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

                     A S I A   P A C I F I C

          Friday, April 21, 2023, Vol. 26, No. 81

                           Headlines



A U S T R A L I A

4 TWENTY SECOND: Second Creditors' Meeting Set for April 28
ARISE RESIDENTIAL: Fitch Gives 'B+sf' Final Ratings on Cl. F Notes
AUSTRALIA POST: To Axe Hundred of Jobs by End of Financial Year
BRIGHTE GREEN 2020-1: Moody's Ups Rating on Class E Notes From Ba1
DEEP CREEK: Placed in Voluntary Administration

DEVMUN PTY: Second Creditors' Meeting Set for April 28
EPICON GROUP: Second Creditors' Meeting Set for April 26
FP TURBO 2021-1: Moody's Upgrades Rating on Class F Notes to Ba1
GRAND CINEMAS: Hoyts Acquires Four Cinemas in WA
M GROUP: First Creditors' Meeting Set for May 2

NO MORE WIVES: Placed In Liquidation
PANORAMA AUTO 2023-1: Fitch Gives Bsf Final Ratings on Cl. F Notes
PANORAMA AUTO 2023-1: S&P Assigns BB Rating on Class E Notes
THREE BY 3: First Creditors' Meeting Set for April 28


C H I N A

GUANGZHOU R&F: Fitch Affirms 'RD' LongTerm Foreign Currency IDR
ZIJIN MINING: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable


I N D I A

AJAB SINGH: ICRA Lowers Rating on INR20cr LT Loan to D
BALAJI TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
CITIZEN CARS: ICRA Keeps D Debt Ratings in Not Cooperating
EZEEGO ONE: NCLT Admits Company Under liquidation
GDJD EXPORTS: ICRA Withdraws B+/A4 Debt Rating on INR8cr Loan

JAI MAA: ICRA Keeps D Debt Ratings in Not Cooperating Category
KANTI FLOOR: ICRA Keeps D Debt Ratings in Not Cooperating
KARPAGAM STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
KARUN RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
KAVIT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating

KBR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
KRISHNAPING MINERALS: CRISIL Keeps D Ratings in Not Cooperating
KSHITIJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating
KUBER METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHIMA MILK: CRISIL Keeps D Debt Ratings in Not Cooperating

OM ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating
REGENCY ISPAT: ICRA Lowers Rating on INR24cr LT Loan to B+
SATYAM ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
SIVARAM YARNS: CRISIL Keeps D Debt Ratings in Not Cooperating
SOLO METALS: CRISIL Keeps D Debt Ratings in Not Cooperating

SOVIKA AVIATION: CRISIL Keeps D Debt Ratings in Not Cooperating
SRIKARA PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
STAR CLAYS: CRISIL Keeps D Debt Ratings in Not Cooperating
STARWOOD TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating
SUMA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating

SUN PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
TUBELIGHT COMMUNICATIONS: Insolvency Process Case Summary
VENKATESWARA EDUCATIONAL: CRISIL Keeps D Ratings in Not Coop.
VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating


M A L A Y S I A

PHARMANIAGA BHD: MOH to Continue Concession PN17 Status


N E W   Z E A L A N D

CONCEPT HM: Court to Hear Wind-Up Petition on May 5
MRS VERCOES: Court to Hear Wind-Up Petition on April 28
SKUS DAS: Court to Hear Wind-Up Petition on April 28
TERWEN INVESTMENTS: Grant Bruce Reynolds Appointed as Liquidator
VTC CONTRACTING: Creditors' Proofs of Debt Due on April 23



P H I L I P P I N E S

DITO CME: Auditors Raise Going Concern Doubt
DUTY-FREE PHILS: Wins 60-day Extension for Plan Implementation


S I N G A P O R E

ATS TRANSLATION: Court to Hear Wind-Up Petition on May 5
HYFLUX ENGINEERING: Court Enters Wind-Up Order
ITNL OFFSHORE: Creditors' Proofs of Debt Due on May 4
SKY THE LIMIT: Court to Hear Wind-Up Petition on May 5
TITAN PRINCIPALS: Court to Hear Wind-Up Petition on April 28



V I E T N A M

SAIGON-HANOI COMMERCIAL: Moody's Affirms 'B1' Issuer Rating

                           - - - - -


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

4 TWENTY SECOND: Second Creditors' Meeting Set for April 28
-----------------------------------------------------------
A second meeting of creditors in the proceedings of 4 Twenty Second
Ave Pty Ltd has been set for April 28, 2023 at 2:30 p.m. virtually
via Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 27, 2023 at 5:00 p.m.

Jason Walter Bettles and James Robba of Worrells were appointed as
administrators of the company on March 17, 2023.


ARISE RESIDENTIAL: Fitch Gives 'B+sf' Final Ratings on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to Arise Residential
Mortgage Trust Number 1's mortgage-backed pass-through
floating-rate bonds. The issuance consists of notes backed by a
pool of first-ranking Australian prime residential mortgage loans
originated by BNK Banking Corporation Limited. While BNK Bank is
the originator and servicer of the mortgage loans, Golden Eagle
Mortgages Pty Limited is the lender of record.

This is a whole loan sale, where the trustee acquired all of seller
trustee's right, title and interest in the mortgage loans using
funds provided by the investor under a single tranche whole loan
pass-through structure on 6 April 2023. On the final rating
assignment date, the trustee redeemed AUD20 million of class A
notes and issued the class B, C, D, E, F and G notes to the
investor. All notes and units are held by the investor. BNK Bank
serves as the servicer and manager in the transaction.

The notes were issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Arise Residential Mortgage Trust Number 1.
This is a separate and distinct trust created under a master trust
deed.

   Entity/Debt           Rating        
   -----------           ------        
Arise Residential
Mortgage Trust
Number 1

   A AU3FN0073789    LT AAAsf  New Rating
   B AU3FN0073771    LT AAsf   New Rating
   C AU3FN0073763    LT Asf    New Rating
   D AU3FN0073755    LT BBBsf  New Rating
   E AU3FN0073748    LT BBsf   New Rating
   F AU3FN0073730    LT B+sf   New Rating
   G AU3FN0073722    LT NRsf   New Rating

TRANSACTION SUMMARY

The collateral pool totalled AUD200.0 million, and consisted of 296
obligors with a weighted-average (WA) current loan/value ratio
(LVR) of 62.7% and a WA indexed current LVR of 66.6% as of the 28
February 2023 cut-off date.

KEY RATING DRIVERS

Credit Enhancement Buffers Expected 'AAAsf' Losses: The 'AAAsf' WA
foreclosure frequency (WAFF) of 17.6% is driven by the WA unindexed
current LVR of 62.7%, low documentation loans forming 95.2% of the
pool, self-employed borrowers making up 96.2% and, under Fitch's
methodology, non-conforming and investment loans comprising 15.0%
and 35.2%, respectively. The 'AAAsf' WA recovery rate (WARR) of
56.7% is driven by the portfolio's WA indexed scheduled LVR of
69.6%.

The class A, B, C, D, E and F notes benefit from credit enhancement
of 10.0%, 6.3%, 4.1%, 2.4%, 1.8% and 1.0%, respectively.

Liquidity Risk Mitigated: Fitch's payment interruption risk is
mitigated by a liquidity facility sized at 1.0% of the invested
note balance (excluding class G notes), with a floor of AUD300,000.
Other structural features include a post-call amortisation amount
that diverts excess available income net of tax to repay note
principal in sequential order.

Originator Adjustment: BNK Bank, established as Goldfields Credit
Union in 1982, is an Australian authorised deposit-taking
institution. Fitch undertook an operational review and found that
the operations of the originator and servicer were mostly
comparable with market standards. BNK Bank began originating its
near-prime resident loan portfolio in August 2021, which results in
limited originator-specific performance data.

In addition, the rate used to assess mortgages from other lenders
in the serviceability calculation differs from standard market
practice. Any resulting impact on credit risk may not be captured
due to the limited performance history, leading Fitch to apply an
originator adjustment of 1.15x that increases foreclosure
frequency. Fitch may amend the adjustment if additional information
received over time indicates that the effect may be higher or lower
than assumed.

