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

                     A S I A   P A C I F I C

          Friday, May 19, 2023, Vol. 26, No. 101

                           Headlines



A U S T R A L I A

AQUA STAR: Second Creditors' Meeting Set for May 22
BINANCE AUSTRALIA: Banking Disrupted, Payment Provider Cuts Service
BIOELEKTRA AUSTRALIA: First Creditors' Meeting Set for May 22
FUSION POWER: First Creditors' Meeting Set for May 24
HERE CAPITAL: First Creditors' Meeting Set for May 23

ONE RAIL AUSTRALIA: S&P Lowers Rating to 'BB', Outlook Stable
PEPPER RESIDENTIAL NO.37: S&P Puts Prelim B+ (sf) Rating to F Notes
WATTS UP: Second Creditors' Meeting Set for May 23
WESTERN HOME: Closes With AUD1.2 Million in Contracts Outstanding


C H I N A

TTM TECHNOLOGIES: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
VNET GROUP: Moody's Lowers CFR to B3 & Alters Outlook to Negative


I N D I A

AAYUR TECHNOLOGY: CRISIL Reaffirms B+ Rating on INR3cr Cash Loan
ABR PETRO: CARE Lowers Rating on INR12.19cr Long Term Loan to D
AGNI ALPHA: Voluntary Liquidation Process Case Summary
AKSH OPTIFIBRE: CARE Keeps D Debt Ratings in Not Cooperating
BARODA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category

FUNBARS HOSPITALITY: Liquidation Process Case Summary
FUTURE RETAIL: Receives 6 Bankruptcy Resolution Bids
GOLDEN IMPORTERS: CRISIL Reaffirms B Rating on INR6cr Loan
HIMSHILA FERRO: CARE Keeps D Debt Rating in Not Cooperating
INDO LAMINATES: Insolvency Resolution Process Case Summary

JAGDAMBAY RICE: CARE Keeps B- Debt Rating in Not Cooperating
JOYOUS BLOCKS: CRISIL Reaffirms B+ Rating on INR16.44cr Loan
K.B. BOARD: CARE Lowers Rating on INR5.0cr LT Loan to B-
KAALENDI VENTURES: CARE Keeps B- Debt Rating in Not Cooperating
KENS GUEST: Voluntary Liquidation Process Case Summary

LAKSHMI COTFAB: CARE Keeps D Debt Rating in Not Cooperating
MCLEOD RUSSEL: NCLAT Set Aside Insolvency Proceedings
MISBAH REAL: CRISIL Moves B Debt Rating from Not Cooperating
NAMKI TECHNOLOGIES : Voluntary Liquidation Process Case Summary
NARMADADEVI COTSPIN: CARE Lowers Rating on INR23.70cr Loan to B-

NEW HIND: Insolvency Resolution Process Case Summary
NIPMAN FASTENER: Insolvency Resolution Process Case Summary
PANDA AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
PAVITHRA CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
PRINCI PROTEINS: Liquidation Process Case Summary

PROMAS ENGINEERS: CRISIL Lowers Rating on INR10cr Cash Loan
RAMAVTAR INVESTMENT: Insolvency Resolution Process Case Summary
S.K. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
STERLING OIL: NCLT Admits Company for Bankruptcy
TEJ COKE: CARE Lowers Rating on INR15.00cr LT Loan to B

V.R.K. ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating


I N D O N E S I A

PAKUWON JATI: Fitch Affirms LongTerm IDR at BB, Outlook Stable


M O N G O L I A

MONGOLIA: Fitch Affirms Foreign Currency IDR at 'B', Outlook Stable


N E W   Z E A L A N D

FBI SECURITY: Creditors' Proofs of Debt Due on June 12
FIRSTBUILD HOMES: Creditors' Proofs of Debt Due on June 30
METRO ADMIN: Creditors' Proofs of Debt Due on July 12
NZ FINTECH: Waterstone Insolvency Appointed as Administrators
REDFORT GROUP: Creditors' Proofs of Debt Due on June 26



P H I L I P P I N E S

DITO TELECOMMUNITY: Uy Seeking Investors' OK to Revive Stock Sale
PHOENIX PETROLEUM: Trading Suspended for Failure to Submit Report


