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

                     A S I A   P A C I F I C

          Friday, March 3, 2023, Vol. 26, No. 46

                           Headlines



A U S T R A L I A

24/7 TREES: First Creditors' Meeting Set for March 8
BIG UN: CEO to Surrender Passport Amid Insider Trading Charge
CENTRE FOR: First Creditors' Meeting Set for March 9
EMPLOYMENT HERO: Sixth Street Marks AUD50M Loan at 34% Off
F45 TRAINING: Two More Gyms Shut Down, Customers Demand Refund

JACKMAN LABOUR: Second Creditors' Meeting Set for March 7
LIBERTY FUNDING 2023-2: Moody's Gives (P)B2 Rating to Cl. F Notes
SOCIETYONE PL 2021-1: Moody's Hikes Rating on Class F Notes to Ba1
THIESS GROUP: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable
VINCENT COLD: Second Creditors' Meeting Set for March 7

YAZIKOY PTY: First Creditors' Meeting Set for March 8


C H I N A

CHINA AOYUAN: Creditors Agree to Proposed Delayed Repayment
LI AUTO: Annual Loss Widens to CNY2BB for the Year Ended Dec. 31


H O N G   K O N G

NANYANG COMMERCIAL: Moody's Rates New AT1 Securities 'Ba2(hyb)'


I N D I A

AA AUCTIONEERS: Insolvency Resolution Process Case Summary
AJAY INTERNATIONAL: CRISIL Lowers Rating on INR7.8cr Loan to B-
AMODA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
ANAND RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
ARBUDA ROADLINES: CRISIL Lowers Rating on LT/ST Debts to D

ARTH INFRASTRUCTURE: CRISIL Assigns D Rating to INR13cr Loan
BALAN AND CHHEDA: Insolvency Resolution Process Case Summary
BASANDARI BOTTLERS: Insolvency Resolution Process Case Summary
CEREBRA INTEGRATED: CRISIL Cuts Rating on LT/ST Debts to D
CHANDRALOK RESIDENCY: CRISIL Keeps D Rating in Not Cooperating

CROSS TRADE: CRISIL Keeps D Debt Ratings in Not Cooperating
DESMI EQUIPMENTS: CRISIL Keeps C Debt Ratings in Not Cooperating
DHARANI SUGARS: NARCL Makes Binding Offer for Bad Loan
DIVINE INFRACON: CRISIL Keeps D Debt Ratings in Not Cooperating
DURABLE CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating

DURABLE TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating
EDIZ CERAMIC: CRISIL Keeps C Debt Ratings in Not Cooperating
ELITE LEATHER: Voluntary Liquidation Process Case Summary
FAROUK SODAGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
FUTURE RETAIL: Fails to Get Any Revival Plan, Lenders to Meet Soon

FUTURE RETAIL: Marico, RP Differ Over Firm's Insolvency
G N CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
GAGAN WINE: CRISIL Keeps D Debt Ratings in Not Cooperating
GANGA FABRICS: CRISIL Keeps D Debt Rating in Not Cooperating
GIAN CHAND: CRISIL Keeps D Debt Ratings in Not Cooperating

GOLHAR GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
GREEN SHIELD: CRISIL Keeps C Debt Ratings in Not Cooperating
INDIGO COLLECTIONS: CRISIL Keeps D Ratings in Not Cooperating
JALNA SIDDHIVINAYAK: CRISIL Withdraws D Rating on INR50cr Loan
MA MAHAMAYA: CRISIL Keeps D Debt Ratings in Not Cooperating

MAGDHA CREATIVE: Liquidation Process Case Summary
MARKS PRYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
MAXFLOW PUMPS: CRISIL Keeps C Debt Ratings in Not Cooperating
MOTHER INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
MP JAYVEE: Voluntary Liquidation Process Case Summary

MUKTAR MINERALS: Liquidation Process Case Summary
NELLUKKARAN'S FOODS: CRISIL Keeps D Ratings in Not Cooperating
RAJKAMAL LOGISTIC: Insolvency Resolution Process Case Summary
RAJMAL LAKHICHAND: Insolvency Resolution Process Case Summary
SHELTREX KARJAT: Insolvency Resolution Process Case Summary

SINGH CYCLE: CRISIL Keeps D Debt Ratings in Not Cooperating
SOHRAB SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
UNITED CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
VINERGY INTERNATIONAL: Insolvency Resolution Process Case Summary


I N D O N E S I A

BANK SYARIAH: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable
NICKEL INDUSTRIES: Fitch Affirms LongTerm IDR at 'B+', Outlook Neg.


N E W   Z E A L A N D

BIG DADDYS: Court to Hear Wind-Up Petition on March 9
HOON HAY: Creditors' Proofs of Debt Due on March 24
OROPI QUARRIES: Creditors' Proofs of Debt Due on March 24
P&A ENERGY: Court to Hear Wind-Up Petition on March 10
PAINT ME: Creditors' Proofs of Debt Due on March 20



P A K I S T A N

PAKISTAN: Moody's Cuts Issuer & Sr. Unsecured Debt Ratings to Caa3


S I N G A P O R E

COSCO SHIPPING: Final Meeting Set for March 31
EAST COPPER: Creditors' Proofs of Debt Due on April 3
PROPERTYGURU GROUP: Posts SGD5MM Net Loss in Qtr Ended Dec. 31
UNIVERSAL TRAVELLER: Final Meetings Set for March 21
X DIAMOND: Court to Hear Judicial Management Bid on March 23


                           - - - - -


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A U S T R A L I A
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24/7 TREES: First Creditors' Meeting Set for March 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of 24/7 Trees
Australia Pty Ltd will be held on March 8, 2023, at 10:30 a.m. at
22 Market Street in Brisbane.

Terry Grant Van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of the company on Feb. 24, 2023.


BIG UN: CEO to Surrender Passport Amid Insider Trading Charge
-------------------------------------------------------------
Jonathan Shapiro at Australian Financial Review reports that the
former chief executive of collapsed online video play Big Un has
been ordered to surrender his passport within 24 hours as part of
court imposed bail conditions.

Richard Evans, also known as Richard Evertz, appeared in local
court on Feb. 28 for a detention hearing sporting aviator
sunglasses, a white durag, an embroidered sherwani, a bright-green
paisley scarf, sandals and an elaborately carved wooden cane.

He is charged with communicating inside information while serving
as chief executive of Big Un. If found guilty, he could face a
maximum of 10 years in prison, the report notes.

Mr. Evans, 55, was at the helm of the ASX-listed company that
reached a billion-dollar market valuation by the end of 2017, but
collapsed after the exposure of one of the country's worst
accounting scandals.

AFR says the charges follow an insider trading conviction of
Michael Ho, a young investment analyst who said he had received
inside information from Mr. Evertz and had subsequently provided
assistance to the corporate regulator.

According to the report, Magistrate Susan Horan said the
communications that form the basis of the charges related to Mr
Evertz's dealings with Ho.

She determined that there were "unacceptable risks" with imposing
conditions that allowed Mr. Evertz to travel overseas so long as he
gave sufficient notice, and ordered him to hand over his passport
and other travel documents within 24 hours.

AFR says Mr. Evertz lawyer Lester Fernandez SC had earlier argued
that Mr. Evertz had been aware of the threat of charges since 2018
and had several encounters with law enforcement agents since then.

He further contested an Australian Securities and Investments
Commission claim that Mr. Evertz was difficult to locate.

"If Mr Evertz wanted to leave Australia, he has had five years to
do it," AFR quotes Mr. Fernandez as saying.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions following a referral from ASIC.

The DPP lawyers argued that Mr. Evertz had few ties to Australia
while his partner Sonia Thurston had connections to the United
Kingdom and had recently travelled there, AFR relays.

Ms. Thurston is a former director of Big Un and its operating
subsidiary Big Review TV. No charges have been laid against former
directors of Big Review TV and Big Un, nor is there any suggestion
of wrongdoing.

"The Crown's concern is there is no evidence to support the need to
travel overseas for any business, and we would be concerned about
the defendant not returning to face court," the DPP lawyers told
the court.

The matter will appear before the court again on April 11, at which
point it is expected Mr. Evertz will indicate whether he intends to
defend the charges, adds AFR.

Big Un was one of the top performing shares listed on the ASX in
2017. Its shares were suspended from trading in February 2018 after
information about Big Un's funding arrangement with First Class
Capital was released. Big Un was placed in voluntary administration
and delisted from the exchange in August 2018. It is now in
liquidation.


CENTRE FOR: First Creditors' Meeting Set for March 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Centre for
Indigenous Policy Pty Ltd will be held on March 9, 2023, at 10:30
a.m. at 22 Market Street in Brisbane.

Terry Grant Van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of the company on Feb. 27, 2023.


EMPLOYMENT HERO: Sixth Street Marks AUD50M Loan at 34% Off
----------------------------------------------------------
Sixth Street Specialty Lending, Inc has marked its AUD50,000,000
loan to Employment Hero Pty Ltd to market at AUD32,839,000 or 66%
of the outstanding amount, as of December 31, 2022, according to a
disclosure contained in Sixth Street's Form 10-K for the fiscal
year ended December 31, 2022, filed with the Securities and
Exchange Commission on February 16, 2023.

Sixth Street is a participant in a First-lien loan to Employment
Hero Pty Ltd. The loan accrues interest at a rate of 9.77% (B +
6.50%) per annum. The loan matures in December 2026.

Sixth Street Specialty Lending, Inc is a Delaware corporation
formed on July 21, 2010. The Company was formed primarily to lend
to, and selectively invest in, middle-market companies in the
United States. The Company has elected to be regulated as a
business development company under the Investment Company Act of
1940.  In addition, for tax purposes, the Company has elected to be
treated as a regulated investment company under Subchapter M of the
Internal Revenue Code of 1986, as amended.  The Company is managed
by Sixth Street Specialty Lending Advisers, LLC.

On June 1, 2011, the Company formed a wholly-owned subsidiary, TC
Lending, LLC, a Delaware limited liability company. On March 22,
2012, the Company formed a wholly-owned subsidiary, Sixth Street SL
SPV, LLC, a Delaware limited liability company. On May 19, 2014,
the Company formed a wholly-owned subsidiary, Sixth Street SL
Holding, LLC, a Delaware limited liability company. On December 9,
2020, the Company formed a wholly-owned subsidiary, Sixth Street
Specialty Lending Sub, LLC, a Cayman Islands limited liability
company.

Employment Hero Pty Ltd offers human resource software solutions
for employee benefits and payroll. Employment Hero serves customers
in Australia.


F45 TRAINING: Two More Gyms Shut Down, Customers Demand Refund
--------------------------------------------------------------
News.com.au reports that once-loyal F45 customers are fuming as
many of their local gyms have suddenly collapsed, which has left
them hundreds of dollars, and in one case thousands, out of
pocket.

The fitness industry has endured a massive shake-up since the
Covid-19 pandemic and many gyms are going into liquidation as
government stimulus packages have dried up, the report says.

News.com.au previously reported that at least eight F45 Training
gyms - known for their functional high intensity interval training
(HIIT) classes that take place in 45 minutes - had ceased
operating. Now three more defunct gyms have come to light, the
report discloses.

The highest individual liabilities of one of these gyms was just
under AUD600,000 and F45-branded equipment is up for sale at
incredibly cheap prices as creditors try to recover their losses.

According to the report, Jane learnt via email in August last year
that her F45 gym in the Melbourne suburb of Werribee was shutting
down, as was neighbouring gym Hoppers Crossing, run by the same
owners.

But then the mum-of-one's disappointment switched to outrage when
her refund was not forthcoming, despite paying for half a year's
membership up front.

"We were so upset. They owed me just over AUD1000 and I thought
'when am I going to get my money back'?" Jane, 39, told
news.com.au.

News.com.au relates that Jane, who works in the financial services
industry, said there were signs the Werribee studio was on its last
legs before it shut down.

F45 gym-goers follow a TV screen for their HIIT exercises in videos
that the head office team creates, she explained. However, at the
beginning of last year, the videos showed training routines that
involved equipment her local gym did not possess.

"The videos had rowing machines and skiing ergs, and . . .
different sort of bikes, we never got those," she said. "We got
suspicious."

News.com.au says Jane had been a F45 customer since 2017 and had
been paying about AUD50 a week to exercise there.

But in last May, the gym put out a promotion that captured her
attention.

"They did an offer, AUD1,000 up front for six months, which worked
out to be AUD39 a week. I thought I might as well."

In a statement to news.com.au, the F45 head office team said they
tried to provide support to struggling franchises as it impacted
the health of the entire business.

