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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

          Monday, March 13, 2023, Vol. 26, No. 52

                           Headlines



A U S T R A L I A

AGRIFUNDER HOLDINGS: First Creditors' Meeting Set for March 15
BEER & BURGER: Goes Into Liquidation Owing AUD500,000
DECORE PTY: Second Creditors' Meeting Set for March 15
LIBERTY FUNDING 2023-2: Moody's Assigns B2 Rating to Class F Notes
MOKSHA CONSTRUCTIONS: First Creditors' Meeting Set for March 16

PMP ENGINEERING: First Creditors' Meeting Set for March 16
PROSPAROUS TRUST 2021-1: Moody's Ups Rating on Cl. D Notes to Ba2
SUNFOX PTY: First Creditors' Meeting Set for March 16
SUNSHINE DOOR: First Creditors' Meeting Set for March 15
TRIBE BREWERIES: Race to Save Company After its Collapse



C H I N A

CIFI HOLDINGS: Lays Out Plans for Offshore Debt Revamp
CIFI HOLDINGS: Warns of US$2 Billion Loss for 2022
FARADAY FUTURE: Posts Losses, Awaits Capital to Start Making Car


I N D I A

AZAD IMPEX: ICRA Lowers Rating on INR38cr ST Loan to D
BENGALURU METROPOLITAN: ICRA Reaffirms B+ Term Loan Rating
BRUCK PHARMA: CRISIL Withdraws B Rating on INR19.2cr Term Loan
CATASYNTH SPECIALITY: ICRA Cuts Rating on INR85cr Term Loan to D
CIPSA TEC: CRISIL Withdraws B+ Rating on Long/Short Term Debt

EURO INDIA: CRISIL Lowers Rating on INR24.75cr Cash Loan to B+
GANESH AGRO: CRISIL Lowers Rating on INR9cr Cash Loan to B
GANGADHAR JENA: CRISIL Moves D Debt Ratings from Not Cooperating
GITS FOOD: ICRA Withdraws B+ Rating on INR30cr LT/ST Loan
JAI JAGDISH: CRISIL Withdraws B+ Rating on INR13cr Cash Loan

JKM VENTURES: CRISIL Assigns B+ Rating to INR5.43cr Term Loan
K. SENTHIL: CRISIL Moves Debt Ratings to B-/Stable
KAYEM FOOD: ICRA Withdraws B+ Rating on INR227.45cr Term Loan
KINGS INFRA: CRISIL Assigns B+ Rating to INR10cr NCDs
MA SARSINSA: CRISIL Lowers Long and Short Term Ratings to D

MHETRE PACKAGING: CRISIL Moves B+ Ratings from Not Cooperating
PMC CEMENT: CRISIL Assigns B+ Corporate Credit Rating
RATAN HOUSING: ICRA Withdraws B+ Rating on INR85cr LT Loan
SACHDEVA STEEL: CRISIL Withdraws B+ Rating on INR42cr Loan
SOCIETY FOR VOLUNTARY: CRISIL Assigns B+ Rating to INR5cr Loan

SOHRAB SPINNING: Insolvency Resolution Process Case Summary
SUDHAMSU EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
UMIYA INFRACON: CRISIL Assigns B+ Rating to INR5cr LT Loan
UNIQUE INDUSTRIAL: CRISIL Hikes Rating on INR10.6cr Loan to B+
VIJAY NIRMAN: CRISIL Moves D Debt Ratings to Not Cooperating

VINOTH DISTRIBUTORS: CRISIL Moves D Ratings to Not Cooperating
ZENITH PRECISION: ICRA Keeps B+ Debt Ratings in Not Cooperating
ZENOVA BIO: CRISIL Keeps D Debt Ratings in Not Cooperating
ZETA MICRONS: ICRA Keeps B Debt Ratings in Not Cooperating


N E W   Z E A L A N D

CHOCOLATE BROWN: Creditors' Proofs of Debt Due on April 5
FBG LIMITED: Creditors' Proofs of Debt Due on April 1
NATUS METROCITY: Court to Hear Wind-Up Petition on March 17
OCEANIA P&D: Court to Hear Wind-Up Petition on April 21
WHANGAREI SITE: Creditors' Proofs of Debt Due on April 28



P H I L I P P I N E S

DFNN INC: SEC Approves Equity Restructuring Plan to Offset Deficit


S I N G A P O R E

32 REAL ESTATE: Creditors' Proofs of Debt Due on April 10
ASCENT BRIDGE: Chief Executive Faces Bankruptcy Charges
FARM DELIGHT: Creditors' Proofs of Debt Due on April 10
LIPPO MALLS: Fitch Lowers LongTerm Issuer Default Rating to 'CCC'
STREETSINE TECHNOLOGY: Court Enters Wind-Up Order

TSH GLOBAL: Creditors' Proofs of Debt Due on April 10
ZJM MOTORS: Court to Hear Wind-Up Petition on March 24

                           - - - - -


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

AGRIFUNDER HOLDINGS: First Creditors' Meeting Set for March 15
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Agrifunder
Holdings Pty. Ltd. will be held on March 15, 2023, at 11:00 a.m.
via virtual meeting only.

Keith Alexander Crawford and Matthew Caddy of McGrathNicol were
appointed as administrators of the company on March 2, 2023.


BEER & BURGER: Goes Into Liquidation Owing AUD500,000
-----------------------------------------------------
News.com.au reports that a popular bar and burger joint in
Melbourne's inner city has had to shut down as post-Covid woes
continue to bite the hospitality industry.

On March 9, The Beer & Burger Bar Pty Ltd, based in Cremorne three
kilometres from the city's CBD, went into liquidation, news.com.au
discloses.

Mathew Gollant of insolvency firm CJG Advisory was appointed as the
liquidator.

The restaurant owes around half a million dollars to creditors and
several staff members are also understood to have lost their jobs,
the report discloses.

It had ceased operating since December, news.com.au notes. Six
weeks ago, one customer lamented online "Wtf happened with the best
burger of Melbourne???"

The Beer & Burger Bar had a following of 8,000 on Instagram and
worked with delivery services including UberEats and Mr Yum. It is
now listed as permanently closed on Google.

Staff shortages and the cost of living crisis were behind the
restaurant's failure to turn a profit.

The liquidator, Mr. Gollant, told news.com.au that The Beer &
Burger Bar owes somewhere in the ballpark of $500,000 to around 10
creditors, including the Australian Taxation Office.

Several staff including one of the company's directors are also
owed some entitlements from work in the last days and weeks of the
restaurant operating.

"All staff have been terminated," news.com.au quotes Mr. Gollant as
saying. "Debt accumulated during the pandemic.

"They had cash flow issues. . . It was not a sustainable
situation."

It's not expected creditors will receive a large dividend, if any.

"There's not sufficient funds to pay the creditors in full," Mr.
Gollant warned.

News.com.au says the Beer & Burger Bar has an Instagram account
that is still live although there haven't been any posts since
August last year.

Its very last post on August 14 illustrates the restaurant's
struggles to keep functioning.

"Due to staff shortages we will be closed Sunday 14th Aug," they
posted. "Back Wednesday 17th from 12:00 p.m."


DECORE PTY: Second Creditors' Meeting Set for March 15
------------------------------------------------------
A second meeting of creditors in the proceedings of Decore Pty Ltd
has been set for March 15, 2023 at 3:00 p.m. via Zoom meeting
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 14, 2023 at 4:00 p.m.

Grahame Ward and Edwin Narayan of Mackay Goodwin were appointed as
administrators of the company on Feb. 8, 2023.


LIBERTY FUNDING 2023-2: Moody's Assigns B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2023-2.

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

JPY43,100 million Class A1 Notes, Assigned Aaa (sf)

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

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

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

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

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

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

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

The transaction is a securitisation of Australian residential
mortgages loans. All mortgages were originated and are serviced by
Liberty Financial Pty Ltd (Liberty, unrated). The transaction
features a one-year substitution period, whereby additional loans
can be sold into the portfolio on a monthly basis, subject to
substitution parameters and portfolio performance triggers being
met.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

Evaluation of the underlying receivables and their expected
performance;

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

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

The experience of Liberty as the servicer;

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

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

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

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

The key transactional features are as follows:

The notes benefit from a guarantee fee reserve available to cover
losses arising from the portfolio and shortfalls in interest
payments on the notes. Unfunded at closing, the reserve will build
up through the trapping of excess spread up to a maximum of
AUD1,875,000, equivalent to 0.30% of the initial invested amount of
the notes.

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

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

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

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

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

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

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

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

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

Methodology Underlying the Rating Action:

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

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

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

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

MOKSHA CONSTRUCTIONS: First Creditors' Meeting Set for March 16
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Moksha
Constructions Pty Ltd will be held on March 16, 2023, at 9:30 a.m.
at the offices of Pilot Partners, Level 10, 1 Eagle Street, in
Brisbane, Queensland.

Bradley Vincent Hellen of Pilot Partners was appointed as
administrator of the company on March 6, 2023.


PMP ENGINEERING: First Creditors' Meeting Set for March 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of PMP
Engineering Pty Ltd will be held on March 16, 2023, at 11:00 a.m.
at Level 11, 06 O'Connell Street, in Sydney, NSW.

Timothy Cook of Balance Insolvency was appointed as administrator
of the company on March 7, 2023.


PROSPAROUS TRUST 2021-1: Moody's Ups Rating on Cl. D Notes to Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by PROSPArous Trust 2021-1.

The affected ratings are as follow:

Issuer: PROSPArous Trust 2021-1

Class A Notes, Upgraded to Aa2 (sf); previously on Sep 15, 2021
Definitive Rating Assigned Aa3 (sf)

Class B Notes, Upgraded to Aa3 (sf); previously on Sep 15, 2021
Definitive Rating Assigned A3 (sf)

Class C Notes, Upgraded to Baa1 (sf); previously on Sep 15, 2021
Definitive Rating Assigned Baa3 (sf)

Class D Notes, Upgraded to Ba2 (sf); previously on Sep 15, 2021
Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The upgrades were prompted by a significant increase in note
subordination available to the affected notes.

Following the February 2023 payment, note subordination available
for the Class A, Class B, Class C and Class D Notes has increased
to 51.6%, 48.5%, 30.5% and 21.1% respectively, from 33.0%, 31.0%,
19.5% and 13.5% at closing. The large increase in note
subordination over this short period stems mostly from the short
term of the underlying small business loans and to a lesser extent
from the high prepayment rates observed.

The portfolio has become static since November 2022 when the
revolving period ended. Since the end of the revolving period,
delinquencies and defaults have increased sharply. As of January
2023, 12.7% of the outstanding pool was 30-plus day delinquent and
6.9% was 90-plus day delinquent. The deal has incurred 3.8% of
gross losses (as a percentage of total original portfolio and
replenished amounts) to date, which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its expected default assumption to 12.4% of the
outstanding portfolio balance, compared with 5.86% of the
outstanding portfolio balance at closing. Moody's has updated the
Aaa portfolio credit enhancement (PCE) to 45% from 43.5% at
closing. Moody's cash flow analyses also considered various
sensitivity scenarios, including higher default rates and PCEs.

The transaction is a securitisation of a portfolio of Australian
small business loans and line of credit facilities. All portfolio
receivables were originated by Prospa Advance Pty Ltd (Prospa,
unrated).

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2022.

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

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

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

SUNFOX PTY: First Creditors' Meeting Set for March 16
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Sunfox Pty
Ltd will be held on March 16, 2023, at 11:00 a.m. via virtual
meeting technology.

Domenico Alessandro Calabretta and Edwin Narayan of Mackay Goodwin
were appointed as administrators of the company on March 6, 2023.



