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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

          Thursday, March 16, 2023, Vol. 26, No. 55

                           Headlines



A U S T R A L I A

BALMAINE GOLD: First Creditors' Meeting Set for March 21
DENTRO DESIGNS: First Creditors' Meeting Set for March 22
INFINITE CYCLE: Placed Into Liquidation
MINA ITALIAN: Second Creditors' Meeting Set for March 20
PEPPER SPARKZ 5: Fitch Hikes Rating on Class F Notes to 'B+sf'

SEASONS DEVELOPMENT: First Creditors' Meeting Set for March 21
SUN CABLE: Mega Project Receives Multiple Bids
VAC-U-DIGGA PTY: Second Creditors' Meeting Set for March 23


H O N G   K O N G

TELEVISION BROADCASTS: Sees Net Loss to Widen to HK$830MM in 2022


I N D I A

ADVENT ENTERPRISES: ICRA Lowers Rating on INR12.50cr Loan to D
AMBICO EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
APINDIA BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
ARYAN VILLA: CRISIL Keeps D Debt Rating in Not Cooperating
ARYAVARTA COOL: CRISIL Keeps D Debt Ratings in Not Cooperating

BIHAR RAFFIA: CRISIL Keeps D Debt Ratings in Not Cooperating
ENKAY BRAND: NCLAT Dismisses Nike India's Bid to Start Insolvency
FLAGMARK BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
FOUNDATIONS DEVELOPERS: ICRA Reaffirms B Rating on INR15cr Loans
G3 MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating

GANESHA MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating
GAYATRI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating
GOODWILL ADVANCE: ICRA Lowers Rating on INR2.90cr Term Loan to B+
HEALTHPLUS RESEARCH: CRISIL Assigns B- Rating to INR40cr Loans

HENCO BUILD: CRISIL Withdraws B+ Rating on INR4cr LT Loan
HOLITECH INDIA: CARE Moves B+ Issuer Rating to Not Cooperating
ILASAKAA STEELS: CRISIL Cuts Rating on Long/Short Term Loan to D
JBF PETROCHEMICALS: Court Approves Gail India's Resolution Plan
KANERI AGRO: CRISIL Keeps D Rating in Not Cooperating Category

KHUSHI EXIM: CRISIL Keeps D Debt Rating in Not Cooperating
MAKALU TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
MARS ENVIROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
SAISREE ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHRADDHA ENERGY: ICRA Cuts Rating on INR185.40cr Term Loan to D

SUNFLOWER EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
TATA CHEMICALS: Fitch Affirms 'BB+' Foreign Curr. IDR, Outlook Pos.
TEXPLAS INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
VIJAYA SARADA: CRISIL Lowers Rating on INR6.5cr Cash Loan to D


M A L A Y S I A

PHARMANIAGA BHD: CEO Steps Down; Executive Committee Takes Over


N E W   Z E A L A N D

GAS HOSPITALITY: Creditors' Proofs of Debt Due on April 14
GOLDEN SIAM: Creditors' Proofs of Debt Due on April 9
NZ MODULAR: Court to Hear Wind-Up Petition on April 24
NZ TINY: High Court Orders Release of Unfinished Homes to Buyers
ROBERTS HOMES: Court to Hear Wind-Up Petition on April 3

RP CIVIL: Grant Bruce Reynolds Appointed as Liquidator
TRADEWINDOW: To Cut One-Third of Workforce


S I N G A P O R E

ANALYTIX-ONLINE: Court to Hear Wind-Up Petition on March 24
BIG INTERNATIONAL: Court to Hear Wind-Up Petition on April 14
CONTINUUM ENERGY: Fitch Affirms 'BB+' Rating on $561M Secured Notes
LIGATURE THERAPEUTICS: Creditors' Proofs of Debt Due on April 14
NEXGEN NETWORK: Creditors' Proofs of Debt Due on April 15

SKY ENGINEERING: Court to Hear Wind-Up Petition on March 31
UNIQUE REALTY: Members' Final Meeting Set for April 14


S O U T H   K O R E A

TERRAFORM LABS: US DOJ Probes Collapse of TerraUSD Stablecoin

                           - - - - -


=================
A U S T R A L I A
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BALMAINE GOLD: First Creditors' Meeting Set for March 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Balmaine
Gold Pty Ltd will be held on March 21, 2023, at 11:00 a.m. via
virtual meeting technology.

Richard Lawrence, Richard Albarran and Cameron Shaw of Hall
Chadwick were appointed as administrators of the company on March
8, 2023.


DENTRO DESIGNS: First Creditors' Meeting Set for March 22
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Dentro
Designs Pty Ltd will be held on March 22, 2023, at 11:00 a.m. via
virtual meeting only.

Michael Gregory Jones of Jones Partners was appointed as
administrator of the company on March 10, 2023.


INFINITE CYCLE: Placed Into Liquidation
---------------------------------------
Infinite Cycle International Pty Ltd and IC International Pty Ltd
were placed into creditors' voluntary liquidation on Feb. 24, 2023.
Christopher Darin of Worrells Sydney is appointed as liquidator of
both companies that are related by way of common directors.

IC International Pty Ltd was the master franchisee of "Infinite
Cycle", an indoor cycling franchise brand providing on-site spin
classes in studios located in Bondi Junction (NSW), Green Square
(NSW), Neutral Bay (NSW), Balgowlah (NSW), Canberra (ACT), and
Armadale (Vic).

Infinite Cycle International Pty Ltd operated an "Infinite Cycle"
studio in Green Square NSW and ceased trading in June 2021.

The directors advised that due to the COVID-19 pandemic and slow
recovery of the indoor fitness industry, the business model
appeared unsustainable for an extended period.  Following attempts
to restructure the business, the directors decided to sell the
master franchise agreement, and close their own stores.  As a
result, four of the six Infinite Cycle franchisees business are no
longer operating with the exception of the Balgowlah and Armadale
studios which are operated by independent owners with no
franchising responsibilities.   

Preliminary documents obtained from the directors list the
Australian Taxation Office as the sole creditor for both
companies.

A report to creditors will be issued in May 2023 containing
information regarding liquidator's findings from preliminary
investigations.

Former employees who are owed entitlements are encouraged to
contact Worrells via Worrells' website www.worrells.net.au.
Creditors and stakeholders with information that may assist the
liquidator's investigations are also encouraged to contact
Worrells.


MINA ITALIAN: Second Creditors' Meeting Set for March 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Mina Italian
Pty Ltd has been set for March 20, 2023 at 11:00 a.m. at the
offices of Jirsch Sutherland at Level 9 /120 Edward Street in
Brisbane and virtually.

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 17, 2023 at 5:00 p.m.

(Melissa) Poh Bee Lau of Jirsch Sutherland was appointed as
administrator of the company on Feb. 13, 2023.


PEPPER SPARKZ 5: Fitch Hikes Rating on Class F Notes to 'B+sf'
--------------------------------------------------------------
Fitch Ratings has upgraded ten and affirmed ten classes of
asset-backed floating-rate notes from three Pepper SPARKZ
transactions due to the build-up of credit enhancement and asset
performance better that previously assigned base cases. The Outlook
is Stable on all notes.

The transactions are backed by pools of first-ranking Australian
automotive and equipment loan and lease receivables originated by
Pepper Asset Finance Pty Limited, a subsidiary of Pepper Money
Limited (Pepper). The notes were issued by BNY Trust Company of
Australia Limited as trustee.

   Entity/Debt            Rating           Prior
   -----------            ------           -----
Pepper SPARKZ
Trust No.4

   A1-a AU3FN0064515  LT AAAsf  Affirmed   AAAsf
   A1-x AU3FN0064523  LT AAAsf  Affirmed   AAAsf
   B AU3FN0064531     LT AAAsf  Upgrade    AA+sf
   C AU3FN0064549     LT AA-sf  Upgrade    A+sf
   D AU3FN0064556     LT BBB+sf Upgrade    BBBsf
   E AU3FN0064564     LT BB+sf  Upgrade    BBsf
   F AU3FN0064572     LT Bsf    Affirmed   Bsf

Pepper SPARKZ
Trust No.5
  
   A1-a AU3FN0068276  LT AAAsf  Affirmed   AAAsf
   A1-x AU3FN0068268  LT AAAsf  Affirmed   AAAsf
   B AU3FN0068250     LT AA+sf  Upgrade    AAsf
   C AU3FN0068243     LT A+sf   Upgrade    Asf
   D AU3FN0068235     LT BBBsf  Affirmed   BBBsf
   E AU3FN0068227     LT BBsf   Affirmed   BBsf
   F AU3FN0068219     LT B+sf   Upgrade    Bsf

Pepper SPARKZ
Trust No. 3

   A1-a AU3FN0057469  LT AAAsf  Affirmed   AAAsf
   B AU3FN0057485     LT AAAsf  Affirmed   AAAsf
   C AU3FN0057493     LT AAAsf  Affirmed   AAAsf
   D AU3FN0057501     LT AAAsf  Upgrade     AAsf
   E AU3FN0057519     LT AA+sf  Upgrade      Asf
   F AU3FN0057527     LT A+sf   Upgrade    BBBsf

KEY RATING DRIVERS

Resilient Asset Performance: Obligor default is a key assumption in
our quantitative analysis. The performance of the underlying assets
has been better than our base-case default expectations for Pepper
SPARKZ Trust No.3 and No.4 (SPARKZ 3 and SPARKZ 4). Pepper SPARKZ
Trust No.5 (SPARKZ 5) closed in May 2022, resulting in limited
reporting. The revised assumptions in this analysis are below.

Weighted-average (WA) base-case remaining default expectations and
'AAAsf' default multiples are as follows:

SPARKZ 3: 3.60% (6.0x)

SPARKZ 4: 3.85% (5.8x)

SPARKZ 5: 4.16% (5.6x)

Base-case recovery expectations (and 'AAAsf' recovery haircuts) are
as follows:

SPARKZ 3: 30.0% (50%)

SPARKZ 4: 33.9% (50%)

SPARKZ 5: 30.0% (50%)

For the SPARKZ 4 base-case recovery expectation (and 'AAAsf'
recovery haircut), credit was given to the government's SME
Guarantee Scheme, which covers 13.1% of the receivables.

