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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

          Wednesday, May 3, 2023, Vol. 26, No. 89

                           Headlines



A U S T R A L I A

393 SUSSEX: First Creditors' Meeting Set for May 8
APRICITY FINANCE: Second Creditors' Meeting Set for May 8
CHECKPOINT CAR: First Creditors' Meeting Set for May 8
CONTINENTAL GLOBAL: First Creditors' Meeting Set for May 8
COVENTRY BOND 2023-1: S&P Assigns B Rating to Class F Notes

FLEXICOMMERCIAL ABS 2023-1: Moody's Assigns B2 Rating to F Notes
J. MUSSILLON: First Creditors' Meeting Set for May 8
METRO FINANCE 2023-1: Moody's Gives B2 Rating to AUD2.5MM F Notes
TORRENS TRUST 2021-1: S&P Affirms BB Rating on Class E Notes


C H I N A

CENTRAL CHINA REAL: Fitch Cuts Foreign Currency IDR to 'RD'
GOLDEN EAGLE: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
JIAYUAN INTERNATIONAL: Gets Court Order to Liquidate Assets


H O N G   K O N G

HONG KONG: Exits Recession as Spending Boom Revives Growth
HOPSON DEVELOPMENT: S&P Affirms 'B' ICR & Alters Outlook to Stable
MEX GROUP: S&P Suspends 'B' LongTerm Issuer Credit Rating
WANDA COMMERCIAL: S&P Puts 'BB+' LT ICR on CreditWatch Negative


I N D I A

ACIA COMMUNICATIONS: Voluntary Liquidation Process Case Summary
AJAY BUILDERS: CARE Lowers Rating on INR3.25cr LT Loan to B
ARUNA CONSTRUCTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
ASHAPURA OPTIONS: Insolvency Resolution Process Case Summary
BRISK INDIA: ICRA Keeps D Debt Ratings in Not Cooperating

DAVINDER EXPORTS: CARE Lowers Rating on INR16.50cr LT Loan to B-
ENVIGO RESEARCH: Voluntary Liquidation Process Case Summary
ESQUIRE MACHINES: ICRA Keeps B+ Debt Ratings in Not Cooperating
GO FIRST: Files for Bankruptcy, Blames Pratt & Whitney
GOPINATH DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating

GROUSE PROMOTERS: Insolvency Resolution Process Case Summary
IMPERIALL TECHNOFORGE: ICRA Keeps D Ratings in Not Cooperating
INDUS MEGA: ICRA Keeps D Debt Ratings in Not Cooperating Category
ISLAND ABASAN: Voluntary Liquidation Process Case Summary
JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating

LAXMI ENTERPRISES: CARE Lowers Rating on INR6cr LT Loan to B+
MAGNUM INDIA: Voluntary Liquidation Process Case Summary
NATURAL COTTON: CARE Keeps B- Debt Rating in Not Cooperating
NJT FINANCE: CARE Keeps B+ Debt Rating in Not Cooperating Category
ODISHA E-GOVERNANCE: Voluntary Liquidation Process Case Summary

OM AUTO TECHNOCRAFT: Voluntary Liquidation Process Case Summary
OUTVISION TECHNOLOGIES: Voluntary Liquidation Process Case Summary
PATRAN FOODS: CARE Keeps B+ Debt Rating in Not Cooperating
PHONEPE WEALTH: Voluntary Liquidation Process Case Summary
PKR ENERGY: Voluntary Liquidation Process Case Summary

PLATINA STEELS: CARE Keeps D Debt Rating in Not Cooperating
PRESIDENCY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
REGAL PRIDE: Liquidation Process Case Summary
RENAISSANCE INDUS: Insolvency Resolution Process Case Summary
RENTAL STAY: Insolvency Resolution Process Case Summary

RIDDHI PRINT: CARE Keeps D Debt Rating in Not Cooperating
RUTLAND DCC: Voluntary Liquidation Process Case Summary
SECURITY COMPASS: Voluntary Liquidation Process Case Summary
SREEVEN INFOCOM: Insolvency Resolution Process Case Summary
SUKRITHA BUILDMANN: ICRA Keeps D Debt Rating in Not Cooperating

SUPERFINE ALUMINIUM: ICRA Keeps D Debt Rating in Not Cooperating
TAMANNA VANIJYA: Voluntary Liquidation Process Case Summary
TATA POWER: S&P Upgrades LongTerm ICR to 'BB+', Outlook Stable
TERRYGOLD (INDIA): Insolvency Resolution Process Case Summary
UNFORS RAYSAFE: Voluntary Liquidation Process Case Summary

V3S INFRATECH: ICRA Keeps D Debt Ratings in Not Cooperating
VALUE LINE: CARE Keeps B Debt Rating in Not Cooperating Category
VALUELINE HOMESTYLE: CARE Keeps B+ Debt Rating in Not Cooperating
VINNARASI EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
VISUVAS VILLAS: Voluntary Liquidation Process Case Summary

WEBFIL LIMITED: ICRA Keeps C+ Debt Ratings in Not Cooperating
WIPRO PERSONAL: Voluntary Liquidation Process Case Summary
ZOTRES HOSPITALS: CARE Lowers Rating on INR12cr LT Loan to B


J A P A N

TEPCO HOLDINGS: S&P Withdraws 'B' Short-Term Issuer Credit Rating


M A L A Y S I A

IOUPAY LIMITED: Goes Into Voluntary Administration
PROPEL GLOBAL: Seeks to Uplift PN17 Status
ZELAN BHD: Slips Into PN17 Category


N E W   Z E A L A N D

CONSTRUCT CIVIL: Court to Hear Wind-Up Petition on May 5
LUXURY LAS: Creditors' Proofs of Debt Due on May 26
NZ RAPID: Court to Hear Wind-Up Petition on May 5
PIE PIPER: Creditors' Proofs of Debt Due on May 26
WELLINGTON EXCAVATOR: Creditors' Proofs of Debt Due on June 26



P H I L I P P I N E S

BINANGONAN RURAL: Placed Under PDIC Receivership


S I N G A P O R E

ARROW WASTE: Final Meeting Set for May 29
ASIA OUTSOURCING: Members' Final Meeting Set for May 29
LUBE-WAY TRADING: Members' Final Meeting Set for May 31
RAM BROTHERS: Creditors' Meetings Set for May 9
TLFF I: Creditors' Proofs of Debt Due on May 28



S O U T H   K O R E A

DOOSAN BOBCAT: S&P Affirms 'BB' LongTerm ICR, Outlook Stable


T A I W A N

WAN HAI: S&P Affirms 'BB+' ICR on High Net Cash Position

                           - - - - -


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

393 SUSSEX: First Creditors' Meeting Set for May 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of 393 Sussex
St Lessee Pty Ltd will be held on May 8, 2023, at 10:00 a.m. via
virtual meeting only.

Desmond Teng and John Refalo of Moore Recovery were appointed as
administrators of the company on April 26, 2023.


APRICITY FINANCE: Second Creditors' Meeting Set for May 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of Apricity
Finance Group Pty. Ltd. has been set for May 8, 2023 at 3:00 p.m.
via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 4, 2023 at 5:00 p.m.

Darren John Vardy of Insolvency Options was appointed as
administrator of the company on April 3, 2023.


CHECKPOINT CAR: First Creditors' Meeting Set for May 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of Checkpoint
Car Detailing Pty Ltd will be held on May 8, 2023, at 2:30 p.m. at
Level 32, Exchange Tower, 2 The Esplanade in Perth.

Jerome Hall Mohen and Gregory Bruce Dudley of RSM Australia were
appointed as administrators of the company on April 26, 2023.


CONTINENTAL GLOBAL: First Creditors' Meeting Set for May 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Continental
Global Material Handling Pty Ltd will be held on May 8, 2023, at
11:00 a.m. at Level 6, 9 Barrack Street in Sydney and via Microsoft
Teams.

Katherine Elizabeth Barnet and Damien Mark Hodgkinson of Olvera
Advisors were appointed as administrators of the company on April
26, 2023.


COVENTRY BOND 2023-1: S&P Assigns B Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to 10 classes of
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Coventry Bond Trust 2023-1.
Coventry Bond Trust 2023-1 is a securitization of prime residential
mortgage loans originated by BC Securities Pty Ltd. (BCS).

The ratings assigned to the floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio, which
comprises residential mortgage loans to residents of Australia, to
self-managed superannuation fund borrowers, and to expatriate
borrowers, and the credit support provided to each class of rated
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. Our assessment of credit risk considers BCS's
underwriting standards and approval process as well as its
servicing quality.

The rated classes of notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. Our analysis is on
the basis that the notes are fully redeemed via the principal
waterfall mechanism under the transaction documents by their legal
final maturity date, and we assume the notes are not called at or
beyond the call-option date.

S&P's ratings also take into account the counterparty exposure to
Australia and New Zealand Banking Group Ltd. as the bank account
provider.

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

  Ratings Assigned

  Coventry Bond Trust 2023-1

  Class A1-MM, A$136.00 million: AAA (sf)
  Class A1-AU, A$244.93 million: AAA (sf)
  Class A1-4.5Y: A$50.00 million: AAA (sf)
  Class A2, A$25.35 million: AAA (sf)
  Class AB, A$10.00 million: AAA (sf)
  Class B, A$13.23 million: AA (sf)
  Class C, A$11.16 million: A (sf)
  Class D, A$7.20 million: BBB (sf)
  Class E, A$4.30 million: BB (sf)
  Class F, A$2.80 million: B (sf)
  Class G, A$2.03 million: Not rated


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

Issuer: flexicommercial ABS Trust 2023-1

AUD80.98 million Class A1 Notes, Assigned Aaa (sf)

AUD224.31 million Class A2 Notes, Assigned Aaa (sf)

AUD38.43 million Class B Notes, Assigned Aa2 (sf)

AUD20.50 million Class C Notes, Assigned A2 (sf)

AUD10.68 million Class D Notes, Assigned Baa2 (sf)

AUD11.96 million Class E Notes, Assigned Ba1 (sf)

AUD18.79 million Class F Notes, Assigned B2 (sf)

The AUD21.35 million Class G Notes are not rated by Moody's.

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

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

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

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

The evaluation of the underlying receivables and their expected
performance;

The fact that approximately 62% of the receivables were extended
to the obligors on a no-income verification basis, referred to as
"Matrix lending". Matrix lending allows obligors who meet certain
stringent requirements to access the loan without providing
financial statements;

The evaluation of the capital structure;

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

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

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

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

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

Key model and portfolio assumptions:

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

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

Key portfolio features are as follows:

The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.4%.

The portfolio has a high yield of 9.5% which provides excess
spread to cure portfolio losses.

Approximately 62% of receivables were extended to obligors on a
non-income-verification basis referred to as "Matrix" lending.

No income verification lending has been originated for almost
twelve years in the Australian auto and equipment loan space.
However, through-the-cycle historical data on the performance of
this product is limited. To address this risk and the fact that the
portfolio has a  high proportion of flexicommercial's non-income
verification Matrix lending (approximately 62.0%), Moody's have
applied further qualitative stresses in Moody's analysis.

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

Methodology Underlying the Rating Action

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

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

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

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


J. MUSSILLON: First Creditors' Meeting Set for May 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of J. Mussillon
Pty Ltd will be held on May 8, 2023, at 3:00 p.m. via electronic
facilities.

Aaron Torline and Michael Slaven of Slaven Torline were appointed
as administrators of the company on April 26, 2023.


METRO FINANCE 2023-1: Moody's Gives B2 Rating to AUD2.5MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited as trustee of Metro
Finance 2023-1 Trust.

Issuer: Metro Finance 2023-1 Trust

AUD429.5 million Class A Notes, Assigned Aaa (sf)

AUD27.0 million Class B Notes, Assigned Aa2 (sf)

AUD13.5 million Class C Notes, Assigned A2 (sf)

AUD7.0 million Class D Notes, Assigned Baa2 (sf)

AUD11.5 million Class E Notes, Assigned Ba2 (sf)

AUD2.5 million Class F Notes, Assigned B2 (sf)

The AUD4.0 million Class G1 Notes and AUD5.0 million Class G2 Notes
are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian prime commercial auto and equipment loans and leases and
novated leases secured by motor vehicles originated by Metro
Finance Pty Limited (Metro Finance, unrated). This is Metro
Finance's first auto and equipment asset backed securities (ABS)
transaction for 2023.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-ticket
auto and equipment assets in low volatility industries. Metro
Finance originates its lending through the commercial auto and
equipment broker and aggregator industry nationally. Significant
origination growth began in 2014.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

The historical loss data. The static loss data used for Moody's
extrapolation analysis, which reflects Metro Finance's origination
history, was limited to the origination vintages between Q4 2014
and Q3 2021;

The evaluation of the underlying receivables and their expected
performance;

The fact that 73.0% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements.

The 45.4% exposure to loans with a balloon payment at the end of
the receivable term. The aggregate balloon exposure as a percentage
of current portfolio balance is 15.8%. Loans with a balloon payment
are subject to higher refinancing and, consequently, default risk;

The evaluation of the capital structure;

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

The liquidity facility in the amount of 2.00% of the invested
amount of the rated notes subject to a floor of AUD982,000;

The interest rate swap provided by National Australia Bank Limited
(Aa3/P-1/Aa2(cr)/P-1(cr)). The notional amount under the swap
agreement may exceed or fall below the outstanding balance of the
rated notes in the event that prepayments deviate from the assumed
prepayment rate. Such deviations will expose the transaction to
being under-hedged or over-hedged. Over-hedging risk is mitigated
by the fact that break costs are charged to the obligors and these
funds will flow through to the trust as collections. Further, Metro
Finance has the ability to adjust the notional schedule over the
life of the transaction to better match the paydown over time.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, the prime nature of the underlying borrower and the highly
diversified nature of the portfolio. However, Moody's notes that
the transaction features some credit weaknesses such as the
substantial portion of the portfolio extended on a streamlined
basis and the pro-rata amortisation of rated notes under certain
conditions.