"We recognise that the success of our franchisees is integral to
F45's overall success, and we continue to take steps to support our
valued franchise network," a company spokesperson said.

There are nearly 500 F45 studios in the country, the spokesperson
added.

F45 recently secured AUD90 million in funding for its next stage of
growth, they also said.


JACKMAN LABOUR: Second Creditors' Meeting Set for March 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Jackman Labour
Hire Pty Ltd has been set for March 7, 2023 at 10:30 a.m. at the
offices of Magnetic Insolvency at 52/41-49 Norcal Road, Nunawading
in Victoria and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 6, 2023 at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Jan. 26, 2023.


LIBERTY FUNDING 2023-2: Moody's Gives (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Liberty Funding Pty Ltd in
respect of Liberty Series 2023-2.

Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2023-2

JPY[42,200] million Class A1 Notes, Assigned (P)Aaa (sf)

AUD93.75 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD20.63 million Class B Notes, Assigned (P)Aa2 (sf)

AUD14.38 million Class C Notes, Assigned (P)A2 (sf)

AUD6.88 million Class D Notes, Assigned (P)Baa2 (sf)

AUD10.00 million Class E Notes, Assigned (P)Ba2 (sf)

AUD2.50 million Class F Notes, Assigned (P)B2 (sf)

The AUD8.13 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of Australian residential
mortgages loans. All mortgages were originated and are serviced by
Liberty Financial Pty Ltd (Liberty, unrated). The transaction
features a one-year 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.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

Evaluation of the underlying receivables and their expected
performance;

Evaluation of the capital structure and credit enhancement
provided to the notes;

The liquidity reserve in the amount of 2.00% of the notes balances
subject to a floor of AUD600,000;

The experience of Liberty as the servicer;

Presence of Perpetual Trustee Company Limited as the back-up
servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 8.2%, while the expected loss is 1.20%.

MILAN CE represents the loss Moody's expect the portfolio to suffer
in a severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.

A key strength of the transaction is the 25% subordination
available to Class A1. However, Moody's notes that the transaction
features some credit challenges such as a one year substitution
period as well as relatively high portion of loans with a scheduled
loan-to-value (LTV) ratio of above 80% (13.5%) and above 90%
(9.6%).

The key transactional features are as follows:

The notes benefit from a guarantee fee reserve available to cover
losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD1,800,000, equivalent to 0.30% of the initial invested amount of
the notes.

The Class A1 currency swap with Sumitomo Mitsui Banking
Corporation (SMBC, A1/P-1/A1(cr)/P-1(cr)) converts the proceeds
from the issue of the Class A1 Notes to Australian dollar and
hedges the currency exposure associated with its obligation to pay
interest and principal on the Class A1 Notes denominated in
Japanese Yen. If the swap provider's Counterparty Risk Assessment
falls below A3(cr), the swap provider must post collateral. If the
swap provider's Counterparty Risk Assessments fall below Baa1(cr),
the swap provider must also use commercially reasonable efforts to
either arrange a novation or a guarantee from an entity with a
Counterparty Risk Assessment of Baa1(cr) or rated Baa1 or higher.

The one year substitution period exposes noteholders to adverse
collateral pool changes. To mitigate this risk, the transaction
includes eligibility criteria, pool parameters and performance
triggers that protect against adverse changes in portfolio
characteristics during the substitution period.

Principal collections will initially be distributed sequentially.
At least twelve months after the last substitution, all notes,
including the Class G Notes, may be able to participate in
proportional principal collections distribution, subject to the
step-down conditions.

The key features of the pool as at the cut-off date are as
follows:

The initial pool has a weighted average scheduled LTV of 67.6%.

The initial pool has a high level of seasoning, with weighted
average seasoning of 24.0 months.

Around 17.7% of loans in the initial pool were extended to
self-employed borrowers.

Based on Moody's classification, 9.7% of the loans in the
portfolio were extended on an alternative documentation basis.

LMI policies cover 12.8% of the loans in the pool, with 11.5%
covered by Helia Insurance Pty Limited (formerly Genworth Financial
Mortgage Insurance Pty Ltd) and 1.3% covered by QBE Lenders'
Mortgage Insurance Limited.

Methodology Underlying the Rating Action:

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:

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 or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

SOCIETYONE PL 2021-1: Moody's Hikes Rating on Class F Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by SocietyOne PL 2021-1 Trust.

Issuer: SocietyOne PL 2021-1 Trust

Class C Notes, Upgraded to Aa2 (sf); previously on Aug 9, 2022
Upgraded to A1 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Aug 9, 2022
Upgraded to Baa1 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Aug 9, 2022
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Aug 9, 2022
Upgraded to B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes, and the good performance of the
underlying portfolio to date.

Following the February 2023 payment date, the note subordination
available for the Class C, Class D, Class E and Class F Notes has
increased to 29.7%, 22.9%, 17.2% and 11.5% respectively, from
26.8%, 19.7%, 13.7% and 7.7% since the last rating action in August
2022.

As of January 2023, 4.3% of the outstanding pool was 30-plus day
delinquent and 1.5% was 90-plus day delinquent. The portfolio has
incurred 1.8% and 1.6% of gross and net losses to date, all of
which have been covered by excess spread.

Based on the observed performance to date, loan attributes and the
economic environment, Moody's has updated its default assumption to
8.5% of the current balance (equivalent to 5.5% of the original
balance), compared with 11.25% of the current pool balance
(equivalent to 7.6% of the original balance) at last rating action
in August 2022.  Moody's has lowered the Aaa portfolio credit
enhancement assumption to 36%, compared with 40% at last rating
action.

The transaction is a cash securitisation of unsecured personal loan
receivables originated by SocietyOne Australia Pty Ltd.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
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.

THIESS GROUP: S&P Affirms 'BB+' Long-Term ICR, Outlook Stable
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer rating on
Australia-based Thiess Group Holdings Pty Ltd. (Thiess), reflecting
its view of support from the group. At the same time, S&P revised
Thiess' stand-alone credit profile (SACP) upward to 'bb' from
'bb-'.

The stable outlook reflects S&P's expectation that Thiess will
maintain its leading market position in mining services and sustain
its improved financial profile. Rating stability also assumes
Thiess will remain a strategically important subsidiary of CIMIC
and the broader ACS Group.

The acquisition of MACA Ltd. in October 2022 increases the group's
scale and consolidates Thiess market position as one of the largest
mining services contractors globally.

The MACA acquisition provides the group with greater scale and
commodity diversity. MACA's portfolio is weighted toward gold and
iron ore mining. Post-acquisition, S&P expects the group's thermal
coal exposure will fall to about 35% of revenue. The transaction
therefore accelerates Thiess' objective of reducing thermal coal
exposure to 25% of its portfolio by 2027 as the company grows its
pipeline of minerals and metals service contracts. While S&P
believes the acquisition consolidates Thiess' market position and
underpins its business quality, the company's material exposure to
thermal coal constrains the prospect of any significant improvement
in our business risk assessment.

Thiess' financial profile has improved. The MACA acquisition was
funded by shareholders loans at a reported senior leverage of about
1.0x. Earnings from this business will aid deleveraging of Thiess.
Under S&P's base case, it forecasts the S&P Global Ratings'
adjusted debt-to-EBITDA to trend below 3.0x in fiscal 2023 (ending
Dec. 31). Over the next two years, leverage could further improve
to the mid 2x level driven by earnings growth as the company grows
its non-thermal coal order book while extracting synergies from the
MACA acquisition. Positive momentum of the company's SACP may occur
if leverage is sustained below 2.5x.

S&P said, "In addition, we now consider the class B preference
shares held by the 50/50 strategic owner CIMIC Group Ltd. (CIMIC)
as equity-like. These class B shares are at the bottom of payment
waterfall and any distributions paid are subject to Thiess
achieving sufficient free cash flow from the prior fiscal year and
meeting the net debt to EBITDA target of 2x. Thiess can defer the
class B distributions, which may accumulate with no consequences,
if these conditions are not met. As disclosed in the fiscal 2022
accounts, we note that only about half the prescribed distributions
to CIMIC were paid.

"We consider the class C preference shares, issued to fund the MACA
acquisition and held jointly by Elliott Investment Management L.P.
(Elliott) and CIMIC, and the class A shares held solely by Elliott,
to be more debt-like. Distributions are paid to the class C
preference shares in priority to the class A preference shares. We
view these preference shares as debt-like because of their priority
position in the payment waterfall and the strong incentives that
exist to ensure that the fixed distributions on these shares will
be made.

"We believe Thiess remains important to the long-term strategy of
Actividades de Construccion y Servicios SA (ACS). and CIMIC Group.
This reflects Thiess' role as an important component of CIMIC Group
Ltd.'s integrated client offering to the broader resources and
commodities market and significant financial contribution to the
CIMIC (and ACS) Group.

"The stable outlook reflects our expectation that Thiess will
maintain its leading market position in mining services and grow
its contract book over the next two years. In our view, the group's
increased scale and portfolio diversity from the recent MACA Ltd.
acquisition will underpin its earnings and sustain its adjusted
debt-to-EBITDA ratio below 3.0x over the next 12 months.

"The stable outlook also reflects our expectation that Thiess will
remain a strategically important subsidiary of CIMIC and the
broader ACS Group. As a result, the rating on Thiess will be
heavily influenced by any rating changes at ACS.

"We would downgrade Thiess if we were to lower the rating on the
ACS Group.

"Although less likely, we could also lower the rating if there is a
material deterioration in Thiess' SACP. This could occur if its
adjusted debt-to-EBITDA ratio materially exceeds 4.0x. If leverage
were to increase to these levels, we are likely to reassess Thiess'
importance to the ACS Group."

Similarly, an upgrade would most likely depend on an upgrade of the
ACS group.

ESG credit indicators: E-4, S-2, G-3


VINCENT COLD: Second Creditors' Meeting Set for March 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Vincent Cold
Storage Pty Ltd has been set for March 7, 2023 at 2:00 p.m. at the
offices of Hamilton Murphy Advisory at Level 21, 114 William Street
in Melbourne and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 6, 2023 at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Jan. 31, 2023.


YAZIKOY PTY: First Creditors' Meeting Set for March 8
-----------------------------------------------------
A first meeting of creditors in the proceedings of Yazikoy Pty Ltd
has been set for March 8, 2023 at 10:30 a.m. at the offices of
Magnetic Insolvency at 52/41-49 Norcal Road, Nunawading in Victoria
and via virtual meeting technology.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on Feb. 24, 2023.




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C H I N A
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CHINA AOYUAN: Creditors Agree to Proposed Delayed Repayment
------------------------------------------------------------
Yicai Global reports that China Aoyuan Group has made progress in
its debt restructuring more than a year after defaulting on a US
dollar bond, as some overseas creditors agreed to the real estate
developer's proposal to postpone repayment.

An ad hoc group of overseas bondholders agreed in principle to the
Guangzhou-based firm's proposal to delay repayment, Aoyuan said on
Feb. 28. The group holds 20 percent of its outstanding offshore
bonds, per the announcement.

According to the report, Aoyuan proposed the moratorium to maintain
stable operations and facilitate negotiations with potential
investors in order to secure the restructuring of debt.

Aoyuan will publish its restructuring plan soon, and after it is
approved by creditors, the firm's shares can resume trading on the
Hong Kong Stock Exchange and bring in more investors, a source
close to the homebuilder told Yicai Global. The shares were
suspended last April after the firm failed to disclose its
financial results on time.

Hit by the downturn in China's property market and restrictions on
developer borrowing, Aoyuan defaulted in January last year, the
report recalls. Aoyuan has 12 outstanding US dollar bonds, totaling
about USD3.5 billion, of which five USD1.2 billion notes were due
last year. The other seven will mature between this year and 2027,
Yicai Global discloses citing Feb. 28's announcement.

Aoyuan has not yet disclosed any information about potential
investors in its debt restructuring, the report adds.

                         About China Aoyuan

China Aoyuan Group Limited, formerly China Aoyuan Property Group
Limited, is an investment holding company principally engaged in
the sales of properties. The Company operates its business through
three segments. The Property Development segment is engaged in the
development and sale of properties. The Property Investment segment
is engaged in the leasing of investment properties. The Others
segment is engaged in hotel operation, the provision of consulting
and management services. Through its subsidiaries, the Company is
also engaged in construction business.

As reported in the Troubled Company Reporter-Asia Pacific on May
30, 2022, Fitch Ratings has withdrawn China Aoyuan Group Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'RD', and
its senior unsecured rating and ratings on its outstanding senior
unsecured notes of 'C' with Recovery Rating of 'RR6'.

Fitch is withdrawing the ratings because Aoyuan has chosen to stop
participating in the rating process. Therefore, Fitch will no
longer have sufficient information to maintain the ratings.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for Aoyuan.

