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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 23, 2023, Vol. 26, No. 60

                           Headlines



A U S T R A L I A

ACVM PTY: ASIC Cancels AFS Licence for Failure to Submit Reports
C & S PLUMBING: Second Creditors' Meeting Set for March 27
CARTESIAN CORPORATE: ASIC Suspends AFS Licence
CREATIVEMASS ENTERPRISES: First Creditors' Meeting Set for Mar. 27
JELLYFISH CAFE: Shuts Doors After Two Decades of Operation

LOVE YOUR WORLD: First Creditors' Meeting Set for March 24
NAVABI MARKETING: Second Creditors' Meeting Set for March 27
PEPPER NC 1: Mortgage Loans No Impact on Moody's B2 on Cl. F Notes
PHM HEALTH: First Creditors' Meeting Set for March 28


C H I N A

LIANGSHAN DEVELOPMENT: Fitch Affirms & Withdraws BB- LongTerm IDRs
SJM HOLDINGS: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative


H O N G   K O N G

MELCO RESORTS: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative


I N D I A

ADYA BHAWAN: CARE Lowers Rating on INR4.67cr LT Loan to B-
ANDHRA CEMENTS: CARE Moves D Debt Ratings to Not Cooperating
ARIHANT SUGAR: CARE Keeps D Debt Rating in Not Cooperating
ASHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
AUTOMOTIVE COACHES: Liquidation Process Case Summary

BL KASHYAP: CRISIL Moves D Debt Ratings from Not Cooperating
CHANDIGARH OVERSEAS: Insolvency Resolution Process Case Summary
DHARMDEEP COMMODITIES: CARE Reaffirms B+ Rating on INR3cr Loan
DWARKADHEESH HAVELI: CRISIL Keeps D Ratings in Not Cooperating
FOMI FOUNDRY: Voluntary Liquidation Process Case Summary

FROST INTERNATIONAL: Insolvency Resolution Process Case Summary
GANESH RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
LAXMI NARASIMHA: CARE Lowers Rating on INR25cr LT Loan to B
MISTRY ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
MMTC LIMITED: CARE Reaffirms D Rating on INR5,323cr LT/ST Loans

ONEWORLD RETAIL: CRISIL Keeps D Debt Ratings in Not Cooperating
ORIENTAL TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
PARANTHAMAN TEXTILES: Insolvency Resolution Process Case Summary
PORTMAN ADVISORY: Voluntary Liquidation Process Case Summary
POSITIVE DEVELOPMENT: Voluntary Liquidation Process Case Summary

PRAGATHI HATCHERIES: CRISIL Keeps D Ratings in Not Cooperating
S K WHEELS: Liquidation Process Case Summary
SAV WIRES: Insolvency Resolution Process Case Summary
SEYNSE TECHNOLOGIES: Voluntary Liquidation Process Case Summary
SIDDHARTH NATURAL: Insolvency Resolution Process Case Summary

SUPERWAYS ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
VALUE DIRECT: Insolvency Resolution Process Case Summary
VIJAYALAKSHMI AGRO: CARE Lowers Rating on INR19.67cr Loan to B+
VIJAYALAKSHMI DRIER: CARE Lowers Rating on INR9.90cr LT Loan to B
VULCAN ESTATES: Voluntary Liquidation Process Case Summary

WELSPUN NATURAL: Voluntary Liquidation Process Case Summary
XRBIA DEVELOPERS: CARE Lowers Rating on INR200cr LT Loan to D
YATRA ONLINE: NCLT Rejects Plea to Dismiss Ezeego's Insolvency Bid
ZTE TELECOM: Insolvency Resolution Process Case Summary


N E W   Z E A L A N D

BLACKDOG CAT: Garry Whimp Appointed as Administrator
COMFORT AIR: Creditors' Proofs of Debt Due on April 6
KBL HIRE: Brent Kijurina Appointed as Receiver
REVIVE CONCRETE: Creditors' Proofs of Debt Due on April 7
TITANIUM TRUSTEE: Calibre Partners Appointed as Receiver



S I N G A P O R E

BLUE CHIP: Court to Hear Wind-Up Petition on March 31
FIRST TRADE: Creditors' Proofs of Debt Due on April 21
GLOBAL BEVERAGE: Court to Hear Wind-Up Petition on March 31
NEW MILLENIUM: Court Enters Wind-Up Order
SHC GROUP: Court to Hear Wind-Up Petition on March 31



S R I   L A N K A

SRI LANKA: Can No Longer Be Considered as Bankrupt, President Says
SRI LANKA: To Start Next Round of Talks with Creditors in April

                           - - - - -


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

ACVM PTY: ASIC Cancels AFS Licence for Failure to Submit Reports
----------------------------------------------------------------
The Australia Securities & Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of ACVM
Pty Ltd (ACVM) for failing to meet its financial reporting
obligations.

ACVM is permitted to provide financial services that are reasonably
necessary for, or incidental to the liquidation and distribution of
its assets and the winding up of its scheme until June 30, 2023.

The licence authorised ACVM to deal in interests in managed
investment schemes to wholesale clients.

ACVM may apply to the Administrative Appeals Tribunal for a review
of ASIC's decision.

ACVM has held AFS licence no. 488767 since Sept. 30, 2016.


C & S PLUMBING: Second Creditors' Meeting Set for March 27
----------------------------------------------------------
A second meeting of creditors in the proceedings of C & S Plumbing
Pty. Ltd. has been set for March 27, 2023 at 2:30 p.m. at Level 5,
Suite 6, 350 Collins Street in Melbourne and via virtual meeting
technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 24, 2023 at 4:00 p.m.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of the company on Feb. 21, 2023.


CARTESIAN CORPORATE: ASIC Suspends AFS Licence
----------------------------------------------
The Australia Securities & Investments Commission (ASIC) has
suspended the Australian financial services (AFS) licence of
Cartesian Corporate Finance Limited (Cartesian) until Aug. 25,
2023.

The licence authorises Cartesian to deal in securities and
interests in managed investment schemes and provide financial
product advice for wholesale clients.

ASIC suspended the licence on the basis that Cartesian has ceased
to carry on a financial services business. ASIC may cancel the
licence if, by the end of the suspension period, Cartesian is not
in a position to recommence its financial services business.

Cartesian may apply to the Administrative Appeals Tribunal for a
review of ASIC's decision.

Cartesian has held AFS licence number 257871 since Feb. 18, 2004.


CREATIVEMASS ENTERPRISES: First Creditors' Meeting Set for Mar. 27
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of Creativemass
Enterprises Pty Ltd will be held on March 27, 2023, at 11:30 a.m.
at Level 6, 18 Oliver Lane in Melbourne and via virtual meeting.

Christian Sprowles and Michael Hogan of Hogan Sprowles were
appointed as administrators of the company on March 15, 2023.


JELLYFISH CAFE: Shuts Doors After Two Decades of Operation
----------------------------------------------------------
News.com.au reports that a beloved cafe located along the
beachfront of a popular Sydney suburb has gone bust following
almost two decades of operation, leaving locals shattered.

Jellyfish Cafe in Manly, which was known for its great atmosphere,
friendly service and mouth-watering food, shut its doors for good
on March 16 after going into liquidation, according to the report.

In a meeting on March 16, a verbal report on the company's
financial position "proved" the cafe should be "wound up" with it
now in the hands of liquidators HoganSprowles.

News.com.au says search engine Google now displays the restaurant's
trading hours as "permanently closed" while the company's website
ceases to exist online, with archive platform Wayback Machine last
capturing it active on March 2, this year.

Meanwhile, the restaurant's socials haven't been tended to for
almost a year, with the last post featuring the Manly beach
shoreline with the caption "Everyday magic in Manly today. See
you!!".

According to news.com.au, the news has devastated locals and
tourists who would visit the venue to enjoy its delicious take on
classic seafood dishes, breakfast favourites and colourful
beverages.

It also received rave reviews from the coeliac community for its
safe food handling procedures, including a gluten-free preparation
area to avoid contamination with other gluten-containing products.

"I loved that cafe, the best coffee! The owner and staff were so
friendly. So sad to see it closed," one local commented on a Manly
Observer Facebook post highlighting the cafe's closure.

"I'm so sorry to hear this . . . we supported them through Covid
and I truly thought they'd make it. Such a shame," another
Sydneysider said.

A Sydney mum added: "We miss Jellyfish. It was so fab for dinner
with the kids and a play on the beach after."

While it's not clear what caused the cafe to go into liquidation,
locals have speculated that it's to do with the rising cost of
living, rent increases and a lack of customers during the weekdays,
news.com.au notes.

"Here we go, high power prices, high cost of food, increase in
wages and super, high rents - (it) was always going to close
businesses and here we have that first casualty," one person said.
"I hope those owners recover as quickly as possible, if possible."

Another added: "This is what is happening more and more in Manly as
greedy landlords make having a cafe or shop in Manly unviable for
local businesses. So there will only be larger chains in Manly and
empty shops," news.com.au relays.

Jellyfish Cafe is the latest small business to leave Manly after a
spate of cafes, restaurants and shops closed during the pandemic.

Jellyfish Cafe first opened its doors in April 2004 and is situated
on the North Steyne shopping strip opposite the Surf Club.

There's been no news about what could replace the much-cherished
business, the report adds.


LOVE YOUR WORLD: First Creditors' Meeting Set for March 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Love Your
World will be held on March 24, 2023, at 10:30 a.m. at Suite 31011,
9 Lawson Street in Southport and via virtual meeting technology.