SUNSHINE DOOR: First Creditors' Meeting Set for March 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Sunshine
Door 2Pack Pty Ltd will be held on March 15, 2023, at 11:30 a.m. at
the offices of Kennedy Ryan Advisory at Level 40, 140 William
Street, Melbourne, Victoria 3000.

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

TRIBE BREWERIES: Race to Save Company After its Collapse
--------------------------------------------------------
News.com.au reports that there's a race to save a craft brewing
company that collapsed after it buckled under rising costs -
despite generating AUD40 million in revenue.

Tribe Breweries, which includes brands such as Stockade Brew,
Mornington Peninsula Brewery and Wilde and also makes beer under
contract for 15 outside beer groups, went bust in February but has
continued to operate with its 110 staff, news.com.au says.

News.com.au relates that the business, which has sites in
Marrickville and Goulburn and began in 2018, was set to be sold to
its rival craft brewer Young Henrys but it fell through.

According to the report, Christopher Hill and Joseph Hansell from
FTI Consulting were appointed to handle the voluntary
administration of the company, including overseeing the day-to-day
management of the business.

"This has been a difficult decision, but one that we hope will help
put Tribe onto a sustainable footing for the future," added its
chief executive Amarto Basu in February. "The Board has taken the
view that the company's financial structure and debts cannot
support the business at a time of challenging trading conditions."

FTI Consulting held their first creditors' meeting on March 9 and
set a deadline of March 16 for potential buyers to put in an offer
for the craft brewer as they race to secure the business before
rivals poach their brewing contracts, news.com.au reports citing
The Australian Financial Review.

In its sale advertisements, the firm said that Tribe had a brewing
capacity of 35 million litres annually currently, most of it at the
Goulburn plant but this could be expanded to 90 million litres a
year.

Canned beer made up 70 per cent of Tribe Breweries' sales at a time
that aluminium costs have soared between 10 to 15 per cent in the
past year, while also dealing with a rise in the excise duty
imposed by the government and increasing material costs from the
likes of hops and barley, the report notes.

Tribe Breweries' has a range of creditors including the charity
foundation of Kathmandu outdoor clothing founder Jan Cameron,
news.com.au adds.




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C H I N A
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CIFI HOLDINGS: Lays Out Plans for Offshore Debt Revamp
------------------------------------------------------
Bloomberg News reports that CIFI Holdings Group Co. set out some
key preliminary terms for its offshore debt restructuring plan, one
of the first major steps to revamp its borrowings after it missed a
payment in October.

Bloomberg relates that the defaulter expects no haircut, meaning
creditors will not be required to reduce their principal.
Meanwhile, the debt maturity will be extended to no more than seven
years from the date when the restructuring plan is implemented,
according to an exchange filing on March 10.

CIFI may propose an option to convert some debt to equity or
convertible bonds, the filing showed, Bloomberg relays. The company
is also considering the provision of "appropriate and practical
credit enhancements," it said, without elaborating. The terms are
subject to change, and have not been agreed with any person.

According to Bloomberg, the builder has joined a number of Chinese
defaulters showing early progress in their offshore debt
restructuring plans as talks gather pace. The company is a unique
case, as it missed an offshore payment several weeks after
obtaining fresh onshore financing with state help.

                         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.


CIFI HOLDINGS: Warns of US$2 Billion Loss for 2022
--------------------------------------------------
South China Morning Post reports that cash-strapped Chinese
property developer CIFI Holdings (Group) Co has warned of a US$2
billion loss for last year, saying the industry's debt crisis and
housing market slump led to a substantial decrease in its
business.

Shanghai-based CIFI said that it expected a loss ranging from 13
billion yuan to CNY14 billion (US$1.87 billion to US$2.02 billion)
for 2022, according to the company's filing with the Hong Kong
stock exchange late on March 10, the Post relays.

It estimated core net losses attributable to equity owners to range
from CNY5.1 billion to CNY5.6 billion during the same period,
compared to a core net profit of CNY7.28 billion in 2021.

According to the Post, the expected shortfall was mainly attributed
to a decline in the number of properties delivered last year and
increases impairment provision for property projects, which were
both "affected by the overall unfavourable business environment of
the real estate industry and the pandemic" last year, according to
the company's filing. It also chalked up the deficit to the yuan's
depreciation and fair value loss recorded from investment
properties.

The Post relates that CIFI's profit warning reflected the
predicament afflicting one of China's most important industries -
the property sector represents around 25 per cent of the country's
total gross domestic product - which prompted Beijing to push a
sweeping rescue package to bail out a market mired in a record
slowdown and deep liquidity crunch.

The property market downturn became more obvious last year when the
country's 100 largest developers recorded CNY7.6 trillion in sales,
down 41.3 per cent from 2021, according to a report by independent
real estate research firm China Index Academy.

The Post says CIFI is already looking to sell its crown-jewel
assets in Shanghai, including its headquarters, after its
state-guaranteed yuan bond issuance of up to CNY1.5 billion hit a
snag.

That followed the company's move to default on US$318 million in
offshore bonds on November 1 last year, while terminating all
discussions with individual creditors and creditor groups offshore,
the report notes.

In its filing on March 10, CIFI said it has made "significant
progress" to formulate "a holistic solution" that would resolve the
company's liquidity issues, the Post relays. The firm said it has
set up a coordination committee to commence "constructive
discussions" on potential solutions with an ad hoc group of
bondholders, or its advisers, no later than the end of this month.

According to the initial plan, creditors will not be required to
accept any reduction in the principal amount of debt. CIFI,
however, may offer creditors an option to voluntarily convert a
proportion of the debt to equity or convertible bonds in the
company, the Post relays.

The Post says CIFI expected the interest to be paid partially in
cash and partially in the form of goods or services during an
initial period. The company said its interest burden will need to
be reduced to a certain amount, which would allow it to return to a
position of long-term financial stability.

The firm also expected to extend the amortisation of the principal
and maturity of its debts to no more than seven years from the date
when the plan is fully implemented, the Post adds.

                         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.


FARADAY FUTURE: Posts Losses, Awaits Capital to Start Making Car
----------------------------------------------------------------
Caixin Global reports that following more than four years of
delays, electric-vehicle (EV) maker Faraday Future Intelligent
Electric Inc. said it is on track to start production of its first
car model at the end of the month if it receives promised funds,
despite posting widening losses for 2022.

Caixin relates that the company reiterated plans to begin
production of its first EV model, the FF 91, on March 30 with
initial deliveries promised for end of April - provided that it can
obtain investors' funds in time and that suppliers meet its
requirements. Faraday delayed production of the long-awaited model
four times since its launch in 2017 due to insufficient capital.

                       About Faraday Future

Faraday Future (FF) -- https://www.ff.com/ -- is a California-based
global shared intelligent mobility ecosystem company focusing on
building the next generation of intelligent mobility ecosystems.
Established in May 2014, the company is headquartered in Los
Angeles with R&D Center and Futurist Testing Lab, and offices in
Silicon Valley, Beijing, Shanghai, and Chengdu.  FF is poised to
break the boundaries between the Internet, IT, creative, and auto
industries with product and service offerings that integrate new
energy, AI, Internet, and sharing models, that aim to continuously
transform the mobility of mankind.

                        About Yueting Jia

Yueting Jia is the founder of Leshi Holding Group and was the CEO
of Faraday Future.  Yueting Jia sought protection under Chapter 11
of the Bankruptcy Code (Bankr. D. Del. Case No. 19-12220) on Oct.
14, 2019.  The Debtor was represented by James E. O'Neill, Esq., at
Pachulski, Stang, Ziehl & Jones LLP.

Faraday Future announced in August 2020 that the Reorganization of
its founder and CPUO (Chief Product and User Ecosystem Officer), YT
Jia (YT), became effective, and his Creditor Trust has also been
officially established and begun operations.   As part of the Plan,
Jia agreed to swap debt claims for pieces of his ownership stake in
Faraday Future.

FF said that approval of YT Jia's Restructuring Plan removed the
biggest hurdle in FF's equity financing efforts and the
implementation of the US-China dual home market strategy, allowing
FF to work vigorously towards its equity financing targets
including an IPO.



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AZAD IMPEX: ICRA Lowers Rating on INR38cr ST Loan to D
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Azad
Impex Private Limited (AIPL), as:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Short-term–        38.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from
   Others                        [ICRA]A4 and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Long-term–          4.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

Rationale

Material event
The rating downgrade reflects Delay in Debt Repayment as mentioned
in publicly available sources.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated on December 21, 2021.

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

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.

Azad Impex Private Limited (AIPL) is a privately-owned company that
was incorporated in 2007. The company imports timber mainly from
Malaysia, New Zealand and Africa. The variety of timber that the
company deals in is mainly used in making furniture and in light
construction work. The company's factory, located at Gandhidham
(Gujarat), saws logs and cleans squared timber blocks. All the sawn
timber produced at the Gandhidham (Gujarat) factory is sold from
its offices in Mundka in Delhi, Jind in Haryana and Gandhidham in
Gujarat.


BENGALURU METROPOLITAN: ICRA Reaffirms B+ Term Loan Rating
----------------------------------------------------------
ICRA has reaffirmed rating on the bank facilities of Bengaluru
Metropolitan Transport Corporation (BMTC), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         902.07       [ICRA]B+ (Stable); reaffirmed
   Fund Based-                     
   Term Loan                     

   Long Term-          65.00       [ICRA]B+ (Stable); reaffirmed
   Fund Based-                     
   OD                     

   Long Term-         332.93       [ICRA]B+ (Stable); reaffirmed
   Fund Based-                     
   Unallocated  
   limits                     

Rationale

The rating continues to derive comfort from the strategic
importance of the BMTC to the Government of Karnataka (GoK), as
evident from the continuous financial support received over the
years, as the corporation plays a critical role in providing
transport services in Bengaluru. Apart from receiving an exemption
from the state government from paying motor vehicle (MC) tax, the
corporation continues to receive large special grants from the
state government to clear its major liabilities, which include
payments towards employees benefits and fuel.

The rating, however, continues to remain constrained by the weak
operational profile, as reflected by low passenger load and high
share of loss-making schedules, which resulted in a sharp decline
in its revenues, thus widening its already high operating losses.
ICRA notes that the operating losses are likely to continue further
in FY2023, given the huge impact of the pandemic on the entity's
operations in the past and increasing cost of operations. ICRA also
notes that lower-than-optimal vehicle utilisation rates and
competition from other modes of transport continue to dent the
passenger load factor, which also impacts the profitability of the
entity. Lower-than-expected earnings during the current year
(FY2023) are likely to increase BMTC's dependence on discretionary
grants and external borrowings in the absence of adequate tariff
revision to meet critical revenue expenditure such as salaries to
employees, fuel bills and payment of statutory liabilities like
provident funds. Additionally, BMTC has significant repayment
obligations in the near term with limited cash flows from
operations, which will continue to impact its already stretched
liquidity position. ICRA notes that some of the loans sourced from
the Karnataka Urban Infrastructure Development & Finance
Corporation Limited (KUIDFC) are supported by the GoK, which
provides comfort to the weak financial health of BMTC.

The Stable outlook on the long-term rating reflects ICRA's opinion
that BMTC would continue to derive comfort from its strategic
importance to the state government and regular financial support in
the form of various grants and subsidy reimbursement would help
meet its critical revenue expenses. However, the corporation would
continue to incur losses in the near future due to inadequate
tariff level.

