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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

          Wednesday, March 8, 2023, Vol. 26, No. 49

                           Headlines



A U S T R A L I A

A PLUS: First Creditors' Meeting Set for March 10
AKIDA PTY: Second Creditors' Meetings Set for March 13
ALLIED CREDIT 2021-1: Moody's Hikes Rating on Class F Notes to Ba3
ART OF WORK: Second Creditors' Meeting Set for March 9
FUNDSQUIRE GROUP: Cor Cordis Appointed as Liquidators

HOUSE SPAGHETTI: Second Creditors' Meeting Set for March 8
IC TRUST 2023-1: Moody's Assigns B2 Rating to AUD3.5MM Cl. D Notes
INFRABUILD AUSTRALIA: Moody's Affirms 'Caa1' CFR, Outlook Negative
KOBLE PROJECTS: Builder Goes Into Administration
PBS BUILDING: Collapses Into Voluntary Administration

REDZED TRUST 2022-1: Moody's Hikes Rating on Class E Notes to Ba1
SCOTT'S REFRIGERATED: Supermarkets Seek to Safeguard Supply
SELECTAV PTY: Second Creditors' Meeting Set for March 7
TAURO CAPITAL: Founder Transferred Shares to Personal Vehicle


C A M B O D I A

NAGACORP LTD: S&P Downgrades ICR to 'B' on Refinancing Risk


C H I N A

CAR INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative


I N D I A

ABHA AGRO: Ind-Ra Affirms & Withdraws BB+ Long Term Issuer Rating
APPDYNAMICS TECH: Voluntary Liquidation Process Case Summary
CENTRAL RAILSIDE: Voluntary Liquidation Process Case Summary
DECIMAL WEALTH: Voluntary Liquidation Process Case Summary
DHANALAKSHMI TRADERS: CRISIL Keeps D Ratings in Not Cooperating

DHANVANTARI MILK: Liquidation Process Case Summary
DSI UNDERGROUND: Voluntary Liquidation Process Case Summary
DURGASHREE CASHEWS: CRISIL Moves D Ratings to Not Cooperating
FOXDOM TECHNOLOGIES: Insolvency Resolution Process Case Summary
GANPATI RIDHI: CRISIL Keeps D Debt Ratings in Not Cooperating

GILLCO DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating
GRAND REALITY: Insolvency Resolution Process Case Summary
HARIDARSHAN JEWELLERS: ICRA Keeps D Ratings in Not Cooperating
INDUSTRIES PRIVATE: CRISIL Keeps D Debt Rating in Not Cooperating
INFRO-ALLIANCE TRADING: Liquidation Process Case Summary

J.Y. INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
JOSEPH JOHN: Ind-Ra Hikes Long Term Issuer Rating to BB-
KAVAN COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
KHODIYAR OIL: ICRA Keeps D Debt Rating in Not Cooperating
KODAK ALARIS: Voluntary Liquidation Process Case Summary

LUMATA DIGITAL: Insolvency Resolution Process Case Summary
MALAPRABHA SAHAKARI: Ind-Ra Moves 'D' Rating to Non-Cooperating
MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
NDT TRADE: Liquidation Process Case Summary
OIL COUNTRY: ICRA Withdraws D Rating on INR125cr LT/ST Loan

PARAMSHAKTI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
PRITHVI DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
PROTAC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
RANCHI EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating
REALTEK ESTATES: Voluntary Liquidation Process Case Summary

REALTIME TECHSOLUTIONS: ICRA Keeps D Ratings in Not Cooperating
REGEN POWERTECH: ICRA Keeps D Debt Ratings in Not Cooperating
RGC INDUSTRIES: Voluntary Liquidation Process Case Summary
ROBBINS TUNNELING: Ind-Ra Keeps BB+ Rating in Non-Cooperating
SADAHARI SHAKTI: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating

SALASAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
SHAKTI AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
SHANKAR RICE: CRISIL Keeps D Debt Rating in Not Cooperating
SHEEN GOLDEN: Ind-Ra Cuts Long-Term Issuer Rating to BB+
SHRINIVAS ELECTRICALS: CRISIL Keeps D Ratings in Not Cooperating

SHRINIVAS ELECTRICALS: Liquidation Process Case Summary
SUPER FINE: CRISIL Keeps D Debt Rating in Not Cooperating
SUPREME COATED: Liquidation Process Case Summary
SVM CERA: ICRA Keeps D Debt Ratings in Not Cooperating Category
TIRUPUR PLAZA: Liquidation Process Case Summary

TURNING POINT: Liquidation Process Case Summary
UDIT TOLLHIGHWAYS: Ind-Ra Assigns BB Loan Rating, Outlook Stable
UNISHIRE URBANSCAPE: CRISIL Keeps D Rating in Not Cooperating
VIJETA PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
VISHWAKARMA COLD: CRISIL Keeps D Debt Rating in Not Cooperating

VVR INNOVATE: Liquidation Process Case Summary
ZEE ENTERTAINMENT: Creditor Withdraws Insolvency Plea


N E W   Z E A L A N D

BIG CATS: Placed Into Involuntary Liquidation
BRAK BURNS: Court to Hear Wind-Up Petition on March 13
JAMES TYLER: Creditors' Proofs of Debt Due on March 24
RAINBOW CORNER: Court to Hear Wind-Up Petition on March 17
THRIVE HEALTH: Creditors' Proofs of Debt Due on March 29

VEHICLE IMPORTS: Creditors' Proofs of Debt Due on March 28


S I N G A P O R E

AVON INTERNATIONAL: Creditors' Meeting Set for March 13
CESL CAPITAL: Commences Wind-Up Proceedings
NEWISH TRANSPORTATION: Court to Hear Wind-Up Petition on March 24
PEREGRINE EXPLORATION: Creditors' Proofs of Debt Due on April 6
SINHAN HOLDING: Court Enters Wind-Up Order



S R I   L A N K A

SRI LANKA: China Said to Back Debt Plan, Paving Way for IMF Loan


V I E T N A M

BIM LAND: Fitch Affirms 'B' LongTerm IDR, Alters Outlook to Neg.

                           - - - - -


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

A PLUS: First Creditors' Meeting Set for March 10
-------------------------------------------------
A first meeting of the creditors in the proceedings of A Plus
Excavations Pty Ltd will be held on March 10, 2023, at 10:00 a.m.
at Suite 2, Level 5, 3 Horwood Place in Parramatta and via virtual
meeting technology.

Michael James Billingsley and Neil Robert Cussen of Cor Cordis were
appointed as administrators of the company on Feb. 28, 2023.

AKIDA PTY: Second Creditors' Meetings Set for March 13
------------------------------------------------------
A second meeting of creditors in the proceedings of Akida Pty. Ltd.
and Asante Rae Pty Ltd, trading as Nasi Lemak Korner, has been set
for March 13, 2023 at 1:00 p.m. and 1:30 p.m. respectively, at the
offices of BRI Ferrier Western Australia at Unit 3, Level 1, 99-101
Francis Street in Northbridge 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 10, 2023 at 4:00 p.m.

Shaun William Boyle of BRI Ferrier WA was appointed as
administrators of the company on Feb. 3, 2023.


ALLIED CREDIT 2021-1: Moody's Hikes Rating on Class F Notes to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded ratings on five classes of
notes issued by Allied Credit ABS Trust 2021-1.

Issuer: Allied Credit ABS Trust 2021-1

Class B Notes, Upgraded to Aa1 (sf); previously on Oct 15, 2021
Affirmed Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Oct 15, 2021
Affirmed A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Oct 15, 2021
Affirmed Baa2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Oct 15, 2021
Affirmed Ba2 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Oct 15, 2021
Affirmed B2 (sf)

RATINGS RATIONALE

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

Following the February 2023 payment date, the note subordination
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 22.4%, 15.3%, 11.0%, 5.0% and 3.4%
respectively, from 17.1%, 11.4%, 7.9%, 3.0%, and 1.7% at closing.

As of end-January 2023, 3.0% of the outstanding pool was 30-plus
day delinquent and 0.4% was 90-plus day delinquent. The portfolio
has incurred 0.7% (as a percentage of original pool) of net losses
to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected default assumption to 5.0% as a
percentage of the current pool balance (equivalent to 3.4% as a
percentage of original pool balance), compared with 5.9% of the
pool balance at closing. Moody's has lowered the Aaa portfolio
credit enhancement to 26%, compared with 29.0% at closing.

The transaction is a securitisation of loans backed by motorcycle,
marine and other assets originated by Allied Credit Pty Ltd.

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

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

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.

ART OF WORK: Second Creditors' Meeting Set for March 9
------------------------------------------------------
A second meeting of creditors in the proceedings of Art of Work Pty
Ltd has been set for March 9, 2023 at 11:30 a.m. at the offices of
Kennedy Ryan Advisory via electronic means (Zoom).

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 8, 2023 at 4:00 p.m.

Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on Feb. 2, 2023.


FUNDSQUIRE GROUP: Cor Cordis Appointed as Liquidators
-----------------------------------------------------
Rachel Burdett and Barry Wight of Cor Cordis were appointed as
joint and several Liquidators of the Fundsquire Group, on Feb. 23,
2023.

Founded in 2016, Fundsquire Group was a global startup and scale-up
growth funding specialist with offices in Australia, the UK, and
Canada. They worked with entrepreneurs to grow their businesses by
providing access to capital - beyond selling equity. The withdrawal
of the debt funding facility in November 2022 impacted the
viability of the Fundsquire group, laying off their workforce in
December 2022.

Cor Cordis will now assess the Fundsquire Group, realise any
available assets of the companies, and conduct investigations into
any potential claims.  A detailed report will be provided to
creditors and stakeholders in due course.


HOUSE SPAGHETTI: Second Creditors' Meeting Set for March 8
----------------------------------------------------------
A second meeting of creditors in the proceedings of House Spaghetti
Pty Ltd, trading as "Spaghettihouse", "the Spaghettihouse", and
"the Spaghetti House Trattoria", has been set for March 8, 2023 at
1:00 p.m. 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 7, 2023 at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Feb. 1, 2023.


IC TRUST 2023-1: Moody's Assigns B2 Rating to AUD3.5MM Cl. D Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited as
trustee of IC Trust 2023-1.

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

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

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

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

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

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

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

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

RATINGS RATIONALE

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

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

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

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

Notable transactional features are as follows:

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

Once step-down conditions are satisfied, all notes, excluding the
Class D Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, that the subordination
to the Class A Notes is at least 1.5 times the initial level of
subordination, and that there are no unreimbursed charge-offs.

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

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

Key model and portfolio assumptions:

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

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

Key pool characteristics are as follows:

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

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

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

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

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

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

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

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

Upgrade

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

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

Downgrade

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

INFRABUILD AUSTRALIA: Moody's Affirms 'Caa1' CFR, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 corporate family
rating and backed senior secured notes rating of InfraBuild
Australia Pty Ltd. The outlook remains negative.

RATINGS RATIONALE

InfraBuild's Caa1 ratings and negative outlook primarily reflect
Moody's view that refinancing risks facing the company are ongoing.
While strong earnings and solid free cash flow generation over the
last 12-18 months allowed InfraBuild to repay its senior secured
ABL facility in September 2022, the company still has not
demonstrated material access to external financing since it issued
its USD325 million (around AUD480 million) of senior secured notes
in October 2019. Moody's believes the company not securing a
refinancing for the ABL prior to maturity, combined with the tight
funding conditions prevailing in the current economic environment,
create ongoing material refinancing risk in respect of the
company's senior secured notes due October 2024.

Further, InfraBuild also notified the market in late 2022 that it
was proposing to acquire Liberty Steel Group USA (Liberty USA),
another entity independently owned by the GFG Alliance (GFG), for a
total consideration of USD600 million. InfraBuild plans to fund the
proposed transaction with USD300-350 million of senior secured
asset-based lending and USD300 million of amortising notes issued
to GFG.

If completed and funded under the proposed structure, the
acquisition will be a first step in demonstrating access to
material external finance, provide additional earnings, and
increase InfraBuild's scale and diversity. However, it will also
introduce USD75 million (around AUD110 million) per annum of
amortization payments, which will reduce liquidity that could have
been available when the secured notes come due. Further, while the
ability to secure asset-based lending to fund the transaction will
demonstrate access to external financing, this will also encumber
assets that could have been used to help secure funding for a
refinancing of the senior secured notes.    

While refinancing risk currently remains the key driver for
InfraBuild's ratings, the company's credit profile has been
supported by successful execution on its initiatives to improve its
operating profile, which combined with strong steel demand and
pricing conditions in Australia over the last 12-18 months, has led
to material earnings growth and an ongoing trend of improving
credit metrics.

The company's EBITDA generation and credit metrics for the first
half of fiscal 2023 were ahead of Moody's previous expectations
and, while the agency expects weaker operating conditions in the
second half of the fiscal year, under its base case assumptions
InfraBuild should still generate EBITDA margins near 10% and
register debt/EBITDA of around 1.5x prior to acquisitions. If the
US Steel acquisition completes prior to fiscal year end, Moody's
expects debt/EBITDA will be closer 3.00-3.25x.

