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

                     A S I A   P A C I F I C

          Thursday, April 13, 2023, Vol. 26, No. 75

                           Headlines



A U S T R A L I A

CREMORNE CLUB: First Creditors' Meeting Set for April 21
DARIC GROUP: Second Creditors' Meeting Set for April 20
FLEXICOMMERCIAL ABS 2023-1: Moody's Gives (P)B2 Rating to F Notes
LA TROBE 2023-1: S&P Assigns B+ Rating on Class F Notes
MILKRUN: To Cease Operations; Hundreds to Lose Jobs

PLATINUM TALENT: Second Creditors' Meeting Set for April 19
PORTER DAVIS: More Than 250 Near-Finished Homes to be Completed
PROJECT SEA: Contractor Files to Force Liquidation of Project
RESIMAC BASTILLE 2023-1NC: Moody's Assigns (P)B2 Rating to F Notes
SPW ENTERPRISES: First Creditors' Meeting Set for April 21

SUSHI BAY: Collapses as Multiple Restaurants Ordered to Liquidate
XPRESS FUEL: First Creditors' Meeting Set for April 18


C H I N A

SICHUAN LANGUANG: Faces Delisting Risks After Share Plunge


I N D I A

ABM DRIVES: Voluntary Liquidation Process Case Summary
ANUDAN PROPERTIES: NCLT Approves KGK Realty Takeover Plan
ANUSMERA REALTY: Insolvency Resolution Process Case Summary
BHASIN PROPERTIES: Insolvency Resolution Process Case Summary
CAMSON INDUSTRIES: CRISIL Moves B Debt Ratings to Not Cooperating

CHAMPALALJI FINANCE: Insolvency Resolution Process Case Summary
CHANDRALEKHA CONSTRUCTION: CRISIL Moves B Rating to Not Coop.
CHOUDHARY INFRAHEIGHT: CRISIL Moves B Ratings to Not Cooperating
CORUSCATION VIDYUT: CARE Keeps D Debt Rating in Not Cooperating
DEBTONE CORPORATE: Insolvency Resolution Process Case Summary

DEV GANGA: CARE Keeps B- Debt Rating in Not Cooperating Category
DIVYA AGRO: Insolvency Resolution Process Case Summary
DOLPHIN TERRA: CARE Keeps C Debt Rating in Not Cooperating
ENKI GLASS: Insolvency Resolution Process Case Summary
FANIDHAR AGROTECH: CRISIL Moves B- Ratings to Not Cooperating

FANIDHAR ENTERPRISES: CRISIL Moves B Ratings to Not Cooperating
FRESH CATCH: CRISIL Lowers Rating on INR7cr Packing Loan to B+
HARIHAR INFRAVENTURE: Insolvency Resolution Process Case Summary
J K POLYMERS: CRISIL Moves B- Debt Ratings to Not Cooperating
JEFFSON UNIVERSAL: Insolvency Resolution Process Case Summary

KAMAL AND COMPANY: CRISIL Moves B Debt Rating to Not Cooperating
KONVEKTA BUS: Voluntary Liquidation Process Case Summary
KONVEKTA REFRIGERATION: Voluntary Liquidation Process Case Summary
LIKHITA PROCESS: CRISIL Moves B Debt Ratings to Not Cooperating
NANU RAM: CARE Lowers Rating on INR4cr LT Loan to D

NEMI CHEM: CARE Lowers Rating on INR6.50cr LT Loan to B+
NEW KHODIYAR: CRISIL Moves B+ Debt Rating to Not Cooperating
OMVIR SINGH: CRISIL Moves B+ Debt Rating to Not Cooperating
OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
SAKSHAM SIGNS: CARE Keeps B+ Debt Rating in Not Cooperating

SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating
SHARF INDUSTRIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
UNITED FORTUNE: Insolvency Resolution Process Case Summary
VAISHNOVI INFRATECH :Insolvency Resolution Process Case Summary
VASAVI THANGA: CRISIL Moves B Debt Rating to Not Cooperating

VENKATESWARA ELECTRICAL: CRISIL Moves B+ Ratings to Not Coop.
VIKARSH STAMPINGS: Insolvency Resolution Process Case Summary
VIKRAM PRIVATE: CARE Lowers Rating on INR14cr LT Loan to D
VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

NICKEL INDUSTRIES: Fitch Gives 'B+' Rating on $350MM Unsec. Bonds
NICKEL INDUSTRIES: Moody's Rates New Senior Unsecured Notes 'B1'


M A L A Y S I A

FSBM HOLDINGS: Bursa Securities Approves PN17 Regularisation Plan


N E W   Z E A L A N D

ABBOTTSWAY GARDEN: Court to Hear Wind-Up Petition on May 5
ALS INVESTMENTS: Creditors' Proofs of Debt Due on May 11
BENMAX NZ: Creditors' Proofs of Debt Due on May 6
BENMAX NZ: Owes More Than NZD4.5MM, Liquidators' Report Shows
HEARTLAND BANK: Fitch Assigns 'BB+' Rating on Proposed Tier 2 Bonds

NEW LINE: Court to Hear Wind-Up Petition on April 26
VISTA MUNDI: Court to Hear Wind-Up Petition on April 28


S I N G A P O R E

CO HAI BANH MI: Court Enters Wind-Up Order
EUROPTRONIC GROUP: Court Enters Wind-Up Order
LUXURIOUS DESIGN: Court Enters Wind-Up Order
SAKIHA ENGINEERING: Court Enters Wind-Up Order
ZJM MOTORS: Court Enters Wind-Up Order


                           - - - - -


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

CREMORNE CLUB: First Creditors' Meeting Set for April 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Cremorne
Club Fitness Pty Ltd will be held on April 21, 2023, at 10:30 a.m.
via virtual meeting.

Adrian Robert Hunter and Robyn Erskine of Brooke Bird were
appointed as administrators of the company on April 11, 2023.


DARIC GROUP: Second Creditors' Meeting Set for April 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of Daric Group Pty
Ltd has been set for April 20, 2023 at 3:00 p.m. at the offices of
SV Partners at Level 3, 12 Short Street in Southport and via
electronic means.

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 18, 2023 at 5:00 p.m.

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


FLEXICOMMERCIAL ABS 2023-1: Moody's Gives (P)B2 Rating to F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by Perpetual Corporate Trust Limited, as trustee of
flexicommercial ABS Trust 2023-1.

Issuer: flexicommercial ABS Trust 2023-1

AUD68.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD182.25 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD31.50 million Class B Notes, Assigned (P)Aa2 (sf)

AUD16.80 million Class C Notes, Assigned (P)A2 (sf)

AUD8.75 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.80 million Class E Notes, Assigned (P)Ba1 (sf)

AUD15.40 million Class F Notes, Assigned (P)B2 (sf)

The AUD17.50 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and flexicommercial Pty Ltd (together,
flexicommercial), each a wholly owned subsidiary of Humm Group
Limited. flexicommercial Pty Ltd will act as servicer of the
transaction. This is flexicommercial's first auto and equipment
asset backed securities transaction for 2023.

Flexicommercial has been providing commercial asset finance to
Australian businesses for over 20 years. Historically,
flexicommercial primarily funded smaller ticket "tertiary assets"
such as scanners, copiers, printers and telephone systems under a
point-of-sale origination model. However, since early 2018,
flexicommercial has shifted its focus towards commercial lending
via broker distribution predominantly via broker originated
transactions that fund larger ticket "primary" assets such as
trucks, trailers and construction equipment, which form the
majority of the portfolio.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- The historical loss data, there is a shorter performance
history for flexicommercial's broker originated "primary" asset
receivables that constitute most of this portfolio. Although
flexicommercial have been originating commercial equipment loans
and leases for over 20 years they shifted focus from point-of-sale
originated "tertiary" assets to broker originated larger ticket
"primary" assets in early 2018.

-- The evaluation of the underlying receivables and their expected
performance;

-- The fact that approximately 64% of the receivables were
extended to the obligors on a no-income verification basis,
referred to as "Matrix". Matrix lending allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements;

-- The evaluation of the capital structure;

-- The availability of excess spread over the life of the
transaction;

-- The liquidity facility in the amount of 1.50% of the rated note
balance subject to a floor of AUD300,000;

-- The interest rate swaps provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)), Royal Bank of Canada (Sydney Branch)
(Aa1/P-1/Aa1(cr)/P-1(cr)) and Australia and New Zealand Banking
Group Limited (Aa3/P-1/Aa2(cr)/P-1(cr)).

Initially, the Class A1 and Class A2 Notes will benefit from 28.5%
subordination. The Class B, Class C, Class D, Class E and Class F
Notes benefit from 19.5%, 14.7%, 12.2%, 9.4% and 5.0% of note
subordination, respectively.

The notes will initially be repaid on a sequential basis until the
class A1 Notes are repaid in full and the credit enhancement of the
Class A2 Notes exceeds 35%. Should the Class A1 notes be repaid in
full and the Class A2 Notes credit enhancement exceeds 35% the
Class A2 to Class F Notes will be paid pro-rata and senior to the
Class G Notes until such point that the Class F Notes subordination
exceeds 10.0%. At that point Class A2 to Class G Notes will be paid
pro-rata. The notes will however be paid on a sequential basis
should there be any unreimbursed charge-offs or the payment date is
on or after the call option date. The call option date is the
earlier of the date the aggregate invested amounts of the notes is
equal to or less than 10% of the initial invested amount of the
notes or the payment date in May 2027.

Key model and portfolio assumptions:

Moody's base case assumptions are a portfolio loss rate of 5.4%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 31.00%.

To address the shorter historical loss data on flexicommercial's
broker originated portfolio, Moody's have benchmarked the
performance to data from comparable Australian commercial auto and
equipment ABS originators. Moody's have also overlaid additional
stresses into Moody's default and PCE assumptions.

