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

                     A S I A   P A C I F I C

          Friday, April 7, 2023, Vol. 26, No. 71

                           Headlines



A U S T R A L I A

APOLLO TRUST 2023-1: S&P Assigns Prelim. BB(sf) Rating on E Notes
APRICITY FINANCE: First Creditors' Meeting Set for April 17
BUILD TECH: First Creditors' Meeting Set for April 17
BULLEN LOGISTICS: First Creditors' Meeting Set for April 14
COLAB: Culinary Marketplace Falls Into Voluntary Administration

ENDEAVOUR SECURITIES: Court Finds Officers Breached Duties
KNIGHTHILL SECURITY: First Creditors' Meeting Set for April 14
LATITUDE AUSTRALIA 2018-1: DBRS Confirms BB Rating on E Notes
PANORAMA AUTO 2023-1: Fitch Gives 'B(EXP)sf' Rating on Cl. F Notes
PHM HEALTH: Second Creditors' Meeting Set for April 17

PLENTI AUTO 2021-1: Moody's Raises Rating on Class F Notes to Ba3
WEDGEWOOD CONSTRUCTIONS: Goes Into Administration


C H I N A

SINO-OCEAN GROUP: Moody's Cuts CFR to B3, On Review for Downgrade
WEST CHINA CEMENT: Fitch Alters Outlook on 'BB' IDR to Negative


I N D I A

ACCORD UDYOG: CRISIL Lowers Rating on INR6cr Cash Loan to D
ANDHRA PRADESH: Ind-Ra Affirms BB Term Loan Rating, Outlook Stable
AVLA NETTOS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
BHIMASHANKAR SAHAKARI: Ind-Ra Assigns BB LT Issuer Rating
BHORUKA POWER: Ind-Ra Cuts Term Loan Rating to BB+

BR SPONGE: Ind-Ra Withdraws BB Long Term Issuer Rating
CAPTAIN POLYPLAST: Ind-Ra Affirms BB+ Long Term Issuer Rating
CARNIVAL INDUSTRIES: Ind-Ra Assigns BB+ Term Loan Rating
CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating
CITY TILES: ICRA Keeps D Debt Ratings in Not Cooperating Category

CORE JEWELLERY: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
CUBE INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
D C METALS: ICRA Keeps D Debt Rating in Not Cooperating Category
EUROLIFE HEALTHCARE: Ind-Ra Keeps 'D' Rating in Non-Cooperating
GMW ENGINEERS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

GURU RAGHAVENDRA: Ind-Ra Hikes Long Term Issuer Rating to B+
KAPRISA INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
MBC INFRA-SPACE: ICRA Lowers Rating on INR4.49cr ST Loan to D
PALAK FERRO: ICRA Keeps D Debt Ratings in Not Cooperating
PARTH CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating

RAIPUR POWER: ICRA Keeps D Debt Ratings in Not Cooperating
RAJASTHAN FASTENERS: CRISIL Keeps D Ratings in Not Cooperating
RAMRATI JAGDISH: CRISIL Keeps D Debt Rating in Not Cooperating
RISE ON GROUP: ICRA Keeps C Debt Rating in Not Cooperating
ROMEGA FOAM: CRISIL Keeps D Debt Ratings in Not Cooperating

SANKAR COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
SANTOSH KUMAR: CRISIL Keeps D Debt Rating in Not Cooperating
SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
SUDARSHAN TV: ICRA Keeps D Debt Ratings in Not Cooperating
TI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating Category

UNITED CONCEPTS: ICRA Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

MASKAPAI REASURANSI: Fitch Alters Outlook on BB+ Rating to Stable


M A L A Y S I A

CLASSITA HOLDINGS: Settles Dispute with Tee Yam and Wong Siaw Puie


N E W   Z E A L A N D

ANDRASSY LIMITED: Creditors' Proofs of Debt Due on May 3
FRANK COLOMBO: Creditors' Proofs of Debt Due on May 2
IPG TRUSTEES: Creditors' Proofs of Debt Due on May 25
PORSE EDUCATION: Court to Hear Wind-Up Petition on May 5
SHAOLIN XIANGQIAN: Creditors' Proofs of Debt Due on May 2

ZOMATO LTD: Initiates Liquidation Process for Two Subsidiaries


S I N G A P O R E

AVEXIS CONSTRUCTION: Commences Wind-Up Proceedings
BLUE CHIP: Court Enters Wind-Up Order
CONFLUX FOUNDATION: Court Enters Wind-Up Order
KIA HOE: Court Enters Wind-Up Order
OLD VILLAGE: Commences Wind-Up Proceedings


                           - - - - -


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

APOLLO TRUST 2023-1: S&P Assigns Prelim. BB(sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee for APOLLO Series 2023-1
Trust. APOLLO Series 2023-1 Trust is a securitization of prime
residential mortgage loans originated by Suncorp-Metway Ltd.
(Suncorp).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance cover on 25.78% of the loan portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity reserve to
cover extraordinary expenses, an excess revenue reserve funded by
available spread, the principal draw function, and a liquidity
facility to be provided by Suncorp equal to 0.8% of the performing
mortgage loan balance, are sufficient under its stress assumptions
to ensure timely payment of interest.

-- The benefit of a fixed-rate swap to be provided by Suncorp to
hedge the mismatch between receipts from any fixed-rate mortgage
loans and the variable-rate notes.

  Preliminary Ratings Assigned

  APOLLO Series 2023-1 Trust

  Class A, A$460.000 million: AAA (sf)
  Class AB, A$20.000 million: AAA (sf)
  Class B, A$10.000 million: AA (sf)
  Class C, A$5.000 million: A (sf)
  Class D, A$2.000 million: BBB (sf)
  Class E, A$1.500 million: BB (sf)
  Class F, A$1.500 million: Not rated


APRICITY FINANCE: First Creditors' Meeting Set for April 17
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Apricity
Finance Group Pty. Ltd. will be held on April 17, 2023, at 3:00
p.m. via virtual meeting only.

Darren John Vardy of Insolvency Options was appointed as
administrator of the company on April 17, 2023.


BUILD TECH: First Creditors' Meeting Set for April 17
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Build Tech
Pumping Group Pty Ltd will be held on April 17, 2023, at 10:30 a.m.
via virtual meeting only.

Bruce Gleeson of Jones Partners Insolvency & Restructuring was
appointed as administrator of the company on April 3, 2023.


BULLEN LOGISTICS: First Creditors' Meeting Set for April 14
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bullen
Logistics Australia Pty. Ltd. will be held on April 14, 2023, at
2:30 p.m. at Level 14, 570 Bourke Street in Melbourne.

Matthew Kucianski of Worrells was appointed as administrator of the
company on April 1, 2023.


COLAB: Culinary Marketplace Falls Into Voluntary Administration
---------------------------------------------------------------
News.com.au reports that a gourmet food start-up, which offered
ready-to-cook meals from more than 150 restaurants, has collapsed
after it failed to secure funding - another casualty in the
start-up sector which has taken a beating during global economic
turmoil.

News.com.au relates that the start-up called CoLab, formerly known
as ChefPrep, has offices in Sydney and Melbourne and employed 16
staff but fell into administration at the end of March.

The company had enjoyed backing from Mark Bouris, the millionaire
entrepreneur and founder of Wizard Home Loans and Yellow Brick Road
among other investors, news.com.au says.

It had also previously secured $3 million in funding last year from
venture firms Artesian Ventures and Berlin-based Global Founders
Capital.

Founded in 2021 by Elle Curran and Josh Abulafia, apart from
offering ready meals from restaurants, it also sells 1,500 products
from gourmet pantry food and drinks, fresh produce and frozen ready
meals alongside gift packages.

News.com.au says CoLab merged with its Melbourne rival ChefPrep
just seven months ago and was born from a shared frustration of
mass manufactured ready-made meals and food delivery services.

At the time, the merger was designed to help the business expand
into supplying meals in Canberra, Adelaide, Brisbane, and Perth as
well as regional NSW and Victoria, while it also had its sights set
on an international launch. It also said it had 30,000 customers.

But like other start-ups in the grocery space, the company had
struggled to attract investors.

News.com.au relates that Ms. Curran and Mr. Abulafia said after a
recent funding round fell through, it had been seeking out a
buyer.

"The business was in acquisition discussions with a number of
businesses and EY was appointed as administrators to manage the
sales process and to assess options for restructuring the
business," they said.

"We appointed EY as administrators when it became clear that we
were unable to continue acquisition discussions on the current
runway

"We have been working closely with EY throughout the process and we
are confident in their ability to achieve the best result for the
business, employees and creditors."

The company would continue to trade on a "business as usual" basis
according to its website.

EY’s Morgan Kelly and David Kennedy have been appointed as the
administrators of Colab and were seeking a buyer, news.com.au
discloses.

"Following stabilisation of the business, we are conducting an
urgent expression of interest campaign to determine whether a
strategic fit for CoLab can be identified," they said.

"The current environment is challenging for start-ups, but the
voluntary administration regime is designed to maximise the chances
of a business continuing to exist. We intend to explore all options
for CoLab and its stakeholders, and will keep everyone informed as
the administration progresses."


ENDEAVOUR SECURITIES: Court Finds Officers Breached Duties
----------------------------------------------------------
The Federal Court has found four current and former directors of
Endeavour Securities (Australia) Ltd and Linchpin Capital Group Ltd
breached their duties as officers of a responsible entity of a
registered managed investment scheme and did not act in the best
interests of members.

ASIC Deputy Chair Sarah Court said, 'These individuals were
officers of an investment scheme that raised AUD17 million. They
were responsible for large sums of money but did not take the
proper steps to ensure they complied with the law. Disclosure
statements did not reflect the true position and two of the
directors were found by the Court to have made improper use of
their positions to gain advantage for themselves.

'Investors expected a level of compliance that was not delivered.
For ASIC, it was critical that these officers were held
accountable.'

The Court found that between 2015 and 2018, directors of Endeavour,
Mr. Ian Williams, Mr. Paul Raftery and Mr. Paul Nielsen, together
with Mr. Peter Daly, (who was found to have acted as an officer of
Endeavour):

   * did not take all reasonable steps to ensure that Endeavour
     complied with its compliance plan, obtain member approval for

     related party loans and issue Product Disclosure Statements
     that complied with the law;

   * failed to exercise care and diligence;

   * did not act in the best interests of members of the
     Investport Income Opportunity Fund.

The Court found Mr. Daly and Mr. Raftery improperly used their
positions by receiving unsecured loans from the unregistered
Investport Income Opportunity Fund for their personal use. Mr Daly
received loans totalling AUD130,000 and Mr. Raftery took a
AUD40,000 loan.

Endeavour was the responsible entity of a registered managed
investment scheme called the Investport Income Opportunity Fund.
Linchpin operated an unregistered managed investment scheme, which
was also called the Investport Income Opportunity Fund.  Both funds
were placed into liquidation in 2019 (19-065MR).  

In handing down judgment, Justice Cheeseman said 'The circumstances
in which and the way in which Endeavour transferred the funds to
Linchpin, markedly departed from the standard that one would expect
between unrelated parties, each acting in their own best interests.
In short, the Endeavour transfers were uncertain, uncommercial and
improvident.'

'I am satisfied that a clear conflict existed between the interests
of unit holders in the Registered Scheme and the interests of
Linchpin and the borrowers under the Unregistered Scheme Loans.
That conflict was not recognised and was not mitigated by the
respondents in their respective roles as officers of Endeavour.'

'The conduct of Mr Daly and Mr Raftery respectively in entering
into the Daly Loans and the Raftery Loan (as varied) fell short of
the standards of conduct that would be expected of individuals in
their position by reasonable persons with knowledge of the duties,
powers and authority of officers of responsible entities of a
registered managed investment schemes.'

Mr Nielsen, Mr Raftery and Mr Williams did not contest ASIC's case
at trial.

ASIC will now seek Orders from the Court imposing pecuniary
penalties and periods of disqualification against the current and
former directors from managing corporations.

Linchpin operated through various subsidiaries (including
Endeavour) and provided a range of financial products and funds
management and investment advisory services.  

Mr. Ian Williams and Mr. Paul Raftery are current directors of
Endeavour and Linchpin. Mr Paul Nielsen is a former director of
Endeavour and Linchpin and Mr Peter Daly is a current director of
Linchpin.

At the time of the misconduct, breaches of officers' duties (under
s601FD of the Corporations Act) attracted maximum penalties of
AUD200,000 per contravention for individuals.  

In November 2019, ASIC banned Mr. Williams, Mr. Nielsen, Mr. Daly
and Mr. Raftery from providing any financial services each for a
period of five years.