LI AUTO: Annual Loss Widens to CNY2BB for the Year Ended Dec. 31
----------------------------------------------------------------
Yicai Global reports that Chinese electric carmaker Li Auto saw its
net loss widen 531 percent last year.

The net loss tallied CNY2 billion (USD294.7 million) in the 12
months ended Dec. 31, mainly because it set aside CNY803 million in
the third quarter to deal with consumer complaints over lower
priced newer models and because of higher research and development
costs, the Beijing-based company's earning report showed on Feb.
27, Yicai Global discloses. Revenue jumped 68 percent to CNY45.3
billion (USD6.6 billion).

Li Auto delivered 133,246 vehicles last year, up 47 percent from
2021, it said. The startup has 288 retail stores and 318 servicing
centers in 223 cities, and replaced the Li One model with the L9
and L8 vehicles. Deliveries of the L7 will begin in March.

Battery prices are expected to go down in the long term, which is
good for the industry, not only for Li Auto, but also for suppliers
and battery manufacturers, said Li Xiang, founder, chairman and
chief executive of the firm, Yicai Global relays.

According to the report, Li Auto has embraced a multi-supplier
strategy that enables it to have a stable supply chain and
simultaneously develop multiple vehicles and meet deadlines, Li
said. "We'll continue to work with suppliers to negotiate good
terms," he added without disclosing further details.

The firm's fourth-quarter revenue jumped 66 percent from a year
earlier to CNY17.7 billion, while net income shrank 10 percent to
CNY265.3 million, the report says.

Yicai Global adds that Li Auto expects shipments to increase 64
percent to 73 percent from a year ago to between 52,000 and 55,000
units this quarter, following 15,141 deliveries last month and
continuing the strong end to 2022. Revenue is likely to soar 83 to
93 percent to about CNY17.5 billion to CNY18.5 billion (USD2.5
billion to USD2.7 billion).




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

NANYANG COMMERCIAL: Moody's Rates New AT1 Securities 'Ba2(hyb)'
---------------------------------------------------------------
Moody's Investors Service has assigned a foreign currency Ba2(hyb)
preferred stock rating to Nanyang Commercial Bank, Ltd.'s proposed
USD-denominated, undated, non-cumulative and subordinated
Additional Tier 1 (AT1) capital securities with non-viability loss
absorption features. Distributions may be cancelled in full or in
part on a non-cumulative basis at the issuer's discretion or
mandatorily in the case of 1) insufficient distributable reserves
or 2) at the Monetary Authority's direction.

The rating is subject to the receipt of final documentation, the
terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's has reviewed.

RATINGS RATIONALE

The assigned Ba2 (hyb) rating is in line with Nanyang Commercial
Bank's foreign-currency pref. stock non-cumulative rating, and
reflects the structure of the issuance. The AT1 capital securities
constitute direct, unsecured and subordinated obligations of the
bank and shall at all times rank pari passu and without any
preference among themselves. Nanyang Commercial Bank's pref. stock
non-cumulative rating reflects: (1) the bank's Baseline Credit
Assessment (BCA) and Adjusted BCA of baa2; (2) Moody's Advanced
Loss Given Failure (LGF) analysis, resulting in a position that is
three notches below the bank's Adjusted BCA; and (3) Moody's
assumption of a low probability of government support for
loss-absorbing instruments, resulting in no uplift.

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

Moody's could upgrade the rating on Nanyang Commercial Bank's AT1
securities if Moody's upgrades the bank's BCA and Adjusted BCA.

Nanyang Commercial Bank's BCA could be upgraded if operating
conditions in Hong Kong SAR, China (Aa3 stable) and mainland China
(A1 stable) improve; the bank maintains good asset quality,
effective risk controls and sound underwriting in its mainland
lending; and it maintains strong capitalization, with its tangible
common equity (TCE)/risk-weighted assets (RWA) remaining above 15%
on a sustained basis.

Moody's could downgrade the bank's AT1 securities rating if Moody's
downgrades Nanyang Commercial Bank's BCA and Adjusted BCA.

Moody's could downgrade the bank's BCA if operating conditions in
Hong Kong and mainland China deteriorate significantly, leading to
a substantial worsening in the bank's asset quality and
profitability, with impaired loans exceeding 3.0% of gross loans
and net income/tangible assets remaining below 0.5%; and capital
adequacy weakens, with its TCE/RWA falling below 11% on a sustained
basis.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in July 2021.

Nanyang Commercial Bank, Ltd., headquartered in Hong Kong SAR,
China, reported total assets of HKD538.6 billion as of the end of
June 2022.



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

AA AUCTIONEERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: AA Auctioneers and Contractors Private Limited
Shop No. 20, Kohinoor Society
        Opp. BMC School, Link Road
        Sakinaka, Mumbai 40072
        Maharashtra

Insolvency Commencement Date: January 27, 2023

Estimated date of closure of
insolvency resolution process: July 31, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Rakesh Maganlal Nathwani
       G504, Mystique Moods
              Behind Symbiosis College
              Vimannagar, Pune
              Maharashtra 411014
              Email: rakesh@carmn.in
              Email: cirp.aaacpl@gmail.com

Last date for
submission of claims: February 17, 2023


AJAY INTERNATIONAL: CRISIL Lowers Rating on INR7.8cr Loan to B-
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Shree Ajay International Private Limited (SAIPL) to
'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.8       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Proposed Fund-         4.2       CRISIL B-/Stable (Downgraded
   Based Bank Limits                from 'CRISIL B/Stable')

The downgrade reflects the weakening of business risk profile and
liquidity of SAIPL. Operations were severely impacted in fiscals
2022 and 2023 because of port closure in South Africa following
violent protests. This led to extreme congestion at Jeddah Islamic
Port, Saudi Arabia, as liners were stuck for 3-4 months, leading to
unavailability of containers and sharp increase in freight charges.
The company is expected to book revenue of INR12-13 crore in fiscal
2023 due to subdued demand and ongoing issues in the key markets.
Also, liquidity remains poor because of high bank limit
utilisation. Improvement in operating income and working capital
cycle, leading to better liquidity, will be a key monitorable.

The rating reflects the modest scale of operations of SAIPL amid
intense competition, large working capital requirement and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters in
the textiles industry.

Key rating drivers & detailed description

Weaknesses:

* Modest scale of operations amid intense competition: Revenue
declined to INR17.87 crore in fiscal 2022 from INR30.25 crore in
fiscal 2021 owing to port closure in South Africa and are expected
to decline further to INR12-13 crore in current fiscal 2023.
Intense competition from organised as well as unorganised players
in the textiles industry may continue to constrain scalability,
pricing power and profitability.

* Large working capital requirement: Gross current assets (GCAs)
were 412 days as on March 31, 2022, because of stretched
receivables and large inventory of around 202 days and 187 days,
respectively. This has resulted in high bank limit utilisation.
GCAs are expected to be 400-478 days for fiscals 2023 and 2024 and
their management will be a key rating sensitivity factor.

* Below-average financial risk profile: Networth was small at
INR7.45 crore which is expected to remain at similar level in
fiscal 2023 due to scale of operations, while total outside
liabilities to adjusted networth (TOLANW) ratio was weak at 1.86
times, as on March 31, 2022.TOLANW is estimated in the range of
1.2-1.5 times in fiscal 2023. Debt protection metrics were subdued,
as reflected in net cash accrual to total debt and interest
coverage ratios of 0.03 time and 1.37 times, respectively, in
fiscal 2022. Debt protection metrics is estimated to be at similar
levels with interest coverage to be in the range of 1.1-1.5 times
and net cash accruals in the range of 0.02-0.08 times in fiscal
2023. Financial risk profile will remain constrained over the
medium term.

Strength:

* Extensive experience of the promoters: Presence of over two
decades in the textiles industry has enabled the promoters to
develop a strong understanding of market dynamics and establish
healthy relationships with suppliers and customers in Saudi Arabia
and the UAE.

Liquidity: Stretched

Bank limit utilisation was around 63% for the 12 months through
January 2023. Expected net cash accrual of INR0.1-0.5 crore will be
insufficient to meet term debt obligation of INR0.80 crore and
INR0.90 crore in fiscals 2023 and 2024, respectively. Current ratio
was healthy at 1.66 times as on March 31, 2022. Cash and bank
balance were moderate at around INR1 crore. The promoters are
likely to extend unsecured loans to meet debt obligation.

Outlook: Stable

The company will continue to benefit from the extensive experience
of its promoters in the textiles industry.

Rating sensitivity factors

Upward factors

* Significant growth in revenue and operating margin leading to
cash accrual above INR0.9 crore
* Improvement in working capital cycle leading to GCAs under 250
days

Downward factors

* Decline in profitability and revenue below INR10 crores.
* Further stretch in working capital cycle adversely affecting
liquidity

Incorporated in March 2012 and promoted by Mr Jay Prakash Tripathi
and Mr Abdhesh Tripathi, SAIPL manufactures and exports fabrics to
Saudi Arabia and the UAE. Its warping unit is in Bhiwandi,
Maharashtra. It gets looming and processing done on jobwork basis.


AMODA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amoda Iron
and Steel Limited (AISL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.34       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      3.63       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        2.79       CRISIL D (Issuer Not
                                    Cooperating)

   Open Cash Credit      9.00       CRISIL D (Issuer Not
                                    Cooperating)

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

AISL is promoted by Mr. U Kondal Rao in April 2003 and is engaged
in manufacturing of Sponge Iron which is used in induction furnaces
to produce steel bars. The Plant is located in Jaggayyapet, Andhra
Pradesh.


ANAND RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand Rice
Mills (ARM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            20        CRISIL D (Issuer Not
                                    Cooperating)

   Export Packing          9        CRISIL D (Issuer Not
   Credit                           Cooperating)

   Proposed Long Term      9.58     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan               1.42     CRISIL D (Issuer Not
                                    Cooperating)

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

ARM was set up in 2001 as a proprietorship and was reconstituted as
a partnership on April 1, 2014 by Mr. Surender Kumar, Mr. Sunil
Kumar and Mr. Pankaj Singla. It mills and sorts rice, and its unit
has capacity of 12 tph.


ARBUDA ROADLINES: CRISIL Lowers Rating on LT/ST Debts to D
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Shree Arbuda Roadlines (SAR) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating        -        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Short Term Rating       -        CRISIL D (Downgraded from
                                    'CRISIL A4')

The rating downgrade is driven by delays in servicing of vehicle
term loan obligations on account of weak liquidity.

The rating mirrors SAR's modest scale of operations and large
working capital requirement and susceptibility to volatile input
cost, intense competition, and government policies in the road
freight transport segment. These weaknesses are partially offset by
the extensive industry experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and large working capital requirement:
Revenue was average at INR13.52 crore in fiscal 2022,
notwithstanding a 27% growth (INR10.67 crore in fiscal 2021) owing
to continuous orders from government departments. The working
capital cycle has been stretched; gross current assets were
sizeable at 162 days as on March 31, 2022 and are projected at
160-192 days over the medium term. Debtors have been 50-80 days
during the past three fiscals. Major customers are government
entities, where payments are usually stretched; but the firm has
not had any instance of bad debt and payments are received within
the credit payment period. The bulk of the expenses is made within
10-20 days, with creditors in the form of expenses for
fuel/petrol/spare parts. There is no major inventory due to the
service nature of the business.

* Susceptibility to volatile input cost, intense competition, and
government policies in the road freight transport segment:
Operating margin in the intensely competitive logistics industry is
vulnerable to volatility in fuel prices, which in turn depends on
international crude oil prices. Also, the cost structure and
profitability margin are highly exposed to transport policies (at
the state and national levels) related to heavy vehicles and
pollution.

Strengths:

* Extensive experience of the partners: The partners' experience of
more than two decades in the transport and logistics industry;
their strong understanding of market dynamics and healthy
relationships with suppliers and customers should continue to
support the business.

Liquidity: Poor

Liquidity is poor as reflected in irregularities in debt servicing
by the firm.

Rating Sensitivity factors

Upward factors:

* Timely servicing of debt obligations continuously for at least 90
days.
* Improvement in business risk profile augments liquidity.

SAR, set up as a partnership firm in 1996, provides third-party
logistics solutions; it also offers domestic road transportation
and customised transport services. The firm is based in Ahmedabad,
Gujarat and Mr. Bhupeshkumar Ravishankar Jani and Mr Kishan
Bhupeshkumar Jani are the partners.


