Garden to the Hong Kong High Court for non-payment of a US$205
million loan.

The TCR-AP reported in late March 2024 that Country Garden has
hired Kroll to carry out a liquidation analysis. Kroll, the New
York-headquartered financial advisory firm, is expected to conduct
an independent business review of Country Garden before projecting
a recovery rate for the developer's creditors under a liquidation
scenario, according to Reuters.

The developer defaulted on US$11 billion of offshore bonds last
year and is in the process of an offshore debt restructuring.




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

HARBOUR CENTRE: Annual Net Loss Narrows to HKD70MM in 2024
----------------------------------------------------------
The Standard reports that Harbour Centre Development reported a
narrowed net loss of HKD70 million last year, down 34.6 percent
year-on-year, mainly due to a lower impairment provision for
development properties.

The Standard relates that the company said it will pay an interim
dividend of 5 HK cents per share on April 23 in lieu of a final
dividend, according to a statement with the stock exchange.

Its revenue fell 14.25 percent year-on-year to HKD1.35 billion in
2024, while its operating profit declined 1 percent to HKD404
million, The Standard relays.

According to The Standard, the hotel business generated a revenue
of HKD874 million, down 8 percent from the previous year, and
reported an operating loss of HKD55 million, compared to an
operating profit of HKD26 million in 2023.

Among them, Hong Kong hotels saw revenue decline by 7 percent to
HKD766 million due to lower room rates, while mainland hotel
revenue fell 14 percent to HKD108 million.

Investment property revenue declined by 18 percent to HKD199
million, mainly due to lower retail rental income amid a weakening
retail market.

Development property revenue tumbled by 36 percent to HKD152
million.

The Standard adds that the company expects geopolitical and
economic uncertainties to continue affecting growth and consumer
confidence in Hong Kong and the mainland in 2025, but the central
government's new stimulus measures provide hope for a gradual
market recovery.

Harbour Centre Development Ltd is an investment holding company
principally engaged in the hotel operation. The Company operates
its business through three segments. The Hotel segment engages in
the operation of The Murray, MP Hong Kong and MP Changzhou. The
Investment Property segment engages in the property leasing. The
Development Property Segment engages in the acquisition,
development, design, sales and marketing of trading properties
primarily in mainland China.




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

AGRA OIL: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Agra Oil & General Industries
Limited (AOGIL) in the 'Issuer Not Cooperating' category. The
rating is 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
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with AOGIL, 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.

AOGIL was incorporated in 1972 as a proprietorship firm and was
later converted into a private limited company. It manufactures
mustard oil and mustard cake at its unit in Agra, UP, which has a
seed-crushing capacity of 32,000 metric tonne per annum (MTPA). It
is also involved in the trading of mustard oil and cake. Along with
manufacturing operations, the company is involved in trading of
mustard oil and cake. In edible oil, all the company's sales are in
the branded segment, named Krishna and Swastik. AOGIL is the
flagship company of the Goyal Group, which encompasses various
business such as mustard oil production as well as trading of
cattle feed, packaging products, refrigeration of agro product,
mushroom cultivation, manufacturing of soap noodles, allied
chemicals and real estate development for around four decades.  


ANILINE PROPERTIES: CARE Hikes Rating on INR69cr NCDs to C
----------------------------------------------------------
CARE Ratings has revised the rating on certain bank facilities of
Aniline Properties Private Limited (APPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible      69.00      CARE C Upgraded from CARE D
   Debentures

Rationale and key rating drivers

The revision in the rating assigned to the Non-Convertible
Debenture (NCD) issue of APPL takes into account timely servicing
of debt obligations for two consecutive quarters on the rated NCD
post delay in payment due on June 30, 2024.

The rating continues to be constrained by slower collections
leading to project execution and funding risk. Further, the delay
in launch of 'Tower D' had an adverse impact on its cashflows,
resulting in continued poor liquidity position. However, the rating
derives comfort from APPL being a part of the Dynamix group, which
has a well-established track record in the industry along with its
experienced promoters and favorable location of the project.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Significant traction in project execution, accompanied with
healthy bookings and collections leading to significant improvement
in its cash flows and debt coverage indicators.

* Launch of Tower D as per envisaged timelines, i.e., March 2025.

Negative factors

* Significant delay in bookings and realizing collections leading
to stress on cash flows.

* Deterioration in the credit risk profile of the company or delays
in debt servicing of the rated NCD.

Analytical approach: Standalone

Outlook: Not applicable

Detailed description of key rating drivers:

Key weaknesses

* Slower collections leading to project execution and funding risk:
As on December 31, 2024, ~80% of the total cost of the project has
been incurred. The company is yet to incur project cost of ~INR139
crore, which is expected to be funded through customer advances.
This indicates a high reliance on customer advances for financing
the project. While the company has sold ~97.50% of the saleable
area in the towers already launched for sale, the pace of
collections has been slower than anticipated. Further, the NCDs
have a high borrowing cost with coupon of 16% (for series A; issue
size of INR115.00 crore) and 20% (for Series B; issue size of
INR25.00 crore), which could impact the cash flows of the company
especially in a scenario where the project bookings and/or sale
proceeds get delayed. Any negative impact on collection and sales
momentum could lead to cash flow mismatches, posing a risk to
project financing and debt repayment.

* Delay in launch of 'Tower D', adversely impacting the cash flows:
The launch of 'Tower D' of APPL's project which was previously
envisaged to be done in November 2023 has been postponed by the
company and is now being planned for end of FY25/April 2025. This
has adversely impacted APPL's cashflows as bookings from the same
were expected to shore up liquidity position of the company.

Key strengths

* Established track record of the group and experienced promoters:
APPL is a part of the Mumbai-based Dynamix Group, which is engaged
in the business of real estate development for more than five
decades. The group exhibits strong experience in developing real
estate spaces in the residential segment in Mumbai with more than
320 lsf of spaces developed since inception.  The company is
currently spearheaded by third-generation entrepreneur, Jayvardhan
Goenka, who has an experience of more than a decade in the real
estate business. Furthermore, the group has an experienced key
management team, who is responsible
for executing day-to-day operations.

* Favourable location of the project: The project is located at
Dahisar (East) which is the northernmost suburb of Mumbai. The
surrounding area is primarily residential with few commercial
spaces and retail shops. The project location is well connected by
road, rail, metro to other parts of the city. Additionally, the
vicinity includes schools, hospitals and malls, making it a
favourable location.

Liquidity: Stretched

The liquidity position of the company continues to remain stretched
marked by significant delays in realizing collections and delay in
launch of Tower D, resulting in stress on cash flows. Furthermore,
the company has liquidated part of its DSRA for servicing its debt
obligations, which is yet to be replenished. As on February 21,
2025, DSRA balance reduced to INR1.39 crore (vis-à-vis INR4.87
crore as on June 30, 2024). In the event of a shortfall, timely
fund infusion by the promoters will be crucial for debt
servicing.

Incorporated in February 2021, APPL is a part of the Dynamix group,
promoted by Jayvardhan Goenka, who has experience of more than a
decade in the industry. APPL is engaged in development of
residential and commercial projects in Mumbai, Maharashtra. APPL
has undertaken a residential project named "Avanya" (Prior to
December 2021, the project was under Aniline Construction Company
Private Limited (ACCPL) which is also a part of Dynamix group
however for obtaining funding from lender, the project was
transferred to APPL to provide NCLT compliant structure). The
project is spread over total built up area of 6.70 lsf at Dahisar,
Mumbai.


