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

                     A S I A   P A C I F I C

          Friday, March 10, 2023, Vol. 26, No. 51

                           Headlines



A U S T R A L I A

AFFIRM INC: To Start Winding Down Operations in Australia
BALMAINE GOLD: Hall Chadwick Appointed as Administrators
DARIC GROUP: First Creditors' Meeting Set for March 17
FAST CABINETS: First Creditors' Meeting Set for March 16
IN2FOOD GROUP: Collapses for Second Time with AUD20MM in Debt

LATITUDE AUSTRALIA 2023-1: Fitch Gives Final BBsf Rating to E Notes
MECHASTEEL PTY: First Creditors' Meeting Set for March 15
MY WHOLESALE: First Creditors' Meeting Set for March 13
NOW TRUST 2022-1: Moody's Upgrades Rating on Class E Notes to Ba1
RICHSTONE AUSTRALIA: First Creditors' Meeting Set for March 15



C H I N A

CHINA EVERGRANDE: Races Court Deadline on Debt Restructuring Terms
CIFI HOLDINGS: To Offload Prized Shanghai Commercial Property
PUTIAN STATE-OWNED: Fitch Affirms BB+ LT IDR, Alters Outlook to Neg
ROAD KING: Moody's Downgrades CFR to B1 & Alters Outlook to Stable
SEAZEN GROUP: Moody's Lowers CFR to B1 & Alters Outlook to Stable

SINO-OCEAN GROUP: Moody's Downgrades CFR to Ba3, Outlook Negative


I N D I A

APCO AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
ATLANTA MEDIWORLD: Insolvency Resolution Process Case Summary
BIYANI SHIKSHAN: CRISIL Keeps D Debt Rating in Not Cooperating
CAMPUS STUDENT: CRISIL Keeps D Debt Rating in Not Cooperating
DEEPAK FASTENERS: CRISIL Moves D Debt Ratings to Not Cooperating

FUTURE ENTERPRISES: Admitted for Insolvency, NCLT Taps Interim RP
GLOBAL POWERSOURCE: Insolvency Resolution Process Case Summary
HANUMAN MOSAIC: CRISIL Keeps D Debt Ratings to Not Cooperating
INA ELITE: ICRA Withdraws D Rating on INR10cr Term Loan
IREO HOSPITALITY: ICRA Keeps D Debt Ratings in Not Cooperating

KARVY DATA: CRISIL Keeps D Debt Ratings in Not Cooperating
KHATOR FIBRE: CRISIL Keeps D Debt Ratings in Not Cooperating
KM TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category
KRISAM AUTOMATION: CRISIL Moves D Debt Ratings to Not Cooperating
LAXMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating

MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
MYSORE FRUIT: CRISIL Moves D Debt Ratings to Not Cooperating
PAREKH ALUMINEX: CRISIL Keeps D Debt Ratings in Not Cooperating
PAS TRADING: CRISIL Lowers Rating on INR12cr Cash Loan to B-
RAMAKRISHNA HOUSING: ICRA Keeps D Debt Rating in Not Cooperating

S.R. CASHEWS: CRISIL Keeps D Debt Rating in Not Cooperating
SHRI TRADCO: Insolvency Resolution Process Case Summary
SLC PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
SRI MARUTI: Insolvency Resolution Process Case Summary
SRIGDHAA BEVERAGES: CRISIL Keeps D Ratings in Not Cooperating

SRS LIMITED: CRISIL Keeps D Debt Rating in Not Cooperating
STARLIT POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
VYVA APPARELS: Insolvency Resolution Process Case Summary


J A P A N

MT. GOX: Largest Creditor Plans to Keep Returned Bitcoin


M A L A Y S I A

PHARMANIAGA: PN17 Status Just an Accounting Matter, Minister Says


N E W   Z E A L A N D

AMBAR INVESTMENTS: Creditors' Proofs of Debt Due on April 12
MTS ENERGY: Court to Hear Wind-Up Petition on March 31
QUALITY NZ: Court to Hear Wind-Up Petition on March 21
SR RATTAN: Creditors' Proofs of Debt Due on March 31
STEVENSONS STRUCTURAL: Goes Into Liquidation Amid Contract Trouble



S I N G A P O R E

CLARIS INVESTMENTS: Commences Wind-Up Proceedings
GETPONGO HOLDINGS: Court to Hear Wind-Up Petition on March 17
KULDIP SINGH: Creditors' Meeting Set for March 23
REPUTATION ADMINISTRATION: Court to Hear Wind-Up Bid on March 24
SRE VENTURE: Creditors' Proofs of Debt Due on April 10



S R I   L A N K A

SRI LANKA: To Announce Debt Restructuring Strategy in April

                           - - - - -


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

AFFIRM INC: To Start Winding Down Operations in Australia
---------------------------------------------------------
Finextra reports that a month after laying off 19% of its
workforce, American buy now, pay later platform Affirm is quitting
the Australian market.

In a notice on its website, the company said: "As of 28 February
2023, Affirm has made the decision to begin an orderly wind-down of
our operations in Australia," Finextra relays.

Emails are being sent to active loan holders who will see no change
to their plans.

Launched by PayPal co-founder Max Levchin in 2012, Affirm partners
thousands of merchants to provide installment payment plans to
millions of users in the US, Canada and Australia, according to
Finextra.

Finextra says the company rode the BNPL wave to an IPO in 2021 and
has since secured deals with blue chip players including Amazon and
Target.

However, last month it said it was cutting 500 employees and
killing off its crypto ambitions, with Mr. Levchin stating that
"Everything changed in mid-2022".

He continued: "Growing rapidly over the last few years, and
especially through the pandemic, we hired ahead of the revenue
required to support the size of the team."

Australia was once seen as particularly fertile ground for BNPL but
Affirm's exit comes weeks after local player Openpay fell into
receivership, Finextra notes.


BALMAINE GOLD: Hall Chadwick Appointed as Administrators
--------------------------------------------------------
Australian Financial Review reports that administrators have taken
control of the Australian company that owns the struggling Ballarat
gold mine, suggesting Singapore listed Shen Yao's turbulent reign
may be nearing an end.

Hall Chadwick was appointed administrators of Balmaine Gold, the
Australian subsidiary owned by Shen Yao, on March 9. The Ballarat
mine employs about 200 people.

According to AFR, the appointment comes after a five-month period
in which the traditionally marginal mine struggled with lower than
normal cashflow because the owners had failed to secure enough
storage for mine wastes, known as tailings.

On at least two occasions since September the Victorian government
ordered Balmaine to cease depositing wastes in the tailings storage
facility because the dam was too close to its regulated capacity.

AFR says the stop order effectively prevented Balmaine from making
saleable gold; while it was able to continue digging ore from
underground, it was unable to use the processing plant to extract
the valuable gold from the tailings.

The situation exacerbated a trend over the past two years that had
seen Balmaine regularly make late payments to suppliers.

AFR relates that Shen Yao had been telling suppliers over the past
week that it would do a gold pour this weekend, which would
generate some cashflow to settle some of the overdue invoices.

While some suppliers were willing to hold out hope for that to
occur, others had withdrawn services until payment was received.

Drilling contractor Deepcore confirmed to The Australian Financial
Review on March 6 that it had removed some rigs from the Ballarat
mine pending payment.

"The contract remains on foot but drilling operations have been
stood down pending further payments," AFR quotes a spokesman for
Deepcore as saying.

Shen Yao's Singapore listed shares went into a trading halt on
March 9. The last set of financial results published by the company
were for the three months to September 30.

The company had cash and cash equivalents of SGD883,000
(AUD954,400) at September 30 but owed millions of dollars to
lenders such as Sydney based Gemi Investments, which has charged
interest rates of 15 per cent and has secured the debt over
properties, AFR discloses.

Lenders like Hugh Morgan's Arete Capital and Acheron Capital had
also issued debt default notices to Balmaine over the past month,
most of which were disputed by Balmaine, AFR adds.


DARIC GROUP: First Creditors' Meeting Set for March 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Daric Group
Pty Ltd as trustee for Daric Payroll Trust, will be held on March
17, 2023, at 10:30 a.m. at Level 3, 12 Short Street, in Southport,
Queensland.

Matthew John Bookless and Anne Meagher of SVP Partners were
appointed as administrators of the company on March 7, 2023.


FAST CABINETS: First Creditors' Meeting Set for March 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Fast
Cabinets Pty Ltd, trading as good2pac, will be held on March 16,
2023, at 12:00 p.m. via virtual meeting technology.

Danny Vrkic and Daniel O'Brien of DV Recovery were appointed as
administrators of the company on March 7, 2023.


IN2FOOD GROUP: Collapses for Second Time with AUD20MM in Debt
-------------------------------------------------------------
News.com.au reports that an Australian fresh food distribution
company has gone bust for a second time in less than two years with
up to AUD20 million in debt and 1000 creditors owed money.

In2Food Group was placed into voluntary administration on March 7
with HLB Mann Judd overtaking management of the company,
news.com.au discloses.

HLB Mann Judd partner Todd Gammel told news.com.au that the Sydney
and Melbourne operations of the company had already ceased trading
before it was appointed with around 200 jobs impacted at these
sites alone.

Overall, there were around 350 jobs at risk, Mr. Gammel said but
his firm was currently undertaking an urgent assessment to
understand the situation.

"The other businesses around Australia have continued and we are
urgently looking at how we can fund those businesses to keep them
going or for someone to buy them," he said, notes the report.

According to the report, Mr. Gammel said attempts by In2Food Group
to expand by buying other business had not worked and contributed
to its collapse.

"From what we understand and it's obviously very early is that the
companies were on a growth phase to make them more sustainable and
balanced and less reliant on ongoing funding and were actually
unable to get that growth, in terms of acquisitions, as they missed
out on one recently," the report quotes Mr. Gammel as saying.
"There was a reassessment of their funding requirement and
uncertainly around things and there was no further funding from
funding parties forthcoming - that meant the director had to
consider options and make the decision to put it into voluntary
administration."

There was also a "large volume of creditors" with more than 1000
owed money, including bigger creditors who had funded the vehicle
fleet but Mr. Gammel said it was too early to put a figure on those
debts.

In2Food Group supplied fruit and vegetables to cafes, restaurants,
aged care homes and commercial kitchens.


LATITUDE AUSTRALIA 2023-1: Fitch Gives Final BBsf Rating to E Notes
-------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Latitude Australia
Credit Card Loan Note Trust Series 2023-1's floating-rate notes.
The issuance consists of notes backed by a pool of Australian
consumer sales finance and credit card receivables originated by
Latitude Finance Australia. The notes were issued by Perpetual
Corporate Trust Limited in its capacity as trustee of Latitude
Australia Credit Card Master Trust.