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

RATING SENSITIVITIES

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

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

Downgrade Sensitivities

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

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- WAFF or WARR - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Notes: Class A / B / C / D / E / F

Rating: AAAsf / AAsf / Asf / BBBsf / BBsf / B+sf

Increase defaults by 15%: AA+sf / AA-sf / A-sf / BB+sf / BB-sf /
Bsf

Increase defaults by 30%: AA+sf / A+sf / BBB+sf / BBsf / B+sf /
Bsf

Reduce recoveries by 15%: AA+sf / AA-sf / BBB+sf / BB-sf / Bsf /
less than Bsf

Reduce recoveries by 30%: AA+sf / Asf / BBBsf / Bsf / less than Bsf
/ less than Bsf

Increase defaults by 15% and reduce recoveries by 15%: AA+sf / A+sf
/ BBB+sf / B+sf / less than Bsf / less than Bsf

Increase defaults by 30% and reduce recoveries by 30%: AA-sf /
BBB+sf / BB+sf / less than Bsf / less than Bsf / less than Bsf

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

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

The class A notes are at the highest level on Fitch's scale and
cannot be upgraded. As such, upgrade sensitivity scenarios are not
relevant.

Upgrade Sensitivity

Notes: Class B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / B+sf

Reduce defaults by 15% and increase recoveries by 15%: AAsf / AA-sf
/ A-sf / BBB+sf / BBBsf

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

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


AUSTRALIA POST: To Axe Hundred of Jobs by End of Financial Year
---------------------------------------------------------------
The Sydney Morning Herald reports that hundreds of head-office
roles at Australia Post will be cut by the end of the financial
year as the postal carrier looks to streamline its operations in
the face of rising financial pressures.

While the group has not confirmed the exact number of roles that
will be axed, it's understood around 400 roles will be affected by
a review to streamline corporate support office operations, SMH
says.

SMH relates that the move comes as the group warns that ballooning
losses in its letters business is leading to significant financial
headwinds that threaten its long-term sustainability. Australia
Post is heading for a full-year loss this year for the first time
since 2015, and the federal government is currently consulting on a
range of measures to support the carrier, including increasing the
cost of stamps and reducing the frequency of letter deliveries.

"With ongoing letters losses, and parcels growth moderating, a new
operating model for Australia Post's corporate support office is
being introduced to simplify our business and operating support
structures. This will, in part, help Australia Post respond to the
financial pressures it is facing," SMH quotes an Australia Post
spokesperson as saying.

Australia Post stressed that no frontline jobs were affected by the
review process, but said that changes to support staff were
necessary in the current environment, SMH relays.

"As an entirely self-funded business that receives no taxpayer
funding, Australia Post needs to adapt the structure of its support
office team to be more efficient and face into these challenges. No
frontline roles are affected," the spokesperson said.

"These changes are aligned with our Post26 strategy and designed to
allow Australia Post to continue its critical role for Australian
communities into the future."

Australia Post chief executive Paul Graham told SMH last month that
he believed the group's footprint would be larger in five years'
time as the group explores expanding different models, including
self-serve kiosks and parcel lockers across the country.

He had previously flagged all options were on the table to ensure
the mail business was sustainable, and that the frequency of
delivery and structure of operations would be under review.

Australia Post enjoyed a boom in parcels over the past three years
thanks to pandemic-fuelled e-commerce, though volumes have
moderated since lockdowns lifted.

At the same time, a slowdown in snail mail has proved a serious
drag on the business, with losses in Australia Post's letters
business ballooning to $189.7 million for the first six months of
this financial year, SMH notes.

SMH says the group is forecasting that Australian households will
be receiving less than one letter per week by the end of the
decade.

The government's discussion paper on the future of the carrier asks
the public to weigh in on the impact potential measures, like
increased stamp prices, would have on their lives.

The paper notes that Australia has some of the lowest fees for
sending letters among Organisation for Economic Co-operation and
Development (OECD) countries, SMH relates.

Consultation on the Postal Services Modernisation discussion paper
is open until April 27.


BRIGHTE GREEN 2020-1: Moody's Ups Rating on Class E Notes From Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Brighte Green Trust 2020-1.

The affected ratings are as follows:

Issuer: Brighte Green Trust 2020-1

Class A Notes, Upgraded to Aaa (sf); previously on Sep 14, 2021
Upgraded to Aa1 (sf)

Class B Notes, Upgraded to Aa2 (sf); previously on Jun 30, 2022
Upgraded to Aa3 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Jun 30, 2022
Upgraded to A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Jun 30, 2022
Upgraded to Baa2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Jun 30, 2022
Upgraded to Ba1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the good performance of the
underlying portfolio to date.

Following the April 2023 payment date, note subordination available
for the Class A Notes has increased to 23.6% from 20.2% at the time
of the last rating action for these notes in September 2021. Note
subordination available for the Class B, Class C, Class D and Class
E Notes has increased to 18.2%, 14.4%, 9.2% and 8.1% respectively,
from 15.6%, 11.7%, 6.4% and 5.2% at the time of the last rating
action for these notes in June 2022.

As at March 2023, 0.9% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The portfolio has
incurred 0.8% (as a percentage of the original portfolio balance)
of losses to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its default assumption at 3% of the
outstanding portfolio balance (equivalent to 1.5% of the original
portfolio balance). Moody's lowered the Aaa portfolio credit
enhancement to 23% from 24% at the last rating action in June
2022.

The transaction is a securitisation of a portfolio of Australian
unsecured green consumer, Buy Now Pay Later receivables originated
by Brighte Capital Pty Ltd.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

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

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


DEEP CREEK: Placed in Voluntary Administration
----------------------------------------------
Matthew Kucianski of Worrells was appointed voluntary administrator
of Deep Creek Golf Club Incorporated on April 18, 2023.

Deep Creek Golf Club Incorporated is located at Packenham, in
Victoria's Cardinia Shire Council region, and dates to 1980. Today,
it has an 18-hole golf course and boasts an all-abilities
playground and a water play area for children to enjoy. It also has
a cafe and dining lounge.

At the time of Mr Kucianski's appointment, the Deep Creek Golf Club
had 20 employees and approximately 350 members operating the
bistro, lounge, golf course, and driving range.

Due to the entity's financial position, we made the difficult
decision to cease trading immediately; however, we are continuing
talks with key stakeholders including the Cardinia Shire Council as
the Deep Creek Reserve is a valuable community asset.

Mr. Kucianski said, "This is a difficult time for everyone
involved, and we will do our utmost to support all stakeholders
throughout the process. Our team is committed to ensuring that the
process is conducted in a professional and transparent manner, and
that all parties are kept informed of developments as they arise."


Worrells advises it will continue to give updates as they become
available.

Creditors and concerned parties regarding the voluntary
administration are invited lodge a proof of debt via the Worrells
website www.worrells.net.au


DEVMUN PTY: Second Creditors' Meeting Set for April 28
------------------------------------------------------
A second meeting of creditors in the proceedings of Devmun Pty Ltd
has been set for April 28, 2023 at 10:30 a.m at the offices of GT
Advisory & Consulting at Level 3, 140 Bundall Road in Bundall and
via virtual meeting.

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 27, 2023 at 4:00 p.m.

Glenn Thomas OKearney of GT Advisory & Consulting was appointed as
administrator of the company on March 14, 2023.


EPICON GROUP: Second Creditors' Meeting Set for April 26
--------------------------------------------------------
A second meeting of creditors in the proceedings of Epicon Group
Pty Ltd has been set for April 26, 2023 at 10:30 a.m. at the
offices of Magnetic Insolvency at 52,41-49 Norcal Road in
Nunawading and via virtual meeting technology.

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

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

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on March 15, 2023.


FP TURBO 2021-1: Moody's Upgrades Rating on Class F Notes to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by FP Turbo Series 2021-1 Trust.

The affected ratings are as follows:

Issuer: FP Turbo Series 2021-1 Trust

Class C Notes, Upgraded to Aa1 (sf); previously on Aug 19, 2022
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Aug 19, 2022
Upgraded to A1 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Aug 19, 2022
Upgraded to Ba1 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Aug 19, 2022
Upgraded to Ba3 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and the good performance of the
underlying collateral pool to date.

