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

                     A S I A   P A C I F I C

          Friday, February 10, 2023, Vol. 26, No. 31

                           Headlines



A U S T R A L I A

ALL TRAFFIC: First Creditors' Meeting Set for Feb. 17
AUSTRALIAN BUILDING: First Creditors' Meeting Set for Feb. 17
AUSTRALIAN TRAFFIC: First Creditors' Meeting Set for Feb. 17
IKP PTY: First Creditors' Meeting Set for Feb. 15
JAS DIESEL: First Creditors' Meeting Set for Feb. 17

MICROHIRE PTY: First Creditors' Meeting Set for Feb. 16
SHIFT 2022-1PP: Moody's Upgrades Rating on Class F Notes to Ba3
TALLAHON NO. 1: Deloitte Appointed as Liquidator


H O N G   K O N G

GOME RETAIL: Working to Solve Delivery, Refund Delay Issues


I N D I A

A N ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating
AGARWAL CHEM: ICRA Keeps B Debt Ratings in Not Cooperating
ARMSTRONG APPAREL: Ind-Ra Affirms BB Long Term Issuer Rating
DARSHANA INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
EASTERN GASES: ICRA Withdraws D Rating on INR41cr LT Loan

ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
GRAND PRIX: ICRA Lowers Rating on INR12cr LT Loan to B+
IBD UNIVERSAL: Insolvency Resolution Process Case Summary
INFUTEC HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
JDN NUTRITION: Ind-Ra Assigns BB Long Term Issuer Rating

KANCHAN AUTO: ICRA Keeps B+ Debt Rating in Not Cooperating
KEDIA TEXFAB: Ind-Ra Affirms BB+ Long Term Issuer Rating
KLN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
KLR INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
KVR PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating

MANGOMEADOWS AGRICULTURAL: Insolvency Process Case Summary
MASTER BLENDERS: ICRA Keeps B Debt Rating in Not Cooperating
NAIK ENVIRONMENTAL: ICRA Keeps B Debt Ratings in Not Cooperating
NANAI DAIRY: Insolvency Resolution Process Case Summary
PM GRANITE: ICRA Withdraws C+ Rating on INR1.72cr Term Loan

PRAGATEJ BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating
RAJALAKSHMI HOSTELS: ICRA Withdraws B- Rating on INR13.30cr Loan
SAI DURGA: CARE Keeps D Debt Ratings in Not Cooperating Category
SAPPHIRE HOSPITALS: Insolvency Resolution Process Case Summary
SEGAM TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating

SHANTAI EXIM: ICRA Keeps C Debt Rating in Not Cooperating
SHIV SHAKTI: ICRA Keeps D Debt Rating in Not Cooperating Category
SIDDHBALI AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
SOLAIMALAI ENTERPRISES: Ind-Ra Affirms BB Long Term Issuer Rating
SUCHIRINDIA INFRATECH: ICRA Keeps B+ Issuer Rating

SUNDARAM MAHADEO: Insolvency Resolution Process Case Summary
SUNSHINE EDIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
SURYA SHAKTI: Insolvency Resolution Process Case Summary
SVARN TELECOM: ICRA Withdraws B+ Rating on INR0.94cr Term Loan
VEE ESS: Insolvency Resolution Process Case Summary



I N D O N E S I A

EVI ASIA: Co-Working Start-Up Cohive Declared Bankrupt


J A P A N

TOSHIBA CORP: JIP Submits Final Buyout Proposal


M A C A U

NEW CONCORDIA: Court Declares THE 13 Hotel Officially Bankrupt


N E W   Z E A L A N D

AUCKLAND CONCRETE: Court to Hear Wind-Up Petition on Feb. 17
CCL DEVELOPMENTS: Creditors' Proofs of Debt Due on April 7
LOVE OF LEARNING: Court to Hear Wind-Up Petition on Feb. 17
P C HAAK: Court to Hear Wind-Up Petition on Feb. 17
SCENESCAPES LIMITED: Creditors' Proofs of Debt Due on March 2



S I N G A P O R E

KEPLER FI: Commences Wind-Up Proceedings
RIO TINTO: Creditors' Proofs of Debt Due on March 10
THREE ARROWS: Founder Not Responding to Subpoena, Lawyers Say


S R I   L A N K A

SRI LANKA: Bankruptcy to Last Until 2026, President Says

                           - - - - -


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

ALL TRAFFIC: First Creditors' Meeting Set for Feb. 17
-----------------------------------------------------
A first meeting of the creditors in the proceedings of All Traffic
Hire Pty Ltd will be held on Feb. 17, 2023, at 10:30 a.m. via
teleconference.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of the company on Feb. 7, 2023.


AUSTRALIAN BUILDING: First Creditors' Meeting Set for Feb. 17
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Building Industry Civil Contractors Pty Ltd will be held on Feb.
17, 2023, at 9:30 a.m. via virtual meeting technology.

Jason Tang & Ozem Kassem of Cor Cordis were appointed as
administrators of the companies on Feb. 7, 2023.


AUSTRALIAN TRAFFIC: First Creditors' Meeting Set for Feb. 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Traffic Solutions Pty Ltd will be held on Feb. 17, 2023, at 11:00
a.m. via teleconference.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of the company on Feb. 7, 2023.


IKP PTY: First Creditors' Meeting Set for Feb. 15
-------------------------------------------------
A first meeting of the creditors in the proceedings of IKP Pty Ltd
will be held on Feb. 15, 2023, at 12:00 p.m. via Zoom.

Mitchell Ball and David Hurst of Mackay Goodwin were appointed as
administrators of the company on Feb. 7, 2023.


JAS DIESEL: First Creditors' Meeting Set for Feb. 17
----------------------------------------------------
A first meeting of the creditors in the proceedings of JAS Diesel
Services Pty Ltd will be held on Feb. 17, 2023, at 10:00 a.m. via
virtual facilities only.

Andrew John Spring and Christopher John Baskerville of Jirsch
Sutherland were appointed as administrators of the company on Feb.
7, 2023.


MICROHIRE PTY: First Creditors' Meeting Set for Feb. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Microhire
Pty. Ltd. and Microhire (VIC/SEQ) Pty Ltd will be held on Feb. 16,
2023, at 2:30 p.m. via virtual meeting technology.

Andrew Juzva of G S Andrews Advisory was appointed as administrator
of the company on Feb. 7, 2023.


SHIFT 2022-1PP: Moody's Upgrades Rating on Class F Notes to Ba3
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Shift 2022-1 PP Trust.

Issuer: Shift 2022-1 PP Trust

Class B Notes, Upgraded to Aa1 (sf); previously on Mar 10, 2022
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Mar 10, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Mar 10, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Mar 10, 2022
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Mar 10, 2022
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

The rating actions also reflect the correction of a prior error
related to the fixed-floating interest rate swap. At closing,
Moody's incorrectly modeled the fixed interest rate paid by the
issuer to the swap counterparty under the interest rate swap at a
rate lower than the actual swap rate. The correction of this error
had a limited negative rating impact on the rated notes.

Following the January 2023 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 33.4%, 25.5%, 19.8%, 11.7% and 8.0%,
respectively, from 24.6%, 18.6%, 14.2%, 8.0% and 4.8% at closing.

As of end-December 2022, 1.5% of the outstanding pool was 30-plus
day delinquent, and 0.5% was 90-plus day delinquent. The deal has
incurred of 0.3% of losses to date, which have been covered by
excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 7.0% of
the current pool balance (equivalent to 4.8% of the closing pool
balance) Moody's has maintained the Aaa portfolio credit
enhancement (PCE) at 40% since closing.

The transaction is a cash securitisation of commercial auto and
equipment loan receivables originated by Shift Financial Pty Ltd
("Shift"). Shift is an Australian SME lender providing working
capital facilities, term loans and asset finance to Australian
businesses.

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2022.

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

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

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

TALLAHON NO. 1: Deloitte Appointed as Liquidator
------------------------------------------------
News.com.au reports that two Australian companies have collapsed
after being caught up in the failure of a high profile property
developer called Dyldam Developments, which went under last year
owing more than AUD280 million.