KNIGHTHILL SECURITY: First Creditors' Meeting Set for April 14
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Knighthill
Security Pty Ltd will be held on April 14, 2023, at 11:00 a.m. via
virtual meeting technology.

Mathew Gollant of CJG Advisory was appointed as administrator of
the company on April 3, 2023.


LATITUDE AUSTRALIA 2018-1: DBRS Confirms BB Rating on E Notes
-------------------------------------------------------------
DBRS Ratings Limited (confirmed its ratings on the Series 2018-2
and Series 2019-1 notes (together, the Notes) issued by Latitude
Australia Credit Card Loan Note Trust as follows:

Series 2018-1:

-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)

Series 2019-1:

-- Class A1 Notes at AAA (sf)
-- Class A2 Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)

The ratings on the Notes address the timely payment of interest and
the ultimate payment of principal on or before the legal final
maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, charge-offs,
principal payment rates, and yield rates, as of the February 2023
payment date;

-- Current available credit enhancement to the Notes to cover the
expected losses at their respective rating levels; and

-- No revolving termination events.

The transaction is a securitization of credit card receivables
related to credit agreements originated or acquired by Latitude
Finance Australia (Latitude) to customers in Australia and assigned
to the Latitude Australia Credit Card Master Trust. The portfolio
is serviced by Latitude. Each series is currently in its respective
revolving period ending at the latest in March 2023 and September
2024 for Series 2018-1 and Series 2019-1, respectively. The legal
final maturity dates are in March 2032 for Series 2018-1 and in
September 2033 for Series 2019-1.

PORTFOLIO PERFORMANCE

As of the February 2023 payment date, the monthly principal payment
rate (MPPR) was 15.8%, averaging 13.0% since closing. The
annualized gross charge-off rate was 3.9%, averaging 4.2% since
closing. The annualized yield rate was 14.0%, averaging 13.6% since
closing.

As of the February 2023 payment date, receivables that were two to
three months in arrears represented 0.5% of the outstanding
receivables balance, slightly down from 0.6% at the last annual
review. Receivables more than three months in arrears represented
1.0% of the outstanding receivables balance, stable since the last
annual review.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar maintained its base case MPPR, charge-off rate,
and yield rate assumptions at 11.3%, 6.3%, and 12.5%,
respectively.

CREDIT ENHANCEMENT

With respect to Series 2018-1 and 2019-1, the Class A1 Notes each
benefit from credit enhancement of 32.5%. Credit enhancement to the
Class A2, Class B, Class C, Class D, and Class E Notes is 22.5%,
17.0%, 12.0%, 8.0%, and 4.5%, respectively, for both series. Credit
enhancement consists of subordination of the junior notes and the
series-specific originator variable funding note (VFN), and has
remained stable due to the revolving periods.

The required retained principal ledgers in respect of each series
and the originator VFN required retained principal ledger provide
liquidity support to the transaction. The series required retained
principal ledger is funded to 1% of the outstanding Notes'
balance.

Westpac Banking Corporation (Westpac) acts as the account bank for
the transaction. Based on DBRS Morningstar's public long-term
senior debt rating on Westpac of AA, the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structures, DBRS Morningstar considers
the risk arising from the exposure to the account bank to be
consistent with the ratings assigned to the Class A1 and Class A2
notes for each series, as described in DBRS Morningstar's "Legal
Criteria for European Structured Finance Transactions"
methodology.

Notes: All figures are in Australian dollars unless otherwise
noted.


PANORAMA AUTO 2023-1: Fitch Gives 'B(EXP)sf' Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Panorama Auto Trust
2023-1's pass-through floating-rate notes. The notes are backed by
a pool of first-ranking Australian automotive lease and loan
receivables originated by Angle Auto Finance Pty Ltd. The notes
will be issued by Perpetual Corporate Trust Limited as trustee for
Panorama Auto Trust 2023-1.

Angle Auto Finance was formed in June 2021 through a joint venture
between Cerberus Capital Management, L.P. (80%) and Deutsche Bank
AG, Sydney Branch (20%). In March 2022, Angle Auto Finance
completed the acquisition of Westpac Banking Corporation's (WBC,
A+/Stable/F1) motor vehicle dealer finance and novated leasing
business.

The acquisition included front book origination relationships with
dealer groups and novated leasing introducers, as well as the
majority of the business's employees in the areas of sales and
distribution, credit, underwriting and risk. Origination processes,
underwriting policies and procedures, and collections processes are
consistent with those that were in place at WBC.

   Entity/Debt      Rating        
   -----------      ------        
Panorama Auto
Trust 2023-1

   Commission   LT AAA(EXP)sf Expected Rating
   A            LT AAA(EXP)sf Expected Rating
   B            LT AA(EXP)sf  Expected Rating
   C            LT A(EXP)sf   Expected Rating
   D            LT BBB(EXP)sf Expected Rating
   E            LT BB(EXP)sf  Expected Rating
   F            LT B(EXP)sf   Expected Rating
   G1           LT NR(EXP)sf  Expected Rating
   G2           LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The total collateral pool at the 31 January 2023 cut-off date was
AUD500 million and consisted of 12,744 receivables with a
weighted-average (WA) seasoning of 5.1 months, WA remaining
maturity of 51.7 months and an average contract balance of
AUD39,236.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch has assigned base-case
default expectations and 'AAAsf' default multiples for novated
leases, consumer loans and commercial loans. Its default
assumptions are 1.0%, 3.0% and 2.75%, respectively, for each
sub-pool. The 'AAAsf' default multiples are 7.50x, 5.50x and 6.00x.
The recovery base case is 35.0%, with a 'AAAsf' recovery haircut of
50.0% across all sub-pools. The WA base-case default assumption was
2.0% and the 'AAAsf' default multiple was 6.1x.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite increasing
interest rates. GDP growth in 2022 was 2.7% and unemployment was
3.5% in February 2023. Fitch expects GDP growth to slow to 1.5% in
2023, with unemployment reaching 4.2%, reflecting high inflation
combined with a slowdown in consumer spending.

Excess Spread Supports Commission Note Repayment: The transaction
includes a commission note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, and will amortise in line with an amortisation
schedule. Its repayment limits the availability of excess spread to
cover losses, as it ranks senior in the interest waterfall, above
the class B to F notes.

Structural Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The class A to F notes
will receive principal repayments pro rata upon satisfaction of
stepdown criteria. The percentage of credit enhancement provided by
the G1 and G2 notes will increase as the A to F notes amortise.

Fitch's cash flow analysis incorporates the transaction's
structural features and tests each note's robustness by stressing
default and recovery rates, prepayments, interest-rate movements
and default timing. All notes have passed their relevant rating
stresses.

Low Operational and Servicing Risk: All receivables were originated
by Angle Auto Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Servicer disruption risk is
mitigated by back-up servicing arrangements. The nominated back-up
servicer is Perpetual Corporate Trust. Fitch undertook an
operational and file review and found that the operations of the
originator and servicer were comparable with those of other auto
lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 55.9% of the portfolio by loan count has
balloon amounts payable at maturity.

RATING SENSITIVITIES

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

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

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case, and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions; these include increasing WA defaults and decreasing
the WA recovery rate.

Downside Sensitivities

Rating Sensitivity to Increased Default Rates

Note: Commission / A / B / C / D / E / F

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

Increase defaults by 10%: AAAsf / AA+sf / AA-sf / Asf / BBBsf /
BB-sf / B-sf

Increase defaults by 25%: AA+sf / AAsf / A+sf / BBB+sf / BBB-sf /
B+sf / below Bsf

Increase defaults by 50%: AAsf / AA-sf / Asf / BBBsf / BBsf / Bsf /
below Bsf

Rating Sensitivity to Reduced Recovery Rates

Note: Commission / A / B / C / D / E / F

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

Recoveries decrease 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ Bsf

Recoveries decrease 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB-sf
/ B-sf

Recoveries decrease 50%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf / below Bsf

Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates

Note: Commission / A / B / C / D / E / F

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

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

Defaults increase 25%/recoveries decrease 25%: AA+sf / AAsf / A+sf
/ BBB+sf / BB+sf / B+sf / below Bsf

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

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

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

Upgrade Sensitivities

The commission and class A notes are at the highest level on
Fitch's scale and cannot be upgraded.

Note: B / C / D / E / F

Expected Rating: AAsf / Asf / BBBsf / BBsf / Bsf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BB+sf / B+sf

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information and concluded that there were no
findings that affected the rating analysis. Overall, and together
with any assumptions referred to above, Fitch's assessment of the
information relied upon for the agency's rating analysis, according
to its applicable rating methodologies, indicates that it is
adequately reliable.

ESG CONSIDERATIONS

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


PHM HEALTH: Second Creditors' Meeting Set for April 17
------------------------------------------------------
A second meeting of creditors in the proceedings of PHM Health
Australia Ltd has been set for April 17, 2023 at 11:00 a.m. via
Microsoft Teams.

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 April 14, 2023 at 4:00 p.m.

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


PLENTI AUTO 2021-1: Moody's Raises Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on ten classes
of notes issued by two Plenti Auto ABS Trusts.

The affected ratings are as follows:

Issuer: Plenti Auto ABS Trust 2021-1

Class B Notes, Upgraded to Aaa (sf); previously on Jun 10, 2022
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Jun 10, 2022
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Jun 10, 2022
Upgraded to A3 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Jun 10, 2022
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Aug 12, 2021
Definitive Rating Assigned B1 (sf)

Issuer: Plenti Auto ABS Trust 2022-1

Class B Notes, Upgraded to Aa1 (sf); previously on Jun 16, 2022
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Jun 16, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Jun 16, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Jun 16, 2022
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Jun 16, 2022
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Plenti Auto ABS Trust 2021-1

Following the March 2023 payment date, the credit enhancement
available for the Class B, Class C, Class D and Class E Notes has
increased to 15.4%, 11.3%, 6.2%, and 2.6%, respectively, from
10.4%, 7.6%, 4.2% and 1.7% at the time of the last rating action
for these notes in June 2022. Credit enhancement available for the
Class F Notes has increased to 1.0% from 0.5% at closing.

As of end-February, 1.7% of the outstanding pool was 30-plus day
delinquent, and 0.2% was 90-plus day delinquent. The portfolio has
incurred net losses of 0.3% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 2.8% as a
percentage of the current pool balance (equivalent to 1.7% of the
original balance). Moody's has also maintained the Aaa portfolio
credit enhancement at 13.5%.

Plenti Auto ABS Trust 2022-1

Following the March 2023 payment date, credit enhancement available
for the Class B, Class C, Class D, Class E and Class F Notes has
increased to 11.8%, 9.1%, 7.3%, 5.7% and 2.4% respectively, from
8.5%, 6.6%, 5.3%, 4.1%, and 1.8% at closing.

As of end-February, 1.1% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The portfolio has
incurred net losses of 0.4% of loss (as a percentage of the
original pool balance) to date, all of which have been covered by
excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 2.8% as a
percentage of the current pool balance (equivalent to 2.5% of the
original balance). Moody's has also maintained the Aaa portfolio
credit enhancement at 13.5%.

The transactions are cash securitisation of consumer auto loan
receivables extended to prime borrowers in Australia originated by
Plenti Finance Pty Limited.

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

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

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

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


WEDGEWOOD CONSTRUCTIONS: Goes Into Administration
-------------------------------------------------
Daily Mail reports that yet another construction company has gone
into administration as Australia's building crisis deepens, leaving
dozens of homes unfinished.

Wedgewood Constructions, based in Magill in Adelaide's eastern
suburbs, was placed into liquidation on April 2 after 14 years in
the business, the report discloses.

The South Australian company had specialised in custom-home builds,
additions and heritage building works before it collapsed this
week.

Daily Mail says the development comes just days after the Lloyd
Group, a civil design and construction group, went into voluntary
administration with about 59 projects still uncompleted, including
30 in NSW and 29 in Victoria on March 31.

Building giant Porter Davis Homes also went into liquidation with
more than 1,500 projects still to be completed this week.

Daily Mail says industry leaders have warned financial woes will
see the building industry crisis worsen amid repeated interest rate
rises and skyrocketing material costs.

According to the report, Wedgewood liquidator Simon Miller said
only four homes were left unfinished, with the family firm
employing only a handful of workers and creditors.

'It's a relatively small family business, it had family members
working in it, but unfortunately it has gone the way of many of the
other builders with high material costs and fixed price contracts -
so it has been a very tough game to be in for some time,' he told
The Advertiser.

Across Australia, there were 549 administrations and liquidations
in March alone, a jump of 23 per cent when compared to last year,
the report discloses.

Just 11 of these companies were based in South Australia, with
insolvencies relatively low when compared to collapses in states on
the east coast, the report adds.