Key rating drivers and their description

Credit strengths

* Strategic importance to the GoK and financial flexibility derived
for being a state-owned entity: BMTC is wholly owned by the GoK and
is strategically important to the state government, with the
corporation playing a critical role in providing transport services
in the capital city of the state. BMTC receives support from the
GoK in the form of revenue and capital grants to meet its funding
requirements. Recently, the GoK has also approved utilising the
funds earmarked for capital expenditure for servicing BMTC's debt
obligations to financial institutions, including KUIDFC.

Credit challenges

* Weak operating profile as reflected by low passenger load and
high share of loss-making schedules: BMTC's operating performance
has been adversely impacted since FY2017 owing to the limited
addition to its fleet strength, a decline in the number of
profitable schedules operated and the rising cost of operations
amid lower-than-optimal vehicle utilisation rates.  These factors,
along with the lack of upward revision in tariffs (last effective
in February 2020) have constrained revenue growth, resulting in a
deterioration in the operating margins. The operating losses
widened further in FY2021 and FY2022 due to closure of operations
amid Covid-19 restrictions imposed by the state government and
increasing fuel prices. The operating performance of BMTC is likely
to improve marginally in FY2023 with the addition of new buses.

* Increasing dependence on the GoK's discretionary grants and
external borrowings in the absence of adequate tariff revision:
BMTC's dependence on discretionary grants from the GoK to meet its
revenue and capital expenditure requirements has increased
significantly over the years. Further, the external borrowings in
the form of long-term loans have also been availed by the entity to
meet its capex requirements and payment of statutory dues like
provident fund and pension for employees. In the absence of regular
and adequate tariff revision, BMTC's cash flow mismatches would
continue, thereby, increasing its dependence on discretionary
grants and fresh loans.

* High repayment obligations in the near term with limited cash
flows from operations: BMTC has significantly high repayment
obligations in the near-to-medium term, which will continue to
impact its liquidity position adversely. However, ICRA notes
that some of the loans sourced from the Karnataka Urban
Infrastructure Development Authority, would be repaid by the GoK.

Liquidity position: Stretched

The entity has substantial annual debt repayments worth INR~170.0
crore in FY2023 and INR~286.0 crore in FY2024. The retained cash
flow estimated in FY2023 would be negative by over INR110.0 crore,
which would be inadequate to cover scheduled repayments. However, a
special grant from the GoK to meet BMTC's high establishment costs
(salaries and pension to employees) and release of advance subsidy
against special category bus passes would provide some support to
cover any potential cash flow mismatch. ICRA, however, notes that
the legacy of large operating losses in the past along with the
deterioration in its financial profile has stretched its cash flows
even further. BMTC's liquidity position is likely to remain
stretched in the near term on account of operating losses and large
debt service obligations.

Rating Sensitivities

Positive factors – ICRA could upgrade the rating if BMTC is able
to improve its profitability along with positive cash flows,
leading to an improvement in its liquidity.

Negative factors – ICRA could downgrade the rating if the
corporation's cash flows are stretched further, resulting in
further deterioration in its liquidity position and increasing its
dependence on external funds, including fresh loans.

BMTC was established in August 1997 as an independent entity under
the Road Transport Corporation Act, 1950 and as a charitable trust
for providing a public transport system to the commuters in and
around Bengaluru city. BMTC was carved out from Karnataka State
Road Transport Corporation by combining two divisions of Bangalore
Transport Service (BTS) [BMTC has been formed by combining
Bangalore Transport Service North and BTS South with effect from
August 1997]. BMTC's jurisdiction extends to around 25 km in all
the directions from the Bruhat Bengaluru Mahanagara Palike (the
urban local body for the city of Bengaluru) boundaries.


BRUCK PHARMA: CRISIL Withdraws B Rating on INR19.2cr Term Loan
--------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Bruck Pharma Private Limited (BPPL), as:

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan             19.2      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with BPPL for
obtaining information through letters and emails dated July 12,
2022 and September 14, 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 BBPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BBPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
BBPL continues to be ' CRISIL B/Stable Issuer Not Cooperating'.

CRISIL Ratings has withdrawn its ratings on the bank facilities of
BBPL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

BPPL, incorporated in 1984, markets formulations. The company is
setting up a plant in Daman for manufacturing oncology products. It
is promoted by Mr Devendra Kejriwal and Mr Shirish Kejriwal.


CATASYNTH SPECIALITY: ICRA Cuts Rating on INR85cr Term Loan to D
----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Catasynth Speciality Chemical Private Limited (CSCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-          85.00       [ICRA]D; downgraded from
   Fund-based:                     [ICRA]BBB- (Stable)
   Term Loan           
                                   
   Long term-          25.00       [ICRA]D; downgraded from
   Fund- based:                    [ICRA]BBB- (Stable)
   Others              
                                   
Rationale

The downgrade of the rating of CSCPL takes into consideration the
delays in debt servicing in the recent past due to poor liquidity
conditions arising from subdued ramp up in operations in the
current fiscal. The company had witnessed disruption in operations
in FY2022 caused by a fire accident in a key product (piperonal)
unit in April 2021. While partial production for other products
recommenced since August 2021, the piperonal unit restarted only in
July 2022 of the current fiscal.

Further, the ramp up in operations had been subdued leading to
continued operational losses. CSCPL is a subsidiary of Anthea
Aromatics Private Limited (AAPL; 75% stake) and Solvay Speciality
and Plastic Holding (Solvay; 25%). Solvay is a wholly-owned
subsidiary of Solvay SA, which is rated at Baa2/stable/P-2 by
Moody's. While the company was getting support from the parent
group, which supported its liquidity profile for some extent, the
company was also trying to tie up additional funds. It had also
received additional insurance payments in the current fiscal, which
was used to partly prepay the debt as per the terms. However,
inability to tie up the additional funds coupled with sustained
losses from operations, resulted in cash flow mismatches, resulting
in delays in debt servicing since the end of December 2022, which
has come to ICRA's knowledge following recent discussion with
lenders and management. ICRA, however, has been receiving the No
Default Statement (NDS) from CSCPL regularly in the prior months,
which did not suggest irregularity in debt servicing.

ICRA takes note of the company's efforts to tie up additional funds
in the form of GECL from lenders, which will aid it in
regularising debt servicing, however, the quantum and timelines of
such funding tie-ups remain a key monitorable. Further,
ICRA notes that the company will need additional funds for payment
to creditors, meeting working capital requirements and
to refinance some of the existing loans. The successful tie-up of
required funds from the parent group/third party will be crucial
for the company to be able to scale up and stabilise its
operations. ICRA also takes note of CSCPL having a sales and supply
arrangement in place with Solvay, which provides comfort in terms
of quality raw materials and marketing support and the
patented manufacturing process of CSCPL's products has been
developed in-house by AAPL and the intellectual property has
been licensed to CSCPL for use in perpetuity. However, the nascent
stage of operations, vulnerability of profit margin to
fluctuation in raw material prices, foreign currency exchange rates
and competition from the large established national and
international players are key challenges faced by the company,
apart from the funding requirements mentioned earlier.

Key rating drivers and their description

Credit strengths

* Experienced management and established track record of the Group:
The promoters and the management are well experienced. Dr. Vincent
Paul, along with his sons, Dr. Paul Menacherry and Mr. Mathew V.
Menacherry, has been associated with the speciality chemical
industry for more than two decades. The Anthea Group is well
established in the aroma chemical business. Solvay SA is one of the
leading European chemical groups and enjoys an established global
market position in its three main operational segments of advanced
materials, advanced formulations and performance chemicals.

* Operational and financial support from the promoter group: CSPL
benefits from operational synergies, the strong technical knowhow,
the established customer and distribution network of the principle
parent, AAPL. Further, CSCPL has a sales and supply arrangement
with Solvay, which limits the sales and supply-related risks to
some extent. The company has also received financial support from
the parent entities in the form of equity support and unsecured
loans.

Credit challenges

* Delays in debt servicing due to subdued ramp up in operations:
Delays in debt servicing have been noticed in the recent past due
to insufficient cash flows in the wake of subdued ramp up in
operations and the company's inability to tie up additional funds.
In the past, the support from parent entities had aided the
liquidity to some extent. ICRA takes note of the company's efforts
to tie-up additional funds in the form of GECL from lenders, which
will aid it in regularising debt servicing, however, the quantum
and timelines of such funding tie-up remains a key monitorable.
Further, ICRA notes that the company will need
additional funds for payment to creditors, meet working capital
requirements and to refinance some of the existing loans. The
successful tie-up of required funds from parent group/third party
will be crucial for the company to be able to scale up and
stabilise its operations.

* Competition and raw material price volatility: Despite the
benefit of operational synergies with parent entities the
company's operations and margin remain vulnerable to competition
from large domestic and international players, volatility
in raw material prices and foreign currency exchange rate
fluctuations.

Liquidity position: Poor

The firm's liquidity is poor on account of constrained cash flows
arising from slow ramp up in operations and inability to tie up
additional funds, leading to delays in debt servicing.

Rating sensitivities

Positive factors – The ratings could be upgraded if the debt
servicing is regularised for a sustained period, as per ICRA
policy.

Negative factors – Not applicable.

Catasynth Speciality Chemicals Private Limited (CSCPL) was
incorporated in 2016 to set up a greenfield project at the
Mangalore SEZ in Karnataka, with an installed production capacity
of 5,600 MTPA for speciality chemicals, primarily used in the F&F,
pharmaceutical and agrochemical applications. Anthea Aromatics
Private Limited holds a majority stake of 74.9%, and Solvay
Chemicals & Plastics Holding B.V. holds a stake of 25.1% in CSCPL.


CIPSA TEC: CRISIL Withdraws B+ Rating on Long/Short Term Debt
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of CIPSA TEC India Private
Limited (CTIPL) to 'CRISIL B+/Stable/CRISIL A4/Issuer not
cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of CTIPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of
CTIPLto 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL B+/Stable/CRISIL
A4/Issuer Not Cooperating. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating        -        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING;
                                    Rating Withdrawn)

   Short Term Rating        -       CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

Established in 2006, CTIPL manufactures PCBs. Its daily operations
are managed by Mr. Alok Garg, Managing Director & Mr. Anil Gupta,
and Director of the Company. In 2013-14 (refers to financial year,
April 1 to March 31), there was an equity stake sale by the company
to M/s. Circuit Makers (S) Pte Ltd, which currently it owns 85
percent share in the company.


EURO INDIA: CRISIL Lowers Rating on INR24.75cr Cash Loan to B+
--------------------------------------------------------------
Due to inadequate information and in line with the guidelines of
the Securities and Exchange Board of India, CRISIL Ratings had
migrated the ratings of Euro India Fresh Foods Limited (Euro) to
'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'. However, the
management has subsequently started sharing the requisite
information necessary for carrying out a comprehensive review of
the ratings. Consequently, CRISIL Ratings is migrating the ratings
to 'CRISIL B+/Stable/CRISIL A4'.


                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Bank Guarantee          0.30       CRISIL A4 (Migrated from
                                      'CRISIL A4+ ISSUER NOT
                                      COOPERATING')

   Cash Credit            24.75       CRISIL B+/Stable (Migrated
                                      from 'CRISIL BB/Stable
                                      ISSUER NOT COOPERATING')

   Proposed Long Term      1.34       CRISIL B+/Stable (Migrated
   Bank Loan Facility                 from 'CRISIL BB/Stable
                                      ISSUER NOT COOPERATING')

   Term Loan               3.20       CRISIL B+/Stable (Migrated
                                      from 'CRISIL BB/Stable
                                      ISSUER NOT COOPERATING')

   Term Loan               2          CRISIL B+/Stable (Migrated
                                      from 'CRISIL BB/Stable
                                      ISSUER NOT COOPERATING')

   Term Loan               4.0        CRISIL B+/Stable (Migrated
                                      from 'CRISIL BB/Stable
                                      ISSUER NOT COOPERATING')

   Term Loan               8.85       CRISIL B+/Stable (Migrated
                                      from 'CRISIL BB/Stable
                                      ISSUER NOT COOPERATING')

The ratings action reflect expected moderation in the company's
operating margin, increased investment in working capital and
resulting in stretched liquidity. CRISIL Ratings believes any
further increase in raw material prices will lead to further
decline in operating margin resulting in inadequate net cash
accrual.