Key portfolio features are as follows:

-- The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.3%.

-- The portfolio has a high yield of 9.80% which provides excess
spread to cure portfolio losses.

-- Approximately 64% of receivables were extended to obligors on a
non-income-verification basis referred to as "Matrix" lending.

No income verification lending has been originated for almost
twelve years in the Australian auto and equipment loan space.
However, through-the-cycle historical data on the performance of
this product is limited. To address this risk and the fact that the
portfolio has a high proportion of flexicommercial's non-income
verification Matrix lending (approximately 64.0%), Moody's have
applied further qualitative stresses in Moody's analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. The key requirements, among others, relate to
the length of time the business has been active (generally, a
minimum of two years), limitations with respect to the maximum
exposure (New customers, AUD250,000 for primary assets and
AUD150,000 for non-primary assets, existing customers with 9 months
of good repayment history may qualify for combined funding of
AUD400,000 of primary and secondary assets on a Matrix lending
basis) and the nature of the assets (used assets generally
acceptable for primary assets only), and requirements relation to
satisfactory credit reports on all applicants and guarantors.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2022.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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


LA TROBE 2023-1: S&P Assigns B+ Rating on Class F Notes
-------------------------------------------------------
S&P Global Ratings assigned its ratings to eight of the 10 classes
of residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for La Trobe Financial
Capital Markets Trust 2023-1. La Trobe Financial Capital Markets
Trust 2023-1 is a securitization of nonconforming and prime
residential mortgages originated by La Trobe Financial Services Pty
Ltd. (La Trobe Financial).

The ratings reflect:

-- That the credit risk of the underlying collateral portfolio and
the credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread. The assessment of credit risk
takes into account La Trobe Financial's underwriting standards and
approval process, and La Trobe Financial's servicing quality.

-- That the transaction's cash flows can meet timely payment of
interest and ultimate payment of principal to the noteholders under
the rating stresses. Key factors are the level of subordination
provided, an amortizing liquidity facility sized at 1.5% of the
note balance, the principal draw function, the yield reserve, the
retention amount built from excess spread before the call date, the
amortization amount built from excess spread after the call date or
upon a servicer default, and the provision of an extraordinary
expense reserve. All rating stresses are made on the basis that the
trust does not call the notes at or beyond the call date, and that
all rated notes must be fully redeemed via the principal waterfall
mechanism under the transaction documents.

-- That S&P also has factored into its ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets our criteria for insolvency remoteness.

-- The counterparty support provided by National Australia Bank
Ltd. as liquidity facility provider and Commonwealth Bank of
Australia as bank account provider. The transaction documents for
the liquidity facility and bank accounts include downgrade language
consistent with S&P's "Counterparty Risk Framework: Methodology And
Assumptions" criteria, published on March 8, 2019, that requires
the replacement of the counterparty or other remedy, should its
rating fall below the applicable rating.

  Ratings Assigned

  La Trobe Financial Capital Markets Trust 2023-1

  Class A1S, A$250.00 million: AAA (sf)
  Class A1L, A$515.00 million: AAA (sf)
  Class A2, A$90.00 million: AAA (sf)
  Class B, A$77.02 million: AA (sf)
  Class C, A$25.71 million: A (sf)
  Class D, A$17.80 million: BBB (sf)
  Class E, A$10.46 million: BB (sf)
  Class F, A$4.00 million: B+ (sf)
  Equity 1, A$7.54 million: Not rated
  Equity 2, A$2.47 million: Not rated


MILKRUN: To Cease Operations; Hundreds to Lose Jobs
---------------------------------------------------
Adelaide Lang at news.com.au reports that once-celebrated delivery
company MilkRun will be permanently ceasing operations within a
matter of days after a disastrous downfall.

According to the report, founder Dany Milham sent an email to the
company's 400 employees informing them the delivery company would
be shutting up shop for good by the end of the week.

"I'm writing to let you know that we have made the difficult
decision to wind down the business, and as a result, MilkRun will
cease trading this Friday [April 14]," he wrote.

News.com.au relates that Mr. Milham blamed worsening economic
conditions for the collapse of the once-great delivery company
which raised AUD11 million before launching in September 2021.

News.com.au notes that MilkRun became one of the fastest growing
startups in Australia in 2022 when it banked an impressive $75
million funding round led by a US venture capital firm.

However, an impressive list of investors including Atlassian
founders Mike Cannon-Brookes and Scott Farquhar couldn't offset the
difficult economic environment.

News.com.au says the decision to close MilkRun comes months after
20 per cent of the workforce was let go in an attempt to revitalise
the sluggish business.

"Since we announced our structural changes in February, economic
and capital market conditions have continued to deteriorate, and
while the business has continued to perform well, we feel strongly
that this is the right decision in the current environment," Mr
Milham told staff.

News.com.au says the CEO reassured his 400 employees that there
would be enough money to provide severance packages and pay
suppliers.

"We've always been committed to doing things the right way, and
winding down the business while we still have a sufficient cash
balance enables us to ensure our people and suppliers are paid in
full," he wrote.

According to news.com.au, MilkRun was hailed as a revolutionary
service when it launched in September 2021 as one of the first
companies to offer ultrafast delivery.

It promised to deliver groceries within ten minutes and managed to
deliver on its pledge, earning praise for its swift delivery and
convenience.

However, the company was forced to broaden its timeframe in 2022
amid rising costs.

While MilkRun pioneered the instant delivery trend that burned
bright over the past two years, it was not immune to post-pandemic
economic woes.

It's the latest delivery company to fall victim to the looming
economic crisis, after local competitors Send and Voly were forced
to close up shop last year, the report says.

Even larger delivery services were not immune, as demonstrated by
the shock collapse of national food delivery company Deliveroo in
November.


PLATINUM TALENT: Second Creditors' Meeting Set for April 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Platinum Talent
Management Pty Ltd has been set for April 19, 2023 at 11:00 a.m.
via videoconference.

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 19, 2023 at 11:00 a.m.

Brent Kijurina, Richard Albarran, Richard Lawrence, and David Trim
of Hall Chadwick were appointed as administrators of the company on
March 7, 2023.


PORTER DAVIS: More Than 250 Near-Finished Homes to be Completed
---------------------------------------------------------------
SBS News reports that more than 250 unfinished Porter Davis homes
will be completed while liquidators will introduce replacement
builders to other affected customers.

The building company went into liquidation last week, leaving
clients desperately seeking answers and more than 1,700 Victorian
and Queensland homes in limbo.

According to the report, liquidators Grant Thornton has been
working with staff, certifiers, and home owners to find solutions
for properties close to completion.

The liquidators have identified more than 250 homes that are
expected to qualify for occupation certificates and are capable of
being completed given how close they were to being finished.

Porter Davis staff will contact those customers to advise them of
the next steps, SBS News notes.

SBS News relates that Grant Thornton will introduce others to
replacement builders in the coming week so they can discuss how
their build will be finished.

More than 20 builders have offered to help complete homes for
Porter Davis customers.

The liquidators advise customers to still seek their own legal
advice to ensure they don't compromise their insurance
entitlements.

"We appreciate this is a stressful time for all Porter Davis
stakeholders," a Grant Thornton spokeswoman told the AAP news
agency.

"We thank you for your continued patience while we work to find
alternative options and possible solutions for customers."

According to SBS News, the Victorian government is also
investigating whether Porter Davis illegally left customers
uninsured after taking their deposits.

Builders in Victoria have to buy domestic building insurance
policies on behalf of home owners before they take deposits or any
money for projects of more than AUD16,000.

The requirement falls under the Domestic Building Insurance
Ministerial Order.

"We are looking at that actively," the report quotes Victorian
Premier Daniel Andrews as saying.  "I just want to remind everybody
in this industry, the law applies to everyone. It's not a matter of
choosing to lodge those insurance premiums."

Said Jahani, Matt Byrnes and Cameron Crichton of Grant Thornton
Australia were appointed liquidators of Porter Davis Homes (PDH) on
March 31, 2023.


PROJECT SEA: Contractor Files to Force Liquidation of Project
-------------------------------------------------------------
Matthew Wilcox at IntraFish reports that legal proceedings have
been filed against black tiger shrimp farm Project Sea Dragon in an
effort to drive the mammoth venture into liquidation.

IntraFish relates that Canstruct, the construction firm employed as
a contractor on the farm in Australia's remote northern
territories, filed a motion in Australia's federal court April 5
seeking to terminate the Deed of Company Arrangement (DOCA)
executed by key shareholder Seafarms Group in late March, and to
appoint a liquidator for the company.

The project, a huge black tiger shrimp farm, went into
administration in February after Seafarms Group (SFG), announced it
would discontinue funding following a contractual dispute with
Canstruct.

Project Sea Dragon called for the AUD1.45 billion development of
10,000 hectares of ponds in Legune Station, near Kununurra in
Western Australia. The facility would have been capable of growing
more than 150,000 metric tons of black tiger shrimp per year,
according to SeafoodSource.

Shaun McKinnon and Andrew Fielding of BDO were appointed as
administrators of Project Sea Dragon on Feb. 14, 2023.


RESIMAC BASTILLE 2023-1NC: Moody's Assigns (P)B2 Rating to F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Trustee Company
Limited as trustee of the RESIMAC Bastille Trust in respect of the
RESIMAC Series 2023-1NC.

Issuer: Perpetual Trustee Company Limited as trustee of the RESIMAC
Bastille Trust in respect of the RESIMAC Series 2023-1NC

AUD350.0 million Class A Notes, Assigned (P)Aaa (sf)

AUD65.0 million Class AB Notes, Assigned (P)Aaa (sf)

AUD53.0 million Class B Notes, Assigned (P)Aa2 (sf)

AUD7.5 million Class C Notes, Assigned (P)A2 (sf)

AUD9.0 million Class D Notes, Assigned (P)Baa2 (sf)

AUD7.5 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.5 million Class F Notes, Assigned (P)B2 (sf)

The AUD4.5 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by RESIMAC Limited (RESIMAC,
unrated).