Moody's also expects that operating performance, combined with
sustained progress on initiatives to improve working capital, will
allow for still solid cash flow from operations and cash balances
over the next 12-18 months. Infrabuild reported an available cash
balance of around AUD325 million (excludes around AUD95 million of
restricted cash) as of December 2022.

InfraBuild's credit profile continues to benefit from its strong
market position in steel long products in Australia and a
vertically integrated business model with a flexible operating
profile. The company's credit profile also reflects its consistent
production levels, improvement programs to reduce its cost profile
and working capital position, and still solid demand for long steel
in the Australian market.

In addition to refinancing risk, InfraBuild's credit profile also
remains constrained by its dependence on cyclical construction end
markets, its exposure to volatile steel and scrap prices and its
current focus on acquisitive growth investments. Furthermore, the
credit profile continues to reflect the contagion risks from
funding issues affecting the GFG Alliance (GFG) -- which ultimately
owns InfraBuild -- following the collapse of Greensill Capital.

Given the strength of InfraBuild's operations and Moody's
expectations for credit metrics to be in line with peers at higher
rating levels, successfully reducing refinancing risk, either
through completing the refinancing of the notes, or generating free
cash flow significantly above Moody's current forecasts, could lead
to positive rating momentum as this would materially improve
InfraBuild's liquidity profile.

ESG CONSIDERATIONS

InfraBuild has a moderately negative exposure to environmental
risks considerations (E-3). Environmental challenges consist of
increased environmental regulation associated with pollution and
climate change and carbon transition risks. This risk is somewhat
tempered since the company is an EAF steel producer, which while
having significant energy requirements, produces substantially
lower carbon emissions than a blast furnace steel producer. It is
also vertically integrated with scrap collection and processing
operations which reduces waste.

The company also has moderately negative exposure to social risk
considerations (S-3). This primarily reflects health and safety
risks inherent in its steelmaking and downstream processing
operations and the company's need to comply with stringent
compliance and safety standards. But as an EAF producer Moody's
view these safety risks as lower than blast furnace steel
producers.

InfraBuild has very highly negative exposure to governance risk
considerations (G-5). This largely reflects its concentrated
ultimate ownership by the GFG Alliance and InfraBuild's recent
liquidity risk management practices. While the company has managed
to a prudent and conservative financial profile and has been
significantly improving its margins, leverage and coverage ratios,
the highly negative risks around financial strategy and risk
management reflect its inability to refinance upcoming maturities
in line with Moody's expectations.

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

The ratings are unlikely to be upgraded, or the outlook stabilized,
prior to significant progress in reducing refinancing risk.
However, a successful refinancing of the senior secured notes could
lead to an upgrade.

The ratings could be downgraded if InfraBuild is unable to
refinance the notes and/or its liquidity profile weakens beyond
Moody's current expectations.

The principal methodology used in these ratings was Steel published
in November 2021.

BACKGROUND

InfraBuild is Australia's largest and only vertically integrated
EAF manufacturer and supplier of steel long products. The company
supplies around 2.4 million tonnes per annum (mtpa) of steel long
products across Australia, with most products supplying the
construction steel segment of the market (rebar, mesh, etc.).

InfraBuild is a private company, and is ultimately owned by the GFG
Alliance (unrated), a United Kingdom based international
industrial, energy, natural resources and financial services group.

KOBLE PROJECTS: Builder Goes Into Administration
------------------------------------------------
Australian Financial Review reports that Royal Melbourne Golf Club,
the home of Australia's most prestigious course, has landed in a
sand trap of its own design after the builder it hired to build a
AUD10-million underground car park went into administration.

The club with the country's top-ranked (and the world's 7th-ranked)
course - and a membership waiting that list golfing sources say is
14 years long - has a longer wait of its own ahead for a new
193-bay underground car park after builder Koble Projects went into
administration on Feb. 27.

"We are aware that Koble has gone into voluntary administration,"
Royal Melbourne general manager Damon Lonnie told The Australian
Financial Review on March 1. "Our project is behind on program,
however, this is not uncommon in the current construction industry
climate."

According to the report, the appointment of Dye & Co's Adrian Warry
and Shane Deane as joint administrators of Fitzroy-based Koble adds
to a fast-growing list of construction-industry failures already
set to overtake last year's total with more than four months of the
year still to go.

Royal Melbourne has two courses: West, ranked by magazine Inside
Golf as the world's 7th-best – in part for its fast and
undulating greens - and East (94th), the report discloses.

In the Bayside suburb of Black Rock it sits in Melbourne's
sandbelt, a region in the southeastern suburbs that includes a
clutch of golf courses including Huntingdale, Commonwealth and
Cheltenham.

But that same sandy terrain at the club with a speculated
AUD15,000-AUD20,000 joining fee and annual subscription of over
AUD5,000 has dogged the project to replace an above-ground existing
car park with new gardens and a putting green and create a
7000-square-metre-plus basement space for cars and buggies.

It had already made it a treacherous project for the builder and
the club, one person with knowledge of the situation said before
Koble tipped into administration.

"It's blown over budget," the person said. "Building basement car
parks in sand is a very difficult exercise. The builder has run out
of money. He's been caught with labour shortages, overruns in costs
– whether electrical, concrete, plumbing - all the way through."

The Financial Review says Royal Melbourne will now need to appoint
a new builder to take over the project. Administrator Mr. Warry
said Koble would not be able to continue with the work it was doing
for the club or any of its other clients.

"The company didn't have cash flow to continue with its current
projects," he told the Financial Review on March 1.

"As a result of our appointment, the employees were terminated and
the company ceased to trade."

The Financial Review relates that Mr. Warry said the preliminary
indication was that Koble owed creditors - the "fair majority" of
whom were suppliers and subcontractors - about AUD4 million.

There was an across-the-board increase in construction industry
insolvencies at the moment, he said.

"There seems to be at least one or two every week at the moment,"
the report quotes Mr. Warry as saying.

"It's all predicated around the wash-up of COVID, fixed contracts,
increased material costs, labour costs [that] are all having a
significant impact on these businesses and their cash flow."


PBS BUILDING: Collapses Into Voluntary Administration
-----------------------------------------------------
Daniel Jeffrey at 9news.com.au reports that an Australian building
company has gone into voluntary administration and made all 180 of
its staff redundant in what its administrators say is another
"casualty of the crisis gripping Australia's construction
industry".

PBS Building owes more than AUD25 million to its creditors,
although that figure could rise in the coming weeks as
administrators take a closer look at the business, the report
says.

"This has been a gut-wrenching decision that we know will impact
many lives and livelihoods," the company's board and founder said
in a joint statement on March 7. "However, after months of intense
efforts behind the scenes, in the end it was the only responsible
course of action available."

PBS was founded as a family-owned firm in Canberra 33 years ago but
now also spans NSW and Queensland, and has completed more than
AUD3.6 billion worth of construction work since its inception.

It said unprecedented challenges in the building industry were
behind its collapse and warned it won't be the last company to
fail.

"Despite tenacity and more than 30 years' industry experience, the
unprecedented combination of record material costs, fixed price
contracts, labour and material shortages, extreme rain events,
floods, bushfires and wars has proved an insurmountable challenge,"
it said, notes the report. "We are the latest, but we won't be the
last construction group to buckle under the weight of a broken
industry and way of doing business that needs urgent reform."

RSM Australia Partners Jonathon Colbran, Richard Stone and Mitchell
Herrett were appointed as voluntary administrators for the five
entities that make up PBS, 9news.com.au discloses.

"RSM's initial investigations of the financial statements and
records of the PBS construction companies have identified more than
1000 secured and unsecured creditors. These creditors are owed a
total of more than AUD25 million," the report quotes Mr. Colbran as
saying. "These are preliminary figures and may change following
more detailed investigations over the coming weeks."

The company's 180 staff were made redundant and paid their full
entitlements on March 6 before administrators were appointed, the
report adds.


REDZED TRUST 2022-1: Moody's Hikes Rating on Class E Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by RedZed Trust STC Series 2022-1.

The affected ratings are as follows:

Issuer: RedZed Trust STC Series 2022-1

Class B Notes, Upgraded to Aa1 (sf); previously on Mar 23, 2022
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Mar 23, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Mar 23, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Mar 23, 2022
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

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

Following the February 2023 payment date, credit enhancement
(including the retention ledger) available for the Class B, Class
C, Class D and Class E Notes has increased to 14.6%, 11.3%, 8.1%
and 4.1% respectively, from 10.6%, 8.2%, 5.9% and 3% at closing.

As of January 31, 2023, 0.8% of the outstanding pool was 30-plus
day delinquent and 0.4% was 90-plus day delinquent. The deal has
incurred no losses to date.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 2.5% of the
original pool balance (equivalent to 3.4% of the outstanding pool
balance) from 2.9% at closing. Moody's has updated the Aaa
portfolio credit enhancement to 21% from 20.1% at closing.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential and commercial properties located in
Australia. The loans were originated and are serviced by RedZed
Lending Solutions Pty Limited. The portfolio consists of loans
extended largely to self-employed borrowers. A portion of the
portfolio consists of loans extended to borrowers with impaired
credit histories or made on an alternative income documentation
basis.

Due to the mixed nature of the pools, Moody's has categorised the
portfolio into separate residential loan and SME sub-pools in its
analysis.

The methodologies used in these ratings were "Moody's Approach to
Rating RMBS Using the MILAN Framework" published in July 2022.

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

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

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

SCOTT'S REFRIGERATED: Supermarkets Seek to Safeguard Supply
-----------------------------------------------------------
ABC News reports that supermarkets are working to make sure that
supply is not compromised after confirmation that major freight
company Scott's Refrigerated Logistics will fold after failing to
find a buyer.

About 1,500 people will lose their jobs following the collapse of
the company.

The company entered voluntary administration last week and
appointed KordaMetha as the receiver, ABC News notes.

According to the report, KordaMentha was hoping to find a buyer for
the company but was unsuccessful in doing so and staff have been
notified of their redundancies.

The national freight company has depots in every mainland
Australian state and was the sole supplier of refrigerated products
to supermarket giants Coles and Aldi.

Both Aldi and Coles have made contingency plans to safeguard the
supply of goods for customers, ABC News relates.

"We have worked with our existing logistics partners to ensure the
3 per cent of Scott's business managed for Aldi now transitions to
other logistics partners," the report quotes an Aldi spokesperson
as saying. "As we transition the volume, we will work to minimise
any impact to Aldi customers with regard to product availability
and to ensure continuity of product collection from our valued
supplier partners."

ABC News relates that the spokesperson said the employability of
Scott's employees will be high given the demand in the industry.

A Coles spokesperson said the company was working to minimise
disruption for customers, farmers, and suppliers as deliveries
ramped up, ABC News relays.

"Our focus remains on the continued availability of refrigerated
products in stores and online for customers," the spokesperson
said.

According to the report, KordaMentha's Scott Langdon said it could
not carry out a typical sale process because the company was in
such a fragile financial position.

"If we had some more financial assistance we could see the business
close in a dignified way, in a way that has harm minimisation to
employees and customers, but ultimately the business will be wound
up and the employees will not be employees of Scott's going
forward," the report quotes Mr. Langdon as saying.

Mr. Langdon said the company could start to wind up as early as
March 6 if financial support from the federal government or other
stakeholders could not be obtained.

"This is a very unique situation in my 20 years at KordaMentha," he
said. "This is definitely probably the most intense situation that
we've found."

He said, given the financial situation, the company would enter
into an "uncontrolled wind-down".

"That means that in all likelihood we will not be able to produce
our services to customers, and the customers ultimately won't be
able to deliver to retailers on a business-as-usual basis,"  notes
the report.

Small to medium retailers will be impacted the most, including
farmers, many of whom have products ready to be picked up by
Scott's and transported around the country, the report states.

"One of the customers said we have 5,000 pallets of fresh
watermelons in Bundaberg that were going to be taken by Scott's in
the week ahead. We won't be able to produce that," Mr. Langdon
said.

ABC News says KordaMentha predicts the areas hardest hit will be in
Far North Queensland, the Mildura region in Victoria, the Riverina
in NSW, and Renmark in South Australia.

Mr. Langdon said KordaMentha was doing what it could to facilitate
new employment for staff, the report adds.

                     About Scott's Refrigerated

Scott's Refrigerated Logistics operates Australia's largest and
most extensive national cold chain road and warehousing network.
The company employs around 1,500 people and its customers include
major grocery retailers, independent supermarkets, food
manufacturers and exporters.

Scott Langdon, Kate Conneely, Michael Korda and John Mouawad of
KordaMentha were appointed receivership of Scott's Refrigerated
Logistics Group on Feb. 27, 2023.

KordaMentha was appointed by a secured creditor as a consequence of
Scott's Refrigerated Logistics entering into voluntary
administration earlier on Feb. 27, 2023.

KordaMentha's Scott Langdon said an orderly sales process for
Scott's Refrigerated Logistics would commence immediately.


SELECTAV PTY: Second Creditors' Meeting Set for March 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Selectav Pty.
Ltd. has been set for March 7, 2023 at 11:00 a.m. via online video
conference using Zoom Meetings.

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.

Daniel Peter Juratowitch of Cor Cordis was appointed as
administrator of the company on Feb. 20, 2023.