Following the March 2023 payment date, note subordination available
for the Class C, Class D, Class E and Class F Notes has increased
to 22.3%, 19.5%, 12.9% and 10.6%, respectively, from 18.7%, 16.1%,
10% and 7.9% at the time of the last rating action for these notes
in August 2022.

As of February 2023, 2.2% of the outstanding pool was 30-plus day
delinquent, and 0.4% was 90-plus day delinquent. The portfolio has
incurred 0.01% (as of % of original balance) of losses to date,
which have been covered by excess spread.

Based on the current portfolio characteristics and historical
performance data, Moody's has maintained the haircuts to the
residual value cash flow: Aa1 haircut of 30.8%, Aa3 haircut of
27.9%, Baa2 haircut of 21.2% and Ba1 haircut of 17.3%.

The transaction is an Australian cash securitisation of operating,
novated and finance leases extended to Australian government and
statutory corporations, corporates, small and medium-sized
businesses and their employees. The leases are secured by passenger
cars, commercial vehicles and equipment.

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

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

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

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

GRAND CINEMAS: Hoyts Acquires Four Cinemas in WA
------------------------------------------------
Rebecca Borg at news.com.au reports that one of Australia's leading
cinema chains has revived the Western Australian movie theatre
scene after Grand Cinemas, a beloved independent film chain, went
into administration last year.

According to news.com.au, cinema operator Hoyts has acquired four
existing cinemas; one in Bunbury and three in Perth - in the
suburbs of Currambine, Warwick and Joondalup.

All were previously owned by Grand Cinemas.

News.com.au relates that the buyout comes after the iconic WA
cinema giant - which started out as a family business nearly 100
years ago - shut its doors in November.

In a post to social media, the company revealed the pandemic had
taken a destructive toll on the business following months of
lockdowns and border closures.

"Some difficult news for us to share today - Covid 19 and the
related closure and capacity limits for cinemas had a substantial
impact on the financial health of our business, and we've had to
get some outside help and have appointed administrators to the
business," the post, as cited by news.com.au, read.

"It means we will continue trading through some locations in the
short term, but the longer term is harder to predict while
operating and recapitalisation options are reviewed.

"We want to take this opportunity to thank all our staff past and
present and customers for their support. Still WA-owned and
focused, the Grand Theatre Company is proud of its history - nearly
as long as the movie industry itself - and status as one of
Australia's oldest independent film exhibitors."

news.com.au says the closure left devoted fans and movie lovers
devastated with many taking to social media to express their sorrow
over the loss.

"Deeply saddened as I attended sometimes up to three times a week.
I love the cinema so much. This is terrible and I am sorry for all
the staff impacted. You guys were truly one of the last safe, fun,
affordable outing venues in Perth. Again gee wiz," one loyal
customer wrote.

"Come on WA don't give up on this WA-owned business. Get some
friends together and go and watch a movie," another urged.

It's hoped the rebranding will "preserve the local community's
access" to the big-screen, which comes just in time for school
holidays.

"We see cinema as having a critical role in the local community,
forming such a big part of cultural development," Hoyts' director
of sales, marketing and content Stephanie Mills, said in a
statement.

Grand Cinemas customers who hold a current loyalty card will
receive a free 12-month membership with Hoyts in line with the
rebranding, the report notes.

Hoyts operates over 50 cinemas across Australia and New Zealand,
with over 400 screens and 50,000 seats. Hoyts is owned by Chinese
conglomerate the Wanda Group.

Ian Francis and Daniel Woodhouse of FTI Consulting have been
appointed administrators of the company.


M GROUP: First Creditors' Meeting Set for May 2
-----------------------------------------------
A first meeting of the creditors in the proceedings of:

      - M Group Co Pty Ltd;
      - M Group Co Global Pty;
      - Drilling Equipment Manufacturers Australia Pty Ltd;
      - Civil 2 Resources Pty Ltd;
      - Man Group People Pty Ltd; and
      - Slamco Industries Pty Ltd

be held on May 2, 2023, at 12:30 p.m. via Microsoft Teams
teleconference facilities.

Samuel John Freeman, Adam Nikitins, and Andrew Hanson of Ernst &
Young were appointed as administrators of the company on April 18,
2023.


NO MORE WIVES: Placed In Liquidation
------------------------------------
Cameron England at The Australian reports that a suite of companies
owned by former Brickx chief executive Darren Patterson has been
placed in liquidation, including the curiously-named No More
Wives.

That company, which according to an ASIC website was trading as
Former Trustee Of The Pammy P Divorce Protection Family Trust, was
among six companies owned by Mr. Patterson which were placed in
liquidation this week, according The Australian.

Mr. Patterson declined to comment on the companies or the naming of
No More Wives when contacted by The Australian.

Documents filed with ASIC show Ozem Kassem of Cor Cordis has been
appointed liquidator of the companies, The Australian discloses.

The other companies are: Materials Resourcing X; Psychops;
Shockedtherapy; Two Up Labs and Digital Returns trading as Cape
Byron Real Estate. Mr. Patterson's tenure as chief executive of
Brickx ceased in 2015, according to his LinkedIn profile.

Mr. Patterson is also a director of Spartan Capital Management and
Alchemy Ventures, which lists him as managing partner on its
website.

"Mr. Patterson is Managing Partner and Co-Founder of Alchemy
Ventures, an ESVCLP venture capital fund established to invest in
teams and ideas which changes lives and industries, whilst having a
positive impact on human and environmental wellness," the website,
as cited by The Australian, said.

"Mr. Patterson's international experience has seen him hold senior
business development roles with Yahoo, ECI Telecom, Energis
Communications/Cable and Wireless PLC and Cisco Systems.

"He has been an investor in technology ventures Abyss Solutions,
Persollo, Republic Capital Management, Firstwave Cloud Technology,
Lumific and Datasift where he secured investment from US venture
funds.

"Most recently he was the CEO and Co-Founder of Australia's only
regulated property investment platform, BrickX, and was CEO and
executive director of Property Connect Holdings (ASX:PCH).

"He has served on several public boards in recent years, and
invested in several companies and had successful exits."

The Two Up Labs website said that company works closely with
Alchemy "to apply capital to interesting ideas in a way which
reduces startup risk, whilst enhancing outcomes," The Australian
relays.


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

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

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

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

   Commission
   AU3FN0077137      LT AAAsf  New Rating   AAA(EXP)sf

   A AU3FN0077145    LT AAAsf  New Rating   AAA(EXP)sf

   B AU3FN0077152    LT AAsf   New Rating    AA(EXP)sf

   C AU3FN0077160    LT Asf    New Rating     A(EXP)sf

   D AU3FN0077178    LT BBBsf  New Rating   BBB(EXP)sf

   E AU3FN0077186    LT BBsf   New Rating    BB(EXP)sf

   F AU3FN0077194    LT Bsf    New Rating     B(EXP)sf

   G1 AU3FN0077202   LT NRsf   New Rating    NR(EXP)sf

   G2                LT NRsf   New Rating    NR(EXP)sf

TRANSACTION SUMMARY

The collateral pool totalled AUD900 million, an increase from
AUD500 million at the transaction's launch. The pool consisted of
23,724 receivables with a weighted-average (WA) seasoning of 6.9
months, WA remaining maturity of 50.5 months and an average
contract balance of AUD37,936, as of the 31 March 2023 cut-off
date.

KEY RATING DRIVERS

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

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

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

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

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

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

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 56.0% of the portfolio by loan count has
balloon amounts payable at maturity.

RATING SENSITIVITIES

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

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

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

Downside Sensitivities

Rating Sensitivity to Increased Default Rates

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

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

Increase defaults by 10%: AAAsf / AA+sf / AAsf / Asf / BBBsf / BBsf
/ Bsf

Increase defaults by 25%: AA+sf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf / B-sf

Increase defaults by 50%: AAsf / AA-sf / Asf / BBBsf / BB+sf / B+sf
/ below Bsf

Rating Sensitivity to Reduced Recovery Rates

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

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

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

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

Recoveries decrease 50%: AAAsf / AA+sf / AAsf / Asf / BBBsf / BB-sf
/ B-sf

Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates

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

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

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

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

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

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

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

Upgrade Sensitivities

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

Note: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BBsf / Bsf

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

DATA ADEQUACY

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

ESG CONSIDERATIONS

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


PANORAMA AUTO 2023-1: S&P Assigns BB Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of
asset-backed securities (ABS) issued by Perpetual Corporate Trust
Ltd. as trustee of Panorama Auto Trust 2023-1. The notes are backed
by a pool of consumer loan, commercial loan, and novated lease
contracts backed predominately by motor vehicles that were
originated by Angle Auto Finance Pty Ltd. (AAF).

