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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

          Monday, May 8, 2023, Vol. 26, No. 92

                           Headlines



A U S T R A L I A

ANGLE ASSET 2022-1: Moody's Raises Rating on Class F Notes to Ba3
BOOZEBUD HOLDINGS: First Creditors' Meeting Set for May 12
FIVE STAR 2022-1: Fitch Affirms BB Rating on Class E Notes
HALLBURY HOMES: Customers Want Cover on Deposit from Government
IC TRUST 2022-1: Moody's Upgrades Rating on Class C Notes to B1

INTERFACE CONSTRUCTIONS: First Creditors' Meeting Set for May 12
KADDY LIMITED: Placed in Voluntary Administration
MAHERCORP PTY: Boss Pitches Restructure of Collapsed Home Builder
MOTORWAY CIVIL: Second Creditors' Meeting Set for May 12
NOW TRUST 2023-1: Moody's Assigns B2 Rating to AUD6.25MM F Notes

RAD BRICKWORK: Second Creditors' Meeting Set for May 10
S56 PTY: Second Creditors' Meeting Set for May 12


C H I N A

SINO-OCEAN GROUP: Affiliate Said to Seek Delay to Coupon Payment


I N D I A

AASTHA SPINTEX: Ind-Ra Affirms BB+ Long Term Issuer Rating
ALBYS AGRO: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
ARIA HOTELS: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
BRITTO AMUSEMENTS: Ind-Ra Affirms BB+ Long Term Issuer Rating
DNH PROJECTS: ICRA Keeps C Debt Ratings in Not Cooperating

FLEXI PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
FUTURE LIFESTYLE: NCLT Allows Bankruptcy Proceedings vs. Company
GAJANAN GANGAMAI: CRISIL Keeps D Debt Ratings in Not Cooperating
GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
GO FIRST: Cancels Flights Until May 12

GO FIRST: NCLT to Hear Two Insolvency Petitions Today, May 8
HPCL-MITTAL ENERGY: Fitch Alters Outlook on BB LongTerm IDR to Pos.
INDURE PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
JP DISTILLERIES: Ind-Ra Assigns BB Bank Loan Rating
JPC INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category

KANCHAN MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
KAYNES TECHNOLOGY: Ind-Ra Moves BB+ Rating to Non-Cooperating
KIMIYA ENGINEERS: ICRA Keeps D Debt Ratings in Not Cooperating
KN HIGHWAYS: Ind-Ra Assigns BB+ Term Loan Rating
KNND ASSOCIATES: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating

L&T CHENNAI: ICRA Keeps D Debt Rating in Not Cooperating Category
LAKSHMI STEEL: Ind-Ra Cuts Long Term Issuer Rating to BB
LUCKNOW SITAPUR: ICRA Keeps D Debt Rating in Not Cooperating
MARYMATHA INFRASTRUCTURE: Ind-Ra Hikes LT Issuer Rating to BB+
MUTHOOT FINANCE: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable

NUTRIFRESH FARM: Ind-Ra Assigns BB Loan Rating, Outlook Stable
OTTATHINGAL INDIA: Ind-Ra Assigns 'B' Loan Rating, Outlook Stable
PIRG SDI 1: Ind-Ra Affirms & Withdraws B+ Rating
PIYUSH COLONISERS: ICRA Keeps D Debt Rating in Not Cooperating
PRATIBHA CONSTRUCTIONS: ICRA Keeps D Ratings in Not Cooperating

QUALIT AGRO: Ind-Ra Cuts Long Term Issuer Rating to 'D'
RAI BAHADUR: Ind-Ra Corrects February 10 Rating Release
RAI BAHADUR: Ind-Ra Cuts Long Term Issuer Rating to 'D'
RAJAVE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJENDRA SINGH: Ind-Ra Hikes Long Term Issuer Rating to BB+

RELIGARE FINVEST: Ind-Ra Affirms 'D' Long Term Issuer Rating
RIDCOR INFRA: Ind-Ra Affirms 'D' Bank Loan Rating
SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating
SABARIS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
SAMBHAJI RAJE: ICRA Keeps D Debt Ratings in Not Cooperating

SANGA AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
SANJAY DANCHAND: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
SANTOSH ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
SHARE MICROFIN: ICRA Withdraws D Rating on INR130.11cr LT Loan
SHREEPATI CASTLE: ICRA Keeps D Debt Rating in Not Cooperating

SHYAMA POWER: Ind-Ra Cuts Long Term Issuer Rating to 'BB'
SIVARAM & CO: Ind-Ra Assigns BB+ Bank Loan Rating
SPICEJET LTD: NCLT to Hear Lessor's Insolvency Bid Today, May 8
SRINAGAR BANIHAL: ICRA Withdraws D Rating on INR1,440cr Term Loan
SUDHIR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating

URVARAK ABHIKARAN: CRISIL Keeps D Debt Ratings in Not Cooperating
VIRTUE INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHAL INFRAGLOBAL: CRISIL Keeps D Ratings in Not Cooperating
VISHWAKARMA SCALES: CRISIL Keeps C Ratings in Not Cooperating
WARSAW INTERNATIONAL: Ind-Ra Assigns BB+ Term Loan Rating

YASIKA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

PAKUWON JATI: Moody's Affirms Ba2 CFR & Alters Outlook to Positive


N E W   Z E A L A N D

108 GSR: Creditors' Proofs of Debt Due on June 9
EZIBUY OPERATIONS: Administrators Work To Sell Stock, Online Shop


S I N G A P O R E

DURST INDUSTRIAL: Commences Wind-Up Proceedings
JOANNA CONSULTING: Creditors' Proofs of Debt Due on June 5
RED THREAD: Creditors' Proofs of Debt Due on June 5
TRAFIGURA RETAIL: Commences Wind-Up Proceedings

                           - - - - -


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

ANGLE ASSET 2022-1: Moody's Raises Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes of Angle Asset Finance Trust 2022-1.

The affected ratings are as follows:

Issuer: Angle Asset Finance Trust 2022-1

Class B Notes, Upgraded to Aa1 (sf); previously on July 1, 2022
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on July 1, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on July 1, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on July 1, 2022
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on July 1, 2022
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Following the April 2023 payment date, the credit enhancement
available for the Class B, Class C Class D, Class E and Class F
Notes has increased to 25.3%, 20.5%, 16.5%, 12.4% and 9.7%,
respectively, from 18.0%, 14.5%, 11.5%, 8.5% and 6.5% as at
closing.

As of end-March, 1.7% of the outstanding pool was 30-plus day
delinquent, and 0.4% was 90- plus day delinquent. The portfolio has
incurred net losses of 0.2% (as a percentage of the original pool
balance) to date, all of which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has updated its mean loss assumption, inclusive of residual
value risk, to 4.5% as a percentage of the original pool balance
(equivalent to 6.35% as a percentage of current pool balance) from
4.7% at closing.

Moody's has maintained the Aaa portfolio credit enhancement at
26%.

The transaction is a securitisation of auto and equipment loans and
operating leases by Angle Asset Finance, an Australian non-bank
asset finance provider. The obligors in the pool are primarily
small-to-medium enterprises domiciled in Australia. The underlying
assets backing the receivables include, among others, vehicles,
wheeled equipment, photocopiers, printers and telephony.

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

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


BOOZEBUD HOLDINGS: First Creditors' Meeting Set for May 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Boozebud
Holdings Ltd and Pocko Pty Ltd will be held on May 12, 2023, at
12:00 p.m. via virtual meeting only.

Michael Brereton and Sean Wengel of William Buck were appointed as
administrators of the company on May 2, 2023.


FIVE STAR 2022-1: Fitch Affirms BB Rating on Class E Notes
----------------------------------------------------------
Fitch Ratings has upgraded one note class and affirmed another
eighteen from three Five Star transactions. The transactions are
backed by pools of first-ranking Australian residential
full-documentation mortgage loans. All mortgages were originated by
Victorian Mortgage Group (VMG) and the notes were issued by
Perpetual Trustee Company Limited in its capacity as trustee of the
series.

The upgrade to Five Star 2021-1's class D note is due to a build-up
of credit enhancement more than offsetting the impact of the
increased arrears on the Fitch-calculated foreclosure frequency of
the transaction. Five Star 2021-1's class E note has been affirmed,
as it is constrained by three notches due to the large obligor
concentration test.

   Entity/Debt           Rating           Prior
   -----------           ------           -----
Five Star
2019-1 Trust

   A1 AU3FN0052254   LT AAAsf  Affirmed   AAAsf
   A2 AU3FN0052262   LT AAAsf  Affirmed   AAAsf
   B AU3FN0052270    LT AAAsf  Affirmed   AAAsf
   C AU3FN0052288    LT AAAsf  Affirmed   AAAsf
   D AU3FN0052296    LT AAAsf  Affirmed   AAAsf
   E AU3FN0052304    LT AAAsf  Affirmed   AAAsf
   F AU3FN0052312    LT AAAsf  Affirmed   AAAsf

Five Star
2021-1 Trust

   A1 AU3FN0063822   LT AAAsf  Affirmed   AAAsf
   A2 AU3FN0063830   LT AAAsf  Affirmed   AAAsf
   B AU3FN0063848    LT AAAsf  Affirmed   AAAsf
   C AU3FN0063855    LT AA+sf  Affirmed   AA+sf
   D AU3FN0063863    LT AAsf   Upgrade    AA-sf
   E AU3FN0063871    LT A-sf   Affirmed    A-sf

Five Star
2022-1 Trust

   A1 AU3FN0073383   LT AAAsf  Affirmed   AAAsf
   A2 AU3FN0073391   LT AAAsf  Affirmed   AAAsf
   B AU3FN0073409    LT AAsf   Affirmed   AAsf
   C AU3FN0073417    LT Asf    Affirmed   Asf
   D AU3FN0073425    LT BBBsf  Affirmed   BBBsf
   E AU3FN0073433    LT BBsf   Affirmed   BBsf

KEY RATING DRIVERS

Credit Enhancement Buffers Expected Losses: The transactions' 30+
day arrears as of end-March for Five Star 2019-1, 2021-1 and 2022-1
were 5.4%. 6.4% and 2.9%, respectively. These were above or in line
with Fitch's 4Q22 Non-Conforming Index arrears of 2.96%. The 90+
day arrears for Five Star 2021-1 and 2022-1 were 2.1% and 1.4%,
respectively, and above the index's 0.64%. Five Star 2019-1's 90+
day arrears were 0.3%, below the index. The rise in arrears was due
to the steep increase in interest rates and rising cost of living
affecting borrowers' ability to service repayments. Historically,
transaction performance has been strong, with no losses in the
trust.

The 'AAAsf' weighted-average foreclosure frequency (WAFF) for Five
Star 2019-1 is 15.6 %, driven by the weighted-average (WA)
unindexed current loan/value ratio (LVR) of 60.8 % and, under
Fitch's classification, non-conforming loans of 8.9%. The 'AAAsf'
WA recovery rate (WARR) of 70.0% is driven by the portfolio's WA
indexed scheduled LVR of 55.9%.

The 'AAAsf' WAFF for Five Star 2021-1 is 18.7%, driven by the WA
current unindexed LVR of 60.8% and, under Fitch's classification,
nonconforming loans of 15.0%. The 'AAAsf' WARR of 68.1% is driven
by the portfolio's WA indexed scheduled LVR of 56.8%.

The 'AAAsf' WAFF for Five Star 2022-1 is 21.0%, driven by the WA
current unindexed LVR of 69.6% and, under Fitch's classification,
nonconforming loans of 10.4%. The 'AAAsf' WARR of 51.4% is driven
by the portfolio's WA indexed scheduled LVR of 75.3%.

Liquidity Risk Mitigated: Fitch-calculated payment interruption
risk is mitigated by a liquidity facility sized at 2.0% of the
invested note balance, excluding class G, H (for Five Star 2019-1)
and F notes (Five Star 2021-1 and 2022-1). Other structural
features include a pre-call retention amount that applies excess
available income to repay note principal in reverse sequential
order from the class F (for Five Star 2019-1) and E note (Five Star
2021-1 and 2022-1) and a post-call amortisation amount that diverts
excess available income, net of tax, to repay note principal
sequentially. The notes can withstand all relevant Fitch stresses
applied in its cash-flow analysis at their current rating levels.
Five Star 2021-1's class E notes were constrained from further
upgrades by large obligor concentration tests.

Low Servicing Risk: VMG is a non-bank financial institution
headquartered in Melbourne, Victoria with a history dating back to
1946. Fitch undertook an operational review and found that the
operations of the servicer were comparable with market standards.

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

VMG is headquartered in the state of Victoria and the mortgage
portfolio is concentrated in the region. The rating outlook is
supported by Victoria's gross state product forecast for the fiscal
year end-June 2023 at 3.25% and unemployment of 4%, reflecting
continued demand for workers in the state.

RATING SENSITIVITIES

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

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

Downgrade Sensitivity

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

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

Five Star 2019-1

Notes: Class A1/A2/B/C/D/E/F

Current rating: AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AAAsf

Increase defaults by 15%:
AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AAAsf

Increase defaults by 30%:
AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AAAsf

Reduce recoveries by 15%:
AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AAAsf

Reduce recoveries by 30%:
AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AA+sf/AA+sf

Increase defaults by 15% and reduce recoveries by 15%:
AAAsf/AAAsf/AAAsf/AAAsf/AAAsf/AA+sf/AA+sf

Increase defaults by 30% and reduce recoveries by 30%:
AAAsf/AAAsf/AAAsf/AAAsf/AA+sf/AAsf/AA-sf

Five Star 2021-1 Trust

Notes: A1/A2/B/C/D/E

Current Rating: AAAsf/AAAsf/AAAsf/AA+sf/AAsf/A-sf

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

Increase defaults by 30%: AAAsf/AAAsf/AA+sf/AA+sf/A+sf/A-sf

Decrease recoveries by 15 %: AAAsf/AAAsf/AA+sf/AAsf/A+sf/A-sf

Decrease recoveries by 30 %: AAAsf/AAAsf/AA+sf/A+sf/A-sf/BBB+sf

Increase defaults by 15% and reduce recoveries by 15 %:
AAAsf/AAAsf/AA+sf/AA-sf/Asf/A-sf

Increase defaults by 30% and reduce recoveries by 30 %:
AA+sf/AA+sf/A+sf/A-sf/BBB+sf/BBBsf

Five Star 2022-1 Trust

Notes: A1/A2/B/C/D/E

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

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

Increase defaults by 30%: AAAsf/AA+sf/A+sf/BBB+sf/BB+sf/B+sf

Decrease recoveries by 15 %: AAAsf/AA+sf/A+sf/BBB+sf/BBsf/B+sf

Decrease recoveries by 30 %: AAAsf/AA+sf/Asf/BBBsf/B+sf/less than
Bsf

Increase defaults by 15% and reduce recoveries by 15 %:
AAAsf/AA+sf/Asf/BBBsf/BB-sf/Bsf

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

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

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

All of Five Star 2019-1's rated notes, Five Star 2021-1's class A1,
A2 and B notes and Five Star 2022-1's class A1 and A2 are at the
highest level on Fitch's scale and cannot be upgraded. Therefore,
upgrade sensitivity stresses are not relevant.

The rating on class E notes for Five Star 2021-1 is constrained by
the large obligor concentration test, which limits the rating to
three notches below the model implied rating of 'AA-sf'.
Prepayments to the loans with the largest obligor loss exposure,
which result in the notes passing Fitch's concentration test, could
lead to positive rating action for this class of notes, all else
being equal. Sensitivity stress results for the remaining rated
notes are as follows:

Five Star 2021-1

Note: C / D

Rating: AA+sf / AAsf

Reduce defaults by 15% and increase recoveries by 15%: AAAsf /
AA+sf

Five Star 2022-1

Note: B /C / D / E

Rating: AAsf /Asf / BBBsf / BBsf

Reduce defaults by 15% and increase recoveries by 15%: AA+sf/ Asf /
BBBsf / BB+sf

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that were
material to this analysis. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information as
part of its ongoing monitoring.

Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was available for Five Star 2021-1 , Five
Star 2022-1 and none was made available to Fitch for Five Star
2019-1.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of VMG's origination files and found the information
contained in the reviewed files to be adequately consistent with
the originator's policies and practices and the other information
provided to the agency about the asset portfolios.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis, according to its applicable rating
methodologies, indicates that it is adequately reliable.

ESG CONSIDERATIONS

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


HALLBURY HOMES: Customers Want Cover on Deposit from Government
---------------------------------------------------------------
Channel 9's A Current Affair reports that customers left devastated
by collapsed building companies said it should be harder for
directors of failed businesses to simply walk away once a company
goes into liquidation.

According to the report, a group of Hallbury Homes customers, who
had made deposits, discovered when the business went into
liquidation in February their domestic building insurance policies
hadn't been taken out on their behalf by the builder, leaving more
than 40 sites in limbo.

Cameron Compton hoped to live on one of those blocks with his wife
Brandi and kids Caitlyn and Jedd.

"It takes years to save up," Mr. Compton told A Current Affair.

"It's almost criminal."

A Current Affair says five hundred customers of failed builder
Porter Davis who are in exactly the same position will have their
lost deposits covered by a AUD15 million grant from the Victorian
government.

It will cost less than AUD500,000 to do the same for Hallbury Homes
customers, so they want to know why they've been left out.

"We just wanted this to be extended to us," A Current Affair quotes
Hallbury Homes customer Shoshana as saying.  "It is pure
discrimination."

As interest rates rose 25 basis points on May 2, A Current Affair
contacted Hallbury Homes directors Cliff Hall and Glenn Smith, who
both declined to comment.

Previously, Mr. Hall was also a director of a business called
Hallbury Homes North, which went into administration on March 3,
2016.