The transactions' 30+ day arrears ranged from 1.5% for SPARKZ 4 to
1.2% for SPARKZ 5 at end-December 2022, above Fitch's 3Q22 Dinkum
ABS Index 30+ arrears of 0.95%. The 60+ day arrears ranged from
0.7% for SPARKZ 3 to 0.5% for SPARKZ 5, in line or above the Dinkum
60+ day arrears of 0.5%. Cumulative defaults ranged from 0.4% for
SPARKZ 5 to 1.4% for SPARKZ 3.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite increasing
interest rates. GDP growth was 2.7% in 2022 and seasonally adjusted
unemployment was 3.7% in January 2023. Fitch expects GDP growth to
slow to 1.5% in 2023, with unemployment reaching 4.2%, reflecting
high inflation combined with its weaker outlook for China and the
global economy more generally.

Notes Pass Cash Flow Modelling at Assigned Rating: Cash flow
analysis was performed and incorporates Fitch's default and
recovery expectations. All notes can withstand all Fitch stresses
at their assigned rating levels.

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated adequate capability as
originator, underwriter and servicer. The originator is not rated
by Fitch. Servicer disruption risk is mitigated by back-up
servicing arrangements. The nominated back-up servicer is BNY.
Fitch undertook an operational and file review and found that the
operations of the originator and servicer were comparable with
those of other auto and equipment lenders.

RATING SENSITIVITIES

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

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

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in credit enhancement and remaining loss-coverage
levels available to the notes. Decreased credit enhancement may
make certain note ratings susceptible to negative rating action,
depending on the extent of coverage decline. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-case
assumptions. Fitch stresses the recovery rate to isolate the effect
of a change in recovery proceeds at the borrower level.

Downgrade Sensitivity

Pepper SPARKZ 3

Note: A1-a / B / C / D / E / F

Recommended Rating: AAAsf / AAAsf / AAAsf / AAAsf / AA+sf / A+sf

Rating Sensitivity to Increased Default Rates

Defaults increase 10%: AAAsf / AAAsf / AAAsf / AA+sf / AAsf / A+sf

Defaults increase 25%: AAAsf / AAAsf / AAAsf / AA+sf / AA-sf /
A-sf

Defaults increase 50%: AAAsf / AAAsf / AA+sf / AA-sf / Asf /
BBB+sf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAAsf / AAAsf / AA+sf /
A+sf

Recoveries decrease 25%: AAAsf / AAAsf / AAAsf / AAAsf / AAsf /
A+sf

Recoveries decrease 50%: AAAsf / AAAsf / AAAsf / AA+sf / AAsf /
Asf

Rating Sensitivity to Increased Defaults and Reduced Recoveries

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf /
AAAsf / AA+sf / AAsf / Asf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AAAsf /
AAAsf / AAsf / A+sf / A-sf

Defaults increase 50%/recoveries decrease 50%: AAAsf / AAAsf /
AA+sf / A+sf / A-sf / BBBsf

Pepper SPARKZ 4

Note: A1-a / A1-x / B / C / D / E / F

Recommended Rating: AAAsf / AAAsf / AAAsf / AA-sf / BBB+sf / BB+sf
/ Bsf

Rating Sensitivity to Increased Default Rates

Defaults increase 10%: AAAsf / AAAsf / AA+sf / A+sf / BBBsf / BBsf
/ less than Bsf

Defaults increase 25%: AAAsf / AAAsf / AAsf / Asf / BBB-sf / BB-sf
/ less than Bsf

Defaults increase 50%: AAAsf / AAAsf / AA-sf / A-sf / BB+sf / B+sf
/ less than Bsf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAAsf / AA-sf / BBB+sf /
BBsf / Bsf

Recoveries decrease 25%: AAAsf / AAAsf / AAAsf / A+sf / BBBsf /
BBsf / less than Bsf

Recoveries decrease 50%: AAAsf / AAAsf / AA+sf / A+sf / BBBsf /
BB-sf / less than Bsf

Rating Sensitivity to Increased Defaults and Reduced Recoveries

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf /
AA+sf / A+sf / BBBsf / BBsf / less than Bsf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AAAsf / AAsf
/ Asf / BBB-sf / B+sf / less than Bsf

Defaults increase 50%/recoveries decrease 50%: AAAsf / AAAsf / A+sf
/ BBBsf/ BBsf / less than Bsf / less than Bsf

Pepper SPARKZ 5

Note: A1-a / A1-x / B / C / D / E / F

Recommended Rating: AAAsf / AAAsf / AA+sf / A+sf / BBBsf / BBsf /
B+sf

Rating Sensitivity to Increased Default Rates

Defaults increase 10%: AAAsf / AAAsf / AAsf / Asf / BBB-sf / BBsf /
Bsf

Defaults increase 25%: AAAsf / AAAsf / AA-sf / A-sf / BB+sf / B+sf
/ less than Bsf

Defaults increase 50%: AA+sf / AAAsf / Asf / BBBsf / BBsf / Bsf /
less than Bsf

Rating Sensitivity to Reduced Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AA+sf / Asf / BBBsf / BBsf
/ B+sf

Recoveries decrease 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ Bsf

Recoveries decrease 50%: AAAsf / AAAsf / AAsf / Asf / BBB-sf /
BB-sf / Bsf

Rating Sensitivity to Increased Defaults and Reduced Recoveries

Defaults increase 10%/recoveries decrease 10%: AAAsf / AAAsf / AAsf
/ Asf / BBB-sf / BB-sf / Bsf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AAAsf / A+sf
/ BBB+sf / BB+sf / B+sf / less than Bsf

Defaults increase 50%/recoveries decrease 50%: AA+sf / AAAsf / A-sf
/ BBB-sf/ BB-sf / less than Bsf / less than Bsf

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

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

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

The notes are at 'AAAsf', which is the highest level on Fitch's
scale cannot be upgraded. For these notes that are at 'AAAsf',
upgrade sensitivity stresses are not relevant. However, results for
the remaining rated notes are as follows:

Pepper SPARKZ 3

Rating Sensitivity to Reduced Defaults and Increased Recoveries

Note: E / F

Recommended Rating: AA+sf / A+sf

Defaults decrease 10%/recoveries increase 10%: AA+sf / AAsf

Pepper SPARKZ 4

Rating Sensitivity to Reduced Defaults and Increased Recoveries

Note: C / D / E / F

Recommended Rating: AA-sf / BBB+sf / BB+sf / Bsf

Defaults decrease 10%/recoveries increase 10%: AAsf / A-sf / BBB-sf
/ B+sf

Pepper SPARKZ 5

Rating Sensitivity to Reduced Defaults and Increased Recoveries

Note: B / C / D / E / F

Recommended Rating: AA+sf / A+sf / BBBsf / BBsf / B+sf

Defaults decrease 10%/recoveries increase 10%: AA+sf / AA-sf /
BBB+sf / BB+sf / BB-sf

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information as
part of its ongoing monitoring.

Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for these
transactions.

As part of its ongoing monitoring, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

ESG CONSIDERATIONS

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


SEASONS DEVELOPMENT: First Creditors' Meeting Set for March 21
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Seasons
Development Group Pty Ltd will be held on March 21, 2023, at 11:00
a.m. via Zoom.

Louisa Sijabat of Merchants Advisory was appointed as administrator
of the company on March 9, 2023.


SUN CABLE: Mega Project Receives Multiple Bids
----------------------------------------------
Scott Murdoch at Reuters reports that the sale of the collapsed
US$20 billion Sun Cable renewable energy project will include what
would be the world's longest undersea cable in a deal that has
attracted multiple bids, the company's administrator said on March
15.

Sun Cable was placed in administration in January after its owners
failed to agree on future funding plans.

The firm is owned by the private firms of two of Australia's
richest people, Andrew Forrest's Squadron Energy and Mike
Cannon-Brookes' Grok Ventures.

In a statement on March 15, administrators FTI Consulting said
"multiple parties" had lodged non-binding indicative offers for Sun
Cable, Reuters relates. A shortlist of bidders would be compiled to
submit binding proposals by the end of April, it added.

It hopes to have a deal finalised by the end of May, the report
says.

"The shortlisted bidders include a range of potential buyers
including parties that are not existing Sun Cable shareholders,"
the statement said indicating external potential buyers had emerged
without identifying interested parties.

According to the report, Sun Cable's mega project includes the
proposed Australia-Asia PowerLink which would have sent power from
a 20 gigawatt (GW) solar farm with the world's biggest battery in
northern Australia across a 4,200km-long undersea cable to
Singapore.

Together, it was estimated to cost more than US$20 billion.

"The sale process has advertised Sun Cable as a complete
development, including AAPowerlink, and the sale continues to be
progressed on that basis," FTI Consulting said.

Squadron has called for an overhaul of Sun Cable's plans, and
Forrest has said he would scrap the cable to Singapore.

Christopher Hill, David McGrath and John Park of FTI Consulting
were appointed as voluntary administrators of Sun Cable Pty Ltd in
January 2023.

The administrators have not been appointed to any of the Company's
subsidiaries.


VAC-U-DIGGA PTY: Second Creditors' Meeting Set for March 23
-----------------------------------------------------------
A second meeting of creditors in the proceedings of VAC-U-Digga Pty
Ltd, Rebirthed Earth Pty Ltd, and VAC Group Employees Pty Ltd has
been set for March 23, 2023 at 2:30 p.m. at the offices of Cor
Cordis Brisbane at Level 7, 201 Charlotte Street in Brisbane.

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 22, 2023 at 5:00 p.m.

Stephen Earel and Neil Cussen of Cor Cordis were appointed as
administrators of the company on Dec. 4, 2023.




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

TELEVISION BROADCASTS: Sees Net Loss to Widen to HK$830MM in 2022
-----------------------------------------------------------------
The Standard reports that Television Broadcasts on March 14 warned
that its net loss is set to increase to as much as HK$830 million
in 2022, 28 percent worse than a year ago, due to weak advertising
revenue and a slowdown in its China co-production business amid
Covid lockdowns.

It said its net loss last year could range from HK$790 million to
HK$830 million compared to a loss of HK$647 million in 2021.

TVB has been in the red since 2018, the report says. It had
reported an interim net loss of HK$224.3 million despite a 24
percent year-on-year growth in revenue to HK$3.59 billion in 2022.

The group expects an EBITDA loss - earnings before interest, taxes,
depreciation and amortization - of HK$338 million, up by 7.6
percent from a year ago.
  
According to the report, TVB blamed the weak television advertising
market in Hong Kong for the larger loss, which affected advertising
income growth. Also, the business of co-produced projects in the
mainland was affected by widespread lockdowns last year, it said.

TVB also cited non-cash impairment provisions for some of its
legacy investment assets in 2022, but did not disclose the exact
amount and the assets, The Standard relays.