ARNAV TECHNOSOFT: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short Term ratings of Arnav
Technosoft Private Limited (ATPL) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[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
   Term Loan                    'Issuer Not Cooperating'
                                 Category

As part of its process and in accordance with its rating agreement
with ATPL, 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 2007, ATPL is a real estate developer and is
executing its maiden project in Noida (Uttar Pradesh). The project
involves construction and leasing of a corporate office building in
Sector 16 A in Noida. ATPL is part of the SDS group which is
engaged into real estate construction spanning across group housing
projects, integrated townships, commercial space and IT park in
Noida and Greater Noida regions of Uttar Pradesh. The group is
headed by Mr. Deepak Bansal and Mrs. Anshul Bansal.


BALAJI FOOD: CARE Keeps C Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Balaji
Food Products (BFP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.10       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 13,
2024, placed the rating(s) of BFP under the 'issuer
non-cooperating' category as BFP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
BFP continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 29, 2024,
January 8, 2025 and January 18, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Established in February 2017, Balaji Food Products (BFP) was
promoted by the Agarwal family of Sambalpur, Odisha to set up rice
milling and processing plant in the state of Odisha. The firm has
successfully setup its rice milling and processing plant and has
started commercial operations at its plant from January 29, 2018.
The rice milling and processing plant of the firm is located at
Subarnapur, Odisha with an aggregate paddy processing capacity of
19,200 metric tonnes per annum. The firm is mainly engaged in
custom milling of paddy for Orissa State Civil Supplies Corporation
Limited. Apart from custom milling, the firm is also engaged in
rice milling for its own.


BHADRESHWAR VIDYUT: Jindal Power Wins Bid for Firm at INR500 crore
------------------------------------------------------------------
The Economic Times reports that Jindal Power has won the bid for
Gujarat-based Bhadreshwar Vidyut which is undergoing insolvency
proceedings, according to the company's bankruptcy administrator.

ET relates that the privately owned Naveen Jindal group company is
said to have bid around INR500 crore for Bhadreshwar Vidyut which
operates thermal power plants in the Kutch district of the western
Indian state.

"Lenders have issued the letter of intent to Jindal power which is
the successful resolution applicant," ET quotes Hitesh Goel,
Bhadreshwar Vidyut's resolution professional, as saying.

Goel was appointed to administer the company under insolvency by
National Company Law Tribunal (NCLT).

"As a next step the resolution plan will be taken to NCLT for
approval," he said.

Goel declined to comment on the value of Jindal Powers bid, ET
notes.

Bhadreshwar Vidyut owes lenders around INR1200 crore as principal
on loans obtained by it, ET discloses. The company has 300
megawatts of power generation capacity. The likes of Capri Global,
Kutch Chemicals and Manaksia Coating competed to acquire the
company.

Jindal Power has thermal power generation capacity of over 4.6
gigawatts. It has also embarked on a major foray into renewable
energy generation.

Bhadreshwar Vidyut Private Limited commenced insolvency process on
Oct.18, 2022.


BRICK & MORTAR REALTY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Brick & Mortar Realty Private Limited

        Registered Address:
        53, Justice Chandra Madhav Road
        Kolkata 700020, West Bengal

Insolvency Commencement Date: February 18, 2025

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: August 17, 2025

Insolvency professional: Chandra Kumar Jain

Interim Resolution
Professional: Chandra Kumar Jain
              Poddar Court, Gate No. 1, Room No. 816,
              18 Rabindra Sarani, Kolkata 700001
              Email: ckcacs@yahoo.co.in
              Email: cirp.bmrpl@gmail.com

Last date for
submission of claims: March 4, 2025


BUDDHA SORTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term ratings of Buddha Sortex Rice
Industries Private Limited (BSRIPL) in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.75       [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 BSRIPL, 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.

BSRIPL, was established in 2013 and is involved in milling and
sorting of non-Basmati rice. The company's unit located at
Hetimpur, Deoria (UP) has an installed capacity of 8 tonne/hour.
The company caters to both domestic and export customers. The
day-to-day operations of the company are managed by Mr. CP Gupta.


CORODEX INFRA: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Corodex
Infrastructure Private Limited (CIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          14.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2024, placed the rating(s) of CIPL under the 'issuer
non-cooperating' category as CIPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
CIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 13, 2025,
January 23, 2025 and February 2, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

CIPL was incorporated in June 2013 by Mr Prakash Arun, Mr Ankur
Kumar Saxena and Mr Bidyut Chattopadhyay. The company started
operations from August 2014. CIPL is engaged in the electrical
infrastructure supply, erection, commissioning of transmission
line, grid substation, power substation & mechanical work on
turnkey basis.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of CIPL into Issuer Not
Cooperating category vide press release dated March 20, 2024 on
account of its inability to carry out a review in the absence of
requisite information.

CRISSAM DECOR: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Crissam Decor Private Limited
        51 Gurunathan Street,
        Karur Tamil Nadu, India, 639002

Liquidation Commencement Date: February 10, 2025

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Shanmugakani Saraskumar
            132A, NTR Street,
            Rangarajanpuram Main Road,
            Kodambakkam, Chennai-600024
            Mobile no: 9444011294
            Email ID: saraskcsca@gmail.com

Last date for
submission of claims: March 12, 2025

DHANALAKSHMI SRINIVASAN: ICRA Keeps D Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Dhanalakshmi Srinivasan
Hotels Private Limited (DS) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        52.00      [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 DS, 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.

DS group of trusts namely Dhanalakshmi Srinivasan Charitable and
Educational Trust (DSCET), Srinivasan Health and Educational Trust
(SHET), Srinivasan Charitable and Educational Trust (SCET) were
established in 1994 by Mr. Srinivasan, with the objective of
running charitable and educational institutions. Dhanalakshmi
Srinivasan Hotels Private Limited (DSHPL) was incorporated in 2008.
The group has 23 colleges, 2 hospitals, 3 schools and one 68 key
hotel.


FERMOS ENGINEERING: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Fermos Engineering Private Limited
        At Post Bhamasara, Village Bhamasara,
        Dholka, Ahmedabad, Gujarat 382240

Liquidation Commencement Date: February 18, 2025

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Ankit Gadia
            B-601, Rajworld Residency,
            Palanpur Canal Road, Palanpur,
            Opp. Neelkanth Residency,
            Surat, Gujarat 395009
            Email: caankitgadia@gmail.com

            -- and --

            6001-02, Trade House,
            Near Rushabh Petrol Pump,
            Ring Road, Surat 395002, Gujarat
            Email: rp.fepl@gmail.com

Last date for
submission of claims: March 20, 2025


FIVE CORE: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Five Core
Electronics Limited (FCEL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     44.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 12,
2024, placed the rating(s) of FCEL under the 'issuer
non-cooperating' category as FCEL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
FCEL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 27, 2024,
December 7, 2024, December 17, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Five Core Electronics Limited (FCEL) (ISIN: INE574Z01013) was
incorporated on April 11, 2002 by Mr. Amarjit Singh Kalra and his
wife, Ms. Surinder Kaur Kalra. The company is involved in the
manufacturing and assembling of public address (PA) systems and
components, including loud speakers, amplifiers, microphones,
woofers, and related electronic and electrical equipment. The
company commenced operations in April, 2002 and its manufacturing
facility is located in Bhiwadi based, Rajasthan. FCEL belongs to
the 5-core group, based in New Delhi. The 5-core group was
established in 1983 and apart from FCEL, the group
has six other companies namely, Indian Acoustics Private Limited, 5
Core Acoustics Private Limited, Visual & Acoustics Corporation LLP,
EMS & Exports, Happy Acoustics Private Limited and Digi Export
Venture Private Limited which are all involved in the same line of
business.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of FCEL into Issuer Not
Cooperating category vide press release dated February 29, 2024 on
account of its inability to carry out a review in the absence of
requisite information.