RESIMAC is an Australian non-bank lender, specialising in
non-conforming and prime residential mortgage lending. As of
December 31, 2022, RESIMAC's Australian mortgage portfolio was
around AUD15.2 billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, the
experience of RESIMAC as servicer and the presence of Perpetual
Trustee Company Limited as the backup servicer.

According to Moody's, Class A Notes and Class AB Notes benefit from
30.00% and 17% subordination respectively, compared with the 13.7%
MILAN CE. However, Moody's notes that the transaction features some
credit weaknesses such as a relatively high weighted average
scheduled LTV (71.7%) and loans underwritten on an alternative
documentation basis (94.7%).

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 13.7%. Moody's expected loss for this transaction is 1.4%.

Key transactional features are as follows:

-- Initially, principal payments will be made sequentially,
starting with Class A Notes. All classes of notes, excluding Class
G Notes and Class Z Notes, will start receiving their pro-rata
share of principal on a payment date 24 months after closing,
provided that step-down test is met. The test provisions include,
among others, no unreimbursed charge-offs and at least 26.4%
subordination to the Class A Notes. Principal payments will revert
to sequential on and after the call option date, occurring on the
earlier of the payment date falling in April 2027 and when the
invested balance of notes falls below 20% on the initial balance of
the notes.

-- The servicer is required to maintain the weighted average
interest rates on the mortgage loans at a level sufficient for the
trust to meet the required payments when due, plus 0.25%.

-- Under the retention mechanism, prior to the call date, certain
proportion of excess spread remaining after reimbursement of
losses, carry-over charge-offs and payment of Class G interest will
be used to repay principal on the Class F Notes, thereby limiting
their exposure to losses. Issuance of an equivalent amount of
subordinated Class Z Notes at the same time will preserve the level
of credit enhancement available to the more senior ranking notes.

Key pool features are as follows:

-- The pool has a weighted-average scheduled loan-to-value (LTV)
of 71.7%, although only 8.1% of the loans have scheduled LTVs over
80%.

-- The pool has a weighted average seasoning of 8.7 months.

-- At least 80.4% of loans in the pool are to self-employed
borrowers. The income of these borrowers is subject to higher
volatility than employed borrowers, and they may experience higher
default rates. For further 6.4% of loans, borrower employment type
is not provided, and for 1.4% of loans it is classified as other.

-- Alternative documentation loans make up around 94.7% of the
pool.

Methodology Underlying the Rating Action:

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

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

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

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


SPW ENTERPRISES: First Creditors' Meeting Set for April 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of SPW
Enterprises Pty Ltd and Language Switch Pty Ltd will be held on
April 21, 2023, at 10:00 a.m and 11:00 a.m. respectively, via BPS
teleconference facilities.

David Samspon and Maxwell William Prentice of BPS Recover were
appointed as administrators of the company on April 11, 2023.


SUSHI BAY: Collapses as Multiple Restaurants Ordered to Liquidate
-----------------------------------------------------------------
Alex Turner-Cohen at news.com.au reports that a national restaurant
chain has quietly collapsed amid an investigation into the company
over breaches of the Fair Work Act and mounting tax debts.

In the past month, multiple businesses which were part of the
popular restaurant chain Sushi Bay have been placed into
court-ordered liquidation, the report says.

News.com.au relates that the Deputy Commissioner of Taxation began
winding-up proceedings against Sushi Bay and so far three of its
four remaining restaurants have liquidated.

Sushi Bay had restaurants in NSW, Canberra and the Northern
Territory and at its peak, the company had a number of stores
across Sydney, including in Miranda, Rhodes, Penrith, Rouse Hill,
Parramatta, Carlingford and Campbelltown. It also had a store
outside Sydney in Shellharbour.

Sushi Bay's Miranda store, in Sydney's south, which was registered
under the name Auskobay Pty Ltd, was ordered into liquidation in
February, news.com.au recalls.

Then Sushi Bay's Campbelltown store, trading under Sushi Bay Pty
Ltd, went bust in mid-March, while its Canberra restaurant
collapsed at the end of last month.

Only its Darwin restaurant remains standing but its position is
tenuous.

Sushi Bay Darwin had a court hearing on April 12 as the tax office
demands it also be wound up over unpaid debts, the report adds.


XPRESS FUEL: First Creditors' Meeting Set for April 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

          - Xpress Fuel Australia Pty Ltd;
          - Press Australia Pty Ltd;
          - Press AG Pty Ltd;
          - Xpress AG Pty Ltd; and
          - Xpress Group Australia Pty Ltd

will be held on April 18, 2023, at 10:00 a.m., 11:00 a.m., 11:30
a.m., 12:00 p.m., and 12:30 p.m., respectively, at Wilarra Room,
Level 2, Grace Hotel, 77 York Street in Sydney and via virtual
meeting technology.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on April 4, 2023.




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

SICHUAN LANGUANG: Faces Delisting Risks After Share Plunge
----------------------------------------------------------
Caixin Global reports that cash-strapped Shanghai-listed Chinese
property developer Sichuan Languang Development is facing delisting
risks, after its closing price fell below one yuan per share for
two consecutive days and the company warns of insolvency.

Shares of Sichuan Languang tumbled 7.77% from 1.07 yuan ($0.16) to
close at 0.95 yuan on April 6. On April 7, the company closed
further down 2.11% to 0.93 yuan per share.

That puts the developer on the cusp of getting booted from the
Shanghai Stock Exchange (SSE), the report notes.

Under the SSE's rules, companies that see their closing price fall
below one yuan per share for 20 straight days would meet the
delisting threshold set by the bourse, and the exchange would make
a decision on whether to delist them in the next 15 days.

According to the report, China's housing sector meltdown started in
2021 as policymakers vowed to rein in speculation and excessive
borrowing, stripping developers of major funding sources. This has
led many property companies, including big names, to struggle to
repay debt or complete projects.

Like many others, Sichuan Languang has been squeezed by a liquidity
crunch since 2021, when its annual net profit plunged more than
500% from CNY3.3 billion in 2020 to a loss of CNY13.8 billion.

The company expects its net loss in 2022, which is yet to be
released, to widen 58% year-on-year to some CNY21.9 billion,
according to its filing to the SSE on Jan. 31.

Meanwhile, its net assets, which stood at CNY1.4 billion as of the
end of 2021, are estimated to sink to a negative 20.8 billion, the
filing, as cited by Caixin, showed.

As of April 4, the company had failed to repay CNY42.1 billion of
matured debt, which included bank loans, trust loans and debt
financing instruments, according to another filing to the SSE on
April 5, Caixin relays.

A year of negative net assets would trigger a delisting warning
risk alert on the debt-laden developer, with two years ending in
delisting, according to rules set by the SSE.

Caixin says despite a raft of policy moves issued by authorities
since late last year to arrest the property downturn, many listed
Chinese developers like Sichuan Languang are still expecting to
report barrels of red ink for 2022.

As of Feb. 21, 66 of 119 publicly traded Chinese real estate
companies issued 2022 earnings estimates, and 38 said they expect
to report a net loss, Caixin discloses citing data from Wind
Information.

Sichuan Languang Development Co., Ltd. engages in the development
and operation of real estate.




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

ABM DRIVES: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: ABM Drives Private Limited
Lunkad Sky Cruise, B- Wing, Survey
        No. 210/3 Viman Nagar Pune MH 411014

Liquidation Commencement Date:  March 23, 2023

Court: National Company Law Tribunal, Pune Bench

Liquidator: Anagha Anasingaraju
     1-2, Aishwarya Sankul,
            17 G.A Kulkarni Path,
     Opp. Joshi’s Railway Museum,
            Kothrud Pune - 411038
     Email: rp.anagha@kanjcs.com
     Tel No: 020-25466265/ 25461561

Last date for
submission of claims: April 22, 2023


ANUDAN PROPERTIES: NCLT Approves KGK Realty Takeover Plan
---------------------------------------------------------
The Economic Times reports that India's bankruptcy court has
allowed the acquisition of Anudan Properties by Mumbai-based
developer KGK Realty (India). The Committee of Creditors (CoC)
approved KGK Realty's resolution plan with 76.35% voting.

Other developers such as Aanya Real Estate and a consortium of
Ashdan Properties, and NNP Buildcon had also submitted revival
plans for the company.

ET says the development is an indication of the rising trend of
several established developers with sound financials scouting for
deals in the property sector through the bankruptcy process.

The latest data from the Insolvency & Bankruptcy Board of India
(IBBI) showed 6,199 companies were brought into administration
until September-end, ET discloses.  Of these, about 1,240 companies
were in the real estate sector. Data suggest that about 805 such
real estate companies have received resolution plans from bidders.


In this specific matter, in March 2021, the tribunal had admitted
the company under the insolvency process and appointed the
insolvency resolution professional (IRP).

The first meeting of the CoC was held in April 2021, ET recalls.

According to ET, the resolution professional had received a total
148 claims amounting to nearly INR271 crore against the company.
Out of 148 claims, 125 claims amounting to over INR236 crore were
admitted.

As part of its resolution plan, KGK Realty (India) has agreed to
take over the responsibility of completing the said project of
Anudan Properties, the report relates. It has agreed to start the
construction of the Thane Project from the CoC's approval to ensure
homebuyers get their homes in a timely manner and to ensure that
the corporate debtor is operated and managed as a going concern.

Anudan Properties Private Limited owns and develops real estate
properties.