The ratings reflect susceptibility of the operating margin to
volatility in agricultural (agro) commodity prices, modest scale of
operations, exposure to competition from large and established
players and large working capital requirement. These weaknesses are
partially offset by Euro's diversified product portfolio with
established brand presence and above-average financial risk
profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility of the operating margin to volatility in agro
commodity prices: Euro is highly dependent on the domestic
production of potatoes and other agro commodities. Domestic
production, in turn, is dependent on the area under cultivation,
monsoon, prices of other crops, the minimum support price (MSP) and
other incentives offered by the Government of India. All the above
factors determine the final prices of crops. To overcome
seasonality and price volatility risks, Euro procures and stores
raw materials for the rest of the year during the peak season when
products are available at affordable prices. This partially offsets
the price volatility risk, but leads to high working capital
intensity.

* Modest scale of operations and exposure to competition from large
and established players: Although there is a large market and
demand for potato chips and other snack items, Euro faces strong
competition from other established brands such as Lays, Kurkure,
Parle wafers, Balaji wafers, Uncle Chips, Haldiram and Bingo.
Furthermore, Euro is a modest player compared with the
manufacturers of these brands and is vulnerable to competitive
pressures it faces from the bigger players.

* Large working capital requirement: Gross current assets (GCAs)
were 244 days driven by high inventory of 209 days and receivables
of 5 days as on March 31, 2022. Furthermore, due to its business
need, the company needs to hold large inventory, including packing
material, due to which inventory is expected to remain at high
levels. Moderation in inventory levels, resulting in improvement in
working capital efficiency, will remain a key rating sensitivity
factor.

Strengths:

* Diversified product portfolio with established brand presence:
Euro manufactures products such as potato chips, fried extruded
snacks, namkeen, mineral water and core filling snacks thus
limiting its dependence on any product category. The company sells
its products under the Euro brand. Development of brand names is a
prevalent best practice in the industry for distinguishing one's
product. It has established a widespread distribution network
across four states, majorly in Maharashtra and Gujarat.

* Above-average financial risk profile: The company had healthy
networth of INR63.26 crore and low total outside liabilities to
adjusted networth (TOLANW) ratio of 0.82 time as on March 31, 2022.
The debt protection metrics have been comfortable with adjusted
interest coverage ratio of 2.63 times and net cash accrual to
adjusted debt (NCAAD) ratio of 0.11 time in fiscal 2022. The
financial risk profile is expected to remain at similar levels over
the medium term.

Liquidity: Stretched

Bank limit utilisation was high at 96% on average for the 12 months
through January 2023. Cash accrual is expected to be INR3.74-6.18
crore which is sufficient against term debt obligation of
INR1.9-3.7 crore over the medium term. In addition, it will cushion
the liquidity of the company. Current ratio was healthy at 2.23
times as on March 31, 2022. Low gearing and moderate networth
support its financial flexibility and provides the financial
cushion required in case of any adverse conditions or downturn in
the business.

Outlook: Stable

CRISIL Ratings believes Euro will continue to benefit from its
diversified product portfolio with established brand presence.

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operations and stable operating
margin, leading to higher cash accrual above INR5 crore
* Substantial improvement in the working capital cycle with
moderation in inventory
* Sustenance of the financial risk profile with improvement in
liquidity

Downward factors

* Substantial decline in revenue or drop in operating margin to
below 4%, leading to lower cash accrual
* Further stretch in the working capital cycle or any
higher-than-expected, debt-funded capital expenditure (capex) or
higher borrowing cost, weakening the financial risk profile or
liquidity.

Incorporated in fiscal 2009, Euro manufactures potato chips, fried
extruded snacks, salted snacks (namkeen), mineral water and core
filling snacks at its plant in Surat, Gujarat, marketed under the
brand - Euro. The company is promoted by Mr Manhar Sanspara and his
family members. The company is listed on the National Stock
Exchange. Company is in process to add one new plant at Chikhli,
near Navsari, Gujarat with similar capacity which will be
operationalized in phased manner.


GANESH AGRO: CRISIL Lowers Rating on INR9cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Ganesh Agro Udyog Pvt Ltd (GAUPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             9        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Working Capital         2.7      CRISIL B/Stable (Downgraded
   Term Loan                        from 'CRISIL B+/Stable')

The rating downgrade reflects decline in the scale of operations of
GAUPL leading to stretch in the liquidity profile with bank limit
utilization averaging a high 104% for the 12 months through January
2023. Pre-Covid 19, almost 70% of the revenue came from exports to
Nepal. However, due to supply chain disruption, exports were
hampered, and the company increased its focus on sales in the
domestic markets.

The rating also indicates decrease in the scale-of and working
capital intensive operations. These weaknesses are partially offset
by the extensive experience of the promoters of GAUPL in the
agro-based commodity industry and average financial risk profile.

Key rating drivers and detailed description

Weaknesses:

* Decline in scale of operations amidst intense competition:
Revenue is expected to decline to around INR20 crore in fiscal 2023
from INR50.39 crore in fiscal 2022 due to disruption in supply
chain amid Covid-19 induced restrictions and free food grain
distribution by the Government under various schemes. Average scale
of operations amid intense competition owing to the presence of
numerous small-scale unorganised players, limit the company's
bargaining power, leading to pressure on profitability.

* Working capital intensive operations: Working capital cycle was
driven by high debtors of 70-130 days and inventory of 30-120 days
during the four fiscals ended March 31, 2022. However, credit
received from the suppliers of 29 days as on March 31, 2022, and
external fund-based bank limits support working capital. Operations
are expected to remain working capital intensive over the medium
term.

Strengths:

* Extensive experience of the promoters: The promoters' experience
of three decades in the industry has helped them to understand
market dynamics and maintain healthy relations with suppliers and
customers. The promoters' expertise should aid the company to
scale-up operations.

* Average financial risk profile: Net worth stood modest at INR7.3
crore as on March 31, 2022. External debt primarily comprises of
short-term debt to fund the working capital requirements of the
company. Gearing stood moderate at 1.87 times as on March 31, 2022.
Debt-protection metrics stood modest with interest coverage and net
cash accruals to adjusted debt ratios of 1.6 times and 0.05 times,
respectively as on March 31, 2022. Financial risk profile is
expected to improve driven by sustained accretion to reserves.

Liquidity: Stretched

Bank limit utilization was high around 104% for the 12 months
through January 2023. Cash accrual is expected to be insufficient
against debt obligation over the medium term. This gap is likely to
be bridged by fund-based bank limits and infusion of capital by the
promoters, which remains a key rating sensitivity factor. Current
ratio was moderate at 1.54 times as on March 31, 2022.

Outlook: Stable

CRISIL Ratings believes GAUPL will continue to benefit from the
extensive experience of its promoters.

Rating sensitivity factors

Upward factors:

* Increase in revenue and profitability leading to cash accrual of
more than INR1.5 crore
* Reduced dependence on working capital limits

Downward factors:

* Stretch in the working capital cycle and/or higher reliance on
external debt leading to gearing of more than 2 times
* Decline in revenue and profitability leading to
lower-than-expected cash accrual

Set up in 2009, GAUPL is engaged in milling and processing of paddy
into rice, rice bran and husk. It has an installed paddy milling
capacity of 8 tonne per hour, operating in two shifts. Mr Ramesh
Chand Jaiswal and his family members are the promoters.


GANGADHAR JENA: CRISIL Moves D Debt Ratings from Not Cooperating
----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of Gangadhar Jena (GJ) to 'CRISIL
D/CRISIL D; Issuer not cooperating'. However, GJ has subsequently
started sharing requisite information for carrying out a
comprehensive review of the ratings. Consequently, CRISIL Ratings
is migrating its ratings on the bank facilities of GJ to 'CRISIL
D/CRISIL D'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Bank Guarantee           10        CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Bank Guarantee           10        CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Bank Guarantee            5        CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Cash Credit              10        CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

   Term Loan                 2.28     CRISIL D (Migrated from
                                      'CRISIL D ISSUER NOT
                                      COOPERATING')

The rating reflects instances of continuous overdrawals in the cash
credit account of GJ for more than 30 days in the month of
December, 2022.

The ratings continue to reflect the firm's modest scale of
operations and exposure to intense competition in the fragmented
civil construction industry. These weaknesses are partially offset
by the extensive industry experience of the promoter in the civil
construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Overdrawn in working capital facility: GJ had continuous
overdrawals in the cash credit account for more than 30 days in the
month of December, 2022.

* Modest scale of operation: GJs business profile is constrained by
its scale of operations in the intensely competitive civil
construction industry. Revenues were at INR79 crores for fiscal
2022. GJs scale of operations will continue limit its operating
flexibility.

Strength:

* Extensive industry experience of the proprietor: The proprietor
have an experience of around four decades in civil construction
industry. This has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

Liquidity: Poor

The liquidity profile of the company is poor. The sanctioned limit
of INR10 crores CC is fully utilised. Further the firm has been
unable to serve the cash credit account's Nov-22 month end interest
on time on account of insufficient funds due to delay in
collections.

Rating Sensitivity factors

Upward factors:

* Track record of meeting its debt obligations on time for more
than 90 days

* Improvement in working capital cycle especially the collection
cycle thus improving liquidity

* Improvement in net cash accruals to over INR4 crore

GJ, a sole proprietorship firm of Mr. Gangadhar Jena, constructs
and maintains roads, buildings, and bridges for government
departments and public sector entities. It is a registered Super
Class Contractor with the Public Works Department, Odisha.


GITS FOOD: ICRA Withdraws B+ Rating on INR30cr LT/ST Loan
---------------------------------------------------------
ICRA has withdrawn the Long-term and Short-term ratings assigned to
Gits Food Products Pvt. Ltd. at the request of the company and
based on the No Due certificate (NDC) received from its banker. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
financial indicators have not been captured as the rated
instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          30.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Fund Based-                     Withdrawn
   Cash Credit         

Established in 1963, Gits Food Products Private Limited
manufactures vegetarian ready-to-cook (RTC) and ready-to-eat (RTE)
food products. The company supplies its products under its in-house
brand, 'Gits', which enjoys healthy recognition in the domestic
market. GFPPL is believed to be a pioneer of the RTC concept in the
domestic market, which was launched in 1971 with its first product,
the medu vada mix. The company subsequently diversified into the
RTE segment in 2004 and added traditional dishes like dal makhani,
pav bhaji, biryani, etc. The company has also undertaken
distributorship of dairy products like clarified butter (ghee)
under its same 'Gits' brand, exclusively for its group company.

JAI JAGDISH: CRISIL Withdraws B+ Rating on INR13cr Cash Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Jai Jagdish Ship Breakers Private Limited (JJSBPL; part of the
Sachdeva group), as:

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              13        CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Letter of Credit         95        CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Long Term        1.9      CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)


CRISIL Ratings has been consistently following up with JJSBPL for
obtaining information through letters and emails dated September
16, 2022 and November 15, 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 JJSBPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
JJSBPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the rating on bank
facilities of JJSBPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

CRISIL Ratings has withdrawn its ratings on the bank facilities of
JJSBPL on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

JJSBPL was incorporated in 1998 for dismantling ships. It was set
up as an extension of the ship-breaking operations of the Sachdeva
group, which undertook ship-breaking operations through SSP, a
partnership concern, set up in 1994.