TAURO CAPITAL: Founder Transferred Shares to Personal Vehicle
-------------------------------------------------------------
Max Mason at Australian Financial Review reports that the founder
of Tauro Capital, a boutique corporate advisory specialising in
start-up businesses before it collapsed in 2019, transferred shares
in one of the companies he was advising to his own personal vehicle
in breach of his duties as a director, liquidators have alleged.

An investigation by insolvency firm PKF concluded that shares in
on-demand delivery service Sherpa - to have been paid to Tauro in
lieu of cash for advice - were instead provided directly to
employees of the consultancy and to Xeros Enterprises, a company
entirely owned by Simon Ward.




===============
C A M B O D I A
===============

NAGACORP LTD: S&P Downgrades ICR to 'B' on Refinancing Risk
-----------------------------------------------------------
On March 6, 2023, S&P Global Ratings lowered its long-term issuer
credit rating on NagaCorp Ltd. (Naga) to 'B' from 'B+'. At the same
time, S&P lowered its long-term issue rating on the company's
senior unsecured notes to 'B' from 'B+'.

The negative rating outlook on Naga reflects its view that its
liquidity could deteriorate further due to the looming maturity of
its senior unsecured notes in July 2024.

Naga faces a deteriorating capital structure and rising refinancing
risk as its debt maturity approaches. We believe the impending
lumpy debt maturity, Naga's lack of established diversified funding
sources, and currently tepid debt markets accentuate the weakness
in the company's capital structure. The company could face
liquidity pressure as the due date for its US$472 million notes
draws near in July 2024.

While Naga is accumulating cash on the back of recovering
operations, we believe it still needs to refinance. This is because
the company still aspires to complete its Naga3 casino, hotel, and
entertainment project by 2025.

Naga is trying to conserve cash. Although Naga's operations are
still below pre-pandemic levels, the company has reduced cash
outflow. For example, it scaled back its annual capex to about
US$160 million in 2020 and about US$150 million in 2021, as opposed
to our expectation of US$250 million–US$350 million in annual
capex. According to the company, capex for 2022 was about US$128
million. The company also announced scrip dividends for 2022.

Naga will likely continue to accumulate cash, until it addresses
its refinancing needs. Still, the Naga3 investment will weigh on
the company's longer-term cash flow through 2025. S&P has assumed
it will spend the bulk of the investment from 2024 onward.

Gaming operations will gradually recover and could surpass
pre-COVID levels in 2025.The recovery will be spearheaded by
domestic mass-market demand and easing international travel
restrictions.

S&P expects Naga's EBITDA to recover to 45%-50% of pre-pandemic
levels in 2023, and further to 85%-90% in 2024. With a
normalization of inbound tourists, mainly from China, we expect
operations to surpass pre-pandemic levels by 2025.

The negative outlook on Naga reflects the possibility that the
company's liquidity could deteriorate further due to the looming
maturity of its senior unsecured notes in July 2024.

S&P could lower the ratings if Naga fails to have a credible
refinancing plan by around mid-2023, beyond which liquidity could
come under pressure.

S&P could revise the outlook back to stable if it believes
refinancing risks have been alleviated. This could be achieved if
Naga builds a sufficient cash buffer by minimizing dividends and
investment spending, or refinances the maturing notes with external
funding.

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

Social factors are a negative consideration in our credit rating
analysis of Naga. This is because gambling operations are subject
to regulatory risks and compliance outcomes.

Government actions to address social risks, including health and
safety, can also introduce volatility in gaming revenue and
profitability. This volatility was evident when the group had to
close its casino during the pandemic in 2020-2021.

Due to closures from March 2, 2021, to Sept. 14, 2021, and Naga's
exposure to a single casino complex in Cambodia, the company's
revenue and EBITDA dropped 74% and 94%, respectively, in 2021.
Revenue also fell 50% and EBITDA declined 61% in 2020, when the
company had to close its casino from April 2020 to July 2020.

Governance factors are a moderately negative consideration. This is
given the founder-owner's effective say over group strategies. The
board also lacks major representation of independent directors
(three out of seven). As such, Naga has maintained sizable dividend
payouts of at least 60% of its earnings over the past several
years.




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

CAR INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed CAR Inc.'s B3 corporate
family rating and senior unsecured rating.

At the same time, Moody's has changed the outlook to negative from
stable.

"The negative outlook reflects Moody's expectation that CAR will
face increased liquidity risk on the back of upcoming maturities,
in particular the USD bond that is due in March 2024, amid a
tightened funding environment," says Gerwin Ho, Moody's Vice
President and Senior Credit Officer.

"Nonetheless, CAR's industry position in China's car rental market
remains strong, the company's business model maintains a certain
level of financial flexibility in terms of its adjustable capacity
and the ability to reduce its fleet to generate liquidity, and it
has a track record of refinancing maturities, all of which
underline the rating affirmation," adds Ho.

RATINGS RATIONALE

CAR's B3 CFR is supported by the company's leading position in
China's growing car rental market.

The B3 rating also considers the company's business model, which
has a certain level of financial flexibility as seen by the short
lead time for its fleet acquisitions, its asset-light network, and
ease of asset disposal.

At the same time, the rating is constrained by the company's weak
liquidity, the direct competition from other car rental companies
and the indirect competition from non-car rental companies that
provide transportation services.

The coronavirus outbreak in China had reduced leisure and business
travel, negatively affecting CAR's revenue since 2020. Moody's
expects the impact of the outbreak on CAR's business will dissipate
over the next 12-18 months following China's exit from its zero
COVID policy at the end of 2022 and supported by the continued
growth in China's auto rental demand.

Despite a 3% decline in its average fleet size, CAR's short-term
rental revenue was broadly flat in the first nine months of 2022
compared with the same period a year ago, as higher rental rates
offset lower utilization.

Moody's expects CAR's auto rental revenue, which made up 77% of
total revenue in the first nine months of 2022, to grow about
29%-31% over the next 12-18 months when compared with Moody's
expectation for 2022. Growth will be mainly driven by a larger
fleet size, improved rental pricing and utilization amid stronger
auto rental demand following China's exit from its zero COVID
policy.

Revenue from used-vehicle sales will likely rise by about 13%-15%
over the next 12-18 months when compared with Moody's expectation
for 2022, as the company generates liquidity by disposing more used
vehicles compared with that in 2022. As a result, Moody's expects
CAR's overall revenue to rise about 25%-27% over the next 12-18
months when compared with the rating agency's expectation for
2022.

CAR's leverage, as measured by Moody's adjusted debt/EBITDA, rose
to about 5.0x over the 12 months ended September 30, 2022 from 3.0x
in 2021. This higher leverage reflects its lower EBITDA, driven by
a narrower auto rental gross margin, and its higher adjusted debt
of RMB8.8 billion as of September 30, 2022, rising from RMB5.5
billion as of December 31, 2021. The increase in debt mainly
reflects a rise in sales and leaseback obligations and finance
leases to support the company's car rental fleet renewal and
expansion.

CAR's higher level of secured borrowing resulting from increased
sales and leaseback obligations, as evident from the proportion of
auto rental vehicles pledged in terms of value rising to 45% as of
September 30, 2022 from none as of December 31, 2021, has reduced
its financial flexibility.

Moody's projects CAR leverage will improve to around 4.0x over the
next 12-18 months, reflecting a rise in EBITDA compared to the
level Moody's expects in 2022, driven mainly by a larger fleet
size, improved rental pricing and utilization while debt remains
broadly stable as the company slows its fleet acquisition.

CAR's liquidity is weak. Its unrestricted cash of RMB1.3 billion
was insufficient to cover its short-term debt of RMB1.8 billion as
of September 30, 2022, which included RMB1.4 billion of finance
leases and secured debt. In early March, through a tender offer,
the company repaid USD94.96 million of the principal amount of the
USD250 million bond that will mature in March 2024.

During the first half of 2022, CAR had repaid USD279 million of
bonds outstanding that were due in May 2022 using cash flow
generated from its operations, used-vehicle sales, and borrowings.

In addition, CAR raised USD175 million in January 2021 through the
issuance of a convertible bond to a fund that was managed by MBK
Partners.

Moody's expects CAR to execute its refinancing plan and reduce its
reliance on secured borrowing.

CAR's senior unsecured bond rating is not notched down for
structural subordination. However, subordination risks to its
senior unsecured notes holders could increase if a majority of
claims are likely to remain at the operating company level on a
sustained basis.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

ESG considerations have a highly negative credit impact on CAR.
This mainly reflects the company's highly negative exposure to
governance risk because of its financial policy in the context of
liquidity management, high controlling shareholder ownership of
voting shares and the fact that a majority of its board members are
non-independent. The company's exposure to moderately negative
environmental and social risks reflects the wider equipment and
transportation rental industry's exposure to environmental and
social risks.

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

Moody's could revert the outlook to stable if CAR demonstrates its
ability to refinance its upcoming maturities while maintaining
steady operations.

On the other hand, Moody's could downgrade the rating if CAR fails
to put in place a concrete refinancing plan over the next six
months.

Moody's could also downgrade the senior unsecured rating if
subordination risks heighten because a majority of claims are
likely to remain at the operating company level on a sustained
basis.

The principal methodology used in these ratings was Equipment and
Transportation Rental published in February 2022.

Founded in 2007 and headquartered in Beijing, CAR Inc. provides car
rental services, including car rentals and fleet rentals, in China.



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

ABHA AGRO: Ind-Ra Affirms & Withdraws BB+ Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Abha Agro Exports
Private Limited's (AAEPL) Long-Term Issuer Rating at 'IND BB+' and
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR180 mil. Fund-based working capital limits affirmed and
     withdrawn.

*Affirmed at 'IND BB+/Stable/IND A4+' before being withdrawn.

Ind-Ra is no longer required to maintain the ratings as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

Key Rating Drivers

The ratings reflect AAEPL's medium scale of operations, with its
revenue rising to INR3,696 million in FY22 (FY21: INR3,408
million), due to higher demand of maize from Bangladesh. The
revenue expanded at a CAGR of 28.40% during FY19-FY22, due to an
increase in the proportion of exports orders in the revenue mix. In
FY22, its exports accounted for around 84.31% the company's revenue
(FY21: 80.96%) and the rest from domestic sales. The company
achieved revenue of INR3,774 million in 9MFY23. Ind-Ra expects the
revenue to improve in the medium term, on account of its orders in
hand and AAEPL plans to diversify its exports to Vietnam. However,
the scale of operations would remain the same.

AAEPL has high geographical revenue concentration, as the company
only exports to Bangladesh. Moreover, the order-based trading
nature of the business leads to a different set of customers for
the company each time.

The rating is supported by the company's strong EBITDA margins of
7.16% in FY22 (FY21: 3.48%) with a return on capital employed of
61.8% (45%). The significant increase in the profitability in FY22
(FY18-FY21: 1%-3.5%%) was due to a decline in the operational
expenses to 8.27% of the revenue in FY22 (FY21: 10.33%) and the
cost of goods sold to 84.53% of revenue (FY21: 86.15%), on account
of setting up a cold storage during harvesting at lower prices.
Ind-Ra expects the company's FY23 margins to be at the FY22 levels,
because of higher share of exports in the revenue mix and expected
lower operational cost. However, its margins remain susceptible to
intense competition in the agro-commodity industry, which limits
its bargaining power with customers and suppliers, market-driven
commodity prices and the trading nature of the business.

The rating is also supported by the company's comfortable credit
metrics, due to low debt levels. In FY22, its gross interest
coverage (operating EBITDA/gross interest expense) stood at 8.28x
(FY21: 4.36x), and the net leverage (total adjusted net
debt/operating EBITDAR) stood at 1.63x (1.67x).

Liquidity Indicator – Adequate: The company's average maximum of
its fund-based limits was 89.47% during the 12 months ended
December 2022. Its cash and cash equivalents stood at INR21.31
million at FYE22 (FYE21: INR9.54 million). The cash flow from
operations; however, remained negative INR68.37 million in FY22
(FY21: negative INR33.42 million), due to unfavorable changes in
working capital. The net working capital cycle deteriorated to 60
days in FY22 (FY21: 24 days), on account of higher inventory
holding of 21 days (5 days) and extended receivable period of 43
days (19 days).

The ratings factor in the promoters' around two decades of
experience in the agro-commodity trading business.

Company Profile

AAEPL was incorporated in 2002 in Kolkata to carry on the business
of commodity/all kinds of agriculture products trading in local,
domestic and international markets. AAEPL is promoted by members of
the Kolkata-based Laddha family. Daily operations are looked after
byMr. Bajrang Ladha, who have extensive experience in the
agro-commodities trading business.