Michael Caspaney of Menzies Advisory was appointed as administrator
of the company on March 14, 2023.


NAVABI MARKETING: Second Creditors' Meeting Set for March 27
------------------------------------------------------------
A second meeting of creditors in the proceedings of Navabi
Marketing Pty Ltd has been set for March 27, 2023 at 11:00 a.m. via
virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 24, 2023 at 5:00 p.m.

Rajiv Ghedia and Shumit Banerjee of Westburn Advisory were
appointed as administrators of the company on Feb. 20, 2023.


PEPPER NC 1: Mortgage Loans No Impact on Moody's B2 on Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that the purchase of AUD11.5
million of mortgage loans into Pepper NC Mortgage Revolver Trust
No. 1 on March 20, 2023 (the Substitution) would not, in and of
itself and as of this point in time, result in a reduction,
placement on review for possible downgrade or withdrawal of Moody's
current ratings of the Mezzanine Notes issued by Permanent
Custodians Limited, in its capacity as trustee of Pepper NC
Mortgage Revolver Trust No.1.

Current ratings of the notes are as follows:

Class B Notes, currently rated Aa2 (sf)

Class C Notes, currently rated A2 (sf)

Class D Notes, currently rated Baa2 (sf)

Class E Notes, currently rated Ba2 (sf)

Class F Notes, currently rated B2 (sf)

The Class A Notes and Class G Notes are not rated by Moody's.

The revised pool has a current weighted average loan-to-value ratio
of 66.3% and seasoning of 16.4 months.

Moody's Aaa MILAN credit enhancement - representing the loss that
Moody's expects the portfolio to suffer in the event of a severe
recession scenario - is 13.5%. Moody's expected loss assumption for
the pool is 1.6%.

The transaction is also supported by a mezzanine liquidity reserve
which covers three months of mezzanine notes interest payments,
with a floor of AUD250,000.

The transaction is a securitisation backed by a revolving warehouse
facility sponsored by Pepper Money Limited (Pepper, unrated). The
underlying portfolio is a portfolio of non-conforming and prime
Australian residential mortgage loans originated by Pepper
Homeloans Pty Limited (Pepper Homeloans, unrated) and serviced by
Pepper.

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


PHM HEALTH: First Creditors' Meeting Set for March 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Phm Health
Australia Ltd will be held on March 28, 2023, at 10:00 a.m. via
Microsoft Teams.

Mohammad Mirzan Bin Mansoor and Damien Mark Hodgkinson of Olvera
Advisors were appointed as administrators of the company on March
16, 2023.




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

LIANGSHAN DEVELOPMENT: Fitch Affirms & Withdraws BB- LongTerm IDRs
------------------------------------------------------------------
Fitch Ratings has affirmed China-based Liangshan Development
(Holdings) Group Co., Ltd.'s (LSID) Long-Term Foreign- and
Local-Currency Issuer Default Ratings of 'BB-'. The Outlook is
Stable. At the same time, Fitch has withdrawn all the ratings.

Fitch has chosen to withdraw the ratings on LSID for commercial
reasons. Accordingly, Fitch will no longer provide ratings or
analytical coverage for LSID.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: The Liangshan
State-owned Assets Supervision and Administration Commission
(SASAC) owns the majority of LSID. The Liangshan government
approves LSID's operational and financing plans, appoints and
supervises board members, and audits and monitors performance under
the company's legal status. Major decisions, such as M&A,
spin-offs, bankruptcy and liquidation, require government
verification and approval.

'Strong' Support Record: The government supports LSID via financial
subsidies and capital or resource injections to ensure sustainable
operations. LSID has received construction and operating funds as
well as subsidies for loss-making public-welfare duties. LSID's
share capital continued to increase on consistent share transfers
as well as capital and asset injections by the Liangshan and county
governments.

'Moderate' Socio-Political Implications of Default: LSID was
commissioned by the government to boost the local economy and
alleviate the region's poverty. Fitch expects substantial
government support via administrative or fiscal measures to ensure
LSID's continued operational viability as its businesses are
essential to social welfare and a key political priority for the
local government. The government may also appoint other policy
government-related entities (GREs) to provide substitute services,
if necessary.

'Strong' Financial Implications of Default: Fitch thinks the
tightening in the company's access to the capital market in recent
years due to Liangshan prefecture's economic and fiscal weaknesses
may have contributed to a rise in the cost of funding. Fitch
expects these conditions to continue, potentially weakening LSID's
fund-raising capacity in the medium term.

Fitch believes a financial failure of LSID would still have
'Strong' implications as the company remains the largest GRE in
Liangshan prefecture by assets. A failure by the government to
provide timely support to LSID, leading to a default by the
company, could imply the government is in financial difficulty and
hurt its credibility.

Standalone Credit Profile of 'b-': Fitch has assessed LSID's
revenue defensibility as 'Weaker' under the Public-Sector,
Revenue-Supported Entities Rating Criteria because the company has
a fairly diversified business profile with somewhat limited pricing
ability. Fitch considers the operating risk as 'Midrange' based on
its predictable cost structure. LSID's financial profile is
assessed at 'Weaker'.

LSID's leverage is moderate, but Fitch expects debt growth to be
rapid because of capital-intensive public-work investments and weak
cash generation. Fitch forecasts net debt/Fitch-calculated EBITDA
to be above 40x by 2026 under its rating case scenario due to
LSID's capex plan. Fitch expects the low debt coverage and asset
growth to continue in the medium term due to infrastructure
development in the prefecture and LSID's policy role to alleviate
poverty. Nevertheless, LSID's stable contractual framework and the
local government's consistent financial support will mitigate the
risks.

DERIVATION SUMMARY

LSID's ratings are assessed under Fitch's GRE criteria, reflecting
Liangshan prefecture's strong control over the company and the
support provided. Fitch also factors in the socio-political and
financial implications for the government if LSID were to default.

LSID's SCP is assessed as 'b-' under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria, while the IDRs are
driven mainly by the four GRE rating factors.

RATING SENSITIVITIES

Not applicable, as the ratings have been withdrawn.

ISSUER PROFILE

LSID is Liangshan prefecture's key investment and financing
platform and manages state-owned assets, such as mineral producers
and hydroelectric power plants. LSID also develops public-welfare
projects, including roads and infrastructure, schools, healthcare
facilities, shanty-town redevelopment and underprivileged household
relocation.

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
   -----------              ------            -----
Liangshan
Development
(Holdings)
Group Co., Ltd.    LT IDR    BB-  Affirmed      BB-

                   LT IDR    WD   Withdrawn     BB-

                   LC LT IDR BB-  Affirmed      BB-

                   LC LT IDR WD   Withdrawn     BB-


SJM HOLDINGS: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed SJM Holdings Limited's Ba3
corporate family rating and the B1 rating on the backed senior
unsecured bonds issued by Champion Path Holdings Limited and
guaranteed by SJM.

The rating outlook remains negative.

"The rating affirmation reflects Moody's expectation that SJM's
financial leverage will improve significantly over the next 2-3
years, as Macao SAR, China's gaming market will recover strongly
after China recently lifted its pandemic-related travel
restrictions," says Gloria Tsuen, a Moody's Vice President and
Senior Credit Officer.

"Nonetheless, SJM's financial leverage will remain elevated over
the next 12-18 months, as the recovery is still in its early
stages, and it will take time to repair SJM's capital structure,
which weakened materially during the pandemic. This consideration
drives the negative outlook," says Tsuen.

RATINGS RATIONALE

Moody's expects SJM's earnings to increase significantly over the
next 2-3 years, following the removal of quarantine restrictions
for travelers from China in early January this year. The policy
change drove an almost immediate surge in visitors to Macao, mainly
from mainland and Hong Kong SAR, China and in Macao's gross gaming
revenue (GGR) in January and February.

Moody's estimates that SJM's adjusted EBITDA will be around HKD1
billion in 2023 and HKD4 billion in 2024, compared with a loss of
HKD3 billion in 2022.

These estimates are based on the assumption Macao's mass-segment
GGR will return to about 75% of its level in 2019 in 2023 and fully
recover in 2024, although the VIP segment GGR will remain anemic in
both years because of tight regulatory restrictions on the
operations of junkets that previously drove the VIP business. SJM's
new Grand Lisboa Palace (GLP) project in Cotai will also be fully
opened this year, increasing its earnings.

Despite the robust gaming market recovery, SJM's leverage will
remain very high at around 7.3x until 2024, reflecting mainly its
large adjusted debt increase during the pandemic to HKD32 billion
as of the end of 2022 from HKD16 billion as of the end of 2019.
While the gradual ramp-up at GLP will likely boost its earnings and
bring down financial leverage further below 5.5x in 2025, there is
a degree of uncertainty over the pace of improvement.

SJM's Ba3 CFR continues to be supported by its established gaming
operations in Macao given its operational history of more than 50
years and Macao's good long-term growth prospects. At the same
time, the rating reflects the risk associated with its geographic
concentration in Macao, where gaming GGR is subject to policy
changes in Macao and China.

SJM's liquidity is very good. Its cash and availability under the
revolver – totaling around HKD7 billion as of the end of 2022 –
will be sufficient to cover its cash needs for at least the next 12
months, including construction and other payables due during this
period.

The B1 rating on Champion Path Holdings Limited's senior unsecured
notes is one notch lower than SJM's CFR because bank loans and
subsidiary-level liabilities are a significant portion of SJM's
liability structure, and have priority over the senior unsecured
claims at the holding company in a default scenario.