The Standard relates that the broadcaster said its total equity
exceeded HK$3.6 billion, and unrestricted bank and cash balances
amounted to over HK$1 billion as of December.

TVB's share price surged in early March after its stars sold goods
worth CNY23.5 million (HK$26.49 million) in the first live-streamed
show on China's e-commerce platform Taobao.

It later reminded investors that the live-streamed e-commerce
activity in mainland China is still at an early stage and future
contributions cannot yet be ascertained.

Based in Hong Kong, Television Broadcasts Limited (TVB) is a
television broadcasting. The Company operates five free-to-air
terrestrial television channels in Hong Kong, with TVB Jade as its
main Cantonese language service, and TVB Pearl as its main English
service. TVB is headquartered at TVB City at the Tseung Kwan O
Industrial Estate.




=========
I N D I A
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ADVENT ENTERPRISES: ICRA Lowers Rating on INR12.50cr Loan to D
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Advent
Enterprises Private Limited, as:

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based–        12.50      [ICRA]D; ISSUER NOT COOPERATING;

   Term Loan                     Rating downgraded from
                                 [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 the 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 January 14, 2022.
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.

Advent Enterprises Private Limited was incorporated in 1997 by Mr.
Dinesh Agarwal. The company commenced trading in electrical home
appliances and kitchenware under its own brand, 'Demont', from 2011
onwards. It also trades welding consumables, equipment and spares
of Indian Railways to a small extent (~2% of total revenues for
FY2015 and FY2016). Under the home appliances segment, the company
has a pan India presence, with operations primarily concentrated in
Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Uttar Pradesh.
AEPL's registered office is in Mumbai, along with a warehouse at
Palghar, near Mumbai, and branch offices in Surat, Jaipur, Indore,
Lucknow and Mumbai, to facilitate distribution. AEPL also has a few
group companies who are involved in the same business sector.


AMBICO EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ambico
Exports and Imports Private Limited (Ambico) continue to be 'CRISIL
D Issuer Not Cooperating'.

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

   Line of Credit           19        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Ambico for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 Ambico, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Ambico is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Ambico continues to be 'CRISIL D Issuer Not
Cooperating'.

Ambico was founded by Mr. Kalpesh Patel and Mr. Harshad Patel in
Mumbai in 2004. The company polishes rough diamonds and trades in
bulk chemicals. It derives most of its revenue from the diamond
polishing segment.


APINDIA BIOTECH: CRISIL Keeps C Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Apindia
Biotech Limited (ABPL; part of the MB group) continue to be 'CRISIL
C Issuer Not Cooperating'.

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

   Proposed Long Term       7.3       CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                1.2       CRISIL C (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with ABPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 ABPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ABPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ABPL continues to be 'CRISIL C Issuer Not Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of APBPL and Madhya Bharat
Phospate Pvt Ltd (MBPPL). This is because the two companies
together referred to as the MB group, have strong business linkages
as they are engaged in the same line of businesses; APBPL has been
supplying raw material (rock phosphate) to MBPPL since July 2012.
Furthermore, MBPPL has a shareholding of 99.99 per cent in APBPL
and has provided loans and advances of Rs.52 million to the company
to support its working capital requirements.

MBPPL was originally incorporated in 1998 as Omni Seeds and Farms
(India) Pvt Ltd, promoted by Mr. Pawan Agrawal; the name was
changed to the current one in 2003. The company manufactures SSP
fertilisers. It has two manufacturing facilities, one each in
Raisen and Meghnagar (both in Madhya Pradesh).


ARYAN VILLA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aryan Villa
and Resorts LLP (AVR) continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Term Loan                25        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with AVR for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 AVR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVR continues to be 'CRISIL D Issuer Not Cooperating'.

AVR is setting up a 70-key 5-star hotel and luxury resort on
Pakhowal Road, Ludhiana at a cost of INR64.50 crore, with
debt-funding to the tune of INR25 crore. The resort is expected to
commence operations by March 2019.


ARYAVARTA COOL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aryavarta
Cool Chain (AVCC) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Cash            0.6       CRISIL D (Issuer Not
   Credit Limit                       Cooperating)

   Term Loan                8.9       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with AVCC for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 AVCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AVCC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AVCC continues to be 'CRISIL D Issuer Not Cooperating'.

AVCC was set up as a partnership firm in January 2015, by Mr Jogi
Ram, Mr Prem Chand Bidhan, Mr Sidharth Jhinjha, Mr Radha Krishan,
and Mr Jaswinder Singh. The firm is operating a CA cold storage
unit at Mubarakpur, with capacity of 5103 tonnes (21 chambers of
243 tonnes each).


BIHAR RAFFIA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bihar Raffia
Industries Limited (BRIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Funded Interest           5.21     CRISIL D (Issuer Not
   Term Loan                          Cooperating)

   Proposed Long Term        4.54     CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                1.90      CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital         11.80      CRISIL D (Issuer Not
   Term Loan                          Cooperating)

CRISIL Ratings has been consistently following up with Bihar Raffia
Industries Limited (BRIL) for obtaining information through letters
and emails dated December 24, 2022 and February 17, 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 BRIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BRIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BRIL continues to be 'CRISIL D Issuer Not Cooperating'.

BRIL, incorporated in 1998, manufactures bulk packaging materials
made of polypropylene and high-density poly ethylene (HDPE). The
company has two units, at Jamshedpur in Jharkhand and at Satna in
Madhya Pradesh, with combined capacity of 7500 tonne per annum.


ENKAY BRAND: NCLAT Dismisses Nike India's Bid to Start Insolvency
-----------------------------------------------------------------
Business Standard reports that the National Company Law Appellate
Tribunal (NCLAT) on March 13 dismissed a petition filed by Nike
India to initiate insolvency proceedings against one of its
dealers, Enkay Brand Distribution.

According to Business Standard, a two-member NCLAT bench upheld the
orders of the National Company Law Tribunal (NCLT), which on Dec.
22, 2022, rejected the footwear and apparel maker's plea to
initiate the insolvency proceedings against its distributor on the
ground of pre-existing dispute.

Business Standard relates that the appellate tribunal further said
it was "not satisfied with the submission of the Appellant (Nike
India) that dispute is a moonshine dispute."

However, the NCLAT said Nike India is free to take recourse to the
mechanism as provided in the Distributorship Agreement for
realisation of its dues.

Nike India, an operational creditor had issued a notice under
section 8 of the Insolvency & Bankruptcy Code (IBC) claiming an
amount of Rs 3.15 crore.

In its reply, Nike India's claim was disputed by Enkay Brand
Distribution.

On this, Nike India said it was a "moonshine" since in the
distributorship Agreement between the parties, there was no
liability which could have been fastened on the ground of sale on a
lower price by the Corporate Debtor (distributor) and further under
the agreement between the parties, Distributorship Agreement, no
claim could have been raised.

However, after going through the reply, the NCLAT said it raises
issues pertaining to a pre-existing dispute between the parties.

It further said the distributorship agreement between parties is
not disputed and Nike India has claims against the Corporate
Debtor, the report relays.

"Appellant is free to take recourse to the mechanism as provided in
the Distributorship Agreement for the realisation of its dues," it
said.

NCLAT further said that the present matter is not a case, where
Section 9 (insolvency) proceedings under I&B Code can be initiated
when a dispute is raised in reply to the Section 8 notice.

"We, thus, are of the view that the Adjudicating Authority did not
commit any error in dismissing the Section 9 application. The
appeal is dismissed," said NCLAT, Business Standard relays.

Under section 8, an operational creditor, on the occurrence of a
default, sends a demand notice of unpaid debt to the corporate
debtor. IBC said corporate debtors shall reply within a period of
ten days of the receipt of the demand notice.


FLAGMARK BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Flagmark
Builders Private Limited (Flagmark) continues to be 'CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Term Loan                 10       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Flagmark for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 Flagmark, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
Flagmark is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of Flagmark continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 2013, Flagmark is engaged in real estate
development. The company is based out of Thiruvananthapuram
(Kerala). The company started its commercial operations in fiscal
2017.


FOUNDATIONS DEVELOPERS: ICRA Reaffirms B Rating on INR15cr Loans
----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of
Foundations, Developers and Promoters (FDP), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term-
   Term loan             7.70       [ICRA]B (Stable); reaffirmed

   Long-term-
   Unallocated           7.30       [ICRA]B (Stable); reaffirmed

Rationale

The rating reaffirmation for FDP continues to factor in the
extensive experience of the promoters spanning over two decades in
the real estate industry and the firm's asset light policy with
projects developed under joint development agreement (JDA)/joint
venture (JV), limiting upfront capital requirement. Additionally,
the favourable location of the projects in Mysore with good
inter-city connectivity and proximity to commercial establishments
near Dattagalli, Aregowdanahalli and Jettihundi, are expected to
support its saleability.

The rating, however, continues to be constrained by the firm's
modest scale of operations, which limits the operational and
financial flexibility. The rating factors in the high market and
execution risks in its ongoing projects, Bhagyashree, Siri and
Flora, which are in the intermediate stages of construction with
~20% of sales booking as on date. Additionally, fund infusion or
debt tie-up for the upcoming project, Project Silver Spring II and
Dandakeri would be critical for timely execution of the same. The
firm faces high geographical concentration risk with projects being
undertaken in Mysore. Going forward, FDP's ability to achieve
healthy sales and collection efficiency for its projects will be
the key rating sensitivities.

The Stable outlook reflects ICRA's opinion that FDP will benefit
from the extensive experience of its promoters in the real
estate industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoter in real estate industry: FDP's
partners have extensive experience of over two decades in the real
estate industry and is actively involved in sales, finance,
operations and marketing of the projects.

* Asset light policy with projects developed under JDA/JV, which
limits upfront capital requirement: The firm primarily focuses on
developing projects, on a JV basis, with the landowners on a unit
sharing basis. The same reduces the capital outlay towards
investment on land.

Credit challenge

* Modest scale of operations: FDP's scale of operations remained
modest over the last few years. The firm achieved an operating
income (OI) of ~INR3.4 crore in FY2022. At present, it is executing
three projects Bhagyashree, Siri and Flora.

* High market and execution risks for ongoing project and upcoming
projects; delay in planned projects: The firm faces high execution
and market risksfor its ongoing projects Bhagyashree, Siri and
Flora, which are in intermediate stages of construction with ~20%
of sales booking as on date. Additionally, fund infusion or debt
tie-up for the upcoming project, Project Silver Spring II and
Dandakeri would be critical for timely execution of the projects.
Project Silver Spring II was initially planned to start
construction in FY2022. Due to pending legalities, the project has
been delayed and is expected to be launched in FY2024.