APPDYNAMICS TECH: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Appdynamics Technologies India Private Limited
3rd & 4th Floor, Commerz
        Krishnappa Garden Road
Bagmante Tech Park
        C V Raman Nagar, Banglore 560093
        Karnataka, India

Liquidation Commencement Date: February 15, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Vasudevan Gopu
     18/30, Raman Street, K.K. Pudur
     Saibaba Colony, Coimbatore – 641038 Tamilnadu, India
     Email: vasudevangopu.ip@gmail.com
     Email: vasudevanacs@gmail.com
     Telephone: 0422-4347063

Last date for
submission of claims: March 17, 2023

CENTRAL RAILSIDE: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Central Railside Warehouse Company Limited
4/1 Institutional Area
August Kranti Marg, New Delhi 110016

Liquidation Commencement Date: February 6, 2023

Court: National Company Law Tribunal, New Delhi Bench

Liquidator : Saurab Sharma
      B-204, First Floor Back Side, T-extn
      Street No 7, Vishwas Park Extn
      Uttamnagar South West
             National Capital Territory of Delhi 110059
      Email: vl.crwl@gmail.com
             sk04sharma@gmail.com

Last date for
submission of claims: March 8, 2023

DECIMAL WEALTH: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Decimal Wealth Partners Private Limited
210, 2nd Floor, Navneelam Bldg.
        Plot 10, Dr. R. G. Thadani Marg
        Worli, Mumbai 400018

Liquidation Commencement Date: February 17, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Hemanshu Lalitbhai Kapadia
     Office No. 201, 2nd Floor
            A-wing, Jeevan Prabha Society
            Chandavarkar Road
            Borivali (West), Mumbai 400092
     Email: hemanshu@hkacs.com
     Tel No: 02231759100

Last date for
submission of claims: March 19, 2023

DHANALAKSHMI TRADERS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Dhanalakshmi Traders (SDT) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit             2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             9.5        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          0.5        CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Long Term
   Bank Loan Facility      2.5        CRISIL D (Issuer Not
                                      Cooperating)

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

Established as a partnership firm in 1999 and based in East
Godavari (Andhra Pradesh), SDT is engaged in milling and processing
of paddy into rice, rice bran, broken rice and husk. The day-to-day
operations are managed by Mr. M V Srinivasa Reddy.


DHANVANTARI MILK: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Dhanvantari Milk Products Private Limited
606/1, Chaitanya Sankul, 1st Lane
Shahupuri, Kolhapur 416001

Liquidation Commencement Date: February 8, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Ashok Mittal
     Bunglow No 1, Near Jai Santoshi Maa Tower
     Datta Pada Road, Rajendra Nagar
            Borivali East
            Mumbai, Maharasthra 400066
            Email: ashokmittal2020@gmail.com
                   ip.dhanvantarimilk@gmail.com

Last date for
submission of claims: March 10,  2023

DSI UNDERGROUND: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: DSI Underground India Private Limited
Hub and Oak C-360
        Defence Colony, New Delhi 110024 (basement)

Liquidation Commencement Date: January 9, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Satish Anand Sharma
     C-3/ 1204, Hyde Park, Sector 35G
     Khargar, Navi Mumbai 410210
     Email: liquidation.dsi@yahoo.com
     Telephone Number: +91 7303393336

Last date for
submission of claims: February 8, 2023

DURGASHREE CASHEWS: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sri
Durgashree Cashews (SDC) to 'CRISIL D Issuer not cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              0.6       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Migrated)

   Proposed Cash            5         CRISIL D (Issuer Not
   Credit Limit                       Cooperating; Rating
                                      Migrated)

   Proposed Long Term       2.9       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Migrated)

   Term Loan                1.5       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Migrated)

CRISIL Ratings has been consistently following up with SDC for
obtaining information through letters and emails dated February 10,
2023 and February 15, 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 SDC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDC
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SDC to 'CRISIL D Issuer not cooperating'.

SDC, set up as a partnership firm in 2012, processes raw cashew
nuts and sells cashew kernels. The firm has a facility in Udupi,
Karnataka. Operations are managed by Mr. Adarsh Hegde and Mr.
Pramod Hegde.


FOXDOM TECHNOLOGIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Foxdom Technologies Pvt. Ltd
RZ-81, F/F, Indra Park
        Uttam Nagar, Delhi West
        Delhi DL 110059

Insolvency Commencement Date: February 8, 2023

Estimated date of closure of
insolvency resolution process: August 7, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Shailendra Singh
       12th Floor, 121A-C, Ashoka Estate
       Barakhamba Road, Connaught Place
              New Delhi 110001
       Email: shailendralaw@gmail.com

                 - and -

       J-16, 2nd Floor, Jangpura Extension
              New Delhi 110014
       Email: cirp.foxdomtech@gmail.com

Last date for
submission of claims: February 22, 2023

GANPATI RIDHI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ganpati
Ridhi Sidhi Agro Industries Private Limited (SGRSAI) continue to be
'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit             4.5        CRISIL D (Issuer Not
                                      Cooperating)

  Long Term Loan           7.7        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Cash           2.5        CRISIL D (Issuer Not
   Credit Limit                       Cooperating)

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

Incorporated in 2013, SGRSAI mills and processes non-basmati rice
and wheat at its unit at Mau in Uttar Pradesh. It commenced
commercial operations in April 2015. The company is promoted by Mr
Nirmal Gupta and his family members.


GILLCO DEVELOPERS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Gillco
Developers & Builders Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

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

   Long-term–        45.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Gillco Developers & Builders Private Limited (GDB) was incorporated
in February 2011 and is involved in real estate
development in the Mohali region in Punjab. The company is closely
held by the Gill family based in Chandigarh, Punjab and has Mr.
Ranjeet Singh Gill as its Managing Director. Mr. Gill has more than
10 years of experience in the real estate development business,
having executed various residential projects in Mohali, Punjab. The
company builds residential spaces in Mohali, Punjab which includes
plots, flats, villas and commercial complexes.

GRAND REALITY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Grand Reality Private Limited
P-11-12, L.G.F., N.D.S.E, Part II
New Delhi 110049

Insolvency Commencement Date: February 14, 2023

Estimated date of closure of
insolvency resolution process: August 13, 2023 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench IV

Insolvency
Professional: Rakesh Kumar Jindal
       House No. 3656/6, Gali No. 6
              Narang Colony, Tri Nagar
              Near Rose Garden
              New Delhi 110035
       Email: iprakesh.jindal@gmail.com

                 - and -

       70-D, 3rd Floor, Pocket-A
              Vikas Pure Extension
              New Delhi 110018
       Email: cirp-grpl@efficaxindia.com

Representative of
Creditors in a class: Pankaj Govindlal Khadloya
               Darshan Mahesh Modi
               Praful Raghunath Renuse

Last date for
submission of claims: February 28, 2023

HARIDARSHAN JEWELLERS: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Shri
Haridarshan Jewellers in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         2.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
                                 'Issuer Not Cooperating'
                                 Category

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

Shri Haridarshan Jewellers (SHJ) was established in 1990 by Mr.
Kaushik Patadia. The firm is engaged in manufacturing and wholesale
of gold jewellery with operations based in Ahmedabad. The firm
currently operates out of its wholesale unit based in C.G. Road.
SHJ also owns three workshops situated in Manekchowk which employs
about 100 artisans who manufacture gold jewellery for SHJ on job
work basis.


INDUSTRIES PRIVATE: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shrim
Industries Private Limited (SIPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Term Loan               10.55      CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in 2014, SIPL is promoted by Mr Shubham Sharma and Ms
Priti Sharma. The company is setting up a plant in Kotdwar,
Uttarakhand to majorly cultivate and sell white button mushroom. It
has started production of oyster mushroom from September 2017 on a
modest scale. The company is also planning to sell compost and
spawn.


INFRO-ALLIANCE TRADING: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Infro-Alliance Trading Private Limited
Flat No. 2605, 1st Floor, Building No. 57
        Kailash CHS, Gandhinagar
        Bandra East, Mumbai 400051

Liquidation Commencement Date: February 17, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Manoj Kumar Jain
     11 Friends Union Premises CHS
            2nd Floor, 227, P.D' Mello Road
            Next to Hotel Manama
            Fort, Mumbai 400001
     Email: manojj2102@gmail.com
            mj.infro@gmail.com

Last date for
submission of claims: March 20, 2023

J.Y. INTERNATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of J.Y.
International in the 'Issuer Not Cooperating' category. The ratings
are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        11.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         1.28       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/          4.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based/                   remain under 'Issuer Not
   Cash Credit                   Cooperating' Category

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

Established in year 2004 by Mr. Mehul Parekh and Ms. Yogini Parekh,
JY International is a partnership firm engaged in manufacturing of
stainless steel (SS) utensils like fry pan, cookware, buckets,
canisters etc. The company operates a plant located at Vasai,
Mumbai where the SS utensils are manufactured. In the last six
years, the promoters have regularly expanded the ancillary
capacities to increase the production capacity and 3 improve the
automation in the manufacturing process. These investments have
been primarily funded through unsecured loans from promoters and
internal accruals. The products so produced are mainly exported to
Middle East, African and Far East Countries. The promoters have
been in this business for more than three decades and during this
period have developed relationships with various wholesalers,
agents and export houses. The products are generally exported
through JNPT port.

JOSEPH JOHN: Ind-Ra Hikes Long Term Issuer Rating to BB-
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Joseph John's
Long-Term Issuer Rating to 'IND BB-' from 'IND B+ (ISSUER NOT
COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR230 mil. (increased from INR110 mil.) Fund-based working
     capital limits upgraded with IND BB-/Stable/IND A4+ rating;

-- INR120 mil. (increased from INR70 mil.) Non-fund based working

     capital limits upgraded with IND A4+ rating;

-- INR70 mil. Proposed fund-based working capital limits assigned

     with IND BB-/Stable/IND A4+ rating; and

-- INR80 mil. Proposed non-fund based working capital limits
     assigned with IND A4+ rating.

The upgrade reflects an increase in Joseph's revenue and EBITDA,
leading to an improvement in its credit metrics in FY22.
Furthermore, Ind-Ra expects the firm's credit profile to remain
comfortable in the near term, on account of an unexecuted order
book of INR1,993 million.

Key Rating Drivers

Joseph's revenue surged 95.36% yoy to INR730.05 million in FY22,
owing to faster execution of orders, which were delayed due to
shortage of labor during COVID-19. Despite the revenue growth, the
scale of operations remains small. During 10MFY23, Joseph booked
revenue of INR702.9 million. As of January 2023, it had an
unexecuted order book of INR1,993 million, to be executed by FY24
(2.73x of FY22 revenue). Ind-Ra expects the revenue to improve
further in FY23 backed by the orders in hand.

The absolute EBITDA increased to INR62.47 million in FY22 (FY21:
INR44.84 million) on account of the significant increase in
revenue. However, the EBITDA margins declined to 8.56% in FY22
(FY21: 12%) due to a significant rise in direct expenses. Despite
the decline, the margins remained healthy with a return on capital
employed of 17% in FY22 (FY21: 15%). Ind-Ra expects the EBITDA
margins to remain healthy in FY23.

The interest coverage (operating EBITDA/gross interest expenses)
improved to 3.61x in FY22 (FY21: 2.48x) and the net leverage
(adjusted net debt/operating EBITDAR) to 2.4x (3.48x) due to the
increase in absolute EBITDA. However, Ind-Ra expects the credit
metrics to deteriorate in FY23, although remain modest, due to a
likely increase in gross interest expense and short-term
borrowings.  

Liquidity Indicator - Stretched: Joseph does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The average maximum utilization of
the fund-based and non-fund-based limits was 69.1% and 89%,
respectively, during the 12 months ended January 2023. The cash
flow from operations improved to INR78.63 million in FY22 (FY21:
INR28.90 million) on the back of increased revenue from operations
and favorable working capital changes. Consequently, the free cash
flow increased to INR56.53 million in FY22 (FY21: INR5.05 million).
Furthermore, Joseph has a planned capex of INR150 million in FY24
towards purchase of excavators, trucks and other machinery. The net
working capital cycle shortened to 10 days in FY22 (FY21: 56 days)
due to a decrease in the receivable period to 14 days (FY21: 24
days) and payable period to 35 days (11 days). The cash and cash
equivalents stood at INR3.32 million at FYE22 (FYE21: INR3.23
million). It has scheduled debt repayments of FY23 and FY24
amounted to INR37.16 million and INR21.60 million, respectively.

However, the ratings remain constrained by geographical
concentration risk, as Joseph derived almost 100% of its revenue
from the Kerala government in FY22.

However, the ratings continue to be supported by the proprietor's
experience of more than two decades in the engineering, procurement
and construction business.

Rating Sensitivities

Negative: A decline in the absolute EBITDA, leading to
deterioration in the overall credit metrics with the interest
coverage reducing below 2.5x or a pressure on the liquidity
position, all on a sustained basis, could lead to a negative rating
action.

Positive: An increase in the scale of operations while maintaining
the overall credit metrics and an improvement in the liquidity
position, all on a sustained basis, could lead to a positive rating
action.

Company Profile

Joseph is an engineering, procurement and construction contractor
that undertakes projects for the government of Kerala such as
pipeline fitting and water treatment plant, and building
construction. The firm executes projects only for the Kerala Water
Authority, which are received through online tender.


KAVAN COTTON: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Kavan Cotton Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        40.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–         1.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2008, Kavan Cotton Private Limited is engaged in
the business of cotton ginning, pressing and crushing activities
with 40 ginning machines, 1 pressing machine and 11 expellers for
producing FP (fully pressed) bales and cottonseed oil with an
intake capacity of 42,240 MT per annum of raw cotton and 12,720 MT
per annum of cottonseeds. Apart from production, the company is
also involved in trading activities in cotton bales, cottonseeds,
cottonseed oil and oil cakes.