ANUSMERA REALTY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Anusmera  Realty and Infra Private Limited
A.F.F 83/A, N.G Archarya Marg, Chembur,
        Mumbai - 400 071, Maharashtra

Insolvency Commencement Date: March 23, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Atul Laxmichand Gala
       1c/202, Bhavini Enclave,
              44, D P Road,
              Near Khandoba Mandir, Mulund - East,
              Mumbai - 400081
       Email: atulgala.cirp@gmail.com

       1501, Oriana Business Park, Road No. 22,
              Eagle Estate, Opp GST Bhavan, Thane-West,
              Thane 400604, Maharashtra
              Email: anusmera.cirp@gmail.com

       1. Rahul Sukanraj Jain
       2. Nitin Om Kothari
       3. Alok Kumar Murarka

Last date for
submission of claims:  April 7, 2023


BHASIN PROPERTIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/S. Bhasin Properties and Developers Private Limited
Flat 303, Floor 3, Wing B, Sabri Castle,
        R C Marg, Chembur Mumbai
        Mumbai City MH 400071

Insolvency Commencement Date: March 17, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Vijay P. Lulla
       201, Satchitanand Bldg., 12th Road,
              Opp. Ram Mandir,
              Khar (West), Mumbai - 400 052
              Email: vijayplulla@rediffmail.com

              203B, Arcadia Building,
              2nd floor, Nariman Point,
              Mumbai – 400021 or
              201, Satchitanand Bldg., 12th Road,
              Opp. Ram Mandir,
              Khar (West), Mumbai - 400 052
              Email:  bhasinproperties.cirp@gmail.com

Last date for
submission of claims:  April 3, 2023


CAMSON INDUSTRIES: CRISIL Moves B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Camson
Industries (Camson) to 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             2        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan          4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with Camson for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of Camson to confirm timely debt servicing
during these months, but awaits any feedback.

'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 NDSs from Camson, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on Camson is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of Camson
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.

Camson is a partnership concern of Mr Nitin Singh Bhatia and Mr Ram
Dev Gujral. The firm is setting up a unit for manufacturing plastic
injection moulding for different types of products such as pipes,
fitting accessories and water tanks.


CHAMPALALJI FINANCE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Champalalji Finance Private Limited
Sheetal Estate, Grant Road,
        Mumbai City MH 400007 India

Insolvency Commencement Date: March 17, 2023

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

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Anand Sobhadra
       Flat-2183, Sector-B, Pocket-2, Vasant Kunj,
       New Delhi,
              National Capital Territory Of Delhi, 110070
       Email: sonbhadra65@gmail.com
       Email: champalaljifinance.ibc@gmail.com

Last date for
submission of claims:  April 8, 2023


CHANDRALEKHA CONSTRUCTION: CRISIL Moves B Rating to Not Coop.
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Chandralekha Construction Private Limited (CCPL) to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        6.58       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)


   Cash Credit           2.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with CCPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of CCPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from CCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on CCPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of CCPL
migrated to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

Incorporated in 1995, CCPL is promoted by Delhi-based Mr H P Singh
Parihar and his family members. CCPL is engaged in commercial and
industrial construction in Delhi, Haryana, Uttar Pradesh,
Uttarakhand and Karnataka. CCPL undertakes all kinds of civil
projects such as education institutions, multistorey buildings,
manufacturing facilities and offices, hospital and hotels.


CHOUDHARY INFRAHEIGHT: CRISIL Moves B Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Choudhary Infraheight Private Limited (CIPL) to 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Working      0.5        CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

   Term Loan             9.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with CIPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, CRISIL also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of CIPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from CIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on CIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of CIPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.

CIPL, incorporated in 2013, is a Chittorgarh, Rajasthan based
company engaged in developing residential and commercial real
estate projects. Mr Manish Kumar Girdharilal Lath, Mr Hriday Lath,
Mr Sandeep Sharma, Mr Manoj Menaria, Mr. Lalit Ajmera are the
promoters.


CORUSCATION VIDYUT: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Coruscation
Vidyut Vitaran (Ujjain) Private Limited (CVVPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      62.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 11,
2022, placed the rating(s) of CVVPL under the 'issuer
non-cooperating' category as CVVPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.  CVVPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 28, 2022, January 17,
2023, April 4, 2023.

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

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

Coruscation Vidyut Vitaran (Ujjain) Private Limited (CVVPL),
incorporated on April 24, 2012, as a special purpose vehicle (SPV)
promoted by Essel group for functioning as the distribution
franchisee (DF) for the Ujjain area. The SPV is held by Essel group
Investment Company i.e. Pan India Network Limited (PINL) holding
74% and balance is held by Pan India Infraprojects Private Limited
(PIIPL). CVVUPL was responsible for the purchase and distribution
of power to the existing and future consumers in the prescribed
area, maintenance of the distribution assets and all related
activities subject to the terms and conditions as stipulated in the
distribution franchise agreement (DFA) and various regulatory
authorities.


DEBTONE CORPORATE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Debtone Corporate Advisory Private Limited
404, 4TH Floor, Kaveri Complex,
        Behind Holiday Inn
        Jagannath Mandir Road, Sakinaka,
        Mumbai - 400072

Insolvency Commencement Date: March 17, 2023

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

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Chhaya Gupta
              1, Bima Nagar,
              202, Almas Dreams Apartment,
              Near Anand Bazaar,
              Indore 452018, MP
              Email: guptachayacs@gmail.com

              911, Apollo Premier,
              Near Vijay Nagar Square,
              Indore - 452010, MP
              Email: cirp.dcapl@gmail.com

Last date for
submission of claims:  April 7, 2023


DEV GANGA: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dev Ganga
Contractors Private Limited (DGCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.73       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      6.07       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale & Key Rating Drivers

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

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

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

DGCPL was incorporated in July 2005 by Mr. Bhim Singh Chundawat and
other family member. DGCPL is mainly engaged in royalty collection
business on contractual basis in Rajasthan. Currently, it has three
royalty collection contracts in Udaipur, Fulera and Bundi for 2
years starting from April 2018. Further, DGCPL owns a hotel named
The Amargarh located at Udaipur which has been leased to Trulyy
India Hotels and Resorts Private Limited (TIHRPL). DGCPL has
commenced construction of hotel from July, 2017 and till July 31,
2018 the company has constructed two floors and incurred INR1.74
crore which was funded through unsecured loan from promoters.

DIVYA AGRO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Divya Agro Chem Private Limited
9 Queens Lawn Premises CHS Ltd. SV Road,
Plot No. 967, Vile Parle (West) Mumbai MH 400056 India

Insolvency Commencement Date: February 24, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Kamal Rajkumar Sharma
       Office No. 40, 1st Floor, 9/15, Morarji Velji Building,
              Dr. M. B Velkar Street, Marine Lines (E),
              Mumbai , Maharashtra, 400002
       Email: kamal.sharma@ajallp.in
       Email: cirp.dacpl@gmail.com

Last date for
submission of claims:  March 13, 2023


DOLPHIN TERRA: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dolphin
Terra Firma Private Limited (DTFPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.90       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 17,
2022, placed the rating(s) of DTFPL under the 'issuer
non-cooperating' category as DTFPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. DTFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 3, 2022, December 13,
2022, December 23, 2022.

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

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

Dolphin Terra Firma Private Limited (DTF) was incorporated as a
private limited company in February 2011 and is currently being
managed by Mr. Neeraj Soni and Mr. Nitigya Soni. DTF is
incorporated with an aim to set up a holiday resort located at
Nahan, Himachal Pradesh.


ENKI GLASS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Enki Glass Industry Private Limited
294, Bhavani Peth Jalgaon
        Maharashtra 425001

Insolvency Commencement Date: February 27, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Anagha Anasingaraju
       1-2, Aishwarya Sankul,
              17 G.A. Kulkarni Path,
              Opp. Joshi's Railway Museum,
              Kothrud, Pune - 411038
       E-mail: rp.anagha@kanjcs.com
       E-mail: enkiglass.cirp@gmail.com

Last date for
submission of claims:  April 6, 2023


FANIDHAR AGROTECH: CRISIL Moves B- Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Fanidhar Agrotech Private Limited (FAPL) to 'CRISIL B-/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            21        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with FAPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of FAPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from FAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on FAPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of FAPL
migrated to 'CRISIL B-/Stable Issuer Not Cooperating'.

Incorporated in 2010, FAPL is engaged in wholesaling and trading of
agro commodities and pulses such as castor seeds, guar seeds, wheat
grains and cluster beans. It is part of the Ahmedabad-based
Fanidhar group, promoted by Mr Krunal Patel and Mr Rushab Patel.


FANIDHAR ENTERPRISES: CRISIL Moves B Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Fanidhar Enterprises Private Limited (FEPL) to 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            21        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)
  
   Proposed Fund-          2.36     CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING; Rating Migrated)

   Working Capital         0.64     CRISIL B/Stable (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with FEPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of FEPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from FEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on FEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of FEPL
migrated to 'CRISIL B/Stable Issuer Not Cooperating'

Incorporated in 2009, FEPL is engaged in wholesaling and trading of
agro commodities and pulses such as castor seeds, guar seeds, wheat
grains, cluster beans, cattle feeds, etc. It is part of the
Ahmedabad-based Fanidhar group, promoted by Mr Krunal Patel and Mr
Rushab Patel.