* Concentration risks arising from presence only in Mysore: The
firm has presence only in Mysore, which exposes it to geographical
concentration risk. Any adverse development in the region can
impact the execution and sales levels of its projects.

Liquidity position: Stretched

FDP's liquidity is expected to be stretched. The firm had INR0.2
crore of cash and equivalents as on January 31, 2023. Further, the
committed receivables can cover ~19% of the pending cost and debt
outstanding. However, some comfort can be taken from the unsold
inventory in the ongoing projects and undrawn bank lines of INR1.5
crore.

Rating sensitivities

Positive factors – ICRA could upgrade FDP's rating if there is an
improvement in its scale of operations and profitability. ICRA
could upgrade the rating if the sales and collections from its
upcoming projects are healthy on a sustained basis.

Negative factors – ICRA could downgrade FDP's rating if cash flow
from operations is lower than expected because of subdued booking
levels in the ongoing and new projects, or if there is any
significant delay in completion of the projects leading to
weakening of liquidity position.

Foundations, Developers and Promoters (FDP) was established in 2006
as a partnership firm. The partners of FDP floated a company in
2010 named FN Infrastructures Pvt Ltd. (FNIPL) with Mr. N. S.
Muralidhara as the Managing Director. The firm, primarily based in
Mysore, has developed more than 8 lakh square feet of area with ten
successful completed projects.


G3 MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G3 Motors
Limited (G3) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              12        CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit         20        CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Working
   Capital Facility         18        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with G3 for
obtaining information through letters and emails dated December 24,
2022 and February 28, 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 G3, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on G3 is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of G3
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

G3, incorporated in 2007 by Mumbai based Gupta family, is an
authorized dealer of Mahindra and Mahindra Ltd (M&M) for sale of
its entire range of personal vehicles and commercial vehicles in
Navi Mumbai. The company has total 3 show rooms and 5 workshops.

GANESHA MOTORS: CRISIL Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ganesha
Motors Private Limited (GMPL) continue to be 'CRISIL C Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit             3.13       CRISIL C (Issuer Not
                                      Cooperating)

   Proposed Fund-          2.77       CRISIL C (Issuer Not
   Based Bank Limits                  Cooperating)

   Term Loan               0.60       CRISIL C (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with GMPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 GMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GMPL continues to be 'CRISIL C Issuer Not Cooperating'.

Incorporated in June 2013, GMPL is an authorised dealer of
passenger vehicles and spare parts of FCA India Automobiles Pvt Ltd
(Fiat India). GMPL is promoted by Mr Mohan Singh Guleria and
managed by Mr Guleria and his wife, Mrs Rita Guleria.The company
currently operates two showrooms'one in Mandi and the other in
Hamirpur (both in Himachal Pradesh), equipped with sales, service
and spares (3S) facilities.


GAYATRI COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gayatri
Cotton Mills (GCM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              8         CRISIL D (Issuer Not
                                      Cooperating)

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

CRISIL Ratings has been consistently following up with GCM for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 GCM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GCM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GCM continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 2012 as a partnership firm by Mr. Innamuri Bassavaiah and
Mr. Innamuri Subrahmanyam, GCM gins raw cotton at its facility in
Guntur, Andhra Pradesh.


GLAZEBROOKE TRADING: ICRA Keeps C+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of
Glazebrooke Trading Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]C+; ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non-convertible    150.00     [ICRA]C+; ISSUER NOT
   Debentures                    COOPERATING; Rating continues to
                                 remain under 'Issuer Not
                                 Cooperating' category

As part of its process and in accordance with its rating agreement
with Glazebrooke Trading Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continues to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

The company was incorporated in 2017 to carry out import and
trading of spices in India. The company is diversifying into mining
related logistics in association with another firm, Kallal
Logistics. Glazebrooke is promoted by Mr. Vijayakumaran
Dwarakanathan and Mrs. Lakshmi Muthuraman.

GOODWILL ADVANCE: ICRA Lowers Rating on INR2.90cr Term Loan to B+
-----------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Goodwill
Advance Construction Company Pvt. Ltd. (GACCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          2.90        [ICRA]B+(Stable) ISSUER NOT
   Limits–Term                     COOPERATING; Rating downgraded

   Loans                           from [ICRA]BB+(Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

   Non-fund           40.00        [ICRA]A4 ISSUER NOT
   based Limits                    COOPERATING; Rating downgraded
                                   From [ICRA]A4+ and moved to
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

The rating downgrade considers the lack of adequate information
regarding GACCPL performance and hence, the uncertainty around its
credit risk. ICRA assesses whether the information available about
the entity is commensurate with its rating and reviews the same as
per its "Policy in respect of non-cooperation by a rated entity"
available at www.icra.in. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating, as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As a part of its process and in accordance with its rating
agreement with GACCPL, ICRA has been trying to seek information
from the entity to monitor its performance. Further, ICRA has been
sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In
absence of the requisite information and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

GACCPL was established as a proprietorship firm in 1990 by Mr.
Harbans Lal Sethi. In 2010, the firm was reconstituted as a private
limited company with the current name. GACCPL is a civil
infrastructure contractor for the irrigation sector and for power
plants. It works for the state governments of Rajasthan and Madhya
Pradesh.


HEALTHPLUS RESEARCH: CRISIL Assigns B- Rating to INR40cr Loans
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
bank facilities of Healthplus Research and Medicentre LLP (HRAMP).

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Term Loan               33       CRISIL B-/Stable (Assigned)
   Working Capital
   Term Loan                7       CRISIL B-/Stable (Assigned)

The ratings reflect modest scale of operations, exposure to intense
competition, and weak operating efficiency of HRAMP. These
weaknesses are partially offset by the extensive experience of the
partners in the healthcare industry.

Analytical Approach

Unsecured loan (INR5.74 crore as on March 31, 2022) extended by the
partners and group companies has been treated as neither debt nor
equity because this loan may remain in the business over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: As the hospital is in the initial
years of operations, it has moderate occupancy of 60-70% on total
100 beds. Thus, revenue was low at INR21.8 crore in fiscal 2022 and
reported at INR24 crore till January 2023; revenue is projected at
around INR30 crore in fiscal 2023. Steady growth in revenue, led by
increase in occupancy level, will remain critical.

* Exposure to intense competition: The hospital will remain
vulnerable to competition from other government and private
hospitals in the region.

* Weak operating efficiency: Operating efficiency may be
constrained by low capacity utilization and sluggish demand. Return
on capital employed ratio was a negative -8.4% in fiscal 2022.

Strength:

* Extensive experience of the partners: The partner Dr Anubha Yadav
has about 10 years of experience in the healthcare industry; their
strong understanding of market dynamics and healthy relation with
clients should support the business.

Liquidity: Poor

Cash accrual is projected at more than INR1.5-2.0 crore per annum,
inadequate to meet the term debt obligation of INR4.0-4.5 crore in
fiscal 2023. Current ratio stood low at 0.38 time on March 31,
2022, with cash and bank balance of INR1.25 crore in the debt
service account. Need-based funds extended by the partners should
partially aid liquidity.

Outlook: Stable

HRAMP will benefit from the extensive experience of its partners
and their established relationship with clients.

Rating Sensitivity factors

Upward factors:

* Steady revenue growth per annum and operating margin sustaining
above 20%, leading to higher-than-expected cash accrual
* Total outside liabilities to adjusted networth ratio improving to
below 3 times

Downward factors:  

* Decline in scale and operating profitability dropping below 16%,
resulting in lower-than-expected cash accrual
* Large, debt-funded capital expenditure

HRAMP was set up in October 2015 as a partnership firm. It is
operating a 100+bed multi-speciality hospital -- Tender Palm
hospital -- at Lucknow in Uttar Pradesh. Dr Anubha Yadav, Mr Aditya
Yadav and UP Healthcare Pvt Ltd are the partners.


HENCO BUILD: CRISIL Withdraws B+ Rating on INR4cr LT Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Henco Build India Private Limited (HBIPL) 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.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Bank             0.5      CRISIL A4 Issuer Not
   Guarantee                          Cooperating (Withdrawn)

   Proposed Long Term        3        CRISIL B+/Stable Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

   Proposed Working          4        CRISIL B+/Stable Issuer Not
   Capital Facility                   Cooperating (Withdrawn)

In accordance with the terms of the rating agreement with HBIPL,
CRISIL Ratings has sent repeated reminders for payment of fees
towards the surveillance exercise through letters and emails dated
June 16, 2022 and August 16, 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.'

On account of lack of management cooperation towards non-payment of
fees, CRISIL Ratings has migrated the rating on bank facilities of
HBIPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

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 HBIPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HBIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HBIPL continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

HBIPL was incorporated in June 2019, promoted and Mr Jagadish
Patel, Mr Pravin Kumar Patel and Mr Sumit Patel. It is based in
Hooghly,-West Bengal, and was setting up a manufacturing unit for
gypsum board with a capacity of 15 lakh boards per annum.
Operations were expected to commence from October 2021.


HOLITECH INDIA: CARE Moves B+ Issuer Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Holitech
India Private Limited to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Issuer rating         -         CARE B+; Stable; ISSUER
                                   NOT COOPERATING; Revised from
                                   CARE BB; Stable and moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. has been seeking information from Holitech India
Private Limited to monitor the rating(s) vide e-mail
communications/letters dated March 1, 2023, March 2, 2023, March 3,
2023, March 6, 2023 among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on Holitech India Private
Limited's will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings have been revised on account of non-receipt of
requisite documents/information and hence CARE is not able to
conduct appropriate analysis.

Detailed description of the key rating drivers

At the time of last rating on August 2, 2022 the following were the
rating strengths and weaknesses (updated for latest information
available from company).

Key rating weaknesses

* Weak financial risk profile: The company has a weak financial
risk profile marked by a negative net worth due to accumulated
losses in past financial years. The company has reported operating
losses in the past few years owing to customer concentration (Oppo
India Private Limited) leading to low-capacity utilization in
presence of high fixed overheads. Resultantly the company's debt
coverage metrics have remained weak. However, company receives
support from parent entity (Holitech Hongkong Co. Ltd.) in the form
of External Commercial Borrowing (ECB) loans and a liberal credit
period on the purchases.

* Foreign exchange fluctuation risk: HIPL is exposed to foreign
exchange rate risk as the company imports most of its raw material
requirements from group entities based in China/Hong Kong. As a
policy, the company does not hedge its foreign exchange exposure
since company as of now is operating at a lower capacity at around
20%. However, due to the currency fluctuations company reported
loss on foreign exchange transactions of INR61.59 crores during
FY22 (refers to period April 1, 2021 to March 31, 2022) (PY: loss
of INR47.20 crore). However, management is planning to partially
hedge its foreign exchange exposure going forward.