KHODIYAR OIL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term ratings of Shree Khodiyar Oil
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

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

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

Shree Khodiyar Oil Industries (SKOI) was established as a
partnership firm in 1997 as a cottonseed crushing unit with the
operations located at Jambuda, Gujarat. However, the present
management had purchased the firm in the year 2003 and later it has
augmented its operating sphere by backward integration into cotton
ginning. The manufacturing facility of the firm is currently
equipped with 24 ginning machines and 8 expellers with an installed
capacity of 8,000 TPA and 1,950 TPA of ginned cotton and wash oil
respectively. From November 2013, the firm has diversified in
groundnut seed crushing also. The firm is currently headed by Mr.
Sanjay J Lakkad along with other six partners, having an experience
of more than three decades in cotton and ginning activities.

KODAK ALARIS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Kodak Alaris India Private Limited
1403A, Bhumiraj Costarica Plot No 1 and 2
Sector-18, Sanpada
        Navi Mumbai
        Maharasthra 400705, India

Liquidation Commencement Date: January 9, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Kapila Gupta
     House No 48, Bank Enclave
            Laxmi Nagar, New Delhi 110092
     Email: aadhayakapila@gmail.com
            liquidator.kodakindia@gmail.com
     Mobile: +91-9818986644

Last date for
submission of claims: February 8, 2023


LUMATA DIGITAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Lumata Digital India Private Limited
16th Floor, Tower-A
        DLF Building No. 9
DLF Cyber City, Gurgaon 122002
        Haryana, India

           - and -

Unit No. 171, 7th Floor, Tower A
        The Corenthum, Sector 62
        Noida 201301
        Uttar Pradesh

Insolvency Commencement Date: February 14, 2023

Estimated date of closure of
insolvency resolution process: August 13, 2023 (180 Days)

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Dinesh Kumar
       Room No. 7, First Floor
              Chatarbhuj Leelawati Trust Building
       Geeta Mandir Road, Panipat 132103
              Haryana
       Email: dkgc2004@yahoo.com

Last date for
submission of claims: February 28, 2023

MALAPRABHA SAHAKARI: Ind-Ra Moves 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Malaprabha
Sahakari Sakkare Karkhane Niyamit's (SMSSKN) bank facilities'
rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR250.00 mil. Fund-based working capital facility (Long-term)

     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR15.30 mil. Term loan (Long-term) due on FY23 migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR12.00 mil. Non-fund-based facilities (Short-term) migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 20, 2021. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

Company Profile

SMSSKN was registered on March 13, 1961, under the Mysore
Cooperative Societies Act, 1959. The cooperative operates a 3,500
tons crushed per day capacity sugar plant and 30,000 liters per day
ethanol production plant in Hubli, Karnataka.



MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term rating of MEP Sanjose Arawali Kante
Road Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        266.84      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Rating continues to remain under
   Working                       'Issuer Not Cooperating'
   Capital                       Category

   Long Term         (26.36)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

MEP Sanjose Arawali Kante Road Private Limited (MSAKRPL) is a
Special Purpose Vehicle (SPV) promoted by MEP Infrastructure
Developers Ltd (MEPIDL) in joint venture with Sanjose India
Infrastructure & Construction Pvt. Ltd. (SIICPL) for implementing a
road project involving upgradation from two-lane to four-lane of
Arawali Kante road in the state of Maharashtra from Km 241.30 to Km
281.30 (total length 39.24 Km) and construction of additional 2
lanes. The project is awarded under the National Highway
Development Project – IV (NHDP-IV) on Hybrid Annuity mode (HAM).
The bid project cost is Rs. 592.98 crore and has a concession
period of 17 years (including 2 years of construction period).


NDT TRADE: Liquidation Process Case Summary
-------------------------------------------
Debtor: NDT Trade House Private Limited
Plot No. 566, Phase V
        Udyog Vihar
        Gurgaon Haryana 122015

           - and -

35 Mitrol Industrial Area
        District Palwal, Haryana

Liquidation Commencement Date: February 10, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Liquidator:  Mr. Arun Gajwani
      B-572, Sainik Colony, Sector-49
      Fadirabad Haryana 121001
      Email: arungaj572@gmail.com
             liq.ndttradehouse@gmail.com

Last date for
submission of claims: March 12, 2023

OIL COUNTRY: ICRA Withdraws D Rating on INR125cr LT/ST Loan
-----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Oil Country Tubular Limited at the request of the company and based
on the No Due certificate (NDC) received from its banker. The Key
Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/       125.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Withdrawn
   Fund Based-                   Withdrawn
   Cash Credit                   

   Long Term/        62.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                   COOPERATING; Withdrawn
   Non Fund Based-
   Others            
                                 
Incorporated in 1985, OCTL is primarily involved in the processing
of oil country tubular goods used in the Oil and Gas Exploration
and Production (E&P) industry. OCTL's product range primarily
comprises drill pipes, casing pipes, production tubing and
couplings/premium connections/tool joints. It is a public-listed
company and is promoted by the Hyderabad based Kamineni Group. The
company's manufacturing unit is located at Narketpally in Nalgonda
district of Telangana.


PARAMSHAKTI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of
Paramshakti Steels Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        40.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         2.22       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-        75.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–       95.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non fund based                Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short term–     1655.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Established in 2005, PSL is engaged in processing and trading of
hot rolled (HR) coils. The promoters of PSL have been in the iron
and steel trading business for almost 40 years through a company
namely Gupta Steel Corporation (not operational now) before
starting PSL.


PRITHVI DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prithvi
Developers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        8.00       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Prithvi Developers is a society established in 1996 by Dr Zora
Singh and his family members. It established a private university
by the name Desh Bhagat University under the Punjab Govt's Desh
Bhagat University Act. Desh Bhagat United has its campuses at Mandi
Gobindgarh, Shri Muktsar Sahib, Moga, Chandigarh in Punjab, India
and in Kenya, East Africa. The university offers around 105
undergraduate and post-graduate courses in the field of
Agricultural Sciences, Airlines, Animation, Applied Sciences, Art &
Craft and Fashion Technology, Ayurveda, Commerce, Computer
Sciences, Education, Engineering, Hospitality and Tourism, Hotel
Management, Languages, Law, Management, 2 Media, Nursing,
Performing arts, Physical Education, and the Social Sciences. The
university has a total capacity of 21,000 students with an average
occupancy of 43%.


PROTAC FOODS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term ratings of Protac Foods
International Private Limited in the 'Issuer Not Cooperating'
category. The rating Is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

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

   Long-term–        18.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Incorporated in February 2014, PFIPL started its commercial
operations from July 2016. The company is engaged in
processing of poultry birds for production of dressed and frozen
chicken. The product portfolio of the company consists of fresh
chilled chicken, frozen chicken, chicken cut parts (whole, boneless
and portions) and ready to eat product(marinated chicken pieces).
The company's processing plant is located in Kolar district of
Karnataka and has an installed capacity of processing 6000 birds
per hour. However, with certain capital expenditure yet to
undertaken, the current operational capacity stands at 2500 birds
per hour. As per provisional results for FY2017, the company
reported a net loss of INR5.64 crore on an operating income of
INR10.96 crore for the period from July 2016 to November 2016.


RANCHI EXPRESSWAY: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Ranchi Expressway Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–       1,151.60     [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                 Category

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

Ranchi Expressways Limited (REL) has been incorporated as a special
purpose vehicle promoted by Madhucon Infra Limited (MIL) and
Madhucon Projects Limited (MPL) to undertake the implementation of
Fourlaning of Ranchi to Jamshedpur section of NH-33 from km 114.000
to km 277.500 in the state of Jharkhand under NHDP Phase III on
Design, Build, Finance, Operate, Transfer (DBFOT) Annuity basis.


REALTEK ESTATES: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Realtek Estates Private Limited
TENDULKAR, Annapurna Farms
        Lake Boulevard Road
Hiranandani Garden
        Powai, Mumbai MH 400076

Liquidation Commencement Date: February 13, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator:  Ms. Pinkush Jaiswal
      204 Kanchan Apptt.
             Dhantoli, Tikekar Road
             Nagpur, Maharashtra 440012  
             Email: REALTEKIBC@gmail.com
             Contact no: 9422507748
  
Last date for
submission of claims: March 15, 2023




REALTIME TECHSOLUTIONS: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Realtime
Techsolutions Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short Term-        3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based-               Rating continues to remain under
   Letter of Credit              'Issuer Not Cooperating'
                                 Category

   Short Term-       16.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund Based-               Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

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

Established in 1998, Realtime Techsolutions Private Limited (RTTS)
is a niche player delivering end-to-end system integration and
software solutions for the Defence sector that requires extreme
levels of performance reliability and robustness. The company
combines system integration and software capabilities across
multiple platforms and operating systems to deliver a range of
products and subsystems designed and tested to perform under severe
conditions. The company is ISO-9001- 2008 certified.


REGEN POWERTECH: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Regen
Powertech Private Limited in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        350.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

   Long-term–      US$10.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term        50.00       [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                    Continues to remain under the
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term      1530.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

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

Regen Powertech Private Limited (RPPL) was incorporated in December
2006 as a manufacturer of Wind Turbine Generators (WTGs) and
end-to-end service provider including consulting, supply, erection,
commissioning, and O&M of WTGs. The company has been promoted by
Mr. Madhusudan Khemka, Mr. R Sundaresh and M Mandava Prabhakar Rao
through the holding company NSL Power Equipment Trading Pvt. Ltd.
Private equity has also been infused in the company by Indivision
India Partners (IIP) and TVS Shriram Growth Fund. The company has
sourced the product technology from Vensys Energy AG under a
perpetual license agreement for the manufacture and sale of WTGs in
five countrie s in South Asia. Vensys is a German WTG 4
manufacturer and technology developer. The Vensys design is based
on the direct drive (gearless) concept backed by a multi-pole
generator.

RGC INDUSTRIES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: M/s. RGC Industries Limited
Uppal Farm, KH-621 Green Meadows
        Opposite Mehra Farm Village  
        Satbari, South West Delhi
        Delhi 110074

Liquidation Commencement Date: February 16,  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 18, 2023

ROBBINS TUNNELING: Ind-Ra Keeps BB+ Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Robbins
Tunneling and Trenchless Technology's (India) Long-Term Issuer
Rating of 'IND BB+ (ISSUER NOT COOPERATING)' in the non-cooperating
category and has simultaneously withdrawn the same.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit *maintained in
     non-cooperating category and withdrawn; and

-- INR50 mil. Non-fund-based limits ^maintained in non-
     cooperating category and withdrawn.

*Maintained in 'IND BB+ (ISSUER NOT COOPERATING) )/IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

^ Maintained in 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
as Robbins Tunneling and Trenchless Technology did not participate
in the rating exercise despite requests by the agency and has not
provided information pertaining to the full-year financial
performance in FY22, sanctioned bank facilities and utilization,
business plan and projections for the next three years, and
information on corporate governance.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Established in 2005, Robbins Tunneling and Trenchless Technology is
a 100% subsidiary of Robbins USA specializing in manufacturing of
tunneling boring machines. The company provides various tunneling
projects in India for hydro-power, irrigation and underground rail
transport system.


SADAHARI SHAKTI: Ind-Ra Keeps B+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sadahari Shakti
Private Limited's Long-Term Issuer Rating of 'IND B+ (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR99 mil. Fund-based working capital limit *maintained in
     non-cooperating category and withdrawn;

*Maintained in 'IND B+ (ISSUER NOT COOPERATING)'/'IND A4 (ISSUER
NOT COOPERATING)' before being withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
as Sadahari Shakti did not participate in the rating exercise
despite requests by the agency and has not provided information
pertaining to the full-year financial performance in FY22,
sanctioned bank facilities and utilization, business plan and
projections for the next three years, and information on corporate
governance.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Sadahari Shakti, which was incorporated in 2015, is engaged in the
trading of TMT bars and scrap. Its registered office is in Noida,
Uttar Pradesh.


SALASAR INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Salasar
Industries Private Limited (SSIPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit             5          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Short Term     0.17       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               11         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan                1.6       CRISIL D (Issuer Not
                                      Cooperating)

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

SSIPL, incorporated in September 2013, manufactures ferrosilicon.
The manufacturing facility at Naharlagun, Arunachal Pradesh, has a
capacity of 8800 tonne per annum. The company took over the
operations of Shree Salasar Industries (a partnership firm set up
in 2008) with effect from September 10, 2013.


SHAKTI AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Shakti Agro Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]C+; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.90       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–         9.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

The promoters, Mr. Vikas Doda and Mr. Vijay Kumar, took over a
partially erected seed crushing plant in Ellenabad, Haryana from
the previous promoters and incorporated Shree Shakti Agro
Industries (SSAI) in the year 2015. The firm started commercial
manufacturing of mustard oil and cake and cottonseed oil and cake
in the existing unit. However, as one of the partners (Mr Vijay
Kumar) expired, Mrs Prem Lata (wife of Mr Vikas Doda) has taken
over as the partner w.e.f July 1, 2017.