FRESH CATCH: CRISIL Lowers Rating on INR7cr Packing Loan to B+
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on bank facilities of
Fresh Catch Exports (FCE) to 'CRISIL B+/stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4' Also, the rating on the proposed
long-term bank loan facility of INR7 crore has been withdrawn at
the company's request which is in line with CRISIL Ratings' policy
for withdrawal of ratings.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Bill             1         CRISIL A4 (Downgraded from
   Purchase                          'CRISIL A4+')

   Packing Credit          7         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Term Loan      7         Withdrawn

The downgrade factors weaker than expected business performance in
fiscal 2023 on account of a significant decline in revenue to less
than INR20 crore (from INR45 crore in the previous fiscal). Subdued
demand from the key customers in China has weakened the operating
performance and the performance is expected to remain muted over
the medium term on account of intense competition. Revival in
demand along with sustenance of operating margin will be a key
monitorable.

The ratings continue to reflect the extensive experience of the
partners in the sea food industry and their continued fund support.
These strengths are partially offset by the modest scale of
operations, the below-average financial risk profile and exposure
to change in regulations

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and susceptibility to changes in
regulations: The scale remains modest, with operating income
projected at INR35-50 crore per fiscal over the medium term. The
marine export industry also remains vulnerable to risks arising
from regulatory changes in client countries and the high-quality
conscious nature of clients.

* Below-average financial risk profile: Financial risk profile may
continue to be weak, marked by a small networth of INR6.3 crore as
on March 31, 2022. Gearing and total outside liabilities to
tangible networth ratios are to be high at 1.4 times and 2.85
times, respectively, as on March 31, 2022.

Strength:

* Extensive experience of the partners in the seafood industry and
their fund support: The partners, Mr Abdul Ziyad and his wife, Mrs
Wahida Abdul Ziyad have spent over three decades in the seafood
industry. They have also infused capital to support the operations
of the firm as and when required

Liquidity: Stretched

Liquidity will be constrained due to marginal cash and cash
equivalents and tightly matched cash accrual against the repayment
obligations. The fund-based limit of INR7 crore was utilized to the
extent of 92% over the 12 months ended November 2022.

Outlook: Stable

CRISIL Ratings believes FCE will continue to benefit from the
extensive experience of its partners in the seafood industry.

Rating Sensitivity factors

Upward factors:

* Growth in revenue marked by increase in total operating income to
over INR50 crore and net cash accrual to INR2.25-2.5 crore.
* Improvement in financial risk profile supported by capital
infusion and reduction of debt

Downward factors:

* Stretch in working capital cycle with gross current assets
exceeding 250 days
* Any major debt-funded capital expenditure or sizeable capital
withdrawal by partners, weakening liquidity

FCE was set up in 2014 as a partnership between Mr Abdul Ziyad and
his wife, Mrs Wahida Abdul Ziyad. The Kakinada (Andhra
Pradesh)-based firm is engaged in processing and exports of sea
food.


HARIHAR INFRAVENTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s. Harihar Infraventure (India) Private Limited
No. 530, Lodha Supremus II,
        Road No.22, Wagle Estate
        Thane MH 400604 India

Insolvency Commencement Date: March 15, 2023

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

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: CA Naren Sheth
       1014-1015, Prasad Chamber,
              Tata Road No. 1,
       Opera House, Charni Road (East)
              Mumbai 400004
       Mobile: 09821133426
       Tel No: 022 66322870
       Email: mkindia58@gmail.com
       Email: cirp.harihar@gmail.com

Last date for
submission of claims:  April 7, 2023


J K POLYMERS: CRISIL Moves B- Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of J K
Polymers (JKP) to 'CRISIL B-/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              2.37      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with JKP for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of JKP to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from JKP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on JKP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of JKP
migrated to 'CRISIL B-/Stable Issuer Not Cooperating'.

JKP was set up in 2006 as a partnership firm by Mr Ambalal J Patel,
Mr Bhavesh J Patel, Mr Iswar J Patel and Mr Jignesh N Patel. This
Mehsana (Gujarat)-based firm manufactures HDPE/PP bags such as
woven sacks, paper sacks, liner bags and tarpaulin.


JEFFSON UNIVERSAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Jeffson Universal Logistics Private Limited
2/1b/3, North Block, Ganesh Nagar
        Palayamkottai Road West Tuticorin
        Tamil Nadu - 628003

Insolvency Commencement Date: March 16, 2023

Estimated date of closure of
insolvency resolution process:  September 12, 2023

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Anil Kumar Khicha
       No. 184, Poonamalle High Road,
              6- FF, Golden Enclave,
              Kilpauk, Chennai,
              Tamil Nadu - 600010
              Email: knpchennai@gmail.com
              Email: cirpjeffson@gmail.com

Last date for
submission of claims:  April 4, 2023


KAMAL AND COMPANY: CRISIL Moves B Debt Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Kamal
and Company (KC) to 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with KC for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of KC to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from KC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on KC is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of KC migrated to
'CRISIL B/Stable Issuer Not Cooperating'.

Established in 1936 as a proprietorship firm and later
reconstituted as a partnership firm, KC is an authorised dealer of
the vehicles of Tata Motors. The firm has a showroom and two
service centres in Jaipur and has been appointed sub dealer in
Dausa and Kothputli regions (all in Rajasthan). KC is owned and
managed by Mr Dayanidhi Kasliwal, Mr Ishnidhi Kasliwal, Mr
Deshnidhi Kasliwal, Mr Payonidhi Kasliwal and Mr Sudhanidhi
Kasliwal.


KONVEKTA BUS: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Konvekta Bus AC India Private Limited
Shop No. 75, Second Floor, Eaze Zone Mall
        Off Link Road,
Goregaon West, Mumbai
        MH 400104 India

Liquidation Commencement Date:  March 23, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Anagha Anasingaraju
     1-2, Aishwarya Sankul,
            17 G.A Kulkarni Path,
     Opp. Joshi's Railway Museum,
            Kothrud Pune - 411038
     Email: rp.anagha@kanjcs.com
     Tel No: 020-25466265/ 25461561

Last date for
submission of claims: April 22, 2023


KONVEKTA REFRIGERATION: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Konvekta Refrigeration India Private Limited
Shop No. 75, Second Floor, Eaze Zone Mall
        Off Link Road,
Goregaon West, Mumbai
        MH 400104 India

Liquidation Commencement Date:  March 23, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Anagha Anasingaraju
     1-2, Aishwarya Sankul,
            17 G.A Kulkarni Path,
     Opp. Joshi's Railway Museum,
            Kothrud Pune - 411038
     Email: rp.anagha@kanjcs.com
     Tel No: 020-25466265/ 25461561
   
Last date for
submission of claims: April 22, 2023


LIKHITA PROCESS: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Likhita Process Industries (LPI) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          3        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             5.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     13.3      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with LPI for
obtaining NDS through letters / emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of LPI to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from LPI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on LPI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LPI
migrated to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

LPI, set up in 2005, manufactures structures such as windmill tower
internals, staircases, door frame assembly, ventilation decks,
platforms, cable drums and cables. The firm is based in Hyderabad
and Mr T Yellamanda Reddy manages the operations.


NANU RAM: CARE Lowers Rating on INR4cr LT Loan to D
---------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Nanu Ram Goyal and Company (NRGC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Long Term/Short     20.00       CARE B+; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

Rationale & Key Rating Drivers

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

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

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

The ratings assigned to bank facilities of NRGC have been revised
on account of non – availability of requisite information.

New Delhi based, Nanu Ram Goyal and Company (NRGC) was established
in 2002, as a proprietorship firm by Mr. Dwarka Das Goyal. Mr.
Dwarka Das Goyal is a graduate by qualification and has an
experience of more than a decade in the construction and real
estate industry through his association with this entity. He
manages the overall operations of the firm. The firm is engaged in
providing infrastructure development and maintenance services
related to construction of residential projects. In order to get
the business, firm has to participate in bids/tenders floated by
government and private companies. Bricks, sand, cement, steel,
tiles, bathroom accessories, electrical fittings, etc. are the
major raw materials required for execution of awarded task, which
are procured from various manufacturers and wholesalers located in
the domestic market.


NEMI CHEM: CARE Lowers Rating on INR6.50cr LT Loan to B+
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Nemi Chem (NC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank     12.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 28,
2022, placed the rating(s) of NC under the 'issuer non-cooperating'
category as NC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 14, 2023, January 24, 2023, February 3, 2023.

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

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

The ratings assigned to the bank facilities of NC have been revised
on account of non-availability of requisite information.

Nemi Chem (NC) was established as partnership firm in 2009 by Mr.
Jiten Mahasukhlal Shah and Mrs. Dipti Jiten Shah and is engaged in
trading of chemicals (viz. Titanium dioxide, synthetic camphor,
polyvinyl alcohol, sodium glucomate, propylene glycol, DCDA,
Saturated acyclic monocarboxylic acids, derivatives, Phthalic
etc.). The firm has distributorship of propylene glycol of a
Chinese company Shandong Shida Shenghua Chemical Group Co. Ltd. The
firm caters for propylene glycol trading in Maharashtra and North
region. Furthermore, the firm has ventured into manufacturing of
Sodium stearate (used in manufacturing of diapers) from FY15 for
Godrej group of Companies, which is entirely outsourced through
local manufacturers.


NEW KHODIYAR: CRISIL Moves B+ Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of New
Khodiyar Cotton Company (NKCC) to 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             10       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with NKCC for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of NKCC to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from NKCC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on NKCC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of NKCC
migrated to 'CRISIL B+/Stable Issuer Not Cooperating'.

NKCC was established in 1999 as a partnership firm by Mr Mukesh
Patel, Mr Ramesh Patel, Mr Shailesh Patel, Mr Mahesh Patel, Mrs
Daxyaben Patel and Mrs Narmadaben Patel. The firm gins cotton.


OMVIR SINGH: CRISIL Moves B+ Debt Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Omvir
Singh (OS) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         35        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft Facility      2.04     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with OS for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of OS to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from OS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on OS is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the ratings on bank facilities of OS migrated to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.

OS was set up in 1974 as a proprietorship firm of Mr Omvir Singh.
It undertakes civil construction works such as canal lining, rural
electrification, and construction of residential buildings in and
around Uttar Pradesh.