Mr. Hall ceased to be a director just two days before, the report
notes.

According to reconstruction and insolvency expert Jarrod Munro, who
is a partner at Cornwalls, there is "no formal limit" on the number
of times an individual can put a company into liquidation before
they face consequences.

"There used to be cases where directors might be on their . . .
fifth, (or) 10th time they've gone into liquidation," Mr. Munro
said.

When Porter Davis went bust, grandfather Des Umbers was amongst the
hundreds of families left thousands of dollars out of pocket, A
Current Affair notes.

"It's just too easy for people to put companies into liquidation
and just walk away," Mr. Umbers said.

Some Porter Davis customers made payments the day before it entered
liquidation and many customers said they were promised insurance
policies to protect their deposits, which weren't actually
organised.

Porter Davis managing director Anthony Roberts has denied multiple
requests for an interview from A Current Affair.

Melbourne-based residential builder Hallbury Homes went into
voluntary administration in Jan. 11, 2023, with Menzies Advisory
principal Michael Caspaney appointed as administrator.

The company was wound up in liquidation in February 2023.

The company was operating 50 projects across 42 sites in
Melbourne.


IC TRUST 2022-1: Moody's Upgrades Rating on Class C Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on two classes
of notes issued by IC Trust 2022-1.

The affected ratings are as follows:

Issuer: IC Trust 2022-1

Class B Notes, Upgraded to Ba1 (sf); previously on Oct 11, 2022
Definitive Rating Assigned Ba2 (sf)

Class C Notes, Upgraded to B1 (sf); previously on Oct 11, 2022
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes.

Following the April 2023 payment date, the credit enhancement
available for the Class B and Class C Notes has increased to 23.1%
and 14.2%, respectively, from 18.9% and 11.6% at closing.

As of end-March, 11.2% of the outstanding pool was 30-plus day
delinquent, and 4.9% was 90-plus day delinquent. The portfolio has
incurred 0.03% of losses to date, which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 15.8% as
a percentage of the closing portfolio balance (equivalent to 19.3%
of the current portfolio balance). Moody's has also maintained the
Aaa portfolio credit enhancement (PCE) at 48%.

Moody's analysis has also considered various scenarios involving
higher mean default rates, higher Aaa PCE and higher index rate on
the notes to evaluate the resiliency of the note ratings.

The transaction is a cash securitisation of consumer and commercial
auto loan receivables extended to non-conforming borrowers in
Australia originated by Fin One Pty Ltd, a privately owned non-bank
lender established in 2010.

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

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

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, (2) an increase in the notes' available
credit enhancement, and (3) a decrease in operational risk of Fin
One.

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

INTERFACE CONSTRUCTIONS: First Creditors' Meeting Set for May 12
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Interface
Constructions Victoria Pty Ltd will be held on May 12, 2023, at
11:00 a.m. via virtual technology.

Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on May 2, 2023.


KADDY LIMITED: Placed in Voluntary Administration
-------------------------------------------------
Rajiv Goyal, Chris Johnson, and Joseph Hayes of Wexted Advisors, on
May 4, 2023, were appointed as Voluntary Administrators of the
entities within the Kaddy Group pursuant to section 436A of the
Corporations Act 2001 (Cth).

The Administrators are undertaking an urgent assessment of the
Kaddy Group and will be looking to sell the business as a going
concern or recapitalisation via a Deed of Company Arrangement
(DOCA).

The Administrators intend to work with management, employees,
suppliers and customers to stabilise operations and seek the best
outcome for the business.

Further updates will be provided in due course.

                First statutory meeting of creditors

A first statutory meetings of creditors must be held within eight
business days after the administrations begins and are expected to
take place on Tuesday, May 16, 2023.

A meeting notice setting out the time and location for the first
meetings of creditors will be distributed to the Kaddy Group
creditors over the coming days.

                     Further information

Information will be uploaded regularly to the Wexted Advisors
website (www.wexted.com) and/or via further ASX announcements.

                       About Kaddy Limited

Kaddy Limited (ASX:KDY)-- http://www.corporate.kaddy.com.au/--
provides software, logistics services, and a marketplace platform
for beverage distribution in Australia.


MAHERCORP PTY: Boss Pitches Restructure of Collapsed Home Builder
-----------------------------------------------------------------
Australian Financial Review reports that Mahercorp director Steve
Maher has proposed a restructure of the home building company he
put into voluntary administration last month, potentially offering
customers of his Eight Homes and Urbanedge Homes companies a quick
way to resume construction of their 730 homes.

AFR relates that Cor Cordis administrators Jeremy Nipps, Rachel
Burdett and Barry Wight only received the proposal on May 3 and at
May 4's first meeting of creditors gave customers of the Melbourne
building company and other parties no recommendation over it.

"I'm optimistic – I think my proposal means that we'll be able to
keep building and finish homes, give our suppliers and trades more
certainty and avoid adding to the challenges being faced by
industry right now," AFR quotes Mr. Maher as saying on May 4.

The plan is not guaranteed to proceed. Other parties had also made
"numerous" expressions of interest in the company, the
administrators said. Customers and creditors would have to accept
any such a proposal.

"Cor Cordis is continuing to work through a proposed restructure of
the group and as yet is unable to disclose any further details
regarding the voluntary administration process," the administrators
said, AFR relays.

It was also unclear who would bear the costs of a restructure –
where extra funding would come from, whether secured and unsecured
creditors would have to take the hit, or whether customers would
have to agreed to pay more on fixed-price home building contracts,
the report notes.

AFR says the administrators have still given no assessment of
Mahercorp's debts.

A report will be made available to creditors on May 22, with
creditors due to meet again a week later, on May 29, to determine
the outcome of the company, the administrators, as cited by AFR,
said.

It was not clear if the proposal related only to Mahercorp or also
to another entity directed by Mr. Maher that also went into
administration, House & Land World.

AFR says a restructure that allowed the building companies to keep
going and finish the homes they had started would be a better
result than that facing the 1,700 customers of Melbourne home
builder Porter Davis, which went into liquidation, rather than
administration, at the end of March.

According to AFR, Mr. Maher said a number of issues prompted him to
put the company into administration.

"Multiple suppliers and multiple insurers tightened up their
payment terms after Porter Davis went into liquidation," he said on
May 4.

"This made everything much harder for all builders, not just
Mahercorp, and the most sensible option was to call the
administrators to help restructure the business and put it on a
more sustainable footing."

One of these supplies, he said last month, was a supplier of safety
equipment, a business for working on site and build homes.

As building-industry failures mount – construction sector
insolvencies have risen to a nine-year high, official figures last
week revealed – a successful turnaround of Mahercorp's companies
would go against the tide and show that companies are finding ways
to keep going, AFR states.

Jeremy Nipps, Barry Wight, and Rachel Burdett of Cor Cordis were
appointed Voluntary Administrators for Mahercorp Pty Ltd and House
& Land World Pty Ltd on April 21, 2023.


MOTORWAY CIVIL: Second Creditors' Meeting Set for May 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of Motorway Civil
Pty Ltd has been set for May 12, 2023 at 11:00 a.m. via Zoom
teleconference facilities.

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 11, 2023 at 4:00 p.m.

Domenic Calabretta and Edwin Narayan of Mackay Goodwin were
appointed as administrators of the company on March 29, 2023.


NOW TRUST 2023-1: Moody's Assigns B2 Rating to AUD6.25MM F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to the
notes to be issued by Perpetual Corporate Trust Limited, as trustee
of NOW Trust 2023-1.

Issuer: NOW Trust 2023-1

AUD189.00 million Class A Notes, Assigned Aaa (sf)

AUD13.50 million Class B Notes, Assigned Aa2 (sf)

AUD13.50 million Class C Notes, Assigned A2 (sf)

AUD7.50 million Class D Notes, Assigned Baa2 (sf)

AUD13.75 million Class E Notes, Assigned Ba2 (sf)

AUD6.25 million Class F Notes, Assigned B2 (sf)

The AUD6.50 million Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured (primarily by motor vehicles)
consumer loans originated by Now Finance Group Pty Ltd (NFG,
unrated). This is NOW Finance's fourth consumer loans transaction
from its NOW Trust ABS program.

NFG is a private company, operating as a non-bank lender in the
Australian consumer loan market under its registered trademark NOW
FINANCE. NFG began originating consumer loans in 2013 and has
settled in excess of AUD1.2 billion of new loans to approximately
50,000 customers as of February 28, 2023.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the notes; (3) availability of excess
spread over the transactions life; (4) the liquidity facility in
the amount of 1.5% of the note balance subject to a floor of
AUD625,000; (5) the legal structure; and (6) NFG's experience as
servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. A challenge in the transaction is the limited historical
data available for the portfolio. Although NFG has been originating
significant volumes since 2017 the performance of their portfolio
has not been observed though a significant economic downturn. As
such, the pool's performance could be subject to greater
variability than the currently available default data indicates.
Moody's has incorporated an additional stress into its default
assumptions to account for the limited data.

KEY PORTOLIO AND STRUCTURAL FEATURES

Key transactional features are as follows:

The notes will be repaid on a sequential basis until the credit
enhancement of the Class A Notes is at least 30%, and as long as
cumulative gross principal losses remain below 7.5%.

The notes will be repaid on a sequential basis if there are any
unreimbursed charge-offs on the notes, unreimbursed principal
draws, if 60+ day arrears exceed 4.0%, or if the first call option
date has passed. At all other times, the structure will follow a
pro-rata repayment profile (assuming pro-rata conditions are
satisfied).

A swap provided by National Australia Bank Limited (NAB,
Aa3/P-1/Aa2(cr)/P-1(cr)) will hedge the interest rate mismatch
between the assets bearing a fixed rate of interest and the
floating rate liabilities. The notional balance of the swap will
follow a schedule based on the amortisation of the assets assuming
a certain prepayment rate.

AMAL Asset Management Limited (AMAL, unrated) is the back-up
servicer. If NFG is terminated as servicer, AMAL will take over the
servicing role in accordance with the standby servicing deed and
back-up servicing plan.

Key pool features are as follows:

As of the April 2023 portfolio cut-off date, the securitised pool
consisted of 11,757 personal loans. The total outstanding balance
of the receivables was AUD249,997,158 comprising 67.3% unsecured
and 32.7% secured loans.

The weighted average interest rate of the portfolio is 13.8%.

The weighted average portfolio seasoning is 11.3 months.

The weighted average Equifax CCR credit score (at application) of
the portfolio is 714.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 29.0%. Moody's mean default rate
for this transaction is 6.5% and the assumed recovery rate is
10.0%. Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 4.94%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for NFG's portfolio.
It also reflects the current macroeconomic trends, and other
similar transactions used as a benchmark.

The PCE of 29.00% is broadly in line with other Australian personal
loan ABS deals and is based on Moody's assessment of the pool
taking into account (i) historical data variability; (ii) quantity,
quality and relevance of historical performance data; and (iii)
originator quality and servicer quality.

Methodology Underlying the Rating Action

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

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

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

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


RAD BRICKWORK: Second Creditors' Meeting Set for May 10
-------------------------------------------------------
A second meeting of creditors in the proceedings of RAD Brickwork
Pty Ltd has been set for May 10, 2023 at 10:30 a.m. at the offices
of Magnetic Insolvency in 52/41-49 Norcal Road at Nunawading and
via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 9, 2023 at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of the company on March 31, 2023.


S56 PTY: Second Creditors' Meeting Set for May 12
-------------------------------------------------
A second meeting of creditors in the proceedings of S56 Pty Ltd has
been set for May 12, 2023 at 11:00 a.m. via video conference
facilities.

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 10, 2023 at 5:00 p.m.

Daniel Peter Juratowitch and Sam Kaso of Cor Cordis were appointed
as administrators of the company on March 28, 2023.




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

SINO-OCEAN GROUP: Affiliate Said to Seek Delay to Coupon Payment
----------------------------------------------------------------
Bloomberg News reports that an affiliate of Chinese state-backed
developer Sino-Ocean Group Holding Ltd. is adding to a wave of debt
extensions among Chinese builders by seeking to delay a coupon
payment as liquidity worsens further in the real estate sector.

Sino-Ocean Capital Holding Ltd. is proposing to set back its
interest payment to October instead of April for its 6% dollar
notes maturing October 2023, according to a consent solicitation
document seen by Bloomberg.

Bloomberg relates that the proposal would require approval from
creditors holding at least 75% of the note's outstanding value, the
document said. Failure to obtain approval would mean a default
event is likely to occur on May 9, the end of the 14-day grace
period for the semi-annual interest payment originally due on April
25.

Bloomberg says the development suggests weaker support from
Sino-Ocean Group, China's 24th largest builder by sales, which
holds a 49% stake in Sino-Ocean Capital, and raises questions about
the ability of the major shareholder to service its own debt.

Representatives of Sino-Ocean Capital have also told investors the
company has engaged Haitong International to explore a number of
options, including launching an exchange offer for its 6.25% notes
due in June 2023, Bloomberg relays citing two investors involved in
the talks.

Bloomberg adds that Sino-Ocean Capital is also facing a winding-up
petition in Hong Kong filed by Great Wall International Investment
VIII, and a court hearing has been scheduled for June 7.




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

AASTHA SPINTEX: Ind-Ra Affirms BB+ Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aastha Spintex
Private Limited's (ASPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR230 mil. Fund-based limits affirmed with IND BB+/Stable/A4+

     rating;

-- INR35 mil. Non-fund-based limits affirmed with IND A4+ rating;

     and

-- INR275.5 mil. Term loans due on October 2030 affirmed with IND

     BB+/Stable rating.

Key Rating Drivers

The ratings reflect Ind-Ra's expectation of a deterioration in
ASPL's credit metrics in FY23, due to its planned debt-led capex
worth INR225 million for a windmill plant. The capex will be funded
through term loans of INR150 million and the rest through
promoters' contribution in the form of unsecured loans of INR75
million. The credit metrics improved in FY22, with the gross
interest coverage (operating EBITDA/gross interest expenses) rising
to 3.96x (FY21: 2.12x) and the net leverage of (total adjusted net
debt/operating EBITDAR) reducing to 2.40x (3.41x), due to an
increase in absolute EBITDA to INR241.31 million (INR181.59
million). Ind-Ra expects the credit metrics to improve in FY24 due
to higher EBITDA.

Liquidity Indicator - Stretched: ASPL's average maximum utilization
of the fund-based limits was 99.58% and the non-fund-based limits
was 56.57% during the 12 months ended March 2023. ASPL had
repayment obligations of INR124.8 million in FY23 and has INR138.2
million for FY24. The cash flow from operations increased to
INR178.76 million in FY22 (FY21: INR119.90 million), due to
favorable changes in the working capital. However, the free cash
flow decreased to INR50.66 million in FY22 (FY21: INR106.07
million) due to the capex of INR128.10 million (INR13.83 million).
The net working capital cycle reduced to 63 days in FY22 (FY21: 89
days), due to a decrease in the inventory holding period to 89 days
(110 days) and debtor days to 17 days (37 days). The cash and cash
equivalents stood at INR14.85 million at FYE22 (FYE21: INR170.87
million). Furthermore, ASPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

The ratings also reflect ASPL's continued medium scale of
operations with its revenue improving to INR2,495.67 million in
FY22 (FY21: INR1,815.24 million), driven by an increase in its
orders and product realization. ASPL booked revenue of INR2,400
million in FY23 and the management expects the revenue to be around
INR2,500 million in FY24. Its FY23 numbers are provisional. Ind-Ra
expects the revenue to remain at the similar level in FY23 and FY24
as the company is currently operating at its full capacity.

ASPL's EBITDA margin remained average at 9.67% in FY22 (FY21: 10%)
with a return on capital employed of 14.7% (10.3%). In FY22, the
EBITDA margin declined due to raw material price fluctuations. The
EBITDA margin deteriorated in 9MFY23 to 6.7% due to the raw
material price fluctuations. However, the margins improved towards
the year-end due to a stabilization in its raw material prices.
Ind-Ra expects the EBITDA margin to improve in the medium term due
to lower power costs following the company commencing operation of
its solar and windmill plants in FY24.

The ratings are supported by the promoters' more than a decade
experience in the textile industry, leading to established
relationships with its customers as well as suppliers.

Rating Sensitivities

Positive: The timely completion of the ongoing capex, resulting in
an increase in the scale of operations, along with an improvement
in the overall credit metrics and the liquidity profile, all on a
sustained basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics with the net leverage
exceeding 5.0x and a further stretch in the liquidity position,
could lead to a negative rating action.

Company Profile

ASPL was established in 2014, by the members of the Patel and
Sitapara families. The company manufactures cotton yarn used for
knitting and weaving, with bulk production of combed yarn of count
30. It has a manufacturing facility at Halvad, Morbi.



ALBYS AGRO: Ind-Ra Assigns BB Term Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Albys Agro Private
Limited's (AAPL) bank facilities as follows:

-- INR550 mil. Fund-based working capital limit assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR15 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

ANALYTICAL APPROACH: Ind-Ra has taken a consolidated view of AAPL
and its parent Corlim Marine Exports Private Limited (CMEPL; holds
99.70% stake in AAPL) while assigning the ratings, referred to as
Corlim group hereafter, on account of the strong legal, operational
and strategic linkages between them. CMEPL has extended a corporate
guarantee towards AAPL's bank debt and provides unsecured loans, as
and when required.

Key Rating Drivers

The ratings reflect Corlim group's medium scale of operations as
indicated by revenue of INR2,132 million in FY22 (FY21: INR1716.77
million). In FY22, the revenue improved due to increased demand for
shrimps from the international market post the COVID-19 pandemic.
Till 10MFY23, Corlim group booked revenue of INR2,086.52 million.
As of January 2023, the group had an order book of INR245 million,
which was executed in February 2023. Ind-Ra expects the revenue to
have marginally improved in FY23 on account of an increase in sales
realization despite stable volumes. The agency expects the revenue
to grow further in FY24. On a standalone basis, AAPL's revenue grew
to INR1,245 million in FY22 (FY21 : INR958.46 million) due to
improved demand from the global market. The company booked revenue
of INR825.85 million in 10MFY23.