SHANKAR RICE: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shiv Shankar
Rice Mills - Taraori (SSRM) continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit               10       CRISIL D (Issuer Not
                                      Cooperating)

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

Established in 2003, and managed by Mr Anil Gupta and his wife Ms
Savita Gupta, SSRM is a partnership firm engaged in processing and
sale of basmati rice. The firm deals mainly in parboiled basmati
rice and long-grain parboiled basmati rice. It has sorting and
milling capacity of 6 tonne per hour and its plant in Tarori,
Haryana


SHEEN GOLDEN: Ind-Ra Cuts Long-Term Issuer Rating to BB+
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sheen Golden
Jewels (India) Private Limited's (SGJIPI) Long-Term Issuer Rating
to 'IND BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions is:

-- INR50 mil. Fund-based limit downgraded with IND BB+/Stable/IND

     A4+ rating.

Analytical Approach: Ind-Ra continues to factor in the support
available to SGJIPI from its franchisor, Malabar Gold Private
Limited (MGPL, 'IND A'/Stable), owing to the strong operational and
moderate strategical linkages between them. Ind-Ra continues to
take a standalone view of SGJIPL while arriving at the ratings.

The rating action reflects SGJIPI's deterioration in SGJIPI's
operational performance and thus credit metrics in FY22 because of
the imposition of one-time regulatory penalties, and lack of
visibility over the extent and status of outstanding contingent
liabilities (if any).

Key Rating Drivers

Lower Operating Profit; Despite Increase in Turnover: SGJIPI's
operating EBITDA significantly dropped 57% yoy to INR35.9 million
in FY22, due to higher other operating expenses of INR70.9 million
which includes higher taxes & penalty for the pending litigation
against the company on VAT from the state government. The EBITDA
margins during FY22 dropped 230bp yoy to 1.6% (FY21: 3.9%).
However, the top line increased 6.1% yoy to INR2,268 million,
supported by volume growth of 6.7% yoy. The pent-up demand post
second and third covid waves coupled with the festive season aided
the company to post a 40% yoy increase in the operating turnover to
INR1,403 million during 1HFY23. Ind-Ra expects the top line of the
company to grow at a CAGR of 10% and EBITDA margins to bounce back
to 3%-3.5% in the medium term, backed by a recovery in the
profitability.

Liquidity Indicator – Stretched; Expected to Recover on back of
Improvements in Profitability: Ind-Ra calculated cash flow from
operations of the company during FY22 had turned negative due to
the lower operating profitability and a marginal increase in the
working capital investments. The average working capital cycle of
the company increased to 65 days in FY22 (FY21: 61 days). To meet
the incremental working capital requirements, the company raised
additional INR40 million working capital limits. The average
working capital utilization of the company stands at 84%. Ind-Ra
expects the working capital cycle to stabilize at the current level
and the operating profit to improve which will turn cash flows to
positive in the medium term. Considering there is no scheduled
capex and debt repayment, Ind-Ra expects the liquidity to stabilize
over medium term.

Moderate Credit Metrics: Owing to the lower operating EBITDA,
SGJIPI's gross interest coverage (formula?) of the company
deteriorated to 0.94x during FY22 (FY21: 2.24x) and net adjusted
leverage ratio (formula?) substantially increased to 2.6x (0.47x).
Ind-Ra expects the credit metrics to recover post the profitability
margins normalize at around 3% from FY23.

Established Brand and Experienced Management: SGJPL is a franchisee
of MGPL and operates out of a single showroom in Pathamitta,
Kerala. The company retails its jewelry products under the brand
name Malabar Gold and Diamonds, which is one of the most reputed
and largest retail jewelry brands in India with a vintage of over
29 years. Two out of three directors of SGJPL represent the Malabar
group and are also on the board of various other Malabar Group
companies including MGPL. The management of the group has
successfully been able to expand its business over the past three
decades, thus establishing a strong brand presence across India.

Strong Parental Support from MGPL: SGJPL is part of the Malabar
Group, MGPL along with group companies and promoters put together
holds 33% stake in the company. As a franchisor, MGPL supports
SGJPL with all manufacturing activities, human resource management,
after-sales support and coordinating marketing and promotions. As a
franchisee of MGPL, the company pays 15% of its EBIT as a
franchisee fee. One of the managing directors of the group along
with some other group directors has provided personal guarantees
towards SGJPL's bank loans.

Malabar Group Structure: MGPL, the flagship company of the Malabar
group, is an operating-cum-holding company. The Malabar Group has a
mix of direct holding-cum-franchisee model structure for operating
about 169 showrooms (as of January 2023) in India which are spread
across 15 states. MGPL operates 32 showrooms (as of January 2023)
under itself and 137 franchisee-run showrooms are spread across
four multi-showroom operating entities under limited liability
partnerships; of these, about 38 are single-showroom operating
entities under private limited company (PLC) structure. The legal
structure varies across the entities in the group. Ind-Ra derives
more comfort from PLC corporate structure than limited liability
partnerships. SGJPL is a single showroom entity, with legal
structure as a PLC.

Small Scale of Operations: SGJPL has a small scale of operations,
wherein it contributes to about 1% to the Malabar group's revenues.
Ind-Ra expects the scale of operations to remain small, as the
company operates out of a single showroom. Moreover, the reported
margins for franchisee companies such as SGJPL are thin since part
of the revenue is on account of intergroup sales.

Gold Price Volatility: SGJPL's margins are susceptible to
volatility in gold prices. However, the risk is partially mitigated
by the company's prudent sourcing policy backed by an inventory
policy of replenishing a similar quantity of gold sold during the
day, thereby maintaining a constant inventory level in accordance
to the sales every year.

Likely Rise in Market Share of Organized Players: Organized
retailers derive cost benefits from government schemes such as
Import Tariff Quota rules, which increases their competitiveness in
relation to unorganized players. Also, small- and medium-scale
jewelers are affected by supply-side constraints and hallmarking
challenges on the lending side. Moreover, organized jewelers have
an added advantage due to their wider customer reach with presence
in digital channels. All these factors should lead to further
migration of customers from the unorganized to organized sector.

Rating Sensitivities

Positive: Developments that could, individually or collectively,
lead to a positive rating action include:

-- an improvement in the linkages with MGPL

-- an improvement in the reporting standards & disclosures along
with a substantial improvement in the scale of operations and
working capital cycle, with an interest coverage ratio of above
1.75x on a sustained basis

Negative: Developments that could, individually or collectively,
lead to a negative rating action include:

--  a rating downgrade of MGPL or weakening of the linkages with
MGPL

-- any further payment or settlement towards undisclosed statutory
or contingent liability, leading to a further weakening of the
operational performance, there by impacting the credit metrics

Company Profile

Incorporated in 2009, SGJPL is involved in the retail of jewelry
and operates out of a single showroom located in Pathamitta,
Kerala. It is a franchisee of MGPL and a part of the Malabar Group,
which is one of the leading jewelry retailers of India. MGPL
started operations in 1993 as a partnership firm of M P Ahammed and
his team of entrepreneurs.  


SHRINIVAS ELECTRICALS: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shrinivas
Electricals GTD Private Limited (SEGPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Letter of Credit         9         CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in 2011 in Nashik as Sairus Infrastructure Pvt Ltd and
renamed in 2013, SEGPL is promoted by Mr. Ganesh Nibe and
undertakes engineering, procurement, and construction (EPC)
contracts primarily for Maharashtra State Electricity Distribution
Company Ltd.


SHRINIVAS ELECTRICALS: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Shrinivas Electrical Gtd Private Limited
Shrinivas Tower I, S. No. 15/3, Plot No. 5
        Narayan Gurudeo Trust, Pakhal Road
        Nashik 422006 Maharashtra
        India

Liquidation Commencement Date: January 30, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Vaishali Arun Patrikar
     A-2, Shantidoot Society
            Parvati Darshan, Pune 411009
            Mobile No. 9370935454
            Email: cirp.shrinivas@gmail.com
                   vapatrikar@gmail.com

Last date for
submission of claims: March 1, 2023

SUPER FINE: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Super Fine
Rice Industries (SFRI) continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit               15       CRISIL D (Issuer Not
                                      Cooperating)

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

Established in 1998 as a partnership firm, promoted by Mr Krishan
Kumar and family, SFRI mills basmati rice at its facility in
Faridkot (Punjab). It also engages in opportunistic trading in the
rice industry.


SUPREME COATED: Liquidation Process Case Summary
------------------------------------------------
Debtor: M/s. Supreme Coated Board Mills Private Limited
Plot No. 30 ground floor
        RCC Building, New Star City
        Payasambakkam, Chennai TN 600052

Liquidation Commencement Date: February 7, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator : Rajalakshmi Vardarajan
      3/6, Venkateswara Colony, 10th Street
             Kodungaiyur, Chennai 600118
             Email: cma.rajalakshmi@gmail.com

                - and -

             3/6 Venkateswara Colony, 10th Street
             Madhavaram Milk Colony
             Chennai 600051
             Email: Liq.scbmpl@gmail.com

Last date for
submission of claims: March 8,  2023

SVM CERA: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of SVM Cera
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Short-term         2.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

   Short-term         2.80       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

   Short Term-       (0.50)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

SVM Cera Private Limited (formerly known as M/s. Matalvuoto Films
(India)) was incorporated in January 1986. With effect from April
1, 2014, the name was changed from the erstwhile SVM Cera Tea
Limited to SVM Cera Limited. Further, with effect from September
29, 2015, the name was changed from SVM Cera Limited to SVM Cera
Private Limited. The company manufactures ceramic glaze frit (CGF)
at its unit located at Ankleshwar, Gujarat. The company's
operations are handled by Mr. K.M. Bhanderi, under the leadership
of Chairman Mr. S.V. Mohta and other professional directors.


TIRUPUR PLAZA: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Tirupur Plaza Hotel Private Limited
5/778, P.N Road, Pichampalayampudur
Tirupur, TN 641603
        IN

           - and -

31/18, P.N Road
        Opp. New Bus Stand
        Tirupur 641602

Liquidation Commencement Date: February 15,  2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: A.R Ramasubramania Raja
     No. 3, Sundaram Brothers Layout
            Opp to All India Radio, Trichy Road
     Ramanathapuram, Coimbatore 641045
     Email: arrsraja@yahoo.com
            tirupurplazahotelpltdibc@gmail.com

Last date for
submission of claims: March 17,  2023

TURNING POINT: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Turning Point Estate Private Limited
Shop No. 118, 1st Floor V Mall
        Thakur Complex
        Kandivali, East Mumbai 400101

           - and -

6th Floor "Treasure Island" 11
        Tukdganj Main Road
        Indore 452001 MP

Liquidation Commencement Date: February 9, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Namrata Amol Randeri
     215 Laxmi Plaza
            Laxmi Industrial Estate, New Link Road
            Andheri West, Mumbai 400053
            Email: namrataranderi@gmail.com

               - and -

            BKC Centre, 31-E
            Laxmi Indl. Estate, New Link Road
            Andheri (W), Mumbai 400053
            Email: turningpoint.bkc@gmail.com

Last date for
submission of claims: March 11, 2023

UDIT TOLLHIGHWAYS: Ind-Ra Assigns BB Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Udit Tollhighways
Private Limited's (UTPL) rupee term loan (RTL) as follows:

-- INR454.2 mil. a Sanctioned debt is INR485 mil. RTLa due on
     September 2031 assigned with IND BB/Stable rating.

The rating is constrained by the revenue risks associated with the
toll-based projects, diversion due to alternate route/mode of
transport, medium operation & maintenance (O&M) risk and interest
rate risk. The ability of the company to achieve toll collections
in line with Ind-Ra's base case is a key rating sensitivity.
However, the rating derives strength from the project location
being a state highway connected to the Indore Khalghat section of
NH3 (Agra-Mumbai Road) with moderate traffic potential, stable toll
collection on back of toll rate revision, and corporate guarantee
from a moderate sponsor Udit Infraworld Private Limited (UIPL).

The rating is based on the standalone credit profile of the project
while deriving comfort from the moderate credit profile of the
sponsor. The unsecured loans brought in by UIPL are sub-ordinated
to bank debt as per the financing document and accordingly, have
not been considered as additional debt in Ind-Ra's analysis. Any
deviation from this arrangement will be negative for the rating.

Background Concessionaire Substitution:  Valecha LM Toll Private
Limited, the erstwhile concessionaire, underwent liquidation as per
an order passed by the National Company Law Tribunal dated 27
October 2020. The assets of the project i.e. the concession rights
and plant & machinery was offered in the auction and UIPL (new
sponsor) emerged as successful bidder with a bid price of INR633
million and had incorporated the special purpose vehicle (SPV)
UTPL.  The authority acknowledged UIPL as successful bidder wide
its letter dated October 1, 2021 and the liquidator issued a sale
certificate on November 1, 2021.  The purchase consideration was
paid through equity/unsecured loans from UIPL and the rated debt of
INR485 million.

Key Rating Drivers

Weak Debt Structure: The rated debt comprises an RTL, amortized
over 120 months (including one-month moratorium period). The debt
structure is weak considering that there are no liquidity buffers
in the form of reserves towards debt service, MM being created.
Furthermore, the RTL does not have any financial covenants that
would be periodically tested and an escrow mechanism which is yet
to be operational. The RTL would be maturing in FY32 leaving a
healthy tail period of about four years. Ind-Ra has not considered
any extension in the concession period due to actual traffic being
lower than the target traffic which is due for review during June
2023. The extension in concession period, if any, would lead to a
further improvement in the tail period and an increase in the
project life coverage ratio.