=========
C H I N A
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SINO-OCEAN GROUP: Moody's Cuts CFR to B3, On Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has downgraded Sino-Ocean Group Holding
Limited (Sino-Ocean)'s corporate family rating to B3 from Ba3.

At the same time, Moody's has downgraded (1) to B3 from Ba3, the
backed senior unsecured ratings on the bonds issued by Sino-Ocean
Land Treasure Finance I Limited, Sino-Ocean Land Treasure Finance
II Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed
by Sino-Ocean, and (2) to Caa2 from B2, the subordinated,
guaranteed perpetual capital securities issued by Sino-Ocean Land
Treasure III Limited and guaranteed on a subordinated basis by
Sino-Ocean. All ratings are under review for further downgrade.

Moody's has changed all the outlooks to ratings under review from
negative.

"The rating downgrades reflect Moody's concerns over Sino-Ocean's
weak corporate transparency, governance practices and liquidity, as
reflected in the auditor's qualified opinion stated in the
company's 2022 financial results. Moody's expects such developments
will likely undermine creditors' confidence and the company's
access to funding, which will in turn increase the company's
refinancing risks over the next 12-18 months," says Cedric Lai, a
Moody's Vice President and Senior Analyst.

"The review for downgrade reflects the high uncertainty over
Sino-Ocean's ability to maintain access to funding and to rectify
any non-compliance of covenants related to its financing to avoid
debt acceleration. The review also reflects the uncertain financial
and liquidity impacts associated with the company's connection with
Sino-Ocean Capital Limited, and the likelihood of its largest
shareholder China Life Insurance Co Ltd (China Life) continuing to
support Sino-Ocean given the company's deteriorated financial
performance," adds Lai.

RATINGS RATIONALE

Sino-Ocean's auditor, BDO Limited, has issued a qualified opinion
on the auditor's report on the company's financial results of 2022,
including the scope of limitation of interest in associates and
transactions and balances relating to the funds transferred to a
third party. [1]

Moody's also notes that BDO indicated in Sino-Ocean's financial
result announcement of 2022 an existence of material uncertainty in
Sino-Ocean's ability to continue as a going concern.

At the same time, Sino-Ocean reported weak 2022 results with a
significant drop in total cash as of the end of December 2022 due
to weakening sales, lower cash collection rate and repayment of
maturing debt.

These developments raise concerns over the company's corporate
transparency and governance practices, and Moody's expects this
will likely weaken creditors' confidence and the company's access
to funding.

Sino-Ocean's deteriorated financial metrics would also result in a
breach of covenants governing its financing. Moody's expects the
company's weak operations, inadequate information disclosure and
weak corporate governance could cast doubts over the company's
ability to rectify the compliance breach. If the breach was not
rectified, it could result in acceleration of debt repayment,
heightening the company's liquidity and refinancing risks over the
next 6-12 months.

Moody's expects the company's liquidity to be inadequate over the
next 12-18 months if Sino-Ocean is unable to raise new external
funding. The company's cash balance significantly reduced to RMB9.4
billion as of the end of 2022 from RMB19.6 billion as of the end
June of 2022, due to its lower sales, weak cash collection rates
and repayment of some maturing debt.

Moody's expects Sino-Ocean's contracted sales to fall 10% year on
year to around RMB90 billion in 2023 amid a smaller land bank,
after a 26% drop in sales to RMB100 billion in 2022. The continued
sales decline will weaken the company's cash flow and credit
metrics over the next 12 months. The company has offered price
discounts to support its contracted sales, which will pressure its
profit margins. Consequently, its EBIT/interest coverage will stay
at a weak level of 1.8x over the next 12-18 months, versus 1.0x in
2022 and 3.0x in 2021, while its debt/EBITDA will stay at around
9.1x-9.5x over the next 12-18 months, versus 18.6x in 2022 and 6.5x
2021.

Sino-Ocean's B3 CFR, which is on review for further downgrade,
incorporates its standalone credit profile and one-notch of rating
uplift, stemming from expected support from its 29.59% shareholder,
China Life Insurance Co Ltd (China Life), in times of need. This
view also factors in China Life's ability to support Sino-Ocean, as
indicated by its A1 insurance financial strength rating (IFSR) and
track record of providing support to Sino-Ocean through subscribing
to the company's bond issuance.

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

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's very highly negative
governance risk as revealed by its weak liquidity management, weak
corporate governance practices and inadequate information
disclosure, as reflected in its auditor's qualified opinion.

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

Moody's will review (1) Sino-Ocean's liquidity and access to
funding; (2) its commitment and ability to enhance information
disclosure and corporate governance standards; (3) its progress in
obtaining the waiver from the breach of its offshore bank loan
covenants and ability to mitigate debt repayment risks; and (4) the
likelihood of China Life providing continuing support to the
company.

Moody's could downgrade Sino-Ocean's ratings if (1) the company's
access to funding and liquidity deteriorate further, or (2) the
company is unlikely to obtain a waiver for non-compliance of
covenants governing its financing; both of which would heighten its
refinancing risks.

The agency could also downgrade Sino-Ocean's ratings if it lowers
its assessment of support from China Life for Sino-Ocean, in view
of a reduction of Sino-Ocean's economic and strategic importance to
China Life.

On the other hand, Moody's could confirm Sino Ocean's ratings if
the company (1) satisfactorily resolves its non-compliance of
covenants for its financing, (2) enhances its corporate governance
and information disclosure, and (3) maintains continuing access to
funding as well as ongoing extraordinary support from China Life.

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

Sino-Ocean Group Holding Limited (Sino-Ocean) is a leading property
developer in China. The company focuses on developing mid- to
high-end residential properties, office premises and retail
properties. As of the end 2022, it had a land bank of about 43.0
million square meters across 63 cities mainly in China.


WEST CHINA CEMENT: Fitch Alters Outlook on 'BB' IDR to Negative
---------------------------------------------------------------
Fitch Ratings has revised West China Cement Limited's (WCC) Outlook
to Negative from Stable. At the same time, Fitch has affirmed the
Issuer Default Rating and senior unsecured debt rating at 'BB'. The
rating on its USD600 million senior unsecured notes due July 2026
has also been affirmed at 'BB'.

The Negative Outlook reflects the execution risks in its rapid
expansion outside China, which has resulted in large negative free
cash flow (FCF) and raised uncertainty over its ability to
deleverage to below 2.5x in the next 12-18 months. The affirmation
reflects the still stable domestic operations.

KEY RATING DRIVERS

High Capex Weakens Financials: WCC has embarked on aggressive capex
expansion, focused mainly on overseas projects, which has resulted
in higher leverage and significantly negative FCF. Fitch estimates
capex was over CNY3 billion in 2022 after 2021's CNY3.8 billion,
relative to operating cash flows of CNY1.9 billion in 2022 and
CNY1.8 billion in 2021. As a result, WCC's net debt rose by CNY2.5
billion in 2022, raising its net debt to EBITDA to 3.1x (2021:
2.2x), above its negative rating trigger of 2.5x.

Capex Pace Drives Deleveraging: Fitch expects the company to slow
capex to CNY2.7 billion and CNY2.3 billion in 2023 and 2024,
respectively. This, and its expectation of increased EBITDA
contribution from overseas projects of over CNY1.0 billion and
CNY1.8 billion in 2023 and 2024, respectively, may allow the
company to return leverage to below 2.5x and FCF to neutral.

However, there is uncertainty over the transition as management has
not been clear on its overseas expansion timeline. The higher
execution and market risks in the new markets WCC is venturing
into, such as Mozambique, Ethiopia, Democratic Republic of Congo
and Uzbekistan, further increases the uncertainty.

Weakening Liquidity: WCC's cash to short-term debt ratio weakened
to 37% by end-2022 from 91% at end-June 2022 and 108% at end-2021,
as the company used its on-hand cash to fund most of its overseas
capex in 2022. If operating cash flows from overseas projects do
not materialise as quickly as the company anticipates, it will need
to raise more long-term project loans to avoid putting further
pressure on liquidity.

Stable Domestic Operations: WCC's profit for cement and clinker in
China fell to CNY71/tonne (t) in 2022 from CNY100/t in 1H22 and
CNY99/t in 2021 due to a decline in the average selling price and
elevated raw-material costs. The gross profit margin for domestic
cement narrowed to 21% in 2022 from 30% in 2021, although this was
in line with the industry in China. Fitch expects WCC's market
position and cash flow generation in China to remain largely stable
given strong regulatory control in adding new capacity. Market
momentum should gradually improve on a demand recovery after
China's reopening.

DERIVATION SUMMARY

WCC has smaller scale and less geographical diversification than
CEMEX, S.A.B. de C.V. (BB+/Stable), a leading cement producer in
Mexico and one of the top producers in the US, although WCC has a
stronger financial profile with a wider margin and lower leverage.
WCC is smaller than UltraTech Cement Limited (BBB-/Stable), a
leading cement producer in India. UltraTech's EBITDA margin is
weaker than WCC's, but its financial profile is stronger.

KEY ASSUMPTIONS

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

- Sales revenue to increase by 21% in 2023, 21% in 2024 and 12% in
2025 (2022: 6%)

- Capex of CNY2.7 billion in 2023, CNY2.3 billion in 2024, CNY1.6
billion in 2025 (2022 estimate: over CNY3 billion)

- No major M&A or further investment in overseas markets before the
currently planned projects are completed

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to a
downgrade:

- Continued aggressive capex that is not funded through internal
cash generation and/or longer-term financing

- Leverage sustained above 2.5x

Factors that could, individually or collectively, lead to the
Outlook being revised to Stable:

- Negative sensitivities not met in the next 12-18 months

LIQUIDITY AND DEBT STRUCTURE

No Large Immediate Maturities: Liquidity has weakened, but Fitch
expects WCC will be able to roll over its short-term debt as a
large portion is used to fund working capital. Near-term
capital-market maturities are low relative to available cash and
undrawn facilities, with CNY700 million due in September 2023. A
larger offshore note of USD600 million is due only in July 2026.
However, liquidity could become strained if WCC does not take steps
to improve its FCF.

ISSUER PROFILE

WCC manufactures and sells cement and cement products. The company
had total production capacity of 33 million t at end-2022, with 66%
of its capacity in Shaanxi, and 16% overseas. Total overseas
capacity increased to 5.3 million t in 2022, from 2 million t in
2021.

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
   -----------            ------         -----
West China
Cement Limited     LT IDR BB  Affirmed     BB

   senior
   unsecured       LT     BB  Affirmed     BB




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ACCORD UDYOG: CRISIL Lowers Rating on INR6cr Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on bank facilities of
Accord Udyog Private Limited (AUPL) to 'CRISIL D/Issuer Not
Cooperating' from 'CRISIL C Issuer Not Cooperating' due to ongoing
delays in debt servicing.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL C ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with AUPL for
obtaining information through letters and emails dated March 14,
2022 and May 9, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of ARMPL will be downgraded to 'CRISIL D/Issuer Not
Cooperating' from 'CRISIL C Issuer Not Cooperating' due to ongoing
delays in debt servicing.

AUPL was incorporated in 2008, by the promoters, Mr Avinash Singh
and Ms Jyoti Singh. The Jamshedpur-based company trades in steel
products such as channels, pipes, angles, plates, chequer plates,
galvanised plain and corrugated sheets, thermo-mechanically treated
bars, bars, and other such products.


ANDHRA PRADESH: Ind-Ra Affirms BB Term Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on  Andhra Pradesh State Financial Corporation's (APSFC)
debt instruments:

-- INR640 mil. Series VI – 2013 bonds ISIN INE695F09433 issued
on
     March 20, 2013 coupon rate 9.15% due on March 20, 2023 is
     withdrawn (paid in full);

-- INR199.76 mil. (reduced from INR299.50 mil.) Long-term loans
     due on June 2023 affirmed with IND BB/Stable rating; and

-- INR700 mil. Fund based working capital (Overdraft) assigned
     with IND BB/Stable/ IND A4+ rating.

Key Rating Drivers

Bifurcation Approval from Central Government Pending: The scheme of
reorganization to form separate state finance corporations for
Andhra Pradesh and Telangana, in accordance with the Andhra Pradesh
Reorganization Act 2014, has been approved by the board of
directors and shareholders; however, it is pending approval from
the government of India.

Modest Asset and Core Income: Ind-Ra expects APSFC's loans and
advances to continue to decline in the near term, leading to
further shrinking of the asset base. APSFC's interest income, its
core operating income, had declined to INR2,541.89 million in FY22
(FY21: INR2,806.40 million), due to a decline in loans and advances
(earning assets) to INR10,894.27 million (INR12,976.03 million).
However, the interest income increased to INR1,845.63 million in
9MFY23 (9MFY22:  INR1,747.18 million).  Consequently, APSFC's total
income increased to INR1,947.16 million in 9MFY23 (9MFY22:
INR1,835.99 million; FY22: INR3,930.85 million; FY21: INR3,611.84
million).