* Customer concentration risk: The major customer of the company is
Oppo Mobiles India Private Limited which contributed around 85% of
the total operating income of the company during FY22. Any change
in the vendor policy of its customers, exposes company to customer
concentration risk. However, association with its major customers
on group level in China, safeguards the company to some extent.
Further, management is in discussion with other smart phone
manufacturers and expects to onboard new customers going forward.

Key rating strengths

* Experienced promoters and management team of Holitech Group with
continuous support to HIPL: The company is a wholly owned
subsidiary of Holitech Group. Holitech Group was founded in 2004
and is a listed company controlled by Fujian Electronic Information
Group. The products manufactured by company include touch modules,
liquid crystal display modules, camera modules, FPC flexible
circuit boards, fingerprint recognition modules, electronic paper
modules, 5G materials, etc., which are widely used in mobile
phones, smart wearables, household appliances, industrial control.
Holitech Group is a supplier of many well-known brands in the
fields of automobile, medical equipment, finance etc.

* Growing scale of operations albeit loss making operations: The
commercial production of the company started during FY20 and since
FY20, the total operating income of the company has grown
substantially from INR717.14 crores in FY20 to INR1647.07 crores
registering a CAGR of ~65%. However, still company operates at a
lower capacity of around 20% which results in higher fixed cost and
thereby resulting in PBILDT losses for the company. PBILDT losses
as a percentage of total operating income has improved slightly
during FY22 due to slightly higher capacity utilisation.

Analytical approach: Standalone, after factoring in linkages with
Holitech Group

Holitech India Private Limited was incorporated in April 2018. The
company is a part of China based of Holitech Group which produces
core components for smart terminals, including Thin Film Transistor
(TFT) display modules, compact camera module and fingerprint
recognition modules.

ILASAKAA STEELS: CRISIL Cuts Rating on Long/Short Term Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Ilasakaa Steels Limited (ISL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.  The rating action is based on delay in servicing
debt obligations in past by ISL which came to CRISIL ratings'
notice through public 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 consistently following up with ISL for
obtaining information through letters and emails dated January 22,
2022 and March 28, 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 ISL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ISL
is consistent with 'Assessing Information Adequacy Risk'.

ISL, now non-operational, was incorporated in January 2009, by Mr.
Ashwani Kumar Sharma, Mr. Ashok Kumar Jain. Mr. Anand Kumar Bindal
and Mr. Ajay Kumar Bindal was engaged in to the manufacture of hot
and cold rolled strips and sheets in Bahadurgarh (Haryana). The
company has sold its plant and machinery and is non-operational.

Status of non cooperation with previous CRA:

ISL has not cooperated with Credit Analysis & Research Ltd. (CARE)
and Brickwork Ratings India Private Limited, which have classified
the company as 'non-cooperative' through their rationales dated
April 5, 2017 and July 17, 2018, respectively.


JBF PETROCHEMICALS: Court Approves Gail India's Resolution Plan
---------------------------------------------------------------
The Economic Times reports that India's bankruptcy court March 13
approved Gail Ltd's resolution plan of Rs 2101 crore for JBF
Petrochemicals, in a rare instance of a government-owned entity
acquiring a company under the Insolvency and Bankruptcy Code.

The sale of JBF Petrochemicals will equate to a 41% recovery for
financial creditors, ET says. The resolution professional,
Sundaresh Bhat, backed by BDO India, admitted Rs 5628 financial and
operational creditors claims.

                      About JBF Petrochemicals

JBF Petrochemicals, a subsidiary of polyester producer JBF
Industries, was set up September 2008 to operate a planned 1.25m
tonnes/year purified terephthalic acid (PTA) plant at Mangaluru in
the southern Karnataka state.

The plant, which is a backward integration project for JBF
Industries' polyester plants, was commissioned in 2017 but stopped
operations after the company defaulted on its loans in the same
year, according to ICIS.

On Feb. 1, 2022, JBF Petrochemicals' creditors decided to initiate
insolvency proceedings for the company, which has more than INR50
billion in debt.

According to ICIS, the creditors of JBF Petrochemicals had received
expressions of interest from seven companies, including Reliance
Industries Ltd (RIL); Materials, Chemicals & Performance
International (MCPI); HPCL-Mittal Energy Ltd (HMEL); Jindal
Polyfilms; GAIL and a consortium of Oil and Natural Gas Corp (ONGC)
and Indian Oil Corp (IOC).

They had earlier extended the bid-submission deadline, to
accommodate state-run oil and gas firms, which require approvals
from the government before making their final bids for JBF
Petrochemicals.


KANERI AGRO: CRISIL Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Kaneri Agro
Industries Limited (KAIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              18        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with KAIL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 KAIL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KAIL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KAIL continues to be 'CRISIL D Issuer Not Cooperating'.

Kaneri Agro Industries Limited, which was previously setup as a
partnership firm under the name of Amidhara Industries has been
converted into a limited entity in September 2018.


KHUSHI EXIM: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Khushi Exim
Private Limited (KEPL) continues to be 'CRISIL D Issuer Not
Cooperating'.


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

CRISIL Ratings has been consistently following up with KEPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 KEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KEPL continues to be 'CRISIL D Issuer Not Cooperating'.

KEPL was established in 2003 by Mr. Hiralal Jalan and his son, Mr.
Vikash Jalan, in Kolkata. The company is in wholesaling and
retailing of gold jewellery, silver articles, and diamond- and
kundan-studded jewellery. It sells to retail showrooms in Raipur
(Chhattisgarh), Nagpur (Maharashtra), Indore (Madhya Pradesh),
Jamshedpur (Jharkhand), Ranchi (Jharkhand), and a few other
locations.


MAKALU TRADING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Makalu
Trading Limited (MTL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Letter of Credit         235       CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit          40       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with MTL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 MTL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MTL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MTL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MTL, incorporated in 1981 by Mr Vinod Jatia and his family members,
primarily trades in iron and steel products such as hot- and
cold-rolled coils, sheets, and plates, sponge iron lumps, and
fines.


MARS ENVIROTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mars
Envirotech Limited (MEL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit              1.5       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan                5         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with MEL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 MEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MEL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2011, MEL has set up a municipal waste management
and power generation facility in Lalru, Punjab, which is partially
operational from January 2018. It has its registered office in
Lucknow, Uttar Pradesh. The company is into power generation using
municipal solid waste and is a part of Mars group.


SAISREE ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saisree
Engineers Private Limited (SSEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit              5         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan           5         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SSEPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 SSEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 2010, Hyderabad-based SSEPL undertakes coal mining
works (digging and dumping) and civil construction works. The
company is promoted by Mr. Suryanarayana Raju and his family.


SHRADDHA ENERGY: ICRA Cuts Rating on INR185.40cr Term Loan to D
---------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Shraddha
Energy and Infraprojects Private Limited (SEIPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–       169.80       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from [ICRA]C
   Cash Credit                   and continues to remain under
                                 'Issuer Not Cooperating'
                                 category


   Long-term–       185.40       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from [ICRA]C
   Term Loan                     and continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Long Term-        54.80       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating downgraded from [ICRA]C
   Limit                         and continues to remain under
                                 'Issuer Not Cooperating'
                                 category   

Material event
The Corporate Insolvency of Shraddha Energy and Infraprojects Pvt.
Ltd was ordered by National Company Law Tribunal. The public
announcement was issued by Insolvency and Bankruptcy Board of India
(IBBI) on March 08, 2023. The IBBI has mentioned August 30, 2023,
as the estimated date for closure of insolvency resolution
process.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in October 2022. 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.

Based out of Maharashtra, Shraddha Energy and Infraprojects Private
Limited (SEIPL) is involved in diverse activities viz construction
of infrastructure projects (mainly irrigation), operating of sugar
mill and windmill projects. The company has class1 registration
with multiple state public works departments and state irrigation
departments/ corporations. It has a sugar factory in Partur,
Maharashtra with a capacity of 2500 TCD. Apart from this, SEIPL has
installed wind turbine generators across Maharashtra and Karnataka,
with a total capacity of 52 MW.


SUNFLOWER EDUCATIONAL: CRISIL Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Sunflower
Educational Society (SSES) continues to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Long Term Loan           12        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SSES for
obtaining information through letters and emails dated December 30,
2022 and February 28, 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 SSES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSES
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSES continues to be 'CRISIL D Issuer Not Cooperating'.

SSES was set up in 2003 by Mr. M D V S R Punnam Raju and his family
members. It operates an engineering college in Krishna (Andhra
Pradesh).


TATA CHEMICALS: Fitch Affirms 'BB+' Foreign Curr. IDR, Outlook Pos.
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on India-based Tata Chemicals
Limited's (TCL) Long-Term Foreign-Currency Issuer Default Rating
(IDR) to Positive from Stable and affirmed the rating at 'BB+'.

The revision is due to its expectation that TCL's net EBITDA
leverage will remain below 2x over the financial year ending March
2023 (FY23) to FY26 (FY22: 1.9x). Fitch also expects its free cash
flow (FCF) margin to improve over FY24-FY26, from an average of
-2.5% in FY19-FY23, despite high average capex intensity of 10%.
TCL could generate better FCF than its forecasts through
stronger-than-expected earnings and/or prudent management of its
capex programme, which is reflected in the Outlook.

Fitch also believes that TCL's leading market position,
cost-competitive operations and the sector's end-market
diversification mitigate the risks to its credit profile from its
smaller EBITDA scale versus 'BBB-' rated chemical industry peers,
which Fitch regarded as a drag on its rating in the past. TCL's
cash flows have remained resilient in recent years despite the
pandemic-induced demand shock and rising energy costs amid
geopolitical pressure, notwithstanding its smaller scale, which is
due to the soda ash sector's smaller market size than other
chemical and commodity sectors.

KEY RATING DRIVERS

Improved Leverage and FCF: Fitch expects TCL's net debt to EBITDA
to remain below 2.0x over FY24-FY26, even as EBITDA in some of its
regional markets falls from the record high in FY23 while remaining
higher than the levels over FY19-FY22. Fitch expects internal
accruals to be generally sufficient to cover TCL's annual capex and
shareholder distribution needs over FY24-FY26. However, EBITDA that
is weaker than Fitch expects and/or higher-than-expected capex
could lead to negative FCF over FY24-FY26.