Initially, the Class A, Class B, Class C, Class D, Class E, Class F
and Class G1 Notes benefit from 14.1%, 8.7%, 6.0%, 4.6%, 2.3%, 1.8%
and 1.0% of note subordination, respectively. The notes will
initially be repaid on a sequential basis until the credit
enhancement to Class A Notes is greater than or equal to 20.0%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes or if the first call
option date has occurred. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 2.25%, a
recovery rate of 35.00% and a portfolio credit enhancement of
15.00%. Moody's assumed default rate and recovery rate are stressed
compared to the historical levels of 1.13% (extrapolated mean
default of 1.21%) and 61.88% respectively.

The difference between the historical and assumed default rate and
recovery rate is in part explained by the additional stresses
assumed by Moody's to address the lack of a full economic cycle in
the historical data and the exposure to balloon loans in the
portfolio.

Moody's have also benchmarked the historical data for Metro Finance
to data from comparable Australian commercial auto and equipment
ABS originators. Moody's have also overlaid additional stresses
into Moody's default and PCE assumptions.

Methodology Underlying the Rating Action

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 notes include a rapid
build-up of credit enhancement due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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


TORRENS TRUST 2021-1: S&P Affirms BB Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings raised its ratings on two classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for TORRENS Series
2021-1 Trust. At the same time, S&P affirmed its ratings on five
classes of notes issued out of the same trust.

The rating actions reflect S&P's view of the credit support
available, which is sufficient to withstand the stresses it
applies. Credit support comprises note subordination for all rated
notes, lenders' mortgage insurance covering 14.6% of the loans in
the pool, and excess spread, if any.

The overall credit quality of the underlying collateral pool, which
as of Feb. 28, 2023, has a pool factor of 54.0%, continues to
improve, with weighted-average seasoning of 51 months and current
weighted-average loan-to-value ratio of 56.7%. These positive
factors reduce our expectation of loss.

The pool displays good asset performance relative to the Standard &
Poor's Performance Index. As of Feb. 28, 2023, loans greater than
90 days in arrears represent 0.16% of the pool. Losses to date have
been minimal and have been fully covered by excess spread. There
have been no charge-offs to any of the classes of notes.

The classes of notes recently transitioned from paying on a
sequential basis to pro-rata basis. The ability to continue on
pro-rata basis is conditional on meeting certain conditions,
including that the three-month arrears ratio is not greater than 4%
(where the three-month arrears ratio is an average of greater than
60-day arrears in the preceding three months) and that there are no
unreimbursed carryover charge-offs in respect of any classes of
notes.

The transactions' cash flows support the timely payment of interest
and ultimate payment of principal to the rated classes of notes
under our rating stress assumptions.

S&P said, "Our expectation is that the various mechanisms to
support liquidity within the transactions, including principal
draws, and amortizing liquidity facility are sufficient to ensure
timely payment of interest.

"The factors constraining our ratings on the class C, class D, and
class E notes below model outcomes are the limited absolute amount
of credit support as well as a rising interest rate environment and
softening macroeconomic conditions that will likely lead to higher
arrears across the market. A rise in arrears would lead to an
increase in expected losses, which constrains our ratings on the
class C notes at 'A+ (sf)', class D notes at 'BBB (sf)', and class
E notes at 'BB (sf)'."

  Ratings Raised

  TORRENS Series 2021-1 Trust

  Class B: to AA+ (sf) from AA (sf)
  Class C: to A+ (sf) from A (sf)

  Ratings Affirmed

  TORRENS Series 2021-1 Trust

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class D: BBB (sf)
  Class E: BB (sf)




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

CENTRAL CHINA REAL: Fitch Cuts Foreign Currency IDR to 'RD'
-----------------------------------------------------------
Fitch Ratings has downgraded Chinese homebuilder Central China Real
Estate Limited's (CCRE) Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'RD' (Restricted Default) from 'C' on the
completion of CCRE's exchange offer, consent solicitation and
concurrent consent solicitation. Fitch also affirmed the senior
unsecured rating and the ratings on CCRE's outstanding US dollar
senior notes at 'C', and lowered the Recovery Rating to 'RR6' from
'RR4'.

KEY RATING DRIVERS

Restricted Default: The downgrade reflects CCRE's completion of the
exchange offer, consent solicitation and concurrent consent
solicitation. Fitch considers the transaction necessary for the
company to avoid default given its limited liquidity. The terms of
the transaction materially reduced those of the existing notes,
with extension of the notes' maturity dates.

DERIVATION SUMMARY

CCRE's IDR has been downgraded to 'RD' in line with its criteria.
This is also consistent with the downgrade of the IDR of Guangzhou
R&F Properties Co. Ltd (RD) when it completed its exchange offer in
July 2022.

KEY ASSUMPTIONS

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

- Total contracted sales of CNY30 billion-40 billion a year in
2023-2025 (2022: CNY24.1 billion)

- Cash collection rate of about 90% in 2023-2025 (2022: above 90%)

- Minimal land acquisitions in 2023

Recovery Rating Assumptions: Liquidation Approach

- The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or liquidation
process conducted during bankruptcy or insolvency proceedings and
distributed to creditors.

- Advance rate of 80% applied to accounts receivable and other
receivables, which are mainly receivables from the government. This
treatment is in line with its recovery rating criteria. Accounts
receivable and other receivables constitute a small percentage of
total assets for CCRE, which is typical of the Chinese homebuilding
industry.

- Advance rate of 50% applied to the book value of self-owned
investment properties. The portfolio has an average rental yield of
3%, which is reasonable. The implied rental yield on the
liquidation value for the investment-property portfolio would
improve to 6%, which will be considered acceptable in a secondary
market transaction.

- Advance rate of 50% applied to property, plant and equipment,
which mainly consist of buildings, the value of which is
insignificant.

- Advance rate of 59% applied to net property inventory. The
inventory mainly consists of completed properties held for sale,
properties under development (PUDs) and prepayments for land
acquisitions. Different advance rates were applied to these various
inventory categories to derive the blended advance rates for net
inventory.

- Advance rate of 70% on completed properties held for sale.
Completed commodity housing units are closer to readily marketable
inventory. The company also adopts a fast-churn strategy, which
means its book value of inventory should be close to the market
value. The company's gross profit margin for property development
was 7%-8% in 2022, which was weak but broadly in line with the
industry. Therefore, a higher advance rate of 70% than the typical
50% mentioned in the criteria for inventory was applied.

- Advance rate of 50% on PUDs and prepayments for development
projects. Unlike completed projects, PUDs are more difficult to
sell. These assets are also in various stages of completion. A 50%
advance rate was applied.

The PUD balance - before applying the advance rate - is net of
margin-adjusted customer deposits.

- Advance rate of 90% on deposits for land acquisitions. Land held
for development is similar to completed commodity housing units as
it is closer to readily marketable inventory. The company has been
the leading developer in Henan province and has a good relationship
with the Henan government. Fitch believes the company may be able
to resell the land bank to the government if needed. Therefore,
Fitch considered a higher advance rate than the typical 50%
mentioned in the criteria.

- Advance rate of 50% applied to joint-venture (JV) net assets. JV
assets typically include a combination of completed units, PUDs and
land bank. A 50% advance rate was applied in line with the baseline
advance rate for inventories.

The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR6' for the offshore senior
notes.

RATING SENSITIVITIES

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

- Fitch will reassess CCRE's capital structure and cash flow once
there is more information on the company's refinancing plans and
latest liquidity position.

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

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

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: CCRE had unrestricted cash of CNY1.9 billion and
restricted cash of CNY2.5 billion at end-2022, against CNY4.5
billion in bank loans and CNY2.1 billion in other loans maturing in
2023. The company had CNY6.2 billion in senior notes maturing in
2023, which were the notes covered in the recently completed
exchange offer.

ISSUER PROFILE

CCRE, established in 1992, is a leading property developer in Henan
province, focusing on developing residential properties, with about
7% market share in Henan for its heavy asset business.

ESG CONSIDERATIONS

CCRE has an ESG Relevance Score of '4' for Management Strategy,
reflecting persistently weak contracted sales and an unsustainable
capital structure, which 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
   -----------            ------        --------   -----
Central China
Real Estate
Limited            LT IDR RD  Downgrade              C

   senior
   unsecured       LT     C   Affirmed     RR6       C


GOLDEN EAGLE: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed China-based department store operator
Golden Eagle Retail Group Limited's Long-Term Issuer Default Rating
(IDR) at 'BB+'. The Outlook is Stable. Fitch has also affirmed
Golden Eagle's senior unsecured rating and the rating on its US
dollar bond at 'BB+'.

The affirmation reflects its expectation of improving retail
operations following recovery in consumption in China. Golden Eagle
has managed the challenges arising from the Covid-19 pandemic with
the help of its strong balance sheet and flexible cost structure.
Golden Eagle's strong cash flow and large cash buffer provide
flexibility to manage its upcoming debt maturities.

The ratings are supported by Golden Eagle's resilient performance
following efforts to offer more relevant retail formats and
sustained positive free cash flow. The ratings are constrained by
its relatively small scale and geographic concentration, with the
bulk of revenue generated from the Yangtze River Delta area.

KEY RATING DRIVERS

Post-Pandemic Recovery: Fitch expects Golden Eagle's gross sales
proceeds (GSP) to increase by the low teens in 2023 from a low base
in 2022, following China's lifting of pandemic containment measures
and gradual improvement in consumer sentiment. Fitch expects
products, such as apparel and cosmetics, to see stronger growth as
demand returns. The trend should benefit Golden Eagle, as over 50%
of its GSP is from sales of apparel and cosmetics.

Refinancing in Progress: Golden Eagle's strong balance sheet and
stable relationship with banks support its refinancing
capabilities. Fitch expects Golden Eagle to use its own cash on
hand and onshore bank loans to repay the USD400 million bond due in
May 2023. Fitch expects the bank loan proceeds to be remitted
offshore. The company had CNY7.8 billion of cash on hand at
end-2022, sufficient to cover its short-term debt of CNY2.9
billion.

Resilient Profitability: Fitch expects Golden Eagle's EBITDA margin
to remain strong in the range of 45% to 46% in 2023-2026. Its high
proportion of owned stores reduces rental expenses, and variable
costs comprise the majority of operating expenses, which underpin
Golden Eagle's strong profitability. EBITDA margin was at a
historical high level of 48% in 2022, due to stringent cost control
and government relief measures, despite a decline in revenue. Fitch
expects EBITDA margin to normalise in 2023 as staff costs and
rental expenses will increase once business returns to normal.

Strong Free Cash Flow: Fitch expects Golden Eagle to generate
positive free cash flow, supported by its resilient retail
operations, flexible capex and disciplined financial policy. Capex
will likely ramp up after the economy reopens to introduce new
stores and the construction projects in Yangzhou and Jilin will
continue to incur spending. Fitch forecasts capex to increase to
CNY1.1 billion- CNY1.2 billion in 2024 and 2025 from about CNY400
million in 2022, which should be sufficiently funded by the
company's operating cash flow of CNY1.9 billion to CNY2.1 billion.

Diversified Retail Offerings: Fitch expects the shift to more
lifestyle offerings to match customer demand, a growing 7-Eleven
franchise and improved online capabilities to contribute to
longer-term growth. The company also widened its merchandise and
service offerings to stay relevant and maintain its market position
in the competitive retail industry. The growing 7-Eleven footprint
in Jiangsu province allows the company to offer more convenience
and reach new customers. In addition, use of its online platform
captures a portion of revenue lost due to store closures.

Modest Scale, Regional Focus: Golden Eagle's smaller scale and
regional focus relative to its international peers constrain the
ratings. Its store expansion is moderating with only four new
stores in the pipeline according to its future store network plan.
The company currently has 30 stores and the majority of them are in
Jiangsu. Scale is likely to remain modest over the medium term
given high competition in the retail industry and modest expansion
pace.

DERIVATION SUMMARY

Golden Eagle has weaker market position and significantly smaller
scale than higher-rated US department store peers such as Macy's
Inc. (BBB-/Stable) and Kohl's Corporation (BBB-/Negative). Golden
Eagle has more resilient performance compared to its US peers due
to its flexible cost structure with high proportion of self-owned
stores, efforts to add more relevant retail formats and build up
online capacities. Its strong financial profile with sustained
positive free cash flow supports its ratings.

Golden Eagle and Dillard's, Inc. (BBB-/Stable) are both regionally
concentrated. Golden Eagle has stronger profitability than
Dillard's and had more resilient performance over the past few
years. However, Golden Eagle has a smaller EBITDAR scale and store
footprint than Dillard's and is more geographically concentrated.
Golden Eagle also has higher leverage than Dillard's.

KEY ASSUMPTIONS

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

- GSP to increase by the low teens in 2023, moderating to a low
single digit in 2026

- EBITDA margin in the range of 45%-46% in 2023-2026

- Capex of CNY0.6 billion to CNY1.2 billion (including capex for
projects under development) in 2023-2026

- Resume 50% dividend payout rate from 2023

RATING SENSITIVITIES

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

- Fitch does not expect positive rating action in the medium term
until Golden Eagle achieves a substantially larger operating scale
and improves its revenue diversification

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

- Adjusted EBITDAR leverage (adjusted for lease, payables and
customer deposits) sustained above 2.5x (FY22: 1.7x)

- Sustained negative free cash flow

LIQUIDITY AND DEBT STRUCTURE

Net Cash Position: Golden Eagle reported cash and cash equivalents
of CNY7.8 billion at end-2022, against short-term debt obligations
of CNY2.9 billion. Fitch restricts CNY4.9 billion related to
customer prepayments and payables, but even after considering the
restricted amount, the company has sufficient liquidity to repay
its US dollar bond due in May 2023. Golden Eagle also had
unutilised banking facilities of CNY16 billion at end-2022.