S I N G A P O R E

ATS TRANSLATION: Court Enters Wind-Up Order
MARMALADE GROUP: Creditors' Proofs of Debt Due on June 16
NEUTRAL AIR: Court to Hear Wind-Up Petition on June 16
REFINERY COLLECTION: Creditors' Proofs of Debt Due on June 19
SYNERGY GLOBAL: Court to Hear Wind-Up Petition on June 16



S R I   L A N K A

SRILANKAN AIRLINES: Fitch Affirms 'C' Rating on $175M Unsec. Bonds


X X X X X X X X

[*] Six Pacific Countries at High Risk of Debt Distress, WB Says

                           - - - - -


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

AQUA STAR: Second Creditors' Meeting Set for May 22
---------------------------------------------------
A second meeting of creditors in the proceedings of Aqua Star
Charters Pty Ltd has been set for May 22, 2023 at 11:00 a.m. via
Zoom and telephone conferencing 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 19, 2023 at 4:00 p.m.

Stephen Wesley Hathway of Helm Advisory was appointed as
administrator of the company on May 22, 2023.


BINANCE AUSTRALIA: Banking Disrupted, Payment Provider Cuts Service
-------------------------------------------------------------------
Reuters reports that the Australian arm of Binance, the world's
largest crypto-currency exchange, on May 18 said some customers
there will be unable to deposit or withdraw money after a
third-party service provider cut off its service.

According to Reuters, Binance said on social media that users would
be unable to make Australian dollar deposits by bank transfer with
immediate effect after payments provider Cuscal cut access.
Withdrawals would also be cut off, it said, without detailing
when.

"We are working hard to find an alternative provider to continue
offering AUD deposits and withdrawals to our users," Binance said
in a statement.

According to Reuters, the Australian Financial Review separately
reported Westpac Banking Corp, the country's second-largest retail
bank, banned customers from transacting with Binance.

Westpac was not immediately available to comment when contacted by
Reuters.

It said in an earlier statement that it had blocked some
crypto-currency payments to reduce losses due to scams. It did not
identify exchanges nor provide any further details, Reuters notes.

Reuters says the curb is the second blow to Binance's Australian
operation in as many months, having relinquished a financial
services licence in April amid a regulatory investigation.

Report notes that Binance is battling regulatory suits and
investigations around the world.

In March, the U.S. Commodities Futures Trading Commission (CFTC)
sued Binance and its founder, Changpeng Zhao, for operating what
the regulator alleged was an "illegal" exchange.

Customers can still transact using credit or debit cards, Binance
said, adds Reuters.


BIOELEKTRA AUSTRALIA: First Creditors' Meeting Set for May 22
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bioelektra
Australia Pty Ltd will be held on May 22, 2023, at 10:30 a.m. at
the offices of Jirsch Sutherland at Suite 2, Level 14, 383 Kent
Street in Sydney and via videoconference and teleconference
facilities.

Trent Andrew Devine of Jirsch Sutherland was appointed as
administrator of the company on May 10, 2023.


FUSION POWER: First Creditors' Meeting Set for May 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Fusion Power
Systems Pty Ltd will be held on May 24, 2023, at 10:00 a.m. at the
offices of PricewaterhouseCoopers at 2 Riverside Quay in Southbank
and via virtual meeting technology.

Andrew Scott and Daniel Walley of PricewaterhouseCoopers were
appointed as administrators of the company on May 12, 2023.


HERE CAPITAL: First Creditors' Meeting Set for May 23
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Here Capital
Pty Ltd, "NKH Capital Pty Ltd" and formerly "Entrepreneur Australia
Capital Connect", "Entrepreneur Australia Funding Partners" and
"MVP Capital", will be held on May 23, 2023, at 10:00 a.m. at the
offices of BRI Ferrier WA, Unit 3, Level 1, 99-101 Francis Street,
in Northbridge WA and via virtual meeting technology.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of the company on May 11, 2023.



ONE RAIL AUSTRALIA: S&P Lowers Rating to 'BB', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings lowered its rating on One Rail Australia
Holdings Ltd. (OneRail) to 'BB' from 'BBB-'. S&P removed the rating
from CreditWatch, where S&P had placed it with negative
implications on Dec. 19, 2022. At the same time, S&P affirmed its
issue rating on the above-rail coal hauling company's rated senior
secured debt at 'BBB-' with a recovery rating of '1' (i.e., "very
high recovery").