Modest Asset Quality: Ind-Ra believes the gross non-performing
assets (NPA) will remain high in FY23 as APSFC will continue to
lend to the micro, small and medium enterprises (MSMEs). Despite
improved recoveries and in-house collection by the corporation,
APSFC's gross non-performing assets (NPAs) were high at INR1,328.85
million in FY22 (FY21: INR2,092.61 million) as it lends to the MSME
segment. The gross NPA, as a percentage to gross loans and
advances, remained high at 11.57% (FY21:15.04%). APSFC recorded an
average provisioning coverage of 44.75% over FY18-FY22. APSFC has
written off all doubtful assets since FY16. The bad debt write-offs
were INR830.45 million in FY22 (FY21: INR1,495.62 million).

Liquidity Indicator – Adequate: APSFC's structural liquidity
statement indicates a surplus of INR1,662.13 million for the
maturity bucket of less than one year on 31 March 2022. There will
be no negative gaps in the rest of the maturity bucket (up to 10
years) as on 31 March 2022. APSFC's collection from bad debt
recoveries (FY22: INR1,193.48 million), which are not part of the
inflow from assets in the asset-liability management calculation,
will further support the liquidity profile of corporation. APSFC
utilized overdraft facilities in few months only and maximum
utilization was about 19% once in September 2022. APSFC's cash and
bank balance increased to INR2,011.87 million at FYE22 (FYE21:
INR1,303.22 million). Ind-Ra believes the corporation's liquidity
and fund raising capability is likely to remain moderate in FY23
due to the comfortable cash position.   

Low Concentration Risk: The lending exposure of APSFC's loans and
advances was fairly distributed among sectors over FY18-FY22,
resulting in low concentration, and Ind-Ra believes this is
unlikely to change over FY23-FY24. APSFC caters to the loan
requirements of MSME customers in rural geographies. In FY22, the
lending exposure to services industry was the highest at 20.75%,
followed by food product industries (18%), medical loan industries
(12.83%) and non-metallic mineral products industry (12.37%).

Simultaneously, APSFC's wide geographical reach and sanctioned
loans to various constitutions indicate its diversified operating
performance. Furthermore, at FYE22, its top 10 borrowers accounted
for merely 12.83% of the total gross loans and advances, and the
largest borrower group accounted for 1.72% of the total gross loans
and advances. Hence, it faces low concentration risk. However,
APSFC's lending is mainly to small scale industries, thus adding
pressure on its financial performance.

Adequately Capitalized: Ind-Ra expects the capitalization to remain
comfortable over FY23-FY24 due to a continued improvement in its
net worth. APSFC's core capital risk-weighted adequacy ratio
improved gradually to 65.70% in FY22 (FY21: 48.80%) on the back of
an improvement in its net worth to INR10,224.20 million
(INR8,525.73 million). Furthermore, the net interest income/average
earning assets improved to 17.22% in FY22 (FY21: 14.08%) on account
of a 18.02% yoy fall in the average earning assets; the net
interest income declined 0.26% yoy to INR2,055.49 million in FY22.
APSFC's debt/equity improved to 0.16x in FY22 (FY21: 0.49x) due to
a 63.09% yoy fall in debt to INR2,057.04 million and a 14.38% yoy
increase in equity to INR12,887.86 million  due to the annual
profit generated during the year.

Rating Sensitivities

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

-- a fall in the total earning assets and the scale of operations
on a sustained basis;

-- sustained asset-liability mismatches in the short-term
buckets;

-- the debt/equity increasing above 2.0x on a sustained basis.

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

-- settlement of the bifurcation and restoration of explicit
government support to the corporation;

-- APSFC's demonstrated ability to improve the earning assets by
5% yoy on a sustained basis;

-- an improvement in the liquidity profile in conjunction with the
asset-liability management resulting in annual surplus (inflow from
assets less outflow from liabilities), on a sustained basis, in the
short-term bucket;

-- the gross NPA ratio reducing below 9% on a sustained basis

Company Profile

APSFC is a state financial corporation that was formed in 1956
under the State Financial Corporation Act, 1951.  It provides
various schemes and offers term loans, working capital loans,
bridge loans and special capital assistance mainly to MSMEs.



AVLA NETTOS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Avla Nettos
Exports' (ANE) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR250 mil. Fund-based facilities affirmed with IND BB/Stable/

     IND A4+ rating.

Key Rating Drivers

The affirmation reflects ANE's continued medium scale of
operations, as indicated by revenue of INR988.28million in FY22
(FY21: INR696.45 million). The revenue increased in FY22 due to
normalization of market conditions post COVID-19. ANE booked a
revenue of INR1,088 million in 10MFY22 itself, backed by increased
exports and improving economic market conditions. Ind-Ra expects
the revenue to be stable in FY23 and the near term.

The ratings reflect ANE's modest EBITDA margins. The margin fell to
2.70% in FY22 (FY21: 4.14%) owing to an increase in freight charges
and other operational expenses. The company's ROCE was 3% in
FY22(FY21: 3.5%). In 10MFY22, the EBITDA margins declined to 2.02%
due to further increase in freight charges. Ind-Ra expects the
margin to remain at this level for FY23 and the near term.

The ratings factor in ANE's moderate credit metrics due to the
modest margins.  The credit metrics improved in FY22 due to a
reduction in the total debt level to INR58.49 million (INR99.11
million), led by repayment of loans, and the consequent fall in
interest expenses. The net financial leverage (adjusted net
debt/operating EBITDA) was 4.96x in FY22 (FY21: 5.89x) and the
interest coverage (operating EBITDA/interest expenses) was 3.04x
(2.76x). Ind-Ra expects the firm's credit metrics to improve
further in FY23 and over the near term owing to a sustained decline
in  the debt levels  owing to continued repayments of term loans.

Liquidity Indicator - Stretched: ANE's peak average utilization of
the fund-based limits was 36% and that of the non-fund-based limits
was 25.21% over the 12 months ended February 2023. The cash flow
from operations turned positive at INR5.74 million during FY22
(FY21: negative INR73.33 million) owning to favorable changes in
the working capital. The working capital cycle improved to 84 days
in FY22 (FY21: 125 days), on account of a decline in the inventory
holding period to 42 days (66 days). ANE had a cash balance of INR1
million at FYE22 (FYE21: INR4.40 million). The company has
scheduled repayments of INR1.50 million in FY23. The company does
not have any capital market access and depends on a  single bank
for  its funding requirements.

The ratings, however, are supported by the promoters' experience of
over two decades in the shrimp processing industry.

Rating Sensitivities

Negative: A decline in the revenue or EBITDA margins, resulting in
the deterioration of credit metrics, with the interest coverage
reducing below 1.8x, on a sustained basis, and/or any further
elongation in the net cash conversion cycle, leading to stressed
liquidity, will be negative for the ratings.

Positive: A sustained improvement in the revenue and EBITDA
margins, resulting in improved liquidity and credit metrics, on a
sustained basis, would be positive for the ratings.

Company Profile

ANE was set up in 2011, by the promoter, Anil Kumar and his family
members. The firm processes and exports cuttlefish, squid, and
shrimp, and started commercial operations in April 2012.



BHIMASHANKAR SAHAKARI: Ind-Ra Assigns BB LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhimashankar
Sahakari Sakhar Karkhana Limited (BSSKL)  a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR580.0 mil. Term loan due on September 2028 assigned with
     IND BB/Stable rating.

Key Rating Drivers

Weak Credit Metrics: BSSKL recorded interest coverage (EBITDA/gross
interest expense) of 1.38x in FY22 (FY21: 1.45x) and adjusted net
leverage (adjusted net debt/operating EBITDA) of 6.65x (12.26x).
The metrics improved in FY22 due to an increase in the absolute
adjusted EBITDA to INR276.37 million (FY21: INR222.99 million). The
metrics are likely to deteriorate over FY23-FY24 owing to
debt-funded capex planned by the company. BSSKL's credit metrics
over the medium term will depend on its ability to sustain its
margins at existing levels while increasing its top line through
debt-funded capex.

Modest Adjusted EBITDA Margins: BSSKL's adjusted EBITDA margins are
modest owing to the regulated nature of the sugar industry. The
EBITDA margin fell to 4.58% in FY22 (FY21: 8.44%) due to an
increase in cane procurement costs and other manufacturing and
administrative costs. The ROCE was 2.30% in FY22 (FY21: 2.20%).
Ind-Ra expects the margins to remain stable in FY23 and improve in
FY24, backed by higher realizations, resulting from increased
production from the co-generation unit and the setting up of the
ethanol manufacturing plant during the year.

Major Debt-Funded Capex Undertaken by Company: BSSKL has undertaken
substantial debt-funded capex of INR1,378.9 million to set a
distillery capacity of 90 kilo liter per day (KLPD), which will
diversify its revenue stream. The project will primarily be funded
by debt of INR1,278.9 million (92%) and the balance will be funded
through internal accruals of INR10 million. The project is under
construction and is likely to commence operations from November
2023. The proposed unit will focus solely on the production of
ethanol from B-heavy, C-heavy molasses and cane juice. As on 15
February 2023, BSSKL had already incurred 14% of the cost towards
civil and erection work. The entire debt for the capex has been
fully tied up. The increase in debt would result in a slight
deterioration in BSSKL's credit metrics in FY23 and FY24

Medium Scale of Operations: BSSKL's revenue increased sharply to
INR6,030.64 million in FY22 (FY21: INR2,641.89 million), led by
growth in the sugar crushing capacity to 6,000 tons crushed per day
(TCD) from 2,500TCD towards end-FY21 and an increase in sugar
volumes as well as realizations per metric ton (MT) of sugar.
BSSKL's sugar sales rose to 152,120MT in FY22 (FY21: 59,713MT), and
the realizations per MT increased to INR32,377 (FY21: INR31,679).
The growth in revenue in FY22 was also led by increased capacity
utilization along with better availability of cane for crushing.
BSSKL's sugar sales contributed 82% to sales in FY22 (FY21: 72%),
followed by power at 4.5% (8.4%), molasses and bagasse at 8.00%
(9.20%), and remaining 5.5% (10.4%) from by-products. The sugar
sales increased in FY22 due to a rise in the number of crushing
days to 188 (FY21: 180 days) and higher capacity utilization of
105% (90%). In FY22, the unit was operational from 27 October 2021
to 5 February 2022, i.e. for 188 days with a recovery rate of
11.40%. Ind-Ra expects the company's revenue to be supported by the
new distillery unit, which would become by end-FY 24.

Liquidity Indicator - Stretched: The maximum average utilization of
the fund-based working capital limits for the 12 months ended
January 2023 was 33.63%. BSSKL's cash flows from operations turned
positive at INR771.51 million in FY22 (FY 21: negative INR975.33
million) owing to favorable changes in the working capital. Despite
a decline in the creditor days to 39 days in FY22 (FY21: 54), the
working capital cycle improved to 187 days (590 days), mainly due
to a decrease in inventory days to 226 days (643 days). The current
ratio (current assets/current liabilities) of BSSKL improved
marginally to 1.20x in FY22 (FY21: 1.1x). The cash and cash
equivalents stood at INR163.06 million at FYE22 (FYE21: INR64.49
million). The company has scheduled debt repayments of INR52.37
million in FY23 and INR191.76 million in FY24. BSSKL increased
focus on diverting more sugar syrup to manufacture ethanol will be
positive for the company, as the ongoing capex to set up the
ethanol manufacturing unit would lead to quicker receivables
compared to the gradual liquidation of the large sugar inventory
across 11 months.

Regulatory Risks: The sugar industry is regulated and is vulnerable
to government policies as it is classified as an essential
commodity. Besides setting quotas for sugar exports, the government
has implemented various regulations such as fixing the raw material
prices in the form of state advised prices and fair and
remunerative prices. All these factors impact the cultivation
patterns of sugarcane in the country, and thus, affect the
profitability of sugar companies.

Agro-climatic Risks: Being an agri-commodity, the sugarcane crop is
dependent on climatic conditions and is vulnerable to pests and
diseases that could not only impact the yield per hectare but also
the recovery rate. These factors can have a significant impact on
BSSKL's profitability. Furthermore, the high dependence on a single
crop variety could affect the yields and recovery rate. While BSSKL
has been exploring other varieties to mitigate this risk to a
certain extent, the process of shifting to other varieties could be
slow. In addition, the cyclicality in sugar production results in
volatility in sugar prices. However, sharp declines in sugar prices
have been restricted after the introduction of minimum support
price by the central government.