ARTH INFRASTRUCTURE: CRISIL Assigns D Rating to INR13cr Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating to the bank
facilities of Arth Infrastructure (ARTNFR)

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             13       CRISIL D (Assigned)

The rating reflects delay by AI in the repayment of the term debt
obligation for the last one year up to the extent of 30 days and
above owing to weak liquidity. It also reflects AI's susceptibility
to tender-based operations, modest scale of operation, working
capital intensive operations. These weaknesses are partially offset
by its extensive industry experience of the promoters.

Analytical Approach

CRISIL Ratings has considered standalone financials of Arth
Infrastructure for the rating exercise.

Key rating drivers & detailed description

Weaknesses:

* Susceptibility to tender-based operations: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competition, thus requiring
to bid aggressively to get contracts, which restricts the operating
margin to a moderate level. Also, given the cyclicality inherent in
the construction industry, the ability to maintain profitability
margin through operating efficiency becomes critical.

* Modest scale of operation: AI's business profile is constrained
by its scale of operations in the intensely competitive Civil
Construction industry.  AIs scale of operations will continue limit
its operating flexibility. The revenue has remained in the lines of
Rs. 12 crores to Rs. 21 crores. The scaling up of operations
maintaining the operating margins will remain a key monitorable
factor.

* Working capital intensive operations: Gross current assets were
in the range of 387-664 days over the three fiscals ended March 31,
2022. Its intensive working capital management is reflected in its
gross current assets (GCA) of 387days as on March 31, 2022. Its's
large working capital requirements arise from its high debtor and
inventory levels. It is required to extend long credit period.
Furthermore, due to its business need, it holds large work in
process & inventory.


Strength:

* Extensive industry experience of the promoters: The promoter Mr.
Anand Patel has an experience of over 16 years in Civil
Construction industry. This has given them an understanding of the
dynamics of the market and enabled them to establish relationships
with suppliers and customers.

Liquidity: Poor

Bank limit utilization is high at around 101.28 percent for the
past twelve months ended Oct'22. Cash accrual are expected to be
over INR1.12 crore which are insufficient against term debt
obligation of INR1.50 crore over the medium term. However, there is
a delay observed in the repayment of term debt obligation over last
12 months.

Current ratio is at at 1.30 times on March31, 2022

Rating sensitivity factors

Upward Factors:

* Track record of timely servicing of debt and absence of any
irregularity, for at least 3 months
* Significant improvement in liquidity.

AI was established in 2008, it is located in Ahmedabad, Gujarat.
AI owned & managed by Ashok A Patel and Anandiben A. Patel. AI is
engaged in civil construction works, such as construction of roads,
bridges and tunnels.


BALAN AND CHHEDA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor:  Balan and Chheda Developers Private Limited
  A.F.F, 83/A N.G Acharya Marg
         Chembur Mumbai
         Mumbai City, MH 400071
         India

Insolvency Commencement Date: February 3, 2023

Estimated date of closure of
insolvency resolution process: August 2, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Miss Nayana Premji Savala
       1/101-A Vishal Susheel CHS, Nariman Road
       Vile Parle East, Mumbai 400057
       Email: nalinisavala@gmail.com
       Email: ballanchheda0223@gmail.com

Last date for
submission of claims: February 18, 2023

BASANDARI BOTTLERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Basandari Bottlers Private Limited
SCF-247, 1ST Floor Motor Market
        Manimajra, Chandigarh 160101

Insolvency Commencement Date: February 3, 2023

Estimated date of closure of
insolvency resolution process: August 2, 2023 (180 Days)

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Mr. Ankur Bansal
       SCO-66, Sector 47D
              Chandigarh 160047
       Email: ip.caankur@gmail.com

                 - and -
    
       SCO-818, 1st Floor
              Above Yes Bank, NAC
              Manimajra, Chandigarh 160101
       Email: cirp.basandari@gmail.com

Last date for
submission of claims: February 20, 2023


CEREBRA INTEGRATED: CRISIL Cuts Rating on LT/ST Debts to D
----------------------------------------------------------
CRISIL Ratings has downgraded the rating on the bank facilities of
Cerebra Integrated Technologies Limited (CITL) to 'CRISIL D/CRISIL
D' from 'CRISIL BB+ Stable/CRISIL A4+'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating        -        CRISIL D (Downgraded from
                                    'CRISIL BB+/Stable')

   Short Term Rating       -        CRISIL D (Downgraded from
                                    'CRISIL A4+ ')

The rating reflects the delay in servicing of debt obligations
(Adhoc limits).

The rating continues to reflect the CITL's working capital
intensive operations and volatility in margins and operating
income. These weaknesses are partially offset by the well
established customer base and diversified geographical reach and
comfortable capital structure.

Analytical Approach:

For arriving at the rating, CRISIL Rating has combined the business
and financial risk profiles of CITL and its wholly owned
subsidiaries Cerebra LPO India Limited and Cerebra Middle East
FZCO, Dubai. That's because the three entities have common
management and have significant financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital intensive operations: Company has large working
capital requirements as reflected in high GCA of around 377 days as
on fiscal ended 2022. Under trading division, the company caters
predominantly to various government agencies wherein around 30% of
the order value is retained by government as retention money and
warranty money. This retention money is released after end of
contract period which typically range from 3-5 years. As a result,
the debtors outstanding days was higher at over 300 days as on 31
March, 2022. This coupled with high inventory holding, resulting in
an elongated working capital requirement. As a result, the working
capital limit utilization for the company remains very high, with
full utilization for several months in the past 12 months ended Oct
2022. Working capital requirements are also supported partially by
stretch in payments to suppliers. The company pays the suppliers
only upon receipt of its payments from customers, and thus, the
creditor outstanding days were in the range of 187-302 days for the
past four fiscals ended 2022. In case of E-waste segment, the
payments are received within 10-15 days after the bill is raised.
Increase in revenues from e-waste segments is likely to result in
improved working

* Volatility in margins and operating income: About 95% of the
industry is handled by unorganised players, which operate without
any license and use unscientific methods to treat e-waste. Hence
the business performance is susceptible to the intense competition
in the industry. The revenues were in the range of INR70 – 385
crore in the past four fiscals, while also witnessing large
variations in the operating margins. Trading segment has lower
margins, while the margins are higher in e-waste business. Increase
in contribution from e-waste segment leading to better and stable
margins will remain a key sensitivity factor.

Strengths:

* Well established customer base and diversified geographical
reach: With presence of over a decade, CITL has established a
healthy relationship with its customers and suppliers. In the
hardware trading division, the company caters to several government
entities. Also, it caters to well established players such as
Samsung India Electronics Limited and LG Electronics in the e-waste
division. The company has built a strong track record which has
enabled the company in bagging repeat orders from its clients.

* Comfortable capital structure: The company has comfortable
capital structure, reflected by gearing of 0.13 times as on 31
March, 2022. Capital structure is supported by strong net worth of
INR255.50 crore as on same date, and also minimal reliance on
external debt to fund the working capital requirements. Going
forward, CRISIL Ratings expects the capital structure to remain
comfortable.

Liquidity: Poor

Liquidity is poor as reflected in delays in repayment of the adhoc
limits.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days
* Sustained improvement in scale of operations and operating
margins leading to higher cash accruals

CITL, was initially established as partnership firm in 1992 and
started its operation as manufacturing of computer systems and
trading of its peripherals, components, etc. In 1993 it was
converted to public limited company. CITL is currently engaged in
the business of e-waste recycling, refining and refurbishment,
electronic manufacturing services and IT infrastructure
management.

The company is listed on National Stock Exchange and BSE Ltd.


CHANDRALOK RESIDENCY: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Chandralok
Residency Private Limited (CRPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               5        CRISIL D (Issuer Not
                                    Cooperating)

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

CRPL, established in 2010, is setting up a 22-key hotel in Rewa,
Madhya Pradesh. The company is promoted by Rewa-based Mr. Satnam
Singh and Mr. Mohanveer Singh.


CROSS TRADE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cross Trade
Links (CTL) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bill Discounting      3.5        CRISIL D (Issuer Not
                                    Cooperating)
  
   Packing Credit        3.5        CRISIL D (Issuer Not
                                    Cooperating)

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

Set up in 2000 as a proprietorship firm by Mr Ashok Sharma, CTL
manufactures ready-made garments such as T-shirts, ladies' dresses,
and office wear, and exports entire production to South Africa, the
United States of America and the United Arab Emirates.


DESMI EQUIPMENTS: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Desmi
Equipments Private Limited (DEPL) continue to be 'CRISIL C Issuer
Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Long Term Loan          3.9        CRISIL C (Issuer Not
                                      Cooperating)

   Overdraft Facility      5          CRISIL C (Issuer Not
                                      Cooperating)

   Proposed Long Term
   Bank Loan Facility      6.1        CRISIL C (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with DEPL 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 DEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DEPL continues to be 'CRISIL C Issuer Not Cooperating'.

Incorporated in 1997 by Mr. Deepak Achuthan, DEPL manufactures
metal enclosures and wired panel assemblies in mild steel,
stainless steel, aluminium alloy and corten steel. The
manufacturing facility is located in Mumbai.


DHARANI SUGARS: NARCL Makes Binding Offer for Bad Loan
------------------------------------------------------
The Economic Times reports that the government-backed 'bad bank'
has offered to take over loans of Dharani Sugars and Chemicals, the
company that shot to fame after defeating the Reserve Bank of India
(RBI) in a landmark Supreme Court case that changed the rule of the
game in the country's distressed asset market.

ET relates that the National Asset Reconstruction Company (NARCL)
on Feb. 28 gave a INR222.5 crore binding offer for verified claims
of INR619 crore, said two people with knowledge of the matter.

Dharani Sugars and Chemicals Limited (DSCL), part of the PGP group
of companies based in Tamil Nadu was established in the year 1987
by Dr Palani G Periyasamy and his NRI Associates. The company is
engaged in the manufacture of sugar, industrial alcohol and
co-generation of power. DSCL has three sugar mills located across
Tamil Nadu. These units are located in Dharani Nagar (Tirunelveli
Dist.), Sankarapuram (Villupuram Dist.) and Polur (Thiruvannamalai
Dist.). Aggregate capacity of the company as on March 31, 2018, was
10,000 tonnes of cane crushed per day (TCD), 160 Kilo Liter per day
(KLPD) Distillery and 37 MW co-generation plant.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
17, 2021, the National Company Law Tribunal (NCLT) has admitted the
insolvency petition against Dharani Sugars and Chemicals Ltd. The
insolvency petition was filed by Bank of India for non-payment of
dues totaling INR28.24 crore.

According to The Hindu, Dharani Sugars had availed credit
facilities from a consortium led by Bank of India for projects
across Tamil Nadu. The account was declared a non-performing asset
on October 31, 2018, and the dues had not been settled, Bank of
India said.


DIVINE INFRACON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Divine
Infracon Private Limited (DIPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan             137        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              62        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              40        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              25        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              49.5      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              43.5      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              16        CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2006, DIPL operates a five-star hotel, Radisson
Blu, in Dwarka (New Delhi) under the Radisson brand managed by its
O&M partner, Carlson. DIPL commenced operations in April 2011 and
recorded revenue of Rs.238 million for the first half of fiscal
2013. The company incurred an operating loss of Rs.424 million in
the first half of fiscal 2013, mainly because of low occupancy rate
resulting in low cash generation. The company is promoted by Mr.
Sant Lal Aggarwal and Mr. Satish Kumar Pahwa, who have experience
in the real estate industry.


DURABLE CERAMICS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Durable
Ceramics Private Limited (DCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            13        CRISIL D (Issuer Not
                                    Cooperating)

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of DCPL and Durable
Transformers Pvt Ltd (DTPL). The two companies, together referred
to as the Durable group, have common teams managing key functions,
such as finance, marketing, and procurement, at the head office.
Also, they have inter-company transactions and have extended
corporate guarantees for each other's credit facilities.

DCPL, incorporated in July 2005, commenced commercial production in
April 2006. It manufactures bushings (used in transformers),
insulators (pin, disc, post, high-tension, and low-tension), and
plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1,000 kilovolt
ampere, and sells 10% of the output to DCPL.


DURABLE TRANSFORMERS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Durable
Transformers Private Limited (DCPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            14        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        4        CRISIL D (Issuer Not
                                    Cooperating)

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of DTPL and Durable Ceramics
Pvt Ltd (DCPL). The two companies, together referred to as the
Durable group, have common teams managing key functions, such as
finance, marketing, and procurement, at the head office. Also, they
have inter-company transactions and have extended corporate
guarantees for each other's credit facilities.

                           About the Group

DCPL, incorporated in July 2005, commenced commercial production in
April 2006. It manufactures bushings (used in transformers),
insulators (pin, disc, post, high-tension, and low-tension), and
plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1,000 kilovolt
ampere, and sells 10% of the output to DCPL.