The companies, called Tallahon No. 1 and James 88, were owed AUD5.3
million and AUD3 million respectively as part of Dyldam
Developments' collapse, according to documents lodged with the
corporate regulator ASIC, reported The Australian, news.com.au
relays.

But now the firms have gone into liquidation with David Mansfield
from Deloitte appointed to deal with the fallout, news.com.au
discloses.

Tallahon reportedly owned 41 units at Mt Druitt in Sydney's west
worth AUD20.5 million.

Dyldam Developments was Australia's third-largest apartment
builder, according to the Housing Institute of Australia, after
being established in 1987.

Its liquidation was handled by Cathro & Partners, which said in a
creditors report that Dyldam "grew into one of the more well-known
high density apartment developers in the Sydney metropolitan area"
before its downfall in January last year.

At the time, chief executive Sam Fayad cited a breakdown in the
company's relationship with its Chinese backer, as well as funding
delays and family-related litigation for its demise, news.com.au
relays.

According to news.com.au, liquidators said in the creditor's report
that by the time it went under, it had stopped developing new
projects and several sites were either in receivership or had been
foreclosed.

Receivers repossessed eight of Dyldam's development sites on behalf
of private lenders in January 2021, including the proposed AUD808
million The Opera development in Western Sydney, where it had
planned 1200 apartments across eight buildings.

It was also planning to develop one of Brisbane's best known pubs
the Chalk Hotel into a AUD150 million project involving three
apartment towers with 400 units, but it was repossessed too.

Back in 2018, Dyldam said it had more than AUD6 billion worth of
projects in the pipeline.

The latest collapses are part of a horror time for the construction
industry, which saw dozens of companies fail in 2022 with the grim
news also continuing this year, the report notes.




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

GOME RETAIL: Working to Solve Delivery, Refund Delay Issues
-----------------------------------------------------------
Yicai Global reports that shares of Gome Retail Holdings rose after
an insider said that the struggling Chinese home appliances
retailer is working to solve issues related to delivery, return,
and refund delays at some of its stores.

Gome was trading up 2.8 percent at 14.9 Hong Kong cent (1.9 US
cents) as of 1.50 p.m. on Feb. 9, after plunging as much as 13.2
percent on Feb. 8.

Most Gome outlets are operating normally, an insider told The Paper
on Feb. 8, the report relays. Funder and major shareholder Huang
Guangyu has injected money to supplement cash flow and ensure the
steady operation of some stores, while the company is trying to
revitalize sales via livestreaming and other measures, the person
noted.

Staffers at the troubled retailer confirmed Gome stopped delivering
goods of some bands, The Paper reported, Yicai Global relays. An
employee at an air conditioner firm said Gome is no longer
delivering the brand's products because the parties are about to
negotiate supply and sales contracts for the year, so new delivery
schedule and prices are yet to be set.

According to Yicai Global, Gome will close unprofitable stores in
30 areas this year to cut the number of outlets to around 276,
Chairman Huang Xiuhong said earlier. But which 30 areas are going
to be affected and how many stores will close in each of them are
unknown yet. The firm had about 4,000 stores in China by the end of
the first half of last year, per its 2022 semiannual financial
report.

Net loss at Gome widened 50 percent to CNY3 billion (USD442.1
million) in the first six months of 2022 from a year earlier, Yicai
Global discloses citing the earnings report. Operating revenue
halved to CNY12.1 billion (USD1.8 billion).

                         About GOME Retail

GOME Retail Holdings Limited (HK:0493) -- https://www.gome.com.hk/
-- together with its subsidiaries, engages in the retail of
electrical appliances, consumer electronic products, and general
merchandise in the People's Republic of China. The company also
sells its products online through self-operated and platform
models. In addition, it is involved in the provision of logistics
and procurement, storage and delivery, IT development, and business
management services; retailing of mobile phones and accessories;
and property holding activities. As of December 31, 2021, it
operated 4,195 stores in 1,439 cities. The company was formerly
known as GOME Electrical Appliances Holding Limited and changed its
name to GOME Retail Holdings Limited in 2017. GOME Retail Holdings
Limited was founded in 1987 and is headquartered in Central, Hong
Kong.




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

A N ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of A N
Associates in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        30.00        [ICRA]A4 ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in July 2015, A N Associates (the firm/ANA) is a local
EPC (Engineering, Procurement and Construction) contractor
undertaking construction of civil infrastructure projects in
various parts of Tamil Nadu.


AGARWAL CHEM: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Agarwal Chem Products
(India) Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         7.50        [ICRA]B(Stable); ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-         7.50        [ICRA]B(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

ACPL was incorporated in 2001 by Mr. Mohan Lal Agrawal, who is the
managing director. The promoter has an experience of more than 35
years in the industry- ranging from the manufacturing of pesticides
and chemical intermediaries to the trading of inorganic and
speciality chemicals. The company procures the chemicals from
national and international certified vendors, which are sold to
customers for use in textiles, dying and printing, detergents,
paints, varnishes, pharmaceuticals, fertilizers paper and
petrochemicals. In FY2018, the company reported a net profit of
INR0.4 crore on an operating income of INR149.8 crore, as compared
to a net profit of INR0.4 crore on an operating income of INR136.6
crore in the previous year.


ARMSTRONG APPAREL: Ind-Ra Affirms BB Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Armstrong Apparel
Mills Private Limited's (AAMPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR290 mil. (increased from INR90 mil.) Fund-based facility
     affirmed with IND BB/Stable/ IND A4+ rating;

-- INR141.83 mil. (reduced from INR160 mil.) Term loan due on
     February 2027 affirmed with IND BB/Stable rating; and

-- INR210 mil. Proposed fund-based facilities assigned with IND
     BB/Stable/ IND A4+ rating.

Key Rating Drivers

The affirmation reflects AAMPL's first full year of operations in
FY22. The company achieved revenue of INR944.2 million during
9MFY23 (FY22: INR499.67million; FY21: INR118.75 million), on
account the execution of orders in hand. The scale of operations is
small. The company's product profile comprises a wide range of
products like knitted men's and kid's garments. AAMPL has customers
across the US and Europe. Export sales accounted for 100% of its
revenue in FY22, (9MFY22: exports: 97%; domestic: 3%). As of
January 2023, the company had an order book of INR150 million,
scheduled to be executed by March 2023. The key customers of AAMPL
are Butterblue LLC and Happiest Baby. Ind-Ra expects the revenue to
increase in the medium term, on the back of incremental orders from
existing and new customers.

The rating also reflects AAMPL's average EBITDA margin of 14% in
9MFY23 (FY22:14.9%; FY21: 30.1%), due to the sale of higher-margin
products/styles in knitted men's and kid's garments. The return on
capital employed was 13% in FY22 (FY21: 26%). The company's revenue
and profitability are vulnerable to currency fluctuations.
Furthermore, prices of the main raw material, cotton yarn,
fluctuate in line with the movements in cotton prices. Any
significant volatility in cotton yarn prices and foreign exchange
will impact the operating margin of AAMPL. However, the company
hedges around 60% of its forex exposure of all confirmed and
anticipated orders by booking forward contracts and looks to cover
the remaining based on the prevailing and expected rates. As a
result, the company hedges a significant portion of its receivables
and does not witness a significant forex loss.

Liquidity Indicator - Stretched: ATPPL's average peak utilization
of the fund-based facility was about 59% during the 12 months ended
January 2023. AAMPL does not have any capital market exposure and
relies on a single bank to meet its funding requirements. The fund
flow from operations stood at INR52.59 million in FY22 (FY21:
INR25.14 million). The cash flow from operations remained negative
at INR 448.32 million in FY22 (FY21: negative INR 71.88million),
due to unfavorable change in working capital. The net working
capital cycle elongated to 520 days in FY22 (FY21: 341 days), on
account of an increase in inventory days to 399 days (210 days),
leading to a stretch in the working capital cycle. Based on the
customer's requirement, certain orders have to be executed within
30-45 days. In order to process those orders, the company maintains
stock on the higher side. In FY23, its working capital cycle days
would likely reduce, as FY22 was the first full year of operations.
The net cash conversion cycle days was high. The cash and cash
equivalents remained stable at INR0.3 million in FYE22 (FYE21:
INR0.03 million). The company has scheduled repayments of INR20.4
million and INR27.9 million in FY23 and FY24, respectively, which
will be met through internal accruals.