The ratings also factor in the Corlim group's modest EBITDA margin
of 7.81% in FY22 (FY21: 8.22%) with a return on capital employed of
9.9% (8.3%). In FY22, the EBITDA margin declined due to an increase
in price of raw material. However, in FY23, Ind-Ra expects the
EBITDA margin to have improved due to stable raw material prices
and availability of better price for the product in the  newly
expanded geographies of Europe.  Ind-Ra expects the EBITDA margin
to remain at similar level in FY24. On a standalone basis, the
EBITDA margin was 10.17% in FY22 (FY21 : 10.8%) with a return on
capital employed of 13% (10.3%). The ratings also reflect Corlim
group's modest  credit metrics as indicated by net leverage (total
adjusted net debt/operating EBITDAR) of 7.22x (FY21 : 7.27x) and
interest coverage (operating EBITDA/gross interest expenses) of
3.23x (3.01x). The improvement in the credit metrics was due an
increase in the absolute EBITDA to 126.64 million in FY22 (FY21:
INR103.52 million) and an increase in cash balance, coupled with a
low interest cost on pre-shipment credit in foreign currency
facility, which is a major part of debt. Ind-Ra expects the net
leverage to have improved in FY23 and will improve further in FY24
and the interest coverage to have remained comfortable in FY23 and
will continue to do so in FY24. On a standalone basis, the interest
coverage was 3.91x in FY22 (FY21: 3.31x)  and net leverage was
5.78x (5.57x).

Liquidity Indicator - Poor: AAPL's average maximum utilization of
the fund-based limits was 96.58% and non-fund-based limits was
41.90% during the 12 months ended March 2023. The net working
capital cycle was stretched and increased to 213 days in FY22
(FY21: 129 days) due to an increase in the inventory holding period
to 183 days (107 days) coupled with a decline in payable period to
53 days (102 days). AAPL does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements. The cash flow from operations turned positive to
INR13.59 million in FY22 (FY21: negative INR75.51 million) due to
favorable changes in working capital. Consequently, the free cash
flow turned positive to INR11.33 million (FY21: negative INR81.02
million). The cash and cash equivalents stood at INR9.58 million at
FYE22 (FYE21: INR2.92 million).

However, the ratings are supported by the promoters' over two
decades of experience in the sea food business, leading to
established relationships with customers and suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics and/or a further pressure on
the liquidity position, all on a consolidated basis, could lead to
a negative rating action.

Positive: An increase in the scale of operations, along with an
improvement in the credit metrics with the net leverage reducing
below 4.0x and an improvement in liquidity profile, all on a
consolidated and sustained basis, could lead to a positive rating
action.

Company Profile

AAPL commenced operations in 2017 with the unit at Zuarinagar, Goa.
The company is engaged in production and export of sea food
products majorly shrimps. AAPL has an installed capacity of 4,950
tons per annum.



ARIA HOTELS: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aria Hotels and
Consultancy Services Private Limited's (AHCSPL)'s Long-Term Issuer
Rating of 'IND BB+' to the non-cooperating category and has
simultaneously withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limit* migrated to the
     non-cooperating category and withdrawn; and

-- INR5,268.46 bil. Term loan** due on December 2036 migrated to
     the non-cooperating category and withdrawn.

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

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

Key Rating Drivers

Ind-Ra has migrated the ratings to the non-cooperating category
because the issuer did not participate in the rating exercise
despite requests by the agency and has not provided information
pertaining to the sanctioned bank facilities and utilization,
latest financial statements, business plans and projections for the
next three years, and information on corporate governance.

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

Company Profile

Incorporated on May 11, 2007, AHCSPL has developed a 523-room
five-star hotel at Delhi Aerocity that became fully operational in
April 2015.


BRITTO AMUSEMENTS: Ind-Ra Affirms BB+ Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Britto Amusements
Private Limited's (BAPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR180 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable/IND A4+ rating.

Key Rating Drivers

The affirmation reflects BAPL's continued small scale of
operations, with its revenue rising 49.52% to INR193.54 million in
FY22 (FY21: INR129.44 million), due to the normalization of
business operations after the COVID-19-led disruptions. In 10MFY23,
BAPL booked revenue of INR342 million.  Ind-Ra expects the company
to have improved its revenue in FY23, and to continue the growth in
FY24, due to the normalization in the hospitality industry.

Liquidity Indicator - Poor: In FY22, the net working capital cycle
remained elongated despite improving to 619 days (FY21: 936 days)
due to a decrease in the debtor 621 days (922 days). BAPL's does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. BAPL's
average peak use of its fund-based working capital limits was
31.41% for the 12 months ended February 2023. The company's cash
flow from operations remained at INR15.56 million in FY22 (FY21:
INR65.61 million). The company had a cash balance of INR16.62
million at end-FY22 (FYE21: INR72.48 million.) BAPL has debt
obligations of INR17.5 million in FY24 and INR17.5 million in
FY25.

The rating also factors in BAPL's modest EBITDA margin of 12.34% in
FY22 (FY21: 10.05%) with a return on capital employed of 3.4%
(1.2%). In FY22, its EBITDA margin marginally improved due to a
decrease in the administrative expenses.  Ind-Ra expects the EBITDA
margin to have improved in FY23 and to continue the growth in FY24,
due to an improvement in its operating leverage.

BAPL has a comfortable credit metrics with its gross interest
coverage (operating EBITDA/gross interest expense) improving to
1.44x in FY22 (FY21: 0.88x) and the net leverage (total adjusted
net debt/operating EBITDAR) reducing to 3.69x in FY22 (FY21:
5.71x), due to an increase in absolute EBITDA.  Ind-Ra expects the
credit metrics to have remained at the similar level in FY23 and to
sustain it in FY24, due to the absence of any debt-led capex plans.


The rating is also supported from the promoter's more than two
decades of experience in the hospitality industry.

Rating Sensitivities

Positive: A substantial improvement in the revenue and the
operating profitability while maintaining the credit metrics with
the interest coverage rising above 2.5x could be positive for the
ratings.

Negative: Any decline in the revenue and the operating
profitability, leading to a deterioration in the credit metrics
with the interest coverage falling below 2.0x and/or a
deterioration in liquidity could be negative for the ratings.

Company Profile

Incorporated in 1997, BAPL commenced its operations in 2004. The
company is headed by Dr William Britto, who owns and operates
five-star hotels such as Chances Resort and Casino at Dona Paula in
Goa.


DNH PROJECTS: ICRA Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the long-term and short-term ratings of DNH
Projects Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]C/[ICRA]A4; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        12.00      [ICRA]C; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         6.00      [ICRA]A4; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term/        10.00      [ICRA]C/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

DNHPL was initially incorporated as a private limited company -
Nagar Haveli Real Estate Private Limited in 1996. It was
subsequently renamed and converted to a closely held public limited
company in 2009. Its operations are collectively managed by Mr.
Vijay Desai and Mr. Ajay Desai who have an experience of over two
decades in the construction industry. The company is registered as
a contractor with the roads and buildings division of the
Government of Gujarat and undertakes the
construction of industrial units, factories, corporate and
institutional buildings.


FLEXI PLAST: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Flexi Plast
Industries (FPI) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.5         CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        2           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.5         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

FPI was formed as a partnership concern in February, 2015 by Mr.
Pushpendra Sharma and Mr. Sunil Singhvi. However the firm
operationalized there operation from October, 2016. FPI engaged in
manufacturing of flexible packaging laminates such as Plastic
Pouch, Packaging Bag and Packaging Pouch. The product will be
majorly catered in food packaging industry and currently caters its
product in Rajasthan, Gujarat, Jharkhand, Maharashtra, Madhya
Pradesh and Uttar Pradesh.


FUTURE LIFESTYLE: NCLT Allows Bankruptcy Proceedings vs. Company
----------------------------------------------------------------
Reuters reports that a company court on May 4 admitted Bank of
India Ltd's petition to begin insolvency proceedings against Future
Lifestyle Fashions Ltd on an alleged loan default of INR4.96
billion (US$60.69 million).

The National Company Law Tribunal (NCLT), while pronouncing the
order, also approved the appointment of Ravi Sethia as an Interim
Resolution Professional, Future Lifestyle said in an exchange
filing, Reuters relates.

Future Lifestyle is the flagship fashion business of the debt-laden
Future Group.

The NCLT has already initiated insolvency proceedings against the
Group's flagship retail business Future Retail for non-payment of
dues, Reuters notes.

                       About Future Lifestyle

Future Lifestyle Fashions Ltd (FLFL) is the apparel retail venture
of the Future group. It was established by combining apparel retail
formats and fashion brands that were demerged from Pantaloon Retail
India Ltd and Future Ventures India Ltd, respectively. The company
has a portfolio of brands that cover a range of fashion categories,
including apparel and footwear. It has Central and Brand Factory
stores, along with exclusive Brand Factory outlets. Central
operates primarily in the premium apparel, footwear, watches and
fashion accessories segment, while Brand Factory operates mainly in
the off-price apparel retailing (discount-based) segment.

On August 27, while declaring its result for the first quarter of
FY23, FLFL had said under the One Time Restructuring (OTR) plan
with the lenders, it has debt servicing obligations aggregating to
INR422.11 crore within the next 12 months, Financial Express
reported.

FLFL further said its "current liabilities exceeded its current
assets (including assets held for sale) by INR1,180.66 crore as on

March 31, 2022, FE relays.

Also, it has already defaulted on repayment of INR335.08 crore of
principal amount on loans from banks as on June 30, 2022.


GAJANAN GANGAMAI: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gajanan
Gangamai Industries LLP (GGIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           25          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            9.4        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           40          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           40          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             25.6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GGIL for
obtaining information through letters and emails dated January 30,
2023 and March 13, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has combined the financial and business risk
profiles of Gajanan Industries Limited (GIL), Gajanan Oil Pvt Ltd
(GOPL), Gajanan Solvex Ltd (GSL), GGIL, and Nirvedh Oil and Agro
Products Pvt Ltd (NOAL) since they have a common management, are
present in same line of activity, and have operational synergies.
They are referred to as the Gajanan group.

                          About the Group

GOPL is a part of the Gajanan group and is promoted by Mr Nitin
Jadhav and his family. The company extracts soya and wash cotton
seed oil, and refines soya, cotton and palm oils. GOPL was
incorporated in December 2015 to undertake expansion of the brown
field project acquired from Bhaskar Foods Pvt Ltd of the Dainik
Bhaskar group.

GSL is a closely held public-limited company set up in 2010. It
extracts oil from cotton seeds and soya and also sells the
by-products, husk, DOC and lint to varied industries. The company
has its plant in Buldhana.

GIL is a closely held public-limited company set up in 2007. It
refines cotton and soya oil into edible oil in its facility in
Buldhana.

NOAL is a traditional oil mill that manufactures edible oil.

GGIL is a partnership concern incorporated in 2014 that extracts
oil from soya seed and sells by-product, DOC, to varied industries.
GGIL has its plant at Hingoli.


GARV UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Garv Udyog
(GU) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.25        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      6.5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             3.75        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

GU is a partnership firm, manufacturing copper wires, which are
used in electrical products. The firm's manufacturing facility is
located in Shiv Ganga Industrial Estate, Haridwar. Its operations
are managed by current partners Mr Mukesh Dhawan and Mr Sumit
Magan.


GO FIRST: Cancels Flights Until May 12
--------------------------------------
Reuters reports that Indian airline Go First said on May 5 it is
cancelling its flights until May 12, days after the cash-strapped
company filed for bankruptcy.

Earlier on May 2, the airline blamed "faulty" Pratt & Whitney GTF
engines for the grounding of about half its fleet leading to the
bankruptcy filing, Reuters says.

The owner of Go Airlines has no plans to exit the budget carrier,
the airline's CEO told Reuters on May 3.

Go First had abruptly cancelled its flights since the bankruptcy
filing, earlier cancelling flights scheduled from May 3 to May 5,
before announcing on May 4 that flights had been suspended until
May 9, according to Reuters.

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group

As reported the Troubled Company Reporter-Asia Pacific on May 3,
2023, Go First filed an application for voluntary insolvency
resolution proceedings before National Company Law Tribunal (NCLT)
on May 2.  

The company said the filing with the NCLT 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.


GO FIRST: NCLT to Hear Two Insolvency Petitions Today, May 8
------------------------------------------------------------
The Indian Express reports that as Go First awaits the National
Company Law Tribunal (NCLT) ruling on its voluntary insolvency
resolution plea, the tribunal is set to hear today, May 8, two
petitions seeking insolvency proceedings against the crisis-hit
airline.

Meanwhile, Go First has cancelled all its flights till May 12,
extending the suspension of operations by another three days. On
May 2, the airline had announced cancellation of all flights for
three days (May 3-5). Then on May 4, it cancelled all its flight
till May 9. The Wadia group airline is also not taking new bookings
till May 15.

Indian Express relates that the embattled airline said that it was
cancelling the flights due to operational reasons, adding that a
full refund will be issued to the affected passengers. On May 4,
the Directorate General of Civil Aviation had directed Go First to
ensure that refunds to flyers are processed on time.

With liabilities of INR11,463 crore and a financial crunch, the
Wadia group-owned airline has sought voluntary insolvency
resolution proceedings as well as an interim moratorium on
financial obligations.

After hearing the plea on May 4, the NCLT reserved its order, the
report notes. The tribunal is set to hear two insolvency petitions
filed against the airline on May 8, according to lawyers.

Indian Express relates that the petition filed by SS Associates
Services Pvt Ltd, which was providing transport services to the
carrier, is with respect to a claim of around INR3 crore. A pilot
has also filed a petition claiming dues for his services provided
to the airline. The amount involved is more than INR1 crore. The
two petitions are scheduled to be heard by the Principal Bench of
the NCLT, the report notes.

Go First, in its petition filed before the tribunal on May 2,
sought directions to restrain aircraft lessors from taking any
recovery action as well as restrain the aviation watchdog and
suppliers of essential goods and services from initiating adverse
actions.

Another request is that the DGCA, Airports Authority of India and
private airport operators should not cancel any departure and
parking slots allotted to the company, the report adds.

                           About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group

As reported the Troubled Company Reporter-Asia Pacific on May 3,
2023, Go First filed an application for voluntary insolvency
resolution proceedings before National Company Law Tribunal (NCLT)
on May 2.  

The company said the filing with the NCLT 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.


HPCL-MITTAL ENERGY: Fitch Alters Outlook on BB LongTerm IDR to Pos.
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on India-based HPCL-Mittal
Energy Limited's (HMEL) Long-Term Issuer Default Rating (IDR) to
Positive from Stable and affirmed the IDR at 'BB'. The agency has
also affirmed the ratings on the USD375 million 5.25% senior
unsecured notes due 2027 and USD300 million 5.45% senior unsecured
notes due 2026 at 'BB-'.

The Outlook revision reflects its expectations of improvement in
HMEL's financial profile above its positive rating sensitivities
over the financial years ending March 2023 (FY23) to FY27. HMEL's
falling capex intensity after the completion of a petrochemical
project and the incremental cash flows from the gradual ramp-up of
the project's commercial operations will drive the improvement of
its credit profile.

HMEL's IDR benefits from a two-notch uplift from its 'b+'
Standalone Credit Profile (SCP), based on its assessment that its
parent, Hindustan Petroleum Corporation Limited (HPCL,
BBB-/Stable,) has 'Medium' incentive to support HMEL, in line with
Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria.

KEY RATING DRIVERS

Lower Leverage: Fitch expects HMEL's EBITDA net leverage to rise in
FY24 to around 5x, still close to its positive rating sensitivity,
but improve sustainably to 4.5x and below over FY25-FY27, supported
by earnings from its new petrochemical plant and falling capex
intensity. Fitch estimates EBITDA net leverage fell below 4x in
FY23 on record-high gross refining margins (GRMs) amid favourable
refining industry conditions and moderately lower average crude
costs compared with global peers.

Refining Margins to Moderate: Fitch expects HMEL's GRM to moderate
in FY24 from the record high in FY23, but remain above mid-cycle
levels. Transportation fuel spreads will narrow in FY24 amid slower
global economic growth and normalisation of product inventory
levels. However, spreads should remain above mid-cycle levels amid
tight supply after the EU's ban on Russian transportation fuel
imports from February 2023 and increased demand after China's
reopening. Fitch expects margins to return to mid-cycle levels from
FY25 as industry conditions normalise.

Gradual Petrochemical Ramp-Up: HMEL's new petrochemical project was
mechanically completed in April 2022, but commissioning has been
slower than Fitch expected. The company said the petrochemical
plant, except the swing unit, has been commissioned as of end-March
2023. Fitch expects the plant to gradually ramp up in 2HFY24. The
complex's integrated nature will lead to flexibility on feedstock,
use of by-product streams and the product slate, resulting in
higher margins than standalone refiners or petrochemical producers
over the medium term.

Fitch expects petrochemical EBITDA of around USD50 million in FY24
and USD310 million in FY25 while HMEL expects faster plant
stabilisation with USD100 million in EBITDA in FY24 and over USD500
million in FY25. The estimates also reflect its view that
petrochemical product spreads in Asia will remain under pressure in
FY24 due to increasing capacity and risks to global economic
growth, even as softer feedstock prices and the easing of pandemic
restrictions in China mitigate further downside.