Environmental, social and governance (ESG) factors have an overall
highly negative impact on SJM's ratings (CIS-4), mainly reflecting
its highly negative exposure to social and governance risks. SJM's
social risks are inherent in the gaming industry. Its governance
risks mainly reflect the concentrated ownership and control of SJM
by Sociedade de Turismo e Diversoes de Macau and the previous delay
in addressing loan maturities.

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

An upgrade of SJM's ratings is unlikely at present, given the
negative outlook.

Moody's could revise SJM's outlook to stable if SJM improves its
earnings, reduces debt and maintains adequate liquidity. Credit
metrics indicative of this scenario include SJM's adjusted
debt/EBITDA falling below 5.5x on a sustained basis.

Moody's could downgrade SJM's ratings if the rating agency expects
that the company's adjusted debt/EBITDA will stay above 5.5x, due
to a slower-than-expected earnings increase or a failure to reduce
debt.

The principal methodology used in these ratings was Gaming
published in June 2021.

SJM Holdings Limited develops and operates casinos and integrated
resort facilities in Macao SAR, China. The company is listed on the
Hong Kong Stock Exchange, and is 63% owned by Sociedade de Turismo
e Diversoes de Macau (STDM).




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

MELCO RESORTS: Moody's Affirms 'Ba3' CFR, Outlook Remains Negative
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Melco Resorts
Finance Limited (MRF), Studio City Finance Limited (Studio City)
and Studio City Company Limited (Studio City Company) --
collectively addressed as the Melco group.

The affected ratings are (1) MRF's Ba3 corporate family rating
(CFR) and senior unsecured ratings, (2) Studio City Finance
Limited's B1 CFR and senior unsecured ratings; and (3) the Ba3
rating on the USD senior secured bonds issued by Studio City
Company, which is wholly owned by Studio City through Studio City
Investments Limited.

The rating outlook remains negative.

"The rating affirmation reflects Moody's expectation that Melco
group's financial leverage will improve significantly over the next
2-3 years, as Macao SAR, China's gaming market will recover
strongly after China recently lifted its pandemic-related travel
restrictions," says Gloria Tsuen, a Moody's Vice President and
Senior Credit Officer.

"Nonetheless, Melco group's financial leverage will remain elevated
over the next 12-18 months, as the recovery is still in its early
stages, and it will take time to repair the group's capital
structure, which weakened materially during the pandemic. This
consideration drives the negative outlook," says Tsuen.

RATINGS RATIONALE

MRF's ratings reflect the consolidated credit quality of its
parent, Melco Resorts & Entertainment Limited (MRE), because MRF is
100%-owned by MRE, and MRE relies heavily on MRF and its
subsidiaries for profit generation and funding.

Moody's expects MRE's and Studio City's earnings to increase
significantly over the next 2-3 years, following the removal of
quarantine restrictions for travelers from China in early January
this year. The policy change drove an almost immediate surge in
visitors to Macao, mainly from mainland and Hong Kong SAR, China
and in Macao's gross gaming revenue (GGR) in January and February.

Moody's estimates that MRE's adjusted EBITDA will be around $0.7
billion in 2023 and $1.2 billion in 2024, compared with a loss of
$0.1 billion in 2022, while Studio City's adjusted EBITDA will also
turn positive in 2023 and increase further to around $0.3 billion
in 2024.

These estimates are based on the assumption that Macao's
mass-segment GGR will return to about 75% of its level in 2019 and
fully recover in 2024, although the VIP segment GGR will remain
anemic in both years because of tight regulatory restrictions on
the operations of junkets that previously drove the VIP business.

Despite the robust recovery, leverage at MRE and Studio City will
remain very high at about 6.5x and 8.8x respectively until 2024,
reflecting mainly the large debt increases at both companies during
the pandemic. MRE's adjusted debt increased to $8.7 billion as of
the end of 2022 from $4.9 billion as of the end of 2019, while
Studio City's adjusted debt increased to $2.4 billion from $1.5
billion over the same period.

While the steady growth in mass GGR will likely boost the group's
earnings and bring down financial leverage further in 2025, there
is a degree of uncertainty about their ability to lower leverage
below the respective thresholds for MRF's and Studio City's current
ratings.

MRE's credit quality continues to benefit from the Melco group's
established operations and high-quality assets, and Macao's good
long-term growth prospects. These considerations mitigate the risk
associated with the company's geographic concentration in Macao,
where gaming GGR is subject to policy changes in Macao and China.

The Ba3 ratings also consider MRE's good liquidity, underpinned by
its combined cash and unused revolver of $1.9 billion as of the end
of 2022. These resources and improving operating cash flows will be
sufficient to cover the company's capital spending and short-term
debt repayments for the next 12-18 months. The company's next key
debt maturities will be in 2025.

Studio City's B1 CFR reflects the company's moderate standalone
credit quality and a one-notch uplift from the likelihood of
extraordinary support from MRE, given the company's strategic
importance to its parent.

Studio City's standalone credit quality considers its established
market position and its mass market-focused operations. These
strengths are counterbalanced by the company's geographic
concentration in Macao.

Studio City's cash holdings (excluding restricted cash) of $510
million as of the end of 2022, and around $30 million in
availability under a revolving credit facility, will be more than
sufficient to cover the company's cash needs for the next 12-18
months. The company's next key debt maturity is in 2025.

Environmental, social and governance (ESG) factors have an overall
moderately negative impact on MRF's and Studio City's ratings
(CIS-3), skewed by their highly negative exposure to social risks
that are inherent in the gaming industry.

MRF has a moderately negative and Studio City a highly negative
exposure to governance risks, reflecting the high concentration of
Melco group's ultimate ownership in a controlling shareholder, and
the group's appetite for growth. Studio City has in addition a more
aggressive financial policy and higher organizational structure
complexity than MRF because of its reliance on an intercompany
gaming services agreement.

However, both MRF and Studio City's governance risks are mitigated
by the Melco group's financial policy track record, MRE's listed
status, and the board oversight exercised through independent
directors. Studio City's overall CIS is also mitigated by the
likelihood of support from its parent and the recent track record
of significant equity financings.

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

An upgrade of MRF's or Studio City's ratings is unlikely at
present, given the negative outlook.

MRF's outlook could return to stable if the Melco group under MRE
improves its earnings, reduces debt and maintains good liquidity.
An adjusted debt/EBITDA remaining below 5.5x-6.0x on a sustained
basis would indicate such a scenario.

Moody's could downgrade MRF's ratings if the agency believes that
MRE's adjusted debt/EBITDA is unlikely to return to below 5.5x-6.0x
on a sustained basis or if MRE's liquidity weakens. This situation
can result from a slower-than-expected earnings increase, a failure
to reduce debt, or an aggressive financial policy.

In addition, the ratings of MRF's senior unsecured notes could be
downgraded if the amount of priority claims at MRF's subsidiaries
increase on a sustained basis compared with MRF's own senior
unsecured debt at the holding company level.

Studio City's outlook could return to stable if the company
improves its earnings, reduces debt and maintains a balanced
financial policy, such that its debt/EBITDA falls below 7.5x-8.0x
and EBITDA/interest exceeds 1.8x on a sustained basis.

On the other hand, Moody's could downgrade Studio City's ratings if
the company's earnings recovery stalls, it fails to reduce debt, or
its liquidity weakens. Specifically, downward rating pressure is
likely to emerge if its debt/EBITDA exceeds 7.5x-8.0x and
EBITDA/interest remains below 1.8x on a sustained basis. A decline
in the ability or willingness of its parent, MRE, to provide
support would also lead to downward rating pressure.

The principal methodology used in these ratings was Gaming
published in June 2021.

Melco Resorts Finance Limited is a wholly-owned subsidiary of Melco
Resorts & Entertainment Limited, which is listed on the NASDAQ
exchange and is majority-owned by the Hong Kong-listed Melco
International Development Ltd. Through Melco Resorts (Macau)
Limited, Melco Resorts Finance operates two wholly-owned casinos in
Macao, namely, City of Dreams and Altira Macau.

Studio City Finance Limited, through its subsidiaries, develops and
operates the Studio City property, an integrated gaming and
entertainment resort in Macao. The company's holding company,
Studio City International Holdings Limited, is listed on the New
York Stock Exchange and is around 55% owned by Melco Resorts &
Entertainment Limited.




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

ADYA BHAWAN: CARE Lowers Rating on INR4.67cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Adya Bhawan Limited (ABL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.67       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 21,
2022, placed the rating(s) of ABL under the 'issuer
non-cooperating' category as ABL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ABL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 7, 2022, December 17, 2022, December
27, 2022.

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.

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 assigned to the bank facilities of ABL have been
revised on account of non-availability of requisite information.
The ratings also factored in continued net losses during FY21 and
FY22.

Adya Bhawan Limited (ABL), incorporated in February 2008 by the
Kolkata-based Seth family, is a part of the Keya Seth group. The
company is into retailing of readymade garments. The company also
sells cosmetics, bags, wallets, junk jewellery, and other items,
and presently operates through 4 outlets completely owned by it.
ABL has commenced operations from July 2015 onwards. The apparel
and junk jewellery products are primarily sold under its group
brand, Keya Seth Exclusive, whereas cosmetics are sold under the
brands Keya Seth Aromatics and Keya Seth Cosmetics, which are owned
by group entities.

ANDHRA CEMENTS: CARE Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Andhra
Cements Limited (ACL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      910.79      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      28.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from ACL to monitor
the ratings vide email communications/letters dated January 27,
2023, February 7, 2023, and February 20, 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 ACL's bank facilities will
now be denoted as CARE D; 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 ratings.