S&P said, "The stable outlook reflects our view that OneRail's
steady cash flow from its contract with Glencore PLC and its
scheduled debt amortization will support an improved financial
profile over the next two to three years. We also expect the
deferred purchase consideration for the acquisition will be equity
funded."

Magnetic Infrastructure Group Pty Ltd. (MIG) acquired OneRailin
February 2023 for A$435 million. MIG took on additional
subordinated debt of A$200 million to fund the transaction.

The downgrade follows the new joint-venture, MIG, taking over
OneRail. S&P believes OneRail's credit profile has been primarily
hit by the additional A$200 million subordinated debt that MIG took
on (via its wholly owned subsidiary Magnetic Rail Group) to fund
the acquisition. Management has represented that the remaining
proceeds of the A$435 million acquisition (including a deferred
consideration of A$125 million) will be paid via equity.

OneRail's long-term contract will continue to support its business
position. The company will continue to benefit from the exclusivity
of its coal haulage contract with Glencore in the Hunter Valley
region of New South Wales. This contract, valid until 2036, has
significant take-or-pay obligations till 2026 and a higher tariff
path until 2030. Nonetheless, OneRail's small size of operations
compared to local peers', and its geographic and commodity
concentration, will weigh on its credit profile.

OneRail's EBITDA will remain subdued at A$130million-A$140 million
in fiscal 2023 before recovering to A$140 million-A$160 million
over the next two to three years. The company's earnings are likely
to improve as the effect of severe weather conditions and
mine-specific production issues in the past six to 12 months
subside. S&P expects total coal haulage of about 7.5-8.0 billion
net ton kilometers per annum over the next two years. About 90% of
this is under various take-or-pay contracts. Subsequently, OneRail
may be more exposed to variation in haulage volumes, although it
will remain the exclusive hauler for Glencore in New South Wales.

OneRail's ambition of expanding haulage services particularly in
Queensland would require additional capital investment. S&P
therefore factor in an additional investment of A$55 million-A$60
million over the next 24-36 months. This spending could see the
company's near-term metrics, particularly at the consolidated
level, to dip slightly below our downgrade triggers until fiscal
2024; incremental earnings from which will accrue from fiscal 2025
onward.

S&P said, "We believe management of costs and dividends, along with
expected debt reduction through cash sweeps would be critical until
fiscal 2025. This is given the lack of headroom to handle
variations in coal volumes until the FFO-to-debt ratio recovers to
more than 30% on a stand-alone basis and over 14% on a consolidated
basis by fiscal 2025.

"We expect OneRail's stand-alone FFO-to-debt ratio to trend at
20%-26% in fiscals 2023 and 2024, before improving to more than 30%
from fiscal 2025 onward. This is slightly below our previous
expectation wherein the ratio was expected to improve to more than
30% by the end of calendar year 2024. We believe the amortizing
nature of the company's debt, along with the cash sweep mechanism
under the bank loan, will support the improvement in financial
metrics. In addition, the metrics will benefit from the initial
cash injection of A$24.1 million and high cash balance of about
A$38 million as of March 31, 2023. Furthermore, at the stand-alone
level, we believe dividends over the next two to three years will
be only to meet the interest payment of the subordinate debt and
ongoing expenses of MIG. No further cash outflow to the
shareholders are likely, with all excess cash balances retained at
OneRail.

"Our view of the MIG group drives our ratings on OneRail; we expect
consolidated FFO-to-debt at the MIG level to fall to 11.5%-13.5%
for the next two fiscals, before improving to over 14%. This ratio
is toward the lower end of our assessment of a 'bb' group credit
profile. We would expect the ratio to improve to above 13% with
some buffer to maintain the group credit profile assessment. The
consolidated metrics factor in the A$200 million subordinate debt
as well as the management fee payable by MIG. For our analysis, we
have assumed all interest is paid out continuously (i.e., no
payment-in-kind capitalization of interest for the first 12
months). We believe MIG is jointly controlled by the two joint
venture partners and that OneRail forms a core part of this group,
being the sole operating entity. Consequently, we equalize our
rating on OneRail with our view of the group credit profile.

OneRail's medium-to-long term strategy, financial policies, and
commitment to the rating, remain key rating drivers. The
managements of OneRail and its new owners continue to work closely
to define the company's longer-term growth and diversification
strategy. The policies and medium-to-long term expansion plans are
likely to evolve over the next six-12 months. Furthermore, the
commitment of management as well as the new shareholder to the
credit rating and discipline of operating with some headroom above
the rating triggers, will remain critical over the medium to longer
term. This will be tested further particularly from mid-fiscal 2026
onward, when the take-or-pay limits under the marquee Glencore
haulage contract drop to about 65% of the current levels.