EDIZ CERAMIC: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ediz Ceramic
Private Limited (ECPL) continue to be 'CRISIL C/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        1.06       CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           2.75       CRISIL C (Issuer Not
                                    Cooperating)

   Proposed Long Term    2.86       CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             2.33       CRISIL C (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ECPL 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 ECPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ECPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Set up in May 2013 as Florim Ceramic Pvt Ltd by Morbi-based Kalaria
family and renamed ECPL, following a change in management December
2014 (acquired by Mr Bishan), the company manufactures ceramic wall
tiles. The company has been taken over by Mr Pravin Patel and Mr
Dhirajlal Aghara and their family members, in 2017.


ELITE LEATHER: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Elite Leather International Private Limited
21/2 Vittalnagar, Chamarajpet
        Bangalore, KA 560018
        India

Liquidation Commencement Date: February 11, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: M V Sudarshan
     No.984/13, 8th Main
            Girinagar II Phase
     Bangalore KA 560085  
            KA, India
     Email: sudarshan.mv@outlook.com
     Mob: +91 96203 00691

Last date for
submission of claims: March 13, 2023

FAROUK SODAGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Farouk
Sodagar Darvesh and Co. Private Limited continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Funded Interest        17        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Letter of Credit       15        CRISIL D (Issuer Not
                                    Cooperating)

   Working Capital        85        CRISIL D (Issuer Not
   Term Loan                        Cooperating)

CRISIL Ratings has been consistently following up with Darvesh 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 Darvesh, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Darvesh is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Darvesh continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003, but discontinued the business in
2012 because of slowdown in the end-user industry (real estate).


FUTURE RETAIL: Fails to Get Any Revival Plan, Lenders to Meet Soon
------------------------------------------------------------------
The Economic Times reports that Future Retail (FRL) has failed to
receive any plan for its revival and the lenders of the Kishore
Biyani-promoted company are expected to meet soon in order to
decide the further course of action.

The last date for the submission of resolution plans for the
company was February 20, but the resolution professional did not
receive any proposals, FRL said in a stock exchange filing on Feb.
28, ET relates.

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer.  According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.

FUTURE RETAIL: Marico, RP Differ Over Firm's Insolvency
-------------------------------------------------------
Livemint.com reports that consumer products company Marico on March
1 moved the National Company Law Tribunal (NCLT) seeking its
intervention in admitting its claims as part of Future Retail's
corporate insolvency resolution process.

Livemint.com relates that Rishabh Jaisani, the counsel representing
the resolution professional (RP), said a reply was filed in
response to Marico's plea. "We already admitted 80-90% of Marico's
claims, and the remaining claims are under examination."

According to the report, Jaisani said Marico claimed INR22.08
crore, of which INR18.11 crore have been admitted but for the
remaining amount of INR3.97 crore, which it claimed as interest,
there are no supporting documents. The additional documents
submitted by Marico are yet to be examined, he added. Jay Zaveri,
appearing for Marico, said there are around 4,000 invoices which
showed that interest will be applicable after the due date in case
dues are not paid in time. This is the primary basis for Marico
seeking admission of the remaining claims, Zaveri said.

An NCLT bench led by Justice Shyam Babu Gautam posted the matter
for further consideration on March 15, Livemint.com relates.

Livemint.com says the company informed the exchanges on Feb. 28
that the resolution professional has not received any resolution
plan. The last date for submission of a plan was 20 February.
"Further course of action will be decided by the committee of
creditors," the filing said.

Earlier, 13 firms, including Reliance Retail, Capri Global Holdings
and United Biotech had evinced interest in buying Future Retail,
but none of the companies submitted their final plans to turn
around the company, the report states. Meanwhile, proxy advisory
firm InGovern Research Services, had written to the Securities and
Exchange Board of India (Sebi) seeking regulatory scrutiny on the
Future group companies. In a letter to Sebi chief Madhabi Puri
Buch, it said that a greater regulatory scrutiny is required by
Sebi and RBI as over INR60,000 crore of public wealth has already
been destroyed systematically by the promoters of the Future group.
InGovern also said that the Future group has a high number of
retail shareholders and the loss of wealth of public shareholders
will be much more than what it would be for the Adani group
companies, Livemint.com relays.

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer.  According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.



G N CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G N
Construction - Ambikapur (GNCA) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Bank Guarantee          0.7        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            12          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.3        CRISIL D (Issuer Not  
   Bank Loan Facility                 Cooperating)

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

GNC, set up in 2006 at Ambikapur, executes open cast mining
contracts involving removal of over burden and mineral excavation.
Mr Rishikant Singh is the promoter.


GAGAN WINE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gagan Wine
Trade and Financers Limited (GWTFL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             17       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term       8       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

GWTFL is a closely-held public limited company, based in Delhi. It
was incorporated in 1996 by promoter, Mr. Shiv Lala Doda, who has
experience of over two decades in the liquor distribution
business.


GANGA FABRICS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ganga Fabrics
(GF) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL D (Issuer Not
                                    Cooperating)

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

GF is a partnership firm that knits and processes yarn into fabric.
The firm was previously managed as a proprietorship concern and got
registered as a partnership firm in December 2011. The firm is
managed by its partners Mr. Ashok Kumar Ahuja and Mr. Abhay Kumar
Ahuja.



GIAN CHAND: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gian Chand
and Sons Private Limited (GCSPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           9.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          11.5        CRISIL D (Issuer Not
                                    Cooperating)

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

Established as a proprietorship firm in 1980 by Mr Gian Chand and
reconstituted as a private limited company in 1988, GCSPL dyes yarn
and fabric, and also manufactures knitted cloth at its unit in
Ludhiana. Operations are currently managed by Mr Gulshan Agrawal,
son of Mr Gian Chand.


GOLHAR GINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Golhar
Ginning & Oils Private Limited (GGOP) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.75       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        2.50       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        1.60       CRISIL D (Issuer Not
                                    Cooperating)

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

GGOPL was incorporated in November 2012, by Mr. Dhanraj Golhar
along with his brother Mr. Damodar Golhar. The company is engaged
in ginning of raw cotton (kapas); it began commercial production
from Nov 2014. The company has its manufacturing unit at
Hinganghat, Maharashtra.


GREEN SHIELD: CRISIL Keeps C Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Green Shield
Enterprises Private Limited (GSEPL) continue to be 'CRISIL C/CRISIL
A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            8.5       CRISIL C (Issuer Not
                                    Cooperating)

   Letter of Credit       1         CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Short Term    5.5       CRISIL A4 (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with GSEPL 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 GSEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSEPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

GSEPL was started by Ms Arti Kanodia in 2008; however, the company
started its operations from September 2012. GSEPL trades and
processes grey fabric as per customer requirements. The promoter
family has been in similar line of business since 1985.


INDIGO COLLECTIONS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Indigo
Collections Private Limited (ICPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Funded Interest       1.25       CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Packing Credit        2.26       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Fund-        4.94       CRISIL D (Issuer Not
   Based Bank Limits                Cooperating)

   Working Capital       1          CRISIL D (Issuer Not
   Term Loan                        Cooperating)

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

Originally established as a partnership concern in 2001, New
Delhi-based ICPL was reconstituted as a private limited company in
2005. It manufactures and exports readymade garments, primarily
women and kids' wear. Ms Upma Chandra and her family members are
the promoters.


JALNA SIDDHIVINAYAK: CRISIL Withdraws D Rating on INR50cr Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Jalna Siddhivinayak Alloys Private Limited (JSAPL; part of the
Jalna group) 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.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          6        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            50        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit            18        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

   Term Loan              20        CRISIL D/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with JSAPL for
obtaining information through letters and emails dated March 8,
2022 and March 12, 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 JSAPL. 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 JSAPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of JSAPL to 'CRISIL
D/CRISIL D Issuer not cooperating'.

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of JSAPL and Roopam Steel
Rolling Mills (RSRM). This is because these entities, together
referred to as the Jalna group, have significant business synergies
and fungible cash flows.

JSAPL, incorporated in 1999, manufactures MS billets and
thermo-mechanically treated (TMT) bars. The manufacturing facility
at Jalna has MS billets and TMT bar capacity of 66,000 and 42,000
tonne per annum. The sales of the TMT bars are through large
traders in and around central India under the brand Roopam.

With effect from March 31, 2018, a group entity - Roopam Steel
Rolling Mills (RSRM) having TMT capacity, was merged with JSAPL.


MA MAHAMAYA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MA Mahamaya
Rice Mill Private Limited (MMRMPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.24       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           6.00       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             1.90       CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2006, MMRMPL mills non-basmati parboiled rice at
its facility in Madhyamgram, West Bengal, and sells under the
Mahamaya Bhog brand. Operations are managed by the director, Mr
Sandip Hazra.


MAGDHA CREATIVE: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Magdha Creative Merchant LLP
4 Umiya Niwas, Old Maneklal Estate
Ghatkopar (West)
        Mumbai, Maharashtra 400086

Liquidation Commencement Date: January 24, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Prakash Dattatraya Naringrekar
     503-A, Blue Diamond CHS Ltd
     Chincholi Bunder, Link Road Junction
     Malad West, Mumbai 400064
     Email: prakash03041956@gmail.com

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

Last date for
submission of claims: March 8, 2023


MARKS PRYOR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Marks Pryor
Marking Technology Private Limited (Marks Pryor) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        2.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           8.5        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      1          CRISIL D (Issuer Not
                                    Cooperating)

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

Marks Pryor, established in 2005, is a JV between Mr. Dhiren Gupte
and Edward Pryor & Son Ltd, UK, a leading manufacturer of metal
indentation marking technology. The company provides customised
marking solutions to companies across industries, including
automobile, automobile ancillaries, oil and gas, engineering, and
capital goods. Its manufacturing facility is at Pune.


MAXFLOW PUMPS: CRISIL Keeps C Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maxflow Pumps
India Private Limited (Maxflow) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee       1.5         CRISIL A4 (Issuer Not
                                    Cooperating)

   Bills Discount/
   Cheque Purchase      0.5         CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit          3.5         CRISIL C (Issuer Not
                                    Cooperating)

   Letter of Credit     0.75        CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Long Term   0.35        CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Maxflow
Pumps 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 Maxflow, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Maxflow is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Maxflow continues to be 'CRISIL C/CRISIL A4 Issuer
Not Cooperating'.

Incorporated in 1972, Maxflow manufactures and installs pumps.
Government tender-based orders account for 40 per cent of revenue
and private industrial projects for the rest. The company is based
in Manesar (Haryana) and its operations are managed by Mr. Naresh
Arora.


MOTHER INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mother
Industries (MI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            1         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              5         CRISIL D (Issuer Not
                                    Cooperating)

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

MI was set up in 2006 as a proprietorship concern by Mr. Raju
Bharani. The firm, based in Vellore (Tamil Nadu), manufactures
semi-finished and finished leather, and caters to the footwear
industry.


MP JAYVEE: Voluntary Liquidation Process Case Summary
-----------------------------------------------------
Debtor: M/s. MP Jaypee Coal Fields Limited
Jaypee Nagar Rewa
        Madhya Pradesh 486450

Liquidation Commencement Date: February 6, 2023

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Mr. Amit Agrawal
     H-63, Vijay Chowk
            Laxmi Nagar
            Delhi 110092
     Email: amitagcs@gmail.com
     Contact No: 01143019279

Last date for
submission of claims: March 8, 2023

MUKTAR MINERALS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Muktar Minerals Private Limited
        Plot B-2, B-3, Phase I Verna Industrial Estate
        Verna, GA 403722
        India

Liquidation Commencement Date: February 1, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Anup Kumar Singh
     162/D/702 Lake Gardens, Kolkata 700045
            West Bengal
     Email: anup_singh@stellarinsolvency.com

               - and -

     1st Floor, Suite 1B, 22/28A Manoharpukur Road,
            Deshopriya Park, Kolkata 700029
            West Bengal
            Email: muktarminerals.sipl@gmail.com

Last date for
submission of claims: March 3, 2023

NELLUKKARAN'S FOODS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nellukkaran's
Foods and Feeds Private Limited (NFFPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            2.75      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              6.50      CRISIL D (Issuer Not
                                    Cooperating)

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

NFFPL, incorporated in 2011, manufactures poultry feed. It
commenced commercial operations in January 2016. Its manufacturing
facility in Mangaluru, Karnataka, has capacity to process 10 tonne
per hour of feed on a single-shift basis.