   Entity/Debt             Rating                  Prior
   -----------             ------                  -----
Latitude Australia
Credit Card Master
Trust

   2023-1 Class A1
   AU3FN0074944        LT AAAsf  New Rating   AAA(EXP)sf

   2023-1 Class A2
   AU3FN0074951        LT AAAsf  New Rating   AAA(EXP)sf

   2023-1 Class B
   AU3FN0074936        LT AAsf   New Rating    AA(EXP)sf

   2023-1 Class C
   AU3FN0074928        LT Asf    New Rating     A(EXP)sf

   2023-1 Class D
   AU3FN0074910        LT BBBsf  New Rating   BBB(EXP)sf

   2023-1 Class E
   AU3FN0074902        LT BBsf   New Rating    BB(EXP)sf

TRANSACTION SUMMARY

The Originator VFN Substitution size has increased to AUD18.850
million at the final rating, from AUD18.848 million at the expected
rating. All other note balances are unchanged.

KEY RATING DRIVERS

Stable Receivables Performance: Portfolio performance has been
stable, with gross charge-offs averaging 3.5%, yield - excluding
merchant service fees - averaging 15.9%, and the monthly payment
rate (MPR) averaging 16.6% over the previous year. Fitch has
retained base cases of 5.25% for charge-offs, 13.0% for yield and
12.5% for the MPR based on past performance.

The Stable Outlook is supported by Australia's continued economic
growth, with GDP growth of 2.7% in 2022, and tight labour market
that recorded an unemployment of 3.7% for January 2023. This is
despite increasing interest rates. Fitch expects GDP growth to slow
to 1.5% in 2023, with unemployment increasing to 4.2%, reflecting
high inflation combined with its weaker outlook for China and the
global economy more generally.

Satisfactory Originator and Servicer Quality: Latitude is a
non-bank lender that started operations in 1995 as GE Capital,
which was subsequently acquired in 2015 by a consortium of
investors. Fitch undertook an operational review and found that the
operations of the originator and servicer were comparable with
those of other Australian credit card issuers.

Added Flexibility: The structure employs an originator variable
funding note purchased and held by Latitude to add funding
flexibility that is typical and necessary for credit-card trusts.
It provides credit enhancement to the rated notes, adds protection
against dilution and is used to meet risk-retention requirements. A
separate variable funding note provides funding flexibility for the
trust.

Mitigated Counterparty Risk: Latitude acts in several capacities,
most prominently as originator, servicer and trust manager. The
degree of reliance is mitigated by the transferability of
operations, a nominated back-up servicer and a series-specific
liquidity reserve.

Mitigated Interest-Rate Risk: Interest-rate risk is mitigated by
available credit enhancement.

A summary of the steady states and rating stresses applied in the
cash flow modelling analysis is shown below:

Steady states:

Charge-offs: 5.25%

MPR: 12.50%

Gross yield: 13.00%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x

MPR (% decrease): 40 / 35 / 30 / 25 / 20

Gross yield (% decrease): 35 / 30 / 25 / 20 / 15

Purchase rate (% decrease): 90 / 85 / 75 / 65 / 55

Some of the outstanding subordinate tranches may be able to support
higher ratings based on the output of Fitch's cash flow model. The
credit card programme is set up as a continuous funding programme
and requires that any new issuance does not affect the rating of
existing tranches. This means enhancement levels are set to
maintain a constant rating level for each class of issued notes and
may provide more than the minimum enhancement necessary to retain
issuance flexibility. Therefore, Fitch may decide not to assign or
maintain ratings above the current outstanding ratings in
anticipation of future issuances.

RATING SENSITIVITIES

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

Unanticipated increases in charge-offs or reductions in purchase
rates or yield could produce loss levels higher than Fitch's base
case and are likely to result in a decline in credit enhancement
and remaining loss coverage levels available to the notes.
Decreased credit enhancement may make certain note ratings
susceptible to negative rating action, depending on the extent of
coverage decline. Hence, Fitch conducts sensitivity analysis by
stressing a transaction's steady-state assumptions.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in up and down
environments. The results below should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Notes: Class A1 / A2 / B / C / D / E

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

Increase charge-off steady state by 25%: AAAsf / AA+sf / AA-sf /
A-sf / BBBsf / BBsf

Increase charge-off steady state by 50%: AAAsf / AA+sf / A+sf /
BBB+sf / BBB-sf / BB-sf

Increase charge-off steady state by 75%: AAAsf / AA-sf / Asf /
BBBsf / BB+sf / B+sf

Reduce MPR steady state by 15%: AAAsf / AA+sf / AA-sf / A-sf /
BBBsf / BBsf

Reduce MPR steady state by 25%: AAAsf / AAsf / A+sf / BBB+sf /
BBB-sf / BBsf

Reduce MPR steady state by 35%: AAAsf / AA-sf / Asf / BBBsf / BB+sf
/ BB-sf

Reduced yield steady state by 15%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BBsf

Reduced yield steady state by 25%: AAAsf / AAAsf / AAsf / Asf /
BBBsf / BB-sf

Reduced yield steady state by 35%: AAAsf / AAAsf / AAsf / Asf /
BBB-sf / BB-sf

Reduced purchase rate by 50%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BBsf

Reduced purchase rate by 75%: AAAsf / AAAsf / AA-sf / A-sf / BBBsf
/ BBsf

Reduced purchase rate by 100%: AAAsf / AA+sf / AA-sf / BBB+sf /
BBB-sf / BB-sf

Rating sensitivity to increased charge-off rate and reduced MPR:

Increased charge-off rate by 25% and reduced MPR by 15%: AAAsf /
AAsf / A+sf / BBB+sf / BBB-sf / BB-sf

Increased charge-off rate by 50% and reduced MPR by 25%: AA+sf /
A+sf / BBB+sf / BBB-sf / BBsf / Bsf

Increased charge-off rate by 75% and reduced MPR by 35%: AA-sf /
BBB+sf / BBB-sf / BBsf / B+sf / less than Bsf

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

Reduce charge-off steady state by 25%: AAAsf / AAAsf / AAAsf /
AA-sf / Asf / BBB-sf

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction.

Prior to the transactions closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the asset pool information relied upon for
the agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

ESG CONSIDERATIONS

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

MECHASTEEL PTY: First Creditors' Meeting Set for March 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of MechaSteel
Pty Ltd, Mecha Holdings Pty Ltd and Tetris Holdings Pty Ltd will be
held on March 15, 2023, at 11:00 a.m. via Microsoft Teams.

Raj Goyal and Joe Hayes of Wexted Advisors were appointed as
administrators of the company on March 3, 2023.


MY WHOLESALE: First Creditors' Meeting Set for March 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of My Wholesale
Pharmacy Pty Ltd will be held on March 13, 2023, at 12:00 p.m via
virtual facilities only.

Graeme Robert Beattie of Worrells was appointed as administrator of
the company on March 1, 2023.



NOW TRUST 2022-1: Moody's Upgrades Rating on Class E Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on three classes
of notes issued by NOW Trust 2022-1.

Issuer: NOW Trust 2022-1

Class D Notes, Upgraded to Baa1 (sf); previously on July 1, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on July 1, 2022
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on July 1, 2022
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

The rating action also reflects the correction of a prior error in
the modelling of the pro-rata principal repayment criteria. At
closing, Moody's incorrectly modeled a higher than required minimum
subordination trigger for pro-rata repayment; as a result, Moody's
analysis assumed a longer period of sequential principal
amortization at the beginning of the transaction. The correction of
this error had a negative rating impact on the Class D Notes and
limited impact on the other notes.

Following the February 2023 payment date, the credit enhancement
available for the Class D, Class E and Class F Notes has increased
to 12.5%, 6.3% and 4.0%, respectively, from 9.9%, 4.9% and 3.1% at
closing.

As of end-January 2023, 1.3% of the outstanding pool was 30-plus
day delinquent, and 0.2% was 90-plus day delinquent. The deal has
incurred of 0.5% of losses to date, which have been covered by
excess spread.

Based on the transaction performance, historical performance of Now
Finance Group Pty Ltd's consumer loans and the transaction's loan
attributes, Moody's has maintained its expected default assumption
at 7.0% of the current pool balance (equivalent to 5.9% of the
closing pool balance) and reduced the Aaa portfolio credit
enhancement (PCE) to 29.0% from 31.0% at closing.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured personal loans originated by Now
Finance Group Pty Ltd.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

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

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

RICHSTONE AUSTRALIA: First Creditors' Meeting Set for March 15
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Richstone Australia Group Pty Ltd
     - Modular Prefab Solutions VIC Pty Ltd
     - Richstone Administration Pty Ltd
     - Richstone Plumbing Pty Ltd
     - Richstone Plumbing VIC Pty Ltd in its own right and ATF
       Richstone Equipment Hire Trust
     - Richstone VIC Pty Ltd (Formerly Richstone Manufacturing &
       Equipment Pty Ltd)
     - RSG Business Services Pty Ltd

will be held on March 15, 2023, at 10:00 a.m. via virtual meeting
technology.

David Coyne & Peter Krejci of BRI Ferrier were appointed as
administrators of the company on March 7, 2023.




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

CHINA EVERGRANDE: Races Court Deadline on Debt Restructuring Terms
------------------------------------------------------------------
Reuters reports that China Evergrande Group is aiming to unveil
some debt restructuring terms before the next winding-up court
hearing on March 20 in order to seek another adjournment, two
sources with knowledge of the matter told Reuters.

The world's most indebted property developer has been trying to
reach agreements with major offshore bondholders on terms including
swapping part of its debt into equity, the sources and two other
people said, Reuters relates.

Evergrande, which has more than $300 billion in liabilities, of
which $22.7 billion is offshore debt, began one of China's biggest
debt-restructuring processes early last year but has yet to reach
agreements with bondholders on the details.

Once China's top-selling developer, Evergrande has been at the
centre of a property debt crisis that has seen multiple developers
default on offshore debt obligations over the past years, forcing
many to enter into debt restructuring talks.

According to Reuters, Evergrande is due to appear in a Hong Kong
court on March 20 for hearing on a winding up petition filed by a
creditor.

In the last November hearing, the judge ordered Evergrande to
achieve some "concrete" progress on the debt revamp process and
provide a progress report 14 days ahead of the next hearing, or by
around March 6, Reuters relates.