S&P said, "The stable outlook on OneRail reflects our view that the
company's steady cash flow from its contract with Glencore along
with protections under its senior secured debt facilitates will
support an improved financial profile over the next two to three
years. The outlook also factors in the expectation that the
remaining A$125 million acquisition payment will not increase debt
or reduce cash balances at OneRail.

"On a stand-alone basis, we expect the FFO-to-debt ratio to remain
subdued at 20%-22% in fiscal 2023, before recovering toward 24%-32%
over the next one to two years. The step improvement in metrics
will benefit from the amortizing debt profile and cash sweeps.

"On a consolidated basis, we expect the ratio to remain at
11.5%-13.5% in fiscals 2023 and 2024. This range is at the lower
end of our threshold. Improvement in the stand-alone profile is
likely to see the consolidated metrics increase to above 14% in
subsequent years."

The rating on OneRail could come under pressure if MIG group's
consolidated FFO-to-debt ratio remains below 13% beyond the next
two years. Outside of the group undertaking any additional debt or
paying out dividends, this could likely happen with weakness in
OneRail's stand-alone business.

S&P's assessment of OneRail's stand-alone credit profile could
deteriorate if the FFO-to-debt ratio remains below 23% beyond the
next one to two years with no clear and timely response to restore
it with reasonable headroom. This could happen if:

-- There is a major disruption or operating performance is below
our expectations, leading to a reduction in above-rail coal
volumes.

-- Capital expenditure (capex) or dividend outflows are materially
higher than S&P expects, indicating a higher risk appetite.

-- There is material change in the capital structure, or if
amortization of debt/cash flow sweeps are lower than we expect.

S&P said, "We believe an upgrade over the next two to three years
is unlikely. This is because we expect OneRail as well as the group
to have growth ambitions and relatively low rating headroom over
the next two to three years.

"Nonetheless, we could raise the rating if the group sustains its
consolidated FFO-to-debt ratio above 23% with supportive policies
for maintaining the same.

"We could raise our assessment of OneRail's stand-alone credit
profile if the company maintains an FFO-to-debt ratio above 30%.
The company may need to maintain higher metric thresholds as its
business profile weakens, for example with reduction of take-or-pay
obligations and pricing resets under the marquee Glencore
contract."

ESG credit indicators: E-4, S-2, G-2

S&P said, "Environmental factors are a negative consideration in
our credit rating analysis of OneRail because the entity solely
hauls coal. Haulage of thermal coal makes up 85%-90% of its volumes
and revenue. As a coal rail freight operator, OneRail remains
exposed to long-term demand prospects for thermal as well as
metallurgical coal. However, the take-or-pay nature of the key
contract tempers the near-term risks. In addition, as a rail
operator, OneRail's emissions relate primarily to the operation of
its locomotives."

Over the longer term, environmental concerns and global energy
policies that reduce demand for miners' products, particularly
thermal coal, could dent transport volumes through OneRail's rail
network. This may also affect the company's borrowing costs and
investor base.

S&P assesses the social and governance factors for OneRail as
neutral.


PEPPER RESIDENTIAL NO.37: S&P Puts Prelim B+ (sf) Rating to F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of nonconforming and prime residential mortgage-backed securities
(RMBS) to be issued by Permanent Custodians Ltd. as trustee of
Pepper Residential Securities Trust No.37. Pepper Residential
Securities Trust No.37 is a securitization of nonconforming and
prime residential mortgages originated by Pepper Homeloans Pty
Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.

-- The availability of a retention amount and amortization amount,
which will all be funded by excess spread, but at various stages of
the transaction's term. They will have separate functions and
timeframes, including reducing the balance of notes outstanding.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.5% of the outstanding balance of the notes, principal
draws, and a yield-enhancement reserve--to the extent it is
funded--are sufficient under our stress assumptions to ensure
timely payment of interest.