The ratings reflect the company's moderate credit metrics. The net
leverage (total adjusted net debt/operating EBITDAR) increased to
8.92x in FY22 (FY21: 4.62x), on account of an increase in the total
debt to INR667 million (INR164.89 million). The gross interest
coverage (operating EBITDA/gross interest expenses) improved to
5.5x in FY22 (FY21: 4.96x), due to an increase in the operating
EBITDA to INR74.7 million (INR35.71 million). Ind-Ra expects the
credit metrics to weaken in FY23, due to an increase in the total
debt, resulting from enhanced working capital limits. During FY22,
the company incurred a capex of INR23.73 million towards the
purchase of stitching machinery. In FY23, the company plans to
incur a capex of INR 23.79 million for purchasing stitching
machinery, which would be met through 75 % from the bank and the
remaining from internal accruals.

The ratings factor in financial support extended by the Armstrong
group to AAMPL through interest-free unsecured loans and
inter-company purchases.

The ratings are also supported by the promoter's experience of five
decades in the manufacturing and exporting of ready-made garments.


Rating Sensitivities

Negative: A substantial decline in the scale of operations or
weakening of linkages with Armstrong group and /or a deterioration
in the liquidity position, leading to a deterioration in the credit
metrics, all on a sustained basis, could be negative for the
ratings.

Positive: Substantial growth in the revenue, along with an
improvement in the operating EBITDA margin, leading to a sustained
improvement in the credit metrics and liquidity position, resulting
in the net leverage reducing below 4.5x, on a sustained basis, will
be positive for the ratings.

Company Profile

AAMPL was incorporated on 19 December 2019. Promoted by E.
Palanisamy, it manufactures and exports knitted ready-made
garments. AAMPL manufactures a wide range of products such as
knitted garments for men and children. The company's customer base
includes clients of its group company, AAMPL has the capacity to
manufacture more than 10.8 million knitted garment pieces
annually.


DARSHANA INDUSTRIES: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Shri
Darshana Industries in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

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

   Long Term/          3.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Shri Darshana Industries (SDI) was constituted as a partnership
firm in the year 2010 and commenced operations in November 2010.
The plant of the firm is located at Neradigonda, Adilabad district
of Andhra Pradesh and is engaged in ginning; pressing & trading of
cotton lint. The installed capacity of the firm is 18,000 MT of
cotton ginning with 24 gins & 1 bale press and a capacity to
produce 27,000 bales per annum. The plant operates in 3 shifts
during the season and remains operational only for 6 months during
a year (Oct-Mar), due to non-availability of kapas for the rest of
the year.


EASTERN GASES: ICRA Withdraws D Rating on INR41cr LT Loan
---------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Eastern Gases Limited due to Liquidation of the company as
mentioned in the public notification of IBBI (Insolvency and
Bankruptcy Board of India) and BSE. The Key Rating Drivers,
Liquidity Position, Rating Sensitivities, Key financial indicators
have not been captured as the rated instruments are being
withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        41.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         6.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

Eastern Gases Limited (EGL) is involved in the bottling and
marketing of Liquefied Petroleum Gas (LPG) to industrial consumers
through bulk supplies and to distributors/ dealers through
cylinders under the brand name "East Gas". It is one of the largest
parallel marketers of LPG in Eastern India. Incorporated as a
public limited company in 1995, EGL started commercial production
from its production facility at Durgapur in 1998. The manufacturing
facilities of the company are based out of Durgapur, Bangalore and
Hyderabad. The three plants have a combined production capacity of
70 metric tonne per annum (MTPA).


ELITE INFRAPROJECTS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Elite
Infraprojects Private Limited (EIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 10,
2021, placed the rating(s) of EIPL under the 'issuer
non-cooperating' category as EIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. EIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 26, 2022, October 6, 2022, October 16,
2022.

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).

EIPL was incorporated in the year 2009 by Mr. B Narsimha Reddy and
Mr. B Nagi Reddy. The company is engaged in the execution of civil
construction works such as laying of roads, canal irrigation works
and other civil works for both government and private
organisations. EIPL mainly undertakes projects for government and
private organisations.

GRAND PRIX: ICRA Lowers Rating on INR12cr LT Loan to B+
-------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Grand
Prix Engineering (P) Ltd., as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         12.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB+ (Stable) and
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   category

   Short Term-        23.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating downgraded
                                   from [ICRA] A4+ and continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Issuer Rating        -          [ICRA]BBB- (Stable); Rating
                                   Outstanding

Rationale

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

As part of its process and in accordance with its rating agreement
with Grand Prix Engineering (P) Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Grand Prix Engineering (P) Ltd. is involved in design, engineering,
manufacture, and supply of pressure vessels (inCS/LTCS/SS/LAS/
Clad), process equipment and skid mounted packages/systems
worldwide. Established in 1970, the company has over four decades
of experience. It has in-house process and mechanical design
capabilities, offering customized solutions to various clients in
oil and gas, petrochemicals, refining, chemicals, power, steel,
fertiliser and metallurgical industries. In FY2019, the company
reported a net profit of INR7.1 crore on an OI of INR54.8 crore
compared to a net profit of INR5.5 crore on an OI of INR41.2 crore
in the previous year.


IBD UNIVERSAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: IBD Universal Private Limited
        Kings Park, Near World Way School
        Bawadiya Kalan Bhopal
        Bhopal MP-462001

        TF-03, Block No-03, Plot No.-7
        Mahendrabusiness Sqaure, Bawadiya Kalan
        Bhopal Bhopal MP 462039 India

Insolvency Commencement Date: January 30, 2023

Estimated date of closure of
insolvency resolution process: July 29, 2023

Court: National Company Law Tribunal,
       Principal Bench, New Delhi

Insolvency
Professional: Sajjan Kumar Dokania
       25, Globus Fab city, Kolar Road,
              Chuna Bhatti, Near Suyash Hospital,
              Bhopal, Madhya Pradesh, 462016  
              Email: sajjan_suman@hotmail.com
              Email: ibd.cirp@hotmail.com

              Rahul Anand
              Mr. Ishwar Lal Kalantri
              Mr. Navin Khandelwal

Last date for
submission of claims:  February 13, 2023


INFUTEC HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Infutec
Healthcare Limited (IHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      49.09       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Long Term/          14.50       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. has been seeking information from IHL to monitor
the rating vide e-mail communications dated November 30, 2022,
January 18, 2023, among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the rating. 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. The rating on IHL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings take into account ongoing delays in servicing of debt
obligation owing to its poor liquidity arising due to weak
financial performance.

Analytical approach: Standalone

At the time of last rating on March 1, 2022, the following were the
rating strengths and weaknesses:

Key weaknesses

* On-going delays in debt servicing: As per lender interaction and
information received from the company, its debt servicing remained
irregular due to poor liquidity followed by weak financial
performance marked by negative profitability in FY21 (FY refers to
period April 1 to March 31). IHL reported 22% y-o-y dip in its
total operating income during FY21 with losses at operating level.
Tangible net worth of the company depleted on the back of accretion
of loss into reserves and remained negative as on March 31, 2021.

Liquidity: Poor

IHL's liquidity position remained poor on the back of its
loss-making operations during FY21 resulted into cash loss of
INR20.81 crore which led to on-going delays in its debt servicing.
Further, the company has reported negative cash flow from
operations (CFO) of INR19.66 crore as against scheduled debt
repayment obligation of INR17.80 crore in FY22. Unencumbered cash
and bank balance remained low at INR0.05 crore as on March 31,
2021. IHL's gross current asset days elongated to 258 days in FY21
[PY:191 days] owing to increase in debtors as on March 31, 2021.
Current ratio of the company remained modest at 1.06 times as on
March 31, 2021.