RAJKAMAL LOGISTIC: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Rajkamal Logistic Private Limited
Plot No. 14/15 Bhatpore, GIDC Off.
ONGC Plant Hariza
        Surat Gujarat 394510

Insolvency Commencement Date: February 7, 2023

Estimated date of closure of
insolvency resolution process: August 6, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Iqbal Singh Gandhi
       C/302, Rosewood Estate
              Near Prerna Tirth Jain Derasar
       Satellite, Ahmadabad
              Gujarat 380015
       Email: iqbalsingh2659@yahoo.com.in

                 - and -

       9B, Vardan Tower, Nr. Vimal House
        Lakhudi Cicrle
              Navrangpura, Ahmedabad 380014
       Email: cirp.rajkamal@gmail.com

Last date for
submission of claims: February 23, 2023


RAJMAL LAKHICHAND: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Rajmal Lakhichand Jewelers Private Limited
189 Johari Bazar
        Jalgaon, Maharashtra 425001

Insolvency Commencement Date: February 9, 2023

Estimated date of closure of
insolvency resolution process: August 7, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Harish Kant Kaushik
       F-1904, Sapphire Regency Towers
              Kavesar, Ghodbundar Road
       Thane (West), MH 400615
       Email: harishkant2007@gmail.com

                 - and -

       Unit No. 106, Kanakia Atrium - 2
              Cross Road 'A', Chakala MIDC
              Andheri East, Mumbai 400093
       Email: irp.rajmal@gmail.com

Last date for
submission of claims: February 24, 2023

SHELTREX KARJAT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sheltrex Karjat Private Limited
Tanaji Malushree City Site Shirse
Akurle, Karjat (West)
        Karjat Raigarh 410201

Insolvency Commencement Date: February 1, 2023

Estimated date of closure of
insolvency resolution process: August 5, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Arun Nandlal Agrawal
       Opp. Kshrisagar Hospital, R.P. Road,
       Jalna, Maharahtra 431203
       Email: irparun@gmail.com

                 - and -

       Office No.215, Gundecha Industrial Estate
       Akurli Road, Near Growels Mall
              Kandivali East, Mumbai 400101
              Contact Number: 7498532311

Last date for
submission of claims: February 20, 2023


SINGH CYCLE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Singh Cycle
And Motor Co. Private Limited (SCMCPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1        CRISIL D (Issuer Not
                                    Cooperating)

   Drop Line Overdraft     5        CRISIL D (Issuer Not
   Facility                         Cooperating)

   Inventory Funding      10        CRISIL D (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with SCMCPL for
obtaining information through letters and emails dated November 30,
2022 and January 30, 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 SCMCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SCMCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SCMCPL continue to be 'CRISIL D Issuer Not
Cooperating'.

SCMCPL was incorporated in fiscal 2013, promoted by Mr P S Bedi and
family. The company is the authorized dealer for HMIL's passenger
cars in Pune, Maharashtra. It commenced operations in January 2016
and currently has one showroom and two workshops in Pune.


SOHRAB SPINNING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sohrab
Spinning Mills Limited (SSML) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            16        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit        2        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term      2        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              12        CRISIL D (Issuer Not
                                    Cooperating)

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

Set up in 1989 by Mr Amjad Ali, SSML manufactures industrial yarn
that finds application mainly in the tyre industry. The remaining
revenue is derived from manufacture of hosiery yarn. The company
has a manufacturing facility in Malerkotla, Punjab.


UNITED CORPORATION: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United
Corporation (UC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Short Term     0.5      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with UC for
obtaining information through letters and emails dated November 30,
2022 and January 30, 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 UC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of UC
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 1977, UC trades in and distributes alcoholic beverages.
The firm is an authorised distributor for six districts in northern
West Bengal of Indian-made foreign liquor of Pernod Ricard India
Pvt Ltd, Jagatjit Industries Ltd (JIL), Radico Khaitan, Mohan
Meakin Ltd, and Beam Global Spirits & Wine; of beer manufactured by
Carlsberg India Pvt Ltd and InBev India International Ltd
(Budweiser); and of wines of Sula Vineyards Ltd (Sula Wine) and
Remy Martin. For JIL, Budweiser, and Sula Wine, UC is the exclusive
distributor in its area of operations.


VINERGY INTERNATIONAL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Vinergy International Private Limited
Gala No 16, Sunny Compound Rahana
        Bhiwandi Thane, Maharashtra 421302
        India

Insolvency Commencement Date: February 10, 2023

Estimated date of closure of
insolvency resolution process: August 9, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Vishal Pawankumar Bidawatjika
       Office No.307, 3rd Floor, Business Classic,
              Behind HP Petrol Pump, Near Chincholi Signals,
              Malad (West), Mumbai -400064
              E-mail: vinergy.cirp@gmail.com

Last date for
submission of claims: February 24, 2023




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

BANK SYARIAH: Fitch Assigns 'BB+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned state-owned PT Bank Syariah Indonesia
Tbk (BSI) a Long-Term Issuer Default Rating (IDR) of 'BB+' with a
Stable Outlook. Fitch has also assigned BSI a Short-Term IDR of 'B'
and Viability Rating of 'bb', and published its Shareholder Support
Rating (SSR) of 'bb+'.

KEY RATING DRIVERS

Support-Driven Ratings: BSI's ratings are driven by Fitch's
expectation of extraordinary support from its majority shareholder,
PT Bank Mandiri (Persero) Tbk (BBB-/ Stable/bb+), if required.
Mandiri owns a 51.5% stake in BSI. BSI's ratings are anchored from
Mandiri's IDR, reflecting Fitch's belief that support would be
allowed from the bank's ultimate parent, the Indonesian sovereign
(BBB/Stable).

Government Linkage: Fitch believes that BSI is an important
subsidiary of Mandiri, given its dominant position in the sharia
banking industry in Indonesia, a Muslim-majority country. This is
supported by BSI's increasing importance to the government, as seen
in the issuance of a special share class - typical among Indonesia
state-owned enterprises - to the government in 2022.

Systemically Important: BSI is Indonesia's largest sharia bank and
the seventh-largest bank by assets with a system market share of
around 3%. It has a share of about 38% in Indonesia's sharia bank
industry and is designated a domestic systemically important bank
with its systemic bank capital surcharge of 1%. Therefore, Fitch
believes the Indonesian regulator, OJK, is likely to favour
Mandiri's support of BSI, if needed.

Stable Operating Environment Outlook: Fitch expects that the
operating environment (OE) for Indonesian banks to be stable in the
near future as GDP growth is likely to be resilient in 2023 and
2024, which should support banks' loan demand and asset quality.
Fitch has assigned the OE score at 'bb+' with a stable outlook,
above the implied score in the 'b' category, due to a positive
adjustment for the Indonesian sovereign rating, reflecting greater
market and macroeconomic stability than the core metrics imply.

Moderate Domestic Franchise: BSI's business profile is underpinned
by its moderate domestic franchise overall, which is driven by its
very high market share in the domestic sharia bank industry. Fitch
expects the sharia market to continue to grow faster than the
conventional bank industry average, and BSI to benefit from its
association with its parent and the government. This is balanced by
its revenue sources, which are less diverse than those of larger
peers.

Stable Asset Quality: Fitch assesses BSI's asset quality at 'bb',
in line with its implied score, with stable outlook. This reflects
its view that, while Fitch expects BSI's reported non-performing
financing (NPF) ratio to decline, it will mostly reflect the bank's
aggressive financing growth in the near future and a fairly
unseasoned financing book. Fitch expects the overall asset quality
to be stable, driven by manageable NPF formation given BSI's
expansion in lower-risk segments and healthy - albeit moderating -
economic growth.

Improvement in Profitability: Fitch has assigned a score of 'bb'
for BSI's earnings and profitability, in line with its implied
score. Fitch expects BSI's profitability, measured by the ratio of
operating profit to risk-weighted assets (OP/RWA), to improve due
to robust financing growth in the consumer segment, which has lower
risk weight, and a relatively stable net interest margin (NIM).
Fitch expects financing (credit) costs to rise as its book seasons,
but to remain manageable in the near future due to lower risk of
its target segments.

Adequate Capital Buffer: Fitch assessed BSI's capitalisation and
leverage score at 'bb' with a stable outlook, reflecting its belief
that BSI's capitalisation after a rights issue would provide it
with adequate buffer against a potential rise in delinquencies,
although its capital ratio that will remain below that of peers.
Its assessment also assumes a continuation of high earnings
retention and provision of ordinary support from Mandiri to support
BSI's growth targets.

Adequate Funding Profile: Fitch believes that BSI's funding profile
is stronger than that of the majority of Indonesia's mid-sized
banks, owing to its large sharia banking franchise, which should
help the bank to raise deposits at a reasonable cost to fund its
high growth targets. Fitch assessed BSI's funding and liquidity
score at 'bb+' with a stable outlook.

RATING SENSITIVITIES

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

A downgrade of Mandiri's IDR would likely lead to a downgrade of
BSI's IDR and SSR. A downgrade of the sovereign rating could also
lead to a downgrade of BSI's IDR.

A downgrade of BSI's IDR and SSR could also result from a perceived
decline in the parent's propensity to provide support. This would
most likely stem from a reassessment of BSI's role in group, such
that Fitch believes that its contribution to Mandiri Group is no
longer substantial or that sharia banking is no longer an important
segment for the group. However, Fitch believes this to be unlikely
in the near future.

A downgrade of BSI's VR would most likely result from a
simultaneous and/or multi-notch downgrade in BSI's standalone
rating drivers. This would most likely arise from a lower OE score
for Indonesia's banks, but Fitch believes this to be unlikely in
the next 12-24 months.

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

An upgrade of Indonesia's sovereign rating could lead to an upgrade
of BSI's SSR and IDR.

An increase in BSI's importance to the group could also lead to an
upgrade of BSI's SSR and IDR. This would most likely result from
BSI's increasing integration with, and contribution to, the group.

Positive action on BSI's VR would most likely stem from a
simultaneous upward revision in BSI's standalone rating drivers.
This would most likely happen if we take positive action on the OE
score for Indonesia's banks.

VR ADJUSTMENTS

The Operating Environment score has been assigned above the implied
score due to the following adjustment reason(s): Sovereign Rating
(positive)

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.

   Entity/Debt                        Rating           Prior
   -----------                        ------           -----
PT Bank Syariah
Indonesia Tbk      LT IDR              BB+ New Rating    WD
                   ST IDR              B   New Rating
                   Viability           bb  New Rating
                   Shareholder Support bb+ Publish

NICKEL INDUSTRIES: Fitch Affirms LongTerm IDR at 'B+', Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has affirmed Nickel Industries Limited's (NIC)
Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is
Negative. Fitch has also affirmed NIC's USD325 million senior
unsecured notes at 'B+' with a Recovery Rating of 'RR4'.

The affirmation reflects its expectation that NIC will maintain its
EBITDA net leverage below 1.2x through to 2024 - a comfortable
level for its current rating - following its proposed acquisition
of projects totalling USD345 million as well as USD40 million in
options on battery nickel-related projects. The acquisitions are
low risk and will be equity funded, and will allow the company to
leverage its battery nickel strategy. The projects are currently in
operation with a demonstrated track record.

The Negative Outlook continues to reflect NIC's liquidity risk. The
company has USD325 million of maturing senior unsecured notes due
April 2024 and amortisation payments on senior secured notes over
2024 - although it has partly addressed this in August 2022 through
the issuance of USD225 million in senior secured term loans.
However, NIC's liquidity position could come under pressure in 2024
if it decides to exercise the options without additional funding,
including high-pressure acid leaching (HPAL), which is likely to
require more capital from NIC of around USD500 million.

KEY RATING DRIVERS

Battery Supply-Chain Strategy: NIC executed a strategic agreement
with Shanghai Decent Investment (Group) Co., Ltd (SDI) to acquire
10% interest in the Huayue Nickel Cobalt Project for USD270 million
from an affiliate of SDI and an additional 10% interest in the
Oracle Nickel Project (ONI) for USD75 million. It has also acquired
options to collaborate with SDI on battery nickel - USD25 million
to participate in DAWN HPAL and USD15 million in a high-grade
nickel matte converter that converts nickel pig iron (NPI) from ONI
into high-grade nickel matte, with an annual capacity of 50ktpa.

Potential Product Diversification: The acquisitions give NIC an
opportunity to increase product diversification and reduce
dependence on a single customer. They may also increase NIC's
exposure to higher-grade nickel. The company estimates its share of
Class 1 Nickel has the potential to increase to 50%-60%, with all
metal sold to customers not affiliated with the Tsingshan group.