Strong Market Position: TCL is the world's third-largest soda ash
producer. Its soda ash capacity in the US and Kenya - 68% of its
total capacity of 4.1 million tonnes - benefits from natural trona
deposits, which require low conversion costs and have a lower
carbon footprint. TCL's capacity in Gujarat, India (23% of total)
is one of the lowest-cost producers of synthetic soda ash, aided by
proximity to limestone quarries, economies of scale and an
integrated cement plant utilising waste generated from soda-ash
manufacturing. These underpin the company's cost competitiveness
relative to peers.

Diversification Mitigates Volatility Risk: Fitch believes TCL's
geographically diversified operations and the soda ash sector's
varied mix of end-markets reduce the risk of volatility in
operating earnings associated with regional downturns and product
concentration. TCL's soda ash capacity is diversified across India
with 22%, the US 60%, the UK 10% and Africa 9%. The sector has
end-uses across multiple non-discretionary (salt, detergents,
container glass, glassware and chemical products) and discretionary
(flat glass) end-markets.

Global Growth Risks Manageable: Fitch expects TCL's soda ash
(including salt) sales to fall by 3% in FY24, as the long-term
nature of most of its customer contracts in the US and UK will
prevent a sharper fall amid its expectation of a recession in the
two markets during parts of the year. However, TCL's sales growth
should improve to 5% in FY25 as global economic growth slowly
recovers, capacity is expanded at its Indian operations and demand
from new applications of soda ash in sectors such as lithium
carbonate and solar glass continues rising.

Prices Likely to Moderate: Fitch expects the tight demand-supply
conditions in the global soda ash industry to become more balanced
over the next few years, as capacity expansion plans by industry
players, which were pushed back during the pandemic, are revived,
idled capacity restarted and near-term global demand faces risks.
Fitch expects this to drive a moderation in soda ash prices over
FY24-FY25 after the sharp increase in FY23.

High 9MFY23 Margins Not Sustainable: TCL's reported EBITDA margins
improved to 23% in 9MFY23 from the average Fitch-adjusted margin of
17% over FY19-FY22. Fitch believes this was due to rising demand,
tight industry conditions driving higher prices and benefits from
well-managed energy costs. However, Fitch expects margins to narrow
from FY24 due to risks to growth in the US and UK markets, more
balanced industry conditions over the medium term and as current
hedging benefits subside. Fitch assumes EBITDA margins of 16%-17%
over FY24-FY26.

High Capex Intensity: Fitch expects average capex intensity of 10%
over FY24-FY26, close to the 11% in FY19-FY23, driven by its target
of increasing soda ash and sodium bicarbonate capacity by 30% and
40%, respectively. This is in addition to its ongoing expansion and
planned investment in speciality products. Fitch expects TCL's
ongoing capex to increase soda ash and sodium bicarbonate capacity
by 0.3 million tonnes and salt capacity by 0.33 million tonnes to
be completed by FY24.

DERIVATION SUMMARY

TCL has a better business profile than Cydsa, S.A.B. de C.V.
(BB+/Stable), with a larger EBITDA scale both historically and on a
forecast basis. TCL's operations are geographically more
diversified, with 70% of its non-current assets located in the US
and UK, while most of Cydsa's assets are in Mexico, which
contributes 89% of total revenue. Cydsa's product portfolio
includes salt, chlorine-caustic soda, refrigerant gases and
cogeneration, while TCL's soda ash-focussed product portfolio
benefits from a good mix of discretionary and non-discretionary
end-use markets. Fitch expects TCL's leverage to be better than
that of Cydsa.

TCL's EBITDA scale is similar to that of IMCD N.V. (BBB-/Stable),
which is one of the world's largest pure-play specialty chemical
distributors. Both are geographically diversified, as IMCD operates
in over 50 countries across EMEA (48%), the Americas (32%) and APAC
(20%). IMCD distributes products across eight sectors under the
industrial and life-sciences market segments. TCL's key product,
soda ash, also benefits from a well-diversified mix of end-markets.
Still, IMCD has a higher rating as Fitch believes it has increased
margin stability relative to its peers due to its focus on the
distribution of specialty chemicals and its view that the cash-flow
risk for chemical distributors is lower than that of chemical
producers, given limited direct commodity price risk and lower
capex intensity.

TCL has a smaller EBITDA scale than Alpek, S.A.B. de C.V.
(BBB-/Positive), which is a producer of purified terephthalic acid
(PTA) and polyethylene terephthalate (PET), with leading positions
in the Americas for PTA, PET, recycled PET and expandable
polystyrene, and a strong position in the Mexican polypropylene
market. However, both TCL and Alpek benefit from geographically
diversified and cost competitive operations. Around 89% of Alpek's
revenue comes from more resilient consumer goods markets, such as
food and beverage, and consumer staples, comparable with TCL's mix
of discretionary and non-discretionary end-use markets. However,
Alpek's stronger business profile than TCL's justifies its higher
rating.

KEY ASSUMPTIONS

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

- Soda ash sales (including salt) to fall by 3% in FY24 amid the
pressure on global economic growth, followed by a recovery and 5%
growth in FY25.

- EBITDA margins falling to 16%-17% over FY24-FY26 amid more
balanced industry conditions.

- Capex of INR15 billion per year over FY23-FY26.

- Dividend payout of INR12.5 per share (around INR3 billion) per
year over FY23-FY26.

RATING SENSITIVITIES

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

- TCL generating at least neutral FCF over a sustained period,
while maintaining net debt/EBITDA below 2.0x.

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

- A negative rating action is unlikely as the Outlook is Positive.
The Outlook may be revised to Stable if the positive sensitivities
are not met.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: TCL's liquidity is strong, supported by its cash
balance of INR21 billion and undrawn working-capital limits of
INR12 billion as of end-December 2022, compared with INR14 billion
of combined debt maturities in 4QFY23 and FY24. TCL also had
investments of INR51 billion in various Tata Group entities as of
FY22, including a 2.5% stake in Tata Sons Private Limited, which
boosts its liquidity options. TCL has easy access to credit markets
as part of the Tata group, and its financial flexibility remains
strong.

ISSUER PROFILE

TCL is the world's third-largest producer of soda ash, with a
global capacity of 4.137 million tonnes per annum, or 4.353 million
tonnes including sodium bicarbonate, and manufacturing operations
spread across India, the US, UK and Kenya.

ESG CONSIDERATIONS

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

   Entity/Debt           Rating         Prior
   -----------           ------         -----
Tata Chemicals
Limited           LT IDR BB+  Affirmed    BB+


TEXPLAS INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Texplas India
Private Limited (TIPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Cash Credit             11.5       CRISIL D (Issuer Not
                                      Cooperating)

   Non-Fund Based Limit     3.5       CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with TIPL for
obtaining information through letters and emails dated December 24,
2022 and February 17, 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 TIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on TIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
TIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1976, TIPL manufactures solid electrical insulating
material, engineered thermosetting, and composite insulators, used
in electrical equipment, railways, defence, heavy engineering,
white goods and consumer durable industries. The company is owned
and managed by Mr JC Jain, and has a manufacturing facility at
Haridwar, Uttarakhand.


VIJAYA SARADA: CRISIL Lowers Rating on INR6.5cr Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on certain bank facilities
of Vijaya Sarada Delint Seed Mills (VSDM) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.

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

   Long Term Loan        2         CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term    1.5       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Downgraded from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

CRISIL Ratings has been consistently following up with VSDM for
obtaining information through letters and emails dated February 8,
2022 and April 18, 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 VSDM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSDM
is consistent with 'Assessing Information Adequacy Risk'. According
to the information available in the public domain, the company has
defaulted in its repayment obligations. Hence CRISIL Ratings is
downgraded its rating to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'

VSDM is a proprietorship concern set up in 2007 by K. Subhash
Chandra Bose in 2007. The firm processes cotton seeds into de-oiled
cakes, cotton-seed oil, and hull and cotton lint, which contribute
55, 30, and 15 percent, respectively, to the firm's revenue. The
manufacturing unit is in Guntur District, Andhra Pradesh.




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

PHARMANIAGA BHD: CEO Steps Down; Executive Committee Takes Over
---------------------------------------------------------------
The Star reports that Pharmaniaga Bhd has announced that its CEO,
Datuk Zulkarnain Md Eusope, has resigned from his post effective on
March 14.

In a filing with Bursa Malaysia, the pharmaceuticals group said it
was business as usual with an executive committee taking over the
responsibility and functions of the CEO in the interim period, The
Star relates.

It said the committee comprises non-independent non-executive
director Ahmad Shahredzuan Mohd Shariff, deputy CEO Zulkifli Jafar,
chief operating officer Mohamed Iqbal Abdul Rahman and chief
financial officer Norai'ni Mohamed Ali, the report discloses.

Meanwhile, the executive committee will report to the newly formed
PN17 Board Committee Taskforce chaired by independent non-executive
director Datuk Lim Thean Shiang, according to The Star.

"Further announcements shall be made in the event of material
developments on this matter," said Pharmaniaga.

                         About Pharmaniaga

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

It was reported on February 28 that Pharmaniaga had been classified
as an affected listed issuer under PN17 of the Main Market Listing
Requirements of Bursa Malaysia. The pharmaceutical company said it
had triggered the PN17 criteria pursuant to its audited
consolidated financial statements for the period ended December 31,
2022.




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

GAS HOSPITALITY: Creditors' Proofs of Debt Due on April 14
----------------------------------------------------------
Creditors of Gas Hospitality Limited, Shoreditch Holdings Limited,
Love Not Lost Limited, and Serious Happiness Limited are required
to file their proofs of debt by April 14, 2023, to be included in
the company's dividend distribution.

The companies commenced wind-up proceedings on March 9, 2023.

The company's liquidators are:

          John Marshall Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach


GOLDEN SIAM: Creditors' Proofs of Debt Due on April 9
-----------------------------------------------------
Creditors of Golden Siam Company Limited are required to file their
proofs of debt by April 9, 2023, to be included in the company's
dividend distribution.

The High Court at Christchurch appointed Brenton Hunt of Insolvency
Matters as liquidator of the company on March 9, 2023.


NZ MODULAR: Court to Hear Wind-Up Petition on April 24
------------------------------------------------------
A petition to wind up the operations of NZ Modular Homes Limited
will be heard before the High Court at Whangarei on April 24, 2023,
at 10:00 a.m.

Kristine Ann Schollum and David Anthony Boyle filed the petition
against the company on Dec. 9, 2022.