This is the first securitization of auto assets originated by AAF.
The ratings reflect the following factors:

-- The credit risk of the underlying collateral portfolio and the
credit support available are commensurate with the ratings
assigned. Credit support for the class A, class B, class C, class
D, and class E notes is provided in the form of subordination.

-- All contract payments, including balloon payments, are an
obligation of the borrower. As a result, the trust is not exposed
to any market-value risk associated with the sale of the motor
vehicles (on performing receivables), which is a risk that can be
associated with other products, such as operating leases.

-- The issuer has the capacity to meet timely payment of interest
and ultimate payment of principal under the rating stresses
commensurate with the ratings assigned. All rating stresses are
made on the basis that the issuer does not call the notes on or
beyond the call-option date, and that the notes must be fully
redeemed via the mechanisms under the transaction documents. Timely
payment of senior expenses and note interest is supported by the
use of principal collections and a liquidity facility. The
liquidity facility is sized at 1.3% of the current balance of the
Commission notes, class A, class B, class C, class D, class E, and
class F notes, subject to a floor of A$500,000.

-- The legal structure of the issuer, which is established as a
special-purpose entity, meets its criteria for insolvency
remoteness.

-- S&P said, "Our ratings also take into account the counterparty
support provided by Commonwealth Bank of Australia as bank account
provider, Bank of America, N.A., Australian Branch (BANA) as
liquidity facility provider, and Merrill Lynch International as
interest-rate swap provider. We have derived our rating on BANA
from our 'A+/Stable/A-1' ratings on the parent entity. Fixed- to
floating-rate interest-rate swaps will be provided to hedge the
mismatch between the fixed-rate payments on the receivables and the
floating-rate interest payable on the notes. The transaction
documents for the bank account, liquidity facility, and swaps
include downgrade language consistent with our "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

  Panorama Auto Trust 2023-1

  Commission Note, A$31.50 million: AAA (sf)
  Class A, A$783.00 million: AAA (sf)
  Class B, A$24.30 million: AA (sf)
  Class C, A$26.10 million: A (sf)
  Class D, A$20.70 million: BBB (sf)
  Class E, A$15.30 million: BB (sf)
  Class F, A$11.70 million: Not rated
  Class G1, A$7.20 million: Not rated
  Class G2, A$11.70 million: Not rated


THREE BY 3: First Creditors' Meeting Set for April 28
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Three By 3
Pty Ltd and 9boxes Pty Ltd will be held on April 28, 2023, at 11:00
a.m. and 12:00 p.m. respectively, via teleconference facilities.

Domenic Calabretta and Edwin Narayan of Mackay Goodwin were
appointed as administrators of the company on April 17, 2023.




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

GUANGZHOU R&F: Fitch Affirms 'RD' LongTerm Foreign Currency IDR
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDR) on Guangzhou R&F Properties Co. Ltd. and its
subsidiary, R&F Properties (HK) Company Limited (RFHK), at 'RD'
(Restricted Default). It has also affirmed RFHK's senior unsecured
rating and the rating on the RFHK-guaranteed notes issued by Easy
Tactic Limited at 'C', with the Recovery Ratings revised to 'RR5',
from 'RR6'.

The affirmation reflects that Guangzhou R&F and RFHK remain in
default on certain bank and other borrowings.

Fitch is withdrawing the senior unsecured rating of Guangzhou R&F
as it is no longer considered by Fitch to be relevant to the
agency's coverage because the entity is no longer issuing debt.

KEY RATING DRIVERS

Loans Deemed to be in Default: Based on the auditor's report in the
company's 2022 financial statements, CNY29 billion of Guangzhou
R&F's bank and other borrowings were deemed to be in default or
cross-default as of end-March 2023. Fitch believes this is because
loans from onshore banks and financial institutions have not been
formally extended, even though the company does not expect the
lenders to demand immediate repayment of the overdue loans.

Unsustainable Capital Structure: The group faces around CNY5
billion in capital market debt maturities in 2023-2024, following
the capital market debt extension in 2022. The extension has eased
repayment pressure in the near term, but Fitch believes the
company's capital structure remains unsustainable in the absence of
significantly stronger sales. Fitch estimates that Guangzhou R&F
will require CNY40 billion in contracted sales (2022: CNY33
billion, 2M23: CNY3.5 billion) just to be free cash flow neutral.

The currently weak sales imply that the company may continue to
struggle to generate sufficient cash flow for debt reduction and
that capital market funding access will remain limited.

Weak Contracted Sales: Contracted sales declined by 45% yoy to
CNY7.4 billion in 3M23 and monthly contracted sales have averaged
at around CNY2 billion since July 2022, against around CNY10
billion in 2021. Fitch believes a significant lift in sales is
unlikely, given a weakened brand and limited ability to launch new
projects for sale. This is despite recent stabilisation in the
property sector.

The group had land bank of 47.1 million square metres as of
end-2022, or approximately CNY640 billion in gross development
value, including 104 projects under development. This can provide
up to CNY125 billion of saleable resources in 2023. The group is
selecting projects with the greatest potential to generate
near-term liquidity for development, but Fitch believes the number
of projects that meet such criteria is limited under current market
conditions.

Further Asset Disposals: Fitch expects further asset disposals to
provide additional liquidity. The company completed CNY4.9 billion
of asset disposals in 2022, including the sale of a 50% stake in a
development project in the UK for HKD2.7 billion, three hotels in
Beijing, Fuzhou and Zhenjiang for CNY1.3 billion and other
development projects. The company continues to seek opportunities
for asset disposals, and believes its hotel portfolio can attract
investor interest.

DERIVATION SUMMARY

The 'RD' rating reflects that the company remains in default on
certain bank and other borrowings.

KEY ASSUMPTIONS

- Contracted sales of CNY30 billion in 2023 and 2024 (2022: CNY33
billion)

- Construction cost paid at 65% of sales proceeds, no land
acquisitions

- Investment property and hotel capex of CNY1 billion in 2023 and
2024

RATING SENSITIVITIES

Guangzhou R&F

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

- a resolution of the default that results in a sustainable debt
structure and maturity profile.

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

- Evidence that Guangzhou R&F has entered into bankruptcy filing,
administration, receivership, liquidation or other formal
winding-up procedure, or otherwise ceased business.

RFHK

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

- a resolution of default that results in a sustainable debt
structure and maturity profile.

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

- Evidence that RFHK has entered into bankruptcy filing,
administration, receivership, liquidation or other formal
winding-up procedure, or otherwise ceased business.

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: The company had CNY2.2 billion of unrestricted
cash as of end-2022, insufficient to cover CNY43.7 billion of
short-term debt.

ISSUER PROFILE

Founded in 1994, Guangzhou R&F is a property developer focusing on
medium- and high-end property development. The company also engages
in hotel development, commercial operations, property management
and architectural and engineering design. RFHK is Guangzhou R&F's
wholly owned offshore investment and financing platform.

ESG CONSIDERATIONS

Guangzhou R&F has an ESG Relevance Score of '4' for Management
Strategy, reflecting persistently weak contracted sales and an
unsustainable capital structure, despite a debt extension. This has
a negative impact on the credit profile, and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt              Rating        Recovery   Prior
   -----------              ------        --------   -----
Guangzhou R&F
Properties
Co. Ltd.              LT IDR RD  Affirmed              RD

   senior
   unsecured          LT     WD  Withdrawn              C

R&F Properties
(HK) Company
Limited               LT IDR RD  Affirmed              RD

   senior
   unsecured          LT     C   Affirmed    RR5        C

Easy Tactic
Limited

   senior
   unsecured          LT     C   Affirmed    RR5        C


ZIJIN MINING: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Chinese mining company Zijin Mining
Group Co., Ltd's Long-Term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB+'. The Outlook is Stable.

Zijin's ratings continue to be supported by its well-diversified
portfolio of precious and base metals, an average cost position in
the second quartile of the global cost curve and high-yielding
assets with a long mine life. However, the ratings are constrained
by Zijin's aggressive acquisition strategy, which increases
volatility in its leverage profile.