ISSUER PROFILE

Golden Eagle is a China-based retail store operator with a
nationwide network of 30 department stores and lifestyle centres,
with most stores located in Jiangsu province.

SUMMARY OF FINANCIAL ADJUSTMENTS

- Leases: Fitch has adjusted debt by adding an 8x annual fixed
operating lease expense (2022: fixed rental expense of CNY32
million)

- Payables-Adjusted Net EBITDAR Leverage: Fitch subtracts customer
prepayments and 85% of trade payables from readily available cash.
This metric applies mainly to Chinese department stores operating
under the concessionaire model

- Operating EBITDA: Fitch treats the sale of properties and cost of
properties sold as non-operating items and cash flow from the sale
of properties as non-operating cash flow

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
   -----------           ------         -----
Golden Eagle
Retail Group
Limited            LT IDR BB+  Affirmed   BB+

   senior
   unsecured       LT     BB+  Affirmed   BB+


JIAYUAN INTERNATIONAL: Gets Court Order to Liquidate Assets
-----------------------------------------------------------
Bloomberg News reports that a third Chinese developer faces
court-ordered liquidation after losing a winding-up case in Hong
Kong, adding to a small but growing number of legal victories for
creditors involving overdue debt.

Jiayuan International Group received the order May 2, nearly eight
months after a petition was filed by a bondholder involving $14.5
million allegedly due on a dollar note, Bloomberg relates. Two
peers got such orders last year from courts in Hong Kong, a gateway
for investors to access mainland issuers' high-yield offshore
bonds.

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu and Anhui provinces. The
company had a total land bank of around 17.4 million square meters
as of the end of December 2021. It also develops and operates
commercial properties as well as residential property projects.




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

HONG KONG: Exits Recession as Spending Boom Revives Growth
----------------------------------------------------------
Felix Tam and Kari Soo Lindberg at Bloomberg News report that Hong
Kong emerged from recession in the first quarter as the reopening
of its borders revived spending.

The economy expanded 2.7% in the three months to March from a year
earlier, topping the median estimate of a 0.5% uptick from 10
economists surveyed by Bloomberg. It was the first quarterly gain
in gross domestic product in more than a year, and a rebound from
the 4.1% decline in the final quarter of last year.

Bloomberg relates that Hong Kong's leader, John Lee, who
unexpectedly disclosed the figure at his weekly press conference on
May 2, said the second quarter will be "much better."

According to Bloomberg, the city is starting to recover after years
of pandemic controls hammered the economy and spurred an exodus of
residents. Retail sales by value rose to a three-year high in
January as authorities began dismantling border controls between
the city and mainland China.

Visitor arrivals surged to some 2.5 million in March, up 68% from
February, with that figure expected to swell this month as a
projected hundreds of thousands of mainland Chinese pour across the
border during the five-day Labor Day holiday, Bloomberg discloses.

Tourism will continue to improve, the government said in a report
Tuesday afternoon alongside the official release of the advanced
GDP data. It added, though, that exports remain subdued because of
weak global demand.

"Looking ahead, inbound tourism and domestic demand will remain the
major drivers of economic growth this year," it said. "Visitor
arrivals should recover further as transportation and handling
capacity continue to catch up."

Bloomberg notes that the picture is very different from a year ago,
when a devastating Covid wave swept through the city and the
government tightened curbs further. The economy contracted 3.9% in
the first quarter of 2022, setting the bleak tone for the year.

The reported growth rate "is quite slow when we consider that last
year's base effect is negative," said Iris Pang, chief Greater
China economist at ING Group NV, Bloomberg relays. "This signals
Hong Kong is not in recession anymore, but it also reflects that
the recovery lacks strength."

While the economy has now returned to growth, the city is still
grappling with side effects of its strict pandemic curbs in the
past few years. The population has continued to shrink, albeit at a
slower pace. On top of that, Hong Kong faces headwinds of slowing
world growth and credit tightening overseas.

Officials from the International Monetary Fund said May 2 the main
risks remain the global economy.

"On the downside at the moment we're mostly worried about external
risks," Bloomberg quotes Thomas Helbling, the IMF's deputy director
for the Asia and Pacific department, as saying at a briefing in
Hong Kong on May 2 about the organization's economic outlook for
the region.

"On the real side, the global economy has been slowing," he said.
Another concern is "further tightening of credit in the United
States or in the Euro area, which could then hit Hong Kong through
trade channels," Mr. Helbling said. "On the upside, we see some
scope for stronger pent-up demand in Hong Kong as well as in
China."

Mr. Lee has a history of making potentially market-moving
announcements during his press briefings, such as ending the city's
mask mandate earlier this year and removing pandemic restrictions
on tourists, Bloomberg notes.


HOPSON DEVELOPMENT: S&P Affirms 'B' ICR & Alters Outlook to Stable
------------------------------------------------------------------
S&P Global Ratings revised the rating outlook on Hopson Development
Holdings Ltd. to stable from negative. At the same time, S&P
affirmed its 'B' long-term issuer credit rating on the company.

The stable outlook reflects lowered risk of a deterioration in
Hopson's liquidity over the next 12 months.

S&P said, "We revised the rating outlook to stable to reflect
Hopson's improving sales. The increased sales will stabilize the
company's tight liquidity. The company's contracted sales increased
by 30% in the first quarter of 2023, better than the overall
market. We believe this was due to its higher exposure to Tier-1
cities where sales recovered more strongly."

Contracted sales will likely increase by 15%-20% to HK$42
billion-HK$44 billion in 2023. They were HK$11 billion in the first
three months of 2023. In S&P's view, Hopson's satisfactory sales at
its two sizable projects in Guangzhou and Shanghai provide support
to its liquidity. These projects have salable resources of over
HK$60 billion over the next one to two years.

Limited short-term bond maturities temper near-term liquidity
risks. Hopson had short-term debt of HK$25 billion as of Dec. 31,
2022, versus accessible cash (excluding cash from escrow accounts)
that we estimate at about HK$11.4 billion. This implies
cash-to-short-term debt coverage of 46%.

However, Hopson only has one US$237.5 million bond due over the
next 12 months, in December 2023. The rest of the company's
short-term debt comprises mainly bank loans and commercial
mortgage-backed securities. S&P believes Hopson will utilize
internal resources to repay its U.S. dollar-denominated bond.

Refinancing risk for bank borrowings is low due to solid banking
relationships. About 79% of Hopson's reported debt as of Dec. 31,
2022, was bank loans. In our view, the company will maintain solid
access to bank financing. It refinanced a Chinese renminbi (RMB)
6.5 billion working capital loan with Postal Savings Bank of China
in December 2022. The loan was originally due in April 2023. Hopson
also signed strategic cooperation agreements with Bank of China
Ltd., China Construction Bank Corp., and Postal Savings Bank in
late 2022.

Leverage will likely improve from debt reduction and margin
recovery. Hopson's debt could decline by RMB5 billion-RMB7 billion
annually in 2023-2024. Support will come from a solid cash
collection ratio of more than 100%. S&P also expects the company's
property development margins to recover to about 40% in 2023, from
34.7% in 2022. The drop in 2022 was due to the recognition of
lower-margin inventories. Hopson's leverage, as measured by its
ratio of debt to EBITDA, could be 7.4x-8.9x in 2023-2024, an
improvement from 12x in 2022.

The stable outlook on Hopson reflects S&P's view that the company
will maintain a stable liquidity buffer over the next 12 months.
This is due to increasing sales and continued solid banking
relationships. Leverage could also improve amid rising sales and
margins.

S&P said, "We may lower the rating if Hopson's liquidity weakens.
This could stem from: (1) weaker sales than we expect; and (2)
narrowing refinancing channels.

"We could also downgrade Hopson if its ratio of debt to EBITDA
rises well above our base case and EBITDA interest coverage falls
below 1.5x without signs of improvement.

"We may upgrade Hopson if: (1) the company's liquidity improves to
above 1.2x amid significant deleveraging, such that the ratio of
adjusted debt to EBITDA improves toward 6x and EBITDA interest
coverage stays above 2x; or (2) the company improves its market
position such that sales and revenue increase significantly beyond
our expectations, while it maintains high profitability and prudent
leverage."

ESG credit indicators: E-3, S-2, G-3


MEX GROUP: S&P Suspends 'B' LongTerm Issuer Credit Rating
---------------------------------------------------------
S&P Global Ratings suspended its 'B' long-term issuer credit
ratings on Hong Kong-domiciled MEX Group Worldwide Ltd.

The suspension reflects a lack of information necessary to maintain
the rating.

The failure to receive reliable and timely information will likely
result in S&P's withdrawal of the rating, preceded, in accordance
with our policies, by any change to the rating that it considers
appropriate given available information.


WANDA COMMERCIAL: S&P Puts 'BB+' LT ICR on CreditWatch Negative
---------------------------------------------------------------
S&P Global Ratings placed on CreditWatch with negative implications
the following ratings: its 'BB+' long-term issuer credit rating on
Dalian Wanda Commercial Management Group Co. Ltd (Wanda
Commercial), its 'BB' long-term issuer credit ratings on Wanda HK,
and its 'BB' long-term issue rating on the senior unsecured notes
that Wanda HK guarantees.

S&P said, "We expect to resolve the CreditWatch once we have the
details that allow us to assess the likelihood of the listing of
Zhuhai Wanda, Wanda Commercial's other back-up plans, and to assess
the credit profile and liquidity position of Wanda Commercial and
Dalian Wanda Group (DWG).

"We placed the ratings on CreditWatch with negative implications to
reflect a lack of clarity on the result and timing of the listing
of Zhuhai Wanda. The listing is yet to receive approval from CSRC,
and the hearings from the Stock Exchange of Hong Kong Ltd. The
listing will also depend on the appetite of equity investors for
the IPO. Funds to receive from IPO (if successful) is therefore
uncertain as well. The company missed its previous targets of
getting approval from the CSRC by end-2022 and subsequently within
the first quarter of 2023. This is partly due to force majeure
factors such as outbreak of COVID-19 in China, and the recent
reorganization of financial regulators.

"If the listing of Zhuhai Wanda fails, the liquidity and credit
profile of Wanda Commercial and DWG may deteriorate. This is partly
because of a potential obligation to buy back all pre-IPO shares
totaling Chinese renminbi (RMB) 38.1 billion (plus other guaranteed
return compensation), which we treat as debt in our analysis. It
also because the relationships Wanda Commercial and DWG have with
other financial institutions such as banks and trusts are also
likely to be tested. For example, DWG has a certain amount of
syndicated loans that contain prepayment options. Under these
options, the lending banks could require full prepayment from DWG
if Zhuhai Wanda fails to be listed by an agreed date within 2023.
Therefore, any confirmed and practicable back-up plans such as
successful negotiations with pre-IPO investors to extend
investments and talks with financial institutions to maintain solid
relationships may also affect our view on the liquidity of Wanda
Commercial and DWG.

"We expect Wanda Commercial's total cash balance and short-term
investments to diminish as of end-2022, compared with end-June
2022.This anticipated decline stems from debt repayment by internal
resources in the second half of 2022. Wanda Commercial is the first
privately owned China-based enterprise to resume offshore capital
market financing in 2023; it has a track record of smooth financing
channels, both onshore and offshore. That said, an unsuccessful IPO
of Zhuhai Wanda could burden Wanda Commercial and DWG's financial
obligations and weaken its financing capabilities, thereby weighing
on liquidity."

CreditWatch

S&P said, "We expect to resolve the CreditWatch as soon as
practicable. Once we have more details, we will be better placed to
assess the likelihood of the listing of Zhuhai Wanda as well as
Wanda Commercial's other back-up plans. Such plans may include the
outcomes of the negotiations with pre-IPO investors and other
financing channels. More details will also allow us to assess the
liquidity positions and credit profiles of Wanda Commercial and
DWG.

"We may lower the rating on Wanda Commercial if we confirm that
Zhuhai Wanda's IPO is unlikely to happen, and Wanda Commercial and
DWG fail to implement practical alternatives to maintain their
liquidity.

"Alternatively, we may affirm the rating if Zhuhai Wanda's IPO is
completed, or if Wanda Commercial and DWG are able to implement a
backup plan to solve liquidity issues and maintain solid financing
channels in the event Zhuhai Wanda's IPO fails."




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

ACIA COMMUNICATIONS: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Acia Communications Technology (India) Private Limited
Brigade South Parade,
        No. 10, Mahatma Gandhi Road,
        Bangalore - 560001, Karnataka

Liquidation Commencement Date: March 27, 2023

Court: National Company Law Tribunal Chennai Bench

Liquidator: Vasudevan Gopu
     18/30 Ramani Street, K.K Pudur,
            Saibaba Colony, Coimbatore - 641038,
            Tamilnadu, India
            Email: vasudevangopu.ip@gmail.com
            Email: vasudevanacs@gmail.com
            Tel No: 0422-4347063

Last date for
submission of claims: April 26, 2023


AJAY BUILDERS: CARE Lowers Rating on INR3.25cr LT Loan to B
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Ajay Builders (AB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.25       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Long Term/Short     10.00       CARE B; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable/CARE A4

   Short Term Bank     28.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 25, 2022,
placed the rating(s) of AB under the 'issuer non-cooperating'
category as AB had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 8, 2023, February 18, 2023, February 28, 2023.

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

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

The rating has been revised on account of non-availability of
requisite information.

Lucknow based (Uttar Pradesh) ABS (earlier known as Ajai Builders)
was established as a partnership firm on June 1, 2001, by Mr Ajay
Singh along with his wife Mrs Sonia Singh, for carrying out
different types of civil construction projects for Public Works
Department (PWD), Unnao District of Uttar Pradesh. ABS is
registered as a Class A contractor with PWD and has tendered
various contracts involving construction of roads, bridges,
government buildings, etc, since inception. As on April 1, 2016 the
partnership firm has been dissolved. The firm Ajay Builder is a
proprietorship firm with Mr. Ajai Singh as the proprietor.