GENESIS INFRATECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Genesis Infratech Private Limited

        Registered Office:
        Shop No. 20, Plot No. WZ-3 Shyam Park,
        Near Metro Pilor No. 736 West Delhi,
        Uttam Nagar New Delhi 110059

        Address at which books are maintained:
        310-311, Third Floor, Vipul Agora, Mg Road,
        Gurgaon, Haryana, India 122002

        Principal Office:
        Genesis Mall, Khasra No. 485, 486 & 490,
        Village Khanpur, Tehsil Tijara, District Alwar,
        Bhiwadi, Rajasthan 301019

Insolvency Commencement Date: January 30, 2025

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

Estimated date of closure of
insolvency resolution process: July 29, 2025

Insolvency professional: Gopal Garg

Interim Resolution
Professional: Gopal Garg
              M/s. KVG Insolvency Advisors Pvt. Ltd.
              405, New Delhi House, 27 Barakhamba Road
              Connaught Place, New Delhi 110001
              Email: vijaykumargupta.ip@gmail.com
              Email: cirp.genesis@gmail.com

Last date for
submission of claims: March 7, 2025


GENSOL ENGINEERING: CARE Lowers Rating on INR639.70cr Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Gensol Engineering Limited (GEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      639.70      CARE D Downgraded from
   Facilities                      CARE BB+; Stable

   Long Term/           76.30      CARE D/CARE D Downgraded from
   Short Term                      CARE BB+; Stable/CARE A4+
   Bank Facilities      
                                   
Rationale and key rating drivers

CARE Ratings Limited has revised the ratings assigned to the bank
facilities of GEL on account of on-going delays in the servicing of
term loan obligation as per feedback from its lenders. The rating
action is in line with CARE's policy on default recognition.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Timely servicing of debt obligations (i.e., principal and
interest) for minimum 3 continuous months.

Analytical approach: Consolidated

The company has operational synergies with its subsidiaries; hence,
a consolidated approach has been considered.  

Outlook: Not applicable

Detailed description of key rating drivers:

Key weaknesses

* Delays in debt servicing: As per feedback from GEL's lender,
there have been delays in debt servicing by GEL along with pending
over dues and SMA classification of the account.

Liquidity: Poor

GEL's liquidity remains poor as reflected by the ongoing delay in
the debt servicing.

Incorporated in 2012, Gensol Engineering Limited, the flagship
company of Gensol Group, has a track record of more than a decade
in the renewable power segment. GEL was initially incorporated as a
private limited company and was later listed on BSE SME platform on
October 11, 2019. Later in September 2023, GEL was also listed on
NSE platform and in July 2023, the company got itself listed on BSE
main platform. Currently, GEL has presence in diverse business
interests. GEL is engaged in providing EPC and Operations &
maintenance (O&M) services for solar power projects. Further, GEL
also derives revenue from its EV leasing business as a part of its
agreement with Blu-Smart. Going forward, GEL expects revenue from
its EV manufacturing division for which it is currently setting up
an EV manufacturing plant at Pune.


GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Debenture Program of Glazebrooke Trading Private
Limited in the 'Issuer Not Cooperating' category.  The rating is
denoted as "[ICRA]C+ ISSUER NOT COOPERATING".

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term-            150.00     [ICRA]C+; ISSUER NOT
   Non-convertible                  COOPERATING; Rating continues
   Debentures (NCD)                 to remain under 'Issuer Not
                                    Cooperating' category

As part of its process and in accordance with its rating agreement
with Glazebrooke, 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.

Glazebrooke Trading Private Limited was incorporated in 2017 to
carry out import and trading of spices in India. The core activity
is to sell the imported spices to super wholesalers and wholesalers
spread across the states by matching demand and supply gap. The
company's vison is to become a diversified conglomerate in the next
ten years, and this go triggered by the opportunity seen in the
mining and mining related logistics. They have also entered a
memorandum of understanding with their existing logistical operator
with hands-on business available to invest.


HENGLI HYDRAULIC: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Hengli Hydraulic India Pvt Ltd
        Plot No PAP B 67/1 Bhamboli - Varale
        Chakan Industrial Area Ph II, Pune,
        Pune, Maharashtra, India, 410501

Liquidation Commencement Date: February 19, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Ravi Prakash Ganti
            Flat No 2, Ashiana CHS Ltd, Plot No 60-A,
            Sector-21, Kharghar, Navi Mumbai 410210
            Email: henglivoluntaryliquidation@gmail.com
            Email: gantirp@gmail.com
            Contact no. 8779684200

Last date for
submission of claims: March 21, 2025


JUNGLE HOMES: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term ratings of Jungle Homes Holidays
Private Limited (JHHPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [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 JHHPL, 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.

JHHPL was incorporated in 2008 and started its operation of a
five-star resort named The Tigress Ranthambore from April 2015. It
is promoted by Mr. Saumitra Singh and his wife Mrs. Himanshi Singh.
It is located in Sawai Madhopur, Rajasthan. The heritage property
is located near the Ranthambore National Park and offers two types
of rooms – Royal Luxury Suites and Royal Luxury Villas. Built on
300,000 square feet, the resort has a build-up area of 100,000
square feet with amenities like spa, swimming pool, gymnasium,
banquet hall, garden area, parking space, two restaurant-cum-bar
and a roof-top barbecue.


LAVASA CORP: Court Allows 90-Day Extension to Revive Company
------------------------------------------------------------
The Economic Times reports that a bankruptcy court in Mumbai has
allowed an extension of 90 days for the revival of Lavasa
Corporation in an application filed by its resolution professional
(RP).

According to ET, the planned city project is undergoing a fresh
Corporate Insolvency Resolution Process (CIRP) after the National
Company Law Tribunal directed to restart the whole process after
the successful bidder failed to implement the approved resolution
plan within the timeline.

The company has admitted liabilities of over INR6,642 crore, while
erstwhile successful bidder Darwin Platform Infrastructure had
proposed to pay INR1,814 crore.

ET relates that the company's RP through its counsel informed the
tribunal that substantial headway in the revival of Lavasa
Corporation has already been made by way of releasing RFRP (Request
for Resolution Plan), IM (Information memorandum) and EM (Evaluatin
Matrix) as well as engaging in constructive discussions with the
potential bidders.

"The PRAs (potential resolution applicants), being new entrants in
the resolution plan process, have sought additional time to
undertake and assess the relevant information for submitting their
respective resolution plans," informed the RP through his counsel,
notes the report.

Last year in September, the tribunal had directed to reinitiate the
revival process of the company and also directed the lenders to
exclude the period from July 13, 2021, to January 3, 2022, from the
resolution process, ET recalls. The tribunal has also restored
Shailesh Verma as the resolution professional (RP) of the company.

According to ET, the tribunal's order came in an application filed
by the Union Bank of India, a secured creditor of the Lavasa
Corporation on behalf of the secured creditors of the company, that
sought to restore the resolution process for the company with the
argument that the successful resolution applicant (SRA) Darwin
Platform Infrastructure Ltd failed to implement the approved
resolution plan within the timeline.