IHL (erstwhile Goa Formulations Ltd, CIN: U24230MH2005PLC155962)
was a wholly owned subsidiary of Indore-based Parental Drugs India
Limited (PDIL). As on July 10, 2018, one of the investors i.e.
Mahaganpati Investment Private Limited (MIPL) converted preference
share of INR48.50 crore (book value) into equity share leading to
dilution of the shareholding of PDIL. As on March 31, 2021, PDIL
holds 12.24% equity stake in the company whereas the majority
holding of 87.76% equity stake is held by MIPL. IHL is engaged in
manufacturing of pharmaceutical products mainly into intravenous
fluids at its plant located at Hoshiarpur, Punjab.

JDN NUTRITION: Ind-Ra Assigns BB Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned JDN Nutrition
Private Limited (JDNNPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:   

-- INR110 mil. Term loan due on August 2028 assigned with IND BB/

     Stable rating; and

-- INR150 mil. Working capital limits assigned with IND BB/Stable

     /IND A4+ rating.

Key Rating Drivers

Liquidity Indicator – Poor: JDNNPL's average maximum utilization
of the fund-based limits was 145.99% during the 12 months ended
December 2022. Also, there were instances of overutilization in
limits during  January-April 2022 and October and December 2022.
Moreover, the cash flow from operations declined to negative
INR18.59 million in FY22 (FY21: INR91.85 million) due to
unfavorable changes in working capital on account of the start of
operations. Furthermore, the free cash flow turned to negative
INR351.06 million (FY21: INR17.35 million) due to the INR332.47
million capex incurred for the purchase of machinery. In FY22, the
net working capital cycle stood at 121 days (two months
operational). The cash and cash equivalents were nil in FY22 (FY21:
INR12.5 million). Furthermore, JDNNPL does not have any capital
market exposure and relies on banks to meet its funding
requirements.

The ratings reflect JDNNPL's small scale of operations, as
indicated by revenue of INR164.83 million in FY22. JDNNPL commenced
its commercial operations in February 2022. In 8MFY23, JDNNPL
achieved revenue of INR1,409.1 million. In FY23, Ind-Ra expects the
revenue to grow on account of an improvement in the operational
efficiencies and improved capacity utilization.

The ratings also reflect JDNNPL's modest EBITDA margin of 6.82%
with ROCE of 1.8% in FY22. Ind-Ra expects the EBITDA margin to
remain at a similar level in the initial years of operations.

The ratings further reflect JDNNPL's modest credit metrics with
gross interest coverage (operating EBITDA/gross interest expense)
of 2.5x and net financial leverage (adjusted net debt/operating
EBITDA) of 20x in FY22. In FY23, Ind-Ra expects the credit metrics
to improve due to an increase in the absolute EBITDA and the
absence of any major debt-funded capex plans.

The ratings however are supported by JDNNPL's promoters' experience
of close to three decades in processing agro-commodities. This has
facilitated the company to establish strong relationships with
suppliers and customers. JDNNPL has entered into a 15-year
agreement with Karnataka Milk Federation, wherein 80% of the
production capacity of the former's cattle feed plant shall be
taken over by Karnataka Milk Federation as minimum assured
purchase. While it leads to customer concentration, it also
provides long-term revenue visibility. The agreement also states
that the contract price will be revised every six months to account
for changes in raw material prices.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics with interest coverage
reducing below 2x and/or pressure on liquidity position, on a
sustained basis, could lead to a negative rating action.  

Positive: An improvement in the scale of operations, along with an
improvement in the overall credit metrics and improvement in the
liquidity profile, on a sustained basis, could lead to a positive
rating action.

Company Profile

Incorporated in November 2019, JDNNPL Bengaluru-based manufacturer
of pelletized cattle feed. It has an installed capacity of 400
tons/day.


KANCHAN AUTO: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Kanchan Auto Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          9.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2010, Kanchan Auto Private Limited (KAPL) is
engaged in the two-wheeler dealership business as an authorized
dealer of Bajaj Auto Limited. The operations of the company are
managed by Mr. Vimal Bolia who has an experience over 15 years in
this line of business. KAPL has showrooms and service outlets in
Ulhasnagar, Thane, Dombivli, Kalyan, Mumbra and Kanjur Marg. The
firm also operates through a network of Authorised Service Centres
(ASCs) beyond Murbad in the rural areas of Maharashtra.

KEDIA TEXFAB: Ind-Ra Affirms BB+ Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kedia Texfab &
Industries Private Limited's (KTIPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR400 mil. Fund-based facilities affirmed with IND BB+/Stable

     /IND A4+ rating; and

-- INR200 mil. Non-fund-based facilities affirmed with IND A4+
     rating.

Key Rating Drivers

The affirmation reflects KTIPL's medium scale of operations, with
its revenue increasing to INR4,285 million in FY22 (FY21: INR2,006
million), due to the normalization of operations post-COVID-19. The
growth in its revenue was also supported by an improvement in
demand for yarn with the trading rising to 10.4 million kgs in FY22
(FY21: 6.03 million kgs) and an increase in the realization of
cotton and cotton yarn by 38%. In FY21, the operations were shut
for close to six months due to the COVID-19-led disruptions. Till
9MFY23, KTIPL booked revenue of INR2,957 million. Ind-Ra expects
the company's FY23 revenue to remain at a similar level posted in
FY22.

The ratings also factor in KPTIL's continued average EBITDA margins
of 2.78% in FY22 (FY21: 4.48%), with a return on capital employed
of 12.7% (12.1%), which is line with historic performance. The
margins have historically remained at 2.5%-3%, with FY21 being an
anomaly wherein goods were available at lower cost due to COVID-19
stress in the market. The agency expects the EBITDA margins to
remain in the same range in FY23.

KPTIL has modest credit metrics, with its gross interest coverage
(operating EBITDA/gross interest expenses) rising to 2.54x in FY22
(FY21: 1.39x), due to a reduction in the interest paid on unsecured
loans taken from the promoters. However, the company will be
charged an interest rate of 8%-12% on the unsecured loans in
future. Its net leverage (total adjusted net debt/operating
EBITDAR) increased to 7.64x in FY22 (FY21: 4.79x), due to the
increase in cash credit utilization to INR386 million at FYE22
(FYE21: INR65 million).

Liquidity Indicator - Stretched: KTIPL's average maximum
utilization of the fund-based and the non-fund-based limits was
78.3% and 70.64%, respectively, during the 12 months ended November
2022. Ind-Ra expects the utilization to have remained at similar
levels in December 2022 and January 2023. The cash flow from
operations declined to negative INR360 million in FY22 (FY21:
INR14.68 million), due to unfavorable changes in the working
capital.  The net working capital cycle shortened to 89 days in
FY22 (FY21: 113 days), due to a decline in the debtor period to 112
days (139 days) with faster collection of dues from customers. The
company, however, had approximately INR200 million of dues pending
from Bombay Rayon Fashion which has not been received for more than
two years and could lead to potential bad debts.  The cash and cash
equivalents stood at INR0.3 million at FYE22 (FYE21: INR0.45
million). It had also availed guaranteed emergency credit line in
December 2021. The company has no scheduled debt repayments in FY23
and approximately INR4 million in FY24. KPTIL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

However, the ratings are supported by the promoters' over five
decades of experience in the textile trading business, leading to
established relationships with its customers and suppliers.

Rating Sensitivities

Negative: A reduction in the scale of operations or profitability,
leading to a deterioration in the credit metrics or liquidity, all
on a sustained basis, could lead to a negative rating action.

Positive: An increase in the scale of operations and profitability,
leading to the interest coverage exceeding 2.5x, along with
maintaining its liquidity position, all on a sustained basis, could
lead to a positive rating action.

Company Profile

Incorporated in 2013, Mumbai-based KTIPL trades in cotton yarn and
cotton with procurement from Tamil Nadu, Andhra Pradesh and Madhya
Pradesh and sells mainly in Maharashtra. The company is promoted by
Manoj Kumar Kedia and Pawankumar Kedia.


KLN MOTORS: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KLN Motors
Agencies Private Limited (KMAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.14       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 22,
2021, placed the rating(s) of KMAPL under the 'issuer
non-cooperating' category as KMAPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. KMAPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 8, 2022, October 18,
2022, October 28, 2022.