Liquidity Indicator – Stretched: The project had INR31.7 million
available in the current account post debt servicing as on 30
January 2023. The liquidity is stretched, considering that the
project cash flows are barely sufficient to meet the debt servicing
requirement with average debt service coverage ratio (DSCR) being
above 1.05x for FY23. In addition, the project does not maintain
liquidity buffers in the form of a debt service reserve or MM
reserve, resulting in a high dependence on toll collection. The
project cash flows showed low resilience to various kinds of stress
applied on traffic growth, toll rate increase, interest rate and
increase in O&M, MM expense throughout the debt tenor.  

Possibility of Revenue leakage as FASTag Service is not
Operational: The toll collection in the project stretch is taking
place through cash as the FASTag service is not operational due to
technical issues. UTPL had made a written representation to MPRDC
during November 2021 to instruct the telecom service provider to
resolve the technical issue at the earliest to start toll
collection through FASTag.  While the toll collection is being
deposited into the current account every two-to-three days, the
toll collection happening through cash can result in revenue
leakage.

Susceptibility to Fluctuations in Traffic Volume or Changes in
Tolling Policy: As in the case of any typical toll road project,
UTPL is exposed to risks such as toll leakage, absence of timely
hikes in rates, seasonal variations in vehicular traffic, and
susceptibility to economic downturns, which could adversely impact
its cash flows.

Medium O&M Risk: The maintenance activity in the project stretch
was undertaken by the liquidator before the transfer of the asset
to UTPL. UTPL has shared a copy of the road test report undertaken
in June 2022 and the overall road quality was fair-to-good. The
concession agreement stipulates that the periodic renewal shall be
carried out in the project stretch so that the roughness shall not
exceed 3,000millimetre/km during the service life of the payment at
any time. The management, during a discussion with the agency,
represented that they would be undertaking a road quality test
every year and on the basis of its report, the management would
undertake relaying or patch work activity in the portion where the
roughness index is above the threshold. Any shortfall in cashflows
for undertaking routine or periodic maintenance shall be funded by
the sponsor. The routine O&M costs considered by UTPL are largely
comparable to the average cost of Ind-Ra-rated peers. The agency
finds the risk to be medium, given the management has not provided
for any expense towards major maintenance (MM). The agency, in its
base case, has considered MM expense of about INR1.5 million per
lane km and MM activity being undertaken in about 6km every year.
Any increase in the maintenance expense would have an adverse
impact on the coverages taking it below unity. The satisfactory
maintenance of project stretches and the timely support from
sponsor to meet shortfalls routine and periodic maintenance, if
any, would be the key rating monitorable.  

Guarantee Provided by Moderate Sponsor: UIPL has provided corporate
guarantee to the rated debt facility. UIPL was incorporated in 2003
by Abhay Mishra as a construction and infrastructure development
company based in Rewa, Madhya Pradesh. UIPL has executed more than
30 infrastructure projects including road engineering procurement
and construction projects for National Highways Authority of India
(NHAI; IND AAA/Stable), Madhya Pradesh State Public Works
Department (PWD) and MPRDC. Furthermore, UIPL acquired license to
distribute liquor and were the sole liquor distributors in the
district of Rewa, Madhya Pradesh for FY21 and FY22, which
contributed majorly to the top line during the said period.
However, the company has not received the liquor license for FY23
and is focusing only on road construction.

Key State highway with Moderate Traffic Potential: The project road
is a part of State Highway-31 connecting Lebad to National Highway
-3 near Manpur and lies entirely in Madhya Pradesh with a total
length of 34km. UTPL operates one toll plaza along the project
stretch near Durjanpura and has started toll collection from
November 2021. The passenger car unit (PCU) in the project stretch
is mainly contributed by the traffic from multi-axle vehicles (MAV)
with about 80% contribution towards the total PCU. The toll rates
are subject to annual escalation during September every year,
linked 100% to the Wholesale Price Index.

The toll collection for 8MFY23 stood at INR144.7 million, mainly
driven by the increase in toll rates effective September 2022 and a
significant increase in the MAV traffic over September-November
2022. The management did not attribute any reason to the marked
increase in the MAV traffic during the recent months. Hence, the
agency has considered the revenue growth in its base case to be
driven entirely by toll rate hike with no contribution from traffic
growth as the PCU in the project stretch has been moderating over
the years albeit under previous management due to development of
alternative routes. The sustainability of traffic and the
implementation of toll rate revision remains the key rating
monitorable.

Rating Sensitivities

Positive The financial performance being better than Ind-Ra's
base-case estimates on a sustained basis, with a forward-looking
average DSCR of over 1.10x, could lead to an upgrade.

Negative: Future developments that could, individually or
collectively, lead to a negative rating action are:

-- significant underperformance in the traffic, higher O&M, MM
expense than envisaged in Ind-Ra's base case estimates leading to a
weakening of the DSCR

-- the absence of timely support from the sponsor or deterioration
in the credit profile of the sponsor

Company Profile

UTPL is an SPV set up by UIPL to acquire the concession rights and
plant & machinery for four lane alignment connecting State Highway
-31 at Lebad (ch. 1+282) to NH – 3 near Manpur (ch 38.178) on a
build, operate and transfer basis through the National Company Law
Tribunal process.


UNISHIRE URBANSCAPE: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures
(NCDs) of Unishire Urbanscape Private Limited (UUPL; part of the
Unishire Urbanscape group) continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Non Convertible         126.0      CRISIL D (Issuer Not
   Debentures-LT                      Cooperating)

CRISIL Ratings has been following up with UUPL for getting
information through letter and email, dated November 30, 2022 and
January 31, 2023 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 UUPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UUPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on the non-convertible
debentures (NCDs) of UUPL continues to be 'CRISIL D Issuer Not
Cooperating'.

Analytical Approach

CRISIL Ratings has combined the business and financial risk
profiles of the following companies with UUSL: Unishire Skyscapes
LLP, Unishire Properties LLP, Unishire Homes LLP, Unishire Regency
Park LLP, and Unishire Developers Pvt Ltd. These companies have
been consolidated because they are co-obligors to the NCDs. The
projects under these companies are security against the NCDs by way
of exclusive first charge.

Incorporated in February 2011, UUPL develops real estate in
Bengaluru and is a part of the Unishire group.


VIJETA PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of Vijeta Projects & Infrastructures Ltd. in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        80.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term       194.50       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Continues to remain under the
   Others                        'Issuer Not Cooperating'
                                 Category

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

Vijeta Projects & Infrastructures Limited (VPIL), established in
the year 1990 by the Singh family, is a closely held public limited
company engaged in executing civil and structural works. The
company is primarily working for various government and semi
government bodies (Central Public Works Department, Jharkhand State
Mineral Development Corp., Sardar Sarovarnarmada Nigam Ltd, etc) in
the states of Jharkhand and Bihar. Though the company works on
projects across multiple sectors like irrigation, civil
construction, roadways, real estate, railways, mining, etc, the
concentration has largely been on irrigation and civil construction
projects.

VISHWAKARMA COLD: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shree
Vishwakarma Cold Storage (SVCS) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

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

SVCS is a partnership firm set up in 1998 by Mr. Chamanlal
Rugnathji, Mr. Velaji Rugnathji, Mr. Thanaji Shankarji, Mr.
Rugnathji Dharmaji, and Mr. Chunilal Haraji. The firm is based at
Deesa, Banaskantha (Gujarat). It trades in potatoes and also
provides a cold storage facility for potatoes with a capacity of
13,500 tonnes.


VVR INNOVATE: Liquidation Process Case Summary
----------------------------------------------
Debtor: VVR Innovate Materials Private Limited
49 403/17/1/A plot no 231P
        Sai's Lakshmi Elite
        Padmanagar Phase 2
        Chintal, Hyderabad Telengana 500067

Liquidation Commencement Date: February 10, 2023

Court: National Company Law Tribunal, Hyderabad Bench

Liquidator: Mr. Sakhamuru Venu
     401 Santosh Residency
            F-61 62 63 Madhuran Nagar
            Hyderabad, Telangana 500038
            Email: sakhamuruvenu@gmail.com
                   cirp.vvrmipl@gmail.com

Last date for
submission of claims: March 19,  2023

ZEE ENTERTAINMENT: Creditor Withdraws Insolvency Plea
-----------------------------------------------------
Financial Express reports that Indian Performing Right Society
(IPRS), an operational creditor to Zee Entertainment Enterprises,
has agreed to withdraw an insolvency petition filed against the
media firm for defaulting on payment of INR211.42 crore.

FE relates that the company and IPRS mutually entered into the
settlement agreement on March 6, following which IPRS agreed to
withdraw the petition.

There is no penalty paid and no material impact on the financial
position of the company, Zee said in a stock exchange update.

On January 2, IPRS had filed a petition before the Mumbai bench of
the National Company Law Tribunal (NCLT) under Section 9 of the
Insolvency and Bankruptcy Code (IBC), seeking initiation of
corporate insolvency resolution process against the  Essel Group
company, the report recalls.

According to the report, Zee said the amount was "unascertained" as
the matter was disputed and sub judice and the creditor was
claiming debt and default towards royalty payable for utilisation
of "literary and musical works".  

Zee had also said it would file a reply rejecting the claim on the
grounds that there was a pre-existing dispute between the parties
on the claimed amount, FE relates. Further, the claim is not in
consonance with the interpretation of the law on payment of
royalties, it had added.

In December 2022, private lender IDBI Bank had filed an application
seeking initiation of insolvency proceedings against Zee, claiming
a default of INR149.60 crore. In April 2022, Housing Development
Finance Corporation had moved NCLT against SITI Networks (another
Essel Group company) for alleged default of INR296 crore, and prior
to that in February 2020, IndusInd Bank had moved the bankruptcy
court seeking payment of more than INR89 crore from Zee.

In February this year, NCLT's Mumbai bench permitted initiating
insolvency proceedings against Zee, admitting the petition filed by
IndusInd Bank, the report recalls. This was later stayed by the
National Company Law Appellate Tribunal.

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.




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

BIG CATS: Placed Into Involuntary Liquidation
---------------------------------------------
New Zealand Herald reports that Big Cats Limited, which operates
the Kamo Wildlife Sanctuary, has been put into involuntary
liquidation.

An order for liquidation was made by the High Court in Whangārei
on March 1, NZ Herald discloses. Creditors who may have claims over
assets owned by Big Cats are being asked to contact the Official
Assignee.

According to the report, the company's financial position and the
fate of staff are unclear at this stage.

"The important thing is that the cats are fine and being looked
after. Their welfare is unaffected," NZ Herald quotes director of
Big Cats Limited Janette Vallance as saying in a short statement.

"I'm working through several options at this point and will be in
contact with people who have made bookings ahead for the coming
weeks.

"Negotiations are underway with the liquidator, Bolton Equities,
and Robyn and Murray Bolton personally, as well as MPI.

"There can be no further comment at this time, but announcements
will be made in the near future as matters become clearer," she
said.

The park has nine African lions, six Barbary lions - extinct in the
wild - two Bengal tigers and New Zealand's only leopard.

It reopened in December 2021 after being closed for eight years as
the operators worked to upgrade facilities, build significant new
containment facilities, provide all that was required for animal
welfare and maintain staffing at a level that could sustain public
access.

Big Cats Ltd operates the park and money for operational expenses
and asset investment comes from Bolton Equities.

The park was formerly known as Zion Wildlife Gardens and was once
owned by Craig Busch.

Tragedy struck the park in May 2009 when big cat handler Dalu
Mncube was mauled to death by a 260kg white tiger in an enclosure
as horrified visitors watched, recalls NZ Herald.


BRAK BURNS: Court to Hear Wind-Up Petition on March 13
------------------------------------------------------
A petition to wind up the operations of Brak Burns Limited will be
heard before the High Court at Hamilton on March 13, 2023, at 10:45
a.m.

Service Foods Limited filed the petition against the company on
Feb. 16, 2023.

The Petitioner's solicitor is:

          Brookfields Lawyers
          Tower One, 9th Floor
          205 Queen Street
          Auckland


JAMES TYLER: Creditors' Proofs of Debt Due on March 24
------------------------------------------------------
Creditors of James Tyler (NZ) Limited are required to file their
proofs of debt by March 24, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Thomas Lee Rodewald of
Rodewald Consulting Limited as liquidator on Feb. 24, 2023.


RAINBOW CORNER: Court to Hear Wind-Up Petition on March 17
----------------------------------------------------------
A petition to wind up the operations of The Rainbow Corner
Educational Trust Blenheim Limited will be heard before the High
Court at Auckland on March 17, 2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 17, 2022.

The Petitioner's solicitor is:

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


THRIVE HEALTH: Creditors' Proofs of Debt Due on March 29
--------------------------------------------------------
Creditors of Thrive Health Limited are required to file their
proofs of debt by March 29, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Feb. 22, 2023.

The company's liquidators are:

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


VEHICLE IMPORTS: Creditors' Proofs of Debt Due on March 28
----------------------------------------------------------
Creditors of Vehicle Imports Direct Limited are required to file
their proofs of debt by March 28, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Feb. 28, 2023.