Now, the division bench of judicial member KR Saji Kumar and
technical member Anil Raj Chellan has allowed the RP's application
to give 90 days extension from February 28, 2025 till May 29, 2025,
ET relays.

ET relates that Ashish Pyasi, Partner, Aendri Legal said ordinarily
the resolution process has to be completed within 180 days with one
extension of 90 days. However 330 days is the outer limit set in
the code.

"After the set timelines are over, the company is put into
liquidation. However, in a fit case after looking at the overall
progress of the resolution process, the tribunal may give further
extension so that the resolution takes place," ET quotes Pyasi as
saying. "In the present case, as the CIRP is restarted, further
extension is possible depending on the progress."

                         About Lavasa Corp

Lavasa Corporation Limited develops and manages a hill city in
India. Its portfolio includes R&D and training centers, IT and
biotech industry, KPOs and those related to art, fashion, and
animation companies; hospitality, tourism, health, education, and
IT and ITES industries; lakeside apartments, villas, rental
housing, and retiree housing; and studio apartments, starter homes,
and workforce apartments.

Lavasa is a subsidiary of construction major Hindustan Construction
Company (HCC) and entered insolvency proceedings at the National
Company Law Tribunal, Mumbai, in August 2018.

As reported in the Troubled Company Reporter-Asia Pacific in late
July 2023, the National Company Law Tribunal has approved a
INR1,814 crore resolution plan for the private hill station Lavasa,
nearly five years after the initiation of the insolvency resolution
process.

Darwin Platform Infrastructure Ltd. (DPIL) has emerged as the
winning bidder for Lavasa Corp., which is primarily into the
business of the development of the private hill station by the same
name in Pune, according to BQ Prime.


MACRO GROUP: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Macro Group
Private Limited (MGPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2024, placed the rating(s) of MGPL under the 'issuer
non-cooperating' category as MGPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MGPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 16, 2024,
December 26, 2024, January 5, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

MGPL was incorporated in April 2013, by Mr. Deepak Chopra & Mrs.
Sonia Chopra as directors to take over the business of M/s Macro
Enterprises (MEP) (proprietorship concern of Mr. Deepak K Chopra).
The company has dealership business of Honda Motorcycle & Scooter
India Pvt. Ltd. (HMSI). The company owns & operates five showrooms
all providing 3S (sales, service and spare parts) facilities. Apart
from the above, the company also runs a distributorship business of
Castrol lubricants.


MAHALAXMI BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mahalaxmi
Builders and Developers (MBD) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2024, placed the rating(s) of MBD under the 'issuer
non-cooperating' category as MBD had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
MBD continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 1, 2025,
January 11, 2025, January 21, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Gulbarga based, Mahalaxmi Builders and Developers (MBD) was
established in the year 2015 and promoted by 10 partners who are
close family members with a mix of first and second generation. The
firm constructs and develops residential projects.

MANGLAM FISCAL: Liquidation Process Case Summary
------------------------------------------------
Debtor: Manglam Fiscal Services Pvt. Ltd.
        13/2A, Priya Nath Mullick Road,
        Ground Floor, Kolkata,
        West Bengal, India, 700026

Liquidation Commencement Date: January 16, 2025

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Vasudeo Agarwal
            5, Fancy Lane, 3rd Floor, Room No-9,
            Kolkata, West Bengal 700001
            Email: vdainfo@gmail.com
            Email: liquidator.mfspl@gmail.com

Last date for
submission of claims: March 22, 2025

MILTON CYCLE: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Milton Cycle Industries
Limited (MCIL) 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
   Cash Credit                     COOPERATING; Rating continues
   Limits                          to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with MCIL, 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.

MCIL commenced operations in 1960 to function as a component
manufacturer involved in the manufacturing of bicycle parts like
chains, freewheels, and BB Axles for Atlas Cycles (Haryana)
Limited.  Subsequently, in July 2006, MCIL developed into a
complete bicycle manufacturing unit, besides being an ancillary to
the ACL's Sahibabad division. MCIL now a plethora of bicycle models
catering to the kids, fancy, roadsters segments marketed through
its dealer-distributor network in Uttar Pradesh, Bihar, Jharkhand,
Andhra Pradesh, and Nepal etc.


NAVMI STEEL: Liquidation Process Case Summary
---------------------------------------------
Debtor: Navmi Steel Traders Private Limited
        Office No. B-410, 4th Floor, Steel Chamber,
        Kalambol Business & Office Premises CSL,
        KWC Steel Market, Mumbai City,
        Navi Mumbai, Maharashtra, India 410218

Liquidation Commencement Date: February 18, 2025

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Birendra Kumar Agrawal
            1606, Corporate Annexe,
            Sonawala Road, Near Udyog Bhavan,
            Goregaon East, Mumbai 400063
            Email: bk@bhamaconsulting.com
            Email: liquidation.navmisteel@gmail.com

Last date for
submission of claims: March 20, 2025


NETDOX HEALTH: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Netdox Health Private Limited
        Novel MSR Park, K. No. 731/2389,
        93/9 Varthur Main Road, Munnekolalu,
        Marathah, Alli, Bangaluru,
        Karnataka, India, 560037

Liquidation Commencement Date: February 18, 2025

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: CS Nithya Pasupathy
            Old No.: 28, New No.: 10, 3rd Cross Street
            R.K. Nagar, Raja Annamalai Puram,
            Chennai, Tamil Nadu 600028
            Email: nithya@prowiscorporate.com
            Telephone: 9566033007

Last date for
submission of claims: March 20, 2025


NSL SUGARS: ICRA Reaffirms D Rating on INR184.15cr LT Term Loan
---------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of NSL
Sugars Limited (NSL), as:

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-        184.15     [ICRA]D; reaffirmed
   Fund based                   
   Term Loan                    

Rationale

The rating reaffirmation takes into account continuing delays in
the debt servicing obligations owing to the weak liquidity position
of NSL. ICRA notes that the company's application for restructuring
is awaiting approval by the Standing Committee of SDF (Sugar
Development Fund) as on November 2024 as per revised guidelines
dated February-2024.

ICRA notes that the promoters have infused their contribution of
INR45.0 crore in FY2022 as required in the resolution plan. The
implementation is expected to be completed in FY2026. Further, ICRA
takes note of the company's weak capital structure and debt
coverage indicators in the last few years (FY2018
9MFY2025). Although improved crushing levels from current levels,
favourable sugar prices and enhanced distillery capacity would
improve the scale, profits and in turn the debt metrics following
the successful implementation of the restructuring of SDF loans,
the credit profile would still be weak.

The rating is also constrained by the risks associated with the
inherent cyclicality in the sugar business, the agro-climatic
conditions related to cane production, the Government's policies on
sugar trade, the pricing and offtake of cogeneration power and
ethanol and the counterparty credit risk associated with the sale
of power to the utilities in Karnataka and Maharashtra. Further,
the tenure mismatch between the power purchase agreement (PPA) of
the co-generation units and the debt repayment period (PPA ended in
FY2022 for Koppa and Aland while repayment is till FY2027) exposes
these co-generation units to demand and tariff risks.

However, ICRA takes note of the significant experience of the
promoters in the sugar industry and the forward-integrated
operations into co-generation and distillery units, which provide
additional revenue stream and cushion the profitability during
sugar downturns. Further, NSL's operations are expected to benefit
from firm sugar realisations from both the domestic and
international markets, healthy export volumes and better distillery
performance in the current fiscal.