OYSTER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Oyster
Steel & Iron Private Limited (OSIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     100.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     20.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 24,
2022, placed the rating(s) of OSIPL under the 'issuer
non-cooperating' category as OSIPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. OSIPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 10, 2022, December
20, 2022, December 30, 2022.

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

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

Incorporated in 2008 by Mr. Prem Chand Gupta, OSIPL is engaged in
trading of aluminium and copper products in the form of ingots,
wire rods etc. The company also has associate concerns i.e.
Worldwide Metals Private Limited, Olympus Metal Private Limited,
Prominent Metal Private Limited, and Duke Sponge and Iron Private
Limited engaged in similar industry i.e. trading of aluminium and
copper components.


SAKSHAM SIGNS: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saksham
Signs Private Limited (SSPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      1.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and Key Rating Drivers

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

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

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

Delhi based Saksham Signs Private Limited (SSPL) was incorporated
as a private company in March 2001 by Mr. Vikrant Manchanda and Mr.
Vikas Manchanda. The company is engaged in manufacturing of sign
boards. The main raw material for manufacturing of sign boards is
aluminium sheet, iron angle which company procures from
manufacturers and traders located all over India. SSPL sells its
products to the various manufactures and traders located all over
India.


SANTOSH WAREHOUSING: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Santosh
Warehousing Limited (SWL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 3,
2022, placed the rating(s) of SWL under the 'issuer
non-cooperating' category as SWL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SWL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 20, 2022, December 30, 2022, March
31,2023.

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

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

Santosh Warehousing Ltd (SWL) was established in the year 2012 by
Mr Sunil Mittal and Neena Mittal. The company is engaged in
providing warehouse services. It has one warehouse located at
Secunderabad (Uttar Pradesh).


SHARF INDUSTRIES: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sharf
Industries (SI) to 'CRISIL B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.1       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     0.9       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SI for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of SI to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on SI is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the rating on bank facilities of SI migrated to
'CRISIL B+/Stable Issuer Not Cooperating'

Set up in 2014, SI trades electrical goods such as lights, fans,
switch sockets, miniature circuit breakers (MCBs), wires and other
electrical accessories. The firm is owned and managed by Mr Vinayak
Keshari.


UNITED FORTUNE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: United Fortune International Private Limited
        Mint Market, Plot No. 2, Ground Flor,
        Shop No. 08, Sector No. 09, Nerul (E),
        Navi Mumbai 400706

Insolvency Commencement Date: March 17, 2023

Estimated date of closure of
insolvency resolution process: September 12, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: S. Gopalakrishnan
       203, The Ghatkopar Nilkanth CHS,
              Jethabhai Lane, Ghatkopar (East),
              Mumbai, Maharashtra, 400077
              Email: gopi63.ip@gmail.com

              Unit # 207, Kshitij,
              Near Azad Nagar Metro Station,
              Veera Desai Road,
              Andheri West, Mumbai - 400053
              Email: cirp.unitedfortune@gmail.com

Last date for
submission of claims: April 4, 2023


VAISHNOVI INFRATECH :Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s. Vaishnovi Infratech Limited
H.NO. 6-3-347/222, Flat No. 9, 4th Floor,
        Iswarya Nilayam, Dwarakapuri Colony,
        Punjagutta Hyderabad,
        Telangana 500082 India

Insolvency Commencement Date: March 16, 2023

Estimated date of closure of
insolvency resolution process: September 12, 2023

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Venugopal Kaspa
       Flat No. 201, Vamshinivas, KPHB Phase 5,
       Beside Malaysian Township, Kukatpally,
              Hyderabad - 500072
       Email: kaspavenugopal@gmail.com
       Tel No: +91-967644138

              Global Insolvency Professional Pvt Limited
       Plot No: 717, Journalist Colony,
              Road No. 2, Banjara Hills,
              Hyderabad 500034
              Email: vaishnoiinfra.cirp@gmail.com

Last date for
submission of claims: March 30, 2023


VASAVI THANGA: CRISIL Moves B Debt Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Vasavi
Thanga Maaligai (VTM) to 'CRISIL B/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with VTM for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 21,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VTM to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from VTM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on VTM is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the rating on bank facilities of VTM
migrated to 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2006 as a proprietorship firm by Mr A D Prabhukannt, VTM
retails gold Jewellery.


VENKATESWARA ELECTRICAL: CRISIL Moves B+ Ratings to Not Coop.
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of
Venkateswara Electrical Industries Private Limited (VEIPL; part of
the Venkateswara group) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.
                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        29         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bill Discounting       10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            20        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Inland/Import
   Letter of Credit        1        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with VEIPL for
obtaining NDS through letters/emails dated January 31, 2023,
February 28, 2023 and March 31, 2023 among others, apart from
telephonic communication to seek the same. After non-receipt of NDS
for 2 consecutive months, we also sent a letter dated March 31,
2023 reminding the issuer to share the NDS. However, the issuer has
remained non cooperative. CRISIL Ratings has also tried to reach
out to the lenders of VEIPL to confirm timely debt servicing during
these months, but awaits any feedback.

'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 NDSs from VEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. Further, non-sharing of NDS by issuers may reflect
operational issues faced by issuers in some cases. On the other
hand, it may be a beginning of a general non-cooperation and may
extend to non-submission of other information.

CRISIL Ratings believes that rating action on VEIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of VEIPL
migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'.
CRISIL Ratings has combined the business and financial risk
profiles of VEIPL and Senthil Engineering Company (SEC) as the two
entities, together referred to as the Venkateswara group, are under
common management, engaged in similar businesses and have fungible
cash flows.

VEIPL was set up in 1978 by Mr V K Arumugam, the father of the
current managing director, Mr A Siva Subramani. Based in Chennai,
the company manufactures a wide range of power and distribution
transformers. SEC manufactures distribution transformers, mainly of
low capacity. The group has its manufacturing units in Chennai. It
derives its revenue largely from sales to the Tamil Nadu
Electricity Board.


VIKARSH STAMPINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Vikarsh Stampings India Private Limited
Flat No. 1A, Nandlal Co-Op Hsg. Soc.,
        Fourth Floor, 418 Narayan Peth, Pune
        Pune MH 411030 India

Insolvency Commencement Date: March 15, 2023

Estimated date of closure of
insolvency resolution process: September 11, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional:  Mr. Vallabh Naratandas Sawana
        Building No.11, Flat No. 505,
               Regency Sarvam, Ganesh MandirRoad,
               Titwala (East), Kalyan,
               District Thane - 421605,
               Thane, Maharashtra 421605
               Email: vallabhsawana@gmail.com

               43, 2nd Floor, Hanuman Bldg,
               308 Perin Nariman Street,
               Fort, Mumbai - 400001
               Email: insolvency.vikarshstampings@gmail.com

Last date for
submission of claims: March 29, 2023


VIKRAM PRIVATE: CARE Lowers Rating on INR14cr LT Loan to D
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Vikram Private Limited (VPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB; Stable

   Short Term Bank      1.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 28, 2022,
placed the rating(s) of VPL under the 'issuer non-cooperating'
category as VPL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 11, 2023, February 21, 2023, March 3, 2023, April 7,
2023.

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

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

The ratings have been revised on account of delays in debt
servicing as recognized from publicly available information i.e.
CIBIL filings.

Vikram Private Limited (VPL) was incorporated in March, 2000 and it
is being managed by Mr. Ajit Prasad Singh, Mr. Dilip Kumar Jha and
Mr. Akshay Kumar Biswal. It manufactures and sales sponge iron and
iron ore fines. The manufacturing facility is located at
Sundargarh, Orissa with an installed capacity of 60,000 metric tons
per annum.

VSG VENTURES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vsg
Ventures Private Limited (VVPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.14       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated January 20,
2022, placed the rating(s) of VVPL under the 'issuer
non-cooperating' category as VVPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VVPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 6, 2022, December 16, 2022, December
26, 2022.

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

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

Delhi-based GAPL (erstwhile Yash Ceramics Private Limited Ltd, name
changed on April 25, 2013), incorporated in June 4, 1997, was
promoted by Mr Suresh Chand Garg and Mr Atul Chanana. Currently,
the company is engaged in the manufacturing of aluminium wires,
aluminium alloy wires and copper clad aluminum wires. The
manufacturing facility of the unit is located at Bahadurgarh,
Haryana. The company mainly caters to the domestic market. The
company has an associate concern "Garg Inox Limited" also engaged
in the business of manufacturing of stainless-steel wires, bright
bars, zinc wires, aluminium wires, and copper clad aluminium wires.




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

NICKEL INDUSTRIES: Fitch Gives 'B+' Rating on $350MM Unsec. Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating with a Recovery Rating of
'RR4' to Nickel Industries Limited's (NIC, B+/Stable) proposed
senior unsecured bonds of at least USD350 million. They are rated
at the same level as the Issuer Default Rating as they constitute
the senior, unsecured and unsubordinated obligations of NIC.

Fitch expects NIC's liquidity to further improve with the proposed
bond issue, as the proceeds would be used to refinance the existing
USD325 million senior unsecured and USD225 million senior secured
notes. In addition, Fitch expects NIC to maintain its EBITDA
leverage below 1.6x and EBITDA interest coverage above 5.6x through
to 2026.

KEY RATING DRIVERS

Alleviated Liquidity Risk: Fitch expects NIC to generate operating
cash flow of around USD600 million per year in 2024 and 2025 on
production increases at the Oracle Nickel Project (ONI) and stable
margins, driven by strong nickel prices. This will more than cover
the liquidity requirements for the USD325 million senior unsecured
notes due 2024 and USD225 million senior secured debt, including
scheduled amortisation, due 2025.