Reuters says the developer told the court at that time it aimed to
win creditors' approval for its debt restructuring proposals by as
early as the end of February.

The negotiations with bondholders are still ongoing, the four
sources said. Three of the sources said the latest discussion is
focussing on the price and ratio of swapping some debt into equity
of Evergrande's two listed units in Hong Kong.

The developer's two Hong Kong-listed units are Evergrande Property
Services Group and Evergrande New Energy Vehicle Group.

The sources could not be named because the restructuring
discussions are private, Reuters notes.

According to the report, the debt-to-equity swap plan was suggested
by Evergrande as a core part of its restructuring plan, but
bondholders have been pushing for better terms, three of the
sources said.

One of them said Evergrande has made "some compromise", but there
was still a mismatch in expectations. Bondholders have also been
pushing Evergrande Chairman Hui Ka Yan to put in more of his own
money to repay debt, the person added, Reuters relays.

In July, the developer said it would offer its offshore creditors
asset packages that may include shares in two overseas-listed
units, and was later said to be considering onshore assets as
sweeteners for the restructuring plan.

The developer sat down with some offshore bondholders in-person in
Hong Kong for the first time in January after they started official
negotiations on the restructuring terms in a virtual meeting in
December, sources have told Reuters.

                       About China Evergrande

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

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

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

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


CIFI HOLDINGS: To Offload Prized Shanghai Commercial Property
-------------------------------------------------------------
South China Morning Post reports that CIFI Holdings is looking to
sell its crown-jewel assets in Shanghai, including its
headquarters, after its state-guaranteed yuan bond issuance hit a
snag.

The developer has put three shopping centre and office complex
projects, as well as an office project with two blocks, on the
market, according to a brochure seen by the Post. It has also put
Henderson CIFI Centre in Shanghai's Hongqiao district, which
contains its headquarters, up for sale.

The Post relates that the developer, which announced it had
defaulted on US$318 million in offshore debt on November 1 last
year, is facing the maturity of CNY534 million (US$76.67 million)
in onshore interest and principal payments this year. And now it
seems that a lack of progress with a bond issuance of up to CNY1.5
billion is pushing it to offload prime assets.

"Giving away such good-quality assets means the developer is really
tight with its credit line," the Post quotes Yan Yuejin, director
of the Shanghai-based E-house China Research and Development
Institute, as saying. "It is not a good time to offload commercial
assets in China, unless the seller has no other choice."

The Shanghai-based developer started accepting investor interest
for the bond in early January, the Post recalls. It said on January
10 that it had received a credit enhancement letter issued by the
state-owned China Bond Insurance Corporation offering to back the
sale of bonds worth as much as CNY1.5 billion.

CIFI successfully issued onshore bonds backed by state guarantees
twice last year before defaulting on offshore notes in November.

The current issuance has, however, failed to take off after nearly
two months, with China's onshore investors seemingly concerned
about the developer's offshore bond default, according to sources
close to the matter. The investors are concerned that the deal will
fail, they added. CIFI will, however, make an effort to proceed
with the bond issuance.

The developer is seeking CNY880 million for its headquarters, which
is in one of two towers at Henderson CIFI Centre, the sources said,
the Post relays. The 15,695 square-metre office spread over nine
floors is where the developer's most senior executives, including
founder and chairman, billionaire Lin Zhong, sit.

CIFI is asking about CNY550 million for the other tower. Henderson
CIFI Centre yields a total of 25,000 square metres.

Other assets the developer is hoping to cash in on include Shanghai
LCM, a shopping centre and office complex in the city's financial
hub in Pudong district; the 78,000 square metre CIFI Tower
commercial block near Shanghai's West Nanjing Road retail hub; and
Shanghai Henderson CIFI The Roof, a commercial complex in Xintiandi
district in the heart of the city, according to the Post.

The Roof, a 450,000 square metre complex designed by Pritzker
Architecture Prize winner Jean Nouvel, is a social-media hit and is
currently fully occupied by merchant and office tenants.

Whether CIFI can raise more capital through debt issuances will
depend on how much farther Beijing is willing to go to help China's
heavily-indebted property developers, the Post says.

"Some of the measures [introduced since November to help the
property sector] could increase banks' capability to provide
financing to developers and incentivise them to provide
supplemental financing for unfinished projects," rating agency
Moody's said in a research report on March 2. "However, we do not
expect banks to increase their exposure to developers
significantly, especially to distressed ones."

                         About CIFI Holdings

CIFI Holdings (Group) Co. Ltd. is an investment holding company
principally engaged in property businesses. The Company mainly
operates through three segments. Property Development segment is
engaged in the development and sales of office properties,
commercial properties and residential properties in China. Property
Investment segment is engaged in the leasing of investment
properties developed or purchased by the Company for the rental
income and the appreciation of the properties' values. Property
Management, Project Management and Other Property Related Services
segment is engaged in property management and project management in
China.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has downgraded China-based property developer CIFI
Holdings (Group) Co. Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings to 'CC' from 'BB-'. Fitch has also
downgraded CIFI's senior unsecured rating and the ratings on the
outstanding notes to 'CC' with a Recovery Rating of 'RR4', from
'BB-'. All the ratings have been removed from Rating Watch
Negative.

The downgrade reflects CIFI's rising liquidity risks, amid market
reports that it failed to make an interest payment for its
convertible bonds (maturing 8 April 2025) that was due in early
October, and that it was also seeking to delay certain principal
and interest payment for other financial obligations.

The TCR-AP also reported on Oct. 19, 2022, that Moody's Investors
Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate
family rating to Ca from B3 and senior unsecured rating to C from
Caa1.  The outlook remains negative.


PUTIAN STATE-OWNED: Fitch Affirms BB+ LT IDR, Alters Outlook to Neg
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based Putian
State-Owned Assets Investment Co., Ltd.'s (PTSI) Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDRs) to Negative, from
Stable, and affirmed the ratings at 'BB+'.

KEY RATING DRIVERS

The revision in the Outlook follows a change in Fitch's internal
assessment of the outlook of the sponsor, Putian municipality,
while the assessment of the key rating drivers remains unchanged.

DERIVATION SUMMARY

Fitch regards PTSI as a GRE in Putian and the ratings are assessed
using a top-down approach under its GRE rating criteria. This
reflects the municipality's full ownership and strong control over
the company, the government's strong support record and the
functional role the issuer plays as a state-owned asset investment
platform. Fitch has also factored in the socio-political and
financial implications for the government if PTSI were to default.
These factors indicate a strong incentive by the government to
provide extraordinary support to PTSI, if needed.

RATING SENSITIVITIES

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

- Downward revision in Fitch's internal assessment of Putian
municipality's credit profile.

- Weaker assessment of the socio-political or financial
implications of a default, a weaker government support record or a
dilution in the government's shareholding or control.

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

- The Outlook will be revised to Stable if Fitch's internal
assessment of Putian municipality's credit outlook improves.

- An increase in the incentive for Putian municipality to provide
support to PTSI, including stronger socio-political or financial
implications of a default by the company, or a stronger support
record and expectation may trigger positive rating action.

ISSUER PROFILE

PTSI, established in 2004, is fully owned and controlled by the
government of Putian, a city on the south-eastern coast of China.
The government has appointed PTSI as its comprehensive state-owned
asset investment platform. PTSI is mainly engaged in primary-land
development, urban-infrastructure construction, railway and port
investment, and the promotion of investments in the industrial and
financial sectors. PTSI is also engaged in commodity trading and
real-estate operations.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The Outlook on PTSI's IDRs has been revised to Negative from Stable
following its sponsor's outlook changes.

ESG CONSIDERATIONS

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

   Entity/Debt                Rating          Prior
   -----------                ------          -----
Putian State-Owned
Assets Investment
Co., Ltd.            LT IDR    BB+  Affirmed    BB+
                     LC LT IDR BB+  Affirmed    BB+

ROAD KING: Moody's Downgrades CFR to B1 & Alters Outlook to Stable
------------------------------------------------------------------
Moody's Investors Service has downgraded Road King Infrastructure
Limited's corporate family rating and the backed senior unsecured
ratings of the company's wholly-owned financing vehicles to B1 from
Ba3.

At the same time, Moody's has revised the rating outlook of Road
King Infrastructure Limited and the company's wholly-owned
financing vehicles to stable from negative.

The financing vehicles are RKI Overseas Finance 2017 (A) Limited,
RKP Overseas Finance 2016 (A) Limited, RKPF Overseas 2019 (A)
Limited, RKPF Overseas 2019 (E) Limited, and RKPF Overseas 2020 (A)
Limited.

"The downgrades reflect Moody's view that Road King's weak credit
metrics and decline in operating scale over the next 12-18 months
will no longer support the company's previous rating level," says
Cedric Lai, a Moody's Vice President and Senior Analyst.

"The stable outlook reflects Moody's expectation that Road King
will maintain adequate liquidity and steady recurring income from
its toll road business over the next 12-18 months," adds Lai.

RATINGS RATIONALE

Moody's forecasts Road King's contracted sales will fall 10% to
around RMB36 billion in 2023, after an 18% decrease to around
RMB40.6 billion in 2022. The weak sales performance reflects the
company's slowdown in land replenishment to preserve liquidity over
the past one to two years. The continuous sales decline will weaken
the company's operating cash flow and credit metrics over the next
12 months.

Moody's projects Road King's credit metrics will weaken over the
next 12-18 months. Specifically, its debt/EBITDA will deteriorate
to around 7.8x, compared with 7.1x for the 12 months ended June
2022, and its EBIT/interest coverage will worsen to around 2.1x
from 2.4x over the same period. These forecasts, which are more in
line with a B1 CFR, incorporate Moody's expectation that the
company's revenue will reduce significantly and profit margin will
drop marginally.

The company's liquidity buffer will likely decrease over the next
12-18 months as it will repay maturing debt using its internal cash
source, given its weakened ability to raise new funds. However,
Moody's expects Road King to maintain adequate liquidity over the
next 12-18 months, given the company has maintained solid access to
both onshore and offshore bank financing.

In addition, Moody's expects that the company's toll road business
will help mitigate the volatility in its property development
business. Specifically, Road King's recurring income from the toll
road business will cover around 30%-33% of its interest expense
over the next 12-18 months, from around 30% for the 12 months ended
June 2022, supported by expected steady growth in toll traffic and
revenue from its expressways in Indonesia.