Credit strengths  

* Profitability expected to recover on successful implementation of
SDF restructuring plan: The company's application for restructuring
of SDF loans of INR~108 crore is pending approval the IFCI (nodal
agency for SDF) as of November 2024. The implementation of the
restructuring is subject to fulfilling all conditions, and is
expected to be completed in FY2026. NSL's financial profile has
deteriorated over the years, evident from its declining scale of
operations as the cane crushing volumes declined during
FY2023-9MFY2025. The company has been able to report profits at the
operating level, though it
suffered losses at the net level during FY2022-9MFY2025 dur to
significant interest and depreciation costs, apart from impairment
in subsidiary. Post implementation of the SDF restructuring plan,
the profitability is expected to improve. However, ICRA takes note
of the company's weak capital structure and debt coverage
indicators in the last few years (FY2018-9MFY2025). The credit
profile is expected to remain weak even after successful
implementation of the restructuring plan.  

* Forward-integrated operations: NSL's sugar operations, with a
capacity of 25,500 TCD, are forward integrated with 90-MW
co-generation and 310-KLPD distillery capacities. The
forward-integrated profile of the sugar operations cushions the
profitability during periods of sugar downturn.  

Credit challenges  

* Delays in debt servicing: ICRA notes that there have been
continued delays by NSL in meeting its debt servicing obligations
on the Sugar Development Fund (SDF) loans as well as other loans
from consortium banks, as per the existing repayment schedule.

* Co-generation unit exposed to demand and tariff risk: There is a
tenure mismatch between the power purchase agreement (PPA) of the
co-generation units and the debt repayment period. The PPAs for
Koppa and Aland already ended in October 2021 while the debt
repayment is till FY2027. This exposes the company to demand and
tariff risks. However, the demand for merchant power remains high
and does not pose any threat to power offtake.  

* Profitability vulnerable to agro-climatic and regulatory risks:
The profitability of the sugar mills remains exposed to the
cyclicality of the sugar industry, agro-climatic risks related to
cane production and Government policies on sugar trade.   

Liquidity position: Poor  

NSL's liquidity position is poor because of the low profitability
and modest free cash flows. Liquidity is expected to remains weak
in the near-to-medium term.

Rating sensitivities

Positive factors – The rating may be upgraded if the company
services the debt obligations in a timely manner on a sustained
basis.

Negative factors – Not Applicable.

NSL Sugars Limited (NSL), incorporated in 1999, was promoted by the
Nuziveedu Seeds Group. The company manufactures and markets sugar,
generates power and produces ethanol. The company has three units
two at Koppa and Aland in Karnataka and the third at Pawarwadi in
Maharashtra. NSL has a 6,500-TCD sugar plant along with a 26-MW
co-generation plant and a 60-KLPD distillery at Koppa in the Mandya
district of Karnataka and a 9,500-TCD sugar plant along with a
34-MW co-generation plant at Aland, Karnataka. Jay Mahesh Sugar
Industries Limited (JMSIL) was taken over by NSL in FY2012. At
present, Jay Mahesh unit is operational with a 9,500-TCD sugar
unit, 30-MW cogen unit and a 250-KLPD distillery unit.


PANCHWATI PRAYOGSHALA: ICRA Keeps B+ Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term ratings of Panchwati Prayogshala
Private Limited (PPPL) in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          1.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   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-          1.00       [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with PPPL, 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.

Panchwati Prayogshala Private Limited (PPPL) is a manufacturer of
Ayurvedic and herbal products, such as digestive tablets and
powders, Chyawanprash, syrups, hair oil and other products. The
company is managed by Mr. Pankaj Goel, who has more than two
decades of experience in the Ayurvedic and herbal products
business. The business is comanaged by Mr. Goel's partner and
brother-in-law, Mr. Neeraj Agarwal. The company has two plants at
Meerut (Uttar Pradesh) and Roorkee (Uttarakhand). While the Meerut
plant is solely engaged in the production of digestive tablets, the
Roorkee plant manufactures various products, including digestive
tablets. The Roorkee plant was established in 2008 and has benefits
of income tax exemption till FY2018. The company's promoter, Mr.
Goel, also runs an educational trust, which provides higher
education through its four colleges.


PCL FOODS: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term rating of PCL Foods Private Limited
(PCPL) in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         50.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating agreement
with PCL Foods 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.

PCPL, incorporated in 2013, is a wholly owned subsidiary of Phoenix
Commodities Private Limited (Phoenix). Phoenix is the ultimate
holding company of the Group and holds ~100% stake in Phoenix
Global, DMCC which in turn holds ~100% stake in PCPL. The promoters
of PCPL are Mr. Sudip Kumar Basu and Mr. Nitin Navandher (business
associates in the Phoenix Group). In March 2014, Phoenix Global,
DMCC acquired 99.95% shares of the company. It is involved in
trading and manufacturing of agriculture produce like Basmati,
non-Basmati Rice, grains and pulses. The rice milling plant of PCPL
is located at Taraori, which has a paddy milling capacity of 31,200
metric tonne per annum (MTPA) and sorting capacity of 72,000 MTPA
with an additional 2.40 lakh MTPA sorting facility on job work
basis at the Kandla Port. In FY2018, the company reported a net
profit of INR7.40 crore on an operating income (OI) of INR735.34
crore on a provisional basis compared with a net profit of INR2.24
crore on an OI of Rs.721.73 crore in the previous year.


PRAGATHI GROUP: CARE Lowers Rating on INR32.49cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pragathi Group (PG), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      32.49       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE BB-;
                                   Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2024, placed the rating(s) of PG under the 'issuer non-cooperating'
category as PG had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. PG continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated January 1, 2025, January 11,
2025, January 21, 2025 among others.

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

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

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

Analytical approach: Standalone

Outlook: Stable

Pragathi Group (PG), incorporated in January 2006, is a partnership
firm and have set up a 16 MW of solar power projects supplying
power to various third parties. Further, the firm is also engaged
in plotted development of properties in Bengaluru and Mysuru,
involving designing of layout and infrastructure facilities such as
water supply, underground drainage system, storm water drains,
roads etc. The firm has sold land of approx. 306 acres (Mysore and
Bangalore) and has about 32.06 lsf of under development land with
23.23 lsf sold as on February 28, 2023.


PRIVILEGE HEALTHCARE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Privilege Healthcare Services Private Limited

        Registered Address:
        Office No 1, 2 & 3, 3rd Floor,
        Dreams Mall LBS Marg,
        Bhandup, Mumbai City, Mumbai,
        Maharashtra, India 400078

Insolvency Commencement Date: February 18, 2025

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: August 18, 2025

Insolvency professional: Shreyansh Jain

Interim Resolution
Professional: Shreyansh Jain
              A-7 First Floor, Jodhpur Tower,
              Dharmnarayan Ji Ka Hatta, Paola
              Opp. Hotel Mapple Abhay
              Jodhpur, Rajasthan 342006
              Email: shreyansh.jain@gmail.com

              -- and --

              Finvin Turnaround and Restructuring Private Limited
              605, 6th Floor, Sunteck Crest,
              Mukund Nagar Road, Andheri (E),
              Mumbai, MH 400059
              Email: cirp.privilegehealthcare@gmail.com

Last date for
submission of claims: March 5, 2025


RANGANATHAN RAJESWARI: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short Term ratings of Ranganathan
Rajeswari Charitable Trust (RRCT) in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term-         8.50      [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 RRCT, 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.