The ratings of Andhra Cements Limited continues to take into
account the delays in debt servicing obligation.

Detailed description of the key rating drivers

At the time of last rating on December 31, 2022, the following was
the rating weakness.

Key Rating Weakness

* Delay in Debt servicing obligation: The liquidity position of the
company continues to remain weak on account of weak operational and
financial performance leading to delay in debt servicing.

Liquidity: Poor

The liquidity of the company is poor, leading to delays in debt
servicing.

Andhra Cements Limited (ACL) has cement manufacturing facilities at
Dachepalli, Guntur District (Durga Cement Works) with a split
grinding unit at Visakhapatnam, Andhra Pradesh (Visakha Cement
Works). Jaypee Group, through Jaypee Development Corporation Ltd
(JDCL, a wholly owned subsidiary of Jaypee Infra Ventures) acquired
controlling stake in ACL in February 2012 from its earlier
promoters, Duncan Goenka Group. ACL, under its erstwhile
management, began a process of expanding its cement capacity from
1.42 mtpa (DCW – 0.8 mtpa and VCW – 0.62 mtpa) to 3.0 mtpa in
July 2007 but it witnessed significant cost and time over runs. The
Jaypee group, post-acquisition of the company, has undertaken
renovation and augmentation of the existing capacity of 1.42 mtpa
to 2.61 mtpa, which was commissioned on December 1, 2014. The
company has also set up a captive power plant with 30 MW
capacities, which was commissioned in FY16.


ARIHANT SUGAR: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arihant
Sugar Industries Limited (ASIL) continues to remain in the 'Issuer
Not Cooperating'category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      28.27       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 19,
2022, placed the rating(s) of ASIL under the 'issuer
non-cooperating' category as ASIL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ASIL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 5, 2022, December 15, 2022, December
25, 2022.

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.

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

Incorporated on August 2009 as a Private Limited company, Arihant
Sugar Industries Limited (ASIL) was later reconstituted as a Public
Limited company on February 11, 2010. ASIL is engaged in production
of white crystal sugar & molasses from sugarcane. The plant is
located at Chikkodi Taluka in Belgaum District of Karnataka. The
company's name has been changed from Om Sugars Limited to Arihant
Sugar Industries Limited with effect from June 4, 2020.


ASHVI DEVELOPERS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ashvi
Developers Private Limited (ADPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      250.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 5,
2022, placed the rating(s) of ADPL under the 'issuer
non-cooperating'  category as ADPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. ADPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated November 21, 2022, December 1,
2022, December 11, 2022.

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.

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

Incorporated in 2006, Ashvi Developers Pvt. Ltd. (ADPL) along with
another company Atithi Builders and Constructors Pvt. Ltd. (ABCPL)
of Ariisto Realtors group is developing a real estate project
"Ariisto Sommet" (erstwhile named as Ariisto Solitaire) at
Goregaon, Mumbai. The group has developed an area of 68.12 lakh
square feet (lsf) till date which includes super-premium
residential towers, affordable housing townships, luxurious retail
spaces and TDR generating rehab projects in and around Mumbai.


AUTOMOTIVE COACHES: Liquidation Process Case Summary
----------------------------------------------------
Debtor: M/s. Automotive Coaches and Components Limited
No. 26A, LIC Nagar 5th Main Road,
        Madipakkam Chennai- 6000091

Liquidation Commencement Date: January 6, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: E. Santhanalakshmi
     Plot No. 42B, Sree Krishna Flats, S-1,
            2nd Floor, LIC Nagar
            2nd Street
            Madipakkam, Chennai - 600091
     Email: irp_santhanalakshmi@gmail.com
     Tel No: 99414966504

Last date for
submission of claims: January 6, 2023


BL KASHYAP: CRISIL Moves D Debt Ratings from Not Cooperating
------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
ratings on the bank facilities of BL Kashyap And Sons Limited (BLK)
to 'CRISIL D/CRISIL D Issuer Not Cooperating'. However, BLK has
subsequently started sharing requisite information for carrying out
a comprehensive review of the ratings. Consequently, CRISIL Ratings
is migrating its ratings on the bank facilities of BLK to 'CRISIL
D/CRISIL D'.

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

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

The ratings reflect instances of delays in debt servicing in the
past along with stretched liquidity as reflected in full
utilisation of working capital facilities. Also, the account(s)
with certain lender(s) are classified as non-performing (NPA) as on
date. The ratings factor in large working capital requirements of
the BL Kashyap Group and its susceptibility to cyclicality in the
real estate sector.

Analytical Approach

For arriving at its ratings, CRISIL Ratings has combined the
business and financial risk profiles of BLK and its subsidiaries,
BLK Lifestyle Ltd, Security Information Systems (India) Ltd, BLK
Infrastructure Ltd, and Soul Space Pvt Ltd (SSPL). SSPL is BLK's
real estate arm, and the other subsidiaries provide related
services. All the companies are together referred to as the BLK
group.

Key Rating Drivers & Detailed Description

Weakness:

* Weak Financial Risk Profile: The group has weak financial risk
profile as reflected in instances of delays in servicing debt
obligations. Further, the liquidity position of the group is weak
as reflected in frequent and continuous over-utilisation of working
capital facilities. Financial risk profile is constrained by large
working capital requirement and weak interest coverage ratio over
the years.

Strength:

* Long Vintage: The promoters of the company have a long vintage of
more than three decades in the industry.

Liquidity: Poor

Liquidity is poor as reflected in average bank loan utilisation of
100% along with past instances of delays in debt servicing.

Rating Sensitivity Factors

Upward factors:

* Track record of timely debt servicing for 90 days or more
* Significant improvement in liquidity

BLK was established in 1989 by Mr. Vinod Kashyap, Mr. Vineet
Kashyap, and Mr. Vikram Kashyap. The company was reconstituted as a
public limited company with the current name in 1995. The promoters
have been active in the real estate sector since 1978; they
transferred their business to BLK after it was formed.

BLK provides construction services to customers in the commercial,
residential, and industrial segments. The company has also ventured
into real estate development and related services, such as
furnishing. It has partly restructured its debt under a corporate
debt structuring package, which was approved under statutory
guidelines then on December 31, 2014.

As per the audited financial statements of fiscal 2022, operating
income was INR1158 crores and PAT was INR44 crores, against INR762
crores and loss of INR58 crores respectively for the previous
fiscal.


CHANDIGARH OVERSEAS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Chandigarh Overseas Private Limited

Registered Office:
        Metro Plaza, SCO 54-55,
1st Floor, Cabin No. 2, Sector 9-D,
Chandigarh - 160009

        Principal Office:
Jade Business Park, Sector-90,
        Mohali, Punjab 160055

Insolvency Commencement Date: February 27, 2023

Estimated date of closure of
insolvency resolution process: August 26, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Arvind Kumar
       303, 3rd Floor, Plot No. D-190,
              Sector-74, Phase-8B,
              Mohali - 160071
       Email: sankhyain@gmail.com
       Email: irpcopl@gmail.com

Last date for
submission of claims: March 13, 2023


DHARMDEEP COMMODITIES: CARE Reaffirms B+ Rating on INR3cr Loan
--------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
Dharmdeep Commodities Private Limited (DCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.00      CARE B+; Stable Reaffirmed
   Facilities            

   Long Term/           20.50      CARE B+; Stable/CARE A4
   Short Term                      Reaffirmed
   Bank Facilities      
                                   
   Short Term           56.00      CARE A4 Reaffirmed
   Bank Facilities      

Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of DCPL continues to
remain constrained on account of its moderate scale of operations,
thin profitability owing to its trading nature of operations and
stretched liquidity during FY22 (Audited, refers to the period
April 1 to March 31). The ratings are further constrained due to
its presence in highly fragmented and competitive cotton industry
wherein cotton prices are regulated by the government. The rating
also factored in significant decrease in scale of operation during
9MFY23(Provisional). The ratings, however, continue to derive
strength from experience of promoters in cotton trading business
and diversified customer and supplier base. The ratings also derive
benefit from improved capital structure and debt coverage
indicators during FY22.

Rating Sensitivities

Positive Factors

* Significant increase in scale of operations along-with
improvement in PBILDT margin of more than 3% on a sustained basis

* Improvement in capital structure marked by overall gearing ratio
below 1.5 times

Negative Factors

* Decline in scale of operations with TOI less than INR200 crore
along with PBILDT margin below 0.50%

* Cashflow mismatch from operation putting stress on liquidity
Analytical approach: Standalone

Outlook: Stable

Stable outlook reflects that despite weak demand scenario in near
term, the entity is likely to sustain its moderate financial risk
profile due to its the established relationship with its customers
and suppliers.

Detailed description of the key rating drivers

Key rating Weaknesses

* Moderate scale of operations with thin profitability inherent in
trading business: DCPL is into trading of cotton with order backed
purchases. The scale of operations although improved by 55.40% over
previous year but remained moderate marked by total operating
income (TOI) at INR468.52 crores during FY22 as against INR302.52
crores during FY21 as a result of increase in demand from domestic
market during the year. However, during 9MFY22 (Provisional), DCPL
has reported the TOI of INR63.18 crores owing to lower demand from
export customers due to high cotton bales prices.

DCPL has very thin operating margins as it is engaged in trading of
cotton bales with no inventory holding as it makes order backed
purchases. Profit margins have marginally declined owing to
inability of company to pass on increase in cost of traded material
to its end users, marked by PBILDT margin of 0.67% during FY22
declined from 1.81% during FY21. Resultantly, PAT Margin decline in
FY22 and remained at 0.55% during FY22 against 0.75% during FY21.