Road King's CFR continues to reflect the company's track record in
property development and its cautious approach to land acquisitions
and financial management. The rating also takes into account the
company's track record of maintaining adequate liquidity throughout
business cycles and the stable cash flow from its toll road
investments.

On the other hand, the CFR is constrained by the geographic
concentration of the company's land bank in China, the company's
moderate credit metrics and the execution risk associated with new
toll road acquisitions.

Road King's senior unsecured rating is unaffected by subordination
to claims at the operating company level because the company's
creditors benefit from its diversified business profile, including
in particular, the cash flow generated from the company's toll road
business.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the concentration of Road King's ownership
in its controlling shareholder, Wai Kee Holdings Limited, which
held a 45% stake in the company as of June 30, 2022. Moody's has
also considered the presence of other internal governance
structures and standards as required by the Hong Kong Stock
Exchange.

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

Moody's could upgrade the rating if Road King grows its contracted
sales while maintaining adequate liquidity and improves its credit
metrics. Credit metrics indicative of an upgrade include: (1)
adjusted EBIT/interest rising above 2.5x-3.0x; and (2) debt/EBITDA
falling below 7.0x, both on a sustained basis.

Moody's could downgrade Road King's ratings if the company's
contracted sales, credit metrics or liquidity weakens, or if the
company pursues aggressive expansion.

Credit metrics indicating a downgrade include EBIT/interest
coverage falling below 2.0x or debt/EBITDA rising above 8.0x, both
on a sustained basis.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Listed in Hong Kong SAR, China, Road King Infrastructure Limited
invests in toll road projects on nine expressways across four
provinces in China -- Anhui, Hebei, Hunan and Shanxi -- and
Indonesia. As of June 30, 2022, the company had a property
development portfolio with a land bank of 5.7 million square meters
across the Bohai Rim, Yangtze River Delta, Greater Bay Area
(including Hong Kong), Henan and Hubei Province.

Wai Kee Holdings Limited and Shenzhen Investment Limited are the
largest shareholders of the company, with 45% and 27% stakes,
respectively, as of June 30, 2022.

SEAZEN GROUP: Moody's Lowers CFR to B1 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has downgraded Seazen Group Limited's
(Seazen Group) corporate family rating to B1 from Ba3 and the
backed senior unsecured rating on the bonds guaranteed by Seazen
Group and issued by New Metro Global Limited to B2 from B1.

Moody's has also downgraded the backed senior unsecured rating on
the bonds guaranteed by Seazen Holdings Co., Ltd. (Seazen Holdings)
and issued by New Metro Global Limited to B1 from Ba3. Seazen
Holdings is a 67%-owned subsidiary of Seazen Group and accounts for
the majority of Seazen Group's operations.

Moody's has also revised the rating outlook to stable from
negative.

"The downgrades reflect Seazen Group's weakening contracted sales
and market positions, as well as Moody's expectation that a
worsening in credit metrics over the next 12-18 months will no
longer support the company's previous rating level," says Kelly
Chen, a Moody's Vice President and Senior Analyst.

"The stable outlook reflects Moody's expectation that the company
will maintain adequate liquidity and financial metrics at levels
appropriate for its B1 CFR over the next 12-18 months," adds Chen.

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

RATINGS RATIONALE

Moody's projects Seazen Group's contracted sales will continue to
underperform the market by dropping another 15% year on year to
around RMB100 billion in 2023, after a substantial 50% fall in the
company's contracted sales to RMB116 billion in 2022 from RMB234
billion in 2021. Such performance is weaker than its Ba-rated
Chinese property peers. The continuous sales decline will also
weaken the company's cash flow and credit metrics over the next 12
months.

The company's weak contracted sales reflects the company's
suspension of land replenishment and slowdown of construction to
preserve its liquidity over the past 12-18 months. Its high
exposure to lower-tier cities could also constrain its pace of
recovery arising from the government's demand-side supportive
measures, given the weaker economic fundamentals of those cities
compared with high-tier cities. Lower-tier cities contributed more
than 55% of the company's contracted sales over the past three
years.

Falling contracted sales will weigh on the company's future revenue
recognition and financial metrics. As a result, its EBIT/interest
coverage will weaken to 2.4x-2.2x over the next 12-18 months from
3.2x over the last 12 months ended June 2022, while its debt/EBITDA
will rise to 6.8x-7.5x from 5.2x over the same period. These
projected financial metrics are more in line with a B1 CFR.

However, Moody's expects Seazen Group's liquidity to remain
adequate over the next 12-18 months, as the Chinese government's
measures have supported Seazen Group in raising new financing
onshore over the past 3-6 months. Specifically, the company issued
RMB2 billion of onshore medium-term notes with a credit guarantee
from China Bond Insurance Co., Ltd. and raised HKD1.9 billion
through a H-share placement in December 2022 to repay part of its
maturing debt. These will help fund the company's sizable amount of
maturing debt, including offshore senior notes of $650 million
(around RMB4.5 billion) and onshore bonds totaling RMB9.6 billion
becoming due or puttable by the end of June 2024.

Seazen Group's B1 CFR also considers the company's well-established
investment property (IP) portfolio, which will continue to generate
stable recurring rental income. Moody's projects the company's
rental income will grow 10%-15% to RMB5.8 billion-RMB6.2 billion in
2023-24 from around RMB5.0 billion in 2022. The projected rental
income would cover 125%-140% of the company's gross interest
expenses over the forecast period.

In terms of environmental, social and governance (ESG) factors,
Seazen Group's ownership is concentrated in its former chairman,
who holds a 64.8% stake in Seazen Group. The agency has also
considered the presence of three independent non-executive
directors on the company's seven-member board, and the presence of
other internal governance structures and standards as required by
the Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange. The recent management change will unlikely have a
material impact on the company's operations because the majority of
senior management remains stable and the company will maintain its
current business strategies and financial policies.

The senior unsecured bonds guaranteed by Seazen Group are rated at
B2, one notch lower than the CFR, due to structural subordination
risk. Most of Seazen Group's claims are at the subsidiary level,
including the intermediate holding company of Seazen Holdings, that
have priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination.

On the other hand, the senior unsecured bonds guaranteed by Seazen
Holdings are rated at B1, reflecting Seazen Holdings' closer
proximity to the assets and its higher priority of claims over the
creditors of Seazen Group in a liquidation scenario. Creditors also
benefit from the group's diversified business profile, with cash
flow generation across a large number of operating subsidiaries
with high geographic diversification, as well as its portfolio of
investment properties.

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

Moody's could upgrade the rating if Seazen Group grows its
contracted sales while maintaining adequate liquidity and improves
its credit metrics. Credit metrics indicative of an upgrade
include: (1) adjusted EBIT/interest rising above 2.5x-3.0x; and (2)
debt/EBITDA falling below 7.0x, both on a sustained basis.

Moody's could downgrade Seazen Group's ratings if the company's
liquidity and access to funding deteriorate; its contracted sales
drop more than the agency's expectation; or its credit metrics
weaken with its EBIT/interest coverage falling below 2.0x and
debt/EBITDA rising above 8.0x, both on a sustained basis.

Downward pressure could also increase if the company's contingent
liabilities associated with its joint ventures (JVs) or the
likelihood of the group providing funding support to the JVs
increases significantly.

In addition, the senior unsecured ratings of the rated bonds could
be downgraded if the company materially increases its secured debt
by pledging its investment properties that in turn increases the
subordination risks to senior unsecured creditors of both Seazen
Group and Seazen Holdings.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Seazen Group Limited operates primarily in residential development
in China. Seazen Group was founded in 1996 by Wang Zhenhua, the
former chairman of Seazen Group. Wang Zhenhua is the largest
shareholder of Seazen Group, holding a 64.8% stake in the company,
and has been involved in the property development business in China
(A1 stable) since 1993.

SINO-OCEAN GROUP: Moody's Downgrades CFR to Ba3, Outlook Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Sino-Ocean Group Holding
Limited (Sino-Ocean)'s corporate family rating to Ba3 from Ba2.

At the same time, Moody's has downgraded (1) to Ba3 from Ba2, the
senior unsecured ratings on the bonds issued by Sino-Ocean Land
Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II
Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by
Sino-Ocean, and (2) to B2 from B1, the subordinated, guaranteed
perpetual capital securities issued by Sino-Ocean Land Treasure III
Limited and guaranteed on a subordinated basis by Sino-Ocean.

The outlook remains negative.

"The rating downgrades reflect Sino-Ocean's deteriorated standalone
credit profile, driven by its weak operating performance, low
profit margins and reduced financial flexibility," says Cedric Lai,
a Moody's Vice President and Senior Analyst.

The company continued to repay its maturing debt using its internal
cash and funds raised by asset sales, resulting in its lower
financial flexibility.

"The negative outlook reflects Moody's concerns that Sino-Ocean's
credit metrics and liquidity buffer will weaken over the next 12-18
months," adds Lai.

RATINGS RATIONALE

Moody's expects Sino-Ocean's gross margin to decline to around
12%-13% over the next 12-18 months from 18% in the first half of
2022. The company has offered price discounts to support its
contracted sales, which will pressure its profit margins. The
company's average selling price decreased 8% and 10% in 2022 and
2021, respectively.

Considering Sino-Ocean's product mix and smaller land bank, Moody's
expects Sino-Ocean's contracted sales to fall 10% year on year to
around RMB90 billion in 2023, after a 26% drop to RMB100 billion in
2022. The continuous sales decline will weaken the company's cash
flow and credit metrics over the next 12 months.

Consequently, its EBIT/interest coverage will weaken to 2.0x-2.1x
over the next 12-18 months from 2.9x over the 12 months ended June
2022, while its debt/EBITDA will rise to 8.3x-8.5x from 6.8x over
the same period. These forecasts, which are weak for its Ba3 rating
level, incorporate Moody's expectation of the company's lower
revenue booking and decline in gross profit margin.

However, Moody's expects Sino-Ocean to maintain adequate liquidity
over the next 12-18 months. The company has issued a RMB1.3 billion
onshore bond and raised RMB5.55 billion through the disposal of its
50% ownership in its Sino-Ocean Taikoo Li Chengdu property in
December 2022. These proceeds can help to service part of the
company's maturing debt, including onshore bonds of around RMB14
billion becoming due or puttable on or before the end of June
2024.

Sino-Ocean's Ba3 CFR incorporates its standalone credit profile and
one-notch of rating uplift, stemming from expected support from its
29.59% shareholder, China Life Insurance Co Ltd (China Life), in
times of need. This view also factors in China Life's ability to
support Sino-Ocean, as indicated by its A1 insurance financial
strength rating (IFSR) and track record of providing support to
Sino-Ocean through subscribing to the company's bond issuance.