Ranganathan Rajeswari Charitable Trust (RRCT) was established in
2006 to impart professional education to students in Tamil Nadu.
The trust owns and manages 'Ranganathan Engineering College'
("REC"), 'Ranganathan Architecture College' ("RAC") and
'Ranganathan Polytechnic College' ("RPC") situated in Coimbatore,
Tamil Nadu. The promoters of the trust are Dr. R. Murugesan, Dr. P.
Tamilarasi Murugesan, Mr. R.Karuna Boopathy, Mrs. K. Tamilarasi,
Mr. R. Subramanian, Mrs. B. Ezhilarasi and Mrs. M. Praveena. The
promoters have more than 30 years of professional experience in the
education sector.


SAMARO GLOBAL: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Samaro
Global Industries Private Limited (SGIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 31,
2024, placed the rating(s) of SGIPL under the 'issuer
non-cooperating' category as SGIPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SGIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
December 16, 2024, December 26, 2024 and January 5, 2025 among
others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Samaro Global Industries Private Limited (SGIPL) was incorporated
in October 2019, by Mr. Paresh Vinod Parekh and Mr. Haresh Paresh
Parekh to setup manufacturing of Stone Plastic Composite (SPC) and
Luxury Vinyl Tiles (LVT) flooring plant at Umbergaon, Gujarat.

Status of non-cooperation with previous CRA: India Ratings has
moved the ratings assigned to the bank facilities of SGIPL to
'Issuer Not Cooperating' category vide press release dated November
11, 2024 on account of its inability to carry out a review in the
absence of the requisite information from the company.

SASA MUSA: Liquidation Process Case Summary
-------------------------------------------
Debtor: Sasa Musa Sugar Works Pvt. Ltd.
        Mercantile Building,
        9/12 Lalbazar Street,
        Kolkata - 700001

Liquidation Commencement Date: February 20, 2025

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Manish Jain
            Manish Mahavir & Co., Chartered Accountants
            Room No. 303, 3rd Floor, 2B
            Grant Lane, Bajrang Bhawan
            Near Lal Bazar Bata Shop
            Kolkata, West Bengal 700012
            Email: ipcamanishjain@gmail.com

            Manish Mahavir & Co., Chartered Accountants
            Room No. 402, 4th Floor, 2B
            Grant Lane, Bajrang Bhawan
            Near Lal Bazar Bata Shop
            Kolkata, West Bengal 700012
            Email: ibc@sasamusasugar.com
            Mobile No.: 9830248684/858806221

Last date for
submission of claims: March 22, 2025


SHANDAR SNACKS: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Shandar Snacks Private Limited (SSSPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.62       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.38       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 23,
2024, placed the rating(s) of SSSPL under the 'issuer
non-cooperating' category as SSSPL had failed to provide
information for monitoring of the rating as agreed to in its Rating
Agreement. SSSPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 8, 2025, January 18, 2025, January 28, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Kashipur, (Uttarakhand) based Sri Shandar Snacks Private Limited
(SSSPL) was established in the year 2013 by Mr. Kamal Agarwal and
Mr. Banwarilal Agarwal. The company is currently promoted by Mr.
Kamal Kumar Agarwal, Mr. Banwarilal Agarwal, Mr. Bimal Poddar and
Mr. Tarun Omprakash Khemka. The company is engaged in the
manufacturing and processing of nachos in various flavours and
sells the same under the brand name 'Tastilo'. The manufacturing
facility of the firm is located at IDBE Industrial Estate,
Mahuvakhera Ganj, Kashipur.

Status of non-cooperation with previous CRA: CRISIL has continued
the rating assigned to the bank facilities of SSSPL into Issuer Not
Cooperating category vide press release dated January 15, 2025 on
account of its inability to carry out a review in the absence of
requisite information.


SHIV AGREVO: CARE Lowers Rating on INR20cr LT Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shiv Agrevo Limited (SAL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B+; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of SAL under the 'issuer
non-cooperating' category as SAL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SAL continues to be non-cooperative despite repeated requests for
submission of information through emails dated November 24, 2024,
December 4, 2024, December 14, 2024 among others.

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

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

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

Analytical approach: Standalone

Outlook: Stable

Baran (Rajasthan)-based SAL was incorporated in 1995 by Mr. Vishnu
Kumar Saboo and his family members. SAL is engaged in extraction of
edible oil from mustard seeds, soya seeds and oil cakes as well as
refining of crude edible oil. SAL also does trade of agri
commodities. The solvent extraction plant and refinery of the
company are located in Baran (Rajasthan). SAL also sells its
products under the brand name of 'Shiv'. SAL is part of Kota based
Shiv Group of Industries comprising of SAL, Shiv Edibles Limited,
and Shiv Vegpro Private Limited engaged in processing of edible oil
and Shiv Health Food LLP engaged in processing of dairy products.
Besides these, Shiv Trading Company and Maheshwari Udyog are the
associate entities engaged in the trading of soya products.


SHIV VEGPRO: CARE Lowers Rating on INR30cr LT Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shiv Vegpro Private Limited (SVPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Downgraded from CARE B+; Stable

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 9,
2024, placed the rating(s) of SVPL under the 'issuer
non-cooperating' category as SVPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SVPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated November 24, 2024,
December 4, 2024, December 14, 2024 among others.

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

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

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

Analytical approach: Standalone

Outlook: Stable

Kota-based (Rajasthan) SVPL was incorporated in March 2006 by Saboo
family. SVPL is engaged in solvent extraction of crude soya edible
oil and manufacturing of soya grit and flour from soda DOC. SVPL's
primary products include refined soya and Soya Meal (SM) and Soya
grits & flour. It has an installed capacity of 400 Tons per Day
(TPD) for soya oil processing as on March 31, 2020. SVPL is part of
Kota based Shiv Group of Industries comprising of SVPL, Shiv Agrevo
Limited, Shiv Edibles Limited
engaged in processing of edible oil and Shiv Health Food LLP
engaged in processing of dairy products. Besides these, Shiv
Trading Company and Maheshwari Udyog are the associate entities
engaged in the trading of soya products.

Status of non-cooperation with previous CRA: ICRA has continued the
ratings assigned to the bank facilities of SVPL to 'Issuer Not
Cooperating' category vide press release dated May 22, 2024 on
account of its inability to carry out a review in the absence of
the requisite information from the company.

SHRIKALYANI AGRITECH: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shrikalyani
Agritech Private Limited (SAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.31       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated January 24,
2024, placed the rating(s) of SAPL under the 'issuer
non-cooperating' category as SAPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
SAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated December 9, 2024,
December 19, 2024, December 29, 2024 among others.

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

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

Analytical approach: Standalone

Outlook: Stable

Shrikalyani Agritech Pvt. Ltd. (SAPL) was incorporated in June 2009
as Shri Kalyani Coke & Iron Pvt. Ltd. (SCIPL) by Goyal family of
Dhanbad, Jharkhand. SCIPL was de-functional and later on in May,
2013, it was renamed to Shrikalyani Agritech Pvt. Ltd. for the
purpose setting up a paddy processing unit at Govindpur, Dhanbad,
Jharkhand. The company commenced commercial production in July,
2014 with rice processing capacity of 32,620 metric tonne per annum
(MTPA).