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).

KMAPL, incorporated in 2007 belongs to KTC group of companies.
KMAPL was an authorized dealer of General Motors India Limited (GM)
since inception. The company was a service provider of GM, after
the exit of GM in May 2017 it has taken up the dealership of
passenger cars of Tata Motors Limited (TM) from August 2017. KMAPL
has one showroom at Ekkattuthangal for sale of cars & spares and
service of TM and GM cars. KTC group has diversified line of
business including automobile dealership (Two wheelers, Four
Wheelers), chemicals trading business which includes engineering
and plastic chemicals.


KLR INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of KLR
Industries Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        28.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term        12.50       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

KLR Industries Limited (KLRIL) was initially established as a small
unit—KLR Universal—by Mr. K. Laxma Reddy in 1985. KLR Universal
was engaged in manufacturing button bits, a tool used in water well
drilling applications, before being incorporated as KLR Industries
Limited in January 2002. The company has a manufacturing facility
at Cherlapally, Hyderabad. KLRIL is engaged in the business of
manufacturing drilling equipments such as drilling rigs, hammers,
and bits, for the application of water wells, min ing, piling,
geological survey, construction, etc.


KVR PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of KVR Projects Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/         21.00        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-        15.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

KVR Projects Private Limited (KVRPPL) was established in the year
1991 under the name of K Venkat Raju. It was converted into private
limited company on March 31, 2014 to bid for national level orders
and renamed to KVR Projects Private Limited. The company undertakes
projects in areas like irrigation, railways and roads and is a
special class contractors and was founded by Mr. K.Venkata Raju.


MANGOMEADOWS AGRICULTURAL: Insolvency Process Case Summary
----------------------------------------------------------
Debtor: Mangomeadows Agricultural Pleasure Land (P) Limited
Building No.XV/175 A,
        Mango Meadows, Ayamkudi.
        P.O, Kaduthuruthy - 686613,
        Kerala, India

Insolvency Commencement Date: January 25, 2023

Estimated date of closure of
insolvency resolution process: July 26, 2023

Court: National Company Law Tribunal, Kochi Bench

Insolvency
Professional: Mr. K Easwara Pillai Kesavan Nair
       Vijayakumar & Easwaran, Chartered Accountants,
       6th Floor, Amrita Trade Towers, S A Road,
       Pallimukku, Kochi, Kerla - 682 016
       Email: keaswaran@aaainsolvency.com
              Mangomeadows.ibc@gmail.com
              keaswaran@gmail.com

Last date for
submission of claims:  February 10, 2023


MASTER BLENDERS: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Master
Blenders Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as [ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.75        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         3.25        [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        (2.50)       [ICRA]A4 ISSUER NOT
   Interchangeable                 COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Master Blenders Private Limited ('MBPL') was incorporated in
September 4, 1985. In September 11, 1993 the company was taken over
by the Kalani family. The company is currently closely held within
the Kalani family with Hiralal Kimatram Kalani and Kanyalal
Kimatram Kalani as its directors. MBPL manufactures IMFL and deals
in different products such as whisky, vodka, rum, brandy and gin.
The company buys the molasses-based alcohol which it uses for
further manufacturing. The company has its registered office in
Mumbai and its manufacturing facility is in Khopoli (Maharashtra)
with an installed capacity of ~4 lakh cases per year. Apart from
this, MBPL also trades in IMFL which are procured from its sister
concern: Deejay Distilleries Private Limited (Rated BWR BB- in
April 2018).


NAIK ENVIRONMENTAL: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Naik
Environmental Engineers Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as
[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         1.50        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Naik Environmental Engineers Private Limited (NEEPL) is a private
limited company incorporated in the year 1990. The company is an
environmental engineering company providing solutions for waste
water recycling. Dr. Shirish Naik, Mrs. Veena Naik, Dr. Ms. Kartiki
Naik, and Ms. Gauravi Naik are the directors of the company where
except for Mr. Shirish Naik all the directors are inactive in the
business. Mr. Shirish Naik – a PhD from IIT Bombay and former
Professor looks after the overall management of the business. The
management of the company consists of highly experienced
professionals supported by qualified technicians, engineers, and
chemists.


NANAI DAIRY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Nanai Dairy Private Limited
G - 1, Avishkar Empress, K.W. Chitale Path,
Behind Portuguese Church, Dadar (W),
Mumbai - 400028 MH

        Sudhanagar, At Post Ponyanje, Taluka Panvel,
        District Raigad, Panvel 410206 MH

Insolvency Commencement Date: January 24, 2023

Estimated date of closure of
insolvency resolution process: July 23, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Prakash Dattatraya Naringrekar
       503 - A, Blue Diamond CHS Ltd,
       Chincholi Bunder Link Road Junction,
              Malad West, Mumbai - 400 064
              Email: prakash03041956@gmail.com

       16, 2nd Floor, Surendra Niwas,
       Behind Malvan Katta Hotel, Aarey Road,
       Goregaon East, Mumbai - 400063
       Email: nanai.cirp@gmail.com

Last date for
submission of claims:  February 7, 2023


PM GRANITE: ICRA Withdraws C+ Rating on INR1.72cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
PM Granite Exports Private Limited at the request of the company
and based on the No Due certificate (NDC) received from its banker.
The Key Rating Drivers, Liquidity Position, Rating Sensitivities,
Key financial indicators have not been captured as the rated
instruments are being withdrawn.

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–        0.75       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Withdrawn
   Cash Credit                   

   Long-term–        1.72       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Withdrawn
   Term Loan                   

   Short Term-       5.00       [ICRA]A4; ISSUER NOT
   Fund Based-                  COOPERATING; Withdrawn
   Cash Credit       
                                
   Long Term/        2.93       [ICRA]C+/[ICRA]A4; ISSUER NOT
   Short Term-                  COOPERATING; Withdrawn
   Unallocated       
                                
PM Granites Export Private Limited (PMGEPL) is engaged in
processing of granite stone blocks and export of granite blocks,
slabs, tiles and other related products. PMGEPL was originally set
up in 2001 as PM Rocks Private Limited by Mr. M Babanna.
Subsequently, the firm was renamed as PM Granites Export Private
Limited in 2004. The company largely exports granite slabs & tiles.
In addition, PMGEPL also has an operational windmill of a capacity
of 1.25MW. PMGEPL has 79,784 metric ton (MT) per annum installed
manufacturing capacity at its manufacturing facility located at
Hosur, Tamil Nadu. The company is currently being managed by Mr. M
Babanna who has over one decade of experience in the granite
industry.


PRAGATEJ BUILDERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Pragatej Builders &
Developers Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        20.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Established in 1996, Pragatej Builders & Developers Private Limited
(PBDPL) is engaged in the execution of its first project under the
Slum Rehabilitation Scheme (SRS). The promoters of the company have
previously executed a rehabilitation project under PBDPL's group
concern.The ongoing project - 'Vishnuchandra Sky' is located at
Wadala which is a centralized location connecting parts of Mumbai
and Navi Mumbai. The project site is located at a distance of 0.7
kms from Wadala station, 1.2 kms from Dadar railway station and 4
kms from the Bhakti Park Monorail station. The project is being
undertaken under the Slum Rehabilitation Scheme and is being
constructed on land owned by the Municipal Corporation of Greater
Mumbai (MCGM). It encompasses the construction of a slum
rehabilitation building, a club house and 22 storey residential
building for sale.


RAJALAKSHMI HOSTELS: ICRA Withdraws B- Rating on INR13.30cr Loan
----------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank lines of
Rajalakshmi Hostels Private Limited (RHPL). The rating has been
withdrawn at the company's request and based on the no-objection
received from the bank. The rating action is in accordance with
ICRA's policy on withdrawal of credit rating. However, ICRA does
not have information to suggest that the credit risk has changed
since the time the rating was last reviewed.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based
   term loan          13.30      [ICRA]B-(stable); withdrawn

   Unallocated
   Limits              6.70      [ICRA]B-(stable); withdrawn

Incorporated in 2008, RHPL, owns and lease the hostel building to
educational institution – Rajalakshmi Engineering College (REC)
run by Rajalakshmi Educational Trust (a Group trust) in lieu of
rental income. RHPL is promoted by Mr. S. Meganathan and his
family. The promoters are also the trustees at RET.