Linkages with Parent: The two-notch uplift from HMEL's SCP reflects
its view that HPCL has medium operational and strategic incentives
to support HMEL, if it is in distress. HMEL represents over 26% of
HPCL's refining capacity. It is the sole refinery catering to
HPCL's product needs in the north Indian market, reducing the gap
between HPCL's marketing and refining volumes, with the two having
a take-or-pay off-take agreement for all of HMEL's liquid products,
except naphtha. HMEL will also add to the parent's diversification
in petrochemicals from FY24.

Improvement in HMEL's SCP will result in an upgrade of its IDR to
'BB+', as it will still benefit from the two-notch uplift, although
the IDR will be capped at a notch below HPCL's IDR, in line with
its PSL criteria.

Strong Asset Quality; Single Refinery: HMEL's strong asset quality
is driven by its refinery's Nelson complexity index of 12.6, one of
the highest in APAC. This excludes the integration benefits from
the new petrochemical plant. Its high complexity allows for the
processing of heavy crude oil and optimisation of the product
slate, reflected in HMEL's higher GRMs than regional benchmarks.
This is counterbalanced by the single refinery's greater cash flow
volatility from the cyclical nature of the international refining
industry than refiners with several plants.

Bond Ratings Notched Down: Fitch has rated HMEL's USD300 million
5.45% senior unsecured bonds due 2026 and USD375 million 5.25%
senior unsecured notes due 2027 one notch below its IDR due to a
high proportion of secured debt - around 71% - in its capital
structure. Fitch expects secured debt/EBITDA to stay above 3x over
FY23-FY24, as borrowing for the petrochemical expansion is mostly
on a secured basis although a sustained improvement in capital
structure with lower prior-ranking debt can result in the bonds
being rated at the same level as IDR.

DERIVATION SUMMARY

PT Saka Energi Indonesia (B+/ Stable) is similar to HMEL as its IDR
also benefits from a two-notch uplift from its SCP of 'b-' on
parent PT Perusahaan Gas Negara Tbk's (PGN, BBB-/Stable) 'Medium'
incentive to support the company, driven by 'Medium' legal
incentive due to the presence of a cross-default provision between
PGN and Saka, and 'Medium' operational incentive, with the parent
having control over Saka's board and management appointments.

HMEL's SCP of 'b+' is two notches lower than that of HPCL,
reflecting HPCL's much larger scale as one of India's biggest
fuel-marketing companies, with around 11% of India's refining
capacity and 24% market share in fuel retail outlets, and the two
entities' similar financial profiles in the near term.

KEY ASSUMPTIONS

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

- Brent crude oil prices of USD80 a barrel in FY24, USD62 in FY25
and USD53 from FY26

- GRMs of around USD15 per barrel in FY24 and USD12 thereafter.

- Refinery utilisation rate of around 110% over the rating horizon
to FY26, except for the 98% in FY25 on a planned maintenance
shutdown.

- Capex of INR 20 billion-25 billion over FY24-FY26, with spending
on the petrochemical project largely completed.

- Dividend payout ratio of 40% over FY24-FY26.

RATING SENSITIVITIES

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

- Decrease in HMEL's net EBITDA leverage to below 5.0x on a
sustained basis, leading to an upward revision of its SCP and
upgrade of its IDR.

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

- A negative rating action is unlikely as the Outlook is Positive,
unless the linkages between HPCL and HMEL weaken. The Outlook may
be revised to Stable if the positive sensitivity is not met.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: HMEL had a cash balance of around INR35
billion, petrochemical capex- related undrawn committed facilities
of INR33 billion, and undrawn working-capital facilities of INR10
billion at end-March 2023. This is against INR65 billion of debt
maturities in FY24, including INR27 billion in factoring
arrangements and supplier's credit. In addition, HMEL has good
access to the domestic debt market, where it has strong
relationships with Indian banks, and the offshore market, where it
raised US dollar bonds in 2017 and 2019.

ISSUER PROFILE

HMEL, a joint venture between HPCL and Mittal Energy Investment Pte
Ltd, operates a highly complex refinery with capacity of 11.3
million tonnes (mt) per year in northern India, where it is
currently commissioning an integrated petrochemical plant with
capacity of around 2mt per year.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

HMEL's rating incorporates a two-notch uplift from its SCP,
reflecting its view that its parent HPCL has medium operational and
strategic incentives to support it.

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
   -----------           ------         -----
HPCL-Mittal
Energy Limited     LT IDR BB  Affirmed    BB

   senior
   unsecured       LT     BB- Affirmed    BB-


INDURE PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Indure
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        250.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term      1,400.00      [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, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

IPL is a part of the Desein-Indure Group of Companies and was
promoted by late Mr. O. P. Gupta in 1970. Since its establishment,
IPL has been associated with installation of over 230 ash handling
plants catering to a total generating capacity of more than 70,000
MW. Over years Indure has also established its presence in
international market by executing turnkey contracts in Australia,
Vietnam, Indonesia and Malaysia. Since 2002, the company has been
involved in EPC contracting for complete power plants and balance
of plant packages by entering in consortium bidding/execution of
EPC with focus on Balance of plant (BoP) and where in BHEL/Tata
projects did BTG activities and Reliance Energy undertook Civil
part. IPL's business activities can be broadly classified into 5
areas of operation.


JP DISTILLERIES: Ind-Ra Assigns BB Bank Loan Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has rated J.P. Distilleries
(JPDPL) bank facilities as follows:

-- INR255 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating.

Key Rating Drivers

The ratings reflect JPDPL's small scale of operations as indicated
by revenue of INR1,524.39 million in FY22 (FY21: INR1,453.05
million). In FY22, the revenue grew due to a recovery in operations
post COVID-19. Till 10MFY23, JPDPL booked revenue of INR1,270
million. Ind-Ra and management expects the revenue to have declined
in FY23 due to expiry of a contract with a client. However, the
company has signed new contracts with new clients, for which the
supply will commence from July 2023. This will lead to a growth in
revenue in FY24.

The ratings also factor in JPDPL's modest EBITDA margin of 3.99% in
FY22 (FY21: 6.36%) with a return on capital employed of 4.6%
(8.5%). In FY22, the EBITDA margin declined due to an increase in
cost of raw materials. In FY23, management expects the EBITDA
margin to have declined further due to fluctuations in raw material
prices.

The ratings also reflect JPDPL's modest credit metrics as indicated
by interest coverage (operating EBITDA/gross interest expenses) of
1.94x in FY22 (FY21: 2.38x) and net leverage (total adjusted net
debt/operating EBITDAR) of 6.18x (3.77x). The deterioration in
credit metrics was due to a decline in the absolute EBITDA to
INR89.69 million (INR121.27 million).  However, Ind-Ra expects the
credit metrics to have improved in FY23 due to full repayment of
long-term loans.

Liquidity Indicator - Stretched: JPDPL's average maximum
utilization of the fund-based limits was 61.82% during the last 12
months ended December 2023 and is likely to have remained at
similar levels during March 2023. The cash flow from operations
plunged to INR0.27 million in FY22 (FY21: INR167.64 million) due to
the decline in operating EBITDA. This, coupled with capex of
INR3.97 million in FY22 (FY21: INR13.70 million) caused the free
cash flow to turn negative to INR42.68 million (INR154.96 million).
The elongated net working capital cycle stood at 108 days in FY22
(FY21: 107 days). The cash and cash equivalents stood at INR60.83
million at FYE22 (FYE21: INR92.42 million). Furthermore, JPDPL does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

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

Rating Sensitivities

Positive: A significant increase in the scale of operations,
leading to an improvement in the profitability and liquidity
position, while maintaining the credit metrics, all on a sustained
basis, will be positive for the ratings.

Negative: Any decline in the scale of operations leading to
deterioration in the credit metrics and/or deterioration of the
liquidity position, all on a sustained basis, will be negative for
the ratings.

Company Profile

Incorporated in 1992, JPDPL is engaged in the blending and bottling
of Indian liquor and has five bottling plants, of which two are in
Bengaluru, and one each in Tumkur, Dharwad and Hyderabad. The
promoters are JP Sudhakar, JP Puttaswamiah and JP Devika and
Jaideep is the managing director. JPDPL produces four variants
under the brand names Raja and Highway – whisky, gin, rum,
brandy.


JPC INFRA: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has retained the Long-Term rating of JPC Infra 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–        20.80       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         0.20       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Incorporated in 2006, JPC owns a commercial property in Sector 63
Noida (~20 km from Central Delhi) with a total leasable area of
~12,000 sq. mt. out of which, currently ~8,600 sq ft has been
leased to a group company, Standard Type Foundry Pvt Ltd (STF),
which operates a Toyota service centre under the name 'Uttam
Toyota' in the building. The ongoing lease agreement was signed in
October 2011 for seven years with a lock-in period for the entire
tenure. Escalation of 18.75% in the rental is applicable every
alternate year.


KANCHAN MOTORS: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
ICRA has retained the rating for the bank facilities of Kanchan
Motors in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term–       10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Established in 2002, Kanchan Motors is a proprietorship firm
engaged dealership of Light Commercial Vehicles (LCV) and Passenger
Vehicles (PV) of Tata Motors Limited (TML) in Nashik, Maharashtra.
The firm enjoys exclusive dealership for the TML's LCVs in Nashik
though faces competition from other TML dealers for the PV segment
in the region. Additionally, the firm also provides auxiliary
services like sale of spare parts, accessories, insurance services,
workshop and financing of vehicles among others. The firm is
headquartered in Nashik city. The firm has an outlet in Aurangabad
which has 3S (sales, spare and services) facility while other are
either 1S or 2S outlets. Also, promoters of the group operate an
IOCL petrol pump in Nashik.


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

The instrument-wise rating actions are:

-- INR22.31 mil. Non-convertible debentures INE918Z07019 issued
     on July 2018 coupon rate 15% due on March 31, 2023 migrated
     to non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR1.210 bil. Fund-based working capital limits migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

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

-- INR103.09 mil. Term loans due on Mar-2022 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING. The ratings were last reviewed on
September 30, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

The ratings had been placed on Rating Watch with Positive
Implications impending the successful completion of the initial
public offering (IPO) in November 2022, for which it had filed a
draft red herring prospectus in April 2022. While the IPO has been
completed successfully, the company has not provided the complete
information required to review the ratings. Therefore, Ind-Ra is
unable to resolve the Rating Watch with Positive Implications.
Hence, the agency has migrated the ratings  to the non-cooperating
category.

Company Profile

Established in 1988, KTIL started operations in 2008. It
manufactures printed circuit boards, and other electronic
assemblies, having application in aerospace, defense, railways,
automotive, information technology, peripheral, industrial and
medical electronics.



KIMIYA ENGINEERS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Kimiya Engineers 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–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term         30.00       [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, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Kimiya Associates (KA) was established as a proprietary firm by Mr.
Anurag Verma in 2003, for project management, design, fabrication
and construction for architectural space frames and pre-engineered
buildings. KA was acquired by Kimiya Engineers Private Limited
(KEPL) on October 15, 2010 along with all the assets and
liabilities by issuing equity shares to Mr. Anurag Verma.
Currently, KEPL is involved in turnkey civil construction projects
for various public and private bodies.


KN HIGHWAYS: Ind-Ra Assigns BB+ Term Loan Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has rated KN Highways
Development's (KNHDPL) term loan as follows:

-- INR2.360 mil. Term loan due on December 2028* assigned with
     IND BB+/Stable rating.

*Tentative; will be confirmed upon achievement of commercial
operations date (COD)

Ind-Ra has taken a standalone view of KNHDPL to arrive at the
rating because of the restricted payment conditions and waterfall
arrangements, as per the financing documents. Any contribution by
the sponsor, DRN Infrastructure Private Limited (DRN; 'IND
BBB+'/Stable), in the form of unsecured loans will be subordinated
to the senior debt and any interest/principal payable on the same
from the project cash flows will be made only after the compliance
of restricted payment conditions.

The rating reflects residual equity infusion risk and construction
risk amid the moderation in credit profile of DRN. However, the
rating is supported by a reasonable experience of the
sponsor-cum-engineering, procurement and construction (EPC)
contractor in the road sector. The rating also factors in the
presence of a sponsor-support undertaking during the construction
period, strong characteristics of hybrid annuity mode (HAM)-based
road projects, such as at least 80% of the right-of-way to the
project stretch by the time of appointed date, and construction
grant and annuity payments to be received from the Karnataka State
Highways Improvement Project (KSHIP).

Key Rating Drivers

Equity Infusion Risk and Residual Construction Risk: The physical
progress of the project was 64% as of January 31, 2023. The project
faced non-availability of land and COVID-19 pandemic-related
issues, for which the authority extended the construction period
and revised the scheduled commercial operations date (SCOD) to May
31, 2023. However, the project is behind the revised schedule due
to non-availability of land, thus, the company has requested for a
further extension of timeline. As per the minutes of the meeting
among the lender, concessionaire and the authority, the authority
has agreed to consider the extension of timeline and committed to
provide the remaining land (17% yet to be handed over) by June 30,
2023. While the management has indicated that the land is available
for the fourth milestone, the remaining project progress
necessarily requires infusion of the remainder equity and the
subsequent disbursement of debt from the lenders, along with land
availability. Of the total equity commitment of INR1,991 million,
the sponsor has infused INR1,404 million and plans to infuse the
remaining equity in 1QFY24. However, the infusion of remaining
equity is critical since it is one of the pre-disbursement
conditions for further progress, given the moderation in the credit
profile of the sponsor.

Moderation in Sponsor's Credit Profile and Liquidity: DRN has an
experience in EPC-based projects in roads, bridges and irrigation
segments. The revenue declined to INR4,448 million in 9MFY23 (FY22:
INR10,280 million, FY21: INR7,454 million) and EBITDA to INR780
million (INR1,515 million, INR1,119 million) due to a slow progress
in HAM projects. Unsecured loans from a group company and unsecured
short-term borrowings over and above the working capital limits
were availed during FY23 for meeting the equity commitment and
working capital requirement, leading to a higher leverage (gross
debt/EBITDA) of 7.6x in 9MFY23 (FY22: 3.2x, FY21: 3.9x). The
sponsor has a stretched liquidity with fully utilized working
capital limits and interest burden on external debt. The order book
is largely concentrated in nature with two HAM projects and one
sewage treatment plant. As of December 31, 2022, DRN had a total
outstanding unexecuted order book of INR30,329 million.

Liquidity Indicator – Stretched: The project receives
construction grant payments from KSHIP. Furthermore, the presence
of a fixed-price EPC contract with the sponsor minimizes cost
overrun risk. The sponsor's ability to infuse the remaining equity
and execute the project in a timely manner remains critical. The
first six months' interest, and operations and maintenance (O&M)
costs are part of the project cost to manage liquidity needs until
the receipt of first annuity. The principal repayment commences
seven months after the commercial operations date (COD), providing
a cushion of one month between the receipt of annuity payment and
loan repayment. The project's average debt service coverage ratio
is 1.2x as per Ind-Ra's base case.

Moderate Debt Structure: The rated term debt features a waterfall
mechanism and any upstreaming of cash flow will be subject to the
meeting of restricted payment conditions. It also features a debt
service reserve (DSR) equivalent to six months of debt service
obligations and a major maintenance reserve as per the base case
business plan. The DSR is part of the project and is to be created
at the time of COD. The debt is amortizing in nature, with 12
structured half-yearly instalments post the COD, leaving a tail
period of two annuities.

Sponsor Support Undertaking: Ind-Ra has factored in the
comprehensive undertakings extended by the sponsor. The sponsor
undertaking includes an arrangement of funds to meet any cost
overrun, any delay or cuts in payments from the authority,
shortfalls in O&M and major maintenance costs and gaps in
outstanding debt obligations in case of termination of the
concession agreement. Furthermore, the sponsor has undertaken to
create a DSR before the COD and fund the shortfall, if any, as well
as fund any shortfall in debt servicing.

Low Revenue Risk: The rating reflects the pre-agreed 14 semi-annual
annuities to be received from KSHIP. KNHDPL will receive revenue
from three streams post the achievement of the SCOD, which are i)
Price Index Multiple (PIM)-adjusted completion cost less
construction grants paid during the construction period spread over
seven years in bi-annual instalments post the SCOD; ii) interest on
balance annuity payments on a reducing balance basis at bank rate
plus 3%; and iii) O&M payments defined at 1.5% of completion cost.
The PIM will be used to ascertain the annuity and O&M payments. The
PIM comprises of 70% Wholesale Price Index and 30% Consumer Price
Index.

Rating Sensitivities

Positive: A significant project progress within the budgeted cost
and/or an improvement in the credit profile of the sponsor could
lead to a positive rating action.

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

- any delay in project progress beyond three months from the
expected timelines,
- any delay in equity injection,
- an absence of sponsor support for any funding requirement,
- deterioration in the credit profile of the sponsor/authority.

Company Profile

KNHDPL, a special purpose vehicle owned by DRN, has been granted a
nine-year concession period (including two years' construction
period) by KSHIP. The project involves the widening and improvement
of roads of Package 1 including two lanning of Kollegal to Hannur
(SH-79), two lanning - Chintamani to Andhra Pradesh border  (state
highways -82) and 1C) four lanning of Nice Road Bengaluru to Magadi
and two lanning of Magadi to National Highway-75 (state
highways-85). The concession agreement was signed in February 2019
and the bid project cost was INR10,620 million.


KNND ASSOCIATES: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained KNND Associates
Private Limited's Long-Term Issuer Rating in the non-cooperating
category and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits* maintained in non-cooperating
     category and withdrawn; and

-- INR90 mil. Non-fund-based limits# maintained in non-
     cooperating category and withdrawn.

*Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn
# Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY19, FY20, FY21
and FY22, sanctioned bank facilities and utilization levels,
business plan and projections for next three years, information on
corporate governance, and management certificate.  