The Stable Outlook reflects Fitch's expectation that Zijin will
continue generating strong operational cash flow, which will aid
its ongoing capex and acquisitive appetite.

KEY RATING DRIVERS

Strong Profit, Higher Volume: Zijin's 2022 EBITDA rose to a record
of CNY40 billion on higher gold and copper production, despite a
correction in copper prices. Its mined copper rose to 877,000
tonnes (t) last year from 584,000t in 2021, with additions from the
Kamoa project in the Democratic Republic of Congo, Julong in Tibet
and Timok in Serbia.

Mined gold rose almost 9t to 56t on the ramp-up from Shanxi and
Luoyang as well as overseas projects, including Buritica in
Colombia, Timok, Aurora in Guyana and Norton in Australia. Fitch
expects Zijin's consolidated copper and gold output to increase
further to 780,000t and 68t in 2023 (excluding output from equity
investment in Kamoa and Zhaojin Mining Industry Company Limited
(BB+/Stable)), and 890,000t and 86t by 2025, respectively, from the
ramp-up of existing projects as well as newly acquired projects
that enter into their production phase.

Acquisitions, Capex Drive Leverage: Net leverage, measured by net
debt to EBITDA, rose to 2.8x in 2022 from 2.1x in 2021, despite
strong profitability, on acquisitions that were larger than Fitch
expected, equity investments and capex. Fitch estimates cash flow
will remain strong with funds flow from operations of CNY33
billion-38 billion in 2023-2025 (2022: CNY29.5 billion) on higher
gold and copper production, despite its downward mid-cycle
commodity price assumptions. However, Fitch does not expect
meaningful deleveraging in the near term due to elevated capex and
potential investment outflow.

Fitch expects capex to stay high at CNY29 billion in 2023 before
moderating to CNY20 billion in 2025 to bring newly acquired
projects into production. Fitch has assumed an additional CNY5
billion in investment outflow per annum until 2025 and outstanding
payments for its acquisition of the Rosebel gold mine and Shapingou
project in 2023, which will keep leverage at 2.8x this year before
falling to 2.3x in 2025. Zijin has strong financial market access
and low borrowing costs. It also has a well-spread debt maturity
profile with short-term debt at 26% of total debt.

Wider Product Range: Zijin's product diversification increased due
to its ventures into the new energy industry through the
acquisition of lithium brine lake assets in Argentina and Tibet as
well as a lithium mine in Hunan province. Fitch expects the company
to produce battery-grade lithium carbonate of over 3,000t this year
before increasing to 12,000t once these projects reach full
production in 2025. Zijin's recent acquisition of the Shapinggou
molybdenum mine in Anhui province, the largest mine in Asia, will
make it the top molybdenum producer in the world.

Greater Geographical Diversification: Zijin's recent acquisitions
have improved the geographical diversification of the company's
assets. Its overseas mines contributed over half of its incremental
volume in mined copper and gold in 2022. The proportion of its
overseas mined copper and gold increased to 57% and 59%,
respectively, in 2022, from 53% and 58% in 2021.

DERIVATION SUMMARY

Zijin is rated one notch lower than Canada-based Teck Resources
Ltd. (BBB-/Stable). Both have similar business profiles in terms of
commodity diversification and a solid cost position. However, Zijin
has a weaker capital structure amid its expansion than Teck, which
will have a net debt/EBITDA ratio of 1x-2x during 2023-2025.

Zijin has a smaller scale, lower margins and higher leverage than
major copper miner Freeport-McMoRan Inc. (BBB-/Positive), although
it has better asset diversification than Freeport.

KEY ASSUMPTIONS

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

- Mined copper average selling price of CNY49,000, CNY45,000 and
CNY41,500 per t in 2023, 2024 and 2025, respectively (2022:
CNY49,078 per t); mined gold average selling price of CNY361,
CNY343 and CNY343 per gram in 2023, 2024 and 2025, respectively
(2022: CNY369 per gram)

- Mined copper sales volume of 760,000, 825,000 and 890,000 t in
2023, 2024 and 2025, respectively (2022: 738,690t); mined gold
sales volume of 68, 76 and 86 t in 2023, 2024 and 2025,
respectively, (2022: 60.8t)

- Capex of CNY29 billion, CNY20 billion and CNY20 billion in 2023,
2024 and 2025, respectively (2022: CNY24 billion)

- Annual investment outflow of CNY5 billion in 2023 to 2025

- Dividend payout ratio of 30% per year in 2023-2025

RATING SENSITIVITIES

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

- Transition away from the highly acquisitive growth strategy

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

- Net debt/EBITDA sustained above 3.0x

- Significant increase in exposure to markets with high
geopolitical and operating environment risks

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Zijin had CNY19.7 billion in unrestricted cash
at end-2022, against CNY32.9 billion in short-term debt. It has a
multitude of onshore and offshore funding sources, as well as ample
liquidity from major banks with CNY150 billion in unused bank
credit facilities as of end-2022. It is an active onshore bond
issuer. Zijin had a low average borrowing cost of 3.1%-3.2% in
2020-2022.

ISSUER PROFILE

Zijin was the world's sixth-largest copper miner, ninth-largest
gold miner and fourth-largest zinc miner in 2022 by output.
Overseas mines contributed 57% of its copper, 59% of gold and 48%
of zinc and lead production in 2022.

ESG CONSIDERATIONS

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

   Entity/Debt            Rating          Prior
   -----------            ------          -----
Zijin Mining
Group Co., Ltd      LT IDR BB+  Affirmed    BB+

   senior
   unsecured        LT     BB+  Affirmed    BB+




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

AJAB SINGH: ICRA Lowers Rating on INR20cr LT Loan to D
------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Ajab
Singh and Company (ASCO), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        18.20       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long-term–        20.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from
   Others                        [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

Rationale

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

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

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

Incorporated in 2009 by Mr. Ajab Singh, ASCO is a partnership firm
involved in the construction of roads, flats, boundary wall and
other civil engineering projects in the Delhi NCR region.
Presently, the firm is a class-I contractor of Delhi Development
Authority (DDA).


BALAJI TECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Balaji
Tech (SBT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.75        CRISIL D (Issuer Not
                                     Cooperating)

   Drop Line Overdraft   2.25        CRISIL D (Issuer Not
   Facility                          Cooperating)

   Letter of Credit      0.25        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working      0.25        CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

   Secured Overdraft     3.50        CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with SBT for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2004, SBT manufactures valves, bushes and sleeves. The
operations of the firm are managed by Mr. Suresh Kumar. The firm is
located in Chennai.


CITIZEN CARS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term ratings of Citizen Cars in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         7.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-         3.00       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Established in 1998 by Mr. Haneef Sait as a proprietorship firm in
Bangalore, Citizen Cars is a private pre-owned car (POC)
dealer which primarily deals in high-end range of cars. The major
car brands include- Ford, Honda, Hyundai, Rolls Royce, Bentley,
Land Rover, Toyota, Benz, BMW, Audi, Bugatti, Harley Davidson,
Lamborghini, Jaguar, Volkswagen, Chevrolet and Skoda. It has one
leased showroom in Hebbal which has a capacity of keeping ~110
cars. Prior to 2013, it was operating in an owned showroom in
Banaswadi which had a capacity of keeping ~60 cars. It has a sister
concern, called, New Citizen Cars, which is also a private POC
dealer and operates out of a showroom with a capacity of keeping
~60 cars in Banswadi, Bangalore.


EZEEGO ONE: NCLT Admits Company Under liquidation
-------------------------------------------------
The Economic Times reports that a bankruptcy court has ordered
liquidation of Ezeego One Travel & Tours Ltd as the secured
creditors of the online travel portal did not receive any viable
revival plan for the company.

ET relates that the Mumbai bench of the National Company Law
Tribunal (NCLT), while allowing an application to admit the company
for liquidation, appointed the company's resolution professional
Gaurav Ashok Adukia as its liquidator.

Ezeego One Travel & Tours Limited operates as an online travel
agency. The Company offers flight bookings, online hotel
reservations, holidays and package tours, car rentals, bus tickets,
cruises, and travel management services. Ezeego One Travel & Tours
serves customers worldwide.