ARUNA CONSTRUCTIONS: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Shri Aruna Constructions Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as
[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          3.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-        11.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.
  
M/s. Shri Aruna Constructions Private Limited (SACPL) was
established in the year 2002 having its registered office in
Bangalore, mainly engaged in the field of civil construction work
in Karnataka for various clients. SACPL primarily executes work on
subcontract basis predominantly for Nagarjuna Construction Company
Limited (NCCL) which remains company's major client since its
incorporation. The company has also executed works for Jampana
Constructions Private Limited (JCPL). The company has successfully
completed its first real estate project, Aruna Pinewoods at Attur,
Bangalore in October 2013. The company has as well started with
construction for with Phase-II of this project Trivik Windwalk in
Attur, Bangalore in February 2015 and the same is expected to be
completed by October, 2017. SACPL has invested around INR9.50 crore
in Group Company named Samashti Green Farms and Hospitalities
Private Limited (SGFHPL) which 2 became operational since FY 2010.
Both the companies are managed under common control of Directors
Mr. J. Rama Raju and Mr. J. Rama Babu.

ASHAPURA OPTIONS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ashapura Options Private Limited
901, 9th Floor, Hallmark Business Plaza,
        Gurunanak Hospital Road, Bandra (E),
        Mumbai - 400051, MH

Insolvency Commencement Date: March 3, 2023

Estimated date of closure of
insolvency resolution process: September 27, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Bijendra Kumar Jha
       2B/1804, Dreams Complex, LBS Marg,
              Bhandup (West), Mumbai-400 078
              Email: cabkj12@gmail.com

              Stress Credit Resolution Private Limited,
              G-7, Satyam Shivam Sunderam CHS.,
              Sion Circle, Sion East, Mumbai 400022
              Email: ashapura.cirp@gmail.com

Last date for
submission of claims:  April 14, 2023


BRISK INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Brisk India Private Limited in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        16.37       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–        35.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-        10.28       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term         3.35       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Short-term–       25.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 noncooperation
by a rated entity available at www.icra.in.

Incorporated in the year 2009, Brisk India Private Limited
(erstwhile Brisk Facilities Private Limited) is involved in
providing various services related to facility management, manpower
and staffing solutions and security. The company offers its
services across all the 35 districts of Maharashtra. BIPL earlier
operated a sugar mill (2000 Tonnes Crush per Day) and a distillery
unit (25 Kilo Litres per Day) under 10-year collaborative agreement
(starting from Sugar Year 2013-14) with Appasaheb Nalawade
Gadhinglaj Taluka Sahakari Sakhar Karkhana Limited, Harali,
Kolhapur, Maharashtra. However, since FY2017 the same has been
transferred to a separate company, Brisk Facilities (Sugar
Division) India Limited currently rated [ICRA]B (stable).


DAVINDER EXPORTS: CARE Lowers Rating on INR16.50cr LT Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Davinder Exports (DE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      2.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 13, 2022,
placed the rating(s) of DE under the 'issuer non-cooperating'
category as DE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. DE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 27, 2023, March 9, 2023, March 19, 2023.

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

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

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

Davinder Exports (DE) is a partnership firm established in the year
1997 and engaged in the manufacturing and export of collared and
polo neck T-shirts. The firm has its manufacturing facilities at
Ludhiana, Punjab, and is promoted by Mr Baldev Singh and Mr
Davinder Singh who have been associated with DE for about 15 years.
DE is an export-oriented firm with majority
of its income being derived from exports to various Middle East
countries including Kuwait, UAE, etc., under the brand name,
'Sandhu'.

ENVIGO RESEARCH: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Envigo Research Private Limited
D/502, Riddhi Tower, Falgun Tenemanet Pachhal,
        Jodhpur Gam, Satellite, Ahmedabad - 380015

Liquidation Commencement Date: March 31, 2023

Court: National Company Law Tribunal Ahmedabad Bench

Liquidator: Umesh Harjivandas Ved
     304, Shoppers Plaza - V,
            Opp. Municipal Market,
            C.G Road, Navrangpura,
            Ahmedabad - 380009
            Email: umesh@umeshvedcs.com
            Tel No: 079-40326082
             48904153

Last date for
submission of claims: April 30, 2023


ESQUIRE MACHINES: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Esquire Machines Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          5.90        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          1.96        [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-         1.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          1.14        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.

EMPL was started in 1975 as a proprietorship concern promoted by
Mr. Mahesh Gohil and has been a corporate entity since 1996. The
company is based out of Por (near Vadodara) and manufactures a wide
range of equipment and machines for the construction industry, with
primary focus on concrete mixture machines and tower hoist. It has
an indigenous R&D and designing department, a team of experienced
employees and contract labours. The company entered into a joint
venture with Ideation Private Limited and Stros Sedlcanske
Strojirny to form Esquire Ideation Private Limited and Stros
Esquire Elevators and Hoists Private Limited, respectively. Both
Stros Esquire Elevators and Hoists Private Limited develop premium
segment hoist, with higher speed and load pulling capacities.


GO FIRST: Files for Bankruptcy, Blames Pratt & Whitney
------------------------------------------------------
Reuters reports that cash-strapped Indian airline Go First filed
for bankruptcy proceedings on May 2, blaming "faulty" Pratt &
Whitney engines for the grounding of about half its fleet.

Reuters says the move marks the first major airline collapse in
India since Jet Airways filed for bankruptcy in 2019, and
underscores the fierce competition in a sector dominated by IndiGo
and the entry of newer operators such as Akasa Air.

According to Reuters, the filing with the National Company Law
Tribunal comes after Pratt & Whitney, the exclusive engine supplier
for the airline's Airbus A320neo aircraft fleet, refused to comply
with an order to release engines to the airline that would have
allowed it return to full operations, the company said.

". . . in the absence of Pratt & Whitney not providing the required
number of spare leased engines in accordance with the order issued
by the emergency arbitrator, Go First is no longer in a position to
continue to meet its financial obligations," the airline said.

The airline, formerly known as GoAir and owned by the Wadia Group,
also said on its website that it had cancelled flights scheduled
for May 3-May 5 due to "operational reasons," Reuters relays.

The collapse could benefit rival airlines as the industry tries to
meet a surge in domestic air travel in the aftermath of the
COVID-19 pandemic.

"Go First commanded a market share of 8.9% in 2022 and the sudden
disruption in operations is likely to benefit other players and
increase airfares due to supply constraint," wrote Jinesh Joshi, a
research analyst with Prabhudas Lilladher.

The move took Go First's lenders by surprise, two bankers aware of
the matter told Reuters.

Reuters relates that the lenders met Go First's management a few
weeks ago, but no intimation was given, said one of the bankers.
Lenders will meet shortly to assess the situation and decide on the
future course of action, they said.

The airline has not communicated anything about its future to its
employees, according to two pilots, who wished not to be named. It
has been paying pilots their salaries with a delay for some time
now.

The number of grounded aircraft "due to Pratt & Whitney's faulty
engines" increased from 7% of its fleet in December 2019 to 31% in
December 2020 and 50% in December 2022, the airline said.

The groundings cost Go First INR108 billion ($1.32 billion) in lost
revenues and additional expenses, it said, Reuters relays.

They also resulted in an erosion in Go First's market share to 6.9%
in March from 8.4% in January, latest data from the Indian aviation
regulator showed.

"I am a little stunned to hear of them file for bankruptcy and
proceed for IBC," Reuters quotes Mark Martin, CEO at aviation
consultancy Martin Consulting LLC, as saying. "I still feel that
this might not be the end of GO First. This must be a vehicle and a
means for somebody new to take over."

Reuters says the airline was seeking to raise funds and Indian
conglomerate Wadia Group was reported to be in talks to either sell
a majority stake or completely exit its shareholding.  

The airline said the groundings had also driven some lessors to
repossess aircraft, draw down letters of credit and notify further
withdrawal of aircraft," the airline said.

Go First, however, said the filing does not mark the end of the
airline.

"Once the application under section 10 of IBC is admitted, the
appointed Interim Resolution Professional will sustain Go First's
operations, allowing it to serve many more passengers in the years
to come," the airline said in a statement on May 2, adds Reuters.


GOPINATH DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term rating of Gopinath Dairy Products
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         0.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        11.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-        14.00       [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. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 noncooperation
by a rated entity available at www.icra.in.

Incorporated in 1994, GDPPL was operating as an industrial
warehouse in Navi Mumbai till 2009. Between 1994 and 2009, the
company was operating as a repacking cum warehousing for Kodak
India Private Limited (for cameras and camera rolls), Saregama
India Limited (for CDs and cassettes) and Voltas Limited (for
chemicals). The unit measures about 1,268 square meters and is
taken on 99 years sub lease from Maharashtra Industrial Development
Corporation 2 (MIDC) by the promoters In 2011, the promoters
entered into a ten-year job-work agreement with Reliance Dairy
Foods Limited (RDFL), which is a stepdown subsidiary of the
financially strong Reliance Industries Limited, for processing raw
milk into pasteurized milk and milk products such as cottage
cheese, curd and clarified butter to be sold under the brand name
Reliance Dairy Life.


GROUSE PROMOTERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Grouse Promoters Private Limited
2/1B/3, North Block, Ganesh Nagar,
        Palayamkottai Road, West Tuticorin,
Thoothukudi, Tamil Nadu - 628003

Insolvency Commencement Date: March 31, 2023

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

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Mr. Anil Kumar Khicka
       No. 184 Poonamalle High Road, 6-FF,
              Golden Enclave, 1st Floor, Kalipauk,
              Chennai, Tamil Nadu-600010
              Email: cirp.grouse@gmail.com

Last date for
submission of claims:  April 17, 2023


IMPERIALL TECHNOFORGE: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Imperiall Technoforge Private Limited in the 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.58       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–         5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         0.40       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 noncooperation
by a rated entity available at www.icra.in.

Incorporated in 2012, Imperiall Technoforge Private Limited (ITPL)
is owned and managed by Mr. Samir Vaishnav and other family
members. The company was taken over by the current management from
State Bank of India in an auction of the manufacturing facilities
of Micro Forge (India) Limited. ITPL manufactures forged and
machined components. The unit is situated in Rajkot (Gujarat) and
has an installed capacity of 9000 tons per annum (TPA). The
commercial production was commenced in October 2013. ITPL
manufactures forged and machined components, particularly crank
shafts and flanges, which finds application in automobile and
pipeline industry respectively. The company also operates on job
work basis for forging players located nearby in Rajkot.

INDUS MEGA: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the long term rating for the bank facilities of
Indus Mega Food Park Pvt. Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-        15.00       [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. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 noncooperation
by a rated entity available at www.icra.in.

Indus Mega Food Park Private Limited (IMFPL) is a special purpose
vehicle incorporated as a Mega Food Park in November 2011 under
Ministry of Food Processing Industry's (MoFPI) Mega Food Park
scheme in Madhya Pradesh. The company is being promoted by Ananda
group, Vasistha group, and ARGM group who have been involved in the
food processing industries. The company received final approval for
the execution of said project in August 2012.


ISLAND ABASAN: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Island Abasan Pvt. Ltd
E-7/8, SGM Nagar, Badkhal Road,
        Faridabad 121001

Liquidation Commencement Date:  March 31, 2023

Court: National Company Law Tribunal Delhi Bench

Liquidator: Ms. Swati Singhania
     1 Heysam  Road, Kolkata - 700020
            Email: caswatisinghania@gmail.com
     Tel No: 9831060906

Last date for
submission of claims: April 30, 2023


JAGDAMBA POULTRY: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Jagdamba Poultry Private Limited (SJPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 13, 2022,
placed the rating(s) of SJPPL under the 'issuer non-cooperating'
category as SJPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SJPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 27, 2023, March 9, 2023, March 19, 2023.

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

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

Nagpur, Maharashtra based, SJPPL was incorporated in 2001 as a
private limited company by Mr. Rakesh Singh and Ms. Nutan Rakesh
Singh, and is engaged in poultry farming business and trading of
agro products like paddy, maize, wheat, rice, soyabean, animal and
poultry feed amongst others.


LAXMI ENTERPRISES: CARE Lowers Rating on INR6cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Laxmi Enterprises (Jharkhand) (LE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short Term Bank     14.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 18, 2022,
placed the rating(s) of LE under the 'issuer non-cooperating'
category as LE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 4, 2023, March 14, 2023, March 24, 2023.

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

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

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

Established in January 2002, Laxmi Enterprises (LE) is majorly
engaged in the business of civil construction projects like railway
track installation, approach roads, level crossing, staff quarters
etc. at West Singhbhum district of Jharkhand. The firm
participates in the tender process of various renowned
organisations like SAIL, Indian Railways etc. and has an order book
position of INR119.57 crore as on October 31, 2019 which is 2.22x
of FY19 revenue. LE is also having its stone crushing unit at
Katanga in the district of Saraikela-Kharsawan of Jharkhand. The
installed capacity is 4.50 lakh of various sized stones, required
for construction, road project, rail track etc. Mr. Vikash Kumar
Saw (aged, 38 years), having around two decades of experience in
the construction industry, looks after the day to day operations of
the firm. He is supported by other partner Mrs. Sangeeta Saw, Mrs.
Lakhi Devi, Mr. Ashish Kumar Saw and a team of experienced
professionals.

MAGNUM INDIA: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Magnum India Hotel Management Private Limited
4th Floor, Kaveri Tower, 211, D-6,
        Vasant Kunj, New Delhi 110070

Liquidation Commencement Date: March 31, 2023

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Mr. Ashok Kumar Verma
     13-B, 2nd Floor, Above Central Bank of India,
            Netaji Subash Marg, Daryaganj,
            New Delhi-110002
            Email: ashokvermafcs@yahoo.com
            Tel No: 9811127616

Last date for
submission of claims: April 29, 2023


NATURAL COTTON: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Natural
Cotton Spinners Private Limited (NCSPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 14,
2022, placed the rating(s) of NCSPL under the 'issuer
non-cooperating' category as NCSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. NCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated December 31, 2022, January 10,
2023, January 20, 2023.