TARANG JEWELS: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tarang
Jewels Private Limited (TJPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2024, placed the rating(s) of TJPL under the 'issuer
non-cooperating' category as TJPL had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
TJPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated January 1, 2025,
January 11, 2025, January 21, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Tarang Jewels Private Limited (TJPL) was incorporated in February,
2007 under the name "Omang Constructions Private Limited" Later in
August, 2014, the name of the company changed to present one and
its operations started from October, 2014. The company is engaged
in the retail trading of gold jewellery, diamond studded gold
jewellery, pearls and precious stones studded gold jewellery
(necklaces, earrings, rings, pendants and bangles) and silver
jewellery. TJPL has a showroom located at Faridabad, Haryana.


TGB BANQUETS: CARE Reaffirms B+ Rating on INR5.28cr LT Loan
-----------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
TGB Banquets and Hotels Limited (TGB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.28      CARE B+; Stable Reaffirmed
   Facilities            

Rationale and key rating drivers

The long-term rating assigned to the bank facilities of TGB
continues to remain constrained on account of its stretched
liquidity, operating loss reported in FY24 (refers to the period
April 1 to March 31), high amount of loans and advances extended
and its presence in a competitive and cyclical hospitality
industry.

The rating, however, derives strength from established track record
of operations of TGB in hospitality industry, moderate scale of
operations, comfortable leverage and moderate debt coverage
indicators.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Improvement in liquidity of the company in the form of
realization of long overdue loans and advances extended to other
companies along with realization of long pending other current
assets.

* Significant improvement in scale of operations beyond INR50 crore
while maintaining PBILDT margin above 10%.

Negative factors

* Any adverse outcome from long pending statutory liabilities in
litigation impacting the liquidity of the company

* Sizable erosion in net worth base due to loss incurred arising
out of any write-offs

Analytical approach: Standalone

Outlook: Stable

Stable outlook reflects Care Rating Limited's expectations that TGB
shall sustain its operating performance due to established
presence and favourable demand outlook.

Detailed description of key rating drivers

Key weaknesses

* Large size exposure to other companies: TGB has extended
unsecured loan to group companies, related entities and third
parties to support their operations. The outstanding of these loans
& advances stood at INR71.19 crore as against networth of INR74.14
crore as on March 31, 2024. Recovery of these loans & advances
shall be a key rating monitorable.

* Presence in a competitive and cyclical hospitality industry: The
Indian hotel industry is highly fragmented in nature with presence
of large number of organized and unorganized players spread across
various regions. Cyclical nature of the hotel industry and
increasing competition from already established hotels has impacted
operating performance of the industry players. One of the biggest
challenges hoteliers will face in upcoming years is sustaining
growth as online private accommodation aggregators flood the
marketplace with new inventory. The market for banqueting and
outdoor catering has also attracted many organized players which
has led to increase in competition and pricing pressure in that
segment as well.

Key strengths

* Established track record of operations in hospitality industry:
The overall operations of TGB are managed by Mr. Narendra Somani
along with Mr. Hemant Somani and Mr. Devanand Somani. Mr. Narendra
Somani, Chairman & Managing Director, has an experience of more
than two decades in the hospitality industry. During FY24, TGB
derived its major revenue from F&B and banquet segment with the
prime revenue generating segment of TGB is banquet services
consisting of managing various events, weddings, exhibitions, and
parties.

* Moderate scale of operations albeit operating loss reported in
FY24: TOI of company largely remained stable at INR 36.33 crores in
FY24 (Rs.38.38 crores in FY23). During FY24, company registered
operating loss of INR0.42 crore due to payment of custom duty of
INR4.71 crore under Amnesty Scheme in last quarter of FY24. The
custom duty paid pertains to non-fulfilment of advance
authorization benefit claimed for Surat hotel, which is currently
not operational. In 9MFY25, TGB reported a TOI of INR 26.53 crores
with PBILDT margin of 22.24%.

* Comfortable leverage with moderate debt coverage indicators:
Overall gearing of company remained comfortable at 0.10x as on FY24
end (0.20x as on FY23 end). However, out of net worth of INR74
crore, TGB has extended unsecured loans to the group companies,
related entities and third parties worth INR71.19
crores recovery of which shall remain key rating monitorable.
During FY24, though debt coverage indicators weakened due to
operating loss, they recovered in 9MFY25 with PBILDT interest
coverage of 5.84x.

Liquidity: Stretched

Liquidity position of TGB continued to remain stretched marked by
almost full utilization of working capital limits for the trailing
twelve months ended January 2025. Also, there were few instances of
overdrawing in cash credit limit from August 2024 to January 2025
which were rectified in 1-2 days. The company had sizable exposure
of INR 71.19 crores towards the group companies, related entities
and third parties and any further extension of support towards
these companies may impact the liquidity. Company had positive cash
flow from operations of INR7.26 crore in FY24. Moreover, the
company had cash and bank
balance of INR0.29 crore as on March 31, 2024. TGB had debtors of
more than 6 months of INR 5.89 crore as on March 31, 2024, from
banqueting and catering business.

Ahmedabad based TGB Banquets & Hotels Ltd (TGB) was incorporated in
1999 as Bhagwati Banquets & Hotels Ltd by Mr. Narendra Somani. TGB
commenced its operations in June 2002 with a three-star hotel
property located in Ahmedabad, Gujarat. Presently, TGB operates a
hotel property at Ahmedabad. TGB also provides outside catering
service and operates restaurants & food courts.


V. N. MARKETING: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of V. N.
Marketing (VNM) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated February 14,
2024, placed the rating(s) of VNM under the 'issuer
non-cooperating' category as VNM had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
VNM continues to be non-cooperative despite repeated requests for
submission of information through emails dated December 30, 2024,
January 9, 2025 and January 19, 2025 among others.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

V. N. Marketing was established in 2003, with an objective to enter
into the trading of electrical goods. It is located at 54 Huttan
Road, Achalabala Bye Lane, Asansol- 713304. The entity is procuring
electrical goods from the local manufacturers. Shri. Sanjay Kr.
Mookim (aged 48 years) having 10 years of experience and Smt.
Anupama Mookim (aged 47 years) having seven years of experience in
similar line of business, looks after the day to day operations of
the firm along with other partners and a team of experienced
professionals.




=================
I N D O N E S I A
=================

REJEKI ISMAN: Seeks Investors to Lease Assets and Rehire Workers
----------------------------------------------------------------
The Jakarta Post reports that administrators of embattled textile
giant PT Sri Rejeki Isman (Sritex) are in talks with potential
investors to lease its assets and rehire some of the thousands of
laid-off workers, according to a team of curators responsible for
handling the company's assets after it was officially declared
bankrupt.

Once selected, the investor in question is expected to open a
recruitment scheme, allowing laid-off employees to return to work
under new management, but there is no guarantee that all workers
will be able to return, the Jakarta Post relates.

"We are in active discussions. Within two weeks, we'll decide which
investor will lease Sritex's assets," curator Nurma Sadikin told
reporters after a meeting at the Presidential Palace, the Post
relates.

                           About Sritex

PT Sri Rejeki Isman Tbk is a textiles and garments producer. The
Company produces yarns, textiles, uniforms, and fashion clothes
through its spinning, weaving, dyeing/printing, and garmenting
processes.

The Semarang City Commercial Court has granted the request of one
of Sritex's creditors to maintain the continuity of debt payment
obligations (PKPU), thus declaring the textile company bankrupt,
according to Indonesia Business Post.