Established Track Record: BSSKL has been operating in the industry
for more than three decades, and this along with its experienced
management has led to established relationships with suppliers
(farmers). Furthermore, the company has diversified its operations
by setting up a co-generation unit in Maharashtra, which has a
relatively stable regulatory environment compared to other states
in the country.

Rating Sensitivities

Negative: Substantial deterioration in the credit metrics as well
as liquidity position will be negative for the ratings.

Positive: Successful completion of the planned capex along with an
improvement in financial reporting standards, operating
profitability, credit metrics and liquidity position, all on a
sustained basis, would be positive for the rating.

Company Profile

Established in 1994, BSSKL is a co-operative sugar factory is
located in Pargaon, Ambegaon, in Pune district of Maharashtra. It
has an installed sugar crushing capacity of 6,000TCD, integrated
with 19MW bagasse power co-generation facility. The company has
installed an additional 16MW bagasse power co-generation unit,
which will become operational during the 2023-24 crushing season.
Furthermore, the company is setting up new distillery unit with a
capacity of 90KLPD for the production of ethanol. The unit is under
construction and the company plans to start production by November
2023.


BHORUKA POWER: Ind-Ra Cuts Term Loan Rating to BB+
--------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on Bhoruka Power Corporation Ltd.'s (BPCL) term loans:

-- INR11,282.8 bil. (reduced from INR11,902.8 bil.) Term loans
     due on March 31, 2033 downgraded with IND BB+/Negative
     rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of BPCL and its 100% subsidiary, Sagar Power (Dandela) Private
Limited, to arrive at the rating. In addition to the senior debt,
BPCL has availed unsecured debt from various group companies and
issued compulsorily convertible debentures (CCDs). The unsecured
debt, in the form of deposits, is subordinated to the senior debt
without any rights to call an event of default and can be serviced
only from the surplus funds after the permission of the lenders.
The financing documents also delineate the subservient nature of
these instruments. The CCDs are zero-coupon instruments that can be
converted to equity within an agreed-upon date and entail no
debt-servicing obligations. Hence, these instruments have been
treated as equity for the purpose of senior debt coverage
calculation by Ind-Ra, and their inclusion in the senior debt
category could impact the rating.

The downgrade reflects BPCL's continued lower-than-expected wind
power generation during trailing 12 months ended December 2022, as
the delay in the signing of the full-service agreement (FSA) with
GE India Industries Limited (GE) led to lower machine availability.
The delay in the contract resulted in lower generation in the peak
months, leading to lower revenue.

The Negative Outlook reflects the stretched liquidity position, as
the company has not been able to create the debt service reserve
account (DSRA) and maintain sufficient liquidity due to lower
generation. The rating is also constrained by BPCL's low
debt-service coverage ratios (DSCRs) in the initial years, high
interest rates, and the power generation volatility associated with
hydro and wind projects.

The ratings are supported by the long operational track record and
the presence of long-term power purchase agreements (PPAs) for most
of its capacity.

Key Rating Drivers

Continued Lower Generation of Wind projects: BPCL produced a
cumulative 588 million units (MU) of power during the trailing 12
months (TTM) ended December 2022, against 602MUs in FY22. The power
generation fell during TTM December 2022 mainly on account of lower
power generation from wind turbines, resulting from lower machine
availability and low wind resource. The machine availability was
impacted by the delay in the signing of the FSA with GE. BPCL has
signed a full-service agreement with GE for 102 out of the 106 wind
turbines for a period of 20 years from the commercial operations
date. The contract, which was to be signed by March 2022, was
executed only in July 2022. Furthermore, the delay in resolution of
bearing issues, which was earlier planned to be completed before
peak wind season, along with lower wind speed have impacted the
performance, leading to lesser generation. While the machine
availability issue has been resolved, the impact of the same on
generation is yet to be seen.

Liquidity Indicator - Stretched: The project's coverages are only
about 1.0x over the next five years, as per Ind-Ra base case
estimates, and any considerable pressure on factors such as
generation, expenses, interest rate, and receivables could result
in cashflow mismatches. This, however, can be mitigated to an
extent by the internal liquidity buffers present with the company
in the form of DSRA of about INR210 million and cash balance of
INR150 million as on 21 March 2023. Moreover, BPCL has limits of
INR400 million available from L&T Finance Limited ('IND
AAA'/Stable) that can be utilized for the purpose of meeting its
working capital requirement and debt reserve creation, providing
additional liquidity buffer; however, this  is subject to the
timely release of funds. The project's total liquidity (DSRA + cash
balance + undisbursed L&T finance limit) is sufficient for meeting
its requirements for around for four months.

Moderate Debt Structure: The company had an outstanding senior term
debt of about INR11,460 million as of December 31, 2022. These
loans are secured against the company's various power plants and
follow a cash flow waterfall. The loans will be amortized at
various times between 2027 and 2037. The project has standard
project finance features such as a cashflow waterfall and a debt
service reserve that is sufficient to meet three-to-six months of
debt servicing obligations. The company's cash flows are primarily
pooled into three separate escrow accounts from which the
respective projects' expenses and debt servicing obligations are
serviced. There is a one-way fungibility of cashflows allowed from
one escrow account into the other two in case of any shortfall at
the end of each month. Additionally, all surplus cash at the end of
each year after servicing all obligations and creating the required
reserves will be pooled together into one escrow account. The
management confirmed that this surplus cash, in line with the
financing agreements, will not be taken out of the company. In
addition to the secured debt, BPCL had an unsecured group company
debt of INR1.79 billion and zero-coupon CCDs of INR3.25 billion in
FY22, as per the audited annual report. Ind-Ra considers the debt
structure to be moderate, given the fungibility of cash, sharing of
surplus and the management's plans to retain cash within the
company.

Moderate Technology and Operating Risk: The company operates its
hydro and solar plants in-house.  Ind-Ra takes comfort from its
operating history of more than five years for all the projects in
company. BPCL has signed full service agreements for most of its
wind plants with GE (also the supplier). In the past, GE machines
have faced issues with respect to bearings, which have been
resolved as per the management in 15 of the machines that had been
affected.  Ind-Ra will continue to monitor the situation and
sustained problems related to operations will impact the rating.

Modest Financial Performance:  BPCL's revenue from operations
decreased slightly by about 5% yoy to INR2,535 million in FY22.
However, the EBITDA margins in FY22 remained almost stable around
77% (79%). The margins are largely comparable to other renewable
projects in Ind-Ra's portfolio.

92% Capacity Tied Up through Long-Term PPAs: About 288MW out of
BPCL's total operational capacity of 321.15 MW has been tied up
through long-term PPAs with various discoms of Karnataka. For
another 8.1MW, BPCL has long-term PPAs with other state utilities,
while the balance capacity has been sold to industrial consumers
through wheeling and banking agreements. Most of the hydro PPAs
have been signed for an initial tenure of 20 years, with an option
to extend the same by another 10 years. The wind PPAs have a
similar structure, with an initial tenure of 20 years, extendable
by another five-to-10 years. The solar PPAs are fixed for 25 years.
The initial tenure of some of the hydro and wind PPAs is
three-to-five years lower than the loan tenure secured against the
respective assets; however, the resultant risk is mitigated to a
large extent by the option of extending the PPAs and also the
competitiveness of the tariff in case the PPAs are not extended and
BPCL has to tie up with industrial consumers. Overall, Ind-Ra
believes the power sale tie-up status of BPCL is adequate.

Long Track Record: BPCL has been operating various renewable power
plants for almost 30 years. As of March 2023, the company operated
an aggregate renewable capacity of 321.15MW, which includes
109.85MW of hydro power plants, 181.3MW of wind power plants and
30MW of solar power plants. These plants were commissioned between
1992 and 2017.

Rating Sensitivities

Negative: The project's operational and financial performance being
weaker than Ind-Ra's base case estimates with a forward-looking
average DSCR falling below 1.1x, a substantial depletion in
internal liquidity buffers, including a dip in DSRA, the
termination/renegotiation of PPAs and reduction in realized tariff
could result in a rating downgrade.

Positive: The project's operational and financial performance above
Ind-Ra's base case estimates with forward looking minimum DSCR of
above 1.05x, and significant enhancement in internal liquidity
buffers from the existing levels could result in a rating upgrade.

Company Profile

BPCL, owned by the Bhoruka Group of companies, owns and operates
321.15MW of wind, hydro and solar projects, mainly in Karnataka.


BR SPONGE: Ind-Ra Withdraws BB Long Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn B. R. Sponge and
Power Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- The 'IND BB' rating on the INR125 mil. Fund-based working
     capital limit is withdrawn.

Key Rating Drivers

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

Company Profile

B. R. Sponge and Power was incorporated in 2003 and manufactures
sponge iron.


CAPTAIN POLYPLAST: Ind-Ra Affirms BB+ Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Captain Polyplast
Limited's (CPL) Outlook to Negative from Stable while affirming its
Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR721 mil. (reduced from INR771 mil.) Fund-based facilities
     affirmed; Outlook revised to Negative from Stable with IND
     BB+/Negative/IND A4+ rating;

-- INR196.42 mil. (increased from INR195.36 mil.) Term loans due
     on March 2028 affirmed; Outlook revised to Negative from
     Stable with IND BB+/Negative rating; and

-- INR265 mil. (reduced from INR266.8 mil.) Non-fund-based
     Facilities affirmed with IND A4+ rating.

The Outlook revision reflects a more-than-Ind-Ra-expected decline
in CPL's profitability in FY22. The agency expects the company's
profitability to remain inconsistent in the near to medium-term,
due to volatility in polymer prices, CPL's main raw material, whose
price is linked to the crude oil prices. CPL's liquidity is also
likely to remain stretched due to high debtor days and an elongated
working capital cycle.

Key Rating Drivers

Declined Profitability in FY22: CPL's scale of operations remained
small, with its revenue increasing marginally to INR1,851 million
in FY22 (FY21: INR1,780 million), due to COVID-19 disruptions and
the company's decision to reduce its sales in Andhra Pradesh (AP)
to avoid any further stretch in its net working capital cycle. A
similar trend was observed in Tamil Nadu during 1QFY22 due to the
second wave of COVID-19 and elections, leading to a decline in
sales during 1HFY22, following a change in the state government.

Although CPL's revenue remained low in the first two quarters of
FY23, its business picked up from October 2022, following the
resumption of sales in AP. The agency expects CPL's top line to
grow even more during 4QFY23 as January-March is the peak season
where quarterly sales are the highest, leading to a likely 20% yoy
growth in FY23.

CPL's EBITDA margins deteriorated to 8.50% in FY22 (FY21: 14.38%),
with the return on capital employed declining to 7.9% (15.5%).
CPL's margins are highly susceptible to fluctuations in raw
material prices which are linked to the crude oil prices. Over
2021-22, the crude oil prices showed a continuous rise, affecting
CPL's margins. Moreover, the prices for CPL's micro irrigation
systems (MIS) business have been controlled by the government,
capping the price deviation at 5%-10%. Ind-Ra expects the margins
to reduce further in FY23, due to the increase in crude oil prices
in 1HFY23, but would be partially reversed in Q4FY23 on account of
a drop in crude oil prices since October 2022.

Weak Credit Metrics: In FY22, CPL's credit metrics deteriorated,
due to a decline in its absolute EBITDA to INR154.52 million (FY21:
INR256.05 million; FY20: INR282.35 million). The gross interest
coverage (operating EBITDA/gross interest expense) reduced to 1.55x
in FY22 (FY21: 2.54x; FY20: 2.80x) and the net leverage (total
adjusted net debt/operating EBITDA) increased to 6.72x (4.27x;
3.44x).

Ind-Ra expects the credit metrics to stabilize over the medium
term, on account of its planned repayment of debt. Nevertheless,
the credit metrics continue to remain weak in the medium term.

Liquidity Indicator - Stretched: CPL's average maximum utilization
of its fund-based limits for the 12 months ended February 2023 was
97%. Its debtor days fell to 218 days in FY22 (FY21: 234 days,
FY20: 189). Thus, its net working capital cycle, although
elongated, improved to 224 days (FY21: 229 days; FY20: 126). The
creditor days reduced to 94 days in FY22 (FY21: 111 days; FY20: 169
days), due to the management's decision to pay the suppliers faster
in order to get better pricing. The management expects the debtor
days to improve FY23 onwards, on account of regularization of
certain slow receivables which were lagging for two years due to
COVID-19. During FY22, CPL received INR100 million of
inter-corporate deposits in the form of a non-interest-bearing
unsecured loan to fund its working capital requirements. This is
currently being repaid and, CPL is already in talks to reduce its
existing cash-credit limits by INR100 million during FY24, as per
the management. CPL has annual debt repayment obligations of
INR58.3 million and INR55.5 million for FY23 and FY24,
respectively, which the agency believes would be adequately covered
by its internal accruals.