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

Company Profile

Established in 1996, KNND provides heating, ventilation, and air
conditioning installations. Its services include product designing,
installation and maintenance for a wide range of market segments
such as software technology parks, data centers, and commercial
complexes, housing colonies, banks, corporate offices, hospitals,
hotels, factories, wholesale stores and retail stores.


L&T CHENNAI: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-Term rating of L&T Chennai Tada Tollway
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        475.0       [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, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

L&T Chennai-Tada Tollway Private Limited (L&T-CTTPL) is an SPV
incorporated in March 2008 for implementing the ChennaiTada Toll
road project. L&T-CTTPL was a 100% subsidiary of L&T – Transco
Private Limited, (in turn a 100% subsidiary of Larsen and Toubro
Ltd). The project scope includes widening the 43.4 km (from Km
11.00 to Km 54.40) long four-lane highway on NH 5 from Chennai to
Tada in Tamil Nadu to six-lane. The project is a part of Golden
Quadrilateral project, under National Highway Development Programme
(NHDP) Phase V, which involved six-laning of selected high density
corridors of national highways. The route is a part of NH-5
corridor that connects Chennai and Kolkata. The project was awarded
by NHAI on Design Build Finance Operate (DBFO) basis with a
concession period of 15 years commencing from April 2009. The
scheduled commercial operation date of the project was October
2011; however, the project execution was significantly delayed
owing to problems in land acquisitions (which is under the scope of
NHAI). The overall project cost stands at Rs 903 crore. L&T CTTL
terminated the concession in June 2015 citing the breach of the
land acquisition clause as per the Concession Agreement and a
default ensued as the toll collections were insufficient relative
to the debt repayment obligations.


LAKSHMI STEEL: Ind-Ra Cuts Long Term Issuer Rating to BB
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Lakshmi
Steel Suppliers' Long-Term Issuer Rating to 'IND BB (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.

The detailed rating action is:

-- INR1.250 bil. Fund-based working capital limit downgraded with
     IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best available information.

Key Rating Drivers

The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
noncooperative for more than six months with Ind-Ra, then Ind-Ra
will necessarily downgrade such rating to the non-investment grade,
while maintaining the Issuer Not Cooperating status.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect Shri Lakshmi Steel Supplier's credit strength as
the company has been non-cooperative with the agency since October
31, 2022. Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

Company Profile

Shri Lakshmi Steel Suppliers was established in 1986 as a
proprietorship firm by Vinod Singhal and was converted into a
partnership firm in FY20. It is engaged in the trading of steel
products, namely HR pipes and sheets, thermo-mechanically treated
bars, mild steel and galvanized iron pipes and structural steel
products. The firm's registered office is in Bangalore and it has
branches across south India, in Bangalore, Hubli, Hospet and
Mangalore in Karnataka, Salem, Madurai, Ranipet in Tamil Nadu,
Hindupur in Andhra Pradesh and Calicut in Kerala.


LUCKNOW SITAPUR: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term rating of Lucknow Sitapur
Expressways Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        142.00      [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, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

LSEL, promoted and 99.64% owned by DSC Limited (DSC), is a Special
Purpose Vehicle (SPV) promoted for undertaking a Build, Operate and
Transfer (BOT) road project involving four laning of Lucknow –
Sitapur section (from Km 488.270 to Km 413.200) of National Highway
24 (NH-24). The project was awarded by National Highway Authority
of India (NHAI) to a consortium led by DSC. The Concession
Agreement (CA), between LSEL and NHAI was executed on December 23,
2005. The project achieved provisional completion certificate in
October 2011 and final completion in August 2012 against scheduled
COD (commercial operation date) of May 2009. The company had
capitalized INR490 crore as project cost. The project road starts
at Sitapur near Sitapur intersection in the Sitapur district (Uttar
Pradesh) and ends at Lucknow and involved total length of ~76 km.


MARYMATHA INFRASTRUCTURE: Ind-Ra Hikes LT Issuer Rating to BB+
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Marymatha
Infrastructure Private Limited's (MIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB- (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR475.3 mil. (reduced from INR515 mil.) Fund-based working
     capital limit Long-term rating upgraded; short-term rating
     affirmed with IND BB+ Stable /IND A4+ rating;

-- INR1477.1 mil. (increased from INR1476.1 mil.) Non-fund-based
     working capital limit affirmed with IND A4+ rating; and

-- INR5 mil. Proposed fund-based working capital limit is
     withdrawn*.

*the company did not proceed with the instrument as envisaged

The upgrade reflects an improvement in MIPL's liquidity.

Key Rating Drivers

Liquidity Indicator - Stretched: The MIPL's average maximum
utilization of the fund-based limits and the non-fund-based
utilization was 88.35% and 84.44%, respectively, during the 12
months ended February 2023. There had been no instances of
overutilization in its fund-based facilities since July 2022 and
had only two instances of overutilization up to one day each
(previously: three instances over five days) during the 12 months
ended February 2023. The net working capital cycle remained
elongated, although improved, to 241 days in FY22 (FY21: 259 days),
due to a decrease in the inventory holding period to 135 days (204
days) and an increase in the debtor days to 234 days (186 days).
The unencumbered cash and cash equivalents stood at INR5.1 million
at FYE22 (FYE21: INR10.28 million). Furthermore, the company does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The cash
flow from operations turned negative INR82.05 million in FY22
(FY21: INR194.03 million), due to an increase in the working
capital requirement with an improvement in the scale of operations.
The company had scheduled debt repayments of INR91.1 million in
FY23 and has INR96.6 million in FY24.

MIPL has a medium scale of operations, with its revenue improving
to INR2,009 million in FY22 (FY21: INR1,504.96 million), due to the
normalization of its operations post-COVID-19, leading to the
timely execution of work orders. In FY23, MIPL booked revenue of
INR2,020 million and the company had an outstanding order book of
INR6,764 million (3.36x of FY22 revenue) as of March 2023, to be
executed over FY24-FY26. Its FY23 numbers are provisional in
nature. Ind-Ra expects the revenue to improve in FY24, based on its
strong order book and projects, which are scheduled to be completed
during the year.

The ratings reflect the company's moderate credit metrics, with the
gross interest coverage (operating EBITDA/gross interest expense)
rising to 2.59x in FY22 (FY21: 2.55x) and the net leverage (total
adjusted net debt/operating EBITDA) increasing to 3.66x (FY21:
3.22x), due to an increase in the absolute EBITDA to INR292.38
million (INR230.42 million). Ind-Ra expects the credit metrics to
have further improved in FY23, due to the increase in absolute
EBITDA and the scheduled debt repayments. The company incurred a
capex of around INR100 million in FY23 for purchasing vehicles and
machinery, especially for the road construction. The company also
plans to incur a capex of INR50 million-60 million in FY24.

MIPL has healthy EBITDA margins of 14.5% in FY22 (FY21: 15.31%)
with a return on capital employed of 15.5% (13.1%). The EBITDA
margins had declined in FY22 because of higher subcontracting
especially for the road construction. The agency expects the
margins to have improved slightly in FY23, due to lower
subcontracting and higher direct execution.

The ratings are supported by the promoter's more than three decades
of experience in the civil construction works, leading to
established relationships with customers and suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to a
deterioration in liquidity and the credit metrics, with the net
leverage exceeding 5x, on a sustained basis, would lead to a
negative rating action.  

Positive: An improvement in the scale of operations, leading to an
improvement in the liquidity position with shortening of the
working capital cycle while maintaining the credit metrics, on a
sustained basis, would lead to a positive rating action.

Company Profile

Incorporated in July 2019, MIPL engages in civil construction work
of roads, buildings, bridges, canals, sewage treatment plants,
metro rail, among others. Its registered office is in Kerala.


MUTHOOT FINANCE: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Muthoot Finance Limited's
long-term corporate family rating at Ba2. The rating outlook
remains stable.

RATINGS RATIONALE

The rating affirmation and stable outlook reflect Moody's
expectation that Muthoot's financial performance will remain stable
over the next 12 – 18 months, supported by its leading franchise
and track record of providing loans against gold jewelry, superior
profitability, and strong capital. Muthoot is funded by
confidence-sensitive market borrowings, but Moody's sees the
associated risks to be mitigated by the short duration and liquid
nature of the company's loan assets as well as its well-established
access to banks and debt market investors in India for funding.

Asset quality at Muthoot remains supported by the collateralized
nature of the company's loan book, the maximum 75% loan-to-value
(LTV) restriction under the central bank's norms, as well as the
company's ability to quickly liquidate the collateral if a borrower
is unable to service the loan. Muthoot's credit costs have been at
a low level of 0.1% - 0.2% since the fiscal year ended March 2019
(fiscal 2019) because of a significant increase in gold prices and
the company's ability to recover non-performing loans (NPL) via
gold auctions, which typically cover the principal amount of the
loan as well as a portion of the accrued interest.

Muthoot has been diversifying into non-gold loan segments since
2017, which include home, vehicle, and micro finance loans. The
asset quality of the company's non-gold loan segments is
susceptible to weaknesses in the operating environment, as evident
from the increase in NPLs during the pandemic years. But Moody's
expects such loans to make up a small portion of Muthoot's loan
book; hence limiting their impact on the company's overall asset
quality.

Muthoot's profitability moderated with an annualized return on
assets of 4.9% in the first nine months of FY2023, compared with
5.6% in the year earlier period as the net interest margin narrowed
because of strong competition. Nevertheless, the company is the
most profitable among Indian banks and non-bank finance companies
Moody's rates, and its profitability is a key credit strength. Its
superior profitability supports internal capitalization, as
reflected by its strong Tier 1 ratio of 32.4% as of the end of
December 2022.

Muthoot's funding also remains steady as the secured and highly
liquid nature of its loans enables it to obtain funding from banks
and debt investors. Over the past year, the company has diversified
its funding sources to more stable, long-term funding sources,
which is a credit positive.

At the same time, Moody's raised the operating environment score of
gold financiers in India to Ba2 from Ba3. The Ba2 score considers
the competitive positioning of large finance companies in the
industry, the liquid and transparent nature of the collateral, the
long operating track record and expertise of key companies, as well
as the industry's stable financial performance over the years,
including during the pandemic. The Ba2 score also considers the
industry's vulnerability to a sudden and adverse movement in the
underlying gold collateral, although that is mitigated in part by
the central bank's 75% LTV restriction.

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

Moody's could upgrade Muthoot's rating if the company maintains its
dominance in the gold financing industry amid the current strong
competition from new entrants. The rating could also be upgraded if
the company, on a sustainable basis, holds liquid assets amounting
to more than 15% of its total assets, while keeping solvency
factors at current levels.

Moody's will downgrade Muthoot's rating if the company's asset
quality deteriorates, such that credit costs increase beyond 3% of
loans and/or liquidity deteriorates such that there are meaningful
mismatches in the maturity profile of assets and liabilities.

The principal methodology used in this rating was Finance Companies
Methodology published in November 2019.

Muthoot Finance Limited (Muthoot), headquartered in Kochi, reported
total assets of INR725 billion as of December 31, 2022.

NUTRIFRESH FARM: Ind-Ra Assigns BB Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Nutrifresh Farm Tech
India Private Limited's (NFFTIPL) bank loan facilities  as
follows:

-- INR33.50 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR 186.50 mil. Term loans due on March 2028 assigned with IND

     BB/Stable rating.

Key Rating Drivers

The ratings reflect NFFTIPL's lack  of long operational track
record as the company started operations only in 2021. Moreover,
the scale of operations is small, even as its revenue increased
INR277.47 million in FY22 (FY21: INR83.48 million), mainly on
account of an increase in the demand for pesticides and residue
free vegetables/exotic  fruits and a higher number of orders from
new and existing customers. During 9MFY23, NFTIPL booked a revenue
of INR423 million. Ind-Ra expects the revenue to have improved yoy
in FY23 and to continue to do so FY24  on account of an increase in
the farming area to 33 acres from 10 acres.

The ratings also factor in NFFTIPL's modest EBITDA margins of
10.07% (FY21: 1.17%) with a return on capital employed of 4.90%
(18.7%).  The margin increased in FY22 due to an increase in the
production capacity and better rates in work order and management
strategy to secure orders from new  and existing customers. Till
7MFY23, NFTIPL had booked an EBITDA of INR72 million (EBITDA
margin: around 18%). Ind-Ra expects the EBITDA margin in FY23 to
have remained in line with those of 7MFY23  and to continue to do
so in FY24 on account of no major change in the cost structure of
company.

The ratings reflect NFFTIPL's moderate credit metrics as reflected
in the interest coverage (operating EBITDA/gross interest expenses)
of 3.67x in FY22 (FY21: nil) and net leverage (adjusted net
debt/operating EBITDAR) of 9.14x (6.12x). In FY22, the interest
coverage improved due to an increase  in the absolute EBITDA (FY22:
INR27.95 million; FY21: INR0.98 million) and net leverage declined
due to higher debt levels (INR286.91 million; INR6.44 million).
However, the total debt  includes unsecured loans of INR77.24
million from promoters which are not chargeable to interest. In
FY23, Ind-Ra expects the credit metrics to have improved  due to
revenue growth and scheduled debt repayments; this is likely to
continue in FY24 too.

Liquidity Indicator - Stretched: NFFTIPL's average maximum
utilization of the fund-based limits was 97.42%  during the 12
months ended February 2023. The cash flow from operations were at
negative INR245.67 million in FY22 (FY21: negative INR5.29 million)
due to an increase in the working capital  requirements.
Furthermore, the free cash flow deteriorated to negative INR535.28
million in FY22 (FY21: negative INR4.80 million) on account of a
capital expenditure of INR289.61 million during the year. The
company's net working capital cycle stood at 93 days in FY22 (FY21:
31 days) due to an elongated debtor cycle of 87 days (115 days).
The cash and cash equivalents stood at INR31.58 million at FYE22.
NFFTIPL does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.
NFFTIPL has scheduled repayment obligations of INR 18.10 million
and INR21.74 million in FY24 and FY25

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

Rating Sensitivities

Positive: A significant improvement in the scale of operations
while maintaining the overall credit metrics and an improvement in
liquidity profile, all on a sustained basis, could lead to a
positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and liquidity profile,
all on a sustained basis, could lead to a negative rating action.

Company Profile

NFFTIPL was incorporated in 2019, by promoters Ganesh Sambhaji
Nikam and Sanket Mehta.  The company is engaged in hydroponic
farming of over 42 stock keeping units  of fruits/vegetables/leafy
greens on 33 acres of controlled environment agriculture hydroponic
farms. The company has six units  in Pune, Maharashtra.


OTTATHINGAL INDIA: Ind-Ra Assigns 'B' Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated  Ottathingal India
Private Limited's (OIPL) debt instrument as follows:

-- INR35.2 mil. Proposed fund-based working capital limits
     assigned with IND B/Stable/IND A4 rating;

-- INR65.4 mil. Proposed non-fund-based working capital limits
     assigned with IND A4 rating; and

-- INR279.4 mil. Proposed term loan assigned with IND B/Stable
     rating.

Key Rating Drivers

The ratings reflect the time & cost overrun and funding risks
associated with OIPL's upcoming white cement manufacturing plant
located at SIPCOT, Thirunalveli. OIPL is in initial stages of
constructing the plant. The building structure is only partially
completed. The management has informed the agency that the
commercial operations will commence from 2QFY24. Ind-Ra expects the
scale of operations to remain small over the medium term, owing to
the risks associated with capacity utilization in new cement
projects.

Liquidity Indicator – Poor: Out of the total investment for the
project of INR401 million, INR380 million will be funded through
debt and INR21 million will be contributed by the promoters, which
leads to a high debt-equity ratio of 18:1. OIPL has acquired land
for the project on lease basis for 99 years and has paid advances
for plant and machinery of INR146.45 million and for other
preliminary expenses of INR27.1 million. The agency expects the
remaining capex to be completed by July 2025. In the event of a
delay in the capex completion, the expenses will be funded by the
promoters. However, it could impact the debt service coverage
ratio. OIPL does not have any capital market exposure and relies on
banks and financial institutions to meet its funding requirements.


The rating also factor OIPL's 16 years of operating experience in
the white cement industry as they were trading in white cement in
the name of JBEE Cement and now they are setting up a white cement
manufacturing plant.

Rating Sensitivities

Negative: Any delay in the commencement of operations and achieving
stability in the operating performance, weaker-than-expected credit
metrics could be negative for the ratings.

Positive: The timely commencement of operations and the subsequent
achievement of stable operating profitability will be positive for
the ratings.

Company Profile

Based out of Kerala, OTPL is a partnership firm registered in 1998.
Incorporated in 2018, the company was initially involved in the
marketing of paints in Malappuram and Calicut districts. From 2012,
it has started marketing white ordinary portland cement. The
company is setting up a 300TPD white cement manufacturing unit in
SIPCOT, Thirunalveli.



PIRG SDI 1: Ind-Ra Affirms & Withdraws B+ Rating
------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on PIRG
SDI 1 Trust's (a corporate lease securitization transaction) pass
through certificates at 'Provisional IND B+(SO)' with a Stable
Outlook and has simultaneously withdrawn it.

The detailed rating action is:

-- INR68.8 mil. Series I Pass Through Certificates (PTCs)# coupon

     rate 18.39% is withdrawn.

*As of Provisional Rating

#Affirmed at 'Provisional IND B+(SO)'/Stable before being
withdrawn

The transaction had been originated by Vriksh Advisors Pvt. Ltd.
(Vriksh; originator), which has entered into lease agreements with
four corporate lessees for leasing of furniture, kitchen equipment,
electric vehicles and Lithium-ion batteries for a period of 36
months.