DWARKADHEESH HAVELI: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dwarkadheesh
Haveli Builders (DHB) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              8.5        CRISIL D (Issuer Not
                                     Cooperating)

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

Established in 2010 as a partnership firm by Mr. Vijay Singh, Mr.
Rakesh Kumar Rai, Mr.Kishan L Sharma, Mr.Ajab Singh, Mr.Gulab
Singh, and Mr. D K Rai, DHB develops residential real estate in
Bhopal.


FOMI FOUNDRY: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: M/s. Fomi Foundry & Metallugry India Private Limited
        No. 14, Bhatrahalli, Old Madras Road,
        KR Puram, Bangalore-560049, Karnataka

Liquidation Commencement Date: February 20, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Viswanathan Rajagopalan
            Plot No.4, 1/787A, Deivanai Nagar,
            II Street, Madipakkam,
            Chennai-600091, Tamil Nadu
            Email: viswanthan.irp2gmail.com
            Mobile: 6379252059

Last date for
submission of claims: March 22, 2023


FROST INTERNATIONAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Frost International Limited
        709-C Wing, One BKC, Near Indian Oil Petrol Pump,
Bandra Kurla Complex, Bandra (East)
Mumbai 400051, Maharashtra, India

Insolvency Commencement Date: February 9, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Amit Chandrakant Shah
       BDO Restructing Advisory LLP
              Level 9, The Ruby, North-West Wing,
              Senapati Bapat Road, Dadar (W),
              Mumbai 400028,
              Maharashtra, India
       Email: amitshah@bdo.in
       Email: cirpfil@gmail.com

Last date for
submission of claims: February 23, 2023


GANESH RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of M/s Ganesh Ram
Dokania (GRD) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             40        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term       1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

GRD was established as a proprietorship concern in 1958 by Mr
Ganesh Ram Dokania. The firm was reconstituted as a partnership
entity in 1996 with the induction of the second generation family
members and friends. It undertakes construction of roads, bridges
and irrigation works. It is registered as a Class IA contractor
with the government of Bihar.


LAXMI NARASIMHA: CARE Lowers Rating on INR25cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Laxmi Narasimha Homes Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      25.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from Sri Laxmi
Narasimha Homes Private Limited to monitor the rating(s) vide
e-mail communications between January 20, 2023, to March 06, 2023,
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 based on the best available
information which however, in CARE Ratings Ltd.'s opinion is not
sufficient to arrive at a fair rating. The rating on Sri Laxmi
Narasimha Homes Private Limited bank facilities will now be denoted
as CARE B; Stable; ISSUER NOT COOPERATING.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating based on the best available information which
however, in CARE Ratings Ltd.'s opinion is not sufficient to arrive
at a fair rating.

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

Sri Laxmi Narasimha Homes Private Limited (SLNH) was incorporated
on July 27, 2015, has a corporate office in Hyderabad and is being
promoted by Mr. P. Narasimha Raju and his wife Mrs. P. Vara
Lakshmi. Mr. P. Narasimha Raju has more than 4 decades of
experience in the civil construction industry and is one of the
promoter directors of NCL Industries Ltd. SLNH has ventured into
its maiden real estate development at Ibrahimpatnam, Vijayawada,
Andhra Pradesh in February 2019.

MISTRY ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mistry
Enterprises Limited (MEL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter Of Guarantee     3         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility     17.5       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'.

MCCPL was set up in 1983 and MEL in 2007 and are promoted by Mr.
Jagdish Mistry. It is engaged in civil construction works, such as
site grading, site development, hard rock excavation, and mining
works.


MMTC LIMITED: CARE Reaffirms D Rating on INR5,323cr LT/ST Loans
---------------------------------------------------------------
CARE Ratings has reaffirmed ratings on certain bank facilities of
MMTC Limited (MMTC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,055.00     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category;
                                   Reaffirmed and removed from
                                   Rating Watch with Positive
                                   Implications

   Long Term/         5,323.00     CARE D; ISSUER NOT COOPERATING
   Short Term                      Rating moved to ISSUER NOT
   Bank Facilities                 COOPERATING category;
                                   Reaffirmed and removed from
                                   Rating Watch with Positive
                                   Implications

   Short Term         2,500.00     CARE D; ISSUER NOT COOPERATING
   Bank Facilities                 Revised from CARE D and moved
                                   to ISSUER NOT COOPERATING
                                   category and removed from
                                   Rating Watch with Positive
                                   Implications

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from MMTC to monitor
the ratings vide e-mail communications dated February 23, 2023,
February 28, 2023, March 3, 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 MMTC's bank facilities will
now be denoted as CARE D/CARE D; 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).

Analytical approach: Standalone

Outlook: NA

Detailed description of the key rating drivers

At the time of last rating on April 6, 2022 the following were the
rating strengths and weaknesses (updated for the information
available from publicly available information).

Key weaknesses

* High group exposure Neelachal Ispat Nigam Limited (NINL) leading
to moderation in the financial & liquidity profile of MMTC: The
Cabinet Committee on Economic Affairs (CCEA) had given an
'in-principle'  approval for strategic disinvestment of 100% equity
of NINL in January 2020. As per BSE announcement dated Feb. 1,
2022, strategic buyer has been approved for privatization of NINL.
The highest bidder i.e. M/s Tata Steel Long Products Limited (TSPL)
for 93.71% of shares of Joint Venture partners of 4 CPSEs and 2
Odisha Govt State PSEs has been approved at the Bid Enterprise
Value of INR 12,100 cr.

In July 2022, Tata Steel Long Products Limited ('TSLP' ), a
subsidiary of Tata Steel, has completed the acquisition of 93.71%
in 1 million tons per annum 'NINL'  from MMTC Ltd., NMDC Ltd.,
MECON Ltd., Bharat Heavy Electricals Ltd., Industrial Promotion and
Investment Corporation of Odisha Ltd., Odisha Mining Corporation
Ltd., President of India, Government of Odisha. The acquisition has
been completed as per the terms and conditions of the Share Sale
and Purchase Agreement entered on March 10, 2022 and in accordance
with the process being run by Department of Disinvestment & Public
Asset Management (DIPAM). The aggregate consideration which has
been paid out by TSLP is INR 12,100 crore. Accordingly, all the
principal payment of the bank debt has been paid however there are
ongoing discussions for waiver of penal interest and other
charges.

Key strengths

MMTC's position as India's largest international trading house and
established track record of trading in diverse commodities As
apprised by the company management, there are no business
operations in MMTC currently and the final announcement on its
closure of operations is awaited.

Liquidity: Not Available

MMTC, a public sector undertaking, was incorporated on September
26, 1963, to facilitate foreign trade in India and canalize the
export and import of essential minerals and metals. It is under the
administrative control of the Ministry of Commerce & Industry, and
Government of India (GOI) held 89.93% stake in the company as on
December 31, 2022. MMTC deals in multiple products and markets. The
business operations of the company span across six major divisions
i.e. minerals, metals, precious metals, agro products, fertilizers
& chemicals and coal & hydrocarbons.


ONEWORLD RETAIL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Oneworld
Retail Private Limited (ORPL; part of the Oneworld group) continue
to be 'CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            15          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             4          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     15          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               8.75       CRISIL D (Issuer Not
                                      Cooperating)

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

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.

ORPL, incorporated in May 2012, trades in ladies fabric. OS, OIPL,
UFPL, WF, TIPL, MDC, WOT, ODS, and ZF are engaged in trading of
different types of fabrics while OCPL is engaged in trading of
readymade garments.


ORIENTAL TEXTILES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Oriental
Textiles Industries (OTI) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

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

Set up in 1991 as a partnership firm by Mr Rajeev Goel, Ms Shashi
Goel, and Mr Anuj Goel; and reconstituted as a proprietorship firm
of Mr Rajeev Goel in December 2017, OTI trades in textile products,
especially woollen fabric, including premium blankets and shawls.
Registered office is in Ludhiana.


PARANTHAMAN TEXTILES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sri Paranthaman Textiles Private Limited
        Old No 85,New No 91, Manoharan street,
        South West boag road, T Nagar,
        Chennai 600017

Insolvency Commencement Date: February 18, 2023

Estimated date of closure of
insolvency resolution process: August 17, 2023 (180 Days)

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: M. Ramaswamy FCA
       Ramaswamy and Associates
              320 Sri Muthu Plaza,
              2nd Floor Above Dhanalaxmi Bank,
              Avinashi Road,
              Tiruppur ‐ 641602
       Email: ramsattirupur@gmail.com
       Tel No: 9843330765

Last date for
submission of claims: March 7, 2023


PORTMAN ADVISORY: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Portman Advisory Private Limited
        c/o Sushil Budhia Associates, 1103, Level 11,
        Universal Majestic, Ghatkopar-Mankhurd Link Road,
        Mumbai 400043

Liquidation Commencement Date: February 22, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Dilipkumar Natvarlal Jagad
            803/804, Ashok Heights,
            Opp Sarawasti Apartment, Nikalas Wadi Road,
            Near Bhuta School, Old Nagar X Road,
            Gundavali Andheri East,
            Mumbai City, Maharashtra - 400069
            Email: dilipjagad@hotmail.com
            Email: portman.liquidation@gmail.com
            Tel No: +91-9821142587

Last date for
submission of claims: March 24, 2023


POSITIVE DEVELOPMENT: Voluntary Liquidation Process Case Summary
----------------------------------------------------------------
Debtor: Positive Development Trusteeship Services Company
        Private Limited
        Plot No. 11/48, Shopping Centre,
        Diplomatic Enclave, Malcha Market,
        Chanakya Puri, New Delhi -110021

Liquidation Commencement Date: February 21, 2023

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Nitesh Kumar Sinha
            8A, UG, CS Ansal Corporate Suites,
            Ansal Plaza, Sector-1,
            Vaishali, Ghaziabad-201010
            Email: info@csnitesh.com
            Tel No: 9871500827

Last date for
submission of claims: March 23, 2023


PRAGATHI HATCHERIES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pragathi
Hatcheries (PH) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Term Loan              5.5        CRISIL D (Issuer Not
                                     Cooperating)

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

PH, a proprietorship firm, was set- up in the year 2002 by Mr.
Srinivas. The firm is engaged in the business of hatchery of
broiler poultry. The firm has an in-house facility for brooder
sheds, grower sheds, layer sheds, incubator, processing plant and
rendering plant. The firm is based out in Ganthiganahalli,
Doddaballapur Taluk and Bangalore.