JJSBPL has a 50-metre plot while SSP has a 65-metre plot in Alang,
Gujarat. The plots are adjacent, giving the group flexibility to
beach large ships (over 15,000 tonne). Both JJSBPL and SSP hold ISO
9001, 14001, and 18001 certifications.


JKM VENTURES: CRISIL Assigns B+ Rating to INR5.43cr Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of JKM Ventures Pvt Ltd (JVPL).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              5         CRISIL B+/Stable (Assigned)
   Term Loan                5.43      CRISIL B+/Stable (Assigned)
   Term Loan                2.23      CRISIL B+/Stable (Assigned)
   Term Loan                1.34      CRISIL B+/Stable (Assigned)

The rating reflects susceptibility to volatility in raw material
prices and the average financial risk profile of the company. These
weaknesses are partially offset by the extensive experience of the
promoters in manufacturing of commercial grade and
specialty/capacitor grade BOPP film and efficient working capital
management.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to volatility in raw material prices: Raw material
cost accounts for 64% of the cost of sales; therefore, adverse
fluctuations in raw material prices could constrain the operating
margin.

* Average financial risk profile: Gearing and total outside
liabilities to adjusted networth ratio were 6.41 times and 7.35
times, respectively, as on March 31, 2022. Debt protection metrics
were subdued owing to high gearing and low cash accrual from
operations, as reflected in interest coverage and net cash accrual
to total debt ratios of 2.56 times and 0.10 time, respectively, in
fiscal 2022, and are expected at similar levels over the medium
term.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of over two decades in the packaging industry. This has
given them an understanding of market dynamics and enabled
established relationships with suppliers and customers, which will
continue to support the business.

* Efficient working capital management: Gross current assets were
at 147-138.3 days over the three fiscals through 2022 and 147 days
as on March 31, 2022. The company extends credit in line with
industry standards, as its customers are small and medium-sized
players who require credit.

Liquidity: Stretched

Bank limit utilisation was low at 48.91% on average for the 12
months through December 2022.

Cash accrual, expected over INR2 crore per annum, will just about
cover yearly term debt obligation over the medium term. Current
ratio was healthy at 1.48 times as on March 31, 2022.

The promoters will likely extend support through equity and
unsecured loans to meet working capital requirement and debt
obligation.

Cash and bank balance was around INR4 crore as on March 31, 2022.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

* Increase in operating margin to above 16% and rise in revenue by
20% and sustenance at the level leading to higher cash accrual
* Improvement in the working capital cycle

Downward factors:

* Decline in revenue by 20% leading to net cash accrual below
INR0.8 crore
* Large, debt-funded capital expenditure weakening the capital
structure

Incorporated in 2017, JVPL manufactures commercial grade and
specialty/capacitor grade biaxially oriented polypropylene (BOPP)
films such as stretch films, cling wrap films. Its manufacturing
facility is in Pithampur, Madhya Pradesh.

The company is owned and managed by Kamal Kant Vashistha, Madhu
Kant Vashistha, Rita Vashistha and Shradha Vashistha.


K. SENTHIL: CRISIL Moves Debt Ratings to B-/Stable
--------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of K. Senthil Kumar HUF (KSK)
to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL Ratings has revised its rating from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL D' and simultaneously
migrated it to 'CRISIL B-/Stable'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           6         CRISIL B-/Stable (Revised from

                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING' to 'CRISIL D' and
                                   Simultaneously migrated to
                                   'CRISIL B-/Stable')

   Term Loan             3         CRISIL B-/Stable (Revised from

                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING' to 'CRISIL D' and
                                   Simultaneously migrated to
                                   'CRISIL B-/Stable')

The revision in rating to 'CRISIL D' reflects delay in servicing
term debt obligations in the month of February 2022 and May 2022
due to weak liquidity. The simultaneous rating upgrade reflects
sufficient track record of financial discipline maintained by KSK
since then.

The ratings also reflect the firm's modest scale of operation and
weak financial risk profile. These weaknesses are partially offset
by the extensive experience of the proprietor in the poultry
industry.

Analytical Approach:

Unsecured loans from promoters has been treated as debt

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation: Scale of operations is small as
reflected in estimated revenue of INR37.13 crore in fiscal 2023
(INR35.36 crore in fiscal 2022). The firm currently has 4 lakh
birds in its layer unit with a capacity to lay 3.3 lakh eggs per
day. A firm is setting up a new laying unit, which will house 3
lakh birds which would result in improvement in revenue.

* Weak financial risk profile: Financial risk profile is
constrained by modest networth of INR2.99 crore estimated as on
March 31, 2023 (INR2.98 crore as on March 31, 2022). Capital
structure is leveraged marked by estimated gearing and Total
Outside Liabilities to Tangible Net Worth (TOL/TNW) of 5.59 times
and 6.67 times, respectively, as on 31st March 2023 (5.77 times and
6.8 times, respectively, as on 31st march 2022). Debt protection
metrics is moderate with interest coverage ratio and net cash
accrual to adjusted debt ratios of 1.78 times and 0.05 time,
respectively, in fiscal 2023 (1.95 times and 0.05 time,
respectively, for fiscal 2022).

Strengths:

* Benefits from the proprietor:  Experience of over two decades and
addition of new customers has led to steady growth in revenues over
the past few years. His experience should continue to support the
business.

Liquidity: Poor

Liquidity is poor marked by fully utilized working capital limit of
INR9.45 crore with instances of over utilsiation. The cash accruals
expected at the range of INR0.5 to 1 crore per annum in the near
term will be sufficient to meet the debt obligation of 0.8 crore
per annum

Rating Sensitivity factors

Upward factors

* Sustained improvement in revenue and sustenance of operating
profitability leading to cash accruals of more than INR1 crore per
annum over the medium term
* Sustained improvement in financial risk profile

Downward factors

* Degrowth in revenue or decline in profitability by 200 basis
points resulting in lower cash accruals.
* A substantial increase in working capital requirement, or large,
debt-funded capital expenditure, thus weakening the financial
profile, especially liquidity.

Set up in 1996, Namakkal, Tamil Nadu-based KSK, a proprietorship
firm of Mr K Senthil Kumar, is engaged in manufacturing eggs from
layer chicken.


KAYEM FOOD: ICRA Withdraws B+ Rating on INR227.45cr Term Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Kayem Food Industries Private Limited at the request of the company
and based on the No Objection Certificate/Closure Certificate
received from the banker. However, ICRA does not have information
to suggest that the credit risk has changed since the time the
rating was last reviewed. The Key Rating Drivers, Liquidity
Position, Rating Sensitivities, Key Financial indicators have not
been captured as the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         18.50        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                     

   Long Term-        227.45        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                       

   Short Term-        6.00         [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Withdrawn


   Long Term-         8.05         [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Withdrawn

KFIPL was incorporated in 1986 for processing food products under
its own brand—Pan Foods. The company is promoted by members of
the Mahajan family, who have extensive experience in the industry.
Over the years, Kayem has added many reputed customers for
manufacturing breakfast cereals, condiments, dehydrated
fruits/vegetables, etc. Its manufacturing facilities are located in
Gurgaon, Panipat and Rai in Haryana.


KINGS INFRA: CRISIL Assigns B+ Rating to INR10cr NCDs
-----------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' ratings to the
NCD INR10 crore of Kings Infra Ventures Limited (KIVL). Also, the
CRISIL ratings has reaffirmed at 'CRISIL B+/Stable/CRISIL A4' to
the debt instruments and bank loan facilities.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          10         CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Discounting          10         CRISIL A4 (Reaffirmed)

   Long Term Loan        1.7       CRISIL B+/Stable (Reaffirmed)

   Non Convertible
   Debentures           10         CRISIL B+/Stable (Assigned)

   Non Convertible  
   Debentures           12.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect KIVL's small scale of operations
exposed to intense competition and working capital intensive nature
of operations. These weaknesses are partially offset by its
extensive industry experience of the promoters and moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations exposed to intense competition: Despite
its long track record, KIVL's scale of operations remained moderate
marked by the operating revenue of INR39.81 crore in fiscal 2022
and INR40.45 crore in 9 months of FY23. High fragmentation in the
aquaculture and seafood industry continue to constrain the
scalability. However, the company's recent foray into retail
business coupled with healthy demand for seafood products in the
domestic and export markets is expected to scale up its business,
going forward.

* Working capital intensive operations: The nature of the business
requires significant investment in working capital, marked by high
levels of inventory holding. This mainly includes stock of shrimps
and other seafood in various life stages. Gross current assets were
at 267-457 days over the three fiscals ended March 31, 2022,
reflecting the working capital intensity of operations.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of over four decades in aquaculture farming.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customers. Since 2017, the company diversified its business
activity into sea food processing.

* Moderate financial profile: KIVL's capital structure has been at
comfortable level due to its moderate reliance on external funds
yielding expected gearing of 0.77 time and total outside
liabilities to adjusted tangible net worth (TOL/ANW) of 0.9 time
for year ending on March 31, 2023. KIVL's debt protection measures
have also been moderate marked by the interest coverage and net
cash accrual to total debt (NCATD) ratios at 3.15 times and 0.16
time respectively for fiscal 2023.

Liquidity: Stretched

Bank limit utilization is moderate at around 82 percent for the
past twelve months ended January 23. Projected cash accruals are at
INR4-5 crore against scheduled annual repayment obligation of
INR4-2 crore over the medium term. Current ratio is healthy at 2.01
times on March 31, 2022. The promoters are likely to continue their
support in the form of equity and unsecured loans to meet its
working capital requirements and repayment obligations.

Outlook Stable

CRISIL Ratings believe KIVL will continue to benefit from the
extensive experience of its promoters and its established track
record.

Rating Sensitivity factors

Upward factors

* Sustained improvement in revenue by 20% while sustaining its
margins, leading to net cash accruals above INR5 crore.
* Improvement in liquidity position marked by bank limit
utilization below 80% and adequate cushion available for debt
servicing.

Downward factors

* Decline in scale of operations leading to fall in revenue by 10%
and/or profitability margin to below 10%, hence leading to net cash
accrual lower than INR3 crore.
* Large debt-funded capital expenditure and/or a substantial
increase in its working capital requirements thus weakening its
liquidity and financial profile.

KIVL was incorporated in 1987, it is located in Tuticorin, Tamil
Nadu The company is engaged aquaculture farming, seafood
processing, international trade of marine products, aquaculture
consultancy, food related infrastructure development and domestic
marketing and supply of retail packed marine products.

KIVL is listed on Bombay Stock Exchange Ltd.

KIVL is promoted by Shaji Baby John (Chairman and Managing
Director) and Baby John Shaji (Director).


MA SARSINSA: CRISIL Lowers Long and Short Term Ratings to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
MA Sarsinsa Steels Private Limited (MSSPL; a part of the MSSPL
group) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' as the entity has
delayed servicing its debt obligation, as per publicly available
information.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Rating       -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating      -         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

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

Investors, lenders and all other market participants should
exercise due caution with reference to the ratings
assigned/reviewed with the suffix 'Issuer not cooperating' as the
ratings are arrived at without any management interaction and are
based on best-available or limited or dated information on the
company. Such noncooperation 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 of MSSPL,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the company. The rating action on MSSPL is
consistent with the criteria detailed in 'Assessing information
adequacy risk'.