Should NIC decide to exercise its option in 2024 to embark on the
Excelsior Nickel Cobalt Project (ENC), formerly known as the DAWN
HPAL+ Project, Fitch estimates it would need to raise an additional
USD300 million of capital. Fitch believes the gap is manageable as
NIC has a proven record of frequent equity raising, most recently
raising over USD200 million since January 2023. Its rating also has
leverage headroom should it decide to fund the project with debt.

Battery Supply-Chain Strategy: NIC signed an agreement with
Shanghai Decent Investment (Group) Co., Ltd (SDI) in January 2023
to acquire a 10% stake in the Huayue Nickel Cobalt Project (HNC)
for USD270 million from an SDI affiliate and another 10% in ONI for
USD75 million. It also acquired options to collaborate with SDI on
battery nickel - USD25 million to participate in the ENC and USD15
million in a high-grade nickel matte converter to convert low-grade
nickel matte from ONI into high-grade nickel matte, with a capacity
of 50,000 tonnes per annum (tpa).

Product, Counterparty Diversification: The acquisitions will
increase NIC's product diversification and exposure to higher-grade
nickel, and reduce dependence on the Tsingshan group as its sole
off-taker. NIC estimates its Class 1 nickel output can rise to
50%-78% of total attributable production, with all of the metal
sold to customers not affiliated with Tsingshan. NIC's operations
and cash flow were stable in 2022 despite Tsingshan's significant
loss on its nickel short position in March 2022. Tsingshan said it
has secured facilities with its consortium banks and will exit its
position in an orderly manner.

Rising Production: Fitch estimates NIC's production will more than
double to above 100,000 tonnes (t) of nickel metal by 2023 (2022:
70,000t). This is supported by subsidiary PT Angel Nickel Industry
(ANI) operating at full capacity since 4Q22 and a ramp-up at ONI,
which will reach full production in 3Q23 with all four lines to be
fully commissioned by end-March 2023. The SDI agreement also
provides more growth opportunities. NIC estimates combined
attributable production of 156,000tpa if the SDI options are
exercised, making it one of the six-biggest producers worldwide.

Improving Asset Diversification: ANI's higher production helps
NIC's asset diversification, as ANI is located in the Indonesia
Weda Bay Industrial Park. NIC's current assets, including ONI, are
in the Indonesia Morowali Industrial Park (IMIP). ANI achieving
full operation in 4Q22 increased NIC's production capacity to
66,000t per year, from 30,000t in 2021. ONI expects to
progressively reach full production by end-2023, which will further
raise NIC's capacity to 120,000tpa.

Solid EBITDA Margin: NIC's solid cash cost position at its nickel
pig iron (NPI) facilities and construction of its own power
stations at ANI and ONI should help it weather the impact of
commodity price fluctuations on its selling prices and input costs.
Fitch estimates NIC's EBITDA margin will improve in 2023 to around
33% (2022: 27%), although this does not account for the effect of
ONI operating at full capacity and the switching of two lines at
ANI to produce higher-grade nickel matte. Fitch expects an EBITDA
margin of around 27%-34% over 2024-2026 under Fitch's nickel price
assumptions.

NIC's margin will also be supported by ANI's and ONI's similar
economic models. NIC's other rotary kiln electric furnace
processing facilities - PT Hengjaya Nickel Industry (HNI) and PT
Ranger Nickel Industry (RNI) - are strategically located at IMIP.
Indonesia is one of the largest nickel producers globally and the
Morowali regency has some of the country's largest nickel ore
deposits. A ban on raw ore exports and close proximity to ore
supply give NIC the advantages of cheaper raw-material prices and
low logistic costs.

DERIVATION SUMMARY

Fitch believes NIC has a better credit profile than Guangyang Antai
Holdings Limited (B/Stable). Guangyang Antai's larger operational
scale and revenue generation, as China's third-largest
stainless-steel producer, are offset by NIC's solid cash cost
position and credit metrics. Guangyang Antai's business profile and
margin are weighed down by its increasing exposure to the
lower-margin trading business.

NIC's cash flow generation is significantly better, with an average
EBITDA margin of above 30%, supported by a strong cash cost
position. In comparison, Guangyang Antai's EBITDA margin is less
than 5%. Fitch expects NIC's EBITDA net leverage to be lower than
Guangyang Antai's above 2.5x.

JSW Steel Limited (BB/Stable) has a stronger credit profile than
NIC. JSW Steel, as the biggest steelmaker in India, has a larger
operational scale, wider diversification and a greater proportion
of higher-value-added products. It also has a robust financial
profile with margins and EBITDA leverage that are largely similar
to that of NIC.

KEY ASSUMPTIONS

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

- Nickel spot prices in line with the Fitch price deck as of March
2023

- Stable production at HNI, RNI and ANI in 2023-2026 and full
production at ONI to commence in 3Q23

- EBITDA margin of between 27% and 34% in 2023-2026

- Around USD450 million to be paid in 2023 for new acquisitions,
including USD270 million for the 10% stake in HNC

- Incremental capex of around USD1.4 billion in total over 2024 and
2025 for the ENC project

RATING SENSITIVITIES

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

- An increase in production scale while demonstrating improvement
in customer diversification; and

- Sustained decrease in EBITDA leverage below 2.5x.

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

- Sustained increase in EBITDA leverage above 3.5x;

- Sustained decrease in EBITDA interest coverage below 4.0x;

- Weakening of funding access;

- Weakening of Tsingshan's ability to make timely payments to NIC.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: NIC had USD144 million in cash as of
end-December 2022. The proceeds of the proposed bonds of at least
USD350 million will be used to refinance the USD325 million senior
unsecured notes maturing in April 2024 and the senior secured notes
of USD225 million maturing in August 2025. Consequently, there will
be no significant debt maturities over the near-to-medium term.

The proposed acquisition of projects and options, if approved by
shareholders, will be equity-funded via a recently completed
institutional share placement and purchase plan, and a conditional
placement that will also be subject to shareholder approval in
April 2023.

ISSUER PROFILE

NIC is a producer of NPI and nickel matte, with four smelter assets
and one mining asset in Indonesia. NIC holds 80% of HNI, RNI and
ANI, with the remaining 20% owned by SDI, a Tsingshan group
company. NIC also holds a 70% share in ONI, with the remaining 30%
owned by SDI. NIC also holds an 80% share in PT Hengjaya
Mineralindo, a nickel and cobalt deposit in the Morowali area.

ESG CONSIDERATIONS

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

   Entity/Debt           Rating          Recovery   
   -----------           ------          --------   
Nickel Industries
Limited

   senior
   unsecured          LT B+  New Rating    RR4


NICKEL INDUSTRIES: Moody's Rates New Senior Unsecured Notes 'B1'
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to Nickel
Industries Limited's ("NIC") proposed senior unsecured notes
issuance. The ratings outlook is negative.

Proceeds from the notes are expected to be used to refinance NIC's
existing USD325 million notes maturing in April 2024 and USD225
million notes maturing August 2025.

RATINGS RATIONALE

The B1 rating on the proposed notes issuance is aligned with NIC's
B1 corporate family rating (CFR).

The negative outlook on NIC's B1 CFR reflects the company's
liquidity risk due to its upcoming debt repayment obligations over
the next several quarters, particularly the USD325 million senior
unsecured notes maturing April 1, 2024.

Should the proposed notes issuance and refinance transaction
complete, this would be credit positive and materially alleviate
NIC's liquidity risk.

Without the proposed notes, Moody's estimates under an average
price of USD15,000/t for NPI over the next 12 months that NIC would
have sufficient liquidity, albeit with a thin buffer, to meet its
upcoming debt repayment obligations, namely the April 2024 notes
maturity and the mandatory amortisation on its notes maturing in
2025.

However, Moody's notes that prices for NPI, which currently
represent the majority of NIC's output, have been falling and
recently traded at around the USD13,250/t level. The rating agency
estimates that at this price level, if sustained, NIC's ability to
meet its upcoming debt repayment obligations from internal sources
could be challenged.

Therefore, the rating could be downgraded if NIC is unable to
refinance its upcoming maturities in a timely manner or NIC's
liquidity is likely to become inadequate.

Additional constraints on NIC's rating include (1) its reliance on
and concentrated exposure to Tsingshan group; (2) exposure to
commodity price fluctuations as a producer focused on nickel pig
iron and nickel matte; and (3) ongoing focus on growth spending and
acquisitions, which limit liquidity build-up despite solid free
cash flow generation.

NIC is currently progressing feasibility studies on the ENC HPAL
along with Tsingshan, with final investment decision expected in
late 2023 or early 2024. Tsingshan has agreed to provide a capex
guarantee of USD2.3 billion for the project. However, given NIC
expects to be a 60-70% owner of the project, approving of the
project would likely involve material cash contributions from NIC.
Moody's understands from NIC that it does not intend to proceed
with a positive final investment decision on the project unless a
financing plan that the company considers as prudent has been
confirmed.

NIC's rating is supported by its steady operating profile and
competitive cost position. The company's operating scale and
diversity has improved following successful ramp-up of ANI
production and will further enhance on ramp-up of ONI production in
the coming months. NIC also recently converted HNI to produce
nickel matte from nickel pig iron, which provides the company with
a degree of diversity in terms of product and pricing exposures.

Also a supportive factor is NIC's maintenance of low financial
leverage, and its demonstrated willingness and successful track
record of raising equity for growth initiatives.

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

An upgrade is unlikely over the near term given the current
negative outlook. The negative outlook could be revised to stable
if the proposed notes issuance and refinance transaction completes,
and there is further clarity around funding structure for the ENC
project.

Ratings could be downgraded if: (1) the proposed issuance and
refinance transaction does not proceed in a timely manner; and/or
(2) NIC's liquidity is likely to become inadequate.