S K WHEELS: Liquidation Process Case Summary
--------------------------------------------
Debtor: S K Wheels Private Limited
        Plot No D-405, TTC Industrial Area, M I D C,
        Turbhe, Navi Mumbai, Maharashtra 400705

Liquidation Commencement Date: February 13, 2022

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Sachin Srinivas Bhattad
            Flat No. 1A, 1 Floor, Vijay Towers,
            139, Railway Lines, Solapur,
            Maharashtra 413001
            E-mail: sachinbhattadca@gmail.com

            Sachin Srinivas Bhattad
            Stress Credit Resolution Pvt. Ltd.,
            G-7 Satyam Shivam Sunderam CHS,
            Sion Circle, Sion East,
            Mumbai - 22
            E-mail: skwheels.liq@gmail.com

Last date for
submission of claims: March 22, 2023


SAV WIRES: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: SAV Wires Private Limited
5/53 Jagatipota, Krishan Market
        Road P.O-Dhalua Kolkata West Bengal 700152

Insolvency Commencement Date: December 16, 2022

Estimated date of closure of
insolvency resolution process: June 13, 2023

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: CA Santanu Brahma
       AH - 276, Salt Lake, Sector – II,
        Kolkata - 700091
       Email: ip.santanubrahma@gmail.com
       Email: savwires.irp@gmail.com

Last date for
submission of claims: February 21, 2023


SEYNSE TECHNOLOGIES: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Seynse Technologies Private Limited
        Villa No. 4, House No. 22/296 Naroo Heights,
        Opp Manipal Hospital, Dona Paula,
        North Goa, Goa - 403004

Liquidation Commencement Date: February 21, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Dilipkumar Natvaralal Jagad
            803/804, Ashok Heights,
            Opp Saraswati Apartment,
            Nikalas Wadi Road, Near Bhuta School,
            Old Nagar X Road, Gundavali,
            Andheri East, Mumbai City,
            Maharashtra-400069
            Email: dilipjagad@hotmail.com
            Email: seynse.liquidation@gmail.com
            Tel No: +91-9821142587

Last date for
submission of claims: March 23, 2023


SIDDHARTH NATURAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Siddharth Natural Foods Resources Pvt. Ltd
        Plot No. 83 Kundam Industrial Estate
        Kundaim Goa 403115 India

Insolvency Commencement Date: January 25, 2023

Estimated date of closure of
insolvency resolution process: July 24, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Anurag Jain
       1401 Oriental Heights, Sector-44,
              Plot-158, Seawoods West, Navi Mumbai,
              Maharashtra 400706

              Resolve-IPE Private Limited,1003,
              Satra Plaza, Sector-19D, Vashi,
              Navi Mumbai-400703

Last date for
submission of claims: March 6, 2023


SUPERWAYS ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Superways
Enterprises Private Limited (SEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit       70         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       30         CRISIL D (Issuer Not
                                     Cooperating)

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

Incorporated in 1989 by Mr Vinod Jatia and his family, SEPL trades
in iron and steel products such as hot- and cold-rolled coils,
sheets, and plates, sponge iron lumps, and fines.


VALUE DIRECT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Value Direct Communication Private Limited
        Office No. 1606 to 1609, 16th Floor,
Rupa Solitaire Millenium Business Park,
Mahape Navi Mumbai,
        Thane-400710, Maharashtra

Insolvency Commencement Date: February 23, 2023

Estimated date of closure of
insolvency resolution process: August 22, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Hitesh Kothari
       Office No. 208, BSE Building,
              Dalal Street,
       Mumbai Fort-400001
       Email: hiteshkothraics@gmail.com

              1A, Satya Apartment,
              Opp Kandivali MTNL Building, S. v, Road,
              Kundavali (W), Mumbai- 400067
       Email: cirp.valuedirect@gmail.com

Last date for
submission of claims: March 9, 2023


VIJAYALAKSHMI AGRO: CARE Lowers Rating on INR19.67cr Loan to B+
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vijayalakshmi Agro Food Industries (VAFI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.67       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE has been seeking information from VAFI to monitor the rating
vide email dated January 31, 2023, February 7, 2023, February 14,
2023 and March 1, 2023. However, despite repeated requests, the
company has not provided requisite information for monitoring of
rating.

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.

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 revision in ratings factors in non-cooperation by VAFI and
CARE's efforts to undertake a review of the ratings outstanding.
The ratings assigned to Vijayalakshmi Agro Food Industries (VAFI)
continues to factor its moderate scale of operations in a highly
fragmented and competitive industry and thin profitability margins.
The rating is also constrained by its moderate financial risk
profile, working capital-intensive nature of operations along with
agro climatic risks. The rating also factors below unity DSCR of
the firm, however there an adequate support from the partners in
the form of capital infusion. Seasonal nature of availability of
paddy and margins susceptible to raw material price fluctuations
also constrains the rating. These rating weaknesses are partially
offset by the long track record of the promoters in the similar
line of business, locational advantage with presence in cluster and
easy availability of paddy and stable outlook demand for rice.

Analytical approach: Standalone

Detailed description of the key rating drivers

At the time of last rating on February 4, 2022 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Moderate scale of operations and thin profitability margins: The
total operating income of the firm has declined by 9.02% in FY21
and stood at INR69.83 Cr as compared to INR 76.75 crore in FY20 on
account of reduction in price per quintal in the market and
comparatively lower demand from repetitive customers coupled with
covid induced lockdowns. However, the firm has registered total
operating income of INR56.27 crore in 9MFY22 (Prov.). The firm
majorly sells in the states of Karnataka and Tamil Nadu. The PBILDT
margins stood thin at 2.60% in FY21(A) when compared to 2.58% in
FY20 on account of marginal decrease in other overhead cost of the
firm when compared to previous year. However, the PAT margin
marginally improved and stood at 0.58% in FY21 when compared to
0.52% in FY20 due to lower finance cost.

* Moderate financial risk profile, Weak debt coverage indicators
and working capital intensive nature of operations: Overall gearing
of the VAFI deteriorated and stood at 2.02x as on March 31,2021 as
compared to 1.64x as on March 31,2020 on account of increase in the
term loans in the form of GECL availed by the firm to meet the
operational liabilities affected due to covid-19. The networth of
the company also stood moderate at INR8.67 Cr. The debt coverage
indicators marked by interest coverage ratio stood low at 1.60x in
FY21. The total debt to gross cash accruals deteriorated to 31.74x
in FY21 when compared to 22.99x in FY20 due to increase in the debt
levels coupled with thin cash accruals during the year. Due to the
inherent agro climatic risk, the millers have to stock enough paddy
by the end of each season as the price and quality of paddy is
better during the harvesting season. During this time, the working
capital requirements of the rice millers are generally on the
higher side. Majority funds of the firm are blocked in inventory.
The firm avails credit period of 20-25 days from its suppliers and
extends credit up to 30-40 days to its customers. The firm
maintains the average inventory level of 80- 100 days however the
same has been high at 120 days in past due to lower availability of
desired raw materials. Firm's average utilization of working
capital stood at 86% during last 12 months ended December 31,
2021.

* Seasonal nature of availability of paddy and margins susceptible
to raw material price fluctuations and Regulations by Governments:
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The major procurement of Paddy happens during the months
of October to January and April to July. The firm's raw material
being paddy, for proper harvest and availability of paddy, the
weather conditions should be adequate. Adverse weather conditions
directly affect the supply and availability of the paddy and raw
material price fluctuations. The central Government of India (GOI),
every year decides a minimum support price of paddy which limits
the bargaining power of rice millers over the farmers. The sale of
rice in the open market is also regulated by the government through
levy quota and fixed prices. Due to the above said regulations
along with the intense competition, the bargaining power of the
rice millers against the suppliers of paddy and the customers is
limited.

* Highly fragmented and competitive business segment due to
presence of numerous players: The firm is engaged into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized firms that compete with each other
along with several large enterprises. There are several small sized
firms in and around koppal area which compete with VAFI.

* Partnership nature of constitution with inherent risk of capital
withdrawal: VAFI is constituted as a Partnership firm wherein it is
exposed to frequent withdrawal of partner's capital and resultant
erosion of the net worth resulting in lower capital base despite
the firm being able to generate sufficient profits in the past.
However, during the review period the promoters have infused a
capital of INR0.30 Cr in F21(A).