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

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

Coimbatore based, Natural Cotton Spinners Private limited (NCSPL)
was incorporated on October 03, 2005 and promoted by Mr. R
Palaniswamy, Mrs. Indhumathi, Mr. Rathinasapabathy and Mrs. R
Revathi. The company is mainly engaged in manufacturing of grey
fabric.


NJT FINANCE: CARE Keeps B+ Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of NJT Finance
Private Ltd. continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      24.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE had, vide its press release dated December 4, 2020, placed the
rating of NJT Finance under the 'issuer non-cooperating' category
as the company had failed to provide information for monitoring of
the rating. NJT Finance continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated January 9, 2023, December 30, 2022 and December 20, 2022 and
phone calls.

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

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

Analytical approach: Standalone

Detailed description of the key rating drivers

At the time of last rating on February 3, 2022 the following were
the rating strengths and weaknesses:

Key Weaknesses

* Limited track record of operations with majority of loan book
originated in the past four years: NJT Finance Private Limited (NJT
Finance) was incorporated in the year 1995 as Alapatt Finance
Private Limited. The company was acquired by the current promoter
in 2015 and the name of the company was changed to the present
form. The company had loan portfolio of INR 1.16 crore as on March
31, 2016. During the last six years portfolio has grown
significantly to INR40.8 crore as on March 31, 2022. The day to day
operations of the company are handled by the Managing Director, Mr.
Alex Thomas who has vast experience in the financing industry. He
is supported by Operations Manager and Finance Manager.

* Small scale of operations with geographical concentration of loan
portfolio: The company's loan portfolio has increased over the last
6 years from INR1.16 crore as on March 31, 2016 to INR40.8 crore as
on March 31, 2022. However, it continues to remain small. The
company provides short term loans with tenor ranging between 20
weeks to 50 weeks. Since the loans are short term in nature, the
ability of the company to increase the client base is critical for
growing the loan portfolio going forward. The portfolio is
regionally concentrated with major presence in Kerala. The company
does not have any branches and the entire operations are handled
from the Head Office.

* Moderate Asset Quality: The company had maintained low NPA levels
till 2018. However, due to the modest credit profile of the
borrowers, the company's asset quality deteriorated during FY19
with GNPA and NNPA moderated from 0.11% and 0.10% as on March 31,
2018 to 2.65% and 2.49% as on March 31, 2019. GNPA further
moderated to 12.1% as on March 31, 2022 (5.3% as on March 31, 2021
and 2% as on March 31, 2020). The ability of the company to control
the delinquencies and maintain good asset quality with increase in
the portfolio growth remains a key rating monitorable.

* Concentrated Resource Profile: NJT Finance's primary source of
funding apart from equity infusion is generally from banks. The
company currently has relationship with Federal Bank in the form of
term loan and cash credit facility. Going forward, the ability of
the company to raise funds at competitive interest rates would
remain critical for the growth prospects and profitability.

Key Strengths

* Loan appraisal, collection system & MIS: The company provides
business loans to partnership firms, proprietary firms, private
limited companies, LLPs and to individuals for business purposes.
The rate of interest charged is 14% flat. The processing fee
charged varies between 0.75%-2.00%. The sourcing of customers is
done through direct marketing (30%) and through direct sales agent
(DSA) (70%). The company has developed its own risk assessment
framework where cash flow analysis of the borrowers, bank statement
analysis, financial statement analysis, CIBIL check, IT returns and
GST returns are analysed. The Managing Director along with one
field staff will go and visit the customers where the verification
of the residence and business is done. The MD will prepare the Site
visit report which contains details about the location of the
residence, business, proposed line of activity, cost of the
project, means of finance, location advantages and details of
collateral security offered. The valuation report is also prepared
by the MD. The cash flow analysis of the borrowers is done to
analyse the repayment capability. A detailed process note is also
prepared which contains details about the borrower profile,
management profile, existing limits availed from other banks,
current proposal, financial performance, sales turnover,
co-obligancy offered, collateral security and details of copy of
title deeds. The process note will be reviewed by the Manager and
he recommends for sanction and the final approval for disbursing
the loan will be given by the Managing Director. The disbursement
will be made directly to the bank account. The company follows
weekly collection mechanism where the weekly repayment schedule
will be shared with the client. Periodic SMS reminders are sent to
the clients regarding the repayments and the collection happens
mostly through NEFT/RTGS mode. The company is currently using
software 'Descpro'. The company is in the process of implementing
ERP system.

* Good Profitability levels: Loan portfolio has increased from
INR6.54 crore as on March 31, 2017 to INR40.8 crore as on March 31,
2022. Though the loan portfolio remained smaller and of shorter
tenure, fee income contributes to significant proportion of total
income as processing fee is charged for every cycle of loan. Total
income increased from INR0.59 crore in FY17 to INR 10.83 crore in
FY22. During FY22, the company reported PAT of INR 5 crore and ROTA
of 11.77% in FY22 (PY: PAT of INR 4 crore and ROTA of 10.35% in
FY21).

* Adequate capitalization levels: The networth of the company grew
and stood at INR 25 crore as on March 31, 2022 as against INR20
crore as on March 31, 2021 on account of stable profitability
levels. Overall gearing stood low at 0.7x as on March 31, 2022 as
against 1.04x as on March 31, 2021.

NJT Finance Private Limited (NJT Finance) is a Non-Banking Finance
Company (NBFC) registered with RBI and headquartered in Kottayam,
Kerala. The company was incorporated in the year 1995 as Alapatt
Finance Private Limited. Later, in September 2015, the company was
acquired by Mr. Alex Thomas, who is currently the Managing Director
and the name of the company was changed to the present form. NJT
group was established in the year 1934 by late Mr. Nedumchira Jacob
Thomas, a pioneer in the field of construction business since its
origination. NJT Finance is engaged in providing short term
business loans in the range of INR25 lakhs up to INR3 crore.


ODISHA E-GOVERNANCE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Odisha E-governance Services Limited
Ocac Building, Plot No. N-1/7-D,
        Acharya Vihar Bhubaneshwar,
        Odisha - 751013

Liquidation Commencement Date: April 12, 2023

Court: National Company Law Tribunal Cuttack Bench

Liquidator: Saradindu Jena
            Duplex-15, Bhimpur Duplex Colony, Bhimpur,
            Near Forest Park, Bhubaneswar-751020
            Email: ip.jena2017@gmail.com
            Email: liquidator.oesl@gmail.com
            Tel No: 91 78944 07699

Last date for
submission of claims: May 12, 2023


OM AUTO TECHNOCRAFT: Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Om Auto Technocraft Private Limited
Plot No. G 1130/1131,
        Kishan Gate Taluka Lodhika,
        Gidc Metoda Rajkot-360021 GJ India

Liquidation Commencement Date: April 5, 2023

Court: National Company Law Tribunal Ahmedabad Bench

Liquidator: Mr. Manish S. Buchasia
     Insolvency Professional (IP) Practising Company Secretaries
(PCS)
     Registered Valuer (SFA)
            306, "Gala Mart" Nr. Sobo Centre,
            Before "Safal Parisar, S Bopal Main Rd,
            Bopal, Ahmedabad, Gujarat 380058
            Email: manishbuchasiacs@gmail.com
            Tel No: 09327916394

Last date for
submission of claims: May 5, 2023


OUTVISION TECHNOLOGIES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Outvision Technologies Private Limited
C-49 Naraina Vihar Delhi
        South West Delhi DL 110028

Liquidation Commencement Date: April 6, 2023

Court: National Company Law Tribunal Bengaluru Bench

Liquidator: Mr. Vighneshwar Bhat
     No. 202, A Block Sree Laxmi Nivas Apartments,
     Wilson Garden 13th Cross,
            Near Wilson Manor Apartments,
            Bangalore, Karnataka, 560027
            Email: bhatvignesh@gmail.com
            Tel No: + 91 95902 52851

Last date for
submission of claims: May 6, 2023


PATRAN FOODS: CARE Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Patran
Foods Private Limited (PFPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      69.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 14, 2022,
placed the rating(s) of PFPL under the 'issuer non-cooperating'
category as PFPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 28, 2023, March 10, 2023, March 20, 2023.

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

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

Patran Foods Pvt Ltd (PFPL) was incorporated in 1999 by Mr. Naresh
Kumar Goyal and Mr. Suresh Kumar Goyal. The company is engaged in
the processing of paddy to basmati rice as well as its by-products
like bardana, bran, husk etc. since the commencement of its
operations in 2000. The company operates at its single
manufacturing facility in Patran, Punjab. The company caters to the
domestic market through a network of distributors and wholesalers
located all over India.

PHONEPE WEALTH: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: PhonePe Wealth Private Limited
Office-2, Floor 4,5,6,7, Wing A, Block A,
        Salarpuria Softzone, Service Road,
        Green Glen Layout, Bellandur,
        Bangalore 560103

Liquidation Commencement Date:  March 31, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Ganesh Panduranga Pai
     No. 68, 6B, 6th Floor, Chitrapur Bhawan 8th Main,
            15th Cross Malleshwaram Bangalore 560055
            Email: pragnya.cas@gmail.com
            Tel No: 9845666596;
            Tel No: 080-23565641

Last date for
submission of claims: April 30, 2023


PKR ENERGY: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: PKR Energy Limited
11, Ishwar Nagar Mathura Road
        New Delhi South Delhi DL 110065 India

Liquidation Commencement Date: April 4, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Sanjeev Kumar
     A903, Reflections Society, Dange Chowk,
            Near Shell Petrol Pump,
            Wakad, Pune - 411003
            Email: liquidatorpkr@gmail.com
            Tel No: +91 9665022275

Last date for
submission of claims: May 4, 2023


PLATINA STEELS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Platina
Steels Private Limited (PSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      17.16       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 17,
2022, placed the rating(s) of PSPL under the 'issuer
non-cooperating' category as PSPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PSPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 3, 2023, January 13, 2023, January 23,
2023.

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

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

Incorporated in June 2011, PSPL is engaged in the manufacturing of
stainless-steel rerolling mill with plant located at Thimmapuram,
Guntur District, Andhra Pradesh with an installed capacity of 4,200
metric tonnes per annum (MTPA). The company is currently procuring
its raw materials from Jindal Steel and Power Limited and Rohit
Ferrotech Limited and is supplying through agents to various
manufacturing entities.

PRESIDENCY EXPORTS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-Term ratings of Presidency Exports &
Industries Ltd 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/         13.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Fund Based/                   remain under 'Issuer Not
   Cash Credit                   Cooperating' Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 noncooperation
by a rated entity available at www.icra.in.

Presidency Exports & Industries Ltd, promoted by Kolkata based
Bajoria family, was incorporated in the year 1919. The company had
been engaged in the export of iron ore fines from the year 2007
onwards. However, unfavourable changes in the Government policies
related to iron ore mining in the past few years adversely impacted
its revenues from this segment. The company also exports onion and
rice to Bangladesh. It also has a warehouse in Rishra which has
been leased to the corporate.


REGAL PRIDE: Liquidation Process Case Summary
---------------------------------------------
Debtor: M/s Regal Pride Trading and Commercial Pvt. Ltd
        Shop No. 117, 1st Floor, Citi Mall,
        New Link Road, Oshiwara Andheri
        West Mumbai, Mumbai City MH 400053 India

Liquidation Commencement Date: March 23, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Adv. Deepa Gupta
     B-2/110, Sector-16, Rohini,
            Delhi-110085
     Email: advocate.deepa.gupta@gmail.com

Last date for
submission of claims: April 27, 2023


RENAISSANCE INDUS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Renaissance Indus Infra Pvt. Ltd
601, 6th Floor, Hubtown Solaries,
        Sai Wadi,NS Phadke Road,
        Nr Gokhale Bridge,
        Andheri (East) Mumbai 400069 Maharashtra

Insolvency Commencement Date: March 31, 2023

Estimated date of closure of
insolvency resolution process: September 30, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Birendra Kumar Agrawal
       1602 Tower A, Runwal Elegante,
              Lokhandwala Complex,
              Veera Desai Road,
              Andheri (W), Mumbai 400053, Maharasthra
       Email: bk@bhamaconsulting.com

      913, Corporate Annexe, Sonawala Lane,
             Near Udyog Bhawan,
             Goregaon (E), Mumbai 400063, Maharashtra
             Email: cirp.riip@gmail.com

Last date for
submission of claims:  April 17, 2023


RENTAL STAY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Rental Stay Private Limited
Placio, Office 3, 6th Floor,
        Plot No. A-14 Eco Towers, Sector 125,
        Noida UP 201301 India

Insolvency Commencement Date: April 11, 2023

Estimated date of closure of
insolvency resolution process: October 9, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mohit Goyal
       17, LGF, Defence Enclave,
              Vikas Marg, East,
              National Capitol Territory of Delhi - 110092
              Email: cirprental@gmail.com

Last date for
submission of claims:  April 26, 2023


RIDDHI PRINT: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Riddhi
Print And Pack Private Limited (RPPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.23       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 19, 2022,
placed the rating(s) of RPPPL under the 'issuer non-cooperating'
category as RPPPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RPPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 5, 2023, March 15, 2023, March 25, 2023.

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

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

Incorporated in 1995, Riddhi Print & Pack Private Limited (RPPPL)
is engaged in the business of manufacturing of printed corrugated
cartoons and offset printers (viz. corrugated box, printed cartons,
offset printers, and other packing box). It has its manufacturing
facility located at Vasai and Valsad.