The Petitioner's solicitor is:

          Kristine Ann Schollum
          David Anthony Boyle
          Le Pine & Co, Barristers & Solicitors
          37 Paora Hapi Street
          Taupo 3330


NZ TINY: High Court Orders Release of Unfinished Homes to Buyers
----------------------------------------------------------------
Brianna Mcilraith at Stuff.co.nz reports that a tiny home company
that went into liquidation has been forced to hand over nearly and
partially completed home in what has been described as a
"ground-breaking" court decision.

NZ Tiny Homes went into liquidation in November. Taranaki-based
owner Jamie Cameron said constant supply chain issues and the
rising cost of building materials, meant it was no longer feasible
to continue to operate.

It left a number of people out of pocket and without a home, told
that their partially finished homes could be sold by liquidators to
pay other creditors, Stuff relates.

They included 80-year-old Carol Wright, whose home was 95% complete
but awaiting a Code Compliance Certificate (CCC). She was left
"effectively homeless" and potentially $190,000 out-of-pocket.

Stuff relates that Ms. Wright, along with David and Donna Craft,
Rebecca and Brendon Gorringe, Hannah Elizabeth Terry, Gregor and
Kelly Vallely, Bernardus and Lydie Warmerdam, took their issue to
the High Court to try to get their money or what they considered
their property from the liquidators and the company.

The six properties were stored and insured by the liquidators.

The Gorringes, Vallelys, and Wright had paid the entire purchase
price. The liquidators' assessment, based on the company records,
was that the tiny homes were 95% complete, although work was still
required on each of the tiny homes before the New Plymouth District
Council could inspect and issue the CCC.

Tiny homes for the Crafts, Terry, and Warmerdams were 40% to 50%
complete.

According to Stuff, litigator Andrew Butler submitted to the court
that both the fully paid purchasers and partly paid purchasers of
the tiny homes had an equitable lien over the tiny homes to the
extent of the money paid by them.

He emphasised that the tiny homes were each ascertained and
identifiable and plainly earmarked for the purchasers. On that
basis, he argued that the purchasers' equitable lien confirmed
their rights in the tiny homes that trumped any competing claim in
the liquidation.

While the tiny homes remained the property of the company, in the
normal course of its business and absent default by the purchasers,
the company could not have sold the tiny homes to anyone other than
the identified purchasers.

"In those circumstances I consider equity's response should be to
support an equitable lien over the partly completed homes in favour
of the purchasers to the extent of the value of the purchase moneys
paid by the individual purchasers," Stuff quotes High Court Judge
Justice Geoffrey Venning as saying.

Stuff relates that lawyer Jol Bates said the ruling was a
resounding success for all six tiny home purchasers.

"Although the court found these purchasers weren't the legal
owners, they had rights and equity which basically treated them as
having the beneficial ownership of those goods.

"In the case of the purchasers who have paid in full, their homes
were substantially complete, and they were just waiting a
compliance certificate sign off - so they did not become legal
owners on a very technical basis. But the law of equity stepped in
to rescue them and found they had effectively a beneficial
ownership of those goods through the equitable lien."

The purchasers were now entitled to receive the incomplete building
in its present state, Stuff relays.

"That's quite a groundbreaking decision because it recognises for
the first time in a sale of goods context an equitable lien, which
is the property right that arose in their favour.

"The decision was touch and go really, but the court recognised
that the fairness of justice of the situation favoured the
purchasers."

Mr. Bates said it was a significant judgement that would have a
wider implication on liquidations in general.

The company was placed into liquidation by resolution of its
shareholders on Nov. 15, 2022.


ROBERTS HOMES: Court to Hear Wind-Up Petition on April 3
--------------------------------------------------------
A petition to wind up the operations of Roberts Homes 2016 Limited
will be heard before the High Court at Auckland on April 3, 2023,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on August 30, 2022.

The Petitioner's solicitor is:

          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


RP CIVIL: Grant Bruce Reynolds Appointed as Liquidator
------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on March 9,
2023, was appointed as liquidators of RP Civil Consulting Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


TRADEWINDOW: To Cut One-Third of Workforce
------------------------------------------
TradeWindow on March 15, 2023, outlined proposed cost reductions to
reduce cash usage to a more sustainable level. The proposed changes
reflect a more conservative approach to its R&D investments in a
challenging funding market for early-stage technology companies.
The announcement is in line with TradeWindow's announcement to the
NZX on Feb. 27.

TradeWindow remains in discussions with potential strategic
investors and is also exploring alternative funding sources.

The company has commenced consultation internally on a proposal to
reduce 25 to 35 roles (up to one-third of total roles). The
potential changes predominantly relate to R&D roles and do not
impact TradeWindow's ability to continue to serve all its current
and future customers, meet market demand and generate revenue from
existing solutions.

TradeWindow CEO AJ Smith said: "We are focused on continuing to
meet the needs of our existing customers. Market demand for
TradeWindow's solutions remains high. We are confident in the
future of TradeWindow and continue to invest in a targeted and
focused way."

"This is a challenging time for the team at TradeWindow. We are
supporting our team members through this difficult time,
particularly those impacted by these changes."

Updated financial projections for FY24 and FY25 will be provided
following the completion of the consultation process, which is
expected to be at approximately the end of March. FY23 guidance
remains in place as updated on Jan. 13, 2023.

TradeWindow confirms it has no exposure to Silicon Valley Bank or
any other US financial institution.

                          About TradeWindow

Founded in December 2018, TradeWindow is an NZX-listed software
company that provides digital solutions for exporters, importers,
freight forwarders, and customs brokers to drive productivity,
increase connectivity, and enhance visibility. TradeWindow's
software solutions integrate to form a cohesive digital trade
platform that enables customers to more efficiently run their
back-end operations, share information and securely collaborate
with a global supply chain made up of customers, ports, terminals,
shipping lines, banks, insurance companies, and government
authorities.




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

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

Maybank Singapore Limited filed the petition against the company on
Feb. 26, 2023.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


BIG INTERNATIONAL: Court to Hear Wind-Up Petition on April 14
-------------------------------------------------------------
A petition to wind up the operations of Big International Gateway
Pte Ltd (formerly known as Big International Gateway (S) Pte Ltd)
Pte Ltd will be heard before the High Court of Singapore on April
14, 2023, at 10:00 a.m.

Ng Mui Hoon filed the petition against the company on Feb. 10,
2023.

The Petitioner's solicitors are:

          Covenant Chambers LLC
           (Attn: Mr. Lee Ee Yang/Mr. Benaiah Lim)
          8 Eu Tong Sen Street
          #12-96 Clarke Quay Central (Office 1)
          Singapore 059818


CONTINUUM ENERGY: Fitch Affirms 'BB+' Rating on $561M Secured Notes
-------------------------------------------------------------------
Fitch Ratings has affirmed Continuum Energy Levanter Pte. Ltd.'s
(CELP) 'BB+' rating on USD561 million senior secured notes due
2027. The Outlook is Stable.

RATING RATIONALE

CELP is a wholly owned subsidiary of Continuum Green Energy Ltd
(CGEL), which is mainly a wind and wind solar hybrid power
generator in India. Continuum has a portfolio of about 4,603MW of
generation capacity, with around 1,300MW operational or nearly
operational, 993MW under construction and 2,310MW ready to
construct or under development as of December 2022.

CELP is a secured lender of a restricted group of operating
entities (referred to as Continuum RG1), through subscribing to
their Indian rupee-denominated bonds.

The rating reflects the credit quality of a portfolio of four
projects across wind-abundant states in India. The rating is also
enhanced by a diversified pool of high-quality commercial and
industrial customers (C&Is) that pay on time and help offset the
long payment cycles of state distribution companies (discoms). The
rating takes into consideration the overall systemic risk that the
projects in India commonly face and the refinancing risk arising
from the balloon structure of the notes, despite being manageable.
Furthermore, the rating factors in Continuum RG1's heavy reliance
on mandatory cash sweep, which if not materialised would lead to
higher refinancing risk.

The financial profile is assessed by the debt service coverage
ratio (DSCR) over the refinancing period, assuming the notes'
outstanding principal will be refinanced on maturity by a long-term
amortising debt. The DSCR averages 1.66x under Fitch's rating case,
which incorporates mainly reduced energy production, higher
expenses and are financed interest rate. The rating thresholds that
Fitch apply in its rating analysis are the thresholds applicable to
merchant projects for solar and wind projects.

Fitch does not rate the state discoms and C&I customers that
purchase power from Continuum RG1's projects. The revenue
counterparties might have weak credit profiles and varying history
of payment delays, particularly state discoms, although the
exposure to multiple counterparties mitigates the risk.

Fitch believes it is prudent for such projects to meet a higher
threshold to achieve the same rating as other projects that have
counterparties with known and healthy creditworthiness, all else
being equal. So Fitch uses indicative DSCR thresholds that apply to
merchant projects, rather than fully contracted projects, for the
revenue received from the state discoms and C&I customers, while
cash flow is evaluated on the contracted price.

KEY RATING DRIVERS

Operation Risk - Midrange

Experienced Operator; Proven Technology

Operation risk is assessed as 'Midrange' because of favourable
production-based pricing mechanisms and comprehensive operating and
maintenance (O&M) contracts, including both scheduled and
unscheduled maintenance carried out by experienced teams. O&M
contracts have terms of seven to 15 years, longer than the debt
tenor. Fitch believes it will not be difficult to find replacement
operators upon expiry of the contracts as similar technology is
used widely in India.

All the plants use proven technology with a long operating history.
A third-party technical advisor has not verified the costs, which
is a weakness. The operating record of the plants is moderate,
varying from two to nearly ten years with a capacity-weighted
average of around six years.

Revenue Risk - Volume - Midrange

Robust Energy Yield, Geographically Diversified

The energy yield forecast, produced by third-party consultants and
supported by the portfolio benefit analysis, indicates an overall
P50/one-year P90 spread of 15% and 12% after considering portfolio
benefits. A spread between 6% and 16% leads to a 'Midrange'
assessment for volume risk. The assets have largely tracked the P90
forecast over the past two years, in line with other Indian wind
portfolios.

Curtailment risk is minimal, as renewables have "must-run" status
in India. Only very limited curtailment had occurred in the
Periyapatt project due to the delay in the 400kV green corridor
system, which has been completed. The C&I customers are also
incentivised to maximise offtake because of the cost advantage over
alternative sources, and the contracted volume of the Continuum RG1
projects is only 50%-60% of the demand of a customer.