High Customer Concentration: CPL faces risks from high geographical
concentration, with AP and Gujarat accounting for 51% of its sales
for 9MFY23 (FY22: 25.23%), due to increased demand in these states
as works were stopped for the past two years due to slow
realization of receivables.

Susceptibility to Raw Material Price Volatility: The ratings are
constrained by CPL's nature of business as the price for its MIS
segment is controlled by the government, and the susceptibility of
its margins to raw material price volatility. With polymer being
the key input material used by the company, any adverse price
fluctuation in the crude oil may impact the profitability margins
to an extent.

Experienced Promoters and Established Track Record in MIS
Operations: The promoters of CPPL, Ramesh Khichadia and Gopal D.
Khichadia, have over two decades of experience in the MIS business.
Ramesh (B. Tech in Agriculture Engineering), a key promoter and
managing director, has more than two decades of experience in
irrigation system implementation.

Rating Sensitivities

Negative: A further deterioration in the EBITDA margin and
liquidity, or the net leverage remaining above 4.5x, on a sustained
basis, will result in a negative rating action.

Positive: A sustained improvement in liquidity, along with an
improvement in the profitability and the net leverage falling below
4.5x, on a sustained basis, will lead to a positive rating action.

Company Profile

BSE-listed CPL manufactures and trades high density polyethylene
pipes and irrigation systems. It has manufacturing facilities in
Rajkot and Kurnool. CPL is engaged in MIS (85%-90% of the total
sales), solar plants designing and installation (5%-10%) and acts
as a del-credere agent (2%-3%) for Indian Oil Corporation ('IND
AAA'/Stable) in Gujarat. The MIS sold by CPL are eligible for
subsidy under the 'Per Drop More Crop' scheme under the Pradhan
Mantri Krushi Sinchay Yojna sponsored by the Central government.
CPL sells to farmers across 16 states in India through dealers.


CARNIVAL INDUSTRIES: Ind-Ra Assigns BB+ Term Loan Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Carnival Industries
Private Limited's (CIPL) term loan as follows:

-- INR1,745.5 bil. Term loan due on FY31 assigned with IND BB+/  
     Stable rating.

Ind-Ra has analyzed CIPL's standalone credit profile for the rating
purpose and has not considered any subordinated debt instruments
from the sponsors as additional debt. This is in accordance with
the financing documents and as per the management's representation
that such instruments will be fully subordinated to the
senior-ranking bank loan. The rating also factors in the presence
of 10-year offtake agreement with oil marketing companies (OMCs)
for around 37% of the operational capacity, the likely increased
demand for ethanol from the OMCs due to the government of India's
(GoI) target of 20%, ethanol blending by 2025 and a minimal supply
risk due to the project's strategic location for the availability
of raw materials (rice and coal).

However, the ratings are constrained by the significant completion
risk and the availability of adequate offtake arrangements for the
balance capacity of the project.

Key Rating Drivers

Significant Completion Risks: At end-November 2022, around 20% of
the project's civil works were completed and CIPL had paid advances
to engineering procurement and construction (EPC) partners - Praj
Industries Limited (main plant and machinery) and UttamEnergy
Limited (cogeneration plant). Overall, CIPL had completed around
13% of the project work at end-November 2022, as per the
independent engineer's report. The project is behind the schedule
by around nine months. According to the management, 80% of the
civil foundations work was completed at end-March 2023. The
installation of a distillation unit, fermentation unit, boiler,
electrostatic precipitator and the erection of a turbine structure
has started and the required material is at site for further
erection. The revised commissioning date of the project is in
December 2023. The nine-month delay in the construction of the
project is due to a delay in the execution of a tripartite
agreement (among the OMCs, CIPL and the escrow agent.

Significant Offtake Risks with Long-term Offtake Agreement (LTOA)
for only Partial Capacity: CIPL has a long-term offtake agreement
with OMCs (Indian Oil Corporation (IND AAA/Stable), Bharat
Petroleum  Corporation Limited and Hindustan Petroleum  Corporation
Limited (IND AAA/Stable) for the annual supply of 26.4 million
liters per annum of ethanol (around 85kilo liter per day (KLPD) out
of total plant's operational capacity of 230KPLD) at their
designated locations for 10 years. Ethanol's price (basic price,
transportation and taxes) shall be published by the OMCs at the
start of every ethanol supply year. The OMCs shall make payments
within 21 days from the date of receipt of material and acceptance.
The commencement of supply shall begin within two years from the
date of agreement (i.e. before January 15, 2024) else the OMCs, by
rendering a 30 days' notice, terminate the agreement. CIPL is also
in the process of firming up offtake arrangements for the balance
capacity with private OMCs (currently, they have PO for supply of
ethanol to Nayara Energy for the supply of 1,600KL for one month).
Additional capacity may also be purchased by OMCs by providing
preferential allocation to the ethanol procurement process to LTOA
holders. Lower capacity utilization of the project than Ind-Ra's
base case estimates due to inadequate offtake arrangement shall be
a key rating monitorable.

Moderate Construction Risks: CIPL has signed EPC contracts with
UttamEnergy and Praj Industries on a turnkey basis for the supply,
erection and commissioning of a 5MW cogeneration plant with 45 tons
per hour biomass fired boiler and process plant. CIPL has also
entered into a tripartite agreement with Pentagon Steels India
Private Limited, Buhler India and Fowlar & Westrip India Pvt Ltd
for civil & structural works, milling machines and grain silos
works. According to the management, there is no increase claimed by
EPC partners due to delays in the scheduled delivery date. All the
supplies are insured by EPC partners under transit insurance and
CIPL is taking the risk of erection insurance, which is likely to
be completed soon.  The contract also stipulates a performance
guarantee run for 72 hours for commissioning and meeting the
performance guarantee and output parameters. Successful performance
guarantee runs by meeting the desired guarantee and output
parameters shall be key rating monitorable.     

Moderate Promoter Experience: CIPL's main promoters have around 20
years of management experience as well as experience in operating
similar plants. The promoters are having an experience by being key
managerial personnel at a sugar/ ethanol factory and operating a
trading firm in broken rice and maize.  The EPC contractors possess
adequate experience in delivering their commitment for plants with
similar or higher capacity.

Project supported by Ethanol Blending Program of the GoI: CIPL is
setting up a 230KLPD grain-based ethanol manufacturing plant in
Chandrapur District, Nagpur Maharashtra. The company will primarily
produce ethanol for blending with petroleum as a biofuel and other
by-products including dried distillers' grains with soluble (DDGS)
from broken rice. The project complements the Ethanol Blending
Program 2019-2024of the GoI where the percentage of blending has
been increased to 20% by 2025 (from 10% blending in 2022) for OMCs,
thus creating a significant demand for ethanol production in the
country. Under this policy, the government has adopted differential
pricing for the production of ethanol from various sources, enable
the reimbursement of transportation cost borne by the OMCs, and
allowed an interest subvention scheme for ethanol production using
grain-based distilleries and other sources.

100% Availability of Land and Moderate Permitting Risk: As on date,
CIPL is in possession of 100% availability of land for the project,
key approvals such as water approval from Maharashtra Industrial
Development Corporation (MIDC) for the release of 1,500 cum/day of
water for operational purposes, sanctioned load of 500kW from
Maharashtra State Electricity Distribution Company Limited,
in-principle approval from Department of Food and Public
Distribution (DFPD) under an interest subvention scheme and
environment clearances. CIPL needs to obtain all the other
requisite statutory permissions and approvals required as it is for
Greenfield projects.

Minimal Supply Risks: The project is strategically located in MIDC,
Chandrapur. The area is known for availability of coal and rice.
There are coal mines available in Chandrapur and Nagpur area. CIPL
is finalizing coal supply contracts, which are likely to be entered
into in June 2023, according to the management. CIPL can also
obtain rice from rice mill manufacturers. CIPL has letters of
intent (LoIs) from two suppliers for supply assurance of 550MT/day
of broken rice.  

Liquidity Indicator – Adequate: The total estimated project cost
is INR2,319.5 million, to be funded with a senior debt of
INR1,745.5 million and an equity of INR573.9 million in a ratio of
75:25 on the overall project cost (according to the management, the
bank has considered a 95:5 ratio for hard cost which comprises
plant & machinery, civil and structural work). CIPL has achieved
financial closure for the total required debt amount and the
interest during the construction stage is being funded by the
lenders under construction interest expense within the project
cost. According to the chartered accountant's certificate dated
November 19, 2022, INR287.3 million i.e. 76% of the required equity
amount had already been infused by the promoters through plain
vanilla equity shares and unsecured loans, adding strength to the
project's liquidity profile and largely mitigating the equity
infusion risk and debt has been disbursed to the extent of INR89
million as of November 19, 2022. CIPL also has assessed working
capital limits of INR700 million (a combination of cash credit,
pledge limit and bank guarantee).

Moderate Debt Structure: CIPL has been sanctioned a debt of
INR1,745.5 million (capex sub-limit letter of credit (LC) of
INR1,120 million). The debt is repayable in 79 monthly instalments.
The interest rate for the project is set at 6M marginal cost of
fund-based lending rate with a spread of 3.05%. The conditions also
stipulate a debt service reserve of three months repayment and
interest to be built up within one year of commercial operations
date. Any surplus cash accruals over debt service coverage ratio
(DSCR) of 1.1x shall be automatically swept into loan accounts at
quarterly intervals and shall be treated as advance collection of
future instalments. The financial covenants specify a DSCR of
2.26x, interest coverage ratio of 3.44x, fixed asset coverage ratio
of 1.07x and a debt/equity ratio of 4.18 with a deviation tolerance
of up to 10%. The promoters of the company shall also provide
unconditional and irrevocable undertaking to infuse the funds if
any cost arises on account of cost or time overrun. CIPL has
obtained an in-principle approval from DFPD for interest subvention
under the scheme. Under the scheme, the government would bear the
interest subvention for five years, including one-year moratorium
against the loan at 6% per annum or 50% of the rate of interest,
whichever is lower. According to the DFPD letter dated January 14,
2021 to industry body associations, DFPD will release the interest
subvention amount on a quarterly basis in advance.

CIPL has executed a tripartite escrow agreement with OMCs and
escrow agent for deposit of all invoice amounts to the OMCs in the
escrow agreement. The escrow agent shall ensure that the
withdrawals from the escrow account by CIPL, subject to maintaining
six months debt service amount.

Rating Sensitivities

Positive: Future developments that may, collectively, lead to a
rating upgrade are:

-- the commissioning of the project by carrying out successful
performance guarantee runs and demonstrating the commissioning
requirements as per LTOA on or before the COD (or revised COD as
applicable)

-- successful operating track record of the project with adequate
offtake arrangements  

Negative: Future developments that may, individually or
collectively, lead to a rating downgrade are:

-- a delay in the project completion from the revised COD,
including material cost or time overruns;

-- the non-injection of the balance equity in a timely manner and
the absence of timely sponsor support for project cost escalations
during the construction period;

-- non-finalization of raw material contracts/operations and
maintenance contract near commissioning

-- low capacity utilization of the project, leading to significant
cashflow mismatch

Company Profile

CIPL was incorporated in January 2021, to set up a manufacturing
facility to produce grain-based ethanol, having a proposed
installed capacity of 230KLPD and a captive power plant of 5MW
capacity. The proposed set up shall manufacture fuel grade ethanol
from grains (mainly rice), which shall be solely used for ethanol
blended program. The proposed manufacturing unit will produce a
product ethanol (fuel grade) (capacity: 230KLPD) with dried
distillers' grains with soluble (150MT/day) and CO2 (190MT/day) as
by-products.



CHEMMARATHIL CASHEW: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Chemmarathil
Cashew Company (CCC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Packing Credit        23          CRISIL D (Issuer Not
                                     Cooperating)

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

CCC, set up in 2008 and based in Kollam (Kerala), processes and
trades in cashew nuts. Its operations are managed by partners Mr.
Sam C K and Mr. Syam C K.



CITY TILES: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of City
Tiles Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA] D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        35.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        22.52       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–        12.48       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term        14.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

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

City Tiles Limited was incorporated in 2002 as a manufacturer of
ceramic tiles, by Mr R. D. Patel. Since then the company has
extended production capacities as well as the product range. CTL is
currently engaged in the business of manufacturing and outsourcing
of vitrified tiles. The manufacturing facility of the company is
located near Himmatnagar in Gujarat having an installed capacity of
about 14,000 square meters per day of vitrified tiles. CTL markets
its tiles under a single brand name "City Tiles".


CORE JEWELLERY: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Core Jewellery
Private Limited's (CJPL) Long-Term Issuer Rating of 'IND BB' to the
non-cooperating category and has simultaneously withdrawn the same.