RUTLAND DCC: Voluntary Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Rutland DCC Ink Manufacturing Private Limited
802, Kamla Executive Park,
        Off. M.V Road Opp Vazir Glass Factory,
        Andheri East, Mumbai - 400059

Liquidation Commencement Date:  April 4, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Atul Mehta
     D613/614, Neelkanth Bussiness Park,
            Nathani Road, Vidyavihar West,
            Mumbai City, Maharashtra - 400086
     Mobile No: 9987544311
     Email: mehtaatul@gmail.com

Last date for
submission of claims: May 3, 2023


SECURITY COMPASS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Security Compass Consulting & Training Services Private
Limited
Shop No. 216/9, Bhikaji Cama Place
        New Delhi 110066

Liquidation Commencement Date:  April 6, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Dhanshyam Patel
     322, Zest Business Spaces, MG Road,
            Ghatkopar East, Mumbai 400 077
     Email: liq.scctspl@gmail.com
            Email: dpatel@ckpatel.com
            Tel No:  022-2S083300

Last date for
submission of claims: May 6, 2023


SREEVEN INFOCOM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Sreeven Infocom Ltd
Flat No. 201, H.No. 7-1-396/2/10/1/201,
        Sri Venkata Residency BK Guda,
        Hyderabad - 500018

Insolvency Commencement Date: March 31, 2023

Estimated date of closure of
insolvency resolution process: September 27, 2023

Court: National Company Law Tribunal, Hyderabad Bench-I

Insolvency
Professional: Krishna Mohan Gollamudi
       Flat No. 107, Maurya Towers,
              H. No.1-9-648/107,
              Adikmet Road, Vidyanagar,
              Hyderabad-500044
              Email: krishnamohangollamudi@gmail.com

              F26, Raghava Ratna Towers, Chirag Ali Lane,
              Abids, Hyderabad - 500001,
              Email: ip.Sreeveninfocom@gmail.com

Last date for
submission of claims:  April 19, 2023


SUKRITHA BUILDMANN: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term ratings of Sukritha Buildmann
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

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

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 1988, Sukritha Buildmann Pvt Ltd (SBPL) is involved
in real-estate development in Bengaluru, Karnataka. The promoters
have long experience in the field of real-estate development and
construction. The company's business spanned across contracting,
consulting engineering and real-estate development, but at present,
the focus is on realestate development. The company is executing a
a villa cum apartment project called, "Buildmann Aaroha" at KR
Puram, Off Old Madras road, Bangalore. The project is split into
two phases spread across 2.96 lakh sqft of land parcel and has two
towers with 85 apartments and 39 villas with an aggregate super
built up area of 4,25,757 square feet (sqft). In the future, the
company plans to launch unique mid-segment housing projects in
well-connected locations.


SUPERFINE ALUMINIUM: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and Short-Term rating for the bank
facilities of Superfine Aluminium Technologies Pvt. Ltd. in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        98.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 noncooperation
by a rated entity available at www.icra.in.

Incorporated in 2015, Superfine Aluminium Technologies Pvt. Ltd is
in the process of installing India's first double action aluminium
extrusion press with a force of 5,500 meganewton. Through the
planned extrusion line, SATPL intends to manufacture specialised
aluminium seamless tube products of 15-inch diameter and 20-inch
width suited for defence, high rise civil structures, metrorail
among others. SATPL is part of the Ahmednagar (Maharashtra) based
Superfine group promoted by CA. Ravindra Katariya & CA. Siddharth
Katariya.

TAMANNA VANIJYA: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Tamanna Vanijya Private Limited
        "Singapore City" Block-6,
        5th Floor Flat No.5D,
        G.E Raod Raipur CT 492099

Liquidation Commencement Date:  March 31, 2023

Court: National Company Law Tribunal Cuttack Bench

Liquidator: Ms. Swati Singhania
     1 Heysam Road, Kolkata - 700020
            Email: caswatisinghania@gmail.com
     Tel No: 9831060906

Last date for
submission of claims: April 30, 2023


TATA POWER: S&P Upgrades LongTerm ICR to 'BB+', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings, on April 26, 2023, raised its long-term issuer
credit rating on Tata Power Co. Ltd. to 'BB+' from 'BB'.

The stable outlook reflects S&P's expectation that Tata Power will
have stable cash flows, such that the ratio of funds from
operations (FFO) to debt will stay at about 10% for fiscal years
(ending March 31) 2023 and 2024. S&P also expects the company to
manage its liquidity over the period.

Tata Power's growing share of cash flow from regulated and
renewable businesses will continue to strengthen its improved
business position. The company has a higher share of business from
regulated operations, which provides assured returns, and full and
timely pass-through of costs. Cash flows from these businesses,
along with contracted renewable energy generation should remain
fairly predictable. S&P expects the company to generate about 55%
of its EBITDA from regulated electricity generation, transmission,
and distribution businesses, and close to 30% from long-term
contracted renewable energy generation.

Tata Power will also benefit from good scale and diversity across
its various businesses. The company's operations across various
businesses--transmission, distribution, generation (thermal,
renewables), and solar engineering, procurement, and construction
(EPC)--provide diversity to cash flows. Customer diversity is also
good, with the distribution business in Mumbai and Delhi (two of
the largest cities in India) and Odisha.

Tata Power's generation mix is fairly skewed toward thermal
sources. However, regulated tariffs and cost pass-through for most
of the business mitigate the fuel price risk. Renewable generation
capacity is skewed toward solar; however, it is spread across the
country, which mitigates solar irradiation risk to some extent.

S&P expects Tata Power's expanding renewables business to be the
company's growth engine over the next two to four years. This
business is already vertically integrated with the solar EPC
business. Tata Power's under-construction facility to manufacture
solar modules and cells of four-gigawatt (GW) each will strengthen
its vertical integration and improve margins and profitability.

Dividends from Tata Power's minority stakes in Indonesian coal
mines will provide a hedge against fuel price exposure at its power
plant at Mundra. The company's earnings from the power plant remain
exposed to volatility in coal prices, given the absence of a
permanent and adequate cost pass through mechanism. In the past,
the plant had incurred losses when coal prices were high. However,
over the past few years, dividend contributions from the Indonesian
coal mines have provided a hedge against this exposure.

S&P expects the Mundra plant to generate EBITDA of Indian rupee
(INR) 5 billion in fiscal 2023 and similar amounts in fiscal 2024,
compared with a loss of INR4.6 billion in fiscal 2022. The plant
will benefit from the government directing power generating
companies (such as Tata Power) that use imported coal to operate at
full capacity. This is to meet rising electricity demand in India
during summers and bridge the demand-supply gap for domestic coal.

Tata Power expects to incur heavy capex to grow its renewables
business under Tata Power Renewable Energy Ltd (TPREL). With a
stable EBITDA margin of at least 87%, contribution of renewable
energy business is expected to increase to about 35% of total
EBITDA by fiscal 2025 from the current 30%. In this regard, S&P
expects capex to remain elevated over the next several years. It
forecasts Tata Power will spend about 70% of the total capex on
adding renewable energy capacity, and in related businesses such as
solar cell and module manufacturing. The remaining capex will be
for the regulated transmission, distribution, and generation
business, and for installing a flue gas desulphurization (FGD)
system at the Mundra power plant.

S&P said, "We expect Tata Power to commission about one GW
renewable energy capacity annually over the next several years,
primarily solar and some hybrid capacity. In our view, the
company's renewable portfolio will operate at least in line with
P90 generation estimates (meeting expected power generation levels
at least 90% of the time).

"High capex will limit improvement in Tata Power's financial
profile. We estimate Tata Power's FFO-to-debt ratio will be about
12.5% for fiscal 2023, declining to 10%-11% for fiscal 2024 as the
company continues its sizable capex." The fiscal 2023 ratio will
benefit from equity investment of INR40 billion from Blackrock Real
Assets-led consortium into TPREL. The investment is to support
TPREL's funding of its current pipeline of 2.1-GW (as of December
2022) projects.

Tata Power's capex is likely to remain elevated beyond fiscal 2024,
with the company's target to add further renewable capacities. As
such, the ratio of FFO to debt for fiscal 2025 and beyond will
depend on the level of capex as well as the funding mix.

S&P expects Tata Power's FFO cash interest coverage for fiscal 2023
and fiscal 2024 to be about 2.3x, compared with 2.5x in fiscal
2022. In its view, the company will be prudent in its upcoming
growth plans and tie up sufficient funding prior to its making
spending commitments.

Tata Power's liquidity will remain less than adequate, primarily
due to its continued heavy reliance on short-term funding. The
company is exposed to liquidity risk due to its continued heavy
reliance on short-term funding. Use of commercial paper remains
high; the outstanding amount is expected to be about INR44 billion
at the end of fiscal 2023. S&P believes short-term debt maturities
will remain elevated over the next 12-18 months.

S&P said, "Nonetheless, we believe Tata Power's liquidity pressure
is manageable. The company should benefit from its strong banking
relationships and access to the credit market because it is part of
the wider Tata group. Tata Power has demonstrated good access to
the commercial paper market amid tight funding conditions, allowing
it to roll over its maturing debt.

"Tata Power will remain a moderately strategic subsidiary of Tata
Sons. This results in a one-notch rating uplift from our assessment
of Tata Power's stand-alone credit profile (SACP) of 'bb'.

"We believe Tata Sons will provide financial support to Tata Power,
especially in times of liquidity stress. In our view, Tata Power's
presence in India's power sector and growth aspirations in
renewable energy will help fuel Tata Sons' strategic investment in
infrastructure. This is despite Tata Power contributing less than
10% of Tata Sons' EBITDA on a proportionate consolidated basis."

Tata Sons has a record of supporting Tata Power in the event of
stress. It participated in preferential rights issues to alleviate
Tata Power's liquidity concerns. The Tata group has also
demonstrated continuing support to the Mundra power plant when the
plant sustained losses from spikes in coal prices. S&P believes
reputational damage in the event of a default is another key
incentive for Tata Sons to support Tata Power.

S&P said, "In our view, Tata Sons influences the long-term strategy
and financial policies of Tata Power as the single largest
shareholder. Tata Sons had a 45.2% ownership in Tata Power as of
March 31, 2023, after increasing its ownership from 33% in fiscal
2019.

"The stable rating outlook on Tata Power reflects our expectation
that the company will have stable regulated cash flows and prudent
growth in the renewables segment over the next 12-18 months. This
will result in an FFO-to-debt ratio of about 10% over the period.
We anticipate that Tata Power's FFO cash interest coverage will
stay above 2.0x over the same period.

"Meanwhile, we expect Tata Power to appropriately manage its
liquidity, with benefits from supportive banking relationships and
good access to the credit market as part of the wider Tata group."

S&P could lower the rating if:

-- Tata Power's liquidity shows signs of deterioration, possibly
due to elevated short-term debt maturities or delays in rolling
over maturities because of unexpected weakening in banking
relationships or prolonged poor access to capital markets; or

-- Tata Power's FFO to debt ratio falls below 10% on a sustained
basis. This could happen if the company's operating performance
significantly deteriorates, or if it embarks on higher debt-funded
growth investments that are beyond S&P's current expectation, or
-- S&P believes Tata Power's strategic relevance to the Tata group
has declined, for instance if its status within the group seems
less entrenched or if the ownership of the parent company Tata Sons
reduces significantly.

S&P would raise the rating if Tata Power's liquidity improves such
that we assess it to be adequate. This could happen if the company
adopts a more prudent capital structure with less dependence on
short-term funding, including commercial paper. This presumes the
company will continue to maintain an FFO-to-debt of more than 10%.

S&P could also raise the rating if it assesses that Tata Power's
relationship with its parent has strengthened. This could happen if
Tata Power becomes more strategic and integrated with the Tata
group, such that it contributes a larger portion of the
consolidated group's earnings and continues to carry out the
group's key policy objectives.

ESG credit indicators: E-3, S-2, G-2

Environmental factors are a moderately negative consideration in
S&P's credit rating analysis of Tata Power. The current fixed
tariffs at the company's Mundra thermal power plant result in
inadequate cost pass-through, leading to higher cash flow
volatility and potential losses when coal prices are high. Further,
Tata Power's minority investments in coal mining business in
Indonesia exposes the company to environmental risks.

Nevertheless, the company's regulated electricity transmission,
distribution, and generation businesses (contributing about 55% of
earnings) have a cost pass-through mechanism. Its long-term
contracted renewables generation (about 30% of earnings) provide
further cash flow stability.


TERRYGOLD (INDIA): Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Terrygold (India) Ltd
4th Floor, 6-2-966/5/1, Hill Colony,
        Khairatabad Hyderabad - 500 004

Insolvency Commencement Date: March 31, 2023

Estimated date of closure of
insolvency resolution process: September 27, 2023

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Ramakrishnan Sadasivan
       Old No. 22, New No. 28, Menod Street,
              Purasawalkam, Chennai,
              Tamil Nadu, 60007
              Email: sadasivanr@gmail.com
              Email: teryygold.cirp@gmail.com

Last date for
submission of claims:  April 20, 2023


UNFORS RAYSAFE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Unfors Raysafe (India) Private Limited
21, Blue Chip Industrial Estate No.1
        Golani Industrial Complex,
        Waliv, Vasai (East) Dist.
        Palghar, Maharashtra - 401208

Liquidation Commencement Date:  April 6, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Dinesh Kumar Deora
     B-202, ABT Apartment, RaniSati Marg,
            Malad (East), Near Navjivan School,
            Mumbai- 400097

            #205, Nadiadwala  Market,
            Poddar Road, Malad (East),
            Mumbai - 400097
     Tel No: 022-28443641
     Tel No: 9321018355
            Email: dinesh.deora@yahoo.com

Last date for
submission of claims: May 5, 2023


V3S INFRATECH: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the long term and short term ratings for the bank
facilities of V3S Infratech Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–        30.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term        40.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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 noncooperation
by a rated entity available at www.icra.in.