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

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

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 15,
2021, placed the rating(s) of SSDIIPL under the 'issuer
non-cooperating' category as SSDIIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. SSDIIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 1, 2022, October 11,
2022, October 21, 2022.

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

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

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


SAPPHIRE HOSPITALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Sapphire Hospitals Private Limited
        3rd Floor, M.D. Office,
        Kaveri Heights, Opp. Mathre Talav,
        Kharegaon, Kalwa (W)
        Thane Thane MH 400605 India

Insolvency Commencement Date: January 27, 2023

Estimated date of closure of
insolvency resolution process: July 29, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Prasad Kamalakar Dharap
       47 “Prasad”, New Ramdaspeth, Nagpur,
       Maharashtra - 440 010
       Email: dharap65@rediffmail.com
       Email: cirp.sapphirehospitals@gmail.com

Last date for
submission of claims:  February 13, 2023

SEGAM TILES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Segam Tiles Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+ (Stable)/ [ICRA]A4;
ISSUER NOT COOPERATING".

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

   Long Term-         30.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         3.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2016 by Mr. Kamlesh Rajkotiya and Mr. Mahesh
Kundariya along with their families, Segam Tiles Private Limited
manufactures double charged vitrified tiles. The manufacturing unit
is located at Morbi, Gujarat, with an installed production capacity
of 8,500 boxes of vitrified tiles per annum of the 600mX600m
dimension. STPL also manufactures higher size tiles of 800mX800m
and 1200mX1200m. The commercial operations started from March 2017.
Promoters have a decadelong experience in the ceramics industry,
and have also promoted Segal Ceramic Private Limited, which
manufactures ceramic wall tiles. STPL has another associate
concern, Antique Marbonite Private Limited, which also operates in
the same business sector.


SHANTAI EXIM: ICRA Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Shantai
Exim Limited in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]C/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         7.00       [ICRA]C; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-       23.00       [ICRA]A4 ISSUER NOT
   Fund Based-                   COOPERATING; Rating continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2004, Shantai Exim Limited manufactures and exports
children's wear and women's wear like sarees and dress materials.
The company procures greige fabric from Surat and gets the fabric
processed by third parties on job work basis. The activities
outsourced on job work include dyeing, printing, embroidery,
pleating, crushing, stamping, foiling, coding, taping and flocking.
Stitching, garmenting, hand-work and final packaging of the
products are done at the company's facility in Surat. At times, SEL
also buys finished fabrics and gets them processed further. The
company has its registered office in Mumbai and its manufacturing
facility is in Surat(Gujarat).


SHIV SHAKTI: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of Shiv Shakti Enterprise in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established as a partnership firm in February 2014, Shiv Shakti
Enterprise commenced the development of its first residential real
estate project viz. Siddhi Vinayak Heights in April 2014. The
project is one with 152 two BHK flats, with saleable area in the
range of 1138sq.ft to 1186sq.ft. Located in the Pal-Adajan area of
Surat, the management is targeting the people employed in companies
located in the Hazira industrial belt as prospective buyers. The
management had rescheduled the project completion from September
2016 to July 2017.


SIDDHBALI AGRO: ICRA Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term rating of Shri Siddhbali Agro
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          4.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.81        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.19        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

SSAI was established in 2015 as a partnership firm. It grades and
processes wheat and paddy seeds at its facility in Kashipur, which
has an installed capacity of 2 tonne per hour. The company is
managed by Mr. Rahul Agarwal.


SOLAIMALAI ENTERPRISES: Ind-Ra Affirms BB Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Solaimalai
Enterprises' (Solaimalai) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR550 mil. Fund-based working capital limits affirmed with
     IND BB/Stable/IND A4+ rating; and

-- INR120 mil. Term loan due on March 2027 affirmed with IND
     BB/Stable rating.

Key Rating Drivers

The affirmation reflects Solaimalai's continued medium scale of
operations, as indicated by a revenue of INR6,338.55 million in
FY22 (FY21: INR7,512 million). The company is a distributor for the
products of Procter and Gamble Company (P&G) in Tamil Nadu. At
end-December 2022, Solaimalai had 53 outlets of P&G across Tamil
Nadu, except Chennai and Coimbatore. During 1QFY22, P&G transferred
eight of its branches, which were located near the Kerala border,
to a distributor in Kerala, and subsequently, set up eight new
branches under Solaimalai in central Tamil Nadu. The year-on-year
decline in the revenue in FY22 was on account of the aforementioned
closure of eight branches and the time required by the new branches
to become fully operational. The company booked a revenue of
INR5,121.98 million in 9MFY23. Ind-Ra expects the revenue to
increase in FY23 and FY24 as the company is already operating all
its branches and are likely to see revenue growth in medium term.

The ratings continue to factor Solaimalai's modest EBITDA margins
due to the distribution nature of the business. Tough the revenue
declined in FY22, the EBITDA margin improved slightly to 2.04%
(FY21: 1.71%), due to better realizations. The return on capital
employed was 10.14% in FY22 (FY21: 9.63%). The absolute EBITDA
stood at INR129.13 million in FY22 (FY21: INR128.48 million).
Ind-Ra expects the margins in FY23 and FY24 to remain at FY22
level.

The ratings also factor in Solaimalai's continued moderate credit
metrics. The gross interest coverage (operating EBITDA/gross
interest expense) was stagnant at 1.61x in FY22 (FY21: 1.60x). The
net leverage (adjusted debt/operating EBITDA) improved to 5.45x in
FY22 (FY21: 6.09x) owing to a decline in the overall debt to
INR834.79 million (INR892.51 million). The agency expects the
company's credit metrics to improve in FY23 and FY24, owing to an
increase in the absolute EBITDA, a reduction in the debt, along
with the scheduled repayment of term loans and an absence of any
debt-led capex plan.

Liquidity Indicator - Stretched:  The company's average working
capital limit utilization was 99% over the 12 months ended December
2022. The cash flow from operations improved to INR233.24 million
(FY21: INR130 million) due to favorable changes in the working
capital. The working capital cycle was stagnant at 42 days in FY22
(FY21: 40 days). However, the debtor days deteriorated to 38 in
FY22 (FY21: 29), whereas the company's payable days improved
slightly to 13 in FY22 (FY21: 9) and inventory holding period to 17
days (19 days). The company has scheduled repayments of INR81.50
million and INR56.18 million in FY23 and FY24, respectively, as
against the net cash accruals of INR38.08 million.

Solaimalai has extended certain loans and advances (FYE22: INR108
million) to a group entity which it proposes to reverse in FY23
through a transfer of assets.  Solaimalai's related-party
transactions would remain a key monitorable.

The ratings are supported by the significant experience of the
promoters. All the three partners of the company have over 20 years
of experience in various industries.

Rating Sensitivities

Positive:  Any improvement in the liquidity position and credit
metrics and a reduction in the related-party transactions will be
positive for the ratings.

Negative: Further deterioration in the liquidity position, or
credit metrics or an increase in the related-party transaction will
be negative for the rating.

Company Profile

Solaimalai was incorporated in 1995 by P Pitchai, SP Anand, SP
Aravind. The company is a distributor of P&G in Tamil Nadu. The
company's registered office is in Madurai, Tamil Nadu.


SUCHIRINDIA INFRATECH: ICRA Keeps B+ Issuer Rating
--------------------------------------------------
ICRA has retained the Issuer rating of Suchirindia Infratech (P)
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Issuer rating         -         [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in 2005, Suchirindia Infratech Private Limited (SIPL),
is engaged in development of townships, land, and residential real
estate projects in Hyderabad. SIPL is the holding and flagship
company of Suchirindia group and the group is promoted by Mr. Y.
Kiran Kumar, who has been associated with real estate industry for
over two decades. The group is involved in diversified business
such as Construction, Infrastructure, and Hospitality. The group
has developed 5.1 million sq. meters of townships spread across
different geographical locations majorly in and around Hyderabad.