Methodology

The principal methodology used in this rating was Steel published
in November 2021.

Profile

Nickel Industries Limited ("NIC") is an ASX listed company with
assets in Indonesia, primarily producing nickel pig iron but also
nickel matte. NIC operates in partnership with the world's largest
stainless-steel producer, Tsingshan, which is also the largest
shareholder in NIC.




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

FSBM HOLDINGS: Bursa Securities Approves PN17 Regularisation Plan
-----------------------------------------------------------------
Free Malaysia Today reports that FSBM Holdings Bhd's regularisation
plan to exit its Practice Note 17 (PN17) status has finally been
approved by Bursa Malaysia Securities Bhd (Bursa Securities), some
19 months after it first announced the plan in October 2021.

According to the report, the information technology service and
systems provider said its regularisation plan comprises a proposed
capital reduction exercise, proposed shares issuance and proposed
rights issue of shares with free warrants.

The proposed shares issuance relates to 60 million subscription
shares which will be issued to Syed Zainal Abidin Syed Mohd Tahir,
FSBM executive director Pang Kiew Kun and FSBM chief technology
officer Low Kang Wei at a subscription price of eight sen per
subscription share.

The proposed renounceable rights issue relates to 23.67 million
rights shares on the basis of one rights share for every one
existing FSBM share held, at an issue price of three sen per rights
share, together with up to 118.33 million free warrants on the
basis of one warrant for every two rights shares subscribed, held
on an entitlement date to be determined later.

Since the announcement of the proposed regularisation plan on
Oct. 15, 2021, the group had expanded its team and been actively
pitching for and securing new contracts, the statement said, the
report relays.

Free Malaysia Today relates that the proceeds from the fund-raising
proposals will be utilised mainly for the expansion of the group's
existing IT services business and for working capital purposes.

"Upon completion of the proposed regularisation plan, the group
will be able to return to profitability and meet the criteria to
uplift itself from being classified as a PN17 entity," it said.  

                          About FSBM Holdings

FSBM Holdings Berhad distributes computers, computer related
products, education related products and provides installation and
maintenance services. Through its subsidiaries, the Group develops
software applications and systems integration, provides data
warehousing systems, and smart community solutions. FSBM also has
operations in multimedia production and communication services.

In December 2019, FSBM Holdings triggered the Practice Note 17 (PN
17) criteria, following a report issued by its auditors expressing
a disclaimer of opinion on the group's audited financial statements
for the financial year ended June 30, 2018.




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

ABBOTTSWAY GARDEN: Court to Hear Wind-Up Petition on May 5
----------------------------------------------------------
A petition to wind up the operations of Abbottsway Garden NZ
Limited will be heard before the High Court at Auckland on May 5,
2023, at 10:45 a.m.

Auckland Council filed the petition against the company on Feb. 7,
2023.

The Petitioner's solicitor is:

          Kelly Frances Quinn
          135 Albert Street
          Auckland


ALS INVESTMENTS: Creditors' Proofs of Debt Due on May 11
--------------------------------------------------------
Creditors of ALS Investments (UK) Limited are required to file
their proofs of debt by May 11, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on March 31, 2023.

The company's liquidators are:

          Simon Dalton
          Benjamin Francis
          Gerry Rea Partners
          PO Box 3015
          Auckland


BENMAX NZ: Creditors' Proofs of Debt Due on May 6
-------------------------------------------------
Creditors of Benmax NZ Limited, Hammock Consulting Limited, and M H
Painting Limited are required to file their proofs of debt by May
6, 2023, to be included in the company's dividend distribution.

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

The company's liquidators are:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


BENMAX NZ: Owes More Than NZD4.5MM, Liquidators' Report Shows
-------------------------------------------------------------
Stuff.co.nz reports that a company working on the troubled
Christchurch sports facility owes more than NZD4.5 million to
creditors, according to the latest liquidators report.

Benmax NZ, the company supplying mechanical systems like air
conditioning for the metro sports facility, Parakiore Recreation
and Sport Centre, went into liquidation earlier this month.

Stuff, citing a recent Insolvency Matters Liquidators First Report,
discloses that an estimated NZD4 million is owed to unsecured
creditors, including Otakaro Ltd and CPD Contractors, while
preferential creditors' debt is estimated at NZD544,000. That
includes NZD169,000 in unpaid staff wages and holiday pay and
NZD375,000 to Inland Revenue PAYE and GST.

Stuff says the company is one of a number of contractors working on
the project, which has been fraught with delays since work began in
August 2018.

Benmax NZ was also working on the new Te Kaha stadium in
Christchurch, but project leaders told Stuff earlier this month the
liquidation would not impact on the planned completion date of
April 2026.

However, a spokesperson for Crown rebuild agency Ōtākaro Limited
warned the liquidation could further delay the metro sports
project, Stuff relays.

"It is reasonable to expect this will disrupt the construction
programme, but we are awaiting an update from [main contractor] CPB
on the likely implications, so we can update stakeholders," he
said.

"Benmax was about three quarters of the way through its work on
Parakiore. It had substantially completed the installation of all
the ductwork, pipework and major mechanical plant.

"It was under way with the finishing work that follows plastering
in the courts building at the time of liquidation. Similar work was
yet to get under way in the aquatics building. Benmax would have
had personnel onsite through the remainder of the build to
commission the systems as construction progressed."

According to Stuff, the report said the reasons for the insolvency
included delayed construction projects awarded before or during the
early stages of Covid, unexpected inflationary increases in
material costs, ongoing supply chain issues, and labour shortages,
seeing project margins eroded, directly impacting the business's
financial position.

Stuff relates that the report said despite the company's best
efforts "and a significant financial investment into the business
by shareholders, the company could not overcome the challenges".

"The directors sought professional advice and decided to liquidate
the company."

The sports centre has had numerous delays and cost rises.


HEARTLAND BANK: Fitch Assigns 'BB+' Rating on Proposed Tier 2 Bonds
-------------------------------------------------------------------
Fitch Ratings has assigned Heartland Bank Limited's (HBL,
BBB/Stable/bbb) proposed New Zealand-dollar Tier 2 bonds a 'BB+'
rating.

The proposed bonds will be unsecured subordinated obligations, with
a term of 10 years from issuance. HBL is targeting NZD75 million of
issuance, with the ability to accept up to NZD50 million in
oversubscriptions.

HBL has the option of redeeming the bonds early, including on the
first interest payment date five years after issuance or any
interest payment date thereafter, subject to certain conditions,
including written approval by the Reserve Bank of New Zealand. The
bonds are the first to be issued by HBL under New Zealand's
recently revised regulatory capital framework, which prohibits
non-viability triggers for capital instruments. This results in the
proposed bonds being structured as long-dated subordinated debt.

KEY RATING DRIVERS

The proposed bonds are rated two notches below HBL's anchor rating
- the Viability Rating - consistent with the baseline approach for
subordinated debt with no coupon flexibility in Fitch's Bank Rating
Criteria.

The rating is notched twice from the anchor rating for loss
severity and zero notches for non-performance risk, with the latter
already adequately reflected in the Viability Rating. None of the
reasons for alternative notching, as described in the criteria, are
present.

RATING SENSITIVITIES

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

The rating of the proposed bonds may be downgraded if HBL's
Viability Rating is downgraded or if any of the reasons for wider
than standard notching, as outlined in the criteria, apply.

Details of the key rating drivers and sensitivities for HBL's
Viability Rating can be found in Fitch Affirms New Zealand's
Heartland Group Holdings at 'BBB'; Maintains Negative Outlook

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

The ratings of the proposed bonds may be upgraded if HBL's
Viability Rating is upgraded or if any of the reasons for narrower
than standard notching, as outlined in the criteria, apply.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
environmental, social and governance (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        
   -----------          ------        
Heartland Bank
Limited

   Subordinated      LT BB+  New Rating


NEW LINE: Court to Hear Wind-Up Petition on April 26
----------------------------------------------------
A petition to wind up the operations of New Line Ceilings Limited
will be heard before the High Court at Wellington on April 26,
2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Feb. 16, 2023.

The Petitioner's solicitor is:

          Deepika Belinda Padmanabhan
          Legal Services, 11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


VISTA MUNDI: Court to Hear Wind-Up Petition on April 28
-------------------------------------------------------
A petition to wind up the operations of Vista Mundi Limited will be
heard before the High Court at Auckland on April 28, 2023, at 10:45
a.m.

Auckland Council filed the petition against the company on Feb. 21,
2023.

The Petitioner's solicitor is:

          Kelly Frances Quinn
          135 Albert Street
          Auckland




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

CO HAI BANH MI: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on March 31, 2023, to
wind up the operations of Co Hai Banh Mi Vietnamese Baguette No 2
Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

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


EUROPTRONIC GROUP: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on March 31, 2023, to
wind up the operations of Europtronic Group Ltd.

Huang Chuang Shueh Ou filed the petition against the company.

The company's liquidator is:

          Mok Wai Seng
          100D Pasir Panjang Road
          #02-11 Meissa
          Singapore 118520


LUXURIOUS DESIGN: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Singapore entered an order on March 31, 2023, to
wind up the operations of Luxurious Design Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          c/o BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01, Parkview Square
          Singapore 188778


SAKIHA ENGINEERING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on March 31, 2023, to
wind up the operations of Sakiha Engineering & Construction Pte.
Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01, Parkview Square
          Singapore 188778


ZJM MOTORS: Court Enters Wind-Up Order
--------------------------------------
The High Court of Singapore entered an order on March 24, 2023, to
wind up the operations of ZJM Motors Pte. Ltd.

DBS Bank Ltd filed the petition against the company.

The company's liquidator is:

          Gary Loh Weng Fatt
          c/o BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01, Parkview Square
          Singapore 188778



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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