The instrument-wise rating actions are:

-- INR598.7 mil. Fund-based working capital limits* migrated to
     non-cooperating category and withdrawn; and

-- INR1.3 mil. Term loan^ due on September 2023 migrated to non-
     cooperating category and withdrawn.

*Migrated to IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING) before being withdrawn

^ Migrated to IND BB (ISSUER NOT COOPERATING) before being
withdrawn

Key Rating Drivers

Ind-Ra has migrated the ratings to the non-cooperating category
because CJPL did not participate in the rating exercise despite
requests by the agency and has not provided information pertaining
to the interim financials, management certificate, bank limit
utilizations.

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

Company Profile

Incorporated in 1999, Mumbai-based CJPL manufactures and exports
diamond-studded gold jewelry.


CUBE INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Cube India
Paper Mills Private Limited (CIPM) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    3.41        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan            13.09        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CIPM for
obtaining information through letters and emails dated December 30,
2022 and February 28, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in December 2014 and promoted by Mr. Hareesh
Chimaneni, Mr. Pothu Raju, and Mr. Motukari Laxman Kumar, CIPM
manufactures kraft paper at its facility in Narasaraopet, Guntur
district, Andhra Pradesh. Commercial operations began from November
2016.


D C METALS: ICRA Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of D
C Metals in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        30.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Established in 1984, M/s. D C Metals (DCM) is a partnership firm
engaged in the trading of aluminium products namely ingots, wire
rods, cast strips, cold rolled/hot rolled products etc. The firm is
promoted by Mr. Kesarimal Bhansali, who has an industry experience
of over 40 years. The customer base of the firm mainly comprises
end users making value added products such as automobile parts,
aluminium conductors, utensils, sheets etc.

EUROLIFE HEALTHCARE: Ind-Ra Keeps 'D' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Eurolife
Healthcare Pvt. Ltd.'s Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR620 mil. Fund-based working capital limit (long-term/short-
     term) maintained to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating;

-- INR287.7 mil. Long-term loan (long-term) due on June 2022
     maintained to non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating; and

-- INR100 mil. Non-fund-based limit (short-term) maintained to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 17, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

Eurolife Healthcare was established in 2001 by Sandeep Toshniwal.
The Mumbai-based specialty pharmaceutical company manufactures and
distributes a portfolio of healthcare formulations, intravenous
infusions, ophthalmics, sterilized water for injections, nebules,
tablets, capsules, ointment and creams.


GMW ENGINEERS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GMW Engineers
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR17 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating;

-- INR100 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR1.8 mil. Term loan due on October 2024 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING. The ratings were last reviewed on
February 4, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Company Profile

GMW Engineers was incorporated in 1986. The company manufactures
and installs hydro-mechanical equipment and water intake equipment,
such as hydel gates, stop log gates, hoists and gantry cranes and
piping work for various power projects, mainly hydro and thermal
power projects. The work includes designing, supply and
installation of steel structures for meeting demand of projects.
The company majorly undertakes sub-contract works for small-sized
hydro power civil contractors. Vadodara (Gujarat)-headquartered
company has an office in Chennai a site office in Bargarh, Odisha.


GURU RAGHAVENDRA: Ind-Ra Hikes Long Term Issuer Rating to B+
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Guru Raghavendra
Infrastructures' (GRI) Long-Term Issuer Rating to 'IND B+' from
'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit upgraded with IND

     B+/Stable/IND A4 rating; and

-- INR250 mil. Non-fund-based working capital limit upgraded with
     IND A4 rating.

The upgrade reflects GRI's satisfactory servicing on the rated bank
facilities for the 90 days ended February 2023.

Key Rating Drivers

The ratings reflect GRI's moderate credit metrics as reflected by
its interest coverage (operating EBITDA/gross interest expenses) of
2.4x in FY22 (FY21: 3.63x) and net leverage (total adjusted net
debt/operating EBITDAR) of 5.66x (7.9x). The interest coverage
declined due to an increase in the short-term borrowings to meet
the company's working capital requirements, and the net leverage
reduced due to an increase in the absolute EBITDA to INR199.25
million (INR149.09 million ). In FY23, Ind-Ra expects the credit
metrics to improve due to a repayment of term loans.

Liquidity Indicator - Poor: GRI's average maximum utilization of
the fund-based limits was 80.45% and that of the non-fund-based
limits was 18.60% during the 12 months ended February 2023 with
several instances of overutilization up to 21 days majorly due to
interest charge.  The company has a scheduled debt repayment of
INR103.6 million in FY24. The cash flow from operations improved to
INR204.51 million in FY22 (FY21: INR68.45 million) due to a
favorable change in working capital. Furthermore, the free cash
flow stood rose to INR84.83 million in FY22 (FY21: negative
INR221.36 million). The net working capital cycle was long at 112
days in FY22 (FY21: 170 days) but improved slightly due to a
reduction in the debtor days to 105 days (173 days) because of
timely payments from the Andhra Pradesh government. The cash and
cash equivalents stood at INR26.54 million at FYE22 (FYE21:
INR15.56 million). However, GRI does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.  

The ratings also reflect GRI's small scale of operations, as
indicated by revenue of INR1,729.97 million in FY22 (FY21:
INR1,453.88 million). In FY22, the revenue improved due to an
improvement in the revenue in the contract work segment to
INR1,137.94 million in FY22 (FY21: INR871.13 million). Till
11MFY23, GRI booked revenue of INR4,309.03 million, and has a
current order book of INR11,655.72 million, to be executed by FY25.
Ind-Ra expects the revenue to improve in FY23 as well due to higher
execution of sub-contracting work contracts received from fishing
harbor.

The ratings also factor in GRI's modest EBITDA margin of 11.52% in
FY22 (FY21: 10.52%) with the ROCE of 8.4% (6.6%). In FY22, the
EBITDA margin improved as the proportion of excavation work was
higher, which requires lower inputs than construction work. Ind-Ra
however expects the EBITDA margin to decline in FY23 as the company
has mostly executed sub-contracting works which earns lower margins
than the contracts directly rendered to GRI.

However, the ratings are supported by the promoters' nearly two
decades of experience in the construction industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

Positive: Steady project execution and timely receivables from
civil work orders while maintaining the scale of operations and
margins, liquidity, along with the interest coverage exceeding
2.5x, all on a sustained basis, could be positive for the ratings.


Negative: Any substantial decline in the scale, profitability,
liquidity and credit metrics, resulting from slower-than-expected
order execution and/or stretched receivables could be negative for
the ratings.

Company Profile

GRI was established as a partnership concern in Hyderabad,
Telangana on June 25, 2006. The firm is promoted by Venkata Krishna
Reddy Daggumati along with his wife, Sreelatha Daggumati. The firm
was established to produce gravel using stone crushers and also
supply ready mix concrete.  The firm entered into civil work in
2017 and provides services in irrigation works, hydro power,
construction of bridges and road works on sub-contract basis.


KAPRISA INTERNATIONAL: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the rating for the bank facilities of Kaprisa
International Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

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

   Short Term        (4.00)      [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable               Rating Continues to remain under
                                 issuer not cooperating category

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

Incorporated in 1999, Kaprisa is engaged in manufacturing and
exporting studded gold jewellery, studded platinum jewellery, plain
gold and platinum mounted jewellery, as well as studded silver
jewellery. Kaprisa is a 100% exportoriented unit with its marketing
and administrative office as well as its manufacturing unit located
in the Special Economic Zone (SEZ) at SEEPZ, in Andheri, Mumbai.


MBC INFRA-SPACE: ICRA Lowers Rating on INR4.49cr ST Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mbc
Infra-Space Pvt. Ltd. (MBC), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         3.05       [ICRA]D; Rating downgraded from
   Fund based                    [ICRA]B+(Stable) and continues
   Cash Credit                   to remain under 'Issuer Not
                                 Cooperating' category

   Long Term          0.95       [ICRA]D; Rating downgraded from
   Unallocated                   [ICRA]B+(Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short Term-        4.19       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating downgraded from [ICRA]A4
   Based-Others                  and continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term–        2.81       [ICRA]D; ISSUER NOT
COOPERATING;
   Unallocated                   Rating downgraded from
                                 [ICRA]A4 and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

Rationale

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

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated on January 20, 2022.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

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

Based in Vapi, Gujarat, MBC was initially constituted as M.B.
Corporation, a proprietorship concern by Mr. Manoj Baruah in 1999.
The entity executed projects in and out of Gujarat and was
subsequently converted into a private limited company, MBC, on
April 13, 2012. MBC is engaged in industrial civil construction as
well as residential construction. Over the years, MBC has
successfully commissioned projects in the field of industrial civil
construction for aluminium foil and 2 extrusion plants and steel
rolling mills. The company's client base includes public sector
undertakings (PSUs) as well as private sector players.


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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.10       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         0.10       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/        13.80       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 2008 as a proprietorship firm by Mr. Rahul Parwani,
PFA is engaged in the manufacturing of ferro alloys and manganese
oxides. The firm has its manufacturing facility located at Nagpur,
Maharashtra. PFA has an installed capacity of 1500 MTPA for
manufacturing ferro alloys such as medium carbon (MC) – ferro
manganese, low carbon (LC) – 2 ferro manganese and silico
manganese, and 1500 MT for manufacturing manganese oxides. Ferro
alloys find application in the steel industry whereas manganese
oxides are used in the fertilizer industry.


PARTH CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Parth
Concast Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

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

   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

PCL, incorporated in 2013, manufactures billets from sponge iron
with a total installed capacity of 90,000 Tonnes per annum (TPA),
the commercial operations of which began in October 2015. The
company is promoted by the Garg family of Ludhiana – Mr. N.D.
Garg, Mr. Vinod Garg and Mr. Balraj Garg.


RAIPUR POWER: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Raipur
Power And Steel Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        242.75      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–        97.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term        22.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-        27.75       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2007, RPSL manufactures sponge iron (capacity of
90,000 TPA), ferro alloys (30,000 TPA), iron ore pellets (400,000
TPA), billets (90,000 TPA), wire rods and HB wires (90,000 TPA
each) and has power generation capacity of 12 MW (6 MW waste heat
based and 6 MW coal based). RPSL's manufacturing plant is located
in Durg, Chattisgarh, where many steelmaking units are located.

RAJASTHAN FASTENERS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajasthan
Fasteners Private Limited (RFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           2           CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Bill          3           CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Foreign Letter        0.3         CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Packing Credit        8           CRISIL D (Issuer Not
                                     Cooperating)

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

RFPL, incorporated on 1998 and based in Jaipur, manufactures
slotted dowell spring pins, disc springs, spiral coiled springs,
and other products used in motor vehicles and their engines. The
company's directors are Mr Neelmani Jain, Mr Prasann Mal Lodha, and
Mr Binod Kumar Jain.


RAMRATI JAGDISH: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ramrati
Jagdish Private Limited (RJPL; part of the Kanchan group) continues
to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill            7         CRISIL D (Issuer Not
   Purchase                          Cooperating)

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of RJPL and Kanchan
International (KI). This is because the two entities, together
referred to as the Kanchan group, are in the same business, and
have business synergies and common promoters.

Established as a proprietorship firm in 1980 by Mr Suresh Chand
Singhal, KI manufactures and exports ready-made garments for men,
women, and children. In 2012, he established RJPL.


RISE ON GROUP: ICRA Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term rating of Rise On Group in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]C; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        27.60       [ICRA]C; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Established in February 2013, Rise on Group is a Surat-based real
estate firm. The firm has been established for the construction of
a residential project, 'Melaanio Residency', and a commercial
complex, 'Leonard Square'. RG is promoted by the Maniya and Kheni
families, who have been engaged in real estate development for more
than three decades through the Rise On Group and M. K. Group,
respectively. The construction work of both the projects commenced
from April 2014. Project completion was scheduled for December 2015
for Leonard Square, and August 2016 for Melaanio Residency. The
firm is a part of the Rise On Group, which has been engaged in the
real estate business for over three decades in Surat and Ahmadabad.
The firm also has two group concerns, Vama Infra {rated
[ICRA]BB(Stable) 'Issuer Not Cooperating' in May 2019} and Hindva
Builders {rated [ICRA]BB-(Stable) in June 2018}.


ROMEGA FOAM: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Romega Foam
Private Limited (RFPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.5         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      2.5         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        1.0         CRISIL D (Issuer Not
                                     Cooperating)

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

RFPL, incorporated in 1994 by Mr. Ninan Verghese and Ms. Sheeba
Ninan, manufactures polyurethane foam, convoluted sheets,
polyurethane foam rolls, bonded foam, contour sheets, antistatic
foam etc. in its manufacturing facilities in Puducherry (Tamil
Nadu). All the products manufactured are customised for customers.