SUNDARAM MAHADEO: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Sundaram Mahadeo Autoworld Private Limited
NH-52, Near ITBP Headquanters Bihaguri
Sonitpur as 784153 India

Insolvency Commencement Date: January 20, 2023

Estimated date of closure of
insolvency resolution process: July 18, 2023 (180 Days)

Court: National Company Law Tribunal, Guwahati Bench

Insolvency
Professional: Amit Pareek
       Amit Pareek, 4th Floor, Ram Prasad Complex,
       Chatribari, Guwahati-781001
       Email: amitpareek99@yhaoo.com
       Email: sundarammahadeoirp@gmail.com

Last date for
submission of claims:  February 8, 2023


SUNSHINE EDIBLE: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Sunshine Edible Oils in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         20.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Sunshine Edible Oils (SEO) is a partnership firm established in
December 2014 for manufacturing mustard oil and oil cake at Village
Chousla, Ajmer with an installed plant capacity to 5,760 MTPA. The
project has 10 expellers and 90 kohlus setup at a cost of INR9.0
crore funded through a term loan of INR5.0 crore and started
commercial operations in May 2016.


SURYA SHAKTI: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Surya Shakti Resources Private Limited
        1198, Sector-7D,
        Fadirabad, Haryana-121006

Insolvency Commencement Date: January 24, 2023

Estimated date of closure of
insolvency resolution process: July 23, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Devendra Umrao
       B-43 A, First Floor, Kalkaji,
              New Delhi 110019
              Email: devumraoibc@gmail.com

              Tower A, Ground Floor, Unit No. 14,
              The Corenthum, Sector 62,
              Noida - 201301, Uttar Pradesh
              Email: cirp.suryashakti@gmail.com
  
Last date for
submission of claims:  February 7, 2023


SVARN TELECOM: ICRA Withdraws B+ Rating on INR0.94cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Svarn Telecom Limited at the request of the company and based on
the No Objection Certificate/Closure Certificate received from the
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities, Key Financial indicators have not been captured as
the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          0.94        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                        

   Short Term-         3.50         [ICRA]A4 ISSUER NOT
   Non-Fund Based-                  COOPERATING; Withdrawn
   Others              
                        
   Long Term          15.56         [ICRA]B+(Stable) ISSUER NOT
   Unallocated                      COOPERATING; Withdrawn

   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                      

Svarn Telecom Limited (STL) was incorporated in 2008 by Mr. Sadhu
Ram Gupta, Mr. Vijay Gupta and Mr. Ajay Gupta. The company is
primarily engaged in manufacturing of cold rooms, shelters, panels,
cages, Radio Frequency components, etc with its manufacturing plant
based in Haridwar.

VEE ESS: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Vee Ess Jewellers Private Limited
1227-28, Naiwala gurudawara Road Karol
Bagh, New Delhi-110005

Insolvency Commencement Date: January 24, 2023

Estimated date of closure of
insolvency resolution process: July 23, 2023 (180 Day)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Ashok Kumar Gupta
       LD-46, LD Block, Pitampura
              North West Delhi, 110034
              Email: cmaashokgupt@gmail.com

              304, D.R Chambers, 12/56 DB Gupta Road,
              Opp PP jwellers,
              Karolbagh, New Delhi - 110005
              Email: cirp.vejpl@gmail.com

Last date for
submission of claims:  February 10, 2023




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

EVI ASIA: Co-Working Start-Up Cohive Declared Bankrupt
------------------------------------------------------
Tech in Asia Indonesia reports that Indonesia-based co-working
startup CoHive, which operated under the legal entity Evi Asia
Tenggara, has been officially declared bankrupt as of January 18 by
the Central Jakarta district court.

Tech in Asia Indonesia relates that the court also appointed a team
to manage the company's assets, which will be confiscated and
auctioned off to pay off its debts.

In September 2022, the startup's debt payment obligations were
temporarily suspended by a court in Jakarta, giving the firm some
time to make arrangements with creditors, the report recalls.
Failure to do so during the suspension period - 45 days for
temporary suspension and 270 days for permanent suspension - would
lead to bankruptcy.

East Ventures, which also invests in Tech in Asia, incubated CoHive
in 2015. The co-working operator last raised US$13.5 million in a
series B round led by Stonebridge Ventures in June 2019.

CoHive only managed six co-working spaces in Jakarta and Medan as
of January, the report discloses citing the startup's website. It
used to operate in 30 locations across Jakarta, Medan, Yogyakarta,
and Surabaya in 2020. The company's website, however, is no longer
accessible.




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

TOSHIBA CORP: JIP Submits Final Buyout Proposal
-----------------------------------------------
Reuters reports that a consortium led by Japan Industrial Partners
(JIP) has formally submitted a proposal to Toshiba Corp to take the
troubled conglomerate private after securing commitments for JPY1.4
trillion ($10.6 billion) of loans, sources said.

Reuters relates that major Japanese banks, including Sumitomo
Mitsui Financial Group, had issued letters of commitment to provide
the loans to the JIP-led group, said two of the sources, who
declined to be identified because the information has not been made
public.

The JPY1.4 trillion of loans included a commitment line of JPY200
billion for working capital, the sources said.

The final buyout proposal would also include an equity portion of
about JPY1 trillion, they said. Whether that amount has been
finalised is not clear, however.

The Nikkei business daily reported a final buyout proposal worth
around JPY2 trillion, Reuters notes.

Reuters adds sources have previously said the equity would be
provided by a number of Japanese companies, including financial
services group Orix Corp, chipmaker Rohm Co Ltd and Japan Post
Bank.

Securing firm commitments from the banks was a major hurdle in the
group's efforts to pull together a bid to buy Toshiba and take it
private, according to the sources. The offer will now need to go to
the conglomerate's board for approval, Reuters says.

Shares of Toshiba fell some 3% in Tokyo trade, potentially
reflecting investor calculations that a rival bidder - with a
higher offer - might now be less likely to emerge, because the
financing had been secured.

Toshiba named the JIP-led group as its preferred bidder in October,
the report recalls. JIP was then asked by Toshiba to provide
commitment letters from banks by Nov. 7, something it was unable to
do.

Reuters relates that the loan deal had taken a few months to
finalise, causing a delay in the submission of the bid, as JIP,
equity partners and the banks had worked to resolve disagreements
over post-buyout restructuring plans, the sources said.

The banks asked Toshiba to promise the sale of underperforming
businesses if earnings deteriorated after a buyout was concluded,
sources, including those who spoke on Feb. 9, have previously
said.

They also requested Toshiba to agree, following the proposed
buyout, to set up a committee including investor representatives to
monitor management, according to sources who spoke previously, adds
Reuters. The banks also wanted Toshiba to accept bank executives
sent to the company.

Some of the demands are still being discussed, the report states.

"There is serious risk here that this doesn't get done. There are
lots of people who could say no," Reuters quotes analyst Travis
Lundy of Quiddity Advisors, who publishes on Smartkarma, as saying.
But big Toshiba shareholders "might just accept a sup-optimal
result because it gets them out."

                           About Toshiba

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, in March 2022, affirmed its 'BB+' long-term issuer
credit rating and 'B' short-term issuer and issue credit ratings on
Toshiba Corp. S&P removed the long-term issuer credit rating from
CreditWatch with negative implications, on which S&P placed it on
Nov. 16, 2021. The outlook is negative.




=========
M A C A U
=========

NEW CONCORDIA: Court Declares THE 13 Hotel Officially Bankrupt
--------------------------------------------------------------
Inside Asian Gaming reports that Macau's Court of First Instance
has officially declared failed luxury hotel THE 13 bankrupt.

According to the report, the ruling comes some 20 months after
parent company South Shore Holdings applied to the Macau court for
voluntary liquidation of its wholly-owned subsidiary New Concordia
Hotel Limited, the sole beneficial owner of THE 13 Hotel, amid
increasing pressure from its lenders.

It also comes with South Shore officially due to be delisted from
the Hong Kong Exchange on Feb. 9, having failed to trade for the
past 18 months.