Ind-Ra had assigned a provisional rating to the transaction
previously. The issuer as well as the trustee have confirmed that
the rating has not been utilized at the time of PTC issuance.
Therefore, Ind-Ra is no longer required to maintain the rating, and
has withdrawn the same.

Ind-Ra is not in receipt of any executed transaction documents and
is not required or able to provide final ratings for the
transaction.

Key Rating Drivers

Credit Risk of Obligors: The PTC rating is primarily driven by the
credit risk of the obligors, as the PTC was likely to be serviced
from the cash flows arising from the lease payments from the
obligors to the originator. The pool consists of lease receivables
from four corporate obligors who have a concentration of 35.1%,
34.2%, 17.9% and 12.8% in the pool and hence, any deterioration in
the credit profile of a single obligor can have a significant
effect on the transaction.

Availability of CE: The transaction benefits from a first loss
credit facility (FLCF) amounting to 8.32% of the initial principal
outstanding as well as a second loss credit facility (SLCF) of 10%
of the initial principal outstanding. The FLCF and SLCF were
proposed to be in the form of unconditional and irrevocable bank
guarantees from Yes Bank provided against cash deposits and
provided for the total tenor of 36 months. The CE is to be utilized
for the payment of any interest or principal shortfalls on any
payout date. In addition, CE, once utilized is not to be
replenished from residual cash flows. However, the excess amounts
recovered in any period will be held in trust in the escrow account
by the originator and will be utilized to meet any shortfalls in
the subsequent periods, as and when required.

Transaction Structure & Payment Mechanism: The originator has
entered into lease agreements with the four obligors mentioned
above for a period of 36 months. The originator had proposed to
assign corresponding lease receivables (including associated
rights, benefits and interests) to PIRG SDI 1 Trust, which would
issue securitized debt instruments, proposed to be rated herein.
All lease payments are to be made by the lessees at least fifteen
days prior to investor payout date, into an escrow account and any
payments from this account cannot be made without the consent of
the trustee. In case of a shortfall, the CE in the form of
guarantee is to be invoked ten days prior to payout date. The total
payout would be transferred into a collections and payout account
in the name of the trustee two days before the payout date.

Leasing Expertise: Vriksh has limited experience in leasing.
However, the transaction benefits from an arrangement between
Vriksh and Grip Invest Advisors Pvt. Ltd. (GIAPL), which is
experienced in managing corporate leases. Nikhil Aggarwal is a
common director and a significant minority shareholder in both
GIAPL and Vriksh.

GIAPL is a platform enabling corporate leases with expertise in
assets such as electric vehicles, kitchen equipment and electric
vehicle batteries. It has been appointed as the designated agent to
carry out certain functions of the servicer. GIAPL collects monthly
financial and business information on the lessees so as to be able
to forecast any business-related concerns that might impact the
lessee's ability to fulfil the lease obligation. On perceiving a
reasonable likelihood of default or in the case of an actual
default, GIAPL will take steps to understand the problem and
terminate the contract if required. GIAPL will attempt to repossess
the leased assets and will endeavor to lease them out to other such
entities and transfer the consequent cash flows to the trust. Each
of the lessees in the transaction have pre-existing lease
partnerships with GIAPL and the lease agreements applicable to the
transaction are similar to the lessees' agreements with GIAPL.

Payment Continuity Assessment: In case of a default by the top
obligor, the CE would be sufficient to cover the interest and
principal shortfall for the first 17 months. In case of zero
collections, the CE would be sufficient to cover the total interest
and principal payments for the first five months. Subject to the
approval of the trustee and the PTC investors, such a liquidity
buffer can be utilized by the servicer to repossess assets and
undertake new lease arrangements, the cash flows for which can be
transferred to the trust for the benefit of the investors.

Liquidity Indicator - Adequate: The expected cash flows from the
lessees, along with the external CE, provides a liquidity coverage
ratio of 1.5x-3.0x of the promised payout.

Company Profile

Vriksh is engaged in the consultancy business. It has also entered
into the business of acquiring and dealing in the unguaranteed
residuary interest arising out of various movable assets that are
leased/ rented to its identified customers. Such movable assets are
leased by Vriksh to the customers on an operating lease basis for a
mutually agreed period. Along with the leasing of assets, Vriksh
would assign all or a significant portion of the lease rent
receivable on a non-recourse basis to third parties who are willing
to purchase such lease rent receivables. On the sale/ assignment of
the lease rent, the third-party purchaser pays a discounted value
of the rent receivables.


PIYUSH COLONISERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term rating of Piyush Colonisers 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, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

PCL was incorporated in 2004 as a private limited company. This
flagship company of the Piyush Group and is managed by Mr. Anil
Goel and his two sons Mr. Puneet Goel and Mr. Amit Goel. The
company has completed several group housing projects in the NCR and
is currently developing ten projects, namely 'Piyush Horizon' (1st
phase completed) in Dharuhera, 'Piyush City', 'SCO' and 'Elite' in
Palwal, 'Piyush Rosette, Square and Galleria' in Bhiwadi and
'Piyush Height' (possession given in 11 towers out of 17) in
Faridabad. Apart from these projects the company has launched two
projects 'Piyush Epitome' in Palwal and 'Piyush Pranakutti' in
Bhiwadi.


PRATIBHA CONSTRUCTIONS: ICRA Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Pratibha
Constructions Engineers & Contractors (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–        24.77       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term        25.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/        65.23       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

Pratibha Constructions Engineers & Contractors (India) Private
Limited (PCECPL) is in the construction business since last 30
years. It started as a partnership firm in 1984 and with the
increasing scale of operation it was subsequently converted to a
Private Limited Company in 2002. Pratibha started with construction
of industrial buildings for sugar factories and spinning mills.

QUALIT AGRO: Ind-Ra Cuts Long Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Qualit Agro
Processors' (Qualit) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND B+ (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR11.6 mil. Long-term loan (Long term) due on December 2017
     downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR215.6 mil. Fund-based working capital limit (Long-
     term/Short-term) downgraded with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best-available information.

The downgrade reflects delays in debt servicing by Qualit. The
company has been classified as non-performing asset by its lenders.
Ind-Ra has not been able to ascertain the reason for the delay, as
the issuer has been non-cooperative.

Company Profile

Formed in 2008, Qualit is engaged in the processing and trading of
pulses, along with peas and beans. It sells products under its own
brand, Qualit Agro. Qualit's processing facilities are based at the
special economic zone in Tuticorin, a port city in southern India.
The site has a daily production capacity of 25 tons. It is the
first entity in south India permitted by the Ministry of Commerce
to import and export all types of pulses.


RAI BAHADUR: Ind-Ra Corrects February 10 Rating Release
-------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Rai Bahadur Narain
Singh Sugar Mills Limited's (RBNS) rating release published on
February 10, 2023 to correctly state the nature of proposed term
loans and their ratings.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded Rai Bahadur
Narain Singh Sugar Mills Limited's (RBNS) Long-Term Issuer Rating
to 'IND D' from 'IND BBB'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR516 mil. Term loan (Long-term) due on December 2027
     downgraded with IND D rating;

-- INR2.260 bil. Fund-based working capital limits (Long-
     term/Short-term) downgraded with IND D rating; and

-- INR244 mil. Proposed term loans (Long-term) downgraded with
     IND D rating.

Key Rating Drivers

The downgrade reflects RBNS' delays in debt servicing from May 2022
until August 2022, which were  regularized on August 21, 2022 as
per auditor's report.

The curing period is over and Ind-Ra is working on assessing the
ratings. The agency will reassign the ratings once the assessment
is completed.

Rating Sensitivities

Positive: Continued timely servicing of debt until the rating
assessment is complete will lead to a reassignment of the ratings.

Company Profile

Incorporated in 1932, RBNS has an integrated sugar plant in
Uttarakhand having a cane crushing capacity of 8,400 tons per day,
distillery capacity of 60 kiloliters per day, and co-generation
capacity of 29.6MW. The company also has a bottling plant with a
capacity of 500 cases per day.


RAI BAHADUR: Ind-Ra Cuts Long Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) had downgraded Rai Bahadur
Narain Singh Sugar Mills Limited's (RBNS) Long-Term Issuer Rating
to 'IND D' on January 30, 2023.

Ind-Ra was working on assessing the ratings as the curing period
was over. However, the issuer continues to delay interest servicing
of term loans with one of the lenders, thus, we will review the
ratings once there is an adequate track record of timely servicing
of term loans.


RAJAVE TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rajave
Textiles Private Limited (RTPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.05       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           50          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       8          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         8.88       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3.41       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    10.10       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1995 and promoted by Mr. S Ravindran, RTPL
manufactures cotton yarn of counts ranging from 18s to 40s. The
company's spinning mill is in Coimbatore (Tamil Nadu).


RAJENDRA SINGH: Ind-Ra Hikes Long Term Issuer Rating to BB+
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Rajendra Singh
Kiledar Constructions Pvt Ltd.'s (RSKCPL) Long-Term Issuer Rating
to 'IND BB+' from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits upgraded with IND

     BB+/Stable rating;

-- INR305 mil. Non-fund-based limits affirmed with IND A4+
     rating; and

-- INR0.97 mil. Term loan due on January 2029 upgraded with IND
     BB+/Stable rating.

The upgrade reflects an increase in the company's revenue and
absolute EBITDA in FY22.

Key Rating Drivers

The ratings reflect RSKCPL's continued medium scale of operations
with its revenue increasing 12.46% to INR1,669.39 million in FY22
(FY21: INR1,484.43 million), due to the company executing higher
number of orders along with the addition a project on a
subcontracting basis. In 9MFY23, RSKCPL achieved revenue of
INR1,177 million. Ind-Ra expects the company's revenue to improve
further in the near term, backed by the execution of orders in
hand. As of January 2023, RSKCPL had orders worth INR4,341.58
million, majority of which is scheduled to be completed by FY25,
providing healthy revenue visibility over the medium term.
Historically, the company had faced delays in executing projects on
account of the right of way, design approvals and other
permissions. However, with the government providing extensions for
the same, Ind-Ra believes the execution of the current order book
could stretch beyond FY25.

The company's order book has been geographically concentrated with
Madhya Pradesh accounting for 85% of its orders followed by
Maharashtra (15%).

Liquidity Indicator – Stretched:  RSKCPL's average maximum
utilization of the fund-based and the non-fund-based limits was
88.46% and 79.50%, respectively, during the 12 months ended
February 2023. The cash flow from operations turned to negative
INR43.77 million in FY22 (FY21: INR112.08 million), due to
unfavorable changes in its working capital. Furthermore, the free
cash flow also turned negative INR44.62 million in FY22 (FY21:
INR112.08 million). The net working capital cycle increased to 48
days in FY22 (FY21: negative 9 days), due to an increase in the
debtor days to 119 days (42 days). The cash and cash equivalents
stood at INR4.15 million at FYE22 (FYE21: INR27.79 million). RSKCPL
had repayment obligations of INR107.2 million for FY23 and has
INR100.2 million for FY24. Furthermore, RSKCPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

The ratings reflect RSKCPL's average EBITDA margin of 11.17% in
FY22 (FY21: 9.99%) with a return on capital employed of 14.9% in
FY22 (FY21: 12.7%). The increase in margins was due to a reduction
in the company's subcontracting expense to INR110.08 million in
FY22 (FY21: INR177.38 million). Furthermore, its contracts with
tenure of more than 12 months have built-in escalation clauses for
any fluctuations in the raw material and labor costs, allowing the
company to pass on any abnormal increase in input prices.
Therefore, the company's profit margins are likely to be less
affected by raw material price fluctuations. Despite the revenue
growth, Ind-Ra expects the EBITDA margin to have remained at the
similar levels in FY23 and to sustain the same in FY24, owing to
the similar nature of projects being executed by the company.

The ratings are supported by RSKCPL's comfortable credit metrics.
The gross interest coverage (operating EBITDA/gross interest
expense) stood at 4.19x in FY22 (FY21: 4.25x), due to an increase
in its absolute EBITDA. However, the net leverage (adjusted net
debt/operating EBITDA) increased to 2.39x in FY22 (FY21: 1.82x),
due to an increase in the long-term and short-term debts. Ind-Ra
expects the credit metrics to have remained comfortable in FY23 and
to be same in FY24 due to a likely increase in absolute EBITDA.  

The ratings are also supported by the promoter's three decade of
experience in the civil construction business, leading to the
company bagging projects frequently from government authorities.

Rating Sensitivities

Negative: A decline in the scale of operations, along with a
deterioration in the overall credit metrics with the net leverage
remaining above 3x and/or a pressure on the liquidity position, on
a sustained basis, could lead to a negative rating action.

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and the liquidity
profile, on a sustained basis, could lead to a positive rating
action.

Company Profile

Established as a proprietorship firm in 1977 by Rajendra Singh,
RSKCPL was reconstituted as a private limited company in 2003.The
company undertakes civil works such as construction of roads and
highways for state and local government authorities. The company,
which has its registered office in Betul, Madhya Pradesh, is
promoted by Rajendra Singh Kiledar, Shivendra Singh Kiledar and
Raghavendra Singh Kiledar.



RELIGARE FINVEST: Ind-Ra Affirms 'D' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Religare Finvest
Limited's (RFL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR1.2 mil. (reduced from INR3 mil.) Lower Tier 2 sub-debt#
     affirmed with IND D rating; and

-- INR11 mil. (reduced from INR150 mil.)* Long-term bank loans*
     affirmed with IND D rating.

#Details in Annexure

* Ind-Ra has withdrawn the rating assigned to INR62 billion bank
facilities which have been repaid and received no dues certificates
from the rated lenders.

Key Rating Drivers

The affirmation reflects RFL's continued delays in debt servicing
since April 2019 due to misappropriation of funds by the erstwhile
promoters. The company is still under the corrective action plan
advised by the Reserve Bank of India (RBI) since January 2018.

RFL had proposed a debt resolution plan with Religare Enterprises
Ltd (REL) as the promoter/shareholder in March 2020; however, the
RBI vide a letter dated February 11, 2022 advised RFL that its
restructuring cannot be implemented with REL. Post which, RFL
proposed a one-time settlement (OTS) with secured lenders.
Thereafter on December 30, 2022, RFL along with the parent, REL,
entered into a settlement agreement with all the 16 secured lenders
in connection with OTS for a full and final payment of all the
outstanding dues. RFL completed OTS with secured lenders on March
8, 2023, by making a settlement payment of INR21.8 billion. RFL has
paid around 72% of the principal outstanding to its secured lenders
and 20% of the principal outstanding to its lenders having
unsecured exposure using resources from its own balance sheet and
with assistance from REL, wherein REL deposited INR2.2 billion on
behalf of RFL against OTS.

RFL has yet to make INR2,500 million to ICICI Bank Ltd and INR800
million towards non-convertible debentures - two of its unsecured
lenders. Furthermore, RFL plans to seek removal of the corrective
action plan after the settlement of the remaining debt. RFL plans
to revive its business with its current collections and will
continue to focus on lending secured and unsecured loans to micro,
small and medium enterprises and build a granular book. RFL is
divesting its subsidiary Religare Housing Development Finance
Corporation Limited (87.5%) to its parent REL, which will help RFL
to focus and grow its own loan book. RFL shall also continue to
pursue recovery from corporate loan book and its fixed deposits
from Lakshmi Vilas Bank along with interest therein.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months would result in a positive rating action.

Company Profile

RFL is a non-bank finance company providing loans primarily to
micro, small and medium enterprises through its product offering of
loan against property and working capital loans. RFL had total
assets worth INR22.7 billion and incurred a net loss of INR5.3
billion in 9MFY23.


RIDCOR INFRA: Ind-Ra Affirms 'D' Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating of
RIDCOR Infra Projects Limited's (RIPL) senior project bank loans at
'IND D' as follows:

-- INR2,439.4 bil. (reduced from INR2,445.5 bil.) Senior project
     bank loans (Long-term) affirmed with IND D rating.

Key Rating Drivers

The rating action reflects continued non-payment of interest and
principal by RIPL since October 2018. The management has confirmed
that the company has overdues/delays and defaults in debt servicing
obligations.

The National Company Law Appellate Tribunal order dated 15 October
2018 provided a moratorium to Infrastructure Leasing & Financial
Services Limited (IL&FS; 'IND D') and its group companies,
including Road Infrastructure Development Company of Rajasthan
Limited (RIDCOR) for servicing of debt to the lenders.

IL&FS and its group companies have been categorized as red, amber
and green vide the tribunal order dated March 12, 2020 and the
earlier orders. Although RIPL has not been categorized yet, the
parent RIDCOR is categorized as a red entity (domestic group
entities that cannot meet their payment obligations towards even
senior secured financial creditors, as and when such payment
obligations become due). In view of the same, RIPL (a wholly-owned
subsidiary of RIDCOR) stopped servicing financial obligations to
all its financial creditors. Subsequently, RIPL has been classified
as non-performing asset by its lenders due to the non-payment of
interest and principal on respective due dates.

As per the management, the lead lender had debited INR458.9 million
towards interest and principal payment in FY22, based on the
restructuring plan submitted by RIPL. However, the restructuring
plan is being evaluated by the lenders.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

Company Profile

RIPL, a wholly-owned subsidiary of RIDCOR (a 50:50 joint venture
between IL&FS and the government of Rajasthan), was incorporated to
develop, design, finance, construct, operate and maintain Phase-III
project stretches under the mega highways project. The Phase-III
projects comprise the 65.5km Mathura-Bharatpur-Gangapur-Bhadoti
stretch starting from the Uttar Pradesh border and running up to
the 117.32km Rawatsar-Nohar-Bhadra at the Haryana border.