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

  Preliminary Ratings Assigned

  Pepper Residential Securities Trust No.37

  Class A, A$607.50 million: AAA (sf)
  Class B, A$24.80 million: AA (sf)
  Class C, A$13.75 million: A (sf)
  Class D, A$10.80 million: BBB (sf)
  Class E, A$6.70 million: BB (sf)
  Class F, A$4.95 million: B+ (sf)
  Class G, A$6.50 million: Not rated


WATTS UP: Second Creditors' Meeting Set for May 23
--------------------------------------------------
A second meeting of creditors in the proceedings of Watts Up QLD
Pty Ltd has been set for May 23, 2023 at 11:00 a.m. at the offices
of Jirsch Sutherland at Level 9, 120 Edward Street in Brisbane and
via virtual 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 22, 2023 at 5:00 p.m.

Christopher John Baskerville and Aleksandar Stojic of Jirsch
Sutherland were appointed as administrators of the company on April
5, 2023.


WESTERN HOME: Closes With AUD1.2 Million in Contracts Outstanding
-----------------------------------------------------------------
News.com.au reports that the collapse of Western Home Improvements,
an embattled home improvements business, has left almost 100
customers out of pocket hundreds of thousands of dollars in
deposits, with patios and landscaping work left incomplete.

Western Home was officially put into liquidation on May 16 after
the Wangara company struggled to find labour to complete the AUD1.2
million in outstanding contracts on its books, according to
news.com.au.

News.com.au relates that insolvency firm Cor Cordis will now try to
secure a replacement business to complete Western Home
Improvements' jobs which are in various stages of completion, after
clients paid nearly AUD350,000 in deposits.

The Perth-based company told The West Australian the business had
taken AUD175,000 in deposits for 68 patio contracts worth
AUD715,000, with a further AUD170,000 received for 21 landscaping
contracts worth AUD485,000, news.com.au relays.

According to news.com.au, liquidator Jeremy Nipps told the WA paper
Cor Cordis would seek to complete discussions started by Western
Home Improvements' directors with construction firms who could
potentially complete the contracts.

Western Home Improvements' five remaining staff were made redundant
last week, with about AUD200,000 believed to be owed to creditors.

Perth-based Western Home Improvements was engaged in home
improvements business.




=========
C H I N A
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TTM TECHNOLOGIES: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed TTM Technologies, Inc.'s and subsidiary,
TTM Technologies China Limited's (Collectively TTM) Long-Term
Issuer Default Ratings (IDRs) at 'BB'. All security ratings were
also affirmed. The Rating Outlook is Stable.

Fitch also assigned 'BB+'/'RR2' ratings to TTM's proposed
refinancing $350 million term loan, and 'BBB-'/'RR1' ratings to the
company's proposed refinancing $150 million ABL facility and $150
million Asia ABL. The proposed facilities will refinance the
company's existing term loan and ABL facilities, and will be
leverage neutral while extending the maturity of the term loan and
ABLs to 2030 and 2028, respectively. Fitch will withdraw the
ratings on the existing term loan and ABLs once the refinancing is
completed.

The IDR and Stable Outlook on TTM reflect the company's position as
a leading PCB manufacturer with gross EBITDA leverage expected to
be in the 3.0x-3.5x area.

KEY RATING DRIVERS

Improving Market Position: TTM has executed well on its strategy of
increasing sales from end markets that benefit from growing demand,
long product and program lifetimes, and where there is an
opportunity to provide differentiated capabilities beyond PCB
'build-to-print' manufacturing (BTP PCB) and assembly. The BTP PCB
market is typically characterized by intense price competition and
limited revenue visibility due to lack of volume commitments in
contracts.

In contrast, Fitch believes the aerospace & defense end market
(A&D; 35% of 2022 revenue), RF components, and integrated
technology systems - areas which TTM is increasingly focused on -
benefit from longer product cycles, greater technological
complexity, deeper customer engagement, lower threat of competitive
displacement, and decreased order volatility. A&D also has solid
secular demand fundamentals and is complementary to TTM's
U.S.-based manufacturing footprint, which has the required security
clearances to serve highly sensitive product areas, including radar
systems, surveillance systems, and other sensitive military and
commercial applications.

However, Fitch expects a meaningful proportion of the company's
revenue will continue to be derived from end-markets that tend to
be more cyclical with shorter duration contracts, exposing TTM to
meaningful revenue and earnings volatility.