GDJD EXPORTS: ICRA Withdraws B+/A4 Debt Rating on INR8cr Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
GDJD Exports (GDJD) at the request of the company and based on the
No Dues Certificate received from the banker, and in accordance
with ICRA's policy on withdrawal. However, ICRA does not have
information to suggest that the credit risk has changed since the
time the rating was last reviewed.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/           8.00       [ICRA]B+ (Stable)/[ICRA]A4
   Short-term-                     ISSUER NOT COOPERATING;
   Fund based                      Withdrawn
   Packing Credit      
                                   
   Short term-          1.70       [ICRA]A4 ISSUER NOT
   Non-Fund based                  COOPERATING; withdrawn   
   Forward Cover       
                                   
The Key Rating Drivers, Liquidity Position, Rating Sensitivities
and key financial indicators have not been captured as the rated
instrument is being withdrawn.

GDJD Exports (GDJD), established in 1990, primarily trades in yarn.
The firm exports cotton yarn, polycot yarn, polyester yarn and
viscose yarn apart from small quantities of fabrics. It procures
from various mills across India and supplies yarn to customers in
Singapore, Taiwan, and Bangladesh, among others.

JAI MAA: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the long-term ratings of Jai Maa Savitri
Educational Society in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        28.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–         3.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Established in 2010, Jai Maa Savitri Educatioanal Society is a
single asset society, which runs and operates a college by the name
of JMS group of Institutions. This institute offers courses in
Engineering, (including B. Tech courses in 5 disciplines as well as
diploma courses ), management (BBA, MBA, PGDM), computer
applications (BCA) and architecture (B. Arch and) All the courses
are approved by AICTE and the institute is affiliated to UPTU for
technical courses (B.Tech, MBA, B.Arch and Ch. Charan Singh
University (Meerut) for BBA and BCA courses and Board of technical
education (UP) for diploma courses. The campus is located on NH-24,
Ghaziabad (Uttar Pradesh) on a land parcel of 15 acres.


KANTI FLOOR: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Kanti
Floor Furnishers in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.10       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term–       32.74       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Established in the year 1930, Kanti Floor Furnishers (KFF) is
primarily engaged in the manufacture and export of door mats and
rugs made up of coir,rubber, jute, and poly propylene. Initially,
the firm was setup as a manufacturing feeder unit for its parent
organisation, M/s Commercial Emporium which dealt with exports of
mats and rugs. Since 1956, KFF started exporting coir mats under
its own name. KFF is also a certified ISO 9001:2000 unit and is
also awarded with BRC Global Standards certification. The firm has
four units, namely, Bala Shearing Factory, Vinod Coir Works, MGM
Exports and an EOU unit. All the manufacturing facilities are
situated in and around Allepey, Kerala, majorly exporting to United
Kingdom, United States and other European countries.


KARPAGAM STEELS: ICRA Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term ratings of Sri Karpagam Steels in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Sri Karpagam Steels was established in the year 1991 as a
partnership firm and is engaged in the business of trading steel
products. The firm procures flat products such as Hot Rolled & Cold
Rolled Coils and plates from domestic players and sells to local
manufacturers and traders. After a decade in the industry, the firm
setup its own plant at Saravanampatti to manufacture
Mild steel and boiler steel sheets from the purchased HRC coils –
as per client requirements – through CNC Gas cutting and
mechanical cutting machines.


KARUN RICE: ICRA Keeps B Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long-term ratings of M/s Karun Rice & General
Mills in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          6.50        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated         0.50        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in the year 1996, KRGM is a partnership firm engaged
in milling, processing and sorting of rice. The firm has its plant
at Cheeka (Haryana) with a milling capacity of 3.25 tonnes per hour
and sorting capacity of 2 tonnes per hour. The company deals in
both basmati and non-basmati rice, however majority (more than 75%)
of the company's revenue is generated from sale of basmati rice.
The entity is also engaged in the trading of basmati and
non-basmati rice. It primarily procures paddy/rice from Haryana,
Punjab and U.P.

KAVIT INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kavit
Industries (KI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Letter of Credit       2.34       CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              0.66       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated January 30,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based in Noida, Uttar Pradesh, KI was established as a
proprietorship firm in 2000 by Mr. Vijay Manchanda. The firm
manufactures PU foams and matrices and also trades in industrial
chemicals and fabrics.


KBR AGRO: ICRA Keeps B Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the long-term ratings of Kbr Agro Industries in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          2.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          8.00        [ICRA]B (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in October 2013, KBR is a partnership firm with Mr.
Bhagwan Dass Singla, Mr. Krishan Murari and Mrs Adesh Singla as
partners. The firm is involved in the milling, processing and
trading of Basmati and non-Basmati rice. KBR's plant is located at
Jundla near Karnal (Haryana).


KRISHNAPING MINERALS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Krishnaping
Minerals Private Limited (KMPL; a part of the Krishnaping group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           14          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       6          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              4          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              6          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of KMPL and Krishnaping Alloy
Limited (KAL), together referred to as 'Krishnaping group'. This is
because both the companies are in the same line of business, work
under a common management, and have strong operational linkages and
financial fungibility.

KMPL and KAL, incorporated in 1996, undertakes mining and
beneficiation of manganese ore along with manufacturing of ferro
manganese alloys. The group is promoted and managed by Mr. Sanjeev
Khandelwal. KMPL has a factory unit in Vizag, Andhra Pradesh and
KAL has factory unit in Chindwara, Madhya Pradesh.


KSHITIJ KUMAR: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term ratings of Kshitij Kumar Choudhary
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Kshitij Kumar Choudhary (The Firm), incorporated in 2009 is a
partnership concern, promoted by Mr. Kshitij Kumar Choudhary. The
firm is a royalty contractor for Sand Stone & Khanda mining in
Jodhpur region in the state of Rajasthan. These contracts are
awarded on competitive bidding by Directorate of Mines and Geology
(DMG), Government of Rajasthan. Under these contracts, the firm
collects royalties from the miners based on volumes extracted by
the latter and in turn pays a fixed royalty amount to DMG as per
the pre-fixed schedule. Currently, Kshitij Kumar Choudhary is
working on a toll collection contract in Rajasthan. Details about
which are further discussed in report.

KUBER METPACK: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kuber Metpack
Private Limited (KMPL, part of the Kevin Metpack Private Limited)
continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     41         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               2         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with KMPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Founded in 2007 by Mr. Vikas Malu, KMPL was set up to manufacture
metallised cast polypropylene and polyethylene terephthalate shrink
film, and thermoforming grade polyester for the packaging
industry.


MAHIMA MILK: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiv Mahima
Milk Products Private Limited (SMPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         6.6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SMPL was incorporated in 2013, promoted by the Mittal family. The
Jaipur-based company has set up a wheat-processing unit with a
grinding capacity of 63,000 tpa at Shahapur to manufacture maida,
wheat, and bran. The key promoter, Mr. Bharat Mittal manages
operations along with his wife, Ms Mukta Mittal.


OM ASSOCIATES: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long-term ratings of Om Associates in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          20.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2002, Om Associates is the sole authorised
distributor of Procter & Gamble Hygiene & Health Care Limited
(P&G), Reliance Jio Infocomm Limited (Reliance Jio), InFocus
Corporation (InFocus), and S. C. Johnson Products Private Limited
(S. C. Johnson) in Odisha. The firm sells P&G's and S. C. Johnson's
fast-moving consumer goods, Reliance Jio's mobile handsets,
devices, SIM cards and recharge vouchers, and InFocus' mobile
handsets. The firm is promoted by the Bhubaneswar-based Hans
family, which have experience of more than 15 years in the
distribution business.


REGENCY ISPAT: ICRA Lowers Rating on INR24cr LT Loan to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Regency
Ispat Private Limited (RIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         24.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund-based-                     COOPERATING; Rating downgraded
   Cash Credit                     from [ICRA]BB+ (Stable)and
   Limits                          moved to the 'Issuer Not
                                   Cooperating' category

Rationale

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

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

Incorporated in 2005, RIPL manufactures TMT bars (sizes ranging
from 8 mm to 32 mm), which are sold under the Regency brand. The
manufacturing facility, located at Wada in Thane district of
Maharashtra, commenced commercial production from May 2006 and has
an installed production capacity of 1,25,000 MTPA as on March 31,
2022. RIPL is a part of the Regency Group, which has a strong
presence in the real-estate sector with commercial and residential
projects in Pune, Navi Mumbai and Thane.