Key Rating Strengths

* Experience of promoter for two decades in rice milling business:
Vijayalakshmi Agro Food Industries (VAFI) was established in 2008
as a partnership firm and promoted by Mr. CH Nageshwara Rao, Mr. CH
Radha Krishna, Mr. Jasti Ram Prasad and Mrs. K Geetha Vani. Mr. CH
Nageshwara Rao and Mr. CH Radha Krishna are having around two
decades of experience in rice milling business. Through their
experience in the rice milling business, they have established
healthy relationship with key suppliers, customers, local farmers,
dealers and also with the brokers facilitating the rice business
within the state.

* Locational advantage with presence in cluster and easy
availability of paddy: The rice milling unit of VAFI is located at
Koppal district which is one of the highest rice producing
districts in Karnataka. The manufacturing unit is located near the
rice producing region, which ensures easy raw material access and
smooth supply of raw materials at competitive prices and lower
logistic expenditure.

Vijayalakshmi Agro Food Industries (VAFI) was established in 2008
as a partnership firm and promoted by Mr. CH Nageshwara Rao, Mr. CH
Radha Krishna, Mr. Jasti Ram Prasad and Mrs. K Geetha Vani. VAFI is
engaged in milling and processing of rice. Apart from rice
processing, the firm is also engaged in selling by-products such as
broken rice, husk and bran. As on December 31,2021 the firm has an
installed capacity of 8 tons per hour.


VIJAYALAKSHMI DRIER: CARE Lowers Rating on INR9.90cr LT Loan to B
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vijayalakshmi Drier Industries (VDI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.90       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE has been seeking information from VDI to monitor the rating
vide email dated November 1, 2022, January 2, 2023, February 7,
2023 and March 01, 2023,. However, despite repeated requests, the
company has not provided requisite information for monitoring of
rating.

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.

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 revision in ratings factors in non-cooperation by VDI and
CARE's efforts to undertake a review of the ratings outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. The rating is also constrained by its
moderate financial risk profile, working capital-intensive nature
of operations along with agro climatic risks. The rating also
factors below unity DSCR of the firm, however there an adequate
support from the partners in the form of capital infusion. Seasonal
nature of availability of paddy and margins susceptible to raw
material price fluctuations also constrains the rating. These
rating weaknesses are partially offset by the long track record of
the promoters in the similar line of business, locational advantage
with presence in cluster and easy availability of paddy and stable
outlook demand for rice.

Analytical approach: Standalone

Key Rating Weaknesses

* Small scale of operations with thin profitability margins: The
total operating income of the firm has declined by 11.35% in FY21
and stood at INR29.69 Cr as compared to INR33.06 crore in FY20 on
account of reduction in price per quintal in the market and
comparatively lower demand from repetitive customers coupled covid
induced lockdowns. Further, the operations of the firm restricted
to the state of Karnataka. However, the firm has registered total
operating income of INR19.62 crore in 9MFY22 (Prov.). The
profitability margins marked by the PBILDT margin declined and
remained thin at 2.22% in FY21(A) when compared to 2.58% in FY20
due to higher fixed overhead cost during the year. However, the PAT
margin marginally improved and stood at 0.40% in FY21 when compared
to 0.34% in FY20 due to lower finance cost.

* Moderate financial risk profile, Weak debt coverage indicators
and working capital intensive nature of operations: Overall gearing
of VDI deteriorated and stood at 1.88x as on March 31, 2021 as
compared to 1.44x as on March 31, 2020 on account of increase in
the term loans in the form of GECL and Covid loans availed by the
firm in order to meet the operational liabilities effected due to
covid-19. The networth of the company also stood low at INR4.28 Cr.
The debt coverage indicators marked interest coverage ratio stood
at 1.44x in FY21. The total debt to gross cash accruals
deteriorated stood weak at 49.54x in FY21 when compared to 33.75x
in FY20 due to increase in the debt levels coupled with thin cash
accruals during the year. Due to the inherent agro climatic risk
the millers have to stock enough paddy by the end of each season as
the price and quality of paddy is better during the harvesting
season. During this time, the working capital requirements of the
rice millers are generally on the higher side. Majority funds of
the firm are blocked in inventory. The firm avails credit period of
20-30 days from its suppliers and extends credit up to 40-60 days
to its customers. The firm maintains the average inventory level of
60-80 days however the same has been high at 120 days in past due
to lower availability of desired raw materials. Firm's average
utilization of working capital stood at 83% during last 12 months
ended December 31, 2021.

* Seasonal nature of availability of paddy and margins susceptible
to raw material price fluctuations and Regulations by Governments:
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The major procurement of Paddy happens during the months
of October to January and April to July. The firm's raw material
being paddy, for proper harvest and availability of paddy, the
weather conditions should be adequate. Adverse weather conditions
directly affect the supply and availability of the paddy and raw
material price fluctuations central Government of India (GOI),
every year decides a minimum support price of paddy which limits
the bargaining power of rice millers over the farmers. The sale of
rice in the open market is also regulated by the government through
levy quota and fixed prices. Due to the above said regulations
along with the intense competition, the bargaining power of the
rice millers against the suppliers of paddy and the customers is
limited.

* Highly fragmented and competitive business segment due to
presence of numerous players: The firm is engaged into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized firms that compete with each other
along with several large enterprises. There are several small sized
firms in and around Koppal area which compete with VADI.

* Partnership nature of constitution with inherent risk of capital
withdrawal: VDI is constituted as a Partnership firm wherein it is
exposed to frequent withdrawal of partner's capital and resultant
erosion of the net worth resulting in lower capital base despite
the firm being able to generate sufficient profits in the past.
However, during the review period the promoters have infused a
capital of INR0.34 Cr in F21(A).

Key Rating Strengths

* Experienced promoters for two decades in the rice business:
Vijayalakshmi Drier Industries (VDI) was established in 2008 as a
partnership firm. VDI is engaged in milling and processing of
rice and the active partner Mr. K Murali Krishna has an experience
of over two decades'  in the business of rice milling and
processing. Through his and other partners'  experience in the rice
processing, they have established healthy relationship with key
suppliers, customers, local farmers, dealers and with the brokers
facilitating the rice business within the state.

* Locational advantage with presence in cluster and easy
availability of paddy: The rice milling unit of VDI is located at
Koppal district which is the top district for producing rice in
Karnataka. The manufacturing unit is located near the rice
producing region, which ensures easy raw material access and smooth
supply of raw materials at competitive prices and lower logistic
expenditure.

Liquidity: Stretched

The liquidity profile of the firm stood stretched with tightly
matched accruals to its debt repayment obligations marked by below
unity DSCR for the projected period and working capital utilization
to the extent of 83% during last 12 months ending December 31, 2021
and modest cash and bank balance of INR 0.15 crore as on March
31,2021 (A). Further, the firm has availed ECGL loans to meet the
operational liabilities which were affected due to covid.

Vijayalakshmi Drier Industries (VDI) was established in 2008 as a
partnership firm. VDI is engaged in milling and processing of rice
and the active partner Mr. Murali Krishna has an experience of two
decades in the business of rice milling and processing. Apart from
rice processing, the firm is also engaged in selling off
by-products such as broken rice, husk and bran. Currently the
installed capacity of the firm is 4 tons per hour.

VULCAN ESTATES: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Vulcan Estates Private Limited
        6, Old Post Street, 4th Floor,
        Kolkata-700001, West Bengal

Liquidation Commencement Date: February 20, 2022

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Mohan Ram Goenka
            46, B.B. Ganguly Street, 406, Fl-406,
            Kolkata-700012, West Bengal
            Email: goenkamohan@gmail.com
            Tel No: 9831074332

Last date for
submission of claims: March 22, 2023


WELSPUN NATURAL: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Welspun Natural Resources Private Limited
        Welspun City, Village Versamedi,
        Taluka Anjar, District Kutch,
        Gujarat - 370110

Liquidation Commencement Date: January 18, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Mr. Dilipkumar Natvarlal Jagad
            803/804, Ashok Heights,
            Opp Saraswati, Apartment,
            Nikalas Wadi Road,
            Near Bhuta School, Old Nagar X Road,
            Gundavali, Adheri East,
            Mumbai City, Maharasthra - 400069
            Email: dilipjagad@hotmail.com
            Email: welspun.liquidation@gmail.com
            Tel: +91-9821142587

Last date for
submission of claims: February 17, 2023


XRBIA DEVELOPERS: CARE Lowers Rating on INR200cr LT Loan to D
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Xrbia Developers Limited (XDL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      200.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 21, 2022,
placed the rating of XDL under the 'issuer non-cooperating'
category as XDL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. XDL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 4, 2023, February 14, 2023, February 24, 2023 and March
14, 2023.

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.

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 rating assigned to the bank facilities of XDL have been revised
on account of ongoing delays in debt servicing recognized from
publicly available information i.e. notice issued by its lender
seeking expression of interest for sale of financial asset.

Incorporated in year 2004, XRBIA Developers Limited (XDL)
(erstwhile known as Eiffel Developers & Realtors Limited) is the
flagship entity of Pune based XRBIA Group, engaged in the business
of real estate development and sale of plotted projects. XRBIA
Group has undertaken a number of residential real estate and
plotting projects in Pune, Mumbai and Noida region.

YATRA ONLINE: NCLT Rejects Plea to Dismiss Ezeego's Insolvency Bid
------------------------------------------------------------------
Livemint.com reports that the National Company Law Tribunal (NCLT)
has dismissed an application by Yatra Online against its
operational creditor Ezeego One Travel that sought to initiate
insolvency resolution against the former.