Incorporated in 1991, MSSPL initially traded in cold rolled (CR)
strips. From 2012, it started manufacturing CR strips from
hot-rolled strips at its plant in Jhajjar, Haryana, with capacity
of 48,000 tonne per annum. Mr N K Bindal and Mr Deepak Bindal are
the promoters.


MHETRE PACKAGING: CRISIL Moves B+ Ratings from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with the
Securities and Exchange Board of India guidelines, had migrated its
rating on the long-term bank facility of Mhetre Packaging Private
Limited (MPPL) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing the
requisite information necessary for carrying out a comprehensive
review of the rating. Consequently, the rating has been migrated to
'CRISIL B+/Stable' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit             5.50       CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

   Proposed Term Loan      3.47       CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

   Term Loan               3.03       CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

   Working Capital         3.00       CRISIL B+/Stable (Migrated
   Term Loan                          from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

The rating continues to reflect the below-average financial risk
profile, modest scale of operations and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoters in the packaging industry and
established customer base.

Key rating drivers & detailed description

Weaknesses:

* Average financial risk profile: Networth was modest at INR6.01
crore as on March 31, 2022, while gearing was weak at 2.12 times.
Debt protection metrics were muted, with interest coverage and net
cash accrual to total debt ratios of 1.91 times and 0.10 time,
respectively, for fiscal 2022. The metrics are expected to improve
marginally over the medium term but will remain weak due to low
accretion to reserves and large working capital requirement.

* Modest scale of operations: Revenue increased marginally to
INR25.35 crore in fiscal 2022 from INR24.45 crore in fiscal 2021.
Though growth is expected to be around 15% in fiscal 2023, scale
will remain small over the medium term.

* Large working capital requirement: Working capital cycle will
remain stretched over the medium term and its efficient management
will be closely monitored. Gross current assets were high at 143
days as on March 31, 2022, due to sizeable inventory. Bank limit
and credit from suppliers partially support working capital
requirement.


Strength:

* Extensive experience of the promoters and reputed clientele:
Presence of over two decades in the packaging industry has enabled
the promoters to develop a strong understanding of local market
dynamics and establish healthy ties with suppliers, and reputed
customers such as ITC Ltd, Asian Paints and Fleetguard Filters
Ltd.

Liquidity: Stretched

Bank limit utilisation remained high at above 90% for the 12 months
through January 2023, with frequent availing of ad-hoc limit. Cash
accrual is expected to tightly match term debt obligation over the
medium term. Current ratio was low at 0.83 time as on March 31,
2022. The company does not maintain any major cash or bank
balance.

Outlook: Stable

MPPL will continue to benefit from the extensive experience of its
promoters.

Rating sensitivity factors

Upward factors

* Substantial and sustained increase in revenue and steady
operating profitability leading to cash accrual of over INR2.0
crore
* Prudent working capital management and improved liquidity
resulting in bank limit utilisation of less than 80% on average

Downward factors

* Steep decline in revenue and profitability resulting in accrual
less than INR1 crore
* Large, debt-funded capital expenditure or further stretch in
working capital cycle resulting in deterioration in financial risk
profile

Set up in 1994 as a proprietorship firm and reconstituted as a
private limited company in 2000, Pune-based MPPL manufactures
corrugated boxes using kraft paper. Mr Dilip Mhetre and his family
members are the promoters.


PMC CEMENT: CRISIL Assigns B+ Corporate Credit Rating
-----------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' corporate credit
rating (CCR) PMC Cement Private Limited (PMCCPL).

The rating reflects the company's exposure to project risks and its
expected leveraged capital structure. These weaknesses are
partially offset by the extensive experience of the promoters in
the construction materials industry and the adoption of the latest
machinery in a steady industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to project risks: PMCCPL is scheduled to commence
operations in August 2023. The company will face demand risk and
intense competition as the industry is highly fragmented because of
low entry barriers with small capital and technological
requirements. Timely project completion and successful
stabilisation of operations remain key rating sensitivity factors.

* Expected leveraged capital structure: The financial risk profile
is expected to be constrained by high gearing and subdued debt
protection metrics as the project is being funded aggressively in a
debt-to-equity ratio 4.8 times.

Strengths:

* Extensive industry experience of the promoters: Experience of
over two decades in the construction materials industry has given
the promoters an understanding of the market dynamics and helped
establish relationships with suppliers and customers.

* Adoption of the latest machinery in a steady industry: PMCCPL is
setting up a unit which will be equipped with the latest equipment
and technology. Adoption of the latest machinery in a steady
industry will support the company's business risk profile.

Liquidity: Stretched

PMCCPL will likely generate sufficient cash accrual to cover debt
obligation, considering the 12-month moratorium for principal
repayment wherein only interest will be paid. Liquidity is
supported by capital infusion of INR45 crore by the promoters and
unsecured loan of INR53.51 crore from the promoters and related
parties as on December 31, 2022.

Outlook: Stable

CRISIL Ratings believes PMCCPL will benefit from the extensive
industry experience of its promoters.

Rating Sensitivity factors

Upward factors

* Timely stabilization of operations and significant revenue and
profitability
* Improvement in the financial risk profile

Downward factors

* Considerable delay in the commencement of operations
* Significantly low cash accrual during initial phase of
operations

Incorporated in 2021, PMCCPL is setting up a plant to manufacture
cement in Gujarat. The plant is expected to be commissioned in
August 2023.

PMCCPL is owned and managed by Navin Mohanbhai Chovatiya, Jaykishan
Rameshbhai Sherasiya, Rameshchandra Kurjibhai Aghera, Punit
Mohanlal Chovatiya and Piyush Maganlal Patel.


RATAN HOUSING: ICRA Withdraws B+ Rating on INR85cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Ratan Housing Development Limited at the request of the company and
based on the No Due Certificates and No Objection
Certificates/Closure Certificates received from the banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed. The
Key Rating Drivers, Liquidity Position, Rating Sensitivities, Key
Financial indicators have not been captured as the rated
instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         85.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Term Loan                        

   Long Term-         75.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Withdrawn
   Cash Credit                    

RHDL is a part of the Raj Ratan Group of companies. The group,
promoted by the Khatri family, is based in Kanpur. The group has
interests in textiles trading, textile retailing, real estate,
healthcare, BPO, detergent powder manufacturing and the steel
business. The management merged its textile and real estate
business in FY2015. The merger was undertaken with the sole purpose
of improving the overall financial statement of the company. In the
real estate division, RHDL has developed projects in Pune, Delhi,
Kanpur, Vasco, Mumbai and Lucknow. The company has developed
commercial, retail as well as residential projects. Currently there
are 12 residential projects and four commercial projects under
construction. In the textile division the company is engaged in
trading readymade garments, including women's wear, bridal wear,
children's wear, men's wear, and winter wear. It has five showrooms
in Kanpur and two in Lucknow.


SACHDEVA STEEL: CRISIL Withdraws B+ Rating on INR42cr Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Sachdeva Steel Products (Ship Breakers) LLP (SSP; formerly,
Sachdeva Steel Products (Ship Breakers); part of the Sachdeva
group), as:

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit               6        CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit               2        CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Letter of Credit         42        CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Letter of Credit         23        CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Long Term        0.84     CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

   Proposed Long Term        1.16     CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SSP for
obtaining information through letters and emails dated September
16, 2022 and November 15, 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 SSP. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SSP continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL Ratings has withdrawn its ratings on the bank facilities of
SSP on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

JJSBPL was incorporated in 1998 for dismantling ships. It was set
up as an extension of the ship-breaking operations of the Sachdeva
group, which undertook ship-breaking operations through SSP, a
partnership concern, set up in 1994.

JJSBPL has a 50-metre plot while SSP has a 65-metre plot in Alang,
Gujarat. The plots are adjacent, giving the group flexibility to
beach large ships (over 15,000 tonne). Both JJSBPL and SSP hold ISO
9001, 14001, and 18001 certifications.


SOCIETY FOR VOLUNTARY: CRISIL Assigns B+ Rating to INR5cr Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facility of Society for Voluntary Action and Research (SVAR).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Working
   Capital Facility          5        CRISIL B+/Stable (Assigned)

The rating reflects small scale of operations. This weakness is
partially offset by the extensive experience of the members in
social and developmental activities.

Key rating drivers and detailed description

Weakness:

* Small scale of operations: SVAR remains a small-sized
non-government organisation, with a book size of INR1.16 crore as
on March 31, 2022, and INR1.21 crore as on December 31, 2022. It
has launched several programs for the underprivileged communities
residing in remote villages as well as in urban slums. Its growth
may continue to be constrained over the medium term.

Strength:

* Extensive experience of the members: The members have been
involved in social and developmental activities for more than 15
years. They have strong understanding of the people and the region
in which they operate. Expertise of the management will continue to
support the business risk profile.

Liquidity: Stretched

Cash and cash equivalent were modest at INR4.5 lakh as on December
31, 2022. Although cash accrual is projected at just around INR3
lakh per annum, absence of any repayment obligation provides some
comfort.

Outlook: Stable

SVAR will continue to benefit from the extensive experience of its
members.

Rating sensitivity factors

Upward factors:

* Revenue increasing above INR3 crore
* Sustenance of capital structure, with nil reliance on external
debt

Downward factors:

* Inability to increase the receipt of grants
* Deterioration in capital structure, with addition of debt leading
to gearing above 0.5 time.

SVAR is formed in 2005 and works to make the society a better place
for marginalized people. It has identified and launched several
programs for underprivileged communities residing in remote
villages as well as in urban slums.


SOHRAB SPINNING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sohrab Spinning Mills Limited
Nabha Road, Malerkotla
        Distt. Sangrur, Punjab 148023

Insolvency Commencement Date: February 22, 2023

Estimated date of closure of
insolvency resolution process: August 21, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Rajeev Bhambri
       SCO No. 9, 2nd Floor, Jandu Tower
              Miller Ganj, Ludhiana 141003
              Email: rajeev.bhambri@gmail.com
                     sohrabcirp@gmail.com

Last date for
submission of claims: March 8, 2023


SUDHAMSU EXIM: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of Sudhamsu
Exim Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term/        15.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Sudhamsu Exim Private Limited (SEPL) was incorporated in 2008 and
is promoted by Mr. M. Pruthvi Raj Reddy and family. Up to FY2013,
the company was involved in trading of construction materials. From
FY2014 onwards, the company has been involved in execution of civil
projects related to construction of houses and for renewable energy
generation. The company is currently involved in the execution of
civil works for 100MW wind power project for Axis Energy Limited.
Also, the company has recently received the order from JREDA for
Design, Testing, Supply, Installation and Commissioning of
indigenous solar photovoltaic power plant for rural electrification
of 290 villages in Jharkhand.

UMIYA INFRACON: CRISIL Assigns B+ Rating to INR5cr LT Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Umiya Infracon (UI).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Overdraft Facility       5         CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility       5         CRISIL B+/Stable (Assigned)

The rating reflects susceptibility to risks and cyclicality
inherent in the real estate industry and to saleability. These
weaknesses are partially offset by the extensive experience of the
partners in the real estate industry.

Key rating drivers and detailed description

Weaknesses:

* Susceptibility to risks and cyclicality inherent in the real
estate industry: The real estate sector in India is cyclical
because of sharp movements in prices and a highly fragmented market
structure. On account of increase in supply, attractive prices
offered by various builders and constant regulatory changes,
profitability of real estate players is expected to come under
pressure over the medium term.

* Exposure to risks related to saleability: Delay in bookings or
receipt of customer advances might impact liquidity and, hence,
remain key monitorables.