Sino-Ocean's standalone credit profile considers its long operating
history in the property sector, its focus on operating in high-tier
Chinese cities and the stable recurring income contribution from
its investment property portfolio. The standalone credit quality is
also strained by the company's weakening sales and financial
metrics and reduced financial flexibility.

Sino-Ocean's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. Despite
Sino-Ocean's status as a holding company, Moody's expects support
from China Life to Sino-Ocean to flow through the holding company
rather than directly to its main operating companies, mitigating
potential differences in expected losses that could arise from
structural subordination.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's (1) strong shareholders and
representation on its board of directors; (2) disclosure of
material related-party transactions as required by the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange; and (3) diversified board of directors and four special
committees to supervise the company's operations.

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

Moody's could downgrade the ratings if the company's sales fall
continuously, liquidity further weakens, or the company undertakes
aggressive debt-funded acquisitions that worsen its key credit
metrics, such that EBIT/interest falls below 2.0x and debt/EBITDA
rises above 8.5x-9.0x, both on a sustained basis.

Moody's could also downgrade the ratings without a decline in the
company's standalone credit profile, if the agency further lowers
its assessment of support from China Life for Sino-Ocean. This
situation could result from (1) any indication of a reduction in
China Life's ownership of Sino-Ocean; or (2) reduction of
Sino-Ocean's economic and strategic importance to China Life.

An upgrade of Sino-Ocean's ratings is unlikely over the next 12
months, given the negative outlook.

However, Moody's could revise the outlook to stable if Sino-Ocean
demonstrates resilience amid difficult operating conditions through
stabilizing its business performance, and maintaining its adequate
liquidity and disciplined financial management through the industry
downcycle.

Credit metrics supportive of a stable outlook include EBIT/interest
above 2.3x and debt/EBITDA below 8.5x, all on a sustained basis.

The principal methodology used these ratings was Homebuilding and
Property Development published in October 2022.

Sino-Ocean Group Holding Limited (Sino-Ocean) is a leading property
developer in China. The company focuses on developing mid- to
high-end residential properties, office premises and retail
properties. As of the end of June 2022, it had a land bank of about
49.5 million square meters across 62 cities mainly in China.



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

APCO AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Apco
Automobiles Private Limited (AAPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Inventory Funding        3.5       CRISIL D (Issuer Not
   Facility                           Cooperating)

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

Kozhikode-based AAPL, incorporated in 2007, is an authorised dealer
for Tata Motors Ltd's small commercial vehicles in five districts
of Kerala. The company also sells light and intermediate commercial
vehicles. Mr A P Abdul Kareem and his family are the promoters.


ATLANTA MEDIWORLD: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Atlanta Mediworld Private Limited
Plot No. Nh-1 Sec. 14, Vasundhara
Sdo-2, Sahibabad Ghaziabad UP 201002

Insolvency Commencement Date: February 17, 2023

Estimated date of closure of
insolvency resolution process: August 16, 2023

Court: National Company Law Tribunal, Allahabad Bench

Insolvency
Professional: Babita Jain
       35-B/6, Madhokunj
              Ram Mohan Plaza Katra
       Allahabad 211002
       Email: jainbabita06@gmail.com
       Email: cirpatlanta@gmail.com

Last date for
submission of claims: March 6, 2023


BIYANI SHIKSHAN: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Biyani
Shikshan Samiti (BSS) continues to be 'CRISIL D Issuer not
cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Long Term Rating         -         CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL Ratings has been consistently following up with BSS for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its rating on INR1 Crore Overdraft
Facility and INR37.48 Crore Proposed Long Term Bank Loan Facility
on the bank facilities of BSS on the request of the company and
after receiving no objection certificate from the bank. The rating
action is in-line with CRISIL Rating's policy on withdrawal of its
rating on bank loan facilities.

Set up in 1997 by Mr. Rajeev Biyani, Dr. Sanjay Biyani, and Dr.
Manish Biyani, BSS was initially a coaching institute. It set up
its first institute, Biyani Girls College, at Jaipur (Rajasthan) in
2003. It currently operates six institutes under the Biyani brand
in two different campuses situated at Vidhyadhar Nagar and Kalwar
in Jaipur. The institutes offer courses in the fields of commerce,
nursing, education, technology, information technology, and
management. BSS has more than 4300 students.


CAMPUS STUDENT: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Campus Student
Communities Private Limited continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Non Convertible          30        CRISIL D (ISSUER NOT
   Debentures                         COOPERATING)

CRISIL Ratings has been consistently following up with Campus for
obtaining information through letters and emails dated November 24,
2022 and January 31, 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 Campus, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Campus is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Campus continues to be 'CRISIL D Issuer Not
Cooperating'.

Campus as incorporated in 2016 to take over operations of Jain
College Hostel, a proprietorship concern of Mr Saket Jalan, set up
in 2003. The company currently operates 26 hostels in Bengaluru and
Mumbai. Mr Saket Jalan and Mr Sanjay Jalan manage operations.


DEEPAK FASTENERS: CRISIL Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Deepak
Fasteners Limited (DFL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                          Amount
   Facilities          (INR Crore)  Ratings
   ----------          -----------  -------
   Long Term Rating         -       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Short Term Rating        -       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Non Convertible         390      CRISIL D (ISSUER NOT
   Debentures                       COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with DFL for
obtaining information through letters and emails dated February 20,
2023 and February 25, 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 DFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DFL
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 DFL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of DFL and its wholly owned
subsidiaries: Deepak Fasteners (Shannon) Ltd (DFSL), Deepak
Fasteners Australia Pty Ltd (DFA), and Deepak Fasteners (UK) Ltd
(DFUK). All the entities, collectively referred to as Deepak
Fasteners, are in the same business, and have significant
operational and financial linkages. DFL has provided corporate
guarantee for the debt of overseas subsidiaries. CRISIL has
moderately integrated the business and financial risk profiles of
Deepak Fasteners' associate company, Shree Ganesh Jewellers Ltd
(SGJL), which manufactures and trades in gold and diamond
jewellery, as DFL has provided corporate guarantee for SGJL's debt
and will extend support to SGJL, if required.

DFL, incorporated in 1958 and promoted by Mr Kailash Kalra, has
consolidated finishing capacity of 70,000 tonne per annum (tpa) of
fasteners at its facilities in Punjab, Himachal Pradesh, and Madhya
Pradesh. In fiscal 2009, DFL acquired the Unbrako brand from
Precision Castparts Corp (PCC), along with its intellectual
property rights, manufacturing facilities in Ireland, and workforce
and distribution network. In fiscal 2011, Banyan Tree Growth
Capital LLC and DEG-Deutsche infused INR70 crore into DFL in the
form of zero-coupon compulsorily convertible bonds for a 13% equity
stake (post conversion into equity). In fiscal 2014, DFL
commissioned a plant, with finishing capacity of 28,500 tpa, near
Bhopal.

DFUK and DFA commenced commercial operations in fiscals 2008 and
2009, respectively, and are the distribution arms. DFSL,
incorporated in fiscal 2009 after DFL acquired the Unbrako fastener
business from PCC, has a manufacturing and research facility in
Shannon, Ireland.


FUTURE ENTERPRISES: Admitted for Insolvency, NCLT Taps Interim RP
-----------------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) has ordered Insolvency Resolution Process against Future
Enterprises, the company said in its exchange filing.

The Mumbai bench of NCLT has also appointed Jitender Kothari as the
interim resolution professional (IRP) in the case.

"This Tribunal has already granted more than two and half months'
time to the Corporate Debtor to settle the amount. However, the
Corporate Debtor has raised its hands. In view of the above facts
and circumstances, this Bench has no option except to admit the
above Company Petition," NCLT said.

According to Business Standard, the bench admitted the petition
filed by Foresight Innovation, which has said that Future
Enterprises has defaulted on payments worth INR1.58 crore.

Operational creditor Retail Detailz India has filed another
petition claiming a default of INR4.02 crore.

Last September, Central Bank of India appointed J C Kabra and
Associates to do a forensic audit of the accounts of Future
Enterprises, Business Standard recalls.

Another Future Group firm, Future Retail was also admitted under
Section 7 of the Insolvency and Bankruptcy Code, the report notes.

The Kishore Biyani-led retailer then said in a stock filing last
week that Future Retail failed to get a plan for revival and no
resolution plans were received by the RP.

Business Standard says Future Group had signed a deal with Reliance
Retail to sell its retail, wholesale, logistics and warehousing
business for INR24,713 crore in August 2020. The deal fell through
in April of last year.

According to the report, Future Enterprises also said in its filing
that the management of the affairs of the corporate debtor vests in
the IRP and the powers of the board of directors stand suspended
and are to be exercised by the IRP.

It also said that the officers and managers of the corporate debtor
shall report to the IRP and provide access to such documents and
records of the corporate debtor as may be required by the IRP, adds
Business Standard.

Future Enterprises Limited owns and operates retail stores. The
Company offers a variety of household, consumer and fashion
products and also engaged in manufacturing of garments.


GLOBAL POWERSOURCE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Global Powersource (India) Private Limited
C-709 Neelkanth Park, Vidya West Mumbai
Mumbai Business City MH 400066
        India

Insolvency Commencement Date: February 17, 2023

Estimated date of closure of
insolvency resolution process: August 16, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Yatinkumar Sumatilal Shah  
       Flat No. 103 Tower 2, Maple, Runwal Greens
       Near Forts Hospital, Mulund Link Road, Nahur
       Mulund West, Bhandup, Mumbai Suburban
              Maharashtra 400078
       Email: yatirshah01@yahoo.com.in

                 - and -

       Yatin S Shah & Co.
       202 Dwarkadas Vithakdas Thakkar Building
              Opp. Post Office
       Old Station Road
              KalyanWest 421403
              Maharashtra
       Email: cirp.globalpowersource@gmail.com


Last date for
submission of claims: March 6, 2023



HANUMAN MOSAIC: CRISIL Keeps D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Hanuman
Mosaic and Marble (SHM) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term        0.73     CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                 0.27     CRISIL D (Issuer Not
                                      Cooperating)

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

SHM, formed in 1995 as a proprietorship firm, trades in tiles,
marbles, and sanitary ware. The firm is promoted by Odishabased Ms.
Epari Rekha, and its operations are managed by her husband Mr.
Epari Bhadrachalam, who has experience of over two decades in this
line of business.