IAG says the Court of First Instance stated in the Macau Gazette
that Chevalier International Lifts Engineering (Macau) Limited had
filed a claim against THE 13 Hotel, however the company has instead
been declared bankrupt and given 60 days to settle its debts under
the Civil Procedure Code.

The brainchild of long-departed Chairman Stephen Hung, THE 13 had
been envisioned as an uber-luxury hotel with space for 66 VIP
gaming tables aimed at capitalizing on Macau's booming VIP segment
of the early 2010s, the report notes. Instead, a series of funding
and construction delays saw the property open in September 2018
with no gaming and with a number of rooms unfinished - all at a
cost of US$1.6 billion.

South Shore revealed in October 2021 that it had ceased all
operations and was insolvent following a statutory demand issued by
one lender demanding payment of HK$3.28 billion (US$423 million) in
outstanding loans and interest or face a winding up petition
against the company, according to IAG.

Long-time Chairman Peter Coker Jr, who stepped down from the
company in October 2022, was arrested in Thailand in January after
being charged by the US Department of Justice with stock market
manipulation, IAG notes.




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

AUCKLAND CONCRETE: Court to Hear Wind-Up Petition on Feb. 17
------------------------------------------------------------
A petition to wind up the operations of Auckland Concrete Limited
will be heard before the High Court at Auckland on Feb. 17, 2023,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 22, 2022.

The Petitioner's solicitor is:

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


CCL DEVELOPMENTS: Creditors' Proofs of Debt Due on April 7
----------------------------------------------------------
Creditors of CCL Developments Limited are required to file their
proofs of debt by April 7, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 7, 2023.

The company's liquidators are:

          Janet Sprosen
          Leon Francis Bowker
          KPMG Auckland
          18 Viaduct Harbour Avenue
           (PO Box 1584)
          Shortland Street
          Auckland 1140


LOVE OF LEARNING: Court to Hear Wind-Up Petition on Feb. 17
-----------------------------------------------------------
A petition to wind up the operations of Love Of Learning 1 Limited
will be heard before the High Court at Auckland on Feb. 17, 2023,
at 10:00 a.m.

New Zealand Childcare Funding Limited filed the petition against
the company on May 11, 2022.

The Petitioner's solicitor is:

          Peter Broad
          Flat 1, 11 Freeman Way
          Manukau, Auckland


P C HAAK: Court to Hear Wind-Up Petition on Feb. 17
---------------------------------------------------
A petition to wind up the operations of P C Haak Mechanical Limited
will be heard before the High Court at Auckland on Feb. 17, 2023,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 11, 2022.

The Petitioner's solicitor is:

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


SCENESCAPES LIMITED: Creditors' Proofs of Debt Due on March 2
-------------------------------------------------------------
Creditors of Scenescapes Limited are required to file their proofs
of debt by March 2, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Jan. 31, 2023.

The company's liquidator is:

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




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

KEPLER FI: Commences Wind-Up Proceedings
----------------------------------------
Members of Kepler Fi Private Limited on Feb. 3, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Mr. Aaron Loh Cheng Lee
          Ms. Ee Meng Yen Angela
          EY Corporate Advisors
          c/o One Raffles Quay
          North Tower 18th Floor
          Singapore 048583


RIO TINTO: Creditors' Proofs of Debt Due on March 10
----------------------------------------------------
Creditors of Rio Tinto Exploration (Asia) Holdings Pte. Ltd. are
required to file their proofs of debt by March 10, 2023, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 1, 2023.

The company's liquidator is:

          Ong Kok Yeong David
          c/o Tricor Singapore Pte. Ltd.
          80 Robinson Road #02-00
          Singapore 068898


THREE ARROWS: Founder Not Responding to Subpoena, Lawyers Say
-------------------------------------------------------------
Cointelegraph.com reports that Three Arrows Capital founder Kyle
Davies has not responded to a subpoena issued over Twitter aiming
to gather information related to the firm's assets.

In a Feb. 7 filing with United States Bankruptcy Court in the
Southern District of New York, lawyers with the Latham & Watkins
firm representing 3AC liquidators said Mr. Davies had "chosen to
ignore his duties to Three Arrows" by failing to comply with the
online subpoena, the report relates.

According to Cointelegraph.com, courts in Singapore and the U.S.
previously authorized the use of Twitter to issue subpoenas, due to
the whereabouts of 3AC founders Davies and Su Zhu being unconfirmed
while their social media presence remained active.

The subpoena, which was tweeted to a newly created account on Jan.
5, ordered Mr. Davies to provide the 3AC liquidators with documents
related to accessing account information, including seed phrases
and private keys, the report relays. In addition, the court told
the 3AC founder to include details on accounts at centralized or
decentralized exchanges and other assets.

"Under the terms of the Subpoena Order and the Subpoena, Mr. Davies
was required to respond by electronic production to counsel for the
Foreign Representatives by January 26, 2023," said the filing. "He
did not."

According to the filing, Mr. Davies may have based in Indonesia,
but was making himself available for interviews and was "without
question" aware of the subpoena posted to Twitter:

"Mr. Davies has been active on social media, having 'tweeted' or
'retweeted' dozens of times on Twitter. Shamelessly, while ducking
his obligations to his failed company, Mr. Davies has been recently
active in an effort to raise tens of millions to start a new crypto
exchange called 'GTX.'"

Bankruptcy Judge Martin Glenn granted a motion aimed at compelling
Mr. Davies to respond to the online subpoena, the report says.
According to the judge, the 3AC founder will have until March 16 to
respond by providing documents related to the bankruptcy case. In
addition, the filing included an order from a British Virgin
Islands court compelling Mr. Davies to provide documents and appear
in a March 14 virtual hearing, Cointelegraph.com relays.

                     About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.

As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.

The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.




=================
S R I   L A N K A
=================

SRI LANKA: Bankruptcy to Last Until 2026, President Says
--------------------------------------------------------
Xinhua News Agency reports that Sri Lankan President Ranil
Wickremesinghe on Feb. 8 expressed confidence that his country will
recover from bankruptcy by 2026.

Addressing the parliament about the future policies of his
government, Wickremesinghe said that he will go ahead with a tax
reform program despite challenges by several groups, Xinhua
relates.

"I'm ready to make unpopular decisions for the sake of the nation.
People will realize the importance of those decisions in two to
three years," he said, notes the report.

According to Xinhua, Wickremesinghe noted that despite
difficulties, the government has taken measures to protect the
vulnerable groups from the suffering of economic woes.

Xinhua relates that the president also said the country is now
moving from a negative economy towards a positive one, adding that
by the end of 2023 Sri Lanka will be able to achieve economic
growth.

He urged all the parties in parliament join the process to build
the country together.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

Sri Lanka has been mired in turmoil amid surging inflation, a
plummeting currency and an economic crisis that has left the
country short of the hard currency it needs to import food and
fuel, according to Bloomberg News. Public anger has boiled over
into violent protests and led the government to announce in April
2022 it would halt payments on its US$12.6 billion pile of foreign
debt to preserve cash for essential goods.

That marks the nation's first sovereign debt default since it
gained independence from Britain in 1948, Bloomberg said. Its bonds
are among the worst performers in the world in 2022 and trade deep
in distressed territory, with holders bracing for losses
approaching 60 cents on the dollar.

Sri Lanka's crisis sparked months of mass protests and eventually
forced then president Gotabaya Rajapaksa to flee the country.

On July 20, 2022, Ranil Wickremesinghe was elected as Sri Lanka's
new head of state backed by a majority of lawmakers from ousted
leader Gotabaya Rajapaksa's party.

Sri Lanka is in talks with the International Monetary Fund for a
bailout and needs to negotiate a debt restructuring with
creditors.

As reported in the Troubled Company Reporter-Asia Pacific in
December 2022, Fitch Ratings has downgraded Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'CC', from 'CCC', and
has affirmed the Long-Term Foreign-Currency IDR at 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to ratings of
'CCC+' or below.  Fitch has also removed the Long-Term
Local-Currency IDR from Under Criteria Observation, on which it was
placed on July 14, 2022, following the publication of the updated
Sovereign Rating Criteria.



                           *********


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 2023.  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 ***