SATYAM ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satyam Ispat
(North East) Limited (SINEL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          16.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           4.4         CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      9.5         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan    9.2         CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital       5.1         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Working Capital       8.8         CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with SINEL for
obtaining information through letters and emails dated January 30,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SINEL, incorporated in 2005, is a part of Satyam Group of
Industries. It commenced commercial operations in April 2007, and
manufactures TMT bars and mild steel billets, which it sells under
Satyam Super TMT brand. The company has a semi-integrated plant in
Assam, with capacity to manufacture TMT and mild steel billets.


SIVARAM YARNS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sivaram Yarns
Private Limited (SYPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        15.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SYPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SYPL was set up in 2012 by Mr. Mediseeti Venkata Rattaiah and his
family members. The company manufactures cotton yarn, and its
spinning unit is located in East Godavari district (Andhra
Pradesh).


SOLO METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Solo Metals
Private Limited (SMPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            3          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           14.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4.75       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letters and emails dated January 30,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SMPL was incorporated in 2005, by the promoter, Mr. Jawahar Singh
Saroha and his son, Mr. Saket Saroha. The company manufactures
steel billets at its facility in Wada, Maharashtra.


SOVIKA AVIATION: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sovika
Aviation Services Private Limited (SASPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         15         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     30         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              30         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SASPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SASPL, incorporated in 2007, is a part of the Sovika group based in
Mumbai and promoted by Mr. Soham Mehta and his family members.
SASPL undertakes cargo forwarding business and underwrites the
belly capacity for cargo of the airline's entire fleet of
aircraft.


SRIKARA PACKAGING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Srikara
Packaging Private Limited (SPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         5          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2012, Srikara Packaging Private Limited (SPPL), is
engaged in manufacturing of polypropylene non-woven fabric. The
firm is based out of Madurai (Tamil Nadu) and is promoted by Mr. V.
Vairamuthu and his family members.


STAR CLAYS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Star Clays
(SC) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term     4.8        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.7        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SC for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SC, established in 2006, is engaged in manufacturing of Terracotta
Floor Tiles, is partnership entity established by Mr. Mandakan
Jose, Mr. Mandakan Joy, Mr. Mandakan Jojo and is based out of
Thrissur, Kerala. The firm sales its products by the brand
'Mandakan' majorly in the states of Tamil Nadu, Karnataka, Kerala
and Andhra Pradesh., The firm is also entering into manufacturing
of Terracotta Roof tiles as well.


STARWOOD TECHNO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Starwood
Techno Industries Private Limited (STIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.7         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.3         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             4           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with STIPL for
obtaining information through letters and emails dated January 30,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2016, STIPL has set up a project in Nanded
(Maharashtra) to manufacture LED (light emitting diode) and CRT
(cathode ray tube) televisions (TV). The project will start
commercial operations in December 2016. The promoters Mr.
Kanhaiyalal Rangani, Mr. Dilip Rangani, Mrs Vimla Devi Rangani and
Mrs Komal Rangani'had two other proprietorship firms, Parisons
Electronics (PE) and Kings Electronics (KE) which were importing
LED and CRT TVs from China and selling it under its own brand
'Starwood'. Both firms ceased operations in March 2016 and the
business was taken over by STIPL. STIPL plans to stop trading
operations once its manufacturing operations stabilises.


SUMA FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Suma Foods
Private Limited (SFPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Term Loan              7.79       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SFPL for
obtaining information through letters and emails dated January 30,
2023 and March 31, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Karnal-based SFPL, incorporated in 2015 by Mr. Sachin Singla and
Mr. Ankit Singla, mills and processes paddy. The company started
operations in May 2015; it has milling and sorting capacity of 16
tonne per hour.


SUN PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sun Projects
(India) Private limited (SPIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with SPIL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1998, SPIL-promoted by Mr. V Sanjeev-is involved in
residential real estate construction business in Kerala.


TUBELIGHT COMMUNICATIONS: Insolvency Process Case Summary
---------------------------------------------------------
Debtor: Tubelight Communications Limited
B wing, Office No -1702,
        Lotus Corporate Park,
        Off W.E. Highway,
        Goregaon (East) Mumbai - 400063

Insolvency Commencement Date: March 23, 2023

Estimated date of closure of
insolvency resolution process: September 19, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench-V

Insolvency
Professional: Ca Ip Pankaj Khadloya
       202, Vishnu Sadashiv  Apartment 1754
       Sadashiv Peth,
              Near Udayan Mangal Karyalay
              Opp Scout Ground City
              Pune State, Maharashtra Pin: 411030
       Email: pkhadloya@gmail.com
       Email: cirp.tcl@gmail.com

Last date for
submission of claims:  April 6, 2023


VENKATESWARA EDUCATIONAL: CRISIL Keeps D Ratings in Not Coop.
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Educational Society - Nellore (SVES) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     4.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              7.5        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVES for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SVES, founded by Mr. Babu Naidu, in year 2012, runs an education
group 'which is based out of Nellore (Andhra Pradesh) providing
education from engineering to professional courses. SVES offering
courses across engineering, pharmacy, business management and
computer applications.


VISHNU POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Vishnu
Power & Energy Private Limited (SVPEPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

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

   Term Loan            17           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan            23           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVPEPL for
obtaining information through letters and emails dated January 28,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SVPEPL, incorporated in November, 2008, is promoted by
Chhattisgarh-based Mr. Kanhaiyalal Daga, Mr. Deepak Daga, and Mr.
Manoj Kumar Daga. The company currently operates a 10 MW rice husk
based bio-mass power plant in Rajnandgaon (Chhattisgarh). The
commercial operations of the unit commenced from March 2016
onwards.




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

PHARMANIAGA BHD: MOH to Continue Concession PN17 Status
-------------------------------------------------------
theedgemarkets.com reports that the Ministry of Health (MOH) will
continue its concession agreement with Practice Note 17's (PN17)
Pharmaniaga Bhd for the provision of medicines and medical supplies
to MOH facilities.

According to theedgemarkets.com, Health Minister Dr Zaliha Mustafa
said that Pharmaniaga has been in a long term concession agreement
with the MOH, hence, the ministry will continue the agreement with
the pharmaceutical company.

"We (MOH and Pharmaniaga) are actually working closely - we have
adopted a long (service) on the logistic matter with Pharmaniaga.

"So indeed we really need them (Pharmaniaga) and I think it is our
responsibility under the government to try to help, and we have
decided to continue our consensus with Pharmaniaga," she told a
press conference after attending a townhall meeting on Health White
Paper at the central region on Tuesday (April 18).

Pharmaniaga's wholly-owned subsidiary Pharmaniaga Logistics Sdn Bhd
was initially granted a concession agreement to supply public
health facilities with medicines and medical supplies by the MOH in
1994.

Its concession agreement with MoH was extended by six months last
December until end-June to facilitate a new agreement.

When asked on the duration for the MOH to continue the concession
agreement with Pharmaniaga, Dr Zaliha disclosed that the concession
will continue "for another ten years," theedgemarkets.com relays.

                          About Pharmaniaga

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

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




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

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

The Commissioner of Inland Revenue filed the petition against the
company on March 22, 2023.

The Petitioner's solicitor is:

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


MRS VERCOES: Court to Hear Wind-Up Petition on April 28
-------------------------------------------------------
A petition to wind up the operations of Mrs Vercoes Diner Limited
will be heard before the High Court at Blenheim on April 28, 2023,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Oct. 19, 2023.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Services, 11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


SKUS DAS: Court to Hear Wind-Up Petition on April 28
----------------------------------------------------
A petition to wind up the operations of Skus Das Investments
Limited will be heard before the High Court at Nelson on April 28,
2023, at 11:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on March 22, 2023.

The Petitioner's solicitor is:

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


TERWEN INVESTMENTS: Grant Bruce Reynolds Appointed as Liquidator
----------------------------------------------------------------
Grant Bruce Reynolds of Reynolds & Associates Limited on April 13,
2023, was appointed as liquidator of Terwen Investments Limited.