Strength:

* Extensive experience of the partners: The two-decade-long
experience of the partners has helped the firm establish itself in
the real estate market of Mehsana, Gujarat. Furthermore, the
partners have a track record of completing 11 different types of
projects in the city.

Liquidity: Stretched

Liquidity is stretched but is partly supported by cash accrual from
sales of flats, as 50% construction has been completed in the
absence of any debt obligation over the medium term, with no
long-term debt outstanding. Customer advances and timely,
need-based support from the partners will remain key monitorables.

Outlook: Stable

UI will continue to benefit from the partners' extensive industry
experience.

Rating sensitivity factors

Upward factors:

* Early completion of projects and higher customer advances
resulting in substantial cash flow from operations
* Improvement in the financial risk profile owing to equity
infusion by the partners leading to networth of over INR7 crore

Downward factors:

* Low customer advances or bookings impacting overall operating
performance
* Low cash flow from operations weakening the financial risk and
liquidity, with gearing at over 2 times

UI, a part of the Someshwar group, was established in 2014 as a
partnership firm. The firm is engaged in residential and commercial
real estate development in Mehsana and is owned and managed by Mr
Prakashkumar Purshotamdas Patel and Mr Vijaykumar Bharat Patel.


UNIQUE INDUSTRIAL: CRISIL Hikes Rating on INR10.6cr Loan to B+
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Unique Industrial Handlers Private Limited (UIHPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'. The rating on the
short-term bank facilities is reaffirmed at 'CRISIL A4'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Bank Guarantee           32        CRISIL A4 (Reaffirmed)

   Bank Guarantee            3.2      CRISIL A4 (Reaffirmed)

   Cash Credit               1.7      CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Cash Credit               6        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Letter of Credit          1.5      CRISIL A4 (Reaffirmed)

   Proposed Fund-           10.6      CRISIL B+/Stable (Upgraded
   Based Bank Limits                  from 'CRISIL B/Stable')

The ratings action reflects the improvement in UIHPL's overall
credit risk profile. Revenues rose to over INR56 crore in fiscal
2022 (after remaining subdued at over INR38 crore in fiscal 2021)
and are expected to sustain at over INR60-65 crores in fiscal 2023
supported by a healthy orderbook of over INR80 crores as on
February 2023. Financial risk profile has also improved with
interest coverage of 1.44 times in fiscal 2022, expected to remain
around 1.4-1.6 times in fiscal 2023, as compared to 1 time in
fiscal 2020. Consequently, the net cash accruals have also improved
strengthening the cushion between net cash accruals and repayment
obligations supporting the overall liquidity.

The ratings reflect the company's modest scale of operations, large
working capital requirement and modest net worth. These weaknesses
are partly offset by the extensive experience of the promoters in
the industrial cranes segment and moderate capital structure.

Analytical Approach

Unsecured loans of INR6.41 Crore as on March 31,2022 from
promoters, are treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Although revenues have recovered in
fiscal 2022 to about INR56 crores in comparison to INR38 crores a
year ago, and are expected at 60-65 crores in fiscal 2023, the
scale of operations continues to remain modest. The modest scale of
operations restricts scalability, pricing and bargaining power with
key customers and suppliers. While an orderbook of over INR80
crores as on February 2023 provides short term revenue visibility,
a significant ramp up in scale of operations continues to remain a
key monitorable in the medium term.

* Large working capital cycle: Operations are expected to remain
working capital intensive, as reflected in estimated gross current
assets of 320-350 as on March 31, 2023 (333 days as on March 31,
2022), primarily due to receivables of 150-180 days, and inventory
of 140-150 days. Receivables are high on account of retention money
withheld by customers for a period of 12 -24 months and moderate
credit period of over 60-90 days extended to customers. The
inventory is high on account of high processing time of over 60-180
days and moderate raw material inventory   maintained to support
business operations. The working capital cycle is expected to
continue to remain intensive given the nature of UIHPL's business
operations.

* Modest Net worth: UIHPL's net worth has remained subdued due to
past losses and is estimated to improve but remain moderate around
INR34-35 crores as on March 31, 2023 as compared to INR34 crores as
on March 31, 2022. Improvement in net worth with steady accretion
to reserves will remain a key monitorable.

Strengths:

* Established position in the industrial cranes business:  Backed
by almost four decades of experience in the crane manufacturing
industry, the promoters have built a strong customer base and
established a strong track record of timely and successful
completion of projects. It has also enabled their deep
understanding of the market dynamics of the intensely competitive
crane manufacturing industry. A healthy orderbook of INR80 crores,
outstanding as on February, 2023, to be executed over the next 8 to
9 months, provide revenue visibility in the medium term.

* Moderate capital structure: UIHPL's capital structure is expected
to remain comfortable with low estimated total outside liabilities
to adjusted networth (TOL/ANW) of 1.2-1.4 time and gearing of
0.24-0.25 times, as on March 31, 2023 (1.15 times and 0.27 times)
respectively as on March 31, 2022) due to controlled reliance on
external debt. The debt protection measures are also healthy with
interest coverage and net cash accruals against total debt (NCATD)
of 1.44 times and 0.08 times as on March 31, 2022 and is estimated
to remain at similar levels in fiscal 2023.

Liquidity: Poor

Cash accrual of INR0.9-1.1 crores in fiscals 2024 and 2025,
respectively are tightly matched against repayment obligation of
INR0.33-0.58 crores per fiscal. Bank lines of INR7.77 crore were
utilised at 95% on average in the 12 months through November 2022.
Cash and cash equivalents stood at over INR6 crores as on March 31,
2022.

Outlook: Stable

CRISIL Ratings believes UIHPL will continue to benefit from
extensive experience of its promoters.

Rating Sensitivity factors

Upward factors

* Growth in revenue and sustenance of operating margins, leading
net cash accruals higher than 1.5 crores
* Improvement in working capital cycle, thereby improving overall
financial risk profile and liquidity


Downward factors

* Significant decline in revenue or higher operating losses
resulting in lower cash accruals, weakening liquidity
* Stretch in the working capital cycle, leading to deterioration of
capital structure (TOLANW above 2.5 times)

UIHPL was set up in 1983, by Mr Arjan Vaswani, Mr Jetho Tahiliani,
and Mr Jagdish Badlani. The company manufactures industrial cranes,
primarily for the steel, power, and railway sectors. The company
has a manufacturing facility at Nashik and Igatpuri, Maharashtra.


VIJAY NIRMAN: CRISIL Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Vijay
Nirman Company Private Limited (VNCPL) 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)

CRISIL Ratings has been consistently following up with VNCPL 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 VNCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VNCPL
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 VNCPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

VNCPL was set up as a proprietorship firm in 1982 (Vijay Nirman
Company) by first-generation entrepreneur, Mr S Vijayakumar, and
reconstituted as a private limited company in 1994. The company
executes civil contracts on turnkey basis. It constructs
residential/commercial buildings, roads, bridges, metros, railways,
industrial infrastructure, and piling works across India for Public
Works Department and other government entities; and private
companies.


VINOTH DISTRIBUTORS: CRISIL Moves D Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Vinoth
Distributors (VD) to 'CRISIL D Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            12        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan               1        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with VD 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 VD, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VD 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 VD to 'CRISIL D Issuer not cooperating'.

Set up in 2009 as a partnership firm and promoted by Mr. K R
Padmanabhan and his family members, VD trades in rice. The firm is
a distributor of Kohinoor Specialty Foods India Pvt Ltd. In 2013,
Mr. Vinoth Kumar was inducted as a partner in the firm. Mr. Kumar
oversees the firm's day-to-day operations.


ZENITH PRECISION: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term and Short-term ratings of Zenith
Precision Pvt Ltd in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         18.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-         11.59        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          0.41        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, 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.

Incorporated Incorporated in 1986, ZPPL is involved in
manufacturing precision components and sub-assemblies, which are
used in a variety of industries such as locomotive, automobile,
medical components and aerospace industries. It supplies to other
general clients who need a machined part. The company has three
units in Bangalore, Karnataka catering to its multinational and
Indian clientele. ZPPL is promoted by Mr. Deepak Pinto and his
family. The promoters are involved in the day-to-day operations of
the company.

ZENOVA BIO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Zenova Bio
Nutrition Private Limited (ZBNPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Long Term Loan           6.6       CRISIL D (Issuer Not
                                      Cooperating)

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

ZBNPL was incorporated in April 2010 by Mr. K V Rambabu and Mr. C
Sarat Chandra. The company has set up a plant to manufacture
medicinal nutraceutical products in the form of powder as well as
compressed diskettes.


ZETA MICRONS: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Zeta
Microns Llp in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.80        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          7.47        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-         0.80        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2016, Zeta Microns LLP (ZML) is a green-filed
project to manufacture feldspar powder, which is one of the major
raw materials used in manufacturing vitrified tiles. The firm's
plant is located in Wankaner, Gujarat with a manufacturing capacity
of 150,000 metric tonne of feldspar powder per annum. ZML's
production commenced from January 2018.




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

CHOCOLATE BROWN: Creditors' Proofs of Debt Due on April 5
---------------------------------------------------------
Creditors of Chocolate Brown (2015) Limited are required to file
their proofs of debt by April 5, 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:

          Bryan Edward Williams
          BWA Insolvency Limited
          PO Box 609
          Kumeu 0841


FBG LIMITED: Creditors' Proofs of Debt Due on April 1
-----------------------------------------------------
Creditors of FBG Limited are required to file their proofs of debt
by April 1, 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:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


NATUS METROCITY: Court to Hear Wind-Up Petition on March 17
-----------------------------------------------------------
A petition to wind up the operations of Natus Metrocity Limited
will be heard before the High Court at Auckland on March 17, 2023,
at 10:45 a.m.

Body Corporate No. 328210 filed the petition against the company on
July 21, 2022.

The Petitioner's solicitor is:

          Collette Robinson
          Level 2, Ascot Central
          7 Ellerslie Racecourse Drive
          Remuera
          Auckland 1051


OCEANIA P&D: Court to Hear Wind-Up Petition on April 21
-------------------------------------------------------
A petition to wind up the operations of Oceania P&D Limited will be
heard before the High Court at Auckland on April 21, 2023, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Nov. 8, 2022.

The Petitioner's solicitor is:

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


WHANGAREI SITE: Creditors' Proofs of Debt Due on April 28
---------------------------------------------------------
Creditors of Whangarei Site Works Limited are required to file
their proofs of debt by April 28, 2023, to be included in the
company's dividend distribution.

The High Court at Whangarei appointed Garry Whimp of Blacklock Rose
Limited as liquidator on March 1, 2023.




=====================
P H I L I P P I N E S
=====================

DFNN INC: SEC Approves Equity Restructuring Plan to Offset Deficit
------------------------------------------------------------------
Bilyonaryo.com reports that DFNN Inc, led by businessman Raymond
Garcia, has received approval from the Securities and Exchange
Commission (SEC) for its equity restructuring plan.

According to the report, the restructuring is aimed at improving
the company's financial condition by reducing its deficit in the
equity account as of December 31, 2021, by offsetting it against
additional paid-in capital.

Bilyonaryo.com relates that the proposed equity restructuring will
wipe out DFNN's deficit of PHP424.25 million as of December 31,
2021, against the additional paid-in capital of PHP583.04 million.

However, the remaining additional paid-in capital of PHP158.78
million cannot be used for future losses without prior approval
from the SEC.

DFNN has confirmed that the equity restructuring will not involve a
change in the par value or the infusion of any additional paid-in
capital into the company, the report relays.

Additionally, the restructuring will not result in any changes in
the number of issued, outstanding, and listed shares of the
company.