Semarang City Commercial Court Spokesperson, Haruno Patriadi, said
in Semarang, Central Java, on Oct. 23, 2024, the decision in the
conference led by Chief Justice Muhammad Anshar Majid granted the
request of PT Indo Bharat Rayon as a debtor of PT Sritex.




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

MONGOLIAN MINING: Moody's Affirms B3 CFR, Alters Outlook to Pos.
----------------------------------------------------------------
Moody's Ratings has revised to positive from stable the outlook on
Mongolian Mining Corporation (MMC). At the same time, Moody's have
affirmed the company's B3 corporate family rating and the B3 senior
unsecured rating of the senior notes issued by MMC and its
subsidiary Energy Resources LLC, and guaranteed by other key
subsidiaries.

"The outlook change to positive reflects the company's
strengthening track record in maintaining stable operating cash
flow and sufficient liquidity to cover all funding needs over the
next 18 months. This also considers MMC's adherence to a prudent
financial policy underpinned by low financial leverage and
liquidity management," says Daniel Zhou, a Moody's Ratings
Assistant Vice President and Analyst.

"Moody's expects the stable operations and prudent financial
management to continue in the next 6-12 months," adds Zhou.

RATINGS RATIONALE

MMC's B3 CFR is underpinned by the company's integrated coking coal
operations with long reserve lives, competitive cost position,
stable operations and low debt leverage, as well as its adequate
liquidity.

At the same time, MMC's rating is constrained by its small scale
with high concentration, emerging market risks and its exposure to
carbon transition risks.

MMC will maintain steady production and sales volume because of the
continued downstream demand from Chinese steel producers. While
declining coking coal prices lower the company's earnings and cash
flow, MMC's long-term contracts with customers help mitigate the
pricing volatility, and its competitive cost position further
alleviates the impact.

While Moody's estimates MMC's cash balance to have declined as of
December 2024 from USD279 million as of June 2024, primarily due to
the redemption of perpetual securities in October, this is
mitigated by Moody's expectations that MMC will continue to
generate stable operating cash flow of around USD460 million over
the next 18 months.

Moody's also expects MMC to stick to a conservative financial
management strategy with modest reliance on external debt raising,
which is driven by its ability to generate free cash flow under a
moderate scale of capital spending. This strategy supports MMC in
maintaining a capital structure with manageable near-term debt
repayment needs, positive for its liquidity, and low financial
leverage.

Specifically, Moody's projects MMC's adjusted debt/EBITDA to stay
low at around 1.0x or below for the next 12-18 months. MMC's
liquidity is adequate, with its cash and operating cash flow
sufficiently covering its projected capital spending of around
USD285 million over the next 18 months and USD220 million senior
notes maturing in September 2026, based on Moody's estimates.

MMC's rating also reflects the company's exposure to environmental
and social risks stemming from its coal mining operations. MMC's
governance risk assessment reflects its financial management that
has led to historically high leverage. As a public company, MMC
also provides regular and timely financial disclosures.

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

The ratings could be upgraded if MMC maintains adequate liquidity
despite pricing volatilities, continues to demonstrate prudent
financial management and maintain sound capital structure.

Given the positive outlook, a downgrade of MMC's ratings is
unlikely. Moody's could revise the outlook to stable if the
company's liquidity worsens due to a more challenging market
environment or larger funding needs.

The principal methodology used in these ratings was Mining
published in October 2021.

With its operations commencing since 2009, Mongolian Mining
Corporation is the largest producer and exporter of high-quality
washed hard coking coal in Mongolia (B2 stable). It has fully
integrated coking coal operations, comprising mining, processing,
transportation, and sales and marketing of coking coal and other
coal products. In 2024, the company's total run-of-mine coal
production was 16.3 million tonnes.

Listed on the Stock Exchange of Hong Kong in 2010, MMC owns and
operates two open-pit coking coal mines in the Gobi Desert – the
main Ukhaa Khudag mine and the Baruun Naran mine. All of the
company's coal operations are located in Mongolia, while most of
its coal products are sold to industrial end-users in China. MMC is
also developing the Bayan Khundii gold mine located in Mongolia,
with expected commencement of production in the second half of
2025.



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

AA SURPLUS: BDO Auckland Appointed as Receivers
-----------------------------------------------
George Bannerman and Andrew McKay of BDO Auckland on March 3, 2025,
were appointed as receivers and managers of AA Surplus Co Wind Up
Limited.

The receivers and managers may be reached at:

          BDO Auckland
          PO Box 2219
          Auckland 1140


CREMER LIFTS: Court to Hear Wind-Up Petition on March 21
--------------------------------------------------------
A petition to wind up the operations of Cremer Lifts Limited will
be heard before the High Court at Auckland on March 21, 2025, at
10:00 a.m.

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

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


MANZO LIMITED: Creditors' Proofs of Debt Due on March 28
--------------------------------------------------------
Creditors of Manzo Limited are required to file their proofs of
debt by March 28, 2025, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 28, 2025.

The company's liquidators are:

          Steven Khov
          Kieran Jones
          Khov Jones Limited
          PO Box 302261
          North Harbour
          Auckland 0751


POWER PADDOCKS: Creditors' Proofs of Debt Due on April 30
---------------------------------------------------------
Creditors of Power Paddocks Holdings Limited are required to file
their proofs of debt by April 30, 2025, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 28, 2025.

The company's liquidators are:

          Tony Leonard Maginness
          Jared Waiata Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


RIVERLEA REARING: Court to Hear Wind-Up Petition on March 28
------------------------------------------------------------
A petition to wind up the operations of Riverlea Rearing Limited
will be heard before the High Court at New Plymouth on March 28,
2025, at 2:15 p.m.

Brendan Attrill Agriculture Limited filed the petition against the
company on Dec. 11, 2024.

The Petitioner's solicitor is:

          Chris Ussher
          Legal Solutions + Carrington Ussher
          79 Vivian Street
          New Plymouth




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

DA-QIAO ENTERPRISE: Court to Hear Wind-Up Petition on March 21
--------------------------------------------------------------
A petition to wind up the operations of Da-Qiao Enterprise Pte.
Ltd. will be heard before the High Court of Singapore on March 21,
2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 26, 2025.

The Petitioner's solicitors are:

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


EDGIO SINGAPORE: Creditors' Meeting Set for March 27
----------------------------------------------------
Edgio Singapore Pte. Ltd. will hold a meeting for its creditors on
March 27, 2025, at 4:00 p.m. via electronic means.

Agenda of the meeting includes:

   a. to receive a statement of the Company's affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to confirm the appointment of Liquidators nominated by the
      Company;

   c. to appoint a committee of inspection of not more than
      5 members, if thought fit; and

   d. any other business.

Messrs. Jason Aleksander Kardachi and Alton Murray Chun-Wen Poon of
Kroll Pte were appointed as provisional liquidators of the Company
on Feb. 25, 2025.


FURNITURE CLUB: Court to Hear Wind-Up Petition on March 14
----------------------------------------------------------
A petition to wind up the operations of Furniture Club
International Pte. Ltd. will be heard before the High Court of
Singapore on March 14, 2025, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 25, 2025.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


NANYANG ADVERTISING: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Feb. 28, 2025, to
wind up the operations of Nanyang Advertising Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidator is:

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


PLACE TO RELAX: Court to Hear Wind-Up Petition on March 21
----------------------------------------------------------
A petition to wind up the operations of Place to Relax Pte. Ltd.
will be heard before the High Court of Singapore on March 21, 2025,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 24, 2025.

The Petitioner's solicitors are:

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



                           *********


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 ***