INA ELITE: ICRA Withdraws D Rating on INR10cr Term Loan
-------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Ina Elite Hospitality Pvt Ltd the request of the company and based
on the No Objection Certificate received from its banker. However,
ICRA does not have information to suggest that the credit risk has
changed since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Term Loan                    

Ina Elite Hospitality Private Limited is a closely held private
limited company, promoted by Mr. Neeraj Chhabra and family, engaged
in the business of running budget hotels. There are 2 hotels under
the company located at Koramangala and HSR layout, Bangalore. The
company has around 50 permanent employees. The company is coming up
with a new 4- star hotel in Narsapura, Karnataka. The total
estimated project cost is INR50.0 crore which is proposed to be
funded by INR35.0 crore of term loan from bank and INR15.0 crore
equity.

IREO HOSPITALITY: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long-term rating of IREO Hospitality Company
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–       863.30       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term         60.00       [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, 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.

IREO Hospitality Company Private Limited (IHCPL) is a subsidiary of
IXO Limited (IXO). IXO, a Mauritius based company, is owned by the
IREO Group. IHCPL is undertaking the development of a mixed used
hospitality project located at Sector 58, Gurgaon, spread across a
land parcel with gross area of 13.95 acres. The project, with a
revised SCOD of September 30, 2019, is proposed to have a 5-star
deluxe hotel with 400 rooms, 60 service apartments and around 7.5
lakh sq.ft of leasable highstreet retails space and Grade-A office
space. The revised project cost stands at INR1481 crore, with a
debt funding of INR983 crore of which INR863 crore had been already
tied-up before March 31, 2019. As on March 31, 2019, the sponsor
had infused INR463 crore and incurred approximately 84% of the
project cost.


KARVY DATA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karvy Data
Management Services Limited (KDMSL; part of the KDMSL group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Long Term Rating         -         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Short Term Rating        -         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Non Convertible          22        CRISIL D (ISSUER NOT
   Debentures                         COOPERATING)

CRISIL Ratings has been consistently following up with KDMSL for
obtaining information through letters and emails dated November 24,
2022 and January 31, 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 KDMSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KDMSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KDMSL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has taken a
consolidated view of KDMSL and its subsidiaries, Karvy Forde Search
Pvt Ltd (Forde), Karvy DigiKonnect Ltd (KDK), Karvy Innotech Ltd
(KITL), Sciknow Techno Solutions Ltd (STSL), Karvy Next Ltd (KNL),
and Karvy Renewable Energy Projects Ltd (KREPL). That's because of
operational synergies and inter-party transactions between these
entities, collectively referred to as the KDMSL group, common
management, and fungible cash flows. KDMSL has extended a letter of
comfort backing the bank lines of KREPL, STSL and Forde, and a
corporate guarantee for KDK.

                       About the KDMSL Group

KDMSL, incorporated in 2008, is a Hyderabad-based step-down
subsidiary of KSBL. KDMSL provides business and knowledge process
services; it started off as a pure-play back-office service
provider and added other verticals such as e-governance, banking,
telecom, and e-commerce. The company is an established player in
government mandates such as UIDAI's Aadhar, PAN card, NPR
Biometric, and E-TDS. It has established working relationships with
several key government departments and enjoys strong support from
KSBL.

                          About the KSBL

KSBL is a part of the Hyderabad-based Karvy group of companies. The
key promoters of the group are Mr C Parthasarathy, Mr M S
Ramakrishna, and Mr M Yugandhar. KSBL undertakes equity broking,
depository operations, and distribution of financial products; and
provides advisory services and wealth management.


KHATOR FIBRE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Khator Fibre
and Fabrics Limited (KFFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              7.5       CRISIL D (Issuer Not
                                      Cooperating)

   Letter Of Guarantee      4         CRISIL D (Issuer Not
                                      Cooperating)

   Packing Credit           2.25      CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term       0.80      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               20.45      CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KFFPL for
obtaining information through letters and emails dated November 30,
2022 and January 31, 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 KFFPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KFFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KFFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

KFFPL was incorporated as a private limited company in 1986 and
reconstituted as a public limited company in 1992. The company
manufactures and processes shirting fabrics at its facility near
Thane. Mr Kailash Khator and his family members are the promoters.



KM TOLL: ICRA Keeps D Debt Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Km Toll 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–       789.00       [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.

KM Toll Road Private Limited (KMTRPL), a 100% subsidiary of
Reliance Infrastructure Limited ('R Infra'), has been set up for
the purpose of 4/6 laning of the Gandhidham (Kandla) - Mundra
Section of NH-8A Extension in the state of Gujarat from 0.00 Km to
71.4 kilometre (km). The Project was awarded by the National
Highways Authority of India (NHAI) on Design, Build, Finance,
Operate, Transfer (DBFOT) basis with concession period of 25 years
commencing from March 2010.


KRISAM AUTOMATION: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Krisam
Automation Private Limited (KAPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          7        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility      7        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               0.15     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               3.42     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KAPL for
obtaining information through letters and emails dated December 30,
2022 and January 31, 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 KAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KAPL
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 KAPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

KAPL was established initially as a proprietorship concern named
Krisam Automation (KA) by Mr. T V Ravi Kumar in 1995. Later in
2013-14 (refers to financial year, April 1 to March 31), the
existing business of KA was taken over by KAPL. The company
manufactures capital equipment used in the automation of assembly
systems, testing systems, and laser welding, cutting, and marking
applications.


LAXMI CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Laxmi
Constructions - Hyderabad (SLC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Bank Guarantee           1         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility       4         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term
   Bank Loan Facility      10         CRISIL D (Issuer Not
                                      Cooperating)

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

Established in 2009-10 as a partnership firm, Sri Laxmi
Construction (SLC) is engaged in civil construction activities
primarily in & over-bridges segment. Based in Hyderabad
(Telangana), the firm is promoted and managed by Mr.C Vijay Reddy.


MEP SANJOSE: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the Long-Term ratings of MEP Sanjose Kante Waked
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–        371.83      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term          2.50       [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term–         5.00       [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.

MEP Sanjose Kante Waked Road Private Limited (MSKWRPL) 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 Kante Waked
road in the state of Maharashtra from Km 281.30 to Km 332.30 (Total
Length 50.90 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
INR826.28 crore and has a concession period of 17 years (including
2 years of construction period).


MYSORE FRUIT: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Mysore
Fruit Products Private Limited (MFP) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan         2         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         6         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Term Loan    12         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with Mysore Fruit
Products Private Limited (MFP) 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 MFP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MFP
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 MFP to 'CRISIL D Issuer not cooperating'.

MFPPL was set up in 1957 by the Government of Karnataka; it was
acquired by Mr. D Adikesavulu in 1987. The company was
reconstituted as private limited company in 2005. It manufactures
fruit juice and pulp from mangoes, guavas, grapes, pomegranates,
and tomatoes, at its two processing units in Bengaluru, with
capacity of 13,500 tpa. The company sells to domestic markets
within Karnataka.


PAREKH ALUMINEX: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parekh
Aluminex Limited (PAL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Long Term Rating         -         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Short Term Rating        -         CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL Ratings has been consistently following up with PAL for
obtaining information through letters and emails dated November 24,
2022 and January 31, 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 PAL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PAL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PAL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1994, PAL manufactures aluminium foil containers
(AFC), lids, covers, and allied products used in packaging food
items. Manufacturing units are in Dadra and Nagar Haveli. In 2005,
PAL acquired a Singapore-based company to enter the Southeast Asian
markets. In 2008, its units acquired export oriented-unit status.
The company entered the retail space with two brands, PAL and ME
Foil, in fiscal 2011. It has annual production capacities of 688
crore pieces of AFC, 3.96 crore pieces of foil roll, and 179 crore
pieces of foil lids.


PAS TRADING: CRISIL Lowers Rating on INR12cr Cash Loan to B-
------------------------------------------------------------
CRISIL Ratings has revised its ratings on the bank facilities of
PAS Trading House (PAS) from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' to 'CRISIL D/CRISIL D Issuer Not Cooperating' and
simultaneously revised the ratings to 'CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              12        CRISIL B- /Stable (Revised
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING' to
                                      'CRISIL D ISSUER NOT
                                      COOPERATING' and
                                      Simultaneously Revised to
                                      'CRISIL B-/Stable ISSUER
                                      NOT COOPERATING')

   Foreign Exchange          0.6      CRISIL A4 (Revised from
   Forward                            'CRISIL A4 ISSUER NOT
                                      COOPERATING' to 'CRISIL D
                                      ISSUER NOT COOPERATING' and
                                      Simultaneously Revised to
                                      'CRISIL A4 ISSUER NOT
                                      COOPERATING')

   Loan Against              8        CRISIL B- /Stable (Revised
   Property                           from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING' to
                                      'CRISIL D ISSUER NOT
                                      COOPERATING' and
                                      Simultaneously Revised to
                                      'CRISIL B-/Stable ISSUER
                                      NOT COOPERATING')

   Long Term Bank            0.9      CRISIL B- /Stable (Revised
   Facility                           from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING' to
                                      'CRISIL D ISSUER NOT
                                      COOPERATING' and
                                      Simultaneously Revised to
                                      'CRISIL B-/Stable ISSUER
                                      NOT COOPERATING')

   Overdraft Facility        7.5      CRISIL A4 (Revised from
   Forward                            'CRISIL A4 ISSUER NOT
                                      COOPERATING' to 'CRISIL D
                                      ISSUER NOT COOPERATING' and
                                      Simultaneously Revised to
                                      'CRISIL A4 ISSUER NOT
                                      COOPERATING')

   Proposed Fund-            2.5      CRISIL B- /Stable (Revised  

   Based Bank Limits                  from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING' to
                                      'CRISIL D ISSUER NOT
                                      COOPERATING' and
                                      Simultaneously Revised to
                                      'CRISIL B-/Stable ISSUER
                                      NOT COOPERATING')

CRISIL Ratings has been consistently following up with PAS for
obtaining information through letters and emails dated October 21,
2022, October 22, 2022 and December 30, 2022 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has revised its ratings on
the bank facilities of PAS Trading House from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL D/CRISIL D
Issuer Not Cooperating' and simultaneously revised the ratings to
'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating'

The ratings revision to 'CRISIL D/CRISIL D' takes into account the
delay in servicing of term debt obligations during fiscal 2022.
However, the rating has been simultaneous upgrade because of timely
servicing of debt obligations for last 9 month

PAS is a partnership firm established by Mr Sunil Khanna and his
family members. The firm trades in paper. It imports around 70% of
its requirement. The firm is based out in Mumbai.