Liquidity risk: NIC's USD325 million senior unsecured notes and
scheduled amortisation on senior secured debt are due in the
financial year ending December 2024 (FY24). Fitch forecasts the
company will generate USD492 million from operations in FY24,
driven by increasing production at ONI and stable margins, despite
an expected fall in nickel prices based on Fitch's price deck.
However, NIC could see a shortfall in liquidity if it decides to
exercise the options and embark on the USD500 million HPAL
investment in the absence of additional project funding.

Fitch believes this creates refinancing execution risk, given the
volatility in the offshore bond market and its limited record of
accessing bank funding other than senior secured term loans. This
will increase if NIC is not able to fully raise the remaining
USD286 million through a conditional equity placement later this
year. However, the risk is alleviated by growing cash flow as ONI
commences operations and by NIC's track record of consistent equity
issuance of over USD900 million since 2019.

Growing Production: Fitch estimates NIC's production scale will
more than double to above 100,000 tonnes (t) of nickel metal by
2023 (2021: 40,000t). This is supported by PT Angel Nickel Industry
(ANI) operating at full capacity since 4Q22 and a ramp-up in
production at ONI, which will reach full production in 3Q23. NIC
believes ONI can begin production on all four lines by end-March
2023. The SDI agreement also provides more growth options. NIC
estimates combined attributable production of 156ktpa if the
options are executed, lifting its market position to the top six
worldwide.

Single Commodity, Counterparty Exposures: ANI and ONI will improve
NIC's position as a significant global nickel producer. This is
counterbalanced by NIC's single-commodity exposure to NPI and sole
counterparty exposure to Tsingshan's related companies as its sole
off-taker. However, Fitch views such exposure as commensurate with
NIC's credit profile. NIC's operations and cash flow remained
stable in 2022 despite Tsingshan's significant loss on its nickel
short position in March 2022. Tsingshan has said it has secured
facilities with its consortium banks and will exit its position in
an orderly manner.

Improving Asset Diversification: Growing production at ANI helps
NIC's asset diversification, as ANI is located in Indonesia Weda
Bay Industrial Park (IWIP). NIC's current assets, including ONI,
are at Indonesia Morowali Industrial Park (IMIP). ANI achieving
full operation in 4Q22 increased NIC's production capacity to
66,000t per year, compared with 30,000t in 2021. ONI expects to
reach full production by end-2023, which further advances NIC's
capacity to 102,000t per annum.

Solid EBITDA Margin: NIC's solid cash cost position at its NPI
facilities and construction of its own power stations at ANI and
ONI should help it weather the impact of commodity price
fluctuations on its selling prices and input costs. We estimate
NIC's EBITDA margin will decline in 2022 to around 30% (2021: 38%),
although this does not account for effects from ANI operating at
full capacity and changes at PT Hengjaya Nickel Industry (HNI) to
produce higher-grade nickel matte. We expect the EBITDA margin to
be around 30%-33% through 2023 (2021: about 36%) under Fitch's
nickel price assumptions.

NIC's margin will also be supported by ANI's and ONI's similar
economic models. NIC's rotary kiln electric furnace processing
facilities - HNI and PT Ranger Nickel Industry (RNI) - are
strategically located at IMIP. Indonesia is one of the largest
nickel producers globally and the Morowali regency has some of the
country's largest nickel ore deposits. A ban on raw ore exports and
close proximity to ore supply give NIC the advantages of cheaper
raw material prices and low logistic costs.

DERIVATION SUMMARY

Fitch believes NIC has a better credit profile than Guangyang Antai
Holdings Limited (B/Stable). Guangyang Antai's larger operational
scale and revenue generation, as China's third-largest
stainless-steel producer, are offset by NIC's solid cash cost
position and credit metrics. Guangyang Antai's business profile and
margin are weighed down by its increasing exposure to the
lower-margin trading business.

NIC's cash flow generation is significantly better, with an EBITDA
margin of above 35%, supported by a strong cash cost position. In
comparison, Guangyang Antai's EBITDA margin is less than 5%. Fitch
expects NIC's EBITDA net leverage to be lower than Guangyang
Antai's above 2.5x. However, NIC's Negative Outlook reflects its
liquidity risk from the approaching maturity of its USD325 million
senior unsecured notes.

KEY ASSUMPTIONS

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

- Nickel price in line with the Fitch price deck

- Stable production at HNI, RNI and ANI in 2022-2025

- Full production at ONI to commence in 3Q23

- EBITDA margin of around 30%-33% in 2023-2025

- USD345 million to be paid in FY23 for new acquisitions

- Additional capex of USD1 billion during FY24-FY25 following the
execution of acquired options to participate in constructing the
DAWN HPAL plant

RATING SENSITIVITIES

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

- The Outlook may be revised to Stable if NIC demonstrates the
ability to accumulate enough cash flow to repay the 2024 senior
notes without the need to obtain a large amount of funding.

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

- Deteriorating liquidity position

LIQUIDITY AND DEBT STRUCTURE

Lumpy Debt Maturity: NIC had USD144.2 million in cash at
end-December 2022. It faces the maturity of USD325 million senior
unsecured notes in 2024, which is likely to coincide with
significant capex commitment. Liquidity should be supported by
positive free cash flow generation in 2022 and 2023. However, the
company has a large acquisition payment over the next 12 months,
which it plans to fund by raising equity.

ISSUER PROFILE

NIC is a producer of NPI and nickel matte, with four smelter assets
and one mining asset located in Indonesia. NIC holds 80% shares in
HNI, RNI and ANI, with the remaining 20% owned by SDI, a Tsingshan
group company. NIC also holds a 70% share in ONI, with the
remaining 30% owned by SDI. HNI, RNI, and ONI are located in the
IMIP area, while ANI is located in the IWIP area. NIC also holds an
80% share in PT Hengjaya Mineralindo, a nickel and cobalt deposit
in the Morowali area.

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.

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Nickel Industries
Limited              LT IDR B+  Affirmed              B+

   senior
   unsecured         LT     B+  Affirmed    RR4       B+



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

BIG DADDYS: Court to Hear Wind-Up Petition on March 9
-----------------------------------------------------
A petition to wind up the operations of Big Daddys Limited will be
heard before the High Court at Christchurch on March 9, 2023, at
10:00 a.m.

Bush Inn Shopping Centre Limited filed the petition against the
company on Jan. 16, 2023.

The Petitioner's solicitor is:

          Tracey Preston
          Level 7, 18 Shortland Street
          Auckland


HOON HAY: Creditors' Proofs of Debt Due on March 24
---------------------------------------------------
Creditors of Hoon Hay Automotive (2009) Limited are required to
file their proofs of debt by March 24, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 24, 2023.

The company's liquidators are:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


OROPI QUARRIES: Creditors' Proofs of Debt Due on March 24
---------------------------------------------------------
Creditors of Oropi Quarries Limited and RPL Services Limited are
required to file their proofs of debt by March 24, 2023, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 24, 2023.

The company's liquidators are:

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


P&A ENERGY: Court to Hear Wind-Up Petition on March 10
------------------------------------------------------
A petition to wind up the operations of P&A Energy Services (2014)
Limited will be heard before the High Court at New Plymouth on
March 10, 2023, at 2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on Dec. 9, 2022.

The Petitioner's solicitor is:

          C. D. Walmsley
          Inland Revenue, Legal Services
          21 Home Straigh
          PO Box 432
          Hamilton


PAINT ME: Creditors' Proofs of Debt Due on March 20
---------------------------------------------------
Creditors of Paint Me Limited are required to file their proofs of
debt by March 20, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 18, 2023.

The company's liquidators are:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road
          Auckland 1446




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

PAKISTAN: Moody's Cuts Issuer & Sr. Unsecured Debt Ratings to Caa3
------------------------------------------------------------------
Moody's Investors Service has downgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa3 from Caa1. Moody's has also downgraded the
rating for the senior unsecured MTN programme to (P)Caa3 from
(P)Caa1. Concurrently, Moody's has also changed the outlook to
stable from negative.

The decision to downgrade the ratings is driven by Moody's
assessment that Pakistan's increasingly fragile liquidity and
external position significantly raises default risks to a level
consistent with a Caa3 rating.

In particular, the country's foreign exchange reserves have fallen
to extremely low levels, far lower than necessary to cover its
imports needs and external debt obligations over the immediate and
medium term. Although the government is implementing some tax
measures to meet the conditions of the IMF programme and a
disbursement by the IMF may help to cover the country's immediate
needs, weak governance and heightened social risks impede
Pakistan's ability to continually implement the range of policies
that would secure large amounts of financing and decisively
mitigate risks to the balance of payments.

The stable outlook reflects Moody's assessment that the pressures
that Pakistan faces are consistent with a Caa3 rating level, with
broadly balanced risks. Significant external financing becoming
available in the very near term, such as through the disbursement
of the next tranches under the current IMF programme and related
financing, would reduce default risk potentially to a level
consistent with a higher rating. However, in the current extremely
fragile balance of payments situation, disbursements may not be
secured in time to avoid a default. Moreover, beyond the life of
the current IMF programme that ends in June 2023, there is very
limited visibility on Pakistan's sources of financing for its
sizeable external payments needs.

The downgrade to Caa3 from Caa1 rating also applies to the backed
foreign currency senior unsecured ratings for The Pakistan Global
Sukuk Programme Co Ltd. The associated payment obligations are, in
Moody's view, direct obligations of the Government of Pakistan.

Concurrent to the action, Moody's has lowered Pakistan's local and
foreign currency country ceilings to Caa1 and Caa3 from B2 and
Caa1, respectively. The two-notch gap between the local currency
ceiling and sovereign rating is driven by the government's
relatively large footprint in the economy, weak institutions, and
relatively high political and external vulnerability risk.  The
two-notch gap between the foreign currency ceiling and the local
currency ceiling reflects incomplete capital account convertibility
and relatively weak policy effectiveness. It also takes into
account material risks of transfer and convertibility restrictions
being imposed.

A List of Affected Credit Ratings is available at
https://bit.ly/3J6Swbg

RATINGS RATIONALE

RATIONALE FOR THE DOWNGRADE TO Caa3

LIQUDITY AND EXTERNAL VULNERABILITY RISKS WILL REMAIN ELEVATED FOR
THE FORSEEABLE FUTURE

Government liquidity and external vulnerability risks have risen
further since Moody's last review in October 2022. Pakistan's
foreign exchange reserves have declined to a critically low level,
sufficient to cover less than one month of imports. Amid delays in
securing official sector funding, risks that Pakistan may not be
able to source enough financing to meet its needs for the rest of
fiscal 2023 (ending June 2023) have increased. Beyond this fiscal
year, liquidity and external vulnerability risks will continue to
be elevated, as Pakistan's financing needs will remain significant
and financing sources are far from secure. At the same time,
prospects of the country materially increasing its foreign exchange
reserves are low.

Overall, Moody's estimates that Pakistan's external financing needs
for the rest of the fiscal year ending June 2023 to be around $11
billion, including the outstanding $7 billion external debt
payments due. The remainder includes the current account deficit,
taking into account a sharp narrowing as imports have contracted
markedly.

To meet these financing needs, Pakistan will need to secure
financing from the IMF and other multilateral and bilateral
partners. Despite recent delays, Moody's assumes successful
completion of the ninth review of the existing IMF programme,
although this is not secured yet. This would in turn catalyse
financing from other multilateral and bilateral partners. At the
same time, the government will also need to obtain the roll-over of
the $3 billion China SAFE deposits and secure  $3.3 billion worth
of refinancing from Chinese commercial banks for the rest of this
fiscal year. Of this $3.3 billion, Pakistan has already received a
deposit of $700 million from the China Development Bank on February
24, 2023.

While this year's external payments needs may be met, the liquidity
and external position next year will remain extremely fragile.
Pakistan's external debt repayments will remain high for the next
few years. Moody's estimates Pakistan's external financing needs
for fiscal 2024 are around $35-36 billion. Pakistan has about
$25-26 billion worth of external debt repayments (including
interest payments) to make in fiscal 2024, including a $1 billion
Eurobond due in April 2024. In addition, Moody's estimates
Pakistan's current account deficit at around $10 billion.

Pakistan's financing options beyond June 2023 are highly uncertain.
It is not clear that another IMF programme is under discussion and
if it does happen, how long the negotiations would take and what
conditions would be attached to it. However, in the absence of an
IMF programme, Pakistan is unlikely to unlock sufficient financing
from multilateral and bilateral partners.

PROSPECTS FOR FURTHER REFORMS CONSTRAINED BY ACUTE EXPOSURE TO
SOCIAL RISKS AND WEAK GOVERNANCE

Elevated social risks and weak governance compound the government's
difficulty in advancing further reforms. Households are already
facing high and increasing costs of living. Inflation in Pakistan
is very high, with food inflation at 42.9% and transport inflation
at 39.1% year-on-year in January 2023. Headline inflation is likely
to rise further as energy prices increase in tandem with the
removal of energy subsidies. Implementing further measures to raise
revenue or cut spending in this environment is extremely socially
and politically challenging.