Financial Policy & Leverage: TTM management has expressly committed
to a long-term net leverage target of 2.0x EBITDA and has generally
maintained leverage below this level. While the company has
temporarily exceeded its net leverage target in the past to
facilitate acquisitions, it has a solid track-record of quickly
deleveraging following them. Gross EBITDA Leverage, as calculated
by Fitch, has been around the 3x level from 2020 to 2022. Fitch
expects weakening end market demand to result in gross leverage
increasing to between 3.2x-3.5x from 2.9x at the end of 2022, but
for the company to deleverage as end market demand gradually
improves in 2024 and beyond.

Customer Concentration: TTM's OEM clients operate in concentrated
markets, such as A&D, wireless infrastructure and autos. As such,
the company's revenue exposure to its top five clients has remained
generally consistent in the 30%-35% range in recent years with the
company's top customer representing approximately 10% of 2022
revenue.

Acquisitive Growth Strategy: TTM relies heavily on acquisitions in
pursuit of its strategy. In 2022 TTM spent close to $300 million to
purchase Telephonics Corporation. The acquisition of Telephonics
aligns with the company's goal of further expanding into highly
engineered aerospace and defense offerings, and builds on its 2018
acquisition of Anaren, Inc. for almost $800 million. Fitch believes
TTM will continue to pursue acquisitions to further its strategic
imperatives. While this heightens execution risks and could result
in higher leverage, Fitch believes TTM has a solid track-record of
integrating acquisitions and believes the company's strategy is
well-founded.

Liquidity and Financial Flexibility: Following the proposed
refinancing of TTM's term loans and revolver, Fitch expects the
company to have more than $400 million in cash and close to $250
million of aggregate availability on its U.S. and Asia ABLs with
minimal debt maturities until 2028. In addition, Fitch expects TTM
to remain meaningfully cash flow positive throughout its 2023-2026
forecast, despite weakening end market demand and significant
expected investments in the Penang, Malaysia expansion. The
company's significant cash balance, limited near-term debt
maturities after it completes its refinancing, and expected free
cash flow provide it with ample financial flexibility.

Parent-Subsidiary Relationship: TTM Technologies, Inc. is the
parent of its subsidiary TTM Technologies China Limited. Fitch
views the strategic and operational incentives for TTM
Technologies, Inc. to support TTM Technologies China Limited as
high, and the legal incentive as medium. Therefore, notching
between the two entities is equalized.

DERIVATION SUMMARY

TTM is well positioned comparably among industry competitors given
its top-ten position in the PCB industry, global manufacturing
scale, and end-market diversification. In addition, the company's
focus on advanced technology PCBs and higher value-added offerings,
deep engineering engagement with customers, and position as a
U.S.-domiciled PCB manufacturer with the necessary capabilities to
serve sensitive product areas in Aerospace & Defense and other
technology markets, position it well compared with peers.

TTM's closest Fitch-rated peers include component manufacturers,
service providers, and electronic equipment suppliers with similar
ratings such as Coherent Corp. (BB/Stable), Amkor Technology, Inc.
(BB/Positive), MKS Instruments, Inc. (BB+/Stable), and Viavi
Solutions Inc. (BB/Stable). In addition, TTM's indirect peers
include electronic manufacturing service (EMS) providers such as
Flex Ltd. (BBB-/Stable) and Jabil Inc. (BBB-/Stable).

TTM has weaker profitability than its closest rated peers, which
generally have EBITDA margins above 20% compared to TTM's ~13%.
Coherent Corp., a provider of engineered materials and
opto-electronic components, has moderately higher revenue, better
profitability and similar leverage on a gross basis. Fitch believes
Coherent has a more diversified business than TTM.

Amkor Technology, a leading global provider of outsourced
semiconductor assembly and test (OSAT) services, has substantially
greater revenue, lower leverage, and better profitability than
TTM.

MKS Instruments, a global provider of instruments, subsystems and
process control solutions for manufacturers of capital equipment
for the semiconductor manufacturing, industrial technologies, life
and health sciences, research and defense industries, has better
profitability than TTM; however, Fitch considers TTM to be more
diversified.

Viavi Solutions, a global provider of network test, monitoring /
assurance solutions, and optical solutions for 3D sensing, has a
smaller revenue base than TTM but better profitability and lower
gross leverage.

TTM is substantially smaller than Jabil and Flex, both of which
have revenue that exceeds TTM's by more than 10x, but at a
substantially lower level of profitability with EBITDA margins
roughly in the 5%-7% range in recent years compared to 13%+ for
TTM. Fitch views these entities as having better diversification
than TTM, lower volatility of profit, and stronger financial
profiles.