RAMAKRISHNA HOUSING: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term ratings of Ramakrishna Housing (P)
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        315.00      [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.

Ramakrishna Housing Private Limited was incorporated in January
2014 and is promoted by Mr. K.P.V. Anjani Kumar and his wife Mrs.
K.C.V. Durga Devi. The promoters have earlier developed several
residential projects under different group entities namely,
Ramakrishna Townships & Projects, and Ramakrishna Housing
(partnership firm). Ramakrishna Group has acquired 53 acres to
construct and develop a township in Kaza, Mangalagiri Mandal of
Guntur District. The company is constructing 25 high-rise
apartments ranging from 24 to 31 floors in a phased manner in the
name of – 'Ramakrishna Venuzia'. Phase-I, consists of 8 towers;
Phase II, consists of 9 towers; and Phase III, consists of 8
towers. Initially, under Phase I, the company is constructing 6 out
of 8 towers, namely, Tower No. 2, 6, 8 and 3, 4, 5 with a total
saleable area of 21.50 lakh sft. The Total Project Cost (TPC) of
INR645.71 crore is proposed to be funded through INR100 crore (15%
of TPC) of equity, INR205 crore (32%) of project loan, INR16 crore
(2%) of equipment finance loan and remaining INR324.71 crore (50%)
by way of customer advances. The construction activity has
commenced during Q1FY2017. Till December 2017, RHPL incurred
INR276.20 crore which is funded through INR68.66 crore promoters'
contribution, Rs.115.80 crore debt and INR91.74 crore customer
advances.


S.R. CASHEWS: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of S.R. Cashews
(SRC) continues to be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              7.5       CRISIL D (Issuer Not
                                      Cooperating)

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

Set up in 2006 as a partnership firm, SRC processes raw cashew nuts
and sells cashew kernels. The firm is based in Kollam, Kerala and
is promoted by Mr. SR Sreekrishnan and his brother Mr. SR
Sreemurugan.


SHRI TRADCO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Shri Tradco Deesan Private Limited
26 Anantwadi, 4th Floor Bhuleshwar
    Mumbai MH 400002 India

Insolvency Commencement Date: February 15, 2023

Estimated date of closure of
insolvency resolution process: 180 Days from
                               commencement     

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: CMA Harshad Shamkant Deshpande
              Harshad S Deshpande & Associates,
               Cost Accountants
       403 Kumar Millennium, Jaibhavani Nagar,
              Paud Road, Near Rohan Corner,
              Kothrud, Pune 411038
              Email: harshad_de@hotmail.com
              Email: cirp.tradcodeesan@gmail.com

Last date for
submission of claims: March 1, 2023


SLC PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SLC Projects
Private Limited (SLCPPL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Bank Guarantee           12        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit              18        CRISIL D (Issuer Not
                                      Cooperating)

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

Established in 1974, as a partnership entity and later incorporated
as a private limited company in 2004, SLCPPL undertakes civil
construction works such as construction of roads and buildings,
electrical works like construction of substations, transmission
lines and other mechanical works for Government defense related
projects for entities like Defence Research and development
Organisation, Military Engineering Services, Director General Naval
Projects in Andhra Pradesh, and Tamil Nadu.


SRI MARUTI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sri Maruti Wind Park (India) Private Limited
B-402, 4th Floor, Ujwal Serene, S. No. 273/1
Near Mauli Garden Baner
        Pune, Maharashtra 411045

Insolvency Commencement Date: February 9, 2023

Estimated date of closure of
insolvency resolution process: August 8, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Nitin Om Kothari
       5A-301, Alica Nagar
              Lokhandwala Township
       Kandvali East, Mumbai 400101
              Maharashtra
       Email: cakotharico@gmail.com
       Email: marutiwind.cirp@gmail.com

Last date for
submission of claims: March 3, 2023


SRIGDHAA BEVERAGES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srigdhaa
Beverages (SB) continue to be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit             1.1        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          7.29       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.61       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

SB was established as a partnership firm in February 2016 by Mr
Dumbla Vijender Reddy and Mrs Dumbla Balajyothi. The firm is in the
processing of purified drinking water and soda and is based out of
Hyderabad.


SRS LIMITED: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of SRS Limited
(SRS) continues to be 'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Fixed Deposits-LT       125.0      CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SRS for
obtaining information through letters and emails dated November 24,
2022 and January 31, 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 SRS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SRS continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated as SRS Commercial Company Ltd in 2000, SRS got its
current name in 2009. It operates in four business verticals: gems
and jewellery (SRS Jewells brand), cinema exhibition (multiplexes
under SRS Cinema), retail value chains (under SRS Value Bazaar and
SRS Fashion Wear), and food and beverages (under SRS 7 Dayz, Asian
Amigo, Punjabi Haandi, and Desi Cafe). The company has been listed
on the Bombay Stock Exchange and National Stock Exchange since
September 2011. It is managed by Dr Anil Jindal, a first-generation
entrepreneur.


STARLIT POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Starlit Power
Systems Limited (SPSL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              2         CRISIL D (Issuer Not
                                      Cooperating)

   Funded Interest          8.52      CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Proposed Long Term       0.03      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                7.45      CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital          7         CRISIL D (Issuer Not
   Term Loan                          Cooperating)

CRISIL Ratings has been consistently following up with SPSL for
obtaining information through letters and emails dated November 30,
2022 and January 31, 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 SPSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPSL continues to be 'CRISIL D Issuer Not Cooperating'.

SPSL, based in Delhi, manufactures refined lead, lead alloys and
lead acid batteries. The manufacturing unit is located in Gurugram,
Haryana. The company was started in 2008 by Mr Sachin Sridhar, Mr
Surinder Pal and Mr Yogesh Gupta. Mr.Sachin Sridhar left the
company in 2019.


VYVA APPARELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vyva Apparels (India) Private Limited
A-2, Yogi Smruti
        1st Floor, Park Road
Vile Parle (East)
        Mumbai City MH 400057
        India

Insolvency Commencement Date: February 17, 2023

Estimated date of closure of
insolvency resolution process: August 20, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Snehal Arvind Kamdar
       301-302, Poonam Pearls
              Opposite to New India Colony
              Next to Himachal Society,
       Andheri West, Mumbai 400058
       Email: Snehal.kamdar@jjkandco.com
       Email: vyva.cirp@gmail.com

Last date for
submission of claims: March 7, 2023




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

MT. GOX: Largest Creditor Plans to Keep Returned Bitcoin
--------------------------------------------------------
Bloomberg News reports that the largest creditor of the failed Mt.
Gox crypto exchange intends to hold rather than sell the Bitcoin
that's due to be disbursed to it this year.

The Mt Gox Investment Fund - which bought claims against the
bankrupt digital-asset platform - doesn't plan to sell the tokens
that are scheduled to be returned in September, according to a
person familiar with the fund's thinking, who asked not to be
identified discussing private information, Bloomberg relays.

According to Bloomberg, the fund chose an early payout in September
instead of waiting for all the litigation over the collapsed
exchange to be resolved. It will get 90% of what's collectible in a
ratio of roughly 70% Bitcoin and 30% cash, the person said. They
declined to specify the amount of Bitcoin the fund expects to
receive.

Bloomberg says Mt. Gox creditors have until today, March 10, to
decide whether to chose the September payout or to wait longer to
recover a higher percentage of their claims. The Tokyo-based
platform was once the biggest Bitcoin exchange, but it lost some
customer assets and then went bankrupt in 2014.

The bankruptcy trustee held a trove of 141,686 Bitcoin as well as
cash and Bitcoin Cash coins as of September 2019, Bloomberg relates
citing prior documents. At current prices, that Bitcoin is worth
about $3.1 billion.

Crypto investors have long fretted about the implications if many
of the tokens are sold as claims are resolved, Bloomberg notes.
Bitcoin this year has partially rebounded from a rout but the
revival is fizzling, leaving the world's largest digital asset
about $47,000 off a record of almost $69,000 set in 2021.

                           About Mt. Gox

Tokyo-based MtGox Co., Ltd., operated a virtual currency
transaction system. Mt.Gox was the largest exchange for most of
Bitcoin's existence and was handling about 6 percent of all
Bitcoins in circulation.

In February 2014, MtGox Co., Ltd., announced in that it was filing
for bankruptcy after tens of millions of dollars worth of the
virtual currency and client funds disappeared.   

In March 2014, MtGox sought bankruptcy protection in Japan. The
bankruptcy in Japan came after the bitcoin exchange lost 850,000
bitcoins valued at about $475 million "disappeared."

The Company filed a petition under Chapter 15 of the U.S.
Bankruptcy Code on March 9, 2014. It filed for bankruptcy
protection in the U.S. to prevent customers from targeting the cash
it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie Mark
Karpeles, the company's chief executive officer. Mr. Karpeles is
represented by John E. Mitchell, Esq., and David William Parham,
Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co. Ltd.
with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on Oct. 3,
2014, ordered, pursuant to Section 272 of the Bankruptcy and
Insolvency Act, that the bankruptcy proceedings commenced with
respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox -- be
recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are Jeffrey Carhart and Margaret
Sims, at Miller Thomson LLP.

In November 2021, Mt. Gox bitcoin repayment plan got final approval
from trustee.




===============
M A L A Y S I A
===============

PHARMANIAGA: PN17 Status Just an Accounting Matter, Minister Says
-----------------------------------------------------------------
Malay Mail reports that Pharmaniaga Bhd's descent into Practice
Note 17 (PN17) territory signifying financial distress was just an
accounting procedure, Defence Minister Datuk Seri Mohamad Hasan
claimed on March 8.
He insisted that Pharmaniaga, with an annual turnover of MYR2.3
billion, was still a profitable business.

"It's just the vaccines, which made it (Pharmaniaga) do a
depreciation on all the vaccines that is had in store. It is merely
an accounting procedure, the rest of its businesses are operating
smoothly and making profit," Mohamad told Parliament during his
winding-up speech on Budget 2023, Malay Mail relays.

It was reported on February 28 that Pharmaniaga had been classified
as an affected listed issuer under PN17 of the Main Market Listing
Requirements of Bursa Malaysia.

In a filing with the stock exchange on February 27, the
pharmaceutical company said it had triggered the PN17 criteria
pursuant to its audited consolidated financial statements for the
period ended December 31, 2022.

A company that is listed under the PN17 category is a listed
company that does not have a core business or has failed to meet
the minimum capital or equity and companies' shareholders' funds.