At the same time, reform measures to raise fiscal revenue are
likely to remain key to unlocking further financing from the IMF,
as they will help to alleviate debt sustainability risks. In
particular, Pakistan has very weak debt affordability. Moody's
estimates that interest payments will increase to around 50% of
government revenue in fiscal 2023 and stabilise at this level for
the next few years. A significant share of revenue going towards
interest payments will increasingly constrain the government's
capacity to service its debt while also meeting the population's
essential social spending needs.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's assessment that the credit
pressures that Pakistan faces are broadly balanced at a Caa3 rating
level.

Continued IMF engagement, including beyond the current programme,
would likely help to support additional financing from other
multilateral and bilateral partners, which could reduce default
risk, if this is achieved urgently and without further raising
social pressures. Conversely, this fiscal year or beyond, financing
from the IMF and other partners may not be disbursed in time,
which, given the extremely low reserves position, could lead to
default.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Pakistan's ESG credit impact score is highly negative (CIS-4),
reflecting its very high exposure to social risks and weak
governance profile, as well as its high exposure to environmental
risks. Pakistan's weak governance and institutions and its very
weak fiscal strength constrain the government's capacity to address
ESG risks.

Exposure to environmental risk is highly negative (E-4 issuer
profile score) because of Pakistan's vulnerability to climate
change and the limited supply of clean, fresh and safe water.
Pakistan drains a significant proportion of its scarce fresh water
resources every year, and a large share of its population is
exposed to unsafe drinking water. Water utility services tend to be
intermittent, because of high leakage levels, limited supply and
insufficient access to power. The inadequate quality of drinking
water has health and economic consequences for Pakistan, such as
contributing to stunting which undermines human capital.  With
varied climates across the nation, Pakistan is significantly
exposed to extreme weather events, including tropical cyclones,
drought, floods and extreme temperatures. In particular, the
magnitude and dispersion of seasonal monsoon rainfall influence
agricultural sector growth and rural household consumption.
Agriculture accounts for around 20% of GDP and exports, and nearly
40% of total employment. Overall, around 70% of the entire
population live in rural areas. As a result, both droughts and
floods can create economic, fiscal and social costs for the
sovereign.

Exposure to social risk is very highly negative (S-5 issuer profile
score). Very low incomes as well as limited access to quality
healthcare, basic services, housing and education, especially in
rural areas, together with safety concerns, are important social
issues. Social risks have increased alongside persistent upward
pressures on inflation. Households are likely to continue facing
difficult conditions in the foreseeable future. As a significant
share of revenue goes towards interest payments, it will
increasingly constrain the government's capacity to service its
debt while also meeting the population's essential social spending
needs.

Pakistan's governance risk exposure is highly negative (G-4 issuer
profile score). International surveys of various indicators of
governance, while showing some early signs of improvement, continue
to point to weak rule of law and control of corruption, as well as
limited government effectiveness. Fiscal policy effectiveness is
particularly low, resulting in a persistently narrow revenue base
that constrains the government's capacity to address the country's
needs.

GDP per capita (PPP basis, US$): 5,987 (2021) (also known as Per
Capita Income)

Real GDP growth (% change): 5.7% (2021) (also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 9.6% (2021)

Gen. Gov. Financial Balance/GDP: -6% (2021) (also known as Fiscal
Balance)

Current Account Balance/GDP: -0.8% (2021) (also known as External
Balance)

External debt/GDP: 35.1% (2021)

Economic resiliency: ba3

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On February 23, 2023, a rating committee was called to discuss the
rating of the Pakistan, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutions and governance strength, have materially
decreased. The issuer's fiscal or financial strength, including its
debt profile, has not materially changed. The issuer has become
increasingly susceptible to event risks.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

The rating would likely be upgraded if Pakistan's government
liquidity and external vulnerability risks decreased materially and
durably. This could come with a sustainable increase in foreign
exchange reserves. A resumption of fiscal consolidation, including
through implementing revenue-raising measures, pointing to a
meaningful improvement in debt affordability would also be credit
positive.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The rating would likely be downgraded if Pakistan were to default
on its debt obligations to private-sector creditors and the
expected losses to creditors as a result of any restructuring were
larger than consistent with a Caa3 rating.

The principal methodology used in these ratings was Sovereigns
published in November 2022.



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

COSCO SHIPPING: Final Meeting Set for March 31
----------------------------------------------
Members and creditors of Cosco Shipping (S) Agencies Pte. Ltd.,
T.N.K. Precision Engineering Work Pte Ltd, and Akaraka Limited will
hold their final meeting on March 31, 2023, at 10:00 a.m., 12:30
p.m., and 5:00 p.m., via electronic means.

At the meeting, Tee Wey Lih, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


EAST COPPER: Creditors' Proofs of Debt Due on April 3
-----------------------------------------------------
Creditors of East Copper Holdings Private Limited are required to
file their proofs of debt by April 3, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 21, 2023.

The company's liquidator is:

          Balasubramaniam Janamanchi
          c/o JBS Practice Pac.
          137 Telok Ayer Street
          #05-03
          Singapore 068602


PROPERTYGURU GROUP: Posts SGD5MM Net Loss in Qtr Ended Dec. 31
--------------------------------------------------------------
PropertyGuru Group Limited on March 1 announced financial results
for the quarter ended December 31, 2022. Revenue of SGD40 million
in the fourth quarter 2022 increased 17% year over year. Net loss
was SGD5 million in the fourth quarter and Adjusted EBITDA was a
positive SGD5 million. This compares to a net loss of SGD27 million
and Adjusted EBITDA loss of SGD4 million in the fourth quarter of
2021.

Management Commentary

Hari V. Krishnan, Chief Executive Officer and Managing Director,
said: "We are pleased with our results, as PropertyGuru performed
well in the face of several transitory challenges that continue to
impact our core markets. While rising interest rates and government
credit intervention weighed on market activity, we remained
resilient and delivered good growth by helping our customers
navigate the challenges they faced and confirming the value add of
our solutions in all phases of the real estate cycle."

"Last year was a historic year for PropertyGuru, as we took the
next step in our company's evolution by listing on the NYSE. Going
forward, we see great opportunity in 2023 and beyond as we continue
to offer our customers differentiated solutions while looking to
opportunistically deploy capital to accelerate the Company's
ongoing expansion. Sendhelper is a good example of a strategic
acquisition we are excited about given the value it creates for our
large audience base, and the underlying synergies between the
companies," Mr. Krishnan continued. "Rising rates, global
inflation, and governmental fiscal activity are challenges that
will need to be navigated in the near-term. We remain bullish on
our ability to deliver value to our customers as we digitize the
property ecosystem and bring transparency and efficiency. We
believe that our markets in Southeast Asia will be at the forefront
of future global growth."

Joe Dische, Chief Financial Officer, added: "PropertyGuru delivered
strong 35% revenue growth in 20224, with all our segments
performing well despite challenging operating conditions. We are
pleased with how well our business responded, with proactive cost
control actions contributing to a SGD25 million year over year
improvement in Adjusted EBITDA. Our actions in 2022 have laid the
foundation for further revenue growth and improvements in operating
performance. We continue to scale the business, accelerate the
realization of our investments, and leverage the deployment of
further growth capital."

Financial Highlights – Fourth Quarter and Full Year 2022

   * Total revenue increased 17% to SGD40 million in the fourth
quarter as compared to the previous year and increased 35% to
SGD136 million year over year.

   * Marketplaces revenues increased 15% to SGD38 million in the
fourth quarter as compared to the previous year and increased 34%
to SGD131 million year over year, as continued strength in
Singapore and Malaysia offset challenges in the Vietnam market due
to credit restrictions in the latter part of the year.

      - Singapore Marketplaces revenue increased 15% to SGD19
        million in the fourth quarter as compared to the previous
        year and increased 24% to SGD69 million year over year as
        a result of both increased Average Revenue Per Agent
        ("ARPA") and an increase in overall agents. Quarterly ARPA

        was up 20% in the fourth quarter to SGD1,076 as compared
        to the previous year and up 24% year over year to       
        SGD4,078 in 2022. In the fourth quarter, there were 15,529

        agents with a renewal rate of 79% in the quarter.

      - Malaysia Marketplaces revenue increased 28% to SGD8
        million in the fourth quarter as compared to the previous
        year and increased 77% to $25 million year over year, as
        the Company continues to leverage our two market leading
        brands and benefit from the acquisition of the iProperty
        business in August 2021.

      - Vietnam Marketplaces revenue decreased 7% to SGD6 million
        in the fourth quarter as compared to the previous year and

        increased 28% to SGD24 million year over year, as
        governmental actions to tighten credit impacted the
        overall number of listings in the market. The number of
        listings was down 22% to 1.6 million in the fourth quarter

        as compared to the prior year quarter. The average revenue

        per listing ("ARPL") was up 22% to SGD3.25 in the fourth
        quarter as compared to the prior year quarter and up 8% to

        SGD2.97 year over year.

   * At year-end, cash and cash equivalents was SGD309 million.


Strong Category Leadership Drives Long-Term Growth Opportunities

As of December 31, 2022, PropertyGuru continued its Engagement
Market Share1 leadership in Singapore, Vietnam, Malaysia, and
Thailand.

   Singapore: 81% - 5.2x the closest peer
   Thailand:  58% - 2.5x the closest peer
   Vietnam:   75% - 3.1x the closest peer
   Indonesia: 22% - 0.3x the closest peer
   Malaysia:  93% - 15.2x the closest peer

Full Year 2023 Outlook

The Company anticipates full year 2023 revenues of between SGD160
million and SGD170 million and Adjusted EBITDA of between SGD11
million and SGD15 million. In the near-term, the integration and
scaling of the Sendhelper acquisition is expected to negatively
impact profitability by SGD3 million to SGD4 million in 2023.
Beginning in the first quarter of 2023, the Company will no longer
remove the ongoing cost of being a listed entity when calculating
Adjusted EBITDA. For 2023, the Company anticipates that such costs
will be between SGD11 million to SGD12 million. For 2022, such
costs were SGD11 million, and on this basis the Company's full year
2022 Adjusted EBITDA would be SGD3 million.

The following short-term factors may continue to impact the
Company's operations and warrant a conservative outlook in 2023:
actions by the government of Vietnam to rein in the availability of
consumer credit, residual political uncertainty in Malaysia,
tightened residential policies in Singapore, a lack of clarity in
global fiscal policy stemming from rising interest rates, greater
inflationary pressures, and global supply chain issues.
Longer-term, the Company remains bullish on its growth trajectory,
prospects for improving profitability, and the fundamental
opportunity that exists in our core markets.

                         About PropertyGuru

Based in Singapore, PropertyGuru Limited ((NYSE: PGRU) --
https://www.propertyguru.com.sg/ -- operates online property
classifieds marketplaces in Singapore, Vietnam, Malaysia, Thailand,
and Indonesia. It serves agents and developers to advertise
residential and commercial properties for sale or rent to property
seekers.

PropertyGuru Group reported net losses of SGD38.51 million,
SGD14.41 million and SGD187.41 million for the year ended Dec. 31,
2019, 2020 and 2021, respectively.


UNIVERSAL TRAVELLER: Final Meetings Set for March 21
----------------------------------------------------
Members and creditors of Universal Traveller Pte. Ltd., Brightoil
319 Oil Tanker Pte. Ltd., Brightoil 326 Oil Tanker Pte. Ltd.,
Brightoil 329 Oil Tanker Pte. Ltd., Brightoil 688 Oil Tanker Pte.
Ltd., Yunnan Garden Restaurant (2006) Pte Ltd, Hearti Lab Pte Ltd,
and Idee Enterprise Pte Ltd, will hold their final meeting on March
21, 2023, at 10:00 a.m., at 9:00 a.m., 10:30 a.m., 11:00 a.m.,
11:30 a.m., 12:00 p.m., 14:00 p.m., 15:00 p.m., and 16:00 p.m.,
respectively.

At the meeting, Tee Wey Lih, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


X DIAMOND: Court to Hear Judicial Management Bid on March 23
------------------------------------------------------------
A petition to place the operations of X diamond capital Pte ltd
under Judicial Management will be heard before the High Court of
Singapore on March 23, 2023, at 2:30 p.m.

The application to place the company under Judicial Management was
filed on Feb. 21, 2023.

Tam Chee Chong of Kairos Corporate Advisory Pte Ltd has been
nominated as the Judicial Manager.



                           *********


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
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Information contained herein is obtained from sources believed
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