KEY ASSUMPTIONS

- Revenue decline in the high single digits in 2023 driven by
weakness in all end markets with the exception of aerospace and
defense (A&D) which benefits from the mid-2022 acquisition of
Telephonics and continued organic growth stemming from favorable
demand dynamics and potentially the gradual easing of supply chain
constraints;

- Beyond 2023, Fitch expects revenue growth to rebound to
mid-single digits due to a broadly improved demand environment
throughout end markets, combined with continued organic growth in
A&D, which Fitch expects will benefit from gradual easing of supply
chain constraints;

- EBITDA margin compression of ~110 bps in 2023 driven by lower
gross profit over roughly flat cash operating costs relative to the
prior year, with the EBITDA margin gradually rebounding in 2024 and
2025 due to higher revenues which should lead to improved capacity
utilization - a key driver of profitability;

- Capital expenditures as a percentage of revenues increasing to
approximately 6%-7% from 2023-2025 relative to 4% in 2022 driven
primarily by increased spending as TTM builds-out its automated
Penang, Malaysia facility which is expected to ramp-up in the
second half of 2023 through the end of 2024;

- Share repurchases of $50 million annually in 2023 and 2024;

- TTM refinances its term loan and ABLs in 2023;

- Interest rate on $250 million of the term loan fixed at 6.00%
commencing the end of March 2023 until 2027, reflecting interest
rate swaps the company has entered into plus an assumed 2.50%
margin;

- Floating rates applicable to the remaining $100 million of
unfixed term loan borrowing and ABLs of 4.85%, 4.50%, and 4.25% in
2023, 2024, and 2025, respectively;

- Applicable margin of 2.50%, 1.40%, and 1.25% on the term loan,
Asia ABL, and U.S. ABL, respectively.

RATING SENSITIVITIES

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

- Expectation for EBITDA Leverage to be sustained below 3.0x;

- Expectation for Debt/FCF to be sustained below 6.0x;

- Improved diversification and increased exposure to more stable
end markets results in reduced cyclicality and improved
visibility.

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

- Expectation for EBITDA leverage to be sustained above 3.5x due to
a change in financial policies and/or deterioration of growth and
margin expansion opportunities;

- Expectation for gross Debt/FCF to be sustained above 7.0x.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of March 31, 2023, TTM has adequate
liquidity comprised of $417 million of cash & cash equivalents
($244 million of which was held by foreign subsidiaries, primarily
in China) and approximately $134 million and $115 million of
availability on the company's U.S. and Asia ABL's, respectively,
based on letters of credit outstanding at Jan. 2, 2023. TTM derives
additional liquidity support from FCF generation, which Fitch
expects to remain meaningfully positive through its rating
horizon.

TTM's term loan and ABLs mature in 2024, but the company is in the
process of refinancing these facilities. Following the refinancing,
Fitch expects TTM will have limited debt maturities until the ABLs
and other debt mature in 2028 and beyond.

ISSUER PROFILE

TTM Technologies, Inc. (TTM) is a global manufacturer of printed
circuit boards (PCBs), engineered technology systems, radio
frequency (RF) components and RF microwave/microelectronic
assemblies. TTM operates 27 specialized facilities in North America
and China, and is one of the largest PCB manufacturers in the world
based on revenue.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating         Recovery   Prior
   -----------             ------         --------   -----
TTM Technologies,
Inc.                LT IDR BB   Affirmed               BB

   senior secured   LT     BBB- New Rating   RR1

   senior secured   LT     BB+  New Rating   RR2

   senior
   unsecured        LT     BB   Affirmed     RR4       BB

   senior secured   LT     BBB- Affirmed     RR1      BBB-

   senior secured   LT     BB+  Affirmed     RR2       BB+

TTM Technologies
China Limited       LT IDR BB   Affirmed               BB

   senior secured   LT     BBB- Affirmed     RR1      BBB-

   senior secured   LT     BBB- New Rating   RR1

VNET GROUP: Moody's Lowers CFR to B3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded VNET Group, Inc.'s
corporate family rating to B3 from B2 and changed the outlook to
negative from ratings under review. This action concludes the
review for downgrade that Moody's initiated on February 17, 2023.