Ezeego had filed the insolvency application under Section 9 after
Yatra defaulted on its dues, the report says. A bench led by
Justice Kishore Vemulapalli and Justice Prabhat Kumar rejected the
application filed by Yatra challenging maintainability of Ezeego's
insolvency application. Following the dismissal, Yatra's insolvency
case will be now heard on merits by NCLT, according to
Livemint.com.

"We find that there exists a debt and (a) date of default, (it) is
not Oct. 30, 2020 but falls in July 2019 i.e. the month in which
the agreement between the parties was terminated. Hence, the
present interlocutory application is not maintainable, and we do
not find any merit in the contention of the corporate debtor that
the application under Section 9 of the Code is barred by provisions
of Section 10A of the Code," the tribunal said in a March 17 order
that was uploaded on its website on March 21.

In its petition before the NCLT, Yatra Online, represented by
senior advocate Krishnendu Dutta, sought dismissal of Ezeego's
application for insolvency resolution against Yatra, Livemint.com
relates. Dutta argued that the application was not maintainable on
account of being barred by Section 10 A of the IBC. Section 10A of
IBC barred filing of insolvency applications for defaults that
occurred between March 2020 and March 2021, a period exempted due
to widespread disruptions caused by the pandemic. Dutta informed
the court that operational creditor had filed the insolvency
application alleging that an amount of INR3.15 crore is due and
payable by Yatra, and stated the date of default as 30 October 2020
in the application. Dutta argued that since the date of default as
stated in the insolvency application was under the barred period
under Section 10A for initiation of insolvency, the application was
not maintainable.

Moreover, he also submitted that once the operational creditor
himself has stated the date default which occurs during the
suspension period, the bar under Section 10A will inevitably apply,
Livemint.com states. In response, Nausher Kohli, representing
Ezeego, said it is incumbent upon the NCLT to determine the true
date of default instead of going on the basis of the pleadings
filed by the parties.

Livemint.com relates that Kohli drew the bench's attention to a
ledger statement sent by Yatra admitting the debt of INR1.59 crore
via an email dated Nov. 15, 2021.  He said it showed the balance is
outstanding since April 1, 2019 onwards, which was before the
Section 10A period.

After hearing the parties, the bench agreed with the submission of
Kohli that it was dutybound to ascertain the facts relating to debt
and default correctly and cannot allow Yatra to take advantage of
mistakes by Ezeego, says Livemint.com. Since Yatra admitted its
liability on a date prior to the prohibited period, the NCLT Mumbai
dismissed the application by Yatra. Since Yatra admitted its
liability on a date prior to the prohibited period, the NCLT Mumbai
dismissed the application by Yatra.


ZTE TELECOM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: ZTE Telecom India Private Limited
Cowarks, 5th Floor Building No. 10 Tower-A
        DLF Cyber City, Phase-II,
        Gurgaon HR 122002 India

Insolvency Commencement Date: February 20, 2023

Estimated date of closure of
insolvency resolution process: August 19, 2023

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Naresh Kumar Aggarwal
       M-806, Ernasar Palm Drive, Golf Course
       Ext. Road, Sector 66, Near Badshahpur Chowk,
              Gurgaon Haryana 12201B
       Email: nareshaggarwal375@gmail.com
       Email: cirp.ztetelecom@gmail.com

Last date for
submission of claims: March 7, 2023




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

BLACKDOG CAT: Garry Whimp Appointed as Administrator
----------------------------------------------------
Garry Whimp of Blacklock Rose Limited on March 16, 2023, was
appointed as administrator of Blackdog Cat 2016 Limited.

The administrator may be reached at:

          c/o Blacklock Rose Limited
          PO Box 6709
          Auckland 1142


COMFORT AIR: Creditors' Proofs of Debt Due on April 6
-----------------------------------------------------
Creditors of Comfort Air Limited are required to file their proofs
of debt by April 6, 2023, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


KBL HIRE: Brent Kijurina Appointed as Receiver
----------------------------------------------
Brent Kijurina of Hall Chadwick Advisory on March 16, 2023, was
appointed as receiver of KBL Hire Limited.

The receiver may be reached at:

          Brent Kijurina
          Hall Chadwick Advisory
          Floor 26, 188 Quay Street
          Auckland 1010


REVIVE CONCRETE: Creditors' Proofs of Debt Due on April 7
---------------------------------------------------------
Creditors of Revive Concrete Limited are required to file their
proofs of debt by April 7, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 7, 2023.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


TITANIUM TRUSTEE: Calibre Partners Appointed as Receiver
--------------------------------------------------------
Neale Jackson and Brendon James Gibson of Calibre Partners on March
13, 2023, were appointed as receivers and managers of Titanium
Trustee Management Limited.

The receivers may be reached at:

          Calibre Partners
          Level 21
          88 Shortland Street
          Auckland




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

BLUE CHIP: Court to Hear Wind-Up Petition on March 31
-----------------------------------------------------
A petition to wind up the operations of Blue Chip Vision Pte Ltd
will be heard before the High Court of Singapore on March 31, 2023,
at 10:00 a.m.

Boardroom Corporate & Advisory Services Pte Ltd. filed the petition
against the company on March 10, 2023.

The Petitioner's solicitors are:

          Jacque Law LLC
          160 Robinson Road
          #21-08 SBF Center
          Singapore 06891


FIRST TRADE: Creditors' Proofs of Debt Due on April 21
------------------------------------------------------
Creditors of First Trade Factoring Pte. Ltd. are required to file
their proofs of debt by April 21, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 14, 2023.

The company's liquidators are:

          Goh Tiong Hong
          Tee Wey Lih
          Acres Advisory Private Limited
          531A Upper Cross Street #03-128
          Hong Lim Complex
          Singapore 051531


GLOBAL BEVERAGE: Court to Hear Wind-Up Petition on March 31
-----------------------------------------------------------
A petition to wind up the operations of Global Beverage Industries
Pte Ltd will be heard before the High Court of Singapore on March
31, 2023, at 10:00 a.m.

Boardroom Corporate & Advisory Services Pte Ltd. filed the petition
against the company on March 10, 2023.

The Petitioner's solicitors are:

          Jacque Law LLC
          160 Robinson Road
          #21-08 SBF Center
          Singapore 06891


NEW MILLENIUM: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on March 10, 2023, to
wind up the operations of New Millenium Construction Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


SHC GROUP: Court to Hear Wind-Up Petition on March 31
-----------------------------------------------------
A petition to wind up the operations of SHC Group Pte Ltd will be
heard before the High Court of Singapore on March 31, 2023, at
10:00 a.m.

Boardroom Corporate & Advisory Services Pte Ltd. filed the petition
against the company on March 10, 2023.

The Petitioner's solicitors are:

          Jacque Law LLC
          160 Robinson Road
          #21-08 SBF Center
          Singapore 06891




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

SRI LANKA: Can No Longer Be Considered as Bankrupt, President Says
------------------------------------------------------------------
Onlanka.com reports that Sri Lanka President Ranil Wickremesinghe
emphasised that Sri Lanka is no longer considered as a bankrupt
country by the world.

He said this in a special statement following the approval of the
extended credit facility by the Executive Board of the
International Monetary Fund (IMF), Onlanka.com relates.

According to Onlanka.com, the President further stated that the
loan facility serves as an assurance from the international
community that Sri Lanka has the capacity to restructure its debt
and resume normal transactions.

Additionally, the President noted that the government is working to
gradually lift import restrictions on essential goods, medicines,
and tourism-related goods, as the foreign exchange situation
improves, Onlanka.com relays.

He expressed gratitude to all countries that supported the
International Monetary Fund agreement, as well as the heads of the
International Monetary Fund and the World Bank, the report adds.

                          About Sri Lanka

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

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

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

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

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

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

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


SRI LANKA: To Start Next Round of Talks with Creditors in April
---------------------------------------------------------------
Reuters reports that Sri Lanka will kick off the next round of
talks with creditors in the third week of April, President Ranil
Wickremesinghe said on March 22, adding that the debt-stricken
nation has started to receive funds from the International Monetary
Fund.

Reuters relates that the IMF has released the first tranche of
about $330 million, part of a nearly $3 billion bailout approved by
it on March 20, Wickremesinghe told parliament.

"This will create opportunities for low-interest credit, restore
foreign investors' confidence and lay the foundation for a strong
new economy," he said.

According to Reuters, the IMF bailout is expected to catalyse
additional support to the tune of $3.75 billion from the likes of
the World Bank, the Asian Development Bank and other lenders. It
also clears the way for Sri Lanka to restructure a substantial part
of its $84 billion worth total public debt.

Sri Lankan officials will start the next round of talks with
bondholders and bilateral creditors in the third week of April,
Wickremesinghe said, adding that a fully transparent process will
be followed, Reuters relays.

Sri Lanka also aims to reduce inflation to a single digit by
mid-2023 and later to 4%-6%, Wickremesinghe said. The country's
National Consumer Price Index rose an annual 53.6% in February.

This was the 17th IMF bailout for Sri Lanka and the third since the
country's decades-long civil war ended in 2009, Reuters notes.

Economic mismanagement coupled with the impact of the COVID-19
pandemic left Sri Lanka severely short of dollars for essential
imports at the beginning of last year, tipping the island nation
into its worst financial crisis in seven decades.

Unlike previous bailouts, which were mainly used to bolster foreign
exchange reserves, the funds from the current programme can also be
used for government spending, senior IMF official Masahiro Nozaki
said on March 21.

                          About Sri Lanka

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

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

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

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

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

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

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



                           *********


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

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

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

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

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



                *** End of Transmission ***