The liquidator may be reached at:

          Reynolds & Associates Limited
          PO Box 259059
          Botany
          Auckland 2163


VTC CONTRACTING: Creditors' Proofs of Debt Due on April 23
----------------------------------------------------------
Creditors of VTC Contracting Limited are required to file their
proofs of debt by April 23, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on March 23, 2023.

The company's liquidator is:

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




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

DITO CME: Auditors Raise Going Concern Doubt
--------------------------------------------
Rappler.com reports that the independent auditors of Dennis Uy's
Dito CME raised concerns on the company's ability to make enough
money to stay afloat for the foreseeable future, given its massive
liabilities.

According to Rappler.com, Punongbayan & Araullo Grant Thornton
(P&A) underscored Dito CME's liabilities in 2022, including
exceeding its current assets by PHP196.6 billion, comprehensive
losses reaching PHP25.6 billion, and capital deficiency hitting
PHP27.9 billion, as conditions which indicate the "existence of a
material uncertainty that may cast significant doubt on the ability
of the Group to continue as a going concern."

Dito CME is the publicly listed corporate vehicle of Uy's Dito
Telecommunity.

As of December 2022, Dito Tel had spent PHP230.5 billion for its
capital expenditures.

Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
engages in the provision of telecommunications, multimedia, and
information technology services.


DUTY-FREE PHILS: Wins 60-day Extension for Plan Implementation
--------------------------------------------------------------
Bilyonaryo.com reports that Duty-Free Philippines Corp. (DFPC) has
been granted a 60-day extension by the Governance Commission for
Government Owned or Controlled Corporations (GCG) to implement its
restructuring plan.

Effective from March 15, 2023, the deferment will enable DFPC to
streamline its transition to the new organizational structure and
staffing pattern.

However, GCG has cautioned that the delay may negatively impact
DFPC's ongoing status due to its limited fiscal space,
Bilyonaryo.com says.

Notably, the request was made to facilitate a smooth transition,
considering the policy and operational implications of the
restructuring plan, Bilyonaryo.com relates.

As mandated by the Republic Act No. 10149, GCG is responsible for
assessing whether a government-owned and controlled corporation
(GOCC) should be reorganized, merged, streamlined, abolished, or
privatized, in consultation with the relevant department or
agency.




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

ATS TRANSLATION: Court to Hear Wind-Up Petition on May 5
--------------------------------------------------------
A petition to wind up the operations of ATS Translation Pte Ltd
will be heard before the High Court of Singapore on May 5, 2023, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
April 13, 2023.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


HYFLUX ENGINEERING: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on March 28, 2023, to
wind up the operations of Hyflux Engineering Pte Ltd and Hyflux
Membrane Manufacturing (S) Pte. Ltd.

The company's liquidators are:

          Cosimo Borrelli
          Patrick Bance
          c/o Kroll Pte. Limited
          1 Raffles Place, #10-62
          One Raffles Place
          Singapore 048616


ITNL OFFSHORE: Creditors' Proofs of Debt Due on May 4
-----------------------------------------------------
Creditors of ITNL Offshore Pte. Ltd. are required to file their
proofs of debt by May 4, 2023, to be included in the company's
dividend distribution.

The company's liquidators are:

          Yit Chee Wah
          One Raffles Quay, #27-10
          Singapore 048583


SKY THE LIMIT: Court to Hear Wind-Up Petition on May 5
------------------------------------------------------
A petition to wind up the operations of Sky The Limit Pte Ltd will
be heard before the High Court of Singapore on May 5, 2023, at
10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
April 13, 2023.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


TITAN PRINCIPALS: Court to Hear Wind-Up Petition on April 28
------------------------------------------------------------
A petition to wind up the operations of Titan Principals Pte Ltd
will be heard before the High Court of Singapore on April 28, 2023,
at 10:00 a.m.

Lim Boon Kiat (Lin Wenjie) filed the petition against the company
on April 6, 2023.

The Petitioner's solicitors are:

          Eugene Thuraisingam LLP
          1 Coleman Street
          #07-06 The Adelphi
          Singapore 179803




=============
V I E T N A M
=============

SAIGON-HANOI COMMERCIAL: Moody's Affirms 'B1' Issuer Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed Saigon - Hanoi Commercial
Joint Stock Bank's (SHB) B1 long-term (LT) foreign (FC) and local
(LC) currency bank deposit and issuer ratings, as well as the
bank's b2 Baseline Credit Assessment (BCA) and Adjusted BCA.

Moody's has also affirmed SHB's Ba3 LT FC and LC Counterparty Risk
Ratings (CRR), Ba3(cr) LT Counterparty Risk Assessment (CRA) and
(P)B1 FC senior unsecured medium-term note (MTN) programme rating,
as well as the bank's NP short-term (ST) FC and LC CRR, ST FC and
LC bank deposit ratings, ST FC and LC issuer ratings and NP(cr) ST
CRA.

At the same time, Moody's has changed the outlook on SHB's LT bank
deposit ratings and LT issuer ratings to stable from positive.

RATINGS RATIONALE

The affirmation of SHB's B1 rating and b2 BCA reflects Moody's
expectation that the bank's credit profile will remain stable over
the next 12 to 18 months. A modest improvement in the bank's
capitalization will provide a buffer against growing asset risks
and deteriorating profitability due to higher credit costs. The b2
BCA also considers the bank's moderate funding and liquidity.

SHB's B1 LT deposit and issuer ratings are one notch above its b2
BCA, reflecting Moody's assessment of a moderate probability of
support from the Government of Vietnam, based on the bank's modest
market share of 3% in banking system deposits as of the end of
2022, and the central bank's track record of providing support to
banks in the form of liquidity and regulatory forbearance.

However, the change in SHB's rating outlook to stable from positive
reflects the bank's lower-than-expected improvement in its
capitalization in 2022 amid a challenging operating environment due
to stress in Vietnam's real estate sector. As of December 2022,
SHB's tangible common equity to risk-weighted assets (TCE/RWA)
increased to 7.2% from 6.7% a year earlier.

SHB's increased exposures to real estate and construction sectors
and corporate bond holdings pose asset risks. As of the end of
2022, loans to real estate and construction sectors accounted for
24.3% of the bank's total loans, higher than 20.2% a year earlier.
At the same time, the amount of corporate bonds increased to 2.3%
of total assets from 1.1% over the same period.

Moody's expects SHB's profits to decline, driven by lower net
interest margins (NIMs) and higher loan loss provisions. NIMs will
decrease because lending rates will fall alongside the decrease in
policy rates. In addition, the rating agency expects SHB to
increase provisions due to slower economic growth and higher
delinquencies in the real estate and construction sectors.

While SHB's capitalization will further improve, supported by
proceeds from the sale of the bank's consumer finance subsidiary,
SHBANK Finance Company Limited, Moody's expects that it will remain
at a modest level as compared with peers'.

The rating affirmation also considers the bank's stable funding and
liquidity. As of the end of December 2022, market funds as a
percentage of tangible banking assets decreased to 21% from 26% a
year earlier, while the loan to deposit ratio declined to 107% from
111% over the same period. The bank's liquidity is modest.
High-quality liquid assets such as cash, balances with central bank
and government securities, accounted for 6% of the bank's total
assets, providing a limited buffer in times of need.

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

Moody's could upgrade SHB's deposit and issuer ratings if its
standalone credit strength improves and leads to an upgrade of the
BCA.  Moody's could upgrade SHB's b2 BCA, if its (a) nonperforming
loan (NPL) ratio decreases below 2% and the TCE/RWA ratio increases
to 10% and (b) the bank reduces its reliance on market funds while
increasing the share of high-quality liquid assets to more than 15%
of its tangible banking assets on a sustainable basis.

Moody's could downgrade SHB's deposit and issuer ratings if the
rating agency assesses that government support for the banks has
weakened.

Moody's could downgrade SHB's b2 BCA if NPLs increased above 4%,
leading to higher credit costs and a decrease in the return on
tangible assets to below 0.75%. A weakening in SHB's funding and
liquidity will also be negative for the bank's BCA.

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Headquartered in Hanoi, Saigon - Hanoi Commercial Joint Stock Bank
reported total assets of VND551 trillion as of December 31, 2022.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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