SA RAWTHER: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SA Rawther
Spices Private Limited (SASPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Purchase         0.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           5           CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit     70           CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit       85           CRISIL D (Issuer Not
                                     Cooperating)

   Post Shipment       120           CRISIL D (Issuer Not
   Credit                            Cooperating)

   Term Loan            24.75        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Promoted by Mr. Syed Mohammed Rawther, SASPL has been processing
and exporting spices (black pepper, cardamom, chilly, and dry
ginger) and coffee since 1985. Facilities are in Gorur, Karnataka;
and Hindupur, Andhra Pradesh.


SABARIS EDUCATIONAL: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sabaris
Educational Trust (SET) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             11.2        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

Set up in 1997 by Mr T N P Muthoo Nataraajan, SET manages a higher
secondary school, Sri Dhayanandapuri Matriculation Higher Secondary
School, and an engineering college for women, Tejaa Shakthi
Institute of Technology, near Tiruppur in Tamil Nadu.


SAMBHAJI RAJE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Sambhaji
Raje Cold Storage in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         1.98       [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

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

Incorporated in FY'2013, the Sangli based Sambhaji Raje Cold
storage is promoted by Mr.Sambhaji Patil. The proprietorship firm
has established a cold storage of capacity 1850 MT mainly for
storage of raisins. Abhijeet Traders is the flagship company of the
group promoted by Mr. Sambhaji Patil. The firm is involved in
trading of raisins. The other group firms involved in raisin
trading and related agricultural products trading include Abhijeet
Traders, Saraswati Traders, Abhijeet Krushipurak Udyog among
others).


SANGA AUTOMOBILES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sanga
Automobiles Private Limited (SAPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Funding Facility        4.8       CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

SAPL was set up in 2004, by the promoter, Mr Aminuddin Kagzi. The
Jaipur ((Rajasthan)-based company is an authorised dealer of
vehicles manufactured by Maruti Suzuki India Ltd (MSIL. The company
has two showrooms and three workshops in Jaipur.


SANJAY DANCHAND: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
action on Sanjay Danchand Ghodawat (Windmill Division)'s (SDGWM)
term loan:

-- INR326.8 mil. (reduced from INR414.6 mil.) Term loan due on
     September 30, 2025 affirmed with IND BB+/Stable rating.

Analytical Approach: For the rating review, Ind-Ra taken a
consolidated view of the cash flows for only two SDGWM projects –
its 16.50MW wind project in Madhya Pradesh and 15.60MW wind project
in Karnataka, against the previous approach in which the agency had
taken the consolidated view of all the three projects combined
(including a 1.60MW wind project in Gujarat). The revision in
approach is on account of the receipt of cash flows from the two
projects in the designated escrow account maintained for the rated
term loan. Furthermore, the lenders have the first and exclusive
charge only on the cash flows from the Karnataka and Madhya Pradesh
(MP) projects. The management has also confirmed that no additional
debt will be availed in any of the three projects.

The rating affirmation reflects the satisfactory operational and
financial performance for more than five years, firm offtake
arrangements with Madhya Pradesh Power Management Company Limited
(MPPMCL) and Hubli Electricity Company Limited (HESCOM), a moderate
debt structure, regular payments from Karnataka and MP discom and
an adequate liquidity position as on date. However, the rating is
constrained by the proprietorship nature of the business and the
inherent generation risks associated with wind power projects,
including resource variations.

Key Rating Drivers

Moderate Counterparty Risk: SDGWM has a 25-year power purchase
agreement (PPA) with MPPMCL for a fixed tariff of INR5.92 per kWh
along with a PPA with HESCOM of INR3.10 per kWh for the same
period. SDGWM's receivables days with the MP discom stood at an
average of around 57 in FY23, while those with the Karnataka discom
stood at an average of around 30 until December 2022.

The continuation of regular payments, as witnessed in FY23 as
against those in the previous years from Karnataka and MP discoms,
and liquidity support from both the projects, as the lender has a
first and exclusive charge on the assets and cash flows of the
Karnataka and MP projects will be a key rating monitorable.   

Significant Generation Risk: The rating remains constrained by the
inherent generation uncertainty experienced by wind projects. The
32.10MW assets have a reasonable operating history of more than
five years with an average plant load factor (PLF) for FY23 at
19.45% (FY22: 21.12%) of the MP project and around 12.6% (FY22:
12.04%) of the Karnataka project; the projects have had a combined
average PLF between 16% and 17% since FY21. Overall, the generation
volatility constraints the rating and remains a key rating
monitorable.

Modest Debt Structure; Proprietorship Structure: SDGWM has
maintained a debt service reserve account (DSRA) of INR71.1 million
covering more than two quarters of debt servicing. Although the PPA
tenor of the wind plants is 25 years, the door-to-door debt period
is only nine years and six months for the MP project, therefore,
concentrating the principal repayment over the shorter tenor
against other wind projects in Ind-Ra's portfolio. The lender also
has the first charge on the cash flow and assets of the 15.60MW
wind project in Karnataka and 16.50MW assets in Madhya Pradesh. An
escrow account consolidating the cash flows from the Karnataka and
Madhya Pradesh projects is in place since FY21. The cash flows from
the Karnataka project is unencumbered as the project is debt free.

Ind-Ra views the proprietorship structure as weaker than the
company structure, thereby limiting the rating. A waterfall
mechanism will restrict SDGWM's ability to distribute dividends.

Moderate Operations Risk: SDGWM signed a five-year operations and
maintenance (O&M) agreement with Renom Energy Services LLP, which
is backed by the same sponsor group as SDGWM. Renom Energy Services
has about 1,000MW capacity of projects under its management,
catering to a diversified clientele across India. The O&M contract
rate of INR1.50 million per wind turbine generator per year with a
5% escalation every year is comparable to the project company's
peer set. Ind-Ra considers the sponsor's ability to manage
operations risk as moderate, given that it is operating a renewable
portfolio of 126MW.

Liquidity Indicator – Adequate: Ind-Ra believes the firm has
sufficient headroom in the form of DSRA in case of a worsening
receivables profile. SDGWM's DSRA is equivalent to more than six
months of debt servicing in line with the stipulated requirement.
The firm has maintained enough liquidity in the past even though
receivables from Karnataka and MP discoms improved in FY23. Ind-Ra
derives comfort from the unencumbered cash flows of the Karnataka
project, which are regularly received in a designated escrow
account maintained with the term loan lender, forming part of
collateral security.

Satisfactory Experience in Renewable Energy: The Ghodawat group had
an operational wind capacity of 118MW and operational solar assets
of 8.20MW as of March 31, 2023. The group has reasonable experience
in the installation and commissioning of wind turbines and towers
across Maharashtra, Gujarat, Madhya Pradesh, Rajasthan, and
Karnataka. The group also sells power to third parties.
Furthermore, the group has business interests in the fast-moving
consumer goods, textiles, air charter services, education, and real
estate sectors.

Rating Sensitivities

Positive: The following developments could collectively, lead to a
positive rating action:

-- operating and financial performance above Ind-Ra's base case
estimates with the forward-looking average DSCR increasing above
1.25x, on a sustained basis

Negative:  The following developments could, individually or
collectively, lead to a negative rating action:

-- sudden elongation of the receivable cycle from the off-takers
resulting in a substantial depletion in the internal liquidity;

-- a downward revision of the tariff below the existing,
pre-defined tariff during the loan tenor;

-- deterioration in the credit profile of the sponsor (or) O&M
contractor, leading to an adverse impact on the project;

-- the forward-looking average DSCR falling below 1.10x;

-- incremental debt in any of the three projects.

Company Profile

SDGWM, a proprietorship firm, operates three wind power projects,
one each in Madhya Pradesh, Karnataka and Gujarat. The firm had
drawn a term loan of INR750 million for the construction of the
16.50MW wind mill project at Ghatiya, Madhya Pradesh. The project
achieved commercial operations in March 2016. The Karnataka and
Gujarat projects are operational since March 2007.



SANTOSH ENTERPRISES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has retained the long term and short-term ratings for the bank
facilities of Santosh Enterprises 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–         2.75       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term–        4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long Term-         0.20       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Established in 1990, Santosh Enterprises (SE) is a proprietorship
concern and is engaged in fabrication of steel structural
installation components like angle, channel, plates, railings and
gallery mainly used in windmills supplied by Wind World India
Limited (WWIL) erstwhile Enercon India Limited. The firm operates
through its fabrication and galvanization units at Ambad and Gonde,
Nashik.


SHARE MICROFIN: ICRA Withdraws D Rating on INR130.11cr LT Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of Share
Microfin Limited (SML), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term–
   Fund-based TL     130.11      [ICRA]D; Withdrawn

Rationale

The outstanding rating of [ICRA]D on the INR130.11-crore bank lines
programme of SML has been withdrawn at the company's request as all
outstanding amounts have been repaid by the company and there is no
amount outstanding against the same. The bank lines are being
withdrawn based on the receipt of a No Objection Certificate/No Due
Certificate from the appointed trustee on behalf of lenders of the
company and external auditor. This is in accordance with ICRA's
policy on the withdrawal of credit ratings.

The key rating drivers, liquidity position, rating sensitivities,
and key financial indicators have not been captured as the related
instrument is being withdrawn.

Share Microfin Limited is a non-deposit accepting non-banking
financial company-microfinance institution (ND-NBFC-MFI)
incorporated as a public limited company in 1999. It provides
microfinance loans to women from the weaker sections of society
under the joint liability group (JLG) model. Mr. M. Udaia Kumar is
the founder and Managing Director of the company. He has over 35
years of experience in the field of financial inclusion and
sustainable and development financing. SML is one of the Andhra
Pradesh (AP)-based entities, which were impacted by the Andhra
Pradesh Microfinance Institutions Ordinance 2010. As a result, its
debt repayment abilities were impacted, and it was admitted into
corporate debt restructuring (CDR). In April 2017, through a Scheme
of Arrangement approved by the Hon'ble High Court of Hyderabad, the
company demerged its AP portfolio into another AP-based MFI while
merging the non-AP portfolio of that MFI. Subsequent to the said
Scheme of Arrangement, SML was in discussions with its lenders to
repay all the debt and get fresh limits, post repayment. SML paid
all the debt obligations (debt principal, interest, optionally
convertible cumulative redeemable preference shares (OCCRPS),
OCCRPS redemption premium) to all the lenders on March 29, 2023 via
escrow account.


SHREEPATI CASTLE: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-Term rating of Shreepati Castle in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        50.00       [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, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly, the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity. The rating action has been taken in accordance with
ICRA's policy in respect of non-cooperation by a rated entity
available at www.icra.in.

Shreepati group is promoted by Mr. Rajendra Chaturvedi. The group
is engaged in residential real estate projects, primarily located
in South Mumbai with majority of projects primarily through
redevelopment. The business has been carried out through a number
of group companies by the partners, formed primarily for tax
purpose. Shreepati Castle (SC) is a redevelopment project and
includes rehabilitation of 445 tenants.


SHYAMA POWER: Ind-Ra Cuts Long Term Issuer Rating to 'BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shyama Power
India Private Limited's (SPIL) Long-Term Issuer Rating to 'IND BB
(ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.


The detailed rating action are:

-- INR916.90 mil. Fund-based working capital limit downgraded
     with IND BB (ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR3,777.50 bil. Non-fund-based working capital limit
     downgraded with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Key Rating Drivers

The downgrade is in accordance with Ind-Ra's Guidelines on What
Constitutes Non-Cooperation. As per the guidelines, if an issuer
has an investment grade rating outstanding while being
non-cooperative for more than six months with Ind-Ra, then Ind-Ra
will necessarily downgrade such rating to the non-investment grade,
while maintaining the Issuer Not Cooperating status.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
might not reflect SPIL's credit strength as the company has been
non-cooperative with the agency since October 28,  2022. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

Company Profile

SPIL, originally set up in 1979 as a partnership firm, has been
operating under its present name since 2009. SPIL is promoted by RS
Thakur (chairman & managing director). He is supported by his two
sons - Binod Thakur (joint managing director) and Santosh Thakur
(director). SPIL undertakes turnkey projects related to power
transmission and distribution. The work involves the design,
engineering, and construction of transmission lines and
substations, and undertaking rural electrification works for
government projects in India and abroad.


SIVARAM & CO: Ind-Ra Assigns BB+ Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Sri Sivaram & Co's
(SSAC) bank loans as follows:

-- INR90 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR262.50 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating; and

-- INR26.70 mil. Term loan due on March 2025 assigned with IND
     BB+/Stable rating.

Key Rating Drivers

The ratings reflect SSAC's medium scale of operations, with its
revenue rising to INR1,206.14 million in FY22 (FY21: INR1,082.47
million), mainly due to the company receiving higher number of
orders for the construction of highways and canals in Tirupur, and
the timely execution of its work orders. During 10MFY23, SSAC
booked revenue of INR1,400 million, and as of November 2022, it had
an unexecuted order book of INR1,914 million to be executed till
FY24, giving medium-term revenue visibility. Ind-Ra expects the
revenue to have improved yoy in FY23, given the company's existing
orderbook and demand.

Liquidity Indicator - Stretched: SSAC's average maximum utilization
of the fund-based and non-fund-based limits was 85.22% and 55.28%,
respectively, during the 12 months ended February 2023. There have
been instances of overutilization in May (one day) and June 2022
(four days), due to interest charged at the month-end. The cash
flow from operations stood at INR88.67 million in FY22 (FY21:
INR30.39 million) due to a substantial increase in the accounts
payable. Furthermore, the free cash flow improved to
INR80.11million in FY22 (FY21: INR25.42 million). The company's net
working capital cycle remained negative 43 days in FY22 (FY21:
negative 30 days), due to lower inventory days (1 day; 11 days).
The cash and cash equivalents stood at INR42.28 million at FYE22
(FYE21: INR1.70 million). SSAC does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. SSAC had repayment obligations of INR23.60
million in FY23 and has INR15.20 million for FY24.

The ratings also factor in SSAC's healthy EBITDA margins of 8.71%
in FY22 (FY21: 8.19%) with a return on capital employed of 43.1%
(45.2%). In FY22, the margin increased due to better rates in work
order and the management's strategy to reduce operational expenses.
Till 7MFY23, SSAC had booked EBITDA of 8% (INR99 million). Ind-Ra
expects the EBITDA margin to have remained at the similar level in
FY23 and to sustain in the near term, due to higher input costs.

SSAC has healthy credit metrics with the gross interest coverage
(operating EBITDA/gross interest expenses) rising to 7.07x in FY22
(FY21: 5.90x) and the net leverage (adjusted net debt/operating
EBITDAR) falling to 0.42x (0.89x). In FY22, the interest coverage
and the net leverage improved, due to an increase in its absolute
EBITDA (FY22: INR105.02 million; FY21: INR88.69 million). However,
in FY23, Ind-Ra expects the credit metrics to have improved and to
sustain it in FY24, due to the lack of a major capex plan in the
near term and its scheduled repayments of its term loans.

The ratings are also supported by the partner's more than two
decades of experience in the civil construction for government,
semi-government, private and co-operative sectors in Tamil Nadu.

Rating Sensitivities

Negative: Any substantial decline in the scale of operations,
leading to a deterioration in the credit metrics and the liquidity
profile and the net leverage rising above 5x, all on a sustained
basis, will lead to a negative rating action.

Positive: Any substantial increase in the scale of operations while
maintaining the credit metrics and the liquidity, all on a
sustained basis, will lead to a positive rating action.

Company Profile

SSAC was incorporated in 2005, as a partnership firm. The company
engages in civil construction, mainly canal earthwork excavation
and construction of highways for the state government. The company
majorly focuses on the construction of irrigation projects and
public work department canal works, in Tirupur, Tamil Nadu.


SPICEJET LTD: NCLT to Hear Lessor's Insolvency Bid Today, May 8
---------------------------------------------------------------
The Times of India reports that an aircraft lessor, Aircastle, has
filed insolvency resolution proceedings against cash-strapped
SpiceJet. The National Company Law Tribunal (NCLT) will hear the
case this week.

According to the report, the NCLT website showed that two more
petitions for insolvency resolution proceedings against SpiceJet
are pending. Engine supplier Willis Lease Finance Corporation filed
its plea on April 12 and infra company Acres Buildwell on February
4.

Ireland-based aircraft lessor Aircastle filed the petition against
SpiceJet on April 28 and it will be heard by NCLT's principal bench
on May 8, according to the tribunal's website, TOI relays.
Commenting on this, a SpiceJet spokesperson said, "Currently, there
are no aircraft from this lessor in our fleet. All aircraft from
this lessor have already been returned by SpiceJet. This
development, in no manner, affects our operations or operating
fleet."

"We are confident of resolving the matter without court proceedings
and we are in discussions with their senior leadership team for the
same. The comments provided here are without prejudice to our
rights and in no way should be deemed as admission of any
liabilities," the airline spokesperson added.

Regarding Acres case, SpiceJet sources said both parties have
already filed a joint application in NCLT to settle the matter, the
report relays. And sources add the Willis matter is yet to be
admitted by NCLT and that no notice has been issued to SpiceJet so
far. Sources claim the airline does not have any engines from
Willis at the moment and all were returned about a year back.

TOI relates that executives of SpiceJet, which has been trying to
raise funds for a long time now, said the company "continues its
efforts to have an out of court settlement with all our business
partners (few of which are disputed as well) and have successfully
settled the same".

This February, SpiceJet's biggest lessor – Carlyle Aviation
Partner – had decided to convert $100 million dues into equity
shares and compulsorily convertible debentures (CCDs), recalls TOI.
It picked up over 7.5% in SpiceJet and a part of the dues are to be
converted into CCDs of SpiceXpress. "As a part of ongoing
restructuring with aircraft lessors . . . all these CCDs will be
transferred to those lessors who agree to exchange their lease
liabilities . . .," the company had said.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.