The company's liquidators are:

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




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

AVON INTERNATIONAL: Creditors' Meeting Set for March 13
-------------------------------------------------------
Avon International Pte Ltd, which is in creditors' Voluntary
liquidation, will hold a meeting for its creditors on March 13,
2023, at 3:00 p.m., via electronic means by way of video
conference.

Agenda of the meeting includes:

   a. to apprise the creditors on the status of the liquidation of
the Company; and

   c. to discuss other business.

The company's liquidators are:

          Thio Khiaw Ping Kelvin
          Tan Lye Heng Paul
          c/o 133 Cecil Street
          #14-01 Keck Seng Tower
          Singapore 069535


CESL CAPITAL: Commences Wind-Up Proceedings
-------------------------------------------
Members of CESL Capital Pte Ltd, on Feb. 27, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Lai Seng Kwoon
          c/o 7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


NEWISH TRANSPORTATION: Court to Hear Wind-Up Petition on March 24
-----------------------------------------------------------------
A petition to wind up the operations of Newish Transportation Pte
Ltd will be heard before the High Court of Singapore on March 24,
2023, at 10:00 a.m.

Symy Intraco Pte. Ltd filed the petition against the company on
March 1, 2023.

The Petitioner's solicitors are:

          Resource Law LLC
          10 Collyer Quay
          #18-01, Ocean Financial Centre
          Singapore 049315


PEREGRINE EXPLORATION: Creditors' Proofs of Debt Due on April 6
---------------------------------------------------------------
Creditors of Peregrine Exploration Pte. Ltd. are required to file
their proofs of debt by April 6, 2023, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          Seah Roh Lin
          c/o BDO Advisory Pte. Ltd.
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SINHAN HOLDING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Feb. 24, 2023, to
wind up the operations of Sinhan Holding Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

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




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

SRI LANKA: China Said to Back Debt Plan, Paving Way for IMF Loan
----------------------------------------------------------------
Bloomberg News reports that China has given assurances that it will
support Sri Lanka's debt restructuring, clearing the biggest hurdle
for the South Asian nation to secure a $2.9 billion bailout from
the International Monetary Fund.

Bloomberg relates that Sri Lanka's largest bilateral creditor gave
written support for the debt restructuring via the Export-Import
Bank of China on March 6, according to people familiar with the
situation, who asked not to be identified as the information isn't
public. The letter meets the requirements of the IMF, the people
said.

According to Bloomberg, China's backing completes the support Sri
Lanka needs from creditor nations to allow the IMF board to approve
the loan that was agreed upon by the Fund staff in September. Sri
Lanka had anticipated the board's nod by the end of 2022 although
it has since adjusted expectations to within this quarter.

The bailout will pave the way for more funding and set the bankrupt
nation's debt restructuring on a steadier path since last year's
default, Bloomberg says. While paralyzing supply shortages in the
island nation have eased, foreign currency reserves have been
inching up and inflation somewhat cooling, the nation needs the IMF
loan to get more funding and turn the corner.

IMF financial support can only be provided for countries with
sustainable debt, the report notes. For countries with
unsustainable debt, IMF financing may proceed before a debt
restructuring is completed if official bilateral creditors provide
the IMF with adequate assurances that they will take steps to help
restore debt sustainability.

In the past months, Sri Lanka has increased taxes, cut energy
subsidies and loosened its grip on the currency to secure the IMF
loan. Authorities recently boosted borrowing costs further to
ensure that inflation which has come off nearly 70% doesn't flare
up while loosening grip on the currency to strengthen market
confidence, according to Bloomberg.

China accounts for 52% of the nation's bilateral debt. India and
the Paris Club of creditors have previously given their support to
the debt restructuring that's dragged since Sri Lanka defaulted in
May last year.

Bloomberg adds that the troubled economy seeks to turn the corner
after the bailout, expecting inflation to ease to single-digit
levels by the end of 2023 as tourism and remittances pick up.

                          About Sri Lanka

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

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

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

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

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

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

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





=============
V I E T N A M
=============

BIM LAND: Fitch Affirms 'B' LongTerm IDR, Alters Outlook to Neg.
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Vietnam-based property
developer BIM Land Joint Stock Company's (BIML) Long-Term Issuer
Default Rating (IDR) to Negative, from Stable, and has affirmed the
IDR at 'B'. At the same time, the agency has affirmed the 'B'
long-term rating and 'RR4' Recovery Rating on BIML's US-dollar
unsecured unsubordinated notes due May 2026.

The Negative Outlook reflects the potential for a sustained
weakening in cash collection from property sales and negative free
cash flow, which could affect BIML's banking access and pressure
liquidity. Regulatory limitations on bank credit growth to the
real-estate sector and a crackdown on irregularities surrounding
local-currency bond issuances in the last few quarters have
weakened consumer and investor sentiment for residential
real-estate in Vietnam.

The rating affirmation is based on its expectation that BIML may
benefit from a flight to quality among domestic banks and
homebuyers, given its low leverage, limited exposure to domestic
bonds as a funding source and record in project execution. Fitch
believes BIML will be able to manage liquidity with the help of
fresh bank lines that it secured in the last few months and a
number of upcoming facilities. However, delays in securing new bank
facilities may pressure the rating.

KEY RATING DRIVERS

Lower Contracted Sales: Fitch expects attributable contracted
sales, excluding minorities' share and land sales, to fall to about
VND7.0 trillion in 2023, from an estimated VND8.7 trillion in 2022.
Rising inflation, interest rates, and weak consumer sentiment are
likely to temper housing demand in the next 12-18 months. Fitch
believes the State Bank of Vietnam's measures to curb credit to the
real-estate sector will exacerbate challenges, as it will slow
mortgage-funded property sales. These made up around 20% of BIML's
2022 contracted sales.

Medium term demand should remain supported by an appetite for real
estate as an inflation hedge and store of value due to limited
investment alternatives, along with Vietnam's steady economic
growth, expanding urbanisation and resumption of international
travel. Fitch forecasts Vietnam's GDP growth to moderate to 6.2% in
2023, before recovering to 6.7% in 2024 (2022: 8.0%).

Slower Cash Collection: Fitch projects cash collection from
property sales to slow to VND 5.5 trillion, from an estimated
VND5.6 trillion in 2022, due to a lower share of mortgage sales and
weak homebuyer sentiment. Cash collections were below its
expectations in 2022 due to credit-related regulatory constraints
in the sector since 2Q22. Authorities have introduced some support
measures in recognition of the mounting stress within the sector,
but Fitch believes more meaningful support would be required to
arrest the current downturn.

Sector Funding Faces Regulatory Headwinds: Fitch expects BIML's
funding access to remain satisfactory, despite regulatory credit
tightening in the sector. BIML repaid its maturing debt on time in
2022 and continued to secure new bank lines, even as sector
challenges mounted in 2H22. The company is working on further
funding lines to support spending and debt repayment in the next
12-18 months.

Moreover, Fitch believes the government may increase support to the
sector in light of the knock-on impact of real-estate stress on
other areas of the economy, including banks as well as construction
and building-material companies. The government's draft proposal in
January 2023 to allow real-estate bond issuers to extend the
maturity of local-currency bonds by up to two years signals some
pullback in the regulatory clampdown and should alleviate a degree
of refinancing risks in the sector.

Lower Capex and Land Banking: Fitch estimates that capex will come
down to around VND1 trillion a year, to expand BIML's hotels and
rental villas and condotels, assuming that the company will secure
sufficient bank lines. Land banking is also likely to slow
significantly from 2024, as the company completed major land
purchases in 2021. Consequently, Fitch forecasts cash flow from
operations to turn positive in 2023, despite slower cash
collection, and for leverage, defined as net debt/net property
assets, to remain steady at around 30% for the next 12-18 months
(2022 estimate: 28%).

Fully Paid Landbank: BIML says its land bank, including land-use
rights, is fully paid for and can support around seven to 10 years
of contracted sales. This provides the company with flexibility to
reduce land purchases amid a further slowdown in cash collection
and to manage free cash flow. Fitch expects BIML to generate steady
contracted sales without having to invest heavily in land bank in
the near term.

Significant Exposure to Tourism Property: Condotels and rental
villas are likely to account for 30%-40% of BIML's contracted sales
over the next three years. Demand for these products has been
steady in the past two years and should stay healthy in the medium
term, in tandem with a tourism recovery. However, Fitch considers
demand for tourism-centric properties to be more cyclical than for
residential property. This is reflected in tighter leverage
sensitivities for BIML versus for residential developers.

Concentrated Cash Flow: BIML's contracted sales stem mainly from
the Ha Long and Phu Quoc townships, while Vinh Phuc will contribute
meaningfully from 2023. Its Ha Long Marina township is mature and
offers residential and tourism-led products. The township is also
located in Quang Ninh province, which benefits from strong economic
growth and industrialisation. Phu Quoc and Vinh Phuc are less
established. Phu Quoc has mostly tourism properties, although the
company is in the process of obtaining re-zoning approval to
increase residential properties for sale.

Linkages with Parent: BIML is wholly owned by BIM Group, which is
owned by Chairman Doan Quoc Viet. The chairman's family holds key
positions in all group companies, including BIML. Fitch excludes
the ringfenced and self-sufficient BIM Energy Holding Joint Stock
Company from BIM Group's financials in its assessment of the
parent's Standalone Credit Profile (SCP). There is also limited
debt of around VND360 billion in the lifestyle and food businesses,
which Fitch includes in BIML's leverage. BIM Group's SCP is similar
to BIML's credit profile and does not affect BIML's rating.

DERIVATION SUMMARY

BIML's ratings are comparable with those of Indonesian property
developers, PT Bumi Serpong Damai Tbk (BSD, BB-/Stable), PT Ciputra
Development Tbk (CTRA, BB-/Stable), and PT Lippo Karawaci TBK
(B-/Stable).

Fitch believes Vietnam's property market has a similar competitive
intensity to Indonesia's market, being highly fragmented with
multiple players of a similar size in each region or niche segment.
However, Vietnam is at an earlier stage of economic development,
with lower per capita income and a smaller middle class, although
it is likely to see stronger economic growth in the medium term.

BSD and CTRA are rated two notches higher than BIML, given stronger
business risk profiles with larger contracted sales scale, a focus
on residential products and operations in more regions in
Indonesia. The two peers' housing products are more diverse across
price points and end-customers, allowing them to shift their
product mix to cater to varying demand, even during downturns. Both
also have larger recurring income portfolios that boost financial
flexibility and offer some downside protection for debt-servicing
obligations should contracted sales decline. Fitch also expects
BIML to have higher leverage, with the Negative Outlook reflecting
the risk that falling cash collection and free cash flow may weaken
funding access.

Lippo is rated lower than BIML on account of its weaker business
risk profile, as reflected in its smaller contracted sales scale
and higher leverage. Lippo's rating reflects improving, albeit
still negative, free cash flow, excluding land bank purchases, as
presales will slow on softening demand amid rising inflation and
interest rates. Lippo has shown improved access to domestic-bank
funding, but still faces large unsecured cross-border bonds
maturing in January 2025.

KEY ASSUMPTIONS

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

• Attributable contracted sales, including land, of around VND8.7
trillion in 2022 and VND8.8 trillion in 2023

• Cash flow from operations of negative VND123 billion in 2022
and positive VND848 billion in 2023

• Capex of VND1.4 trillion in 2022 and VND1.3 trillion in 2023 on
non-development income projects

• Dividends of VND700 billion in 2022 and VND300 trillion in
2023

RATING SENSITIVITIES

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

- Not meeting the negative sensitivities for a prolonged period
could result in the Outlook being revised to Stable.

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

- Sustained weakening in cash collection or contracted sales, or a
widening free cash flow gap

- Inability to secure new debt facilities to support spending

- Net debt/net property assets at above 45% for a prolonged period

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: BIML had VND1.3 trillion of cash and
equivalents, including VND544 billion in time deposits maturing in
less than 12 months, as of end-September 2022. This was in addition
to about VND1.0 trillion in undrawn uncommitted working-capital
lines subject to a 12-month renewal cycle. This provides adequate
liquidity against the VND2.3 trillion of debt falling due in the
next 12 months, particularly as Fitch expects banks will roll-over
working capital debt of around VND299 billion given the company's
adequate credit profile. However, BIM Land will need to raise
external financing to fund the Fitch-forecasted negative free cash
flow of VND763 billion, without which spending will have to be
curtailed.

The company has access to all major domestic banks as well as
cross-border institutions, including the International Finance
Corporation. BIML's inaugural domestic secured bond of VND1
trillion, raised on 15 March 2021, as well as its inaugural
international unsecured note of USD200 million issued on 7 May 2021
further diversified its funding sources.

ISSUER PROFILE

BIML has a land bank of more than 550 hectares, mainly in Ha Long,
Phu Quoc and Vinh Phuc, which is sufficient for more than 10 years
of development. The company also has investment properties,
comprising serviced apartments and hotels operated by international
brands, such as InterContinental Hotels & Resorts and Regent Hotels
& Resorts.

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
   -----------            ------        --------   -----
BIM Land Joint
Stock Company       LT IDR B  Affirmed               B

   senior
   unsecured        LT     B  Affirmed     RR4       B


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2023.  All rights reserved.  ISSN: 1520-9482.

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

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



                *** End of Transmission ***