V3S Infratech Limited (V3S), earlier known as Gahoi Buildwell
Limited) was promoted in the year 2003 by Mr. Yogendra Chandra
Kurele. In FY 2007 and FY 2008, several promoter group companies
were amalgamated with V3S and in 2009- 10, the name of the company
was changed from Gahoi Buildwell Limited to V3S Infratech Limited.
The company has been engaged in the development of
multiplexes-cum-malls and commercial space in Delhi. The completed
real estate projects of the company include – V3S mall, V3S East
Centre and North Delhi Mall. However, since February 2008 the
company has shifted its focus from real estate development to civil
construction mainly in residential, industrial and commercial
segments particularly for government agencies.


VALUE LINE: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Value Line
Trade Private Limited (VLTPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.12       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.65       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 16,
2022, placed the rating(s) of VLTPL under the 'issuer
non-cooperating' category as VLTPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. VLTPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated January 2, 2023, January 12,
2023, January 22, 2023.

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

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

Value Line Trade (P) Limited (VLTPL) was incorporated in March 2001
as a private limited company by Mr. Narinder Anand (Managing
Director) and Mrs. Usha (Director). The company is primarily
engaged in the trading of sanitary ware and bathroom fittings
products (basically bath wellness, kitchen products, Tiles and Bath
room fittings etc.) and sells its products under the brand name of
'Valueline' in Telangana, Andhra Pradesh, Bengaluru and Delhi. The
company deals into luxury segment of sanitary ware and bathroom
fittings only.


VALUELINE HOMESTYLE: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Valueline
Homestyle Private Limited (VHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.36       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.30       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 21,
2022, placed the rating(s) of VHPL under the 'issuer
non-cooperating' category as VHPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VHPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated January 17, 2023, January 27, 2023, April 19,
2023.

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

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

Analytical approach: Standalone

Outlook: Stable

Value Line Homestyle Private Limited (VLHPL), incorporated in
December 2007 and have been promoted by Mrs. Seema Anand, Mr. Bal
Ram Anand and Mr. Srinivasa Rao Deepti of Hyderabad, Telangana. The
company is primarily engaged in the trading of imported
Sanitaryware and Bathroom Fittings products (basically bath
wellness, kitchen products, Tiles and Bath room fittings etc.) and
the products are sold under the brand name of 'Valueline' in the
states of Telangana, Andhra Pradesh, Karnataka and Chennai. The
company deals into luxury brands of sanitary ware and bathroom
fittings only (viz. TOTO, Versace and Foster etc.) and the major
clientele comprises real estate property builders and high net
worth individuals. The company has 5 showrooms located at different
cities Hyderabad, Bangalore, Visakhapatnam, Vijayawada and Chennai.


VINNARASI EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vinnarasi
Educational & Social Service Trust (VESST) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.63       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 9, 2022,
placed the rating(s) of VESST under the 'issuer non-cooperating'
category as VESST had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VESST continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 23, 2023, February 2, 2023, February 12, 2023.

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

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

Vinnarasi Educational and Social Service Trust (VESST) was
established in the year 1995 by Mr.B.Chandra Bose (President),
Ms.Antonysamy Lourdumary (Managing Trustee) and Ms.S.Mathalin Mary
(Trustee). VESST presently runs seven educational institution which
includes St.Josephs's Polytechnic College (krishnagiri),
St.Josephs's Institute of Advance Research (Distance
Education)(Hosur), St. Antony college of Nursing (Hosur),
St.Josephs's School of Nursing (Krishnagiri), St.Josephs's
Industrial Training Institute(Hosur and Krishnagiri), St.Josephs's
Industrial School (Hosur and Krishnagiri), and St.Josephs's Nursery
& Primary School(CBSE) (Krishnagiri). St.Josephs's Institute of
Advance Research is the study centre for J.R.N.Rajasthan Vidyapeeth
(Delhi), IASE University (Delhi) and KSOU (Mysore). The trust also
conducts medical camps in villages and also gives ITI training to
students who are school drop outs at free of cost as a social
service.

VISUVAS VILLAS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Visuvas Villas Private Limited
A-14, Anand Flat, 2nd Main Road,
        Gandhi Nagar,
        Adyar Chennai TN 600020 India

Liquidation Commencement Date: December 17, 2022

Court: National Company Law Tribunal Chennai Bench

Liquidator: S. Vasudevan
     Plot-5, 2ND Floor, Manasarovar Aprt,
            Bagawathy Nagar, Medawakkam koot Road,
            Medawakkam, Chennai Tamilnadu – 600100
            Ph No: 97104 19502
            Email: ksvasu1956@gmail.com

Last date for
submission of claims: January 16, 2023


WEBFIL LIMITED: ICRA Keeps C+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Webfil Limited in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         3.38      [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/        10.30      [ICRA]C+/[ICRA]A4; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Non-Fund                     remain under 'Issuer Not
   Based-Others                 Cooperating' Category

ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. 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.

WL was incorporated in 1979 as a joint venture company of West
Bengal Infrastructure Development Corporation Limited and the
Andrew Yule group. The company manufactures tungsten filament wires
used in luminaries and digital products, which in turn is primarily
used in communication and surveillance services.


WIPRO PERSONAL: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Wipro Personal Care Private Limited
        Wipro House, 6th Floor, #8, 7th Main, 80 Feet Road,
Koramangala, 1st Block,
        Bangalore - 560034, Karnataka

Liquidation Commencement Date: March 30, 2023

Court: National Company Law Tribunal Bengaluru Bench

Liquidator: Mr. Joby Chacko
     Pride Surprise, Second Floor, Flat No. 104A
     Next to Pride Vatika Layout,
            Jigani Hobli Bengaluru – 560 083
     Email: jobykc@gmmail.com
     Tel No: +91 96633 08656

Last date for
submission of claims: April 29, 2023


ZOTRES HOSPITALS: CARE Lowers Rating on INR12cr LT Loan to B
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Zotres Hospitals Private Limited (ZHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 31, 2022,
placed the rating(s) of ZHPL under the 'issuer non-cooperating'
category as ZHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ZHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
February 14, 2023, February 24, 2023, March 6, 2023.

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

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

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

Zotres Hospitality Private limited (ZHPL) was incorporated on
October 22, 2018 as a Private limited company and currently managed
by Dr. Lalrintluanga Jahau (MBBS, MSRC) having more than 3 decades
of experience in healthcare industry and Dr. Madhurjya Sarmah
(MBBS, DMRD) is radiologist by profession having more than decade
of experience in healthcare industry. The company has successfully
setup the Multi-Speciality Secondary Care Hospital having 110 beds
capacity with 3 operation theatres, pre-operative and
post-operative wards, labor rooms, and nursing station etc. Further
the construction work has completed in October, 2020 and ZHPL has
started its commercial operation since November, 2020, thus FY22
will be the first full year of operation.



=========
J A P A N
=========

TEPCO HOLDINGS: S&P Withdraws 'B' Short-Term Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings has withdrawn its short-term issuer credit
rating on Tokyo Electric Power Co. Holdings Inc. (BB+/Negative/B)
at the company's request.

At the time of withdrawal, the short-term issuer credit rating was
'B'.




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

IOUPAY LIMITED: Goes Into Voluntary Administration
--------------------------------------------------
FinTech Futures reports that Southeast Asian fintech firm IOUpay
has placed its parent company IOUpay Limited into voluntary
administration with PwC Australia following the discovery of a
"significant fraud".

According to FinTech Futures, IOUpay said it took this action due
to a "number of outstanding debts" with "no reasonable prospect" of
being able to repay them.

On March 13, IOUpay's board of directors uncovered a "suspected
significant fraud" affecting its Malaysian office, reportedly
amounting to millions. FinTech Futures says IOUpay suspects its
former chief financial officer, Kenneth Kuan Choon Hsuing, of
involvement in the fraud on "strong grounds", and who was already
dismissed for reasons including "refusal to obey the board's lawful
instructions".

Mr. Hsuing is now being investigated by Malaysian authorities,
including the commercial crime and anti-money laundering divisions
of the Royal Malaysia Police, with efforts in place to recover
misappropriated funds.

As part of its recovery action, IOUpay said it initially met with a
number of potential investors from Australia and Malaysia to obtain
funding. It had received a non-binding debt funding proposal from
Australian firm Finran, who eventually withdrew its offer.

According to the report, Daniel Walley and Philip Carter from PwC
Australia will take over the company as administrators, tasked with
evaluating "genuine proposals" that will benefit its shareholders
and creditors. The firm's subsidiaries in Malaysia will continue to
operate as usual with "minimal business disruption".

Since the discovery of the fraud last month, IOUpay, which is
listed on ASX, had to suspend trading of its shares.

Headquartered in Kuala Lumpur, Malaysia, IOUpay Limited provides
fintech and digital commerce software solutions such as customer
authentication, banking and payments, to institutional customers
including 20 of Malaysia's leading banks, insurers and telcos.


PROPEL GLOBAL: Seeks to Uplift PN17 Status
------------------------------------------
The Star reports that Propel Global Bhd is working towards
uplifting its Practice Note 17 (PN17) status.

The Star relates that the group said this would be possible by the
stable oil price environment following the last three quarters of
positive financial performance.

"We want to reassure shareholders and other stakeholders that the
management is working towards uplifting the group's PN17 status.
The positive financial performance to-date is expected to be
further supported by stable crude oil price and demand benefiting
businesses like ours that are involved in the oil and gas (O&G)
services," The Star quotes group chief executive officer Angeline
Lee as saying in a statement on May 1.

"We would also like to extend our gratitude to our employees who
have been demonstrating a good team spirit, as well as our
customers and suppliers who have shown great faith and support
towards the group. It is foreseeable that the group will move to
the next level once the PN17 status is uplifted," Ms. Lee added.

According to The Star, the provider of O&G services and downstream
specialty chemicals to the O&G industry reported a 12.3%
year-on-year (y-o-y) increase in revenue to MYR24.7mil for its
third quarter ended Mar 31, 2023 following the expansion of its
range of services.

It posted a y-o-y turnaround in its net profit for the quarter with
a profit of MYR831,000 away from a net loss of MYR6.86mil in the
same quarter a year ago, The Star discloses.

While its pre-tax profit for both the O&G and technical services
segments improved from the third quarter of the 2022 year, the
higher corporate administrative expenses impacted its profitability
and it recorded a 28.1% decrease in pre-tax profit to MYR900,000
for the same quarter, it said.

"The group has once again reported another quarter of profitability
as we continue to focus on strengthening our financial performance
by leveraging on our expertise and strengths.

"This is the third quarter in a row that the group has recorded
positive financial performance since its listing with the two main
business segments of O&G and technical services contributing
positively," Ms. Lee said.

                        About Propel Global

Propel Global Berhad (formerly known as Daya Materials Berhad) --
www.propelglobal.com.my/ -- provides oil and gas services. The
Company offers services such as pipe recovery for drilling
operations, down hole data logging, processing, and chemical
blending and supply for downstream and upstream operations, as well
as designing, engineering, construction, project management, and
maintenance of commercial and industrial buildings and facilities.

Daya Materials Bhd fell into Practice Note 17 (PN17) status in
February last year after its shareholder equity retreated to under
25% of its issued capital as at Dec. 31, 2017.


ZELAN BHD: Slips Into PN17 Category
-----------------------------------
New Straits Times reports that Bursa Malaysia has classified Zelan
Bhd as an affected user under Practice Note 17 (PN17) of the
exchange's main market listing requirements.

According to the report, Bursa said Zelan had triggered the
criteria pursuant to Paragraph 2.1(d) of PN17 after its auditor had
expressed an adverse or disclaimer opinion in its latest audited
financial statements.

In a Bursa filing on April 30, Zelan said its external auditor
Nexia SSY PLT had expressed a disclaimer of opinion in the
company's audited financial statements for the financial year ended
Dec. 31, 2022 which was announced on April 30 this year, New
Straits Times relates.

"We would like to emphasise that we will continue to monitor the
progress of Zelan in respect of its compliance with the Main Market
Listing Requirements," Bursa said.

New Straits Times adds that Bursa noted that as at May 2, a total
of 29 companies had been listed under PN17 and GN3.

It represented 3.06 per cent of the total number of 949 companies
listed on Bursa's main and ACE markets.

Zelan Berhad -- http://zelan.com/-- is an investment holding
company. The Company's business focus is on engineering and
construction projects, and public private partnership projects,
mainly in Malaysia.




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

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

Promains Limited filed the petition against the company on March
17, 2023.

The Petitioner's solicitor is:

          David John Graeme Cox
          BDO Auckland
          Level 4, 4 Graham Street
          Auckland Central
          Auckland 1010


LUXURY LAS: Creditors' Proofs of Debt Due on May 26
---------------------------------------------------
Creditors of Luxury Las Limited are required to file their proofs
of debt by May 26, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 26, 2023.

The company's liquidator is:

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


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

Bell Gully filed the petition against the company on March 14,
2023.

The Petitioner's solicitor is:

          Level 22, Vero Centre
          48 Shortland Street
          Auckland


PIE PIPER: Creditors' Proofs of Debt Due on May 26
--------------------------------------------------
Creditors of The Pie Piper Limited are required to file their
proofs of debt by May 26, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 26, 2023.

The company's liquidator is:

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


WELLINGTON EXCAVATOR: Creditors' Proofs of Debt Due on June 26
--------------------------------------------------------------
Creditors of Wellington Excavator Hire Limited are required to file
their proofs of debt by June 26, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on April 25, 2023.

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          C/- PKF Corporate Recovery
          PO Box 3678
          Auckland 1140




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

BINANGONAN RURAL: Placed Under PDIC Receivership
------------------------------------------------
The Philippine Star reports that the Bangko Sentral ng Pilipinas
(BSP) has closed down another problematic rural bank, bringing to
three the number of institutions shuttered this year as it
continues to weed out weak players in the industry.