DFNN Inc. provides information technology solutions. The Company
specializes in high volume and secure financial transactions,
software development, information technology support services, and
turnkey implementations. DFNN serves customers in the Philippines.



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

32 REAL ESTATE: Creditors' Proofs of Debt Due on April 10
---------------------------------------------------------
Creditors of 32 Real Estate 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 3, 2023.

The company's liquidators are:

          Low Sok Lee Mona
          Teo Chai Choo
          c/o Low, Yap & Associates
          4 Shenton Way
          #04-01 SGX Centre 2
          Singapore 068807


ASCENT BRIDGE: Chief Executive Faces Bankruptcy Charges
-------------------------------------------------------
The Business Times reports that a bankruptcy application has been
filed against Sun Quan, the chairman and chief executive officer of
Ascent Bridge.

BT relates that the application, made on March 2, arose from Sun's
guaranteed repayment of a loan made to one of his wholly-owned
companies. That company is not a subsidiary of the group.

Sun has informed Ascent Bridge that he is settling the matter, and
will inform its board of the progress.

On March 10, the group said it already had plans to "manage the
key-man risk for business continuity," the report relays.

Ascent Bridge was known as AEI Corporation before the former metal
products manufacturer changed its name in March 2022. It had plans
to diversify into the alcoholic beverages business, after
completing its acquisition of MTBL Global.

Shares of the watchlisted company fell by SGD0.06 or 10.7 per cent
to close at SGD0.50 on March 10, after the announcement was made.

Ascent Bridge Ltd manufactures metal products. The Company produces
aluminum extrusion products for electronics, precision engineering
and infrastructure building industries. Ascent Bridge serves
customers in Singapore.


FARM DELIGHT: Creditors' Proofs of Debt Due on April 10
-------------------------------------------------------
Creditors of Farm Delight 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 liquidator is:

          Ng Choon Heng
          C/o 600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


LIPPO MALLS: Fitch Lowers LongTerm Issuer Default Rating to 'CCC'
-----------------------------------------------------------------
Fitch Ratings has downgraded Lippo Malls Indonesia Retail Trust's
(LMIRT) Long-Term Issuer Default Rating (IDR) to 'CCC', from
'CCC+'. Fitch has also downgraded the rating on LMIRT's senior
unsecured notes due 2024 and 2026 to 'CCC', from 'CCC+', with the
Recovery Rating of 'RR4'. The notes are issued by wholly owned
subsidiary, LMIRT Capital Pte. Ltd., and are guaranteed by
Perpetual (Asia) Limited, in its capacity as trustee of LMIRT.

The downgrade reflects the increased likelihood that LMIRT will be
unable to refinance its SGD547 million debt maturing over the next
18 months. This follows the trust's announcement that it has
appointed a financial advisor to explore how to maintain a
sustainable capital structure and reduce leverage.

Fitch believes LMIRT may be able to access secured debt from banks
to refinance its term loans and US-dollar notes. If the trust is
unsuccessful in transitioning to a secured-capital structure, it
could pursue a debt restructuring, which may include an extension
in the maturity of its USD250 million notes due June 2024.

KEY RATING DRIVERS

Increased Refinancing Risk: Fitch believes there is a heightened
risk that LMIRT will not be able to refinance upcoming debt
maturities over the next 18 months. Fitch views the trust's
announcement that it has appointed a financial advisor as
indicative of increased risk of debt restructuring if LMIRT is
unable to procure sufficient bank debt to cover its significant
debt maturities. These include a SGD135 million bank loan due
November 2023, SGD83 million of bank loans due January 2024 and a
USD250 million medium-term note due June 2024.

Transition to Secured Debt: Fitch expects LMIRT to utilise its
portfolio of unpledged shopping malls to raise secured bank debt to
refinance upcoming debt maturities. However, the move to secured
debt is exposed to execution risk. This includes covenants in the
2024 and 2026 unsecured notes that limit the trust's ability to
raise prior-ranking debt. LMIRT does not need bondholders to waive
this covenant to refinance its bank loans due November 2023 and
January 2024, but bondholder consent is required to raise secured
debt to refinance the medium-term note due June 2024.

Insufficient Liquidity: Fitch does not believe that LMIRT will have
enough internal liquidity to meet its significant upcoming debt
maturities. Available liquidity at end-2022 largely consisted of
the trust's SGD111 million cash balance. Financial flexibility
could be improved by halting distributions to perpetual securities
and unit holders, but this is only likely to conserve up to SGD43
million of cash in 2023. LMIRT has announced plans to sell non-core
assets as a longer-term solution, but Fitch expects disposals to be
small in scale and subject to execution risk.

Thin Fixed-Charge Coverage: Fitch expects rising interest rates to
increase LMIRT's interest payments to SGD72 million in 2023 (2022:
SGD57 million). LMIRT's outstanding borrowings are 60.4% on
floating rates and Fitch has factored in a benchmark interest rate
of around 500bp in 2023. Fitch also forecasts LMIRT's perpetual
securities' coupon to rise to nearly SGD19 million in 2023 (2022:
SGD17 million), after the coupon rate on the SGD120 million
perpetual securities was reset.

Limited Regulatory Leverage Headroom: LMIRT's regulatory leverage
ratio, or debt/total assets, rose to 44.6% by end-2022 (end-2021:
42.5%), leaving little room under the regulatory ceiling of 45%.
Debt/total assets may rise above 45% if the rupiah weakens further,
or if the value of malls with land titles under the build, operate,
transfer scheme decline. A breach of the regulator's guidelines
would tighten LMIRT's financial flexibility significantly.

High Foreign-Exchange Risk: Currency risk is high, as LMIRT's debt
is denominated in US and Singapore dollars, while revenue is
generated solely in rupiah. Further rupiah depreciation will reduce
the value of cash flow and assets in Singapore-dollar terms,
pressuring interest coverage and the loan/value ratio. LMIRT has
hedged around 60% of the notional value of its net rupiah cash flow
for 2023 using option contracts, but this only provides partial
protection against a further decline in the exchange rate.

Slow Operational Recovery: Fitch forecasts net property income to
reach SGD137 million in 2023 (2022: SGD131 million), supported by a
gradual improvement in the occupancy rate to 84%. Fitch expects
occupancy to stabilise, but remain below pre Covid-19 pandemic
levels of over 90% for the next two years. This is due to a
post-pandemic structural weakening in occupancy at several malls
and redevelopment activities at two malls. Improving rents from
fewer rent rebates to tenants may be partly offset by currency
risk.

Limited Sponsor Influence: Fitch rates LMIRT on a standalone basis
due to robust regulatory ringfencing from PT Lippo Karawaci TBK
(B-/Stable). Lippo fully owns LMIRT's manager, although the
Singapore Securities and Futures Act prevents Lippo from holding a
majority representation on the manager's board. In addition, the
sponsor does not control LMIRT, because it holds only a 47%
interest. LMIRT, as a Singapore real-estate investment trust, is
also subject to restrictions on gearing ratios and development
activities, and requires minority shareholders to approve
related-party transactions.

Perpetual Securities Treated as Equity: Fitch treats LMIRT's SGD260
million in perpetual securities, issued in 2016 and 2017, as 100%
equity due to strong going-concern and gone-concern loss-absorption
features. This also factors in LMIRT's intention to maintain the
securities as a permanent part of its capital structure. The trust
did not call the SGD140 million securities callable in September
2021 and SGD120 million securities callable in December 2022 amid
weak market sentiment.

DERIVATION SUMMARY

LMIRT is rated three notches below Ronesans Gayrimenkul Yatirim
A.S. (RGY, B/Negative), a Turkish property company with 12
destination shopping centres across seven large cities. RGY has a
less-diversified portfolio than LMIRT, but stronger profitability
with a higher EBITDA margin. RGY's operations have recovered faster
than LMIRT's after the pandemic, with a much higher occupancy of
97% in 1H22. The Negative Outlook on RGY reflects high refinancing
risk for its USD300 million bond maturing in April 2023. However,
the company has positioned itself to manage the refinancing by
purchasing 30% of the bonds, while related parties hold another 50%
and the company has sufficient cash to repay the remaining 20%.

LMIRT is rated at the same level as Indonesia-based developer, PT
Agung Podomoro Land Tbk (APLN, CCC). The sale of APLN's Central
Park Mall in October 2022 reduced immediate liquidity and
refinancing pressure, but also lowered its financing flexibility.
APLN and LMIRT are both exposed to refinancing risk and have bonds
maturing in June 2024. Compared with APLN, which has limited
options to procure secured borrowing to refinance its USD300
million unsecured notes, LMIRT has an entirely unpledged portfolio
of shopping malls that it can use to refinance its debt, although
execution risk is high.

Indonesia-based homebuilder, PT Kawasan Industri Jababeka Tbk's
(KIJA, CCC+), is rated one notch higher than LMIRT following a
distressed debt exchange of its US-dollar bonds. Fitch believes
KIJA will be able to repay the remainder of debt maturities in
2023, although liquidity headroom is minimal, with the cash balance
likely to deplete beyond 12-18 months without access to additional
external funds.

Lippo is rated two notches higher than LMIRT, underscoring Lippo's
sufficient liquidity, despite its expectation of negative free cash
flow. Slower presales amid rising inflation and interest rates will
pressure Lippo's cash flow in the next 12 months. Lippo's recent
buyback of its US-dollar bonds using bank debt demonstrates its
healthy access to domestic banks, broadens its funding diversity
and improves its liquidity profile.

KEY ASSUMPTIONS

- Gradual recovery in the occupancy rate, resulting in 2023 net
property income, including from Lippo Mall Puri, of SGD137 million

- Capex of SGD18 million in 2023

- Dividend payout of SGD24 million in 2023

RATING SENSITIVITIES

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

- LMIRT successfully refinancing its debt maturities over the next
16 months, including the US-dollar notes due June 2024

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

- Weakening liquidity, evident from an inability to make meaningful
progress in refinancing the bank loans and US-dollar notes in a
timely manner

LIQUIDITY AND DEBT STRUCTURE

Excessive Refinancing Risk: LMIRT's cash balance of SGD111 million
at end-2022 net of Fitch's negative free cash flow forecast of
SGD46 million in 2023 is insufficient to address upcoming debt
maturities. Fitch believes the trust will rely on refinancing to
meet SGD547 million of debt maturing over 2023 and 2024. Fitch does
not expect non-core asset disposals in the near term, as they are
exposed to high execution risk.

ISSUER PROFILE

LMIRT is a Singapore-listed real-estate investment trust with a
portfolio of 22 shopping malls and seven retail spaces in
Indonesia. These were valued at SGD1.7 billion as of end-2022.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Lippo Malls
Indonesia Retail
Trust                LT IDR CCC  Downgrade              CCC+

LMIRT Capital
Pte. Ltd.
  
   senior
   unsecured         LT     CCC  Downgrade     RR4      CCC+

STREETSINE TECHNOLOGY: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Singapore entered an order on Feb. 24, 2023, to
wind up the operations of Streetsine Technology Group Pte Ltd.

CP Interactive Pte Ltd (formerly known as SPH Interactive Pte Ltd)
filed the petition against the company.

The company's liquidators are:

          Aw Eng Hai
          Kon Yin Tong
          c/o Foo Kon Tan LLP
          1 Raffles
          Place #04‑61         
          One Raffles Place Tower 2
          Singapore 048616


TSH GLOBAL: Creditors' Proofs of Debt Due on April 10
-----------------------------------------------------
Creditors of TSH Global 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:

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


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

DBS Bank Ltd filed the petition against the company on March 2,
2023.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937



                           *********


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
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thereof are US$25 each.  For subscription information, contact
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