Revenue Risk - Price - Midrange

Long-Term, Fixed-Priced PPAs

Continuum RG1 has a diversified customer pool, with 51% of capacity
contracted with state discoms and 49% contracted with about 94 C&I
customers. However, the share of C&I customers will increase to
76.5% of capacity upon conversion of some expiring purchase power
agreements (PPAs) with state discoms to the open-access route in
2027.

The tariff paid by C&I customers varies with the change in the
retail tariff for C&I users charged by state discoms (discom C&I
tariff) and the various applicable open-access charges. Generators
and customers each bear half of the variation in the discom C&I
tariff and open-access charges. A third-party consultant believes
that the discom C&I tariff will generally rise over the life of
these projects and that the relevant projections used in the
financial model are prudent.

Debt Structure - Senior - Midrange

Ringfenced Structure, Manageable Refinance Risk

The notes are issued in a two-part structure used commonly by
Indian renewable transactions. Noteholders are protected by the
ringfenced structure and covenants. The notes pay fixed interest
rates and currency hedging mitigates the risk arising from changes
in the US dollar-Indian rupee exchange rate. Noteholders benefit
from a lock-up test at backward-looking graded DSCRs. No additional
debt is allowed other than a working-capital basket of USD35
million.

Nearly 8% of the note principal will amortise over the note life.
The refinancing risk exposure is reduced by a cash trap from year
1.5 and the mandatory cash sweep and cash lock-up for about 38.75%
of the principal from year 1.5. The refinancing risk of the
remaining 53.25% of the principal is low because of the assets'
good access to banking and capital markets and their longer
operating record by the time the notes mature.

Financial Profile

The financial profile is assessed by the DSCR over the refinancing
period, assuming the notes' outstanding principal will be
refinanced on maturity by long-term amortising debt. Fitch's base
case includes a P50 energy production assumption, 7% production
haircut, assuming a flat tariff and open access charges for the
projects in Gujarat, as well as 12% refinance interest rate. The
Fitch base-case DSCR averages 2.06x over the refinancing period.
The DSCR averages 1.66x under Fitch's rating case, which further
incorporates reduced energy production at one-year P90 and higher
expenses by 15%.

PEER GROUP

Continuum RG1 is rated two notches higher than Azure Power Solar
Energy Private Limited (Azure RG2, senior secured rating BB-/Rating
Watch Negative). Azure RG2 is a pure solar portfolio, which is
likely to have lower variation in production compared with Fitch's
forecast. Continuum RG1 benefits from a much stronger average DSCR
of 1.66x in Fitch's rating case against Azure RG2's average of
1.42x. Continuum RG1 faces a variable price structure in its
contracts with C&I customers, which results in a 'Midrange'
revenue-price risk assessment, against 'Stronger' for Azure RG2.
Still, Continuum RG1 benefits from better receivable days given
timely payments from these consumers.

About 78% of Azure RG2's capacity is contracted with state-owned
discoms while the rest is with sovereign-backed off-takers. The
overall debt structure of both RGs is assessed as 'Midrange', but
Continuum RG1 has tighter covenants, including lock-up tests based
on graded DSCRs, partial amortisation, a cash trap from year 1.5
and a mandatory cash sweep. Continuum's rating differential to
Azure RG2's rating also factors in the corporate governance
concerns at the latter level.

Continuum RG1 is also comparable with Adani Green Energy Limited
Restricted Group 1 (AGEL RG1, senior secure rating BB+/Stable).
Like Azure RG2, AGEL RG1 is a pure solar portfolio with
counterparties comprising state discoms and sovereign-backed
off-takers. However, AGEL RG1 has a tighter issuing structure, with
direct issuance by the operating entities instead of Continuum
RG1's two-tier structure. However, the stronger financial profile
of Continuum RG1 against its metric thresholds compared to that of
AGEL RG1 has positioned Continuum RG1 on the same rating as AGEL
RG1.

RATING SENSITIVITIES

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

- Average annual DSCR in the Fitch rating case dropping below 1.6x
persistently.

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

- No rating upgrade is expected in the near term, given the
uncertainty around the debt refinancing, renewal terms for maturing
contracts and PPAs, the future discom C&I tariff and open access
charges applicable for C&I projects.

CREDIT UPDATE

The overall generation of Continuum RG1 projects dropped by 3.4% in
the first nine months of the fiscal year ending 31 March 2023
(9MFY23), on account of weak wind resources and higher amount of
off-season maintenance undertaken in 3QFY23. No grid curtailment
has been experienced since the completion of 400kV green corridor
system at Periyapatti project in Tami Nadu in June 2022.

The availability of all projects remained high - all above 97%
except for a minor drop in the Rajkot IIA project because of
transformer failure and restoration delayed due to crane
availability. The internal grid availability as well as the
external grid availability remained high except for some drops in
Rajkot projects. Rajkot transmission lines were shut down
temporarily during 9MFY23 while the adjacent Rajkot III project was
under construction. The performance ratio for the solar farm was
also high, at 81.6% in 9MFY23, in line with 82.0% in 9MFY22.
Overall, the portfolio EBITDA margin was largely unchanged at above
75%.

The debt service reserve account has been fully funded representing
next six months of interest and scheduled principal amortization
payment. Cash balance as of end-2022 was INR6.39 billion net of the
working-capital facility drawdown.

The issuer has already repaid in total USD89.1 million to lenders,
including coupon, scheduled amortisation and mandatory cash sweep.
This accounts for around 7% of principal. The assets are being
deleveraged, in line with the original plan, and have met all
scheduled amortisation and mandatory cash sweeps. The issuer has
met all the covenants, and maintained the 12-month DSCR at 1.95x at
end-2022.

The overall receivables position of Continuum RG assets has largely
improved and will continue to improve in 2023. The assets have been
receiving late payment surcharges since August 2022 from
Maharashtra State Electricity Distribution Company Limited (the
offtaker for the 199.7MW Bothe project) and Madhya Pradesh Power
Management Company Limited (the offtaker for the 170MW Ratlam I
project). The two offtakers have submitted plans to the regulator
for the clearance of the outstanding dues and they have been
largely following the plan. Management expects to see a significant
drop in the outstanding dues and the current payment cycle of new
generation will stay within 30-90 days. About 49% of Continuum RG1
assets are contracted with C&I customers. Receivable days from C&I
customers remain low, at less than 20 days during 9MFY23.

The majority shareholder of CGEL, Morgan Stanley Infrastructure, is
in a process of selling all its shares in CGEL. It appointed
financial advisors for the transaction in September 2022, and has
received non-binding offers, which are being valued for the next
stage involving due diligence and negotiation. Management expects
to complete the transaction by September 2023. In Fitch's view,
Continuum RG1's assets operate independently from its owners, and
the operation of the assets are relatively simple in nature, the
structure of the RG is relatively tight and protective from leakage
to shareholders, hence, a change of control is unlikely to have
material impact on the rating unless evidence suggests otherwise.
Nevertheless, Fitch will closely monitor the progress of the
transaction and assess the impacts.

ESG CONSIDERATIONS

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

   Entity/Debt              Rating         Prior
   -----------              ------         -----
Continuum Energy
Levanter Pte. Ltd.
  
   Continuum Energy
   Levanter Pte. Ltd./
   Senior Secured
   Debt/1 LT             LT BB+  Affirmed    BB+


LIGATURE THERAPEUTICS: Creditors' Proofs of Debt Due on April 14
----------------------------------------------------------------
Creditors of Ligature Therapeutics Pte. Ltd. are required to file
their proofs of debt by April , 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 6, 2023.

The company's liquidators are:

          Timothy James Reid
          Ng Yau Yee Theresa
          c/o Baker Tilly Reid
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


NEXGEN NETWORK: Creditors' Proofs of Debt Due on April 15
---------------------------------------------------------
Creditors of Nexgen Network (1) Holding Pte. Ltd. are required to
file their proofs of debt by April 15, 2023, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Lim Soh Yen
          Lam Seng Tiong
          c/o 133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413


SKY ENGINEERING: Court to Hear Wind-Up Petition on March 31
-----------------------------------------------------------
A petition to wind up the operations of Sky Engineering &
Construction Pte Ltd will be heard before the High Court of
Singapore on March 31, 2023, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
March 5, 2023.

The Petitioner's solicitors are:

          Tito Isaac & Co LLP
          1 North Bridge Road
          #30-00 High Street Centre
          Singapore 179094


UNIQUE REALTY: Members' Final Meeting Set for April 14
------------------------------------------------------
Members of Unique Realty Pte. Ltd. will hold their final general
meeting on April 14, 2023, at 11:00 a.m., at 60 Paya Lebar Road,
#08-36 Paya Lebar Square, in Singapore.

At the meeting, Tan Chin Ren, the company's liquidators, will give
a report on the company's wind-up proceedings and property
disposal.




=====================
S O U T H   K O R E A
=====================

TERRAFORM LABS: US DOJ Probes Collapse of TerraUSD Stablecoin
-------------------------------------------------------------
The Wall Street Journal reports that the Justice Department is
investigating last year's collapse of the TerraUSD stablecoin,
adding the risk of U.S. criminal charges to the pressure on its
creator, South Korean crypto entrepreneur Do Kwon.

The Journal relates that the Federal Bureau of Investigation and
the Southern District of New York have questioned former team
members of Mr. Kwon's company, Terraform Labs Pte. Ltd., in recent
weeks and sought to interview others, the people said. The FBI and
SDNY are both parts of the Justice Department, and SDNY often takes
the lead in high-profile prosecutions of financial crimes.

According to the Journal, the Securities and Exchange Commission
filed a civil fraud lawsuit last month against Mr. Kwon and
Singapore-based Terraform Labs in Manhattan federal court. The suit
accused Mr. Kwon and the firm of misleading investors about the
risks of TerraUSD, a so-called stablecoin designed to maintain a
price of $1. The coin lost its peg in May 2022, causing a chain
reaction that wiped out some $40 billion in market value and cost
some investors their life savings. The Justice Department's probe
covers similar territory as the SEC suit, the people said.

Among the topics that investigators asked about were the
relationship between Chai, a South Korean payment app, and the
underlying blockchain that Terraform created to power TerraUSD,
some of the people said, the Journal relays.

The Journal says the SEC accused Mr. Kwon of misleading the public
by claiming that Chai transactions were processed on Terraform's
blockchain, when in fact Chai used more traditional technology,
according to the lawsuit.

Based in Seoul, Korea, Terraform Labs Pte. Ltd. operates a
price-stable cryptocurrency. The Company seeks to power the
next-generation payment network and grow the real GDP of the
blockchain economy. Terraform labs provides financial
infrastructure for the next generation of decentralized
application.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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