According to the Star, BSP assistant governor Arifa Ala said the
central bank's Monetary Board issued Resolution 536.B last April 27
prohibiting the Binangonan Rural Bank Inc. from doing business in
the Philippines pursuant to Section 30 of Republic Act 7653 or the
New Central Bank Act, as amended.

The Star relates that Ala issued Circular Letter 2023 - 029 stating
that state-run Philippine Deposit Insurance Corp. (PDIC) has been
designated as receiver with a directive to proceed with the
takeover and liquidation of the closed rural bank in accordance
with RA 3591 or the PDIC Charter.

The PDIC Charter provides that a bank placed under liquidation
shall in no case be re-opened and permitted to resume banking
business. It also states that banks closed by the Monetary Board
shall no longer be rehabilitated.

Upon placement of a bank under liquidation, the powers, functions
and duties of the directors, officers and stockholders of the bank
are terminated.

Accordingly, the directors, officers, and stockholders shall be
barred from interfering in any way with the assets, records and
affairs of the bank.

This is the third rural bank ordered closed by the BSP this year,
the Star notes. The regulator also ordered the closure of Rural
Bank of San Marcelino Inc. last March and Rural Bank of San Agustin
(Isabela) Inc. last January.




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

ARROW WASTE: Final Meeting Set for May 29
-----------------------------------------
Members and creditors of Arrow Waste Management Pte. Ltd. will hold
their final meeting on May 29, 2023, at 10:00 a.m., at.

At the meeting, Abuthahir Abdul Gafoor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


ASIA OUTSOURCING: Members' Final Meeting Set for May 29
-------------------------------------------------------
Members of Asia Outsourcing Singapore Pte. Ltd will hold their
final general meeting on May 29, 2023, at 10:30 a.m., at 80
Robinson Road, #02-00, in Singapore.

At the meeting, Tay Tuan Leng, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


LUBE-WAY TRADING: Members' Final Meeting Set for May 31
-------------------------------------------------------
Members of Lube-Way Trading Pte Ltd will hold their final general
meeting on May 31, 2023, at 3:30 p.m., via electronic means.

At the meeting, Tsang Siu For Thomas, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.


RAM BROTHERS: Creditors' Meetings Set for May 9
-----------------------------------------------
Ram Brothers Construction & Trading Pte Ltd, which is in
liquidation, will hold a meeting for its creditors on May 9, 2023,
at 10:00 a.m.

Agenda of the meeting includes:

   a. to update the creditors on the status of the liquidation of
      the Company;

   b. to approve the Liquidator's fees and disbursements; and

   c. Any other business.

The company's liquidator is:

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


TLFF I: Creditors' Proofs of Debt Due on May 28
-----------------------------------------------
Creditors of TLFF I Pte. Ltd. are required to file their proofs of
debt by May 28, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on April 24, 2023.

The company's liquidator is:

          Yiong Kok Kong
          Avic DKKY Pte. Ltd.
          180 Cecil Street, #12-04
          Singapore 069546




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

DOOSAN BOBCAT: S&P Affirms 'BB' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings, on April 26, 2023, affirmed its 'BB' long-term
issuer credit rating on Korea-based Doosan Bobcat Inc. (DBI). At
the same time, S&P maintained its recovery rating on the compact CE
maker's term loan B (TLB) due 2029 and cash revolver facilities due
2027 at '3' and affirmed its 'BB' long-term issue ratings on these
facilities.

The stable outlook on DBI reflects S&P's expectation that the
company will maintain good and steady credit metrics over the next
12 months. Support will come from its strong position in the North
American compact CE market and increased buffer in its leverage
profile.

DBI's earnings could moderate but remain robust over the next two
years. S&P said, "We forecast annual EBITDA will decline to US$700
million-US$900 million in 2023-2024, from US$1 billion in 2022. We
note the base in 2022 was a historical high for the company,
largely due to strong demand and increases in average selling
prices in the compact CE segment."

S&P said, "The moderation that we expect in 2023 is mainly due to
macroeconomic conditions, including elevated interest rates and
sustained inflation. We expect rate hikes coupled with falling home
prices to reduce housing demand in North America. This would affect
demand for DBI's key CE business." North America is a key market
for the company, accounting for over 70% of its revenue in 2022.

DBI should sustain healthy financial metrics in 2023-2024, thanks
to its prudent leverage management. The company voluntarily repaid
debt in recent years with strong free cash flow amid a robust
housing market in the U.S. In 2022, it prepaid its US$300 million
senior secured notes due in 2025. This, coupled with a strong
operating performance, improved the leverage ratio to 0.8x from
1.8x in 2021 and 1.5x in 2020. Adjusted debt also fell to US$826
million from US$1.2 billion in 2021. The increase in leverage in
2021 was due to DBI's debt-funded acquisition of its forklift
business, Doosan Industrial Vehicle Co. Ltd (DIV).

S&P said, "DBI will continue to generate positive discretionary
cash flow (DCF) over the next two years, in our view. Adjusted debt
should hold steady at US$800 million-US$900 million in 2023-2024.
The healthy debt level will help the company maintain strong credit
metrics over the next two years. This is despite our expectation of
an industry slowdown. Our base case assumes leverage will remain
robust at 0.8x-1.2x in 2023-2024.

"Factoring in the strength in DBI's credit metrics, its reduced
adjusted debt, and our expectation of positive DCF even under
weakening operating conditions, we revised upward our assessment on
DBI's financial risk profile to modest from intermediate. This
results in an improvement in our assessment of the company's
stand-alone credit profile (SACP) to 'bb+' from 'bb'.

"High dependence on compact CE and the cyclical construction
industry expose DBI's earnings and cash flow to high volatility.
Although revenue contributions from the compact CE business have
dropped after the acquisition of the forklift business, they
remained high at 75%-80% in 2022. In our view, this high
concentration exposes DBI to the industry cyclicality of the U.S.
housing market. For instance, a market downturn in 2009 following
the global financial crisis rapidly eroded DBI's profitability and
cash flow. Although the company is venturing into new end-markets
and launching new products to diversify earnings, we do not expect
material contributions from these over the next two to three
years."

The business restructuring and deleveraging of parent DE could
provide a buffer for the group's liquidity and financial profile
over the next 12 months. The long-term issuer credit rating on DBI
is capped at two notches above the 'b+' group credit profile of DE.
The group had reduced its adjusted net debt to Korean won (KRW) 4.7
trillion as of end-2022 from KRW6.4 trillion in 2021 and KRW9.4
trillion in 2020. The reduction came from accelerated deleveraging,
stemming from measures such as the sale of Doosan Infracore Co.
Ltd. (DI) for KRW850 billion and of majority stake sale of Doosan
Engineering and Construction Co. Ltd. for KRW250 billion.
Additionally, the group raised KRW1.1 trillion from equity markets
in February 2022, primarily for deleveraging.

S&P said, "The stable outlook on DBI reflects our expectation that
the company will maintain robust credit metrics over the next one
to two years. The company has built up some rating buffer with its
good cash flow generation and substantial cash balance, in our
view.

"We could lower the rating on DBI if we revise downward our
assessment of DE's group credit profile. This could occur if: (1)
DE faces mounting liquidity risk, potentially due to a higher
reliance on short-term debt or weakening cash flow amid tough
capital markets; or 2) DE's ratio of debt to EBITDA approaches or
stays above 7x on a sustained basis due to an aggressive financial
policy or deteriorating profitability.

"We could also downgrade DBI if we see a higher possibility that DE
would increase control or negatively intervene in DBI.

"In a remote scenario, we may lower the rating if we revise
downward our assessment of DBI's SACP by two notches to 'bb-' from
'bb+'. This could happen if the company's debt-to-EBITDA ratio
approaches 4.0x on a sustained basis. A severe economic downturn in
the U.S., intensifying competition, or the company's weakening
market position could result in such a scenario."

S&P may raise the rating on DBI if it meets the following two
conditions:

-- The company's key credit metrics remain strong with its ratio
of debt to EBITDA remaining at about or below 1.5x on a sustainable
basis. This could flow from debt reduction on strong cash flow in
the coming years and a prudent financial policy.

-- The DE group improves its liquidity profile while maintaining
its ratio of debt to EBITDA below 4.0x on a sustainable basis. DE's
short-term debt reduction through free operating cash flow or the
issuance of longer-term debt could indicate such an improvement.




===========
T A I W A N
===========

WAN HAI: S&P Affirms 'BB+' ICR on High Net Cash Position
--------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on
Taiwan-based Wan Hai at 'BB+'.

The stable rating outlook reflects S&P's view that Wan Hai will
continue to maintain a net cash position over the next one to two
years.

Seaborne freight rates will face a substantial correction in 2023
after a boom during the pandemic. Factors that underpinned
skyrocketing freight rates over the past two years, including port
traffic bottlenecks and pandemic-induced demand for tangible goods,
have diminished.

Trade volume across main-lane service lines, including
transpacific, East Asia to Europe, and transatlantic routes, will
remain subdued in 2023 before picking up in 2024 amid economic
challenges. These risks include inflation, interest rate hikes, and
dwindling disposable incomes.

Also, capacity growth of megaships, which are normally deployed on
long-haul routes, will likely peak at 10%-20% in 2023-2024. This
would further worsen supply and demand imbalances and put a strain
on shipping rates. That said, we believe major carriers are likely
to remain disciplined in managing supply with measures such as
rescheduling, re-routing, and potentially some deferral of new
vessel deliveries.

Relatively balanced supply and demand outlook could support more
resilient intra-Asia freight rates over the next two years,
compared with long-haul routes. S&P's estimate economic growth in
the Asia-Pacific region will slightly accelerate in 2023, driven by
an end to China's "zero-COVID" policy, as well as a global push by
major international brands to lower geopolitical risk by
diversifying supply chains away from China to southeast Asia.

S&P projects incremental total capacity growth in smaller-size
vessels at 3.8% in 2023, before a likely contraction in 2024.
Smaller vessels are under 3,000 twenty-foot equivalent units (TEUs)
and are typically deployed on intra-Asia routes.

Wan Hai's operating performance will weaken in 2023.Led by the
decrease of both freight rates and lifting volume, Wan Hai's
revenue will drop by 55%-60% in 2023 before a recovery in 2024. The
plummet of freight rates and heightened ex-fuel operating costs led
by inflation will also weaken Wan Hai's EBITDA margin to 20%-23% in
2023-2024 from 53.8% in 2022.

Wan Hai will benefit from relatively stable intra-Asia market,
given its leading position in the region. In the first quarter of
2023, intra-Asia contributed about 50% of total revenue for the
company. We project a more moderate decline of intra-Asia freight
rates by about 40% in 2023, compared with a 60%-70% plunge for
Middle East and transpacific lines.

Lifting volume will decline by 2%-3% in 2023 before a rebound of
5%-7% in 2024 due to muted demand in the U.S. China's recovery and
still strong demand from emerging markets, such as India, could
partly boost the volume.

Improved capital structure could help Wan Hai maintain a net cash
position as a buffer against lower operating cash flow.The company
built a high cash balance of new Taiwan dollar (NT$) 172 billion as
of end of 2022 over the past two years amid a surge in freight
rates during that period. This significantly strengthened the
carrier's overall capital structure, and should be enough to shield
Wan Hai from a steep decline in freight rates.

S&P forecasts Wan Hai's annual operating cash flow could
significantly deteriorate to NT$25 billion-NT$30 billion over the
next one to two years from NT$137 billion in 2022. Meanwhile, capex
will remain heightened at NT$45 billion-NT$47 billion in 2023
before declining to NT$23 billion-NT$25 billion in 2024. Wan Hai's
cash position could provide ample rating headroom over the next two
years against lower freight rates, rising investments for
strengthening fleet efficiency, as well as for shareholder
remuneration.

Wan Hai's increasing exposure to competitive long-haul routes could
increase the volatility of its performance and leverage through
industry cycles. The company could face intense competition from
bigger and more established carriers with more comprehensive
service networks, partly through shipping alliances. Wan Hai will
still have a much weaker position in the more volatile long-haul
container shipping markets despite its aggressive capacity
expansion plan involving 18 vessels of 13,000 TEUs each.

S&P's base case assumes Wan Hai will focus on generating a profit
rather than increasing market share, so it will remain flexible in
deploying its fleets between long-haul and intra-Asia routes, which
are more profitable for the company. The company's progressive
deployment of megaships could also help improve operating
efficiency.

However, Wan Hai's credit metrics could significantly weaken if it
becomes more aggressive in expanding its market share in long-haul
routes without protecting its profit margins, or if it boosts
capital spending for mega vessels, which are more efficient for
long-haul routes. This would be particularly apparent during a
market downturn.

S&P said, "The stable rating outlook reflects our view that Wan Hai
will continue to maintain a net cash position over the next one to
two years, underpinned by its enhanced cash position. This is
despite significantly lower freight rates across the container
shipping industry and the company's elevated investments to
purchase new vessels."

S&P may lower its rating on Wan Hai if:

-- The company's profitability deteriorates materially led by:
(1)The company's expansion into the competitive long-haul market
materially dampening its profitability; (2)Possible container ship
oversupply should the market become less disciplined; (3)Rising
competition from long-haul competitors that erodes Wan Hai's
competitive advantage on intra-Asia routes; or

-- The carrier takes on more aggressive capacity expansion and
substantially increases its debt leverage, such that its ratio of
funds from operations (FFO) to debt falls to below 45% for an
extended period.

S&P sees a low likelihood of upgrading Wan Hai over the next one to
two years, given high business risk in the global container
shipping market, and the company's aggressive capex plans for the
more volatile long-haul markets. That said, S&P may raise its
rating on the company if:

-- Wan Hai substantially enhances its competitive position in the
global container shipping market with significantly enlarged scale
and market share; and

-- The company maintains a very conservative financial policy plan
that supports a ratio of FFO to debt above 60% through the business
cycle

ESG credit indicators: E-3, S-2, G-2



                           *********


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

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

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

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