"The rating downgrade and negative outlook reflect VNET's weak
liquidity position in particular given the refinancing task for its
$600 million convertible bonds that will become puttable in
February 2024, its elevated debt leverage on a sustained basis, and
persistent negative free cash flow to fund its business needs,"
says Shawn Xiong, a Moody's Vice President and Senior Analyst.

RATINGS RATIONALE

VNET's B3 CFR reflects the company's solid position in China's
internet data center (IDC) market, its strategically located data
centers, operating track record featuring steady revenue and
operating cash flow growth, diversified customer base and
established partnerships with leading cloud service providers.

It also reflects Moody's view that the issue between Bold Ally
(Cayman) Limited and Mr. Sheng Chen, the Executive Chairman of the
Board, has not had significant adverse impact to date on the
company's operations or access to funding. Moody's also expects
that the risk of a change of control event which could trigger
accelerated repayments of convertible bonds, has lessened
significantly given the Board has approved and authorized Class D
ordinary shares. The Class D ordinary shares will have the same
rights as the company's existing Class B ordinary shares, but will
have higher voting rights. If issued, the Class D shares will have
the effect of maintaining Mr. Sheng Chen's voting rights above
20%.

On the other hand, the rating is constrained by VNET's relatively
limited scale, weak liquidity position, high debt leverage and
persistent negative free cash flow due to high investment needs to
expand capacity.

Moody's expects VNET's revenue to grow around 10% over the next
12-18 months, driven primarily by growth of new cabinets and
increasing utilization of its existing cabinets. The company's
revenue rose 28% and 14% in 2021 and 2022, respectively.

Moody's also forecasts the company's adjusted EBITDA margin will
remain around 35% over the next 12-18 months. At the same time,
Moody's forecasts the company will incur additional debt to fund
its planned capital spending.

As a result, Moody's expects VNET's debt leverage, as measured by
Moody's-adjusted debt-to-EBITDA, to stay around 6.0x over the next
12-18 months before gradually deleveraging as the utilization of
its new cabinets improves and investment gap narrows.

VNET's liquidity position is weak. It had an unrestricted cash
balance of RMB2.7 billion as of the end of December 2022, which
combined with expected operating cash flow will be insufficient to
cover planned capital spending and upcoming debt maturities
including $68 million (around RMB0.5 billion) of convertible bonds
that become puttable between March and June 2023 and $600 million
(around RMB4.2 billion) of convertible bonds that will become
puttable in February 2024.

Moody's notes that VNET has a track record of access to offshore
funding markets, as reflected by its issuance of a total of $1.6
billion through a combination of convertible bonds, preferred and
common shares over the past three years. In addition, the company
has gained good access to project financing in domestic funding
markets, which could help to fund partially its liquidity gap.
Also, the company has some flexibility to defer its capital
spending as needed.

ENVIRONMENTAL,SOCIAL,GOVERNANCE(ESG) CONSIDERATIONS

VNET's credit impact score of CIS-4 is primarily driven by its
aggressive financial policy to meet its investment needs. This has
resulted in elevated financial leverage due to the lag between
debt-funded investment and the ramp-up of new cabinets at its data
centers, as well as its large financing needs and weak liquidity.

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

The negative outlook reflects the company's need to bolster its
liquidity amid a tight funding environment and raise new funds for
its upcoming debt maturities.

It also reflects Moody's expectation that the company will continue
to incur negative free cash flow.

Positive rating pressure could emerge if the company can refinance
or repay its upcoming debt maturities, including the $600 million
of convertible bonds becoming puttable in February 2024, while
keeping its solid business profile and reducing its debt leverage
to below 6.0x on a sustained basis.

Moody's could downgrade the rating further if the company fails to
put in place and execute a refinancing plan in a timely manner for
the convertible bonds coming due; or its debt leverage is above
7.5x on a sustained basis.

The principal methodology used in this rating was Communications
Infrastructure published in February 2022.

Headquartered in Beijing, VNET Group, Inc. (VNET) began operations
in 1999 and listed on the NASDAQ in 2011. The company is China's
largest carrier- and cloud-neutral IDC services provider, operating
in more than 30 cities. It also provides interconnectivity services
and complementary value-added services, such as cloud services,
virtual private network services and hybrid IT services.



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

AAYUR TECHNOLOGY: CRISIL Reaffirms B+ Rating on INR3cr Cash Loan
----------------------------------