SANKAR COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sankar Cotton
Traders- Guntur (SCT) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

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

SCT, established in 2014 as a partnership firm, is promoted by Mr
Innamuri Bassavaiah and Ms. Innamuri Dhana Lakshmi. The firm, based
in Guntur, Andhra Pradesh, trades in cotton.


SANTOSH KUMAR: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Santosh Kumar
Rajesh Kumar (SKRK) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

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

SKRK was set up in 1978 by the proprietor, Mr Santosh Agarwal. The
Lucknow-based firm trades in edible oil.


SAVFAB DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Savfab Developers Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        35.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2012, SDPL is developing a residential project
called "Jasmine Grove" at Village Mehrauli, on NH-24, Ghaziabad,
Uttar Pradesh. In the last year, the company increased the scope of
the project to 517 flats from the originally envisaged 370 flats.
The company is part of the Saviour group, which is promoted by Mr.
Dhanesh Goel and Mr. Vineet Goel, who have been executing projects
in NCR for many years.


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

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        16.40       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term/         1.98       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

   Short-term–        3.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Sudarshan TV Channel Limited (STCL) is a public limited company,
incorporated in 2007 by Mr. Suresh k. Chavhanke and his wife Mrs.
Maya Chavhanke. STCL has an experience of 5 years in the business
of television media. STCL is performing both tasks i.e. collection
of news content as well as broadcasting; however some work of
up-linking and down-linking has been outsourced. Presently, the
company is running two news channels, Surdashshan News from 2007
and A to Z News m from 2009; and one devotional channel, Sai Tv
from 2014. Sudarshan News is concentrating on urban area as well as
rural area and A to Z is concentrating only on urban area.
Sudarshan News channel is available in all over India through DTH
services of Videocon, Dish TV and Big TV as well as through
digitized cable service providers like Den, Hathway, Win etc.


TI STEELS: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the rating for the bank facilities of TI Steels
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        39.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         1.10       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2003, TI Steels Private Limited started commercial
production in 2007 and is engaged in the manufacturing of mild
steel products. At present, the company's product portfolio
comprises SS ingots, billets, flats and hexagons, in addition to
certain high-end alloys.

UNITED CONCEPTS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term ratings of United
Concepts & Solutions Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.25       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         3.44       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term          2.06       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short Term-        0.75       [ICRA]D; ISSUER NOT COOPERATING;
   Non Fund                      Rating continues to remain under
   Based-Others                  'Issuer Not Cooperating'
                                 Category


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

Unicos manufactures modular furniture and provides solutions for
offices, educational institutes and homes. Unicos is promoted by
the Kochhar family and is headed by Mr. M.L. Kochhar with over 57
years of experience in the furniture industry. The company was
incorporated in 1999 after it took over "The United Stores," a
furniture trading entity being 2 run by the same promoters. Unicos
is headquartered in Noida, UP and has marketing offices in Mumbai,
Pune, Bangalore, Kolkata and Lucknow.




=================
I N D O N E S I A
=================

MASKAPAI REASURANSI: Fitch Alters Outlook on BB+ Rating to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on PT Maskapai Reasuransi
Indonesia Tbk's (Marein) Insurer Financial Strength (IFS) Rating to
Stable from Negative, and affirmed the rating at 'BB+' (Moderately
Weak). Fitch Ratings Indonesia has also revised the Outlook on the
company's National IFS Rating to Stable from Negative and affirmed
the rating at 'AA-(idn)'.

The Stable Outlook reflects its expectation that Marein's financial
performance and earnings will remain stable over the next 12-24
months due to reduced Covid-related death and medical claims
compared with 2021.

'AA' National IFS Ratings denote a very strong capacity to meet
policyholder obligations relative to all other obligations or
issuers in the same country or monetary union, across all
industries and obligation types.

KEY RATING DRIVERS

Improvement in Profitability: Marein's earnings recovered in 2022
to a net profit of IDR38 billion, compared with a IDR291 billion
loss in 2021. This was driven by an improvement in the life
business - comprising over 50% of total premiums in 2022 - which
saw lower reinsurance claims due to a drop in Covid-related deaths
and medical losses. The reinsurer continued to book a non-life
'combined ratio' of below 100%, maintaining it at 97% during 2022
(three-year-average: 97%). Return on equity (ROE) improved to 3% in
2022, from -19% in 2021, and averaged -3% in the last three years.

Adequate Capitalisation: Fitch assesses Marein's capitalisation as
'Good'. Its Fitch Prism Model score remained 'Somewhat Weak' based
on its 2022 financials, similar to 2021. The risk-based
capitalisation (RBC) ratio improved to 279% by end-2022 (end-2021:
239%) as a result of lower claim reserves, and the insurer is
committed to keeping the ratio above 200%.

Non-risk-adjusted capital metrics, such as net premiums to capital
and net leverage, compared well against its criteria guidelines for
its rating category. However, the absolute amount of its
capitalisation is small compared with those of some major
reinsurers in APAC and exposes Marein to external shocks.

Moderate Company Profile: Fitch assesses Marein's company profile
as 'Moderate' due to its 'Moderate' business profile and
'Moderate/Favourable' corporate governance. The 'Moderate' business
profile is driven by its substantive domestic franchise, which is
balanced by its 'Least Favourable' operating scale compared with
international peers.

Marein is one of the biggest life reinsurers in Indonesia, but its
share of the reinsurance industry's total gross written premiums
(life and non-life) was small at 11% at end-2022. Its ranking also
takes into account a risk appetite that is on a par with the sector
and Marein's somewhat diversified business lines. Therefore, Fitch
scores Marein's company profile at 'b+' under its credit-factor
scoring guidelines, in line with the ranking.

Low Exposure to Credit Insurance: Marein maintains a low-exposure
credit insurance business, a segment that has contributed to rapid
growth and weak underwriting for some Indonesian reinsurers. Its
credit insurance was 7% of its total non-life reinsurance business,
while its credit life insurance comprised around 14% of its total
life reinsurance business in 2022. The company aims to maintain the
proportion of credit insurance below 10%.

Prudent Investment Portfolio: Marein's investment mix is
conservative, with cash and equivalents and fixed-income
instruments accounting for more than 90% of invested assets at
end-2022. Its exposure to risky assets is manageable relative to
equity. Fitch expects the company to maintain its ratio of equity
investments to capital in light of its prudent investment
approach.

Retrocession Mitigates Catastrophe Risk: The company mainly uses
excess-of-loss treaties to mitigate catastrophe exposure and
monitors its risk accumulation regularly. The reinsurance
recoverable to capital ratio of 32% in 2022 (2021: 20%) compares
well against Fitch's criteria guidelines for 'BB' IFS rated
insurers. The reinsurer collaborates periodically with external
brokers to conservatively assess its catastrophe exposure through
various modelling tools.

RATING SENSITIVITIES

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

- Significant deterioration in operating performance with a
non-life combined ratio consistently higher than 100% and ROE lower
than 2%.

- Weakening capitalisation with the local statutory ratio below
200% on a sustained basis.

- Material deterioration in the company profile in terms of
marketing franchise and operating scale.

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

- Maintaining strong profitability, with a non-life combined ratio
consistently below 93% and ROE above 5%.

- Sustained improvement in capitalisation, with its regulatory RBC
ratio consistently above 280%.

- Significant and sustained improvement in the company profile in
terms of operating scale.

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
   -----------               ------                  -----
PT Maskapai
Reasuransi
Indonesia Tbk     LT IFS      BB+      Affirmed       BB+

                  Natl LT IFS AA-(idn) Affirmed   AA-(idn)




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

CLASSITA HOLDINGS: Settles Dispute with Tee Yam and Wong Siaw Puie
------------------------------------------------------------------
The Edge Markets reports that Classita Holdings Bhd has reached a
settlement with its substantial shareholder Datuk Seri Tee Yam @
Koo Tee Yam and former executive vice-chairman Jessie Wong Siaw
Puie over a RM3.96 million advance the latter provided to the
loss-making Perak-based lingerie and apparel maker.

The report relates that Classita said that the legal dispute
between the parties was settled amicably without admission of
liability and a consent judgement had been recorded.

Classita Holdings Berhad is an investment holding company. The
Company, through its subsidiaries, manufactures and sells
undergarments, brassieres, maternity and nursing bra, panties,
shape wear, camisoles, bodysuit, sports wear, and swim wear.
Classita Holdings also produces men's t-shirt and underwear.




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

ANDRASSY LIMITED: Creditors' Proofs of Debt Due on May 3
--------------------------------------------------------
Creditors of Andrassy Limited are required to file their proofs of
debt by May 3, 2023, to be included in the company's dividend
distribution.

The High Court at Auckland appointed of Steven Khov and Kieran
Jones as liquidators on March 31, 2023.


FRANK COLOMBO: Creditors' Proofs of Debt Due on May 2
-----------------------------------------------------
Creditors of Frank Colombo Limited are required to file their
proofs of debt by May 2, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 30, 2023.

The company's liquidators are:

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


IPG TRUSTEES: Creditors' Proofs of Debt Due on May 25
-----------------------------------------------------
Creditors of IPG Trustees Limited are required to file their proofs
of debt by May 25, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on March 20, 2023.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland)
          PO Box 3678
          Auckland 1140


PORSE EDUCATION: Court to Hear Wind-Up Petition on May 5
--------------------------------------------------------
A petition to wind up the operations of Porse Education & Training
(NZ) Limited will be heard before the High Court at Auckland on May
5, 2023, at 10:45 a.m.

Tertiary Education Commission filed the petition against the
company on March 9, 2023.

The Petitioner's solicitor is:

          Bridie Rose McKinnon
          Buddle Findlay
          Level 17, Aon Centre
          1 Willis Street
          Wellington 6011


SHAOLIN XIANGQIAN: Creditors' Proofs of Debt Due on May 2
---------------------------------------------------------
Creditors of Shaolin Xiangqian Food Limited are required to file
their proofs of debt by May 2, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 30, 2023.

The company's liquidators are:

          Digby John Noyce
          RES Corporate Services Limited
          PO Box 301890
          Albany
          Auckland 0752


ZOMATO LTD: Initiates Liquidation Process for Two Subsidiaries
--------------------------------------------------------------
Business Today reports that food delivery platform Zomato Ltd has
initiated the process of liquidation for two of its subsidiaries --
Zomato New Zealand Media Pvt Ltd and Zomato Australia Pty Ltd -- on
March 31, the company said in an exchange filing on April 2.

These subsidiaries did not have any active business operations and
their dissolution will not affect Zomato's turnover, the company
added.

According to the report, Zomato NZ Media is a wholly-owned
subsidiary of Zomato, with a turnover of INR31.3 lakh and a net
worth of INR2.23 crore as on March 31, 2022. The company's
contribution to Zomato's turnover was 0.01%.

Zomato Australia Pty is a step-down subsidiary with a net worth of
INR1.15 crore as on March 31, 2022.

Liquidation process of the two subsidiaries is expected to be
completed within two months, subject to requisite approvals, the
company said, Business Daily relays.

Last month, Zomato liquidated its step-down subsidiary Zomato
Ireland Ltd in Jordan, the report adds.




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

AVEXIS CONSTRUCTION: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Avexis Construction Pte Ltd, on March 31, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are Jeremy Kong Ming Tat and Oscar Kong
Ming Fai of TKNP Corporate Insolvencies Management Pte Ltd.


BLUE CHIP: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on March 31, 2023, to
wind up the operations of Blue Chip Vision Pte. Ltd.

Boardroom Corporate & Advisory Services Pte. Ltd. filed the
petition against the company.

The company's liquidator is:

          Farooq Ahmad Mann
          c/o Mann & Associates PAC
          3 Shenton Way #03-06C
          Shenton House
          Singapore 068805


CONFLUX FOUNDATION: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on April 3, 2023, to
wind up the operations of Conflux Foundation Ltd.

Software X Gmbh filed the petition against the company.

The company's liquidators are:

          Joshua James Taylor
          Chew Ee Ling
          Alvarez & Marsal (SE Asia)
          6 Battery Road
          #16-01/02
          Singapore 049909


KIA HOE: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on March 31, 2023, to
wind up the operations of Kia Hoe Construction Pte. Ltd.

Mi Polymer Concrete Pipes (S) Pte Ltd filed the petition against
the company.

The company's liquidator is:

          Farooq Ahmad Mann
          Mann & Associates PAC
          3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


OLD VILLAGE: Commences Wind-Up Proceedings
------------------------------------------
Members of Old Village Cafe Pte Ltd, on March 29, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Seah Chee Wei
          60 Paya Lebar Road
          #08-05 Paya Lebar Square
          Singapore 409051



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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