SRINAGAR BANIHAL: ICRA Withdraws D Rating on INR1,440cr Term Loan
-----------------------------------------------------------------
ICRA has withdrawn rating assigned to the bank facilities of
Srinagar Banihal Expressway Ltd at the request of the company and
based on the letters received from the lenders confirming the
assignment of debt to Asset Reconstruction Companies (ARCs), in
accordance with ICRA's policy on withdrawal of credit ratings.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based       1,440.00     [ICRA]D; ISSUER NOT COOPERATING;
   Facilities–                   Withdrawn    
   Term Loan        

The Key Rating Drivers, Liquidity Position, key financial
indicators and Rating Sensitivities have not been captured as the
rated instruments are being withdrawn.  

Srinagar Banihal Expressway Limited is a special purpose vehicle
promoted by Ramky Infrastructure Ltd. (74%) and Jiangsu Provincial
Transportation Engineering Group Company Limited (JTEG) (26%) for
construction, operation and maintenance of the four Lanning of the
Srinagar-Banihal section of National Highway – 1A from km 187.00
to km 189.350 (Banihal bypass) and km 220.700 to km 286.110
(approximately 67.76 km) on design, build, finance, operate and
transfer (annuity) basis under the National Highways Development
Project (NHDP Phase II). The total revised cost of the project is
INR2000 crore. The total concession period is 20 years including
the construction period of 3 years. SBEL will receive a fixed
annuity payment of Rs 134.82 crores semi-annually for a period of
17 years. The project is being funded by INR1440 crore debt and
INR360 crore of promoters' contribution and one time fund infusion
from NHAI of INR200 crore. The project achieved provisional
commercial operations date (PCOD) in April 2018. As against planned
financial progress of 100.00%, actual financial progress is 95.20%
as on September 2018.


SUDHIR AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sudhir Agro
Oils Private Limited (SAOPL; part of Sudhir Group) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      24          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      12          CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SAOPL and Amar Nath Harbans
Lal (ANHL). This is because both these entities, collectively
referred to as the Sudhir group, have common management and same
line of business.

SAOPL was incorporated in 1993, and is managed by Shri Prem Kumar,
the company is in the business of whole sale trade business in
Edible and non-edible oils e.g. Cotton seed Oils, Mustard Oils,
Sunflower Oils, Soya Oils, Soya DOC. The company supplies this raw
material to various manufacturing units and customers throughout
India. The company imports around 70% of its requirement.

ANHL incorporated in 1947 is currently managed by Shri Prem Kumar,
the company is in the business of whole sale trade business in
Edible and non-edible oils e.g. Cotton seed Oils, Mustard Oils,
Sunflower Oils, Soya Oils, Soya DOC. The company supplies this raw
material to various manufacturing units and customers throughout
India. All the procurement happens from domestic market.


URVARAK ABHIKARAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Urvarak
Abhikaran Neemuch Private Limited (UANPL; part of the Patwa group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        3.5         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           6           CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    6.75        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Patwa Marketing Pvt Ltd
(PMPL) and UANPL. This is because the two companies, together
referred to as the Patwa group, have common promoter and
management, and are in the same business.

UANPL and PMPL were incorporated in 1989 and 1995, respectively,
and are promoted by Mr. Surendra Patwa. The companies are del
credere agent (DCAs) for RIL's polymer products. PMPL is also a
carry and forwarding agent for TPL. Registered office is in Indore.
The promoter is also engaged in automobile dealership through other
entities.



VIRTUE INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Virtue
Industries (VI) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan        4.45        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

VI was set up in 2016 as a partnership firm in Krishna district
(Andhra Pradesh). The firm manufactures construction aggregates,
which are sold to domestic infrastructure and construction
companies The firm also has a stone crusher unit and concrete mix
unit at Paritala in Krishna district.


VISHAL INFRAGLOBAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishal
Infraglobal Private Limited (VIPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        47          CRISIL D (Issuer Not
                                     Cooperating)
  
   Cash Credit           12.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           12.5        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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

VIPL was originally established as a proprietorship concern by Mr.
Virsangbhai F Chaudhary in 1990. The firm was reconstituted as
partnership firm in 2007 and subsequently as a private limited
company in 2012. The company undertakes construction of roads and
bridges and is recognized as an AA-class contractor by the
Government of Gujarat for the execution of road projects.


VISHWAKARMA SCALES: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vishwakarma
Scales Private Limited (VSPL) continue to be 'CRISIL C/CRISIL A4
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.5         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit           3           CRISIL C (Issuer Not
                                     Cooperating)

   Proposed Long Term    5.5         CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of VSPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VSPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VSPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

Incorporated in 2007 and based in Uttarakhand, VSPL manufactures
and markets weighing systems from miniature scales to heavy highway
weighbridges and highway traffic-management systems. Its plant in
Roorkee can manufacture over 1,850 types of weighbridges annually.
Mr Avinash Chandra Dhiman, Ms Meenal Dhiman, and Mr Pranav Dhiman
are the promoters.


WARSAW INTERNATIONAL: Ind-Ra Assigns BB+ Term Loan Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Warsaw
International's (WI) bank facilities as follows:

-- INR260 mil. Fund-based facility assigned with IND BB+/ Stable/

     IND A4+ rating.

Key Rating Drivers

The rating reflects WI's small scale of operations, with its
revenue increasing to INR1,121.24 million in FY22 (FY21:
INR643.47million), due to the overall recovery in its business
post-COVID-19, an increase in demand, and higher prices.  WI
achieved revenue of INR946 million in 11MFY23. Exports contributed
84% to its revenue in FY22, (11MFY23: 86%) with its customers being
spread across Europe. As of February 2023, the company had an order
book of INR216 million, which is scheduled to be executed until
June 2023. Ind-Ra expects the revenue to have increased in FY23 and
to rise in FY24 on account of incremental orders from existing and
new customers backed by an increase in capacity utilization.

WI has modest EBITDA margins due to intense competition in the
business and fluctuations in raw material prices. The EBITDA margin
slipped to 6.48% in FY22 (FY21: 9.84%) with return over capital
employed of 10.6% (8.3%). The EBITDA margin deteriorated in FY22
due to increased manufacturing costs and fluctuations in raw
material prices. The company's revenue and profitability are
vulnerable to currency fluctuations.  Till 11MFY23, it achieved
EBITDA margin of 6.80%. Furthermore, Ind-Ra expects the margin in
FY23 to have remained in line with the 11MFY23 level, and to
fluctuate in line with the movements in cotton prices in FY24.

The company had moderate credit metrics, with its net leverage
(total adjusted net debt/operating EBITDAR) reducing to 4.08x in
FY22 (FY21: 6.60x) and the gross interest coverage (operating
EBITDA/gross interest expenses) improving to 2.24x in FY22 (FY21:
2x), due to an increase in the absolute operating EBITDA to
INR74.47 million (FY21: INR65.37 million). Ind-Ra expects the
credit metrics to have remained stable in FY23, due to the lack of
any major debt-led investment plan in the near term. In FY25, the
company plans to incur a capex of INR30 million towards purchasing
stitching machinery. The capex would be funded through 75 % from
the bank loans and the remaining from internal accruals and
unsecured loans by promoters.

Liquidity Indicator - Stretched: WI's average peak utilization of
the fund-based facility was about 89.89% during the 12 months that
ended March 2023. WI does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. Its cash flow from operations improved to INR156.88
million in FY22 (FY21: INR11.76 million), mainly on account of
favorable changes in the working capital requirements.  The fund
flow from operations stood at INR41.51 million in FY22 (FY21:
INR32.15 million), on account of the improvement in operating
EBITDA. The net working capital cycle reduced to 62 days in FY22
(FY21: 230 days) due to a decrease in the inventory days to 114
days (288days). Based on the customer's requirement, certain orders
have to be executed within 30-45 days. In order to process those
orders, the company maintains higher stocks. The cash and cash
equivalents stood at INR22.74million at FYE22 (FYE21: INR3.04
million). The company had scheduled repayments of INR25.91 million
in FY23 and has INR27.76 million for FY24, which the agency
believes would be adequately met through its internal cash flows.

The rating also reflects high customer concentration. WI's top five
customers accounted for 87% of its total revenue during 11MFY23
(FY22: 87%; FY21: 88%).  

The rating is supported by the promoter's three-decade experience
in the manufacturing and exporting of ready-made garments.

Rating Sensitivities

Negative: Any substantial deterioration in the scale of operations
and the profitability, along with any deterioration in the
liquidity position, resulting in a deterioration in the credit
metrics with the interest coverage falling below 1.8x, all on a
sustained basis, will be negative for the ratings.

Positive: A sustained improvement in the scale of operations and
profitability along with an improvement in the liquidity position,
while improving overall credit metrics, all on a sustained basis
will be positive for the ratings.

Company Profile

WI was established in 1989 as a partnership firm by Raja M
Shanmugham, M Ramaswamy, S Vishal and R Muthuarvind, Tirupur. The
Tamil Nadu-based firm manufactures knitted ready-made garments for
men, women, and exports to European companies. WI has a
manufacturing capacity of 1.80 million knitted garment pieces
annually.


YASIKA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Yasika Steels
Private Limited (YSPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             3         CRISIL D (Issuer Not
                                     Cooperating)

   Funded Interest         1.51      CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term      5.06      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               0.68      CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital         4.75      CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

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

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

Detailed Rationale

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

YSPL, incorporated in 2005 and promoted by Mr Viral R Malaviya and
his wife, Ms Poonam Viral Malaviya, manufactures and trades in
steel products, mainly bright steel bars.




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

PAKUWON JATI: Moody's Affirms Ba2 CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of Pakuwon Jati, Tbk. (P.T.).

Moody's has also affirmed the Ba2 senior unsecured rating on
Pakuwon Jati's 2028 bond. The bond is unconditionally and
irrevocably guaranteed by most of Pakuwon Jati's subsidiaries.

At the same time, Moody's has changed the outlook on all ratings to
positive from stable.

"The outlook revision to positive from stable reflects Pakuwon
Jati's strong credit metrics and its very good liquidity, which are
supported by its strong recurring income generation, large cash
balance and net cash position," says Rachel Chua, a Moody's Vice
President and Senior Analyst.

RATINGS RATIONALE

Pakuwon Jati's key credit metrics will remain solid over the next
two years. The company's recurring EBITDA coverage of interest paid
will stay above 6.0x, while its leverage, as measured by adjusted
debt/EBITDA, will remain stable at around 2.0x over the next 12-18
months.

Moody's also expects earnings from Pakuwon Jati's investment
properties will form the bulk of its total earnings over the next
two years. Its debt/recurring EBITDA will likely improve to
3.0x-3.5x during this period.

Pakuwon Jati's recurring income base of IDR3,870 billion accounted
for 65% of its total revenue in 2022. Average occupancy at its
retail malls was healthy at around 94% in 2022.

Moody's expects the recovery momentum will continue in 2023, with
occupancy in the mid 90% range.

Despite weaker marketing sales since 2019 and the implementation of
IFRS15 accounting standards in 2020, Moody's expects Pakuwon Jati's
annual revenue will remain stable at around IDR6 trillion in
2023-24. This is largely because of a recovery in its recurring
revenue base that will offset weaker development revenue. The end
of rent reliefs to its retail mall tenants, and an increase in
shopper traffic as Indonesia recovers from the coronavirus
pandemic, will support the company's leasing income from retail
malls.

The company achieved IDR1.5 trillion of marketing sales in 2022, a
slight increase of 5% from 2021. Moody's expects its marketing
sales will stay broadly stable in 2023 and 2024 to IDR1.45
trillion-IDR1.5 trillion on the back of slightly dampened demand as
inflation and interest rates remain high.

The Ba2 ratings also take into account the company's continued
prudence in its financial policy. As of December 31, 2022, Pakuwon
Jati was in a net cash position and its next material maturity is
in 2028 when its $400 million of bonds come due. The ratings also
reflect the company's measured approach towards growth which has
historically been funded with internal cash, as well as its
measured dividend distributions.

Pakuwon Jati's liquidity will remain very good over the next 12-18
months. As of December 31, 2022, the company had cash and cash
equivalents of IDR7.4 trillion. Moody's expects Pakuwon Jati to
generate around IDR3.4 trillion of operating cash flow, which is
more than sufficient to cover its estimated dividend payment of
around IDR230 billion and projected capital spending of around
IDR3.2 trillion over the next 18 months.

The positive outlook reflects Moody's expectation that Pakuwon
Jati's earnings over the next 12-18 months will continue to recover
to pre-pandemic levels, through a mixture of largely stable
development income and improving recurring income. It also reflects
Moody's expectation that the company will continue to maintain
financial discipline while pursuing growth.

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

Moody's could upgrade Pakuwon Jati's ratings if (1) its earnings
improvement continues over the next 12-18 months as it fully
recovers from the pandemic; (2) it continues to maintain
diversified sources of income across development and investment
property; (3) it maintains strong financial metrics; and (4) its
liquidity remains.

Credit metrics that would support an upgrade include adjusted
debt/recurring EBITDA below 3.0x-3.5x and recurring EBITDA/interest
expense above 4.0x on a sustained basis.

Given the positive outlook, a ratings downgrade is unlikely.
However, Moody's could change the rating outlook to stable from
positive if (1) the company fails to implement its business plans;
(2) it embarks on an aggressive development growth strategy; or (3)
there is a protracted weakness in its operations because of
worsening macroeconomic conditions or soft property market
conditions.

Credit metrics that would support an outlook stabilization include
adjusted debt/recurring EBITDA above 4.0x-4.5x and recurring
EBITDA/interest expense below 2.0x on a sustained basis.

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

Pakuwon Jati, Tbk. (P.T.) is listed on the Indonesia Stock Exchange
and controlled by the Tedja family. The company develops, manages
and operates retail malls, office buildings, hotels, condominium
towers and residential townships in Surabaya and Jakarta.



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

108 GSR: Creditors' Proofs of Debt Due on June 9
------------------------------------------------
Creditors of 108 GSR Limited are required to file their proofs of
debt by June 9, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 1, 2023.

The company's liquidators are:

          Andrew McKay
          Rees Logan
          BDO Auckland
          Level 4, BDO Centre
          4 Graham Street
          Auckland 1010


EZIBUY OPERATIONS: Administrators Work To Sell Stock, Online Shop
-----------------------------------------------------------------
Stuff.co.nz reports that three expressions of interest in
purchasing Ezibuy's online business have been received by
administrators, who are working to determine the best way forward
for the beleaguered fashion and homewares firm.

Voluntary administrators were appointed to the Ezibuy group of
companies on April 3, when its owner, Mosaic Brands, withdrew
financial support, citing poor sales, Stuff relates.

Stuff says the administrators are now working through a strategy of
realising inventory and pursuing sale of parts of the business.

As part of that, a potential sale process for the e-commerce
trading business is being explored.

According to Stuff, administrators went to court to ask for an
extension on their requirement to hold a watershed meeting, at
which creditors vote on whether to put the company into liquidation
or execute a deed of company arrangement.

This was meant to be held within 20 working days of the appointment
of administrators but they wanted that time extended so they could
complete more investigations into the group's position, and make
more meaningful recommendations.

Stuff relates that administrator Damien Hodgkinson said they needed
time to develop a proposal for a deed of arrangement to consider
further a sale process that was another option for creditors to
consider.

As part of that, administrators wanted to keep trading but wanted
to have their liability limited for any additional charges that
could be incurred during the process.

"The administrators are concerned about their potential liability
in circumstances in which leases come to an end in accordance with
their contractual terms or in circumstances in which, leases having
already expired, the relevant Ezibuy Group company then ceases to
occupy the leased property," Justice Paul James Radich noted in his
judgment, Stuff relays.

Stuff says the administrators wanted to keep some shops open until
the end of May.

There were leases in Christchurch, Tauranga, Palmerston North,
Sylvia Park, Albany and Wellington, as well as a distribution
centre. Possession of the head office had already been given up.

Justice Radich noted the business was said to have inventory worth
about NZD24.75 million and employed 211 people, Stuff relays.

He granted administrators the extension of time for the watershed
meeting, the report notes. He said if that did not happen, leases
could potentially be terminated early affecting the ability of the
administrators to realise the assets.

He said it was appropriate for liability orders to be made for the
administrators, adds Stuff.

EziBuy is an online clothing and homeware retailer and a subsidiary
of ASX-listed Mosaic Brands.

Katherine Elizabeth Barnet and Damien Mark Hodgkinson of Olvera
Advisors on April 14, 2023, were appointed as administrators of:

          - Ezibuy Operations Limited;
          - Ezibuy Limited;
          - Ezibuy Holdings Limited;
          - Ezibuy Custodian Limited;          
          - New Ezibuy Limited;
          - Last Stop Shop Limited; and
          - Sara Apparel Limited.




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

DURST INDUSTRIAL: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Durst Industrial Services Pte Ltd, on April 30, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Dr. Knut Unger
          Luther LLP
          4 Battery Road
          #25-01 Bank of China Building
          049908 Singapore


JOANNA CONSULTING: Creditors' Proofs of Debt Due on June 5
----------------------------------------------------------
Creditors of Joanna Consulting Pte. Ltd. are required to file their
proofs of debt by June 5, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 4, 2023.

The company's liquidators are:

          Oon Su Sun
          c/o 182 Cecil Street
          #30-01 Frasers Tower
          Singapore 069547


RED THREAD: Creditors' Proofs of Debt Due on June 5
---------------------------------------------------
Creditors of The Red Thread Group Pte. Ltd. are required to file
their proofs of debt by June 5, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 4, 2023.

The company's liquidators are:

          Oon Su Sun
          c/o 182 Cecil Street
          #30-01 Frasers Tower
          Singapore 069547


TRAFIGURA RETAIL: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Trafigura Retail Fuels Pte Ltd, on April 25, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Ng Hoe Kiat Keith
          c/o 7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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