On March 7, the minister also known as Tok Mat said the firm was
paying the price for previous administrations' choices about the
country's Covid-19 vaccine strategy, according to Malay Mail.

Pharmaniaga was the exclusive distributor as well fill-and-finish
manufacturer for Sinovac's Covid-19 vaccine - CoronaVac - in
Malaysia.

"Pharmaniaga (at the time) took a position to purchase vaccines, on
whose orders, I don't know, but it's purely a business decision,
they bought a lot of vaccines in anticipation that the government
needed vaccine urgently - there was the national vaccine programme
(National Covid-19 Immunisation Programme) and boosters - which was
running smoothly and excellent.

"Unfortunately, the government was indecisive with its decision and
decided to finish up Pfizer. This led to the (balance stock), what
people say, what can they do?" Malay Mail quotes Mohamad as
saying.

He further explained that Pharmaniaga, as a listed company, must
abide by accounting practices as prescribed by the Securities
Commission, and was directed by PricewaterhouseCoopers (PwC) to
make a provision for the slow uptake of the vaccine.

"Its shareholders fund was over MYR300 million, but it has to make
a payment of over MYR500 million, meaning there was a negative
MYR100 million.

"When it becomes negative MYR100 million, automatically the company
is placed under PN17 category and Pharmaniaga is in the midst of
preparing a business recovery plan as I have ordered and I am
monitoring the development closely so that we are able to recover
Pharmaniaga's business in the soonest," Mohamad said, notes the
report.

Malay Mail says the minister was responding to Lim Lip Eng (Pakatan
Harapan - Kepong) who asked for a clarification on the matter.

Lim had last week urged the government not to use government funds
to "save" the pharmaceutical company from its current situation,
the report says.

Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.




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

AMBAR INVESTMENTS: Creditors' Proofs of Debt Due on April 12
------------------------------------------------------------
Creditors of Ambar Investments Limited, New Pathways Limited,
Property Locker Limited, and Property Management Group Limited are
required to file their proofs of debt by April 12, 2023, to be
included in the company's dividend distribution.

Ambar Investments Limited commenced wind-up proceedings on Feb. 21,
2023.

New Pathways Limited, Property Locker Limited and Property
Management Group Limited commenced wind-up proceedings on March 1,
2023.

The company's liquidators are:

          Keaton Pronk
          Iain McLennan
          McDonald Vague Limited
          PO Box 6092
          Victoria Street West
          Auckland 1142


MTS ENERGY: Court to Hear Wind-Up Petition on March 31
------------------------------------------------------
A petition to wind up the operations of MTS Energy Limited will be
heard before the High Court at Auckland on March 31, 2023, at 10:00
a.m.

Bank of New Zealand filed the petition against the company on Dec.
13, 2022.

The Petitioner's solicitor is:

          David Thomas Broadmore
          Buddle Findlay
          Level 18, HSBC Tower
          188 Quay Street
          Auckland 1010


QUALITY NZ: Court to Hear Wind-Up Petition on March 21
------------------------------------------------------
A petition to wind up the operations of Quality NZ Homes Limited
will be heard before the High Court at Wellington on March 21,
2023, at 10:00 a.m.

Aqua Property Services Limited filed the petition against the
company on Jan. 26, 2023.

The Petitioner's solicitor is:

          Michael Wolff
          Morrison Kent Lawyers
          Floor 19, 105 The Terrace
          Wellington


SR RATTAN: Creditors' Proofs of Debt Due on March 31
----------------------------------------------------
Creditors of S R Rattan Limited, Akhaal Builders Limited and Akhaal
Investments 2021 Limited are required to file their proofs of debt
by March 31, 2023, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau
          Auckland 2241


STEVENSONS STRUCTURAL: Goes Into Liquidation Amid Contract Trouble
------------------------------------------------------------------
Matthew Dallas at Stuff.co.nz reports that an engineering firm that
helped build The Beehive, Te Papa and the wind farms above Manawatu
has been sunk, devastating its owners and ending a century-old
legacy.

Steel fabricators Stevensons Structural Engineers Ltd has entered
voluntary liquidation, forcing the closure of its plant in Tokomaru
and costing the jobs of more than 70 staff across Manawatu and
Wellington, Stuff discloses.

The liquidation also covers subsidiary businesses Stevensons Plant
Ltd, Krib Syndicate Ltd, and Stevens Consultants Ltd.

According to Stuff, owner and managing director Evan Kroll said
they were left with no other option after a seven-figure contract
in Wellington went sideways.

"There's a line in the sand, where you could be seen to be trading
while insolvent, so we have obligations to think about," the report
quotes Mr. Kroll as saying.

Acknowledging he needed to be careful with his words, he said the
Auckland-based client started challenging charges in December,
which left Stevensons unable to foot its own payroll.

"It's all for variations on a contract. The scope changed
immensely, and the variations on the contract were all OK until
December, and then they were being challenged, and seriously
challenged, which we believe to be unfair and unreasonable," he
said, notes the report.

Mr. Kroll said the payments owed may still be forthcoming, but the
problem was that timeframe could be six to eight months away.

"You only have so much money in the bank to prop the company up
with cash flow, you still have to pay 70, 80 staff every week.

"And they're the key to your business. We have staff who have been
here 25, 30 years."

He was also frustrated a number of small local subcontractors would
be among his creditors, and could also suffer from the fallout,
Stuff relays.

"There's a lot of one and two-man bands who have been so good to us
over the years, and it's always what happens in our industry.

"It's never the multinationals who suffer, it's always the poor old
subcontractor."

Mr. Kroll, 63, had worked at Stevensons Structural Engineering
since he was 17, and he and wife Lynne took over the company
outright in 2009, Stuff notes.

The plant, which had its origins in the late 1800 as a blacksmith's
shop, churned through about 3,000 tonnes of metal every year, most
of it from Australia.

The company's biggest market was Wellington, where it had
contributed steelwork to such landmark projects from The Beehive,
Te Papa, "The Rock" structure at Wellington Airport, to the giant
Wellington sign at Miramar.

The other companies in the group - Stevensons Doors Ltd, Elam
Holdings Ltd, Hima 50 Company Ltd, Route 66 Ltd - were all "good
strong companies" where jobs were safe, Stuff notes.




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

CLARIS INVESTMENTS: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Claris Investments Pte Ltd, on March 1, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Ms. Eunice Hooi Lai Fann
          1 Harbourfront Avenue #14-07
          Keppel Bay Tower
          Singapore 098632


GETPONGO HOLDINGS: Court to Hear Wind-Up Petition on March 17
-------------------------------------------------------------
A petition to wind up the operations of Getpongo Holdings Pte Ltd
will be heard before the High Court of Singapore on March 17, 2023,
at 10:00 a.m.

Abrahamlow LLC filed the petition against the company on Feb. 22,
2023.

The Petitioner's solicitors are:

          M/s Watiga Legal LLC
          3 Jalan Pisang
          Singapore 199070


KULDIP SINGH: Creditors' Meeting Set for March 23
-------------------------------------------------
Kuldip Singh & Co Pte Ltd, which is in liquidation, will hold a
meeting for its creditors on March 23, 2023, at 3:00 p.m., via
Zoom.

Agenda of the meeting includes:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to approve the Liquidator’s fees and disbursements;

   c. to approve the petitioning creditors’ costs and the payment

      thereof; and

   d. Any other business.

The company's liquidator is:

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


REPUTATION ADMINISTRATION: Court to Hear Wind-Up Bid on March 24
----------------------------------------------------------------
A petition to wind up the operations of Reputation Administration
Services Pte Ltd will be heard before the High Court of Singapore
on March 24, 2023, at 10:00 a.m.

Spamhaus Technology Ltd filed the petition against the company on
Feb. 3, 2023.

The Petitioner's solicitors are:

          CTLC Law Corporation
          3 Raffles Place
          #06-01 Bharat Building
          Singapore 048617


SRE VENTURE: Creditors' Proofs of Debt Due on April 10
------------------------------------------------------
Creditors of Sre Venture 11 Pte. Ltd., Sre Japan 11 Pte. Ltd., and
Sre Australia 1 Pte. Ltd. are required to file their proofs of debt
by April 10, 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:

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




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

SRI LANKA: To Announce Debt Restructuring Strategy in April
-----------------------------------------------------------
Reuters reports that Sri Lanka aims to announce a
debt-restructuring strategy in April and step up talks with
commercial creditors ahead of an International Monetary Fund review
of a bailout package in six months, the nation's central bank
governor told Reuters.

The crisis-hit island has secured financing assurances from all its
major bilateral creditors, including India and China, and so has
set the stage for the IMF to give its final approval for a $2.9
billion, four-year bailout package on March 20, the multilateral
lender said on March 7, Reuters relates.

According to Reuters, the bailout is the culmination of months of
negotiations as Sri Lanka looks to emerge from its worst economic
crisis in more than seven decades.

"So somewhere in April we will announce . . . how we are going to
meet those medium-to-long-term (debt) targets. That is the next
step."

Reuters relates that Weerasinghe said the country would expedite
negotiations with commercial creditors and announce the debt
restructuring strategy in consultation with them, before finalising
the debt restructuring terms.

"We are trying to finalise this in about the next six months' time,
so before the next (IMF) review will be completed," he said, notes
the report.

Sri Lanka would need to restore debt sustainability over a ten-year
period as per the agreement with the IMF and the latter will
provide a roadmap to bring down debt levels over that period,
Weerasinghe said, Reuters relays.

Currently, Sri Lanka has to repay about $6 billion annually until
2029, President Ranil Wickremesinghe told parliament on March 7,
but Weerasinghe said this amount will be reduced post-debt
restructuring.

Reuters relates that the central bank has also been gradually
topping up reserves, with useable dollars reaching about $600
million at the end of last month - the highest in a year. Sri Lanka
also has a $1.5 billion swap arrangement with China but that can
only be used if domestic reserves support three months of imports.

"If we build up reserves we may be able to access the (China) swap,
until then we don't mind keeping it in our books. If we meet the
conditions of three months of reserves, we can use it."

Reuters adds that Weerasinghe also said that inflation is likely to
come down faster than earlier forecast, even by the central bank.
Rising prices have been a key concern with the latest print in
February showing inflation had eased, but remained above 50%.

"Earlier my expectation was for 4% to 6% inflation somewhere in
December. I would now expect it in early Q4 rather than the end,
the process will move faster, from about end October," he said,
adds the report.

                          About Sri Lanka

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

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

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

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

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

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

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


                           *********


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

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

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

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

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



                *** End of Transmission ***