---

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

                     A S I A   P A C I F I C

          Monday, February 20, 2023, Vol. 26, No. 37

                           Headlines



A U S T R A L I A

351 PROPERTY: First Creditors' Meeting Set for Feb. 28
FERNVIEW ENVIRONMENTAL: First Creditors' Meeting Set for Feb. 24
FINDEX GROUP: PennantPark Floating Marks A$10M Loan at 32% Off
GETSWIFT LTD: Sanctioned With Record Continuous Disclosure Penalty
IC TRUST 2023-1: Moody's Gives (P)B2 Rating to D Notes

JENNY CRAIG: Works With Miller Buckfire as Debt Maturity Nears
LIBERTY SERIES 2022-1: Moody's Ups Rating on Class F Notes to Ba1
MG GOLD: First Creditors' Meeting Set for Feb. 28
ON A ROLL: First Creditors' Meeting Set for Feb. 28
TSKJD PTY: First Creditors' Meeting Set for Feb. 28

V2FOOD: Set to Close AUD20 Million Wodonga Factory


C H I N A

CHINA EVERGRANDE: Poor Internal Controls Allowed Loan Scheme
CHINA FORTUNE: Co-Pres. Detained for Suspected "Violation of Laws"
CHINA HUARONG: S&P Withdraws 'BB+/B' Issuer Credit Ratings
TIANQI LITHIUM: Moody's Withdraws 'B2' Corporate Family Rating


I N D I A

ANDHRA PRADESH: ICRA Reaffirms D Rating on INR4,053.30cr Bond
ANIL CORNER: CRISIL Lowers Rating on INR6.5cr Cash Loan to B-
ANURAGAVI GARMENTS: Ind-Ra Assigns BB+ Long Term Issuer Rating
BHOPAL MOTORS: CRISIL Reaffirms B Rating on INR23cr Loan
C.G. ISPAT: ICRA Withdraws B+ Rating on INR19cr LT Loan

CMS IT: ICRA Lowers Rating on INR38cr Long Term Loan to B+
CONSORT BUILDERS: CRISIL Withdraws B Rating on INR7.25cr Loan
COSMOS INFRA: CARE Keeps C Debt Rating in Not Cooperating
DECCAN HYDERABAD: CARE Keeps D Debt Rating in Not Cooperating
HANSRAJ AGROFRESH: CRISIL Keeps D Debt Rating in Not Cooperating

HARDAYAL MILK: CARE Keeps D Debt Rating in Not Cooperating
HERODEX POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
HIMALAY COLD: CRISIL Keeps D Debt Rating in Not Cooperating
INDO FABRICS: CARE Moves D Debt Rating to Not Cooperating
NARAYANI RESOURCES: Ind-Ra Assigns BB+ Long Term Issuer Rating

NAVAYUGA JAHNAVI: CARE Keeps D Debt Rating in Not Cooperating
NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating
NOBLE ISPAT: CARE Lowers Rating on INR82.21cr LT Loan to D
RAJESH HOUSING: CRISIL Keeps D Debt Rating in Not Cooperating
REHBER FOOD: ICRA Moves D Debt Ratings to Not Cooperating

S.S. INFRAZONE: CRISIL Assigns B Rating to INR1cr Cash Loan
SREI GROUP: NARCL Wins Bid for Stressed Twin NBFCs
TEJAS AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
TRANSWATER SYSTEM: ICRA Assigns B+ Issuer Rating to Bank Debt
WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating Category

WHITEFIELD SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating


J A P A N

FTX TRADING: Japan Unit Takes Step Closer to Return Client Funds
J FRONT: Egan-Jones Hikes Senior Unsecured Ratings to B


N E W   Z E A L A N D

COUNTRY GARDEN: Court to Hear Wind-Up Petition on April 21
EBONY BROTHERS: Creditors' Proofs of Debt Due on March 31
LIVING WELL: Creditors' Proofs of Debt Due on March 21
MTF OPALA 2023: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
RAPA LIMITED: Creditors' Proofs of Debt Due on March 21

TAWHARAU HOUSING: Court to Hear Wind-Up Petition on March 21


P A K I S T A N

PAKISTAN: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC-'


S I N G A P O R E

EAGLE RED: Creditors' Proofs of Debt Due on March 17
ENETT SERVICES: Members' Final Meeting Set for March 20
GREENSHIP BULK: Creditors' Proofs of Debt Due on March 17
HORIZON FORWARD: Creditors' Proofs of Debt Due on March 10
POWER GREEN: Court to Hear Wind-Up Petition on March 3

SKY TOWER: Creditors' Proofs of Debt Due on March 19

                           - - - - -


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

351 PROPERTY: First Creditors' Meeting Set for Feb. 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of 351 Property
Management & Maintenance Pty Ltd ATF Summerhill Discretionary Trust
(trading as 351 Property Management & Maintenance and Woofers Dog
Grooming and Boutique) will be held on Feb. 28, 2023, at 11:00 a.m.
at the offices of Rodgers Reidy (Tas) Pty Ltd, Ground Floor, Cnr
Bathurst and Argyle Street, in Hobart, Tasmania, and via virtual
meeting technology.

Shelley-Maree Brooks of Rodgers Reidy (Tas) were appointed as
administrators of the company on Feb. 17, 2023.


FERNVIEW ENVIRONMENTAL: First Creditors' Meeting Set for Feb. 24
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Fernview
Environmental Pty Ltd will be held on Feb. 24, 2023, at 11:00 a.m.
via virtual facilities.

Robert Michael Kirman, Jonathan Philip Henry and Robert Conry
Brauer of McGrathNicol were appointed as administrators of the
company on Feb. 14, 2023.


FINDEX GROUP: PennantPark Floating Marks A$10M Loan at 32% Off
--------------------------------------------------------------
PennantPark Floating Rate Capital Ltd has marked its A$10,000,000
loan extended to Findex Group Limited to market at A$6,782,000 or
68% of the outstanding amount, as of December 31, 2022, according
to a disclosure contained in PennantPark Floating's Form 10-Q for
the quarterly period ended  December 31, 2022, filed with the
Securities and Exchange Commission on February 8, 2023.

PennantPark Floating is a participant in a First Lien Secured Debt
to Findex Group Limited. The loan accrues interest at a rate of
7.68% per annum. The loan matures on May 31, 2024.

PennantPark Floating was organized as a Maryland corporation in
October 2010. PennantPark Floating is a closed-end, externally
managed, non-diversified investment company that has elected to be
treated as a business development company under the Investment
Company Act of 1940, as amended.  On April 14, 2022, listing and
trading of the Company's common stock commenced on the New York
Stock Exchange after the Company voluntarily withdrew the principal
listing of its common stock from the Nasdaq Stock Market LLC
effective at market close on April 13, 2022.

Findex Group Limited (previously known as Findex Australia Pty Ltd)
is an Australian-owned, public unlisted company, that generates its
revenue from providing financial and related advisory services, as
well as holding investments in other group companies.   


GETSWIFT LTD: Sanctioned With Record Continuous Disclosure Penalty
------------------------------------------------------------------
The Federal Court has handed down the largest ever penalty against
a company for breaching continuous disclosure laws, ordering
GetSwift Limited (former ASX:GSW) pay a penalty of AUD15 million.

The Court described Getswift as a company that 'became a market
darling because it adopted an unlawful public-relations-driven
approach to corporate disclosure instigated and driven by those
wielding power within the company.'

GetSwift's former director, CEO and executive chairman, Bane
Hunter, was ordered to pay a penalty of AUD2 million and
disqualified from managing corporations for 15 years. Former
director Joel Macdonald was ordered to pay a penalty of AUD1
million and disqualified for 12 years. These are two of the highest
penalties ordered against directors for corporate misconduct.

Brett Eagle, also a former director of GetSwift, has been ordered
to pay a penalty of AUD75,000 and was disqualified from managing
corporations for two years.

ASIC Deputy Chair Sarah Court said 'Disclosure is critical to
market integrity and consumer protection. The penalties imposed by
the Court demonstrate the extent and seriousness of the misconduct
in this matter and the importance placed by the Court on deterring
others from engaging in similar behaviour. ASIC will continue to
take action to hold companies and individuals to account for
corporate misconduct of this kind.'

Justice Lee found Mr. Hunter 'had a laser-like focus on making
money for himself and Mr. Macdonald and if that involved breaking
the law regulating financial markets, or exposing GetSwift to third
party liability, that was of little concern to him.'

Justice Lee found Mr. Macdonald was focussed on making money and
had 'little understanding or regard for his legal obligations as a
director.'

In November 2021, the Court found that GetSwift made numerous
misleading statements in its announcements on ASX and breached its
continuous disclosure obligations on 22 occasions between February
and December 2017.

Mr. Hunter, Mr. Macdonald and Mr. Eagle were found to have misled
the market and were knowingly concerned in GetSwift's continuous
disclosure breaches. As a consequence, they breached their duties
as directors.

GetSwift, Mr. Hunter, Mr. Macdonald and Mr. Eagle have also been
ordered to pay ASIC's costs.

At the time of this misconduct, continuous disclosure (s674 of the
Corporations Act) contraventions attracted a maximum penalty per
contravention for a company of AUD1 million and for persons
involved of AUD200,000. Higher penalties of up to AUD10.5 million
for a company and AUD1.05 million for an individual were introduced
in March 2019. Breaches of director's duties (s180 of the
Corporations Act) also attract penalties that can be handed down to
an individual.

ASIC commenced civil proceedings against GetSwift, Mr. Hunter and
Mr. Macdonald in February 2019 and in March 2019 against Mr.
Eagle.

In January 2021, GetSwift delisted from the ASX and re-domiciled to
Canada's NEO Exchange after the Federal Court approved GetSwift's
scheme of arrangement to create a new Canadian holding company,
GetSwift Technologies Ltd (Holdco), despite ASIC opposing the
scheme. As such, from January 2021, GetSwift was no longer listed
on the ASX.

In August 2022, GetSwift was placed in voluntary liquidation by
Holdco.


IC TRUST 2023-1: Moody's Gives (P)B2 Rating to D Notes
------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited as trustee of IC Trust 2023-1.

Issuer: Perpetual Corporate Trust Limited as trustee of IC Trust
2023-1

AUD35.0 million Class A Notes, Assigned (P)A2 (sf)

AUD2.5 million Class B Notes, Assigned (P)Baa3 (sf)

AUD3.0 million Class C Notes, Assigned (P)Ba2 (sf)

AUD3.5 million Class D Notes, Assigned (P)B2 (sf)

AUD6.0 million Class E Notes are not rated by Moody's

IC Trust 2023-1 is a cash securitisation of non-conforming consumer
and commercial auto loans extended to borrowers in Australia. The
loans were originated by Fin One Pty Ltd (Fin One, unrated) and Fin
One Commercial Pty Ltd (Fin One Commercial, unrated), both wholly
owned subsidiaries of Investors Central Limited (unrated) and are
serviced by Fin One.

Fin One, a privately owned non-bank lender, was established in 2010
with a focus of providing auto loans to non-conforming consumer
borrowers in the Australian market. In 2016, the lender expanded
into financing of commercial auto loans.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity reserve in the
amount of 2.50% of the stated balance of the notes, the legal
structure, and the experience of Fin One as servicer and the
availability of a back-up servicer.

According to Moody's, the transaction benefits from credit
strengths such as the high level of excess spread that is available
to cover losses from defaulted receivables and the availability of
a yield reserve.

At the same time, Moody's notes that the transaction features
credit weaknesses such as high proportion of borrowers with adverse
credit history (35.7%), limited performance data for commercial
loans and exposure to interest rate risk.

In addition, Moody's notes that Fin One is a specialist servicer of
non-conforming auto loans. In an event of servicer transfer, there
is a risk of higher level of defaults in the portfolio, if the
substitute servicer does not have the same specialised approach to
servicing as Fin One. Furthermore, Moody's notes Fin One's
relatively limited securitisation experience (the lender started
securitising only in 2021) and its concentrated ownership
structure.

Notable transactional features are as follows:

While the assets in the pool are fixed rate, the rated notes bear
a floating rate of interest — bank bill swap rate (BBSW) plus the
respective fixed note margins. There is no hedging in this
transaction, which represents a material risk in a rising interest
rate environment. Moody's have taken this into account in Moody's
analysis by incorporating BBSW increases over the life of the
transaction.

Once step-down conditions are satisfied, all notes, excluding the
class D notes, will receive their pro-rata share of principal.

Step-down conditions include, among others, that the subordination
to the Class A notes is at least 1.5 times the initial level of
subordination, and that there are no unreimbursed charge-offs.

A yield reserve will be available to cover interest payment
shortfalls on the required payments and any losses not covered by
the excess spread. The reserve is not funded at closing and will
build up from excess spread up to an amount of 2% of the initial
invested amount of the notes, that is AUD1,000,000. If the notes
are not redeemed on the call date, all excess available income will
be trapped in the yield reserve.

Perpetual Corporate Trust Limited is the back-up servicer. If Fin
One is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

Key model and portfolio assumptions:

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 50.0%. Moody's mean expected
default rate for this transaction is 17% and the assumed recovery
rate is 10.0%. Expected defaults, recoveries and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in Moody's cash flow model to rate
auto ABS.

The assumed default rate and PCE are higher than that for other
Australian auto ABS, reflecting the non-conforming nature of the
securitised portfolio. The lower-than-average assumed recovery rate
reflects Fin One's historical experience.

Key pool characteristics are as follows:

35.7% of the loans are to obligors with prior adverse credit
history (17.6% discharged bankrupts and 18.0% prior defaults and/or
judgements);

Weighted average Equifax credit score for the pool is 498. Around
62.8% of loans in the pool are to borrowers with Equifax credit
score below 500;

Around 60.7% of the pool is composed of consumer loans and 39.3%
of the pool is composed of commercial loans;

Interest rates in the portfolio range from 12.0% to 26.0%, with a
weighted average interest rate of 19.6%;

Around 84.8% of the loans are secured by used vehicles;

The weighted average seasoning of the portfolio is 10.3 months,
while the weighted average remaining term is 52.0 months.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
November 2022.

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

Upgrade

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

Ratings could also be upgraded, reflecting the accumulation of
experience by the servicer, together with a lowering of operational
risk associated with relatively small originators.

Downgrade

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

JENNY CRAIG: Works With Miller Buckfire as Debt Maturity Nears
--------------------------------------------------------------
Reshmi Basu and Rachel Butt of Bloomberg News report that Jenny
Craig Inc. is working with restructuring adviser Miller Buckfire &
Co to help the weight-loss company deal with looming debt
maturities that are clouding its performance, according to people
with knowledge of the situation.

The HIG Capital-backed company has a first-lien term loan due in
October 2024, filings of CION Investment Corp. show. CION, which
held around $11.8 million of the loan, marked its stake at around
80% of par value in the third quarter. Brightwood Capital Advisors
is also a lender, said the people, who asked not to be named
discussing private information.

                         About Jenny Craig

Based in Carlsbad, California, Jenny Craig, Inc. --
http://jennycraig.com/-- often known simply as Jenny Craig, is an
American weight loss, weight management, and nutrition company. The
company has more than 700 weight management centers in Australia,
the United States, Canada, and New Zealand.

LIBERTY SERIES 2022-1: Moody's Ups Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
of notes issued by Liberty Series 2022-1.

The affected ratings are as follows:

Issuer: Liberty Series 2022-1

Class E Notes, Upgraded to Baa2 (sf); previously on Apr 11, 2022
Definitive Rating Assigned Baa3 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Apr 11, 2022
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The upgrade was prompted by (1) an increase in credit enhancement
(from the Guarantee Fee Reserve Account) available for the affected
notes, and (2) the good collateral performance to date.

The deal is currently within its 12-month substitution period,
whereby additional loans can be sold into the portfolio on a
monthly basis, subject to substitution parameters and portfolio
performance triggers being met. As such, there has been no
principal repayments or increase in note subordination since
closing.

The Guarantee Fee Reserve Account, which has accumulated
AUD1,875,000 and is now fully funded, provides additional credit
support of 0.3% of the current note balance to the deal. The
account can be used to cover charge-offs against the notes and
liquidity shortfalls that remain uncovered after drawing on the
liquidity facility and principal.

As of December 2022, 1.2% of the outstanding pool was 30-plus day
delinquent, and 0.4% was 90-plus day delinquent. The deal has not
incurred any loss since closing.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected loss assumption at 0.8% of the
original note balance.

Moody's has also maintained its MILAN CE assumption at 6.3% from
closing, based on the current portfolio characteristics and the
potential risks posed by the substitution period.

The transaction is an Australian RMBS secured by a portfolio of
residential mortgage loans, originated and serviced by Liberty
Financial Pty Ltd, an Australian non-bank lender. A small portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories or loans made on a limited documentation
basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 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 credit enhancement
available for the notes.

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

MG GOLD: First Creditors' Meeting Set for Feb. 28
-------------------------------------------------
A first meeting of the creditors in the proceedings of MG Gold Pty
Ltd will be held on Feb. 28, 2023, at 4:00 p.m., via virtual
meeting technology.

Simon John Cathro and Andrew Thomas Blundell of Cathro & Partners
Pty Limited were appointed as administrators of the company on Feb.
17, 2023.


ON A ROLL: First Creditors' Meeting Set for Feb. 28
---------------------------------------------------
A first meeting of the creditors in the proceedings of On A Roll
Sushi Birtinya Pty Ltd will be held on Feb. 28, 2023, at 10:30 a.m.
at 22 Market Street, in Brisbane, Queensland.

Terry Grant Van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of the company on Feb. 17, 2023.


TSKJD PTY: First Creditors' Meeting Set for Feb. 28
---------------------------------------------------
A first meeting of the creditors in the proceedings of TSKJD Pty
Ltd ATF Buhagiar Family Trust, trading as Southside Social
Frankston, will be held on Feb. 28, 2023, at 3:00 p.m. via
teleconference facilities.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Feb. 16, 2023.


V2FOOD: Set to Close AUD20 Million Wodonga Factory
--------------------------------------------------
ABC News reports that a company that provides meat-free patties to
fast food stores and supermarkets is closing its regional Victorian
manufacturing plant less than three years after it was first
opened.   

According to the report, plant-based meat substitute company V2food
has confirmed its plans to close the manufacturing facility in
Wodonga, with staff to be officially notified in "coming weeks".

The company was founded in 2019 and supplies patties to fast-food
chain Hungry Jack's, as well as other plant-based products to major
supermarkets, the ABC discloses.

The $20-million Wodonga factory opened in December 2020 and quickly
expanded its footprint to include the export of patties to the New
Zealand arm of global fast food empire Burger King.

The report relates that V2Food chief growth officer, Andrew May,
said the Wodonga site was primarily responsible for making specific
ingredients, which can be made elsewhere.

"As far as continuity of supply, there'll be no impact to any of
the products we currently sell," Mr. May said, notes the report.
"Overall whilst it's sad to close any facility, this shift will
strengthen our position and allow us to respond to opportunities in
the future as the alt-protein landscape continues to evolve at
speed."

The ABC understands about 30 people were employed at the facility
upon opening, however, just four remain.

Mr. May said work would begin soon to transition work from its
Wodonga plant to other facilities.

"Whilst there will still be v2food employees in the region, we will
eventually close the current facility however a date for this is
yet to be confirmed," he said, ABC relates.

V2food is a joint venture between the CSIRO's Main Sequence
Ventures and Jack Cowin's Competitive Foods Australia.

V2food isn't the first start-up meat substitute manufacturer to
experience difficulties.

Protein market analyst Matt Dalgleish, from Episode 3, said the
category was finding it difficult in a world of high inflation,
post-COVID lockdowns.

"To be able to make it a success, it's got to be cheaper than real
meat," the report quotes Mr. Dalgleish as saying. "The average
punter that has a burger isn't fussed about having plant-based or
real meat, they'd rather have something that is cheap and tastes
good and that is real meat."  

Mr. Dalgleish said the closure pointed to wider issues in the
plant-based meat industry, the ABC adds.




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

CHINA EVERGRANDE: Poor Internal Controls Allowed Loan Scheme
------------------------------------------------------------
Nikkei Asia reports that an independent investigation into property
giant China Evergrande Group found that weak internal controls and
mismanagement were behind the convoluted financing arrangements
that led to $2 billion being seized by banks.

The company, which is undergoing restructuring, announced the
results of the probe on Feb. 15, the report notes.

Last year, banks seized around CNY13.4 billion in deposits, or
about $2 billion, from Evergrande Property Services, a separate
Hong Kong-listed real estate management company under the group's
umbrella, Nikkei Asia recalls.

Following the seizure, the group set up an independent
investigation into an inappropriate flow of funds to China
Evergrande, the report relates.

According to Nikkei Asia, the probe concluded that a problematic
funding arrangement was orchestrated by top executives at the time,
though founder and Chairman Hui Ka Yan's role was not pursued.
China Evergrande already has dismissed the executives involved.

A "special financing project" created within China Evergrande in
mid- to late December 2020 was the starting point. Under the
project, the deposits of Evergrande Property Services subsidiaries
were pledged as security to let third-party companies borrow from
commercial banks. The third-party companies then would lend the
borrowed money to China Evergrande itself, the report relates.

In summer 2020, China's central bank reportedly notified major real
estate firms about new financial regulatory guidelines known as the
"three red lines," designed to curb borrowing in the property
sector. With refinancing becoming difficult for China Evergrande,
it might have sought to secure funds through the special financing
project in order to circumvent the rules.

Nikkei Asia adds that the group plans to repay the seized funds by
transferring assets from China Evergrande to the Hong Kong property
arm. However, the group's massive debt makes the viability of this
plan uncertain.

                       About China Evergrande

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

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.


CHINA FORTUNE: Co-Pres. Detained for Suspected "Violation of Laws"
------------------------------------------------------------------
South China Morning Post reports that China Fortune Land
Development's co-president Meng Jing has been detained by
authorities due to suspected violation of laws, according to a
filing by the troubled mainland developer to the Stock Exchange of
Shanghai on Feb. 14.

The Post relates that Beijing-based China Fortune Land said it was
recently informed by a local anti-corruption agency - the
supervisory commission of Chongyang County in Xianning City,
central Hubei province - about the detention of Meng.

"The company already has proper arrangements to handle the duties
of Meng Jing. The board of directors and management team will try
its best to maintain all business operations of the company in an
orderly manner," the filing stated.

According to the Post, China Fortune Land said the detention of
Meng will not interrupt daily operations at the company. "The
investigation is ongoing . . . The company will closely monitor its
progress and will make any disclosures as needed," the filing
stated, without elaborating on specific charges against Meng, the
Post relays.

China Fortune Land, which focuses on developing industrial estates
and urban projects, was among the first developers in the country
to default on its debt amid a widening property slump that has
sucked in peers such as China Evergrande Group, Modern Land (China)
and Sunac China Holdings, the report notes.

China Fortune Land began defaulting on loans in early 2021 and was
seen as the first big casualty of Beijing's "three red lines"
policy introduced in August 2020 to rein in excessive leverage and
hot money flows in the property sector, according to the report.

Fortune Land unveiled a debt restructuring proposal in October 2021
to trim its CNY219 billion (US$32.1 billion) of liabilities, the
Post recalls. In December 2022 it agreed to sell its interest in
four projects to Hong Kong-listed China Resources Land, raising
US$1.78 billion as part of ongoing debt reduction efforts.

Ping An Insurance (Group) is the largest shareholder in Fortune
Land with a 25.2 per cent stake. In March 2022, the insurer
reported a 29 per cent decline in net profit in 2021, citing a
CNY43.2 billion provision it had to make for its investments in
Fortune Land.

Fortune Land owns a football club, which was previously coached by
ex-Premier League player Li Tie, who was also put under
investigation in November 2022 for "serious violations of the law",
according to a statement posted on the website of a provincial
anti-corruption body in central China, the Post discloses. The
agency did not provide more details.

                        About China Fortune

China Fortune Land Development Co., Ltd. offers real estate
development and investment services. The Company develops
industrial parks and industrial town projects. China Fortune Land
Development also provides related industrial solution services.

As reported in the Troubled Company Reporter-Asia Pacific on March
12, 2021, China Fortune Land Development Co. Ltd. again defaulted
on billions of yuan in debt as it struggled to scrape together
enough cash to meet its commitments amid a tightening regulatory
environment. China Fortune said that it and its subsidiaries have
recently failed to repay CNY8.38 billion ($1.3 billion) in
principal and interest on a mishmash of new debt, including bank
loans, trust loans, bonds and other debt financing tools, according
to a March 10 filing to the Shanghai Stock Exchange.


CHINA HUARONG: S&P Withdraws 'BB+/B' Issuer Credit Ratings
----------------------------------------------------------
S&P Global Ratings withdrew its 'BB+' long-term and 'B' short-term
issuer credit ratings on China Huarong Financial Leasing Co. Ltd.
(HRFL) at the company's request.

The outlook on the long-term rating was developing at the time of
withdrawal. This reflected uncertainties surrounding the ownership
of HRFL, the creditworthiness of the new shareholders, and HRFL's
strategic importance to them.

On Nov. 17, 2021, HRFL's parent, China Huarong Asset Management Co.
Ltd. (BBB-/Stable/A-3), announced plans to sell its entire 79.92%
stake in the leasing company. The timetable for the asset disposal
was not disclosed.


TIANQI LITHIUM: Moody's Withdraws 'B2' Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the B2 corporate family
rating of Tianqi Lithium Corporation. Prior to the withdrawal, the
rating outlook on Tianqi Lithium was positive.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

Headquartered in Chengdu, Sichuan province, Tianqi Lithium
Corporation is a lithium chemical producer that mines, produces and
sells lithium minerals and lithium chemicals.



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

ANDHRA PRADESH: ICRA Reaffirms D Rating on INR4,053.30cr Bond
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Andhra
Pradesh Power Finance Corporation Limited's (APPFCL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Bond programme    4,053.30      [ICRA]D; reaffirmed

Rationale

The reaffirmation of the rating of APPFCL's reflects the continuing
delays in the servicing of its debt obligations under various bond
programmes outstanding. ICRA takes notes of the dispute between
Telangana State Power Finance Corporation (TSPFC) and APPFCL
regarding the distribution of assets and liabilities, following the
bifurcation of the erstwhile state of Andhra Pradesh (AP) in June
2014, which is the key reason for the continuing delays in debt
servicing. APPFCL and TSPFC have been jointly servicing these bonds
till now based on the current bifurcation of the liabilities
between the two entities. The timely servicing of the instrument is
likely to remain uncertain till the final resolution of the ongoing
dispute between the two states. ICRA also notes that despite the
delays, the Trustee to the bondholders has not invoked the
guarantee extended by the erstwhile Government of Andhra Pradesh
(GoAP) towards the rated debt as per the terms of the structured
payment mechanism.

Key rating drivers and their description

Credit strengths
NA

Credit challenges

* Past delays in debt servicing of bonds: The rated bond programme
is unconditionally and irrevocably guaranteed by the erstwhile
GoAP. There have been continued delays in the servicing of the
rated bonds, including the most recent obligations due on January
1, 2023, because of the non-receipt of funds from TSPFC.
Considering the ongoing dispute between TSPFC and APPFCL regarding
the distribution of assets and liabilities following the
bifurcation of the state of AP in June 2014, the timely servicing
of the instrument is likely to remain uncertain till the final
resolution of the ongoing dispute.

* Guarantee not yet invoked for bond programme: Despite the delays,
the Trustee to the bondholders has not invoked the guarantee
extended by the erstwhile GoAP towards the rated debt as per the
terms of the structured payment mechanism. SBI Cap Trustee Company
Limited is the Trustee for the instrument from March 2017.

* Modest financial risk profile: As of September 2022, APPFCL's
borrowings stood at INR17,875.5 crore in the form of bonds
guaranteed by the erstwhile GoAP, term loans from banks and
inter-corporate deposits, while its net worth stood at INR634.9
crore, translating to a gearing of 27.4 times. The exposures are
fully towards the state power distribution and generation
companies. APPFCL's capital-to-risk weighted assets ratio (CRAR) is
supported by the guarantees extended by the erstwhile GoAP for the
majority of its exposures. According to the company, its CRAR was
15% as of March 31, 2022, which was compliant with the regulatory
capital requirement applicable for Government-owned non-banking
financial companies (NBFCs). APPFCL's earnings profile improved
moderately with a net profit of INR97.3 crore (return on average
total assets of 1.1%; provisional and annualised) in H1 FY2023 and
INR149.6 crore (0.9%) in FY2022 from INR36.18 crore (0.3%) in
FY2021 as it started charging a margin on its onward lending.
However, the company's cash flows are dependent on transfers from
the GoAP for meeting its operational requirements and for debt
servicing.

Liquidity position: Poor

The servicing of the rated bonds is dependent on timely remittances
from APPFCL and TSPFC for their portion of the bonds. ICRA notes
that there have been instances of delays, largely by TSPFC in
servicing its share. The liquidity profile of the rated instrument
is, therefore, assessed as poor.

Rating sensitivities

Positive factors – The rating could be upgraded on the resolution
of the ongoing dispute between the GoAP and the Government of
Telangana regarding the distribution of assets and liabilities and
a track record of regular payment of interest and principal.

Negative factors – Not applicable

APPFCL was incorporated in July 2000 by the GoAP with the main
objective of providing debt and equity funding to enterprises
engaged in the power sector in the state. It is registered as a
non-banking financial company with the Reserve Bank of India.
APPFCL reported a profit after tax (PAT) of INR97.3 crore
(provisional) in H1 FY2023 on a loan book of INR17,875.5 crore as
on September 30, 2022.


ANIL CORNER: CRISIL Lowers Rating on INR6.5cr Cash Loan to B-
-------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Anil Corner (AC) to 'CRISIL
B/Stable Issuer Not Cooperating'. However, the management has
subsequently started sharing the information required for carrying
out a comprehensive review of the ratings. Consequently, CRISIL
Ratings is migrating its ratings to 'CRISIL B-/Stable'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          6.5       CRISIL B-/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                   COOPERATING*')

CRISIL Ratings continues to reflect AC's modest scale of
operations, working capital intensive nature of operations and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of proprietor.

Analytical Approach

Unsecured Loans (USL) of INR3.74 crore as on March 31, 2022, has
been treated as neither debt nor equity. These loans are expected
to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in a highly competitive industry:
Firm's scale of operations has remained modest as indicated by
revenue in range of INR10.74-16.16 crores in past three fiscals
through 2022. Modest scale of operations in a highly competitive
hardware and modular kitchen fittings trading business, constrains
scalability and margins. Scale is expected to remain modest in the
medium term as indicated by revenue of around INR4.5 crore during
H1 of fiscal 2023.

* Working capital-intensive operations: Operations are working
capital intensive as indicated by gross current assets of 524 days
as on March 31, 2022. Working capital intensive operations are
primarily on account of high inventory (to be maintained at stores)
of 400 days and debtors of 131 days. However, this is partially
offset by the flexibility, which the firm enjoys in payment to its
suppliers.

* Below-average financial risk profile: Firm has a high total
outside liabilities to adjusted net worth ratio of 6.89 times on a
small net worth base of INR1.90 crore as on March 31, 2022. Subdued
interest coverage ratio at 1.28 times as of March 31, 2022 also
represents below average financial risk profile. Financial risk
profile should remain below average in the medium term owing to
working capital intensity and modest accretion to reserves.

Strengths:

* Extensive experience of proprietor: Mr. Dinesh Bhojwani, who has
been in the hardware and modular kitchen fittings trading business
for over two decades, manages the firm. Aided by proprietor's
experience, AC has been able to establish strong relations with
principals and customers, which should support the business risk
profile over the medium term.

Liquidity: Poor

Bank limit utilization is high and has been fully utilized for the
past twelve months ended Oct-22. Cash accruals are expected to be
over INR0.03 to 0.20 crores which are insufficient against term
debt obligation of INR0.41 to 0.55 crores over the medium term.
Promoter will bring in funds as and when required. Current ratio is
moderate at 1.42 times on March 31, 2022. The promoters are likely
to extend support in the form of equity and unsecured loans to meet
its working capital requirements and repayment obligations. Firm
has no major capex plans.

Outlook Stable

CRISIL Ratings believes AC will continue to benefit over the medium
term from the extensive experience of the proprietor.

Rating Sensitivity factors

Upward factor

* Improvement in scale and operating margin leading to Net Cash
Accruals (NCA) sustaining above INR0.5 crore over the medium term.
* Improvement in financial risk profile; especially sizable
increase in net worth leading to better capital structure.

Downward factor

* Significant decline in revenues or lower operating margin leading
to further dip in net cash accruals.
* Large capital withdrawal by proprietor, reduction in USL support
or stretch in working capital cycle resulting in deterioration of
financial risk profile; especially interest cover falling below 1
time.

AC, set up in 1990, is a sole proprietorship firm of Mr. Dinesh G
Bhojwani. The firm trades in hardware fittings, bathroom fittings,
and modular kitchen fittings, and has three showrooms in Nagpur,
Maharashtra.


ANURAGAVI GARMENTS: Ind-Ra Assigns BB+ Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Anuragavi
Garments (SAG) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR400 mil. Fund-based working capital limits assigned with
     IND BB+/ Stable/IND A4+ rating.

Key Rating Drivers

The rating reflects SAG's small scale of operation even as its
revenue increased to INR1,151.08 million in FY22 (FY21: INR856.25
million), due to growth in the sales volume as well as improved
sales realizations. In 9MFY23, SAG achieved a revenue of INR900
million. The firm's outstanding order book was INR570 million at
end-December 2022, to be executed by March 2023. Ind-Ra expects the
revenue to increase further in FY23 due to the execution of a
higher number of orders.

The ratings also reflect SAG's modest EBITDA margins of 10.22% in
FY22 (FY21: 15.22%) with a return on capital employed of 11.6%
(12.3%). The EBITDA margins deteriorated in FY22 due to higher raw
material prices which SAG was unable to pass on. Ind-Ra expects the
margins to improve due to the stabilization of yarn prices in
FY23.

The ratings are supported by SAG's comfortable credit metrics with
a gross interest coverage (operating EBITDA/gross interest expense)
of 4.01x in FY22 (FY21: 3.40x) and the net leverage (adjusted net
debt/operating EBITDAR) of 3.16x (3.76x). The credit metrics
improved in FY22 due to higher EBITDA and a decrease in the total
debt on account of repayment of long-term debt. Ind-Ra expects the
credit metrics to improve in FY23 due further repayment of term
loan and the absence of any debt-led capex. In FY24, the credit
metrics are likely to deteriorate year-on-year on account of the
planned capex.

Liquidity Indicator – Stretched: The average maximum utilization
of the fund-based limits was 84.97% during the 12 months ended
December 2022. The net working capital cycle improved to 38 days in
FY22 (FY21: 80 days) due to a decrease in the debtor days to 76
(120). The cash flow from operations turned positive at INR158.77
million in FY22 (FY21: negative INR27.14 million) due to favorable
working capital changes.  In FY22, SAG had cash and cash
equivalents of INR20.58 million (FY21: INR5.18 million). The firm
has debt payment obligations of INR78.1 million in FY23 and INR36.3
million in FY24. Furthermore, SAG does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

The promoters have nearly three decades of experience in garment
manufacturing and established relationships with suppliers and
customers, which ensure competitive prices and repeat orders.

Rating Sensitivities

Negative: Deterioration in the scale of operations, leading to
deterioration in the credit metrics and/or deterioration in the
liquidity position on a sustained basis, will be negative for the
ratings.

Positive: A substantial increase in the scale of operations, along
with an improvement in the liquidity position and the credit
metrics with the leverage sustaining below 3.5x, will be positive
for the ratings.

Company Profile

Established in 2005, SAG is a partnership firm in Tirupur, Tamil
Nadu, engaged in manufacturing and export of women, men, kids and
infant garments. The firm has four manufacturing units.  The
operations of the firm are primarily export-oriented with a major
portion of the products being exported to customers in the US and
European countries. The total production capacity is 65,000
pieces/day.


BHOPAL MOTORS: CRISIL Reaffirms B Rating on INR23cr Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings of 'CRISIL B/Stable' on
the bank facilities of Bhopal Motors Pvt Ltd (BMPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory Funding       23       CRISIL B/Stable (Reaffirmed)
   Facility                

The rating continues to reflect the company's subdued operating
performance amid intense competition, below-average financial risk
profile and susceptibility to changes in economic cycles. These
weaknesses are partially offset by the extensive experience of
promoters and their strong relationship with JCB India Ltd (JCB).

Key Rating Drivers & Detailed Description

Weaknesses

* Subdued operating performance amid intense competition: Revenues
have declined steadily for past three fiscals to INR141.71 crore in
fiscal 2022, on account of weak demand. Revenue is estimated to
grow to INR150-155 crore in fiscal 2023. BMPL faces intense
competition from dealers of other construction equipment
manufacturers.

* Below-average financial risk profile: High dependence on external
debt for working capital requirement coupled with low operating
margin have weakened the capital structure and debt protection
metrics. This is reflected in high total outside liabilities to
adjusted networth (TOLANW) ratio of 2.86 times, as on March 31,
2022. Debt protection metrics were subdued, indicated by interest
coverage of 1.36 times and net cash accrual to adjusted debt ratio
of 0.02 time in fiscal 2022. Financial risk profile is expected to
remain constrained over the medium term.

* Susceptibility to changes in economic cycles: The construction
equipment industry remains highly exposed to changes in economic
cycles. Excessive gloom in the economy or monetary tightening
measures, can substantially impact demand.

Strength

* Extensive experience of the promoters and healthy relationship
with JCB: The promoters have been in the auto dealership business
for four decades and have been associated with JCB for 25 years.
BMPL derives around 80% of its revenue from sale of vehicles and
the remaining from servicing and sale of spare parts. The company
has set up five 3S showrooms, two workshops and multiple sales
outlets, thus establishing its presence across Madhya Pradesh

Liquidity: Stretched

Expected cash accrual for fiscals 2023 and 2024 would be sufficient
to meet the yearly term debt obligation of INR3.46 crore and
INR3.60 crore, respectively. Utilization of fund-based limit of
INR23 crore averaged 81% over the 12 months through December 2022.

Outlook Stable

CRISIL Ratings believes BMPL will continue to benefit from the
promoters' extensive experience.

Rating Sensitivity factors

Upward factors

* Significant increase in revenue and operating margin leading to
cash accrual of above INR8 crore
* Improvement in the financial risk profile, with TOLANW ratio
improving to below 2 times

Downward factors

* Decline in revenue and operating margin resulting in cash
accruals of less than INR3 crore
* Further weakening of the financial risk profile on account of any
debt-funded capital expenditure

Incorporated in 1951, Indore-based BMPL is an authorised dealer for
heavy earth-moving equipment and commercial vehicles, including
backhoe loaders, excavators and car-mounted machines for JCB and
for oil and lubricants for Castrol and HP. Mr. Rohit Sanghi and Ms
Swati Tokkar are the promoters of the company.


C.G. ISPAT: ICRA Withdraws B+ Rating on INR19cr LT Loan
-------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
C.G. Ispat Private Limited at the request of the company and based
on the No Objection Certificate/Closure Certificate received from
the bankers. 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-         19.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                     

   Long Term-         28.79        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                       

   Short Term-        17.21        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Incorporated in 2004, the company was acquired by the Raipur based
Vaswani group in October 2010. CGIPL is engaged in the
manufacturing of MS Beam, Angles Channels and H-Beams, with an
installed capacity of around 60,000 MTPA of steel structurals.
CGIPL also works as a conversion agent for Steel Authority of India
Limited (SAIL). The flagship company of the group, Vaswani
Industries Limited (VIL) holds around 40% of the equity shares in
CGIPL. The Vaswani group on a consolidated level, has production
facilities for sponge iron, billets, steel structurals, power and
steel castings with annual capacities of 90,000 MT, 36,000 MT,
60,000 MT, 11.50 MW and 12,000 MT respectively.


CMS IT: ICRA Lowers Rating on INR38cr Long Term Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of CMS IT
Services Private Limited, as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term–        38.00       [ICRA]B+(Stable) ISSUER NOT
   Working Capital–              COOPERATING; Rating downgraded
   Cash Credit                   with Change in Outlook from
                                 [ICRA]BB (Negative) and moved to
                                 the 'Issuer Not Cooperating'
                                 category

   Long Term–        78.80       [ICRA]B+(Stable) ISSUER NOT
   Non-fund Based                COOPERATING; Rating downgraded
                                 with Change in Outlook from
                                 [ICRA]BB (Negative) and moved to
                                 the 'Issuer Not Cooperating'
                                 category

Rationale

The rating downgrade is because of lack of adequate information
regarding CMS IT Services Private Limited 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, despite the downgrade.

As part of its process and in accordance with its rating agreement
with CMS IT Services Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been moved
to the "Issuer Not Cooperating" category. The rating is based on
the best available information.  CMS IT Services Private Limited,
initially a part of CMS Info Systems Private Limited, was hived off
into a separate company in January 2015. CMS is a small-sized
IT/ITeS company, which primarily provides IT infrastructure
services including end-user support, managed IT services, mobility
services, system integration and data centre services, focusing
mainly on the domestic market. The company's service offering
ranges across domains such as BFSI, retail, manufacturing,
hospitality and pharmaceutical, among others. The company has also
ventured into a new segment, digital business, providing services
like cloud migration and invoice processing, aided by Robotic
Process Automation (RPA).

CONSORT BUILDERS: CRISIL Withdraws B Rating on INR7.25cr Loan
-------------------------------------------------------------
CRISIL Ratings has continued the ratings on the bank facilities of
Consort Builders Private Limited (CBPL) to 'CRISIL B/Stable/CRISIL
A4 Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         35        CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit             7.25     CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Working Capital         2.75     CRISIL B/Stable/Issuer Not
   Demand Loan                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with CBPL for
obtaining information through letters and emails dated April 20,
2022 and June 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its rating on the bank facilities of
CBPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

CBPL was incorporated in 2004 by Mr. Darshanlal Grover and his son-
Mr. Rajiv Grover in Panchkula, Haryana.The company constructs
buildings primarily educational institutions, commercial complexes,
housing projects, factory and corporate offices, etc.


COSMOS INFRA: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Cosmos
Infra Engineering (India) Private Limited (CIEPL) continues to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      72.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and key rating drivers

CARE Ratings Ltd. had, vide its press release dated November 24,
2021, placed the rating(s) of CIEPL under the 'issuer
non-cooperating' category as CIEPL 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.
CIEPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated October 10, 2022, October 20, 2022, October 30,
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).

Cosmos Infra Engineering India Private Limited (CIEIPL) was
incorporated in 1986 as Cosmos Builders & Promoters Limited by Mr.
Vinod Mittal (Chairman & Managing Director). Later in March, 2008,
company changed its name to Cosmos Infra Engineering India Limited.
Further, in June-2016, company became Private Limited and
subsequently its name changed to the present one Cosmos Infra
Engineering India Private Limited. CIEIPL is involved in
construction of residential and commercial real estate projects.

DECCAN HYDERABAD: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deccan
Hyderabad Tradeimpex Private Limited (DHTPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      10.0       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 December 15,
2021, placed the rating(s) of DHTPL under the 'issuer
non-cooperating' category as DHTPL 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. DHTPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated October 31, 2022, November 10,
2022, November 20, 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).

Deccan Hyderabad Trade Impex Private Limited (DHTPL), incorporated
in 2013, is promoted by Mr. Kristam Srinivasa Rani Rama Charan and
Mr. Vanga Seshi Reddy. The company belongs to the Nandi group of
Kurnool, Andhra Pradesh (A.P.). DHTPL commenced operation in May,
2013 and is into trading business of Poly vinly chloride (PVC)
Resin. The company imports the PVC resins mainly from Taiwan and
Korea and sells it to indigenous customers.


HANSRAJ AGROFRESH: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hansraj
Agrofresh Private Limited (HAFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.01       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        3.46       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HAFPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

HAFPL, a private limited company incorporated in August 2014,
manufactures fruit juices under its Hansraj brand. Registered
office is in Varanasi, Uttar Pradesh, and manufacturing unit in
Jalpaiguri, West Bengal.


HARDAYAL MILK: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hardayal
Milk Products Private Limited (HMPPL) continues to remain in the
'Issuer Not Cooperating' category.


                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      50.72       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 23,
2021, placed the rating(s) of HMPPL under the 'issuer
non-cooperating' category as HMPPL 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. HMPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 9, 2022, October 19, 2022, October 29, 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).

Hardayal Milk Products Pvt. Ltd. (HMPPL) was setup by Mr.
Praveendra Kumar, Mr. Ramveer Singh, Mr. Hardayal Singh, Mr.
Veerpal Singh and Mr. Amol Yadav in July 2005. The company
commenced production from December 2006. HMPPL is involved in
production of various milk products mainly in Pasteurized packed
milk, Ghee and other milk products like Flavored Milk, Curd,
flavored Yogurt, Butter milk, Paneer, SMP (Skimmed Milk Powder),
Pasteurized Butter, Whole Milk Powder and Dairy Whitener.
Pasteurized milk is sold to institutional buyers in bulk, and other
milk products are sold through retail chain with "Hardayal" brand
name. The products are well established in the regional markets of
Rajasthan, Uttar Pradesh, Uttarakhand, Punjab, Haryana,
Maharashtra, West Bengal, Delhi, Madhya Pradesh, Andhra Pradesh and
North – East States.


HERODEX POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Herodex Power
Systems Private Limited (HPSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        14.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           19         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       5         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    10.42      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with HPSPL for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

HPSPL, established in August 1995 is promoted by Mr. Shashank
Kalkar and Mr. Prashant Desai. The company provides products and
services for the electricity transmission and distribution sector.
It manufactures automatic power factor controller panels and offers
various power systems-based EPC turnkey project solutions to the
sector. Its manufacturing facility is at Nashik, Maharashtra.


HIMALAY COLD: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings the rating on bank facilities of Himalay Cold
Storage (HCS) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Overdraft Facility      6        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HCS for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

HCS is a partnership firm set up in 2007 by Padhiyar Family, the
firm is based at Deesa, Banaskantha (Gujarat).


INDO FABRICS: CARE Moves D Debt Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has moved the ratings on certain bank facilities of
Indo Fabrics (IFB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.84      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category


Rationale and key rating drivers

IFB has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE Ratings Ltd.'s rating on Indo Fabrics'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 ratings

The rating assigned to bank facilities of Indo Fabrics (IFB) takes
into account delays in servicing debt obligations due to stressed
liquidity position. The rating continues to be constrained by small
scale of operations, moderate capital structure, weak debt
protection metrics, highly competitive industry and proprietorship
constitution of the entity with inherent risk of withdrawal of
capital.

Analytical approach: Standalone

At the time of last rating on November 15, 2022 the following were
the rating strengths and weaknesses:

Key weaknesses

* On-going delays in debt servicing: The firm is unable to generate
sufficient cash flows leading to stretched liquidity position
resulting in on-going delays in meeting its term loan debt
obligations.

* Small scale of operations: The scale of operations remained small
ranging from INR39 crore to INR49 crore over past three years ended
FY22. The firm booked income of INR24.50 crore in 7mFY23(Prov.)
(refers to the period April 1 to October 31).

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm remained leveraged with overall
gearing of 4.38x as of March 31, 2022 as against 3.99x as of March
31, 2021 due to maximum utilisation of working capital limits. The
debt coverage indicators remained weak with total
debt/GCA of 20.96x as of March 31, 2022 as against 22.78x as of
March 31, 2021.

* Constitution of a proprietorship concern with risk of withdrawal
of capital: Proprietorship nature of business has an inherent risk
of withdrawal of capital by the proprietor at the time of their
personal contingencies resulting in reduction of capital base
leading to adverse effect on capital structure. It is witnessed
that the promoter has withdrawn capital to tune of INR0.63 crore as
of March 31, 2022 for personal contingencies.

* Highly competitive industry with intense competition: Since large
number of units are operated in similar line of business, the
competition within the players remains very high resulting in high
fragmentation. The firm is facing high competition from many
organized and unorganized players in the industry. Apart from the
high competition from the local players, firm is facing the
competition from established players in domestic and international
market in terms of reputed brands, long track record etc.

Liquidity- Poor:

Liquidity is poor marked with lower accruals to tune of INR0.97
crore in FY22 to repay its term debt obligation of INR1.07 crore in
FY23 with modest cash balance of INR0.11 crore as of March 31,
2022. The firm has been sanctioned with cash credit of INR12 crore
and the average utilisation of working capital limit stood at 97%
for last twelve months ended September 2022.

Indo Fabrics (IFB) is a proprietorship concern established in the
year 1999 by Mrs. Indumathi. The firm is primarily engaged in the
manufacture of grey fabrics. Mrs. Indumathi is supported by her
husband Mr. Palanisamy in handling the operations. IFB has two
divisions namely sizing division and weaving division. It has 36
sulzer looms in the weaving division and 700 power looms. As of
September 2021, IFB has installed capacity of 2500 kg/day for yarn
sizing and 13 lakh meter/month for manufacturing of grey fabrics.
The firm has its manufacturing unit at Sommanur, Coimbatore.


NARAYANI RESOURCES: Ind-Ra Assigns BB+ Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Narayani Resources
Private Limited (NRPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating; and

-- INR470 mil. Non-fund-based working capital limit assigned with

     IND A4+ rating.

Key Rating Drivers

Liquidity Indicator - Stretched: NRPL's average maximum utilization
of the fund-based limits was 96.09% during the 16 months ended
December 2022. Despite a significant improvement in EBITDA in FY22,
the cash flow from operations turned negative to INR527.24 million
(FY21: INR49.64 million) on account of unfavorable changes in
working capital. Consequently, the free cash flow turned negative
to INR537.57 million in FY22 (FY21:INR46.81 million). However,
Ind-Ra expects the cash flow from operations to improve in FY23 and
turn positive in FY24 on account of a likely improvement in EBITDA
and stable interest expense due to an absence of a planned debt-led
capex in the near term. The net working capital cycle stood at 21
days in FY22 (FY21: negative 14 days, FY20: negative 55 days) due
to a reduction in the creditor period to 42 days in FY22 (115 days,
55 days). Ind-Ra expects the net working capital cycle to remain in
line with FY22 level in FY23-FY24 due to regularity in payment
collection, short inventory holding period, and comfortable credit
payment period.

NRPL has scheduled long-term debt repayments of INR3.65 million and
INR4.40 million in FY23 and FY24, respectively. The company had
unsecured loans of INR225.42 million at FYE22, which is
subordinated to bank debt. A portion of the unsecured loan bears an
interest of around 5%. The unencumbered cash balance stood at
INR2.26 million at FYE22 (FYE21: INR331.21 million). It also had a
fixed deposit of INR231.02 million at FYE22 (FYE21: INR111.10
million), of which INR141.0 million was secured as collateral with
one of its lenders and the remaining is lien-marked against the
non-fund-based limits. NRPL has proposed for the release of the
fixed deposit to the lender as it will be using two properties as
the collateral for the same. However, the proposal is yet to be
accepted by the lender. NRPL does not have any capital market
exposure and relies only on banks and financial institutions to
meet its funding requirements. NRPL has no major debt-led capex
plans over the near-to-medium term.

The ratings are also constrained by risks associated with the coal
trading industry. The company faces intense competition due to the
existence of a large number of organized and unorganized players,
and low entry and exit barriers. However, the extensive experience
of the promoters helps the company to mitigate the risk to a large
extent.

However, the ratings are supported by NRPL's large scale of
operations. During FY22, the revenue surged to INR8,108.65 million
(FY21: INR2,639.75 million, FY20: INR105.43 million). The company
was able to operate for only six months in FY21 in view of the
COVID-19-led disruptions; thus, FY22 was the first full year of
operations. The growth in revenue in FY22 was also driven by an
increase in sales realization and sales volume. Of the total
revenue in FY22, NRPL generated INR7,589.60 million from trading of
coal and coke, and INR519.05 million (INR1,035.41 million) from
export of iron ore. During 9MFY23, NRPL achieved revenue of
INR6,100 million. Ind-Ra expects the revenue to improve further in
the near term on account of elevated prices of the imported steam
coal coupled with increased demand for products.

The ratings also derive strength from NRPL's comfortable credit
metrics. In FY22, the interest coverage (operating EBITDAR/gross
interest expense + rents) improved to 7.74x (FY21: 3.29x, FY20:
4.31x) on account of a significant improvement in the operating
EBITDA to INR345.27 million (INR93.31 million, FY20: INR3.98
million). However, the net leverage (adjusted net debt/operating
EBITDAR) deteriorated to 1.24x in FY22 (FY21: negative 0.67x; FY20:
1.84x) owing to an increase in debt. Including the off-balance
sheet debt, the adjusted interest coverage and the adjusted net
leverage stood at 7.74x in FY22 (FY21: 3.29x) and 2.29x (0.44x),
respectively. Ind-Ra expects the interest coverage to be at
7.60x-7.80x and the net leverage at 1.90x-2.05x in FY23 and FY24.
The absence of any major debt-funded capex and the scheduled term
loan repayments are likely to boost the credit metrics over the
medium term.

The ratings also factor in the company's healthy EBITDA margin of
4.26% in FY22 (FY21: 3.53%, FY20: 3.77%) with a return on capital
employed of 65.6% (53.90%, 23.10%). The improvement in margin in
FY22 was attributable to better absorption of fixed costs. The
margin remains in the range of 3%-5% on account of the trading
nature of operation. The major expense includes procurement of the
steam coal and iron ores, which accounts for 86% of the net sales.
The company has the ability to pass on an increase in raw material
price to its customers, thereby restricting fluctuations in the
margin to some extent. The sustainability of the margin will remain
a key monitorable.

The ratings are also supported by the promoters' more than two
decades of experience in the coal trading industry, leading to
strong ties with its customers and suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations or weakening of the
liquidity position or deterioration in the overall credit metrics
with the interest coverage falling below 2.0x, all on a sustained
basis, could lead to a negative rating action.

Positive: Maintaining the scale of operations and profitability,
along with an improvement in the liquidity position, all on a
sustained basis, could lead to a positive rating action.

Company Profile

Incorporated in 2011, Kolkata-based NRPL is engaged in the trading
of coal and iron ore fines. Ankur Agarwal and Ashish Karnani are
the promoters.


NAVAYUGA JAHNAVI: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Navayuga
Jahnavi Toll Bridge Private Limited (NJTBPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      720.00      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 22,
2021, placed the rating(s) of NJTBPL under the 'issuer
non-cooperating' category as NJTBPL 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. NJTBPL 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).

Navayuga Jahnavi Toll bridge Pvt Ltd is a special purpose vehicle
(SPV) incorporated for development of Greenfield Bridge across
river Ganges and its approaches connecting Bhaktiyarpur Bypass of
NH-31, near village Karjan & NH28 at Tajpur in the state of Bihar
on DBFOT (Toll Basis). The project involves construction of
Four-Lane Greenfield Bridge across river Ganges for a length of
5.55 km long and 45.393 km length for approach road. The concession
was awarded by Bihar State Road Development Corporation Limited
(BSRDCL) for a period of 30 years including construction period of
1642 days. The concession agreement was signed on October 8, 2010
and the SPV received appointed date on November 30, 2011.


NAVBHARAT INSULATION: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
Insulation and Engg. Co. (NIEC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit             1.95     CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        0.9      CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital         2        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with NIEC for
obtaining information through letters and emails dated November 24,
2022 and January 16, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

NIEC, set up by Mr. R L Khanduja in the late 1960s, undertakes
insulation contracts for oil refineries, engineering and
manufacturing units, and buildings such as shopping malls and
hospitals.


NOBLE ISPAT: CARE Lowers Rating on INR82.21cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Noble Ispat and Energies Limited (NIEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      82.21       CARE D; Revised from CARE B+;
   Facilities                      Stable

Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of NIEL
actors in the delays in debt servicing by company, as communicated
by the lender to CARE Ratings Limited (CARE Ratings) on February 8,
2023. Company has been unable to tie up additional WC limits and
therefore has not been able to operate sponge iron and TMT bar
plant. Continuing high fixed costs associated with steel industry
coupled with under-utilization of installed capacity has led to
liquidity stretch translating into delays in debt repayments.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Delay free track record of operations for a continuous period of
more than three months and tying up of additional working capital
limits/infusion of equity to ensure such instance does not recur.

Negative factors Not Applicable

Analytical approach: CARE has taken combined approach of NIEL & SLD
Steels Private Limited as the operations of both companies are
integrated, owned by same promoters and management plans to merge
the companies going forward.

Key weaknesses

* Delays in debt servicing: As per the e-mail received from lender
on February 8, 2023, the account classification of NIEL stands as
on date at SMA-0. The account has been classified as SMA-0 six
times and SMA-1 two times since April 2022. Further, there were
instances of overdraw for a period of more than 60 days since April
2022. There was delay in commencement of commercial operations by
NIEL and as on 9MFY23 only the segment pertaining to sponge iron
was started. At the time of last review on January 17, 2023, CARE
Ratings was given satisfactory feedback by lender on debt
repayments. Further, the company had also been submitting No
default statement (NDS) mentioning no delays with last NDS received
on December 28,2022

Liquidity: Poor

Company has sanctioned working capital limits of INR18 crore from
bank where the utilization is ~95%. Going forward, in order to
support the operations, the company is seeking enhancement in limit
to INR55 crores. It is pertinent for company to commence operations
of all plants and efficiently manage plant utilization levels as
the repayments have already begun.

NIEL was a sick unit which was not operational since 2010. NIEL's
asset base include sponge iron plant of 200 TPD capacity and
rolling mill of 300 TPD capacity. Company was referred under NCLT
and is acquired by promoters of SLD Steels Private vide NCLT order
number C.P.(IB) No.137/BB/2019 & I.A No.454 of 2020. Till date only
sponge iron segment is operational at ~50% of the capacity. Going
forward, the combined entity will deal in sponge iron, billets and
TMT.


RAJESH HOUSING: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on non convertible debentures of
RHPL continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Non Convertible       140        CRISIL D (ISSUER NOT
   Debentures                       COOPERATING)

CRISIL Ratings has been following up with RHPL for getting
information through letters and emails, dated October 31, 2022 and
December 31, 2022 apart from various telephonic communications.
However, the issuer has continued to be non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the RHPL's management,
CRISIL Ratings failed to receive any information on either the
financial performance or strategic intent of the company, which
restricts CRISIL Ratings' ability to take a forward-looking view on
its credit quality. The rating action on RHPL is consistent with
'Assessing Information Adequacy Risk.'

The repayment date of NCDs have expired in June 2022 and CRISIL
Ratings has not received any communication regarding further
extension of NCDs. RHPL in its filing with BSE in November 2022 had
stated that the NCDs have been fully redeemed. However, Debenture
Trustee has stated that they are yet to receive No Dues Letter from
Debenture Holders. CRISIL Ratings will withdraw the ratings on the
NCDs post receipt of independent confirmation on redemption of the
NCDs. Based on the last available information, the rating on non
convertible debentures of RHPL continues to be 'CRISIL D Issuer Not
Cooperating'.

RHPL, which is a part of the Rajesh Lifespaces group, was set up in
2015. The company is developing a residential-cum-commercial
project in Vikhroli, Mumbai.

The Rajesh Lifespaces group is a Mumbai-based real estate
developer, promoted by Mr. Raghav Patel. The group has been in real
estate construction and development for over 50 years. Operations
are currently managed by the third-generation of the family, Mr.
Priyal Patel and Mr. Pratik Patel. As on date, the group has nearly
8.6 million sq ft of area under development across Mumbai.


REHBER FOOD: ICRA Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------
ICRA has migrated the ratings on certain bank facilities of Rehber
Food Industries Private Limited (RFIPL), as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        45.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating moved to 'Issuer Not
                                 Cooperating' category

   Long Term-
   Fund Based/TL      9.64       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating moved to 'Issuer Not
                                 Cooperating' category

Rationale

The rating is moved to 'Issuer Not Cooperating' category because of
lack of adequate information regarding RFIPL 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 RFIPL, 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.

Incorporated in 2013, RFIPL processes and sells buffalo meat in the
domestic as well as export markets. Initially incorporated as Marya
Frozen Agro Foods Private Limited, the company was renamed as
Rehber Food Industries Private Limited (RFIPL) in FY2018. It is
owned and managed by Mr. Firoz Ahmed Shaikh, Mr. Kaukab Ghulam
Mohamed Qureshi and Mr. Chand Miyajan Qureshi, who have extensive
experience in the meat-processing business. Further, Rustam Foods
Private Limited, an established player in the export of buffalo
meat, acquired a 40% stake in RFIPL in FY2020.


S.S. INFRAZONE: CRISIL Assigns B Rating to INR1cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
to the bank facilities of S.S. Infrazone Private Limited (SSIPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         25        CRISIL A4 (Assigned)

   Cash Credit             1        CRISIL B/Stable (Assigned)

The ratings reflect vulnerability to risks inherent in tender-based
business and large working capital requirement, constraining the
liquidity. These weaknesses are partially offset by the extensive
experience of the promoters in the construction industry and the
healthy financial risk profile of the company.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to risks inherent in tender-based business:
Revenue and profitability entirely depend on the ability to win
tenders. Because of intense competition, players have to bid
aggressively to get contracts, which may restrict the operating
margin. Also, owing to cyclicality inherent in the construction
industry, the ability to maintain profitability through operating
efficiency becomes critical. This led to decline in operating
income to INR46.8 crore in fiscal 2022 from INR153.4 crore in
fiscal 2019.

* Large working capital requirement: Gross current assets were at
221-303 days over the three fiscals through 2022 and 303 days as on
March 31, 2022, driven by receivables of 106 days. The company's
receivables position and liquidity will be key monitorables.

Strengths:

* Extensive experience of the promoters: The promoters' experience
of over 10 years in the construction industry, strong understanding
of market dynamics and healthy relationships with customers and
suppliers will continue to support the business.

* Healthy financial risk profile: Gearing and total outside
liabilities to tangible networth ratio were strong at 0.06 time and
0.98 time, respectively, as on March 31, 2022. Aided by healthy
operating margin, debt protection metrics were comfortable, as
reflected in interest coverage and net cash accrual to total debt
ratios of 5.1 times and 2.8 times, respectively, in fiscal 2022.

Liquidity: Stretched

Bank limit of INR4 crore was utilised 84% on average during the 12
months through October 2022. Cash accrual, expected over INR5 crore
per annum, will comfortably cover yearly debt obligation of INR0.2
crore over the medium term. Current ratio was healthy at 1.33 times
as on March 31, 2022.

Outlook: Stable

CRISIL Ratings believes SSIPL will continue to benefit from the
extensive experience of its promoters and established relationships
with clients.

Rating Sensitivity Factors

Upward factors

* Improvement in the working capital cycle with receivables below
70 days
* Steady increase in operating income and stable operating margin
leading to higher cash accrual

Downward factors

* Decline in scale of operations or operating margin leading to
cash accrual below INR3 crore
* Significant debt-funded capital expenditure or further stretch in
receivables weakening the liquidity or financial risk profile

Incorporated in 2012 in Lucknow, SSIPL undertakes civil
construction work, mainly for roads and irrigation projects. Ms
Sangeeta Singh and Mr. SP Singh are the promoters. Operations are
managed by Mr. SP Singh.


SREI GROUP: NARCL Wins Bid for Stressed Twin NBFCs
--------------------------------------------------
The Economic Times of India reports that the government-backed
National Asset Reconstruction Company Ltd (NARCL) won the bid for
Srei group's two companies -- Srei Infrastructure Finance Ltd and
Srei Equipment Finance Ltd -- undergoing insolvency proceedings, an
official said.  The Committee of Creditors on Feb. 15 approved the
plan submitted by NARCL, which offered a Net Present Value (NPV)
bid of INR5,555 crore, after it received the highest vote of 89.2
per cent from verified creditors.

Authum Investment and Infrastructure with a bid of INR5,526 crore
received the second-highest vote with 84.86 per cent while the
consortium of Varde Partners and Arena Investors, which had
submitted a financial bid of approximately INR4,680 crore, bagged
the third position with around nine per cent vote, the official
said, ET relays.

After the completion of the challenge mechanism process, the Srei
companies had received these three bids.

The Reserve Bank of India superseded the boards of Srei
Infrastructure Finance Ltd and Srei Equipment Finance Ltd in
October 2021 due to governance concerns and repayment defaults. The
regulator applied with the NCLT Kolkata to initiate the insolvency
proceedings against the twin.

According to ET, a letter of intent will be issued to NARCL. The
Srei administrator will send the NARCL plan to RBI for approval and
also submit the results before NCLT by February 18, the official
said.

NARCL's total value of the plan stood at INR14,301 crore which
includes a cash component of INR3,001 crore, debentures and
security receipts worth INR3,300 crore, and an uncommitted payment
of INR8,000 crore, ET discloses. These uncommitted payments are
conditional and subject to recovery from underlying assets over the
next seven years.

Creditors had taken a haircut of 55 per cent considering a full
recovery of the uncommitted value of INR8,000 crore, the report
says.

The bankers considered NPV to arrive at the highest bidder during
the challenge mechanism -- which is a method for seeking the
highest bid for an asset, ET notes.

                             About SREI

SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.

On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times.  The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.

The insolvency resolution process against the company started on
Oct. 8, 2021.

The RBI-appointed administrator has admitted claims of around
INR31,868 crore of the total claims received of around INR34, 223
crore from financial creditors to Srei Equipment Finance Ltd
(SEFL), the Hindu BusinessLine disclosed. He had also admitted
claims to the tune of INR257 crore from financial creditors to Srei
Infrastructure Finance.


TEJAS AGRO: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tejas Agro
Irrigation Systems Private Limited (TAISPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           5.00       CARE C; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank Facilities                 Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated November 25,
2021, placed the rating(s) of TAISPL under the 'issuer
non-cooperating' category as TAISPL 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. TAISPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a
letter/email dated October 11, 2022, October 21, 2022, October 31,
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).

Pandharpur (Maharashtra) based TAISPL was incorporated on June 29,
2015 by Mr. Prashant Lade and Mr. Shivaji Ajalkar. The company has
set up a facility for manufacturing of PVC pipes and fittings and
LLDPE pipes, catering mainly for agriculture sector. The company
manufactures a diverse range of pipes and fittings with a product
portfolio of 750 products with various types of moulded and
fabricated fittings.


TRANSWATER SYSTEM: ICRA Assigns B+ Issuer Rating to Bank Debt
-------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Transwater
System Private Limited (TSPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Issuer rating          -         [ICRA]B+ (Stable); assigned

Rationale

The assigned rating derives comfort from the experience of the
promoters of TSPL in the waste-water treatment industry. The rating
also factors in the improving sales and medium-term revenue
visibility offered by the offtake agreements with its customers for
water recycling. The rating positively factors in the company's
comfortable capital structure with limited dependence on external
borrowings.

The rating, however, is constrained by the company's smallscale of
operations that limits its financial flexibility and the volatile
profit margins in the past.

The Stable outlook reflects ICRA's opinion that TSPL's credit
profile is expected to remain stable, backed by the expected
improvement in its scale of operations and a comfortable liquidity
position.

Key rating drivers and their description

Credit strengths

* Experience of promoter in waste water management: The promoter
has over a decade's experience in the water treatment industry. The
company is involved in the assembling and sale of various waste
water treatment equipment for residential as well as industrial
purpose. The company has developed the water treatment plants
in-house and has also applied for patents. The equipment developed
by the company is highly efficient and cost effective.

* Revenue visibility due to offtake agreement with customers: The
company has entered into agreements with various clients for whom
TSPL has installed water treatment equipment and charges a fixed
cost per month based on the minimum volume of water recycling
agreed per day. This ensures revenue visibility for TSPL. About
~37% of the sales is derived from water treatment services and the
balance ~62% is from the sale of products (RO systems for
residential and industrial use). However, timely receipts from
customers remain crucial to maintain adequate liquidity and fund
the incremental working capital requirements in the absence of
alternative funding arrangements.

Credit challenges

* Small scale of operations: TSPL's scale of operations has
remained small over the years with revenue at INR1.15 crore in
FY2021 and INR1.11 crore in FY2022. The revenue is expected to
increase, going forward, with the expected execution of the orders
in hand. Nevertheless, the overall scale will continue to be small.
The small revenue base coupled with a small net worth base limits
the financial flexibility and exposes the company to the risk of
business downturn and its ability to absorb any temporary
disruptions.

* Volatile profit margins in the past: The profitability of the
company has been fluctuating with an OPBITDA margin of 12.8% in
FY2021 which declined to -2.1% in FY2022 due to higher raw material
costs and fixed overheads. Till FY2021, the company was recognising
the cost of equipment for setting up waste-water treatment plants
as revenue expenditure. However, it started capitalising the cost
of equipment installed under the built and operate model in FY2022.
With the expected improvement in sales and change in the
expenditure recognition policy, the profit margins of the company
are expected to improve, going forward.

Liquidity position: Adequate

The company's liquidity is adequate with sufficient cash and cash
equivalents and limited dependence on working capital bank lines
with no fixed repayment obligations. The company had an
unencumbered cash and bank balance of INR2.40 crore as on December
31, 2022.

Rating sensitivities

Positive factors – ICRA could upgrade TSPL's rating if the
company demonstrates a significant increase in scale along with
improvement in profit margins on a sustained basis.

Negative factors – Pressure on TSPL's rating could arise from a
significant deterioration in the earnings or losses on a sustained
basis. Any stretch in working capital cycle or a large debt-funded
capex adversely impacting the liquidity may also lead to a
downgrade.

Transwater System Private Limited (TSPL) provides water treatment
and filtration solutions. The company caters to residential as well
as commercial water treatment and filtration requirements. It is
involved in the assembling and sale of various equipment such as
sewage treatment plants (STP), industrial RO systems, water
softeners, etc. TSPL's products and systems are most preferred for
villas, farmhouses, apartments and layouts for treating, softening
and conditioning incoming bore well or municipal water and for
various segments like schools, colleges, hotels, hostels,
hospitals, malls, IT parks, etc.

WEST COAST: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of West Coast
Fine Foods India Private Limited (WCFFIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          15.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.11       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 December 27,
2021, placed the rating(s) of WCFFIPL under the 'issuer
non-cooperating' category as WCFFIPL 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. WCFFIPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 12, 2022, November
22, 2022, December 2, 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).

Detailed description of the key rating drivers

Please refer to PR dated December 27, 2021

Analytical approach: Combined

CARE has combined the business and financial risk profile of West
Coast Frozen Foods Pvt. Ltd. and West Coast Fine Foods (India) Pvt.
Ltd. on account of common management and financial linkages amongst
the entities. The above companies combined are referred to as West
Coast Group (WCG).

West Coast Group (WCG) promoted by Mr. Kamlesh Gupta, is an
integrated aquaculture enterprise operating in the West Coast of
India and in the Gulf of Cambay in Gujarat State. The Group is
engaged in the business of prawn hatching, farming, processing,
freezing, trading and exporting of prawns, distribution of frozen
food products, trading/distribution of aquatic feed and feed
supplement products and running quick service restaurants to serve
seafood products. West Coast Fine Foods is into the supply of farm
bred shrimps and prawns in the domestic market. The trading,
distribution and Quick Service Restaurants (under the brand name
Fisheteria) are operated through this entity. In the
trading/distribution business, the company is the sole dealer of
aquatic feed and feed supplement products of CP Aqua (a part of
Charoen Pokphand Group, Thailand - one of the leading conglomerates
of the seafood and aquaculture industry in the world), for the
states of Gujarat and Maharashtra.


WHITEFIELD SPINTEX: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of
Whitefield Spintex (India) Pvt. 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–         3.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        25.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term       (23.52)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

   Short-term         1.35       [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.

Whitefield Spintex (India) Private Limited (WSIPL) was incorporated
in September 2013 as a Private Limited Company and is promoted by
Mr. Minesh Jagani, Mr. Alvish Jagani and their relatives. The
company has set up its plant at village Kherva, Ta. Wankaner, Dist.
Rajkot to carry out spinning of 30SNE combed single cotton yarn as
well as 2/30 twisted spun yarns. The
promoters of the company are also associated in various industries
such as ceramic, logistics, and auto sector through other group
companies. i.e. Satyam Auto industries, SRV Global Freight Pvt.
Ltd. and Wellgrip Industries.



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

FTX TRADING: Japan Unit Takes Step Closer to Return Client Funds
----------------------------------------------------------------
Bloomberg News reports that the Japanese subsidiary of Sam
Bankman-Fried's failed crypto empire FTX moved a step closer to
becoming the first of the group's businesses to return money to
customers.

Bloomberg relates that FTX Japan KK on Feb. 17 notified its clients
that they can confirm their account balances at the company and
migrate assets to a platform called Liquid, said chief operating
officer Seth Melamed in a written interview. The step is part of a
plan to start allowing withdrawals as soon as this month, under a
timeline announced in December.

"We are confident that we will adhere to the timeline," Bloomberg
quotes Mr. Melamed as saying. Withdrawals for registered clients
will resume "very soon," he said.

FTX Japan will announce the resumption of withdrawals once it has
sufficient data on the balance migration and relevant approvals,
Mr. Melamed said, Bloomberg relays. In early February, the company
began beta testing, collecting feedback and optimizing the process
for its remaining 35,000 users, he said.

"Our team is often times working seven days a week, late nights,"
Mr. Melamed said, notes the report. "Re-enabling withdrawals at FTX
Japan in a transparent, fair, and accurate manner has been a shared
goal for our entire team."

FTX Japan is up for sale as part of the US bankruptcy process for
group companies, drawing interest from at least 41 parties,
according to a court filing cited Bloomberg. It had roughly JPY10
billion in net assets as of the end of September last year, and
cash and deposits worth around JPY17.8 billion as of Nov. 21,
according to its website.

                       About FTX Trading Ltd.

FTX is the world's second-largest cryptocurrency firm.  FTX is a
cryptocurrency exchange built by traders, for traders.  FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year.  According to Reuters, SBF
shared a document with investors on Nov. 10 showing FTX had $13.86
billion in liabilities and $14.6 billion in assets.  However, only
$900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor.  Kroll is the claims
agent, maintaining the
pagehttps://cases.ra.kroll.com/FTX/Home-Index

The official committee of unsecured creditors tapped Paul Hastings
as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as
Delaware and conflicts counsel; FTI Consulting, Inc. as financial
advisor; and Jefferies, LLC as investment banker.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation.  Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.


J FRONT: Egan-Jones Hikes Senior Unsecured Ratings to B
-------------------------------------------------------
Egan-Jones Ratings Company on January 27, 2023, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by J Front Retailing Co Ltd. to B from B-. EJR also
maintained its 'C' rating on commercial paper issued by the
Company.

J. Front Retailing Co., Ltd. is a major holding company in Japan,
headquartered in Yaesu, Chou, Tokyo.




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

COUNTRY GARDEN: Court to Hear Wind-Up Petition on April 21
----------------------------------------------------------
A petition to wind up the operations of Country Garden Group
Limited will be heard before the High Court at Auckland on April
21, 2023, at 10:00 a.m.

Body Corporate 327853 filed the petition against the company on
Feb. 1, 2023.

The Petitioner's solicitor is:

          Rhonda Margot Graham
          Morgan Coakle Lawyers
          Level 9
          41 Shortland Street
          Auckland
          Email: rgraham@morgancoakle.co.nz


EBONY BROTHERS: Creditors' Proofs of Debt Due on March 31
---------------------------------------------------------
Creditors of Ebony Brothers Limited are required to file their
proofs of debt by March 31, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 13, 2023.

The company's liquidator is:

          Garry Whimp
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142
          Email: gwhimp@blr.co.nz


LIVING WELL: Creditors' Proofs of Debt Due on March 21
------------------------------------------------------
Creditors of Living Well Retirement Village Limited are required to
file their proofs of debt by March 21, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 13, 2023.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1, 50 Customhouse Quay
          Wellington 6011


MTF OPALA 2023: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to MTF Opala Trust
2023's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking New Zealand automotive loan receivables
originated by Motor Trade Finance Limited (MTF). The notes will be
issued by Trustees Executors Limited as trustee for the trust.

The total collateral pool at the 31 January 2023 cut-off date was
NZD280 million and consisted of 17,258 receivables with
weighted-average (WA) seasoning of 7 months, WA remaining maturity
of 39 months and an average contract balance of NZD16,223.

   Entity/Debt       Rating        
   -----------       ------        
MTF Opala
Trust 2023

   Class A       LT AAA(EXP)sf  Expected Rating
   Class B       LT AA(EXP)sf   Expected Rating
   Class C       LT A(EXP)sf    Expected Rating
   Class D       LT BBB(EXP)sf  Expected Rating
   Class E       LT BB(EXP)sf   Expected Rating
   Class F       LT B(EXP)sf    Expected Rating
   Seller        LT NR(EXP)sf   Expected Rating

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch derived borrower
risk-tier-specific default base-case expectations using historical
loss data since 2006. Our default assumptions (and 'AAAsf' default
multiples) are 1.0% (7.25x), 2.7% (5.50x) and 7.5% (4.00x) for low,
medium and high, respectively, with a weighted-average (WA) of 2.7%
(5.77x). The recovery base case is 45.0%, with a 'AAAsf' recovery
haircut of 50.0%. Fitch stressed the asset pool to the
transaction's portfolio parameters, which apply during the initial
18-month revolving period.

Transaction performance is supported by New Zealand's continued
economic growth - 2.7% GDP growth for the year to September 2022 -
and tight labour market, with unemployment at 3.4% in December
2022. This is despite increasing interest rates. Fitch expects GDP
growth to slow to 1.0% in 2023, with unemployment increasing to
4.8%, reflecting the global slowdown and the lagged impact of
aggressive monetary tightening from the Reserve Bank of New
Zealand.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers, liquidity facility
provider or transaction account bank fall below a certain level.
Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing.

Low Operational and Servicing Risk: All receivables are originated
by MTF, a large New Zealand motor-vehicle financier established in
1970. Fitch undertook an operational review and found that the
operations of the originator and servicer were consistent with
market standards for auto and equipment lenders in New Zealand.
Servicer disruption risk is mitigated by standby servicing
arrangements, with Verofi Limited the nominated standby servicer

No Residual Value Risk: There is no residual value exposure in this
transaction. However, there is a small exposure to balloon-payment
loans.

Rated Above Sovereign: Structured finance notes can be rated up to
six notches above New Zealand's Long-Term Local-Currency Issuer
Default Rating of 'AA+', supporting the 'AAAsf' rating on the class
A notes.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce credit enhancement
available to the notes.

Unanticipated increases in the frequency of defaults and decreases
in recoveries on defaulted receivables could produce loss levels
higher than Fitch's base case, and are likely to result in a
decline in credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of the coverage decline. Hence, Fitch
conducts sensitivity analysis by stressing a transaction's initial
base-case assumptions; these include increasing WA defaults and
decreasing the WA recovery rate.

Downgrade Sensitivities

Notes: A / B / C / D / E / F

Expected Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

10% increase in defaults: AA+sf / AA-sf / A-sf / BBB-sf / BB-sf /
less than Bsf

25% increase in defaults: AAsf / A+sf / BBB+sf / BBB-sf / B+sf /
less than Bsf

50% increase in defaults: A+sf / A-sf / BBBsf / BBsf / Bsf / less
than Bsf

10% decrease in recoveries: AA+sf / AA-sf / A-sf / BBBsf / BB-sf /
less than Bsf

25% decrease in recoveries: AA+sf / AA-sf / A-sf / BBB-sf / Bsf /
less than Bsf

50% decrease in recoveries: AAsf / A+sf / BBB+sf / BB+sf / less
than Bsf / less than Bsf

10% increase in defaults/10% decrease in recoveries: AA+sf / A+sf /
BBB+sf / BBB-sf / B+sf / less than Bsf

25% increase in defaults/25% decrease in recoveries: AA-sf / Asf /
BBBsf / BBsf / less than Bsf / less than Bsf

50% increase in defaults/50% decrease in recoveries: Asf / BBBsf /
BB+sf / B+sf / less than Bsf / less than Bsf

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Economic conditions, loan performance and credit losses that are
better than Fitch's baseline scenario or sufficient build-up of
credit enhancement that would fully compensate for credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal.

The class A notes are at the highest level on Fitch's scale and
cannot be upgraded. The ratings of classes B to F will be
constrained from upgrades above the 'AAsf' category due to the
trust's exposure to transaction account bank and liquidity facility
provider counterparty risk after the class A notes have been paid
in full.

Upgrade Sensitivities

Notes: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf

10% decrease in defaults/10% increase in recoveries: AA+sf / A+sf /
BBB+sf / BB+sf / B+sf

DATA ADEQUACY

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of MTF's origination files and found the file information to
be adequately consistent with the originator's policies and
practices and the other information provided to the agency about
the asset portfolio. Prior to the transaction closing, Fitch sought
to receive a third-party assessment of the asset portfolio
information, but none was available for this transaction.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.

RAPA LIMITED: Creditors' Proofs of Debt Due on March 21
-------------------------------------------------------
Creditors of Rapa Limited are required to file their proofs of debt
by March 21, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 8, 2023.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1
          50 Customhouse Quay
          Wellington 6011


TAWHARAU HOUSING: Court to Hear Wind-Up Petition on March 21
------------------------------------------------------------
A petition to wind up the operations of Tawharau Housing Limited
will be heard before the High Court at Rotorua on March 21, 2023,
at 10:00 a.m.

Ion Electrical Solutions Limited filed the petition against the
company on Jan. 25, 2023.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19
          191 Queen Street
          Auckland




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

PAKISTAN: Fitch Lowers LongTerm Foreign Currency IDR to 'CCC-'
--------------------------------------------------------------
Fitch Ratings has downgraded Pakistan's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC-', from 'CCC+'. There is no
Outlook assigned, as Fitch typically does not assign Outlooks to
ratings of 'CCC+' or below.

KEY RATING DRIVERS

Further Worsening in Liquidity, Policy Risks: The downgrade
reflects further sharp deterioration in external liquidity and
funding conditions, and the decline of foreign-exchange (FX)
reserves to critically low levels. While Fitch assumes a successful
conclusion of the 9th review of Pakistan's IMF programme, the
downgrade also reflects large risks to continued programme
performance and funding, including in the run-up to this year's
elections. Default or debt restructuring is an increasingly real
possibility, in its view.

Reserves Under Pressure: Liquid net FX reserves of the State Bank
of Pakistan were about USD2.9 billion on 3 February 2023, or less
than three weeks of imports, down from a peak of more than USD20
billion at end-August 2021. Falling reserves reflect large, albeit
declining, current account deficits (CADs), external debt servicing
and earlier FX intervention by the central bank, particularly in
4Q22, when an informal exchange-rate cap appears to have been in
place. Fitch expects reserves to remain at low levels, though Fitch
does forecast a modest recovery during the remainder of FY23, due
to anticipated inflows and the recent removal of the exchange rate
cap.

Large Refinancing Risks: External public-debt maturities in the
remainder of the fiscal year ending June 2023 (FY23) amount to over
USD7 billion and will remain high in FY24. Of the USD7 billion
remaining for FY23, USD3 billion represent deposits from China
(SAFE) that are likely to be rolled over, and USD1.7 billion are
loans from Chinese commercial banks which Fitch also assumes will
be refinanced in the near future. The SAFE deposits are scheduled
to mature in two instalments: USD2 billion in March and USD1
billion in June.

CAD Declining, but May Widen Again: Pakistan's CAD was USD3.7
billion in 2H22, down from USD9 billion in 2H21. As such, Fitch
forecasts a full-year deficit of USD4.7 billion (1.5% of GDP) in
FY23 after USD17 billion (4.6% of GDP) in FY22. The narrowing of
the CAD has been driven by restrictions on imports and FX
availability, as well as by fiscal tightening, higher interest
rates and measures to limit energy consumption.

Reported backlogs of unpaid imports in Pakistan's ports indicate
that the CAD could increase once more funding becomes available.
Nevertheless, exchange-rate depreciation could limit the rise, as
the authorities intend for imports to be financed through banks,
without recourse to official reserves. Remittance inflows could
also recover after they were partly switched to unofficial channels
in 4Q22 to benefit from more favourable exchange rates in the
parallel market.

Difficult IMF Conditions: Shortfalls in revenue collection, energy
subsidies and policies inconsistent with a market-determined
exchange rate have held up the 9th review of Pakistan's IMF
programme, which was originally due in November 2022. Fitch
understands that completion of the review hinges on additional
front-loaded revenue measures and increases to regulated
electricity and fuel prices.

Challenging Political Context: The IMF's conditions are likely to
prove socially and politically difficult amid a sharp economic
slowdown, high inflation, and the devastation wrought by widespread
floods last year. Elections are due by October 2023, and former
prime minister Imran Khan, whose party will challenge the incumbent
government in the elections, earlier rejected an invitation by
Prime Minister Shehbhaz Sharif to hold talks on national issues,
including IMF negotiations.

Funding Contingent on IMF Programme: Recent funding stress has been
marked by the apparent reluctance of traditional allies - China,
Saudi Arabia and the United Arab Emirates - to provide fresh
assistance in the absence of an IMF programme, which is also
critical for other multilateral and bilateral funding.

The Long-Term Foreign-Currency IDR also reflects the following
factors:

Renewed Commitment by Authorities: The authorities appear close to
agreement on the 9th programme review after the conclusion of the
IMF's staff visit to Pakistan on 9 February, and have already taken
action that should facilitate agreement. This includes an apparent
removal of a cap on the rupee exchange rate in January. The prime
minister has repeatedly expressed the intention to remain in the
programme.

Funding in the Pipeline: In addition to remaining IMF disbursements
of USD2.5 billion, Pakistan stands to receive USD3.5 billion from
other multilaterals in FY23 after agreement with the IMF is
reached. There have been reports of over USD5 billion in additional
commitments being considered by allies, on top of rollovers of
existing funding, although details on the size and conditions are
still pending. Pakistan received USD10 billion in pledges at a
flood-relief conference in January 2023, mostly in the form of
loans.

Government Committed to Debt Service: The prime minister has also
expressed the intention to remain current on all debt obligations.
Pakistan repaid a sukuk due in December 2022, and the next
scheduled bond maturity is not until April 2024.

Restructuring Cannot be Fully Excluded: The previous finance
minister said before resigning that Pakistan would seek debt relief
from non-commercial creditors.

In addition, the prime minister had appealed for bilateral debt
relief within the Paris Club framework, although no official
request has been sent and this is no longer under consideration
according to the authorities. Should Paris Club debt treatment be
sought, Paris Club creditors would be likely to require comparable
treatment for private external creditors in any restructuring.
Fitch believes local debt might be included in any restructuring,
despite macro-financial stability considerations, as it accounts
for 90% of the government's interest burden.

ESG - Governance: Pakistan has an ESG Relevance Score (RS) of '5'
for both political stability and rights and for the rule of law,
institutional and regulatory quality and control of corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model
(SRM). Pakistan has a WBGI ranking at the lower 22nd percentile.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

- Public Finances: Signs that a default of some sort appears
probable; for example, indications that the authorities are
considering debt restructuring, or further deterioration in
external liquidity and funding conditions making traditional
payment default more likely.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

- Public Finances: Strong performance against IMF programme
conditions, ensuring continued availability of funding.

- External Finances: Rebuilding of foreign-currency reserves and
easing of external financing risks.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Pakistan a score equivalent to a
rating of 'CCC+' on the Long-Term Foreign-Currency IDR scale.
However, in accordance with its rating criteria, Fitch's sovereign
rating committee has not utilised the SRM and QO to explain the
ratings in this instance. Ratings of 'CCC+' and below are instead
guided by the rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a
forward-looking qualitative framework designed to allow for
adjustment to the SRM output to assign the final rating, reflecting
factors within its criteria that are not fully quantifiable and/or
not fully reflected in the SRM.

ESG CONSIDERATIONS

Pakistan has an ESG Relevance Score of '5' for political stability
and rights, as WBGIs have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Pakistan has a percentile rank below 50 for
the respective governance indicator, this has a negative impact on
the credit profile.

Pakistan has an ESG Relevance Score of '5' for rule of law,
institutional & regulatory quality and control of corruption, as
WBGIs have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Pakistan has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Pakistan has an ESG Relevance Score of '4' for human rights and
political freedoms, as the voice and accountability pillar of the
WBGIs is relevant to the rating and a rating driver. As Pakistan
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Pakistan has an ESG Relevance Score of '4' for creditor rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Pakistan, as for all sovereigns. Pakistan
participated in the Debt Service Suspension Initiative in 2020, and
had earlier restructurings of public debt in 2001 and 1998.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or to the way in which they
are being managed by the entity.

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
Pakistan        LT IDR          CCC- Downgrade    CCC+
                ST IDR          C    Affirmed       C
                LC LT IDR       CCC- Downgrade    CCC+
                LC ST IDR       C    Affirmed       C
                Country Ceiling B-   Affirmed       B-

   senior
   unsecured    LT              CCC- Downgrade    CCC+

The Pakistan
Global Sukuk
Programme
Company
Limited

   senior
   unsecured    LT              CCC- Downgrade    CCC+



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

EAGLE RED: Creditors' Proofs of Debt Due on March 17
----------------------------------------------------
Creditors of Eagle Red Corporation Pte. Ltd. are required to file
their proofs of debt by March 17, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 10, 2023.

The company's liquidators are:

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


ENETT SERVICES: Members' Final Meeting Set for March 20
-------------------------------------------------------
Members of eNett Services Pte Ltd will hold their final general
meeting on March 20, 2023, at 10:00 a.m., at One Raffles Quay North
Tower 18th Floor, in Singapore.

At the meeting, Ee Meng Yen Angela, the company's liquidators, will
give a report on the company's wind-up proceedings and property
disposal.


GREENSHIP BULK: Creditors' Proofs of Debt Due on March 17
---------------------------------------------------------
Creditors of Greenship Bulk Trust are required to file their proofs
of debt by March 17, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 17, 2023.


HORIZON FORWARD: Creditors' Proofs of Debt Due on March 10
----------------------------------------------------------
Creditors of Horizon Forward Trading 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. 10, 2023.

The company's liquidators are:

          Chan Li Shan
          Thio Khiaw Ping Kelvin
          c/o Agile 8 Solutions Pte. Ltd.
          133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


POWER GREEN: Court to Hear Wind-Up Petition on March 3
------------------------------------------------------
A petition to wind up the operations of Power Green Services Pte
Ltd will be heard before the High Court of Singapore on March 3,
2023, at 10:00 a.m.

The Comptroller of Goods and Services Tax filed the petition
against the company on Feb. 9, 2023.

The Petitioner's solicitors are:

          Infinitus Law Corporation
          77 Robinson Road, #16-00
          Robinson 77
          Singapore 068896


SKY TOWER: Creditors' Proofs of Debt Due on March 19
----------------------------------------------------
Creditors of Sky Tower Pte. Ltd. are required to file their proofs
of debt by March 19, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 15, 2023.

The company's liquidator is:

          Chee Fung Mei
          110 Middle Road #05-03
          Singapore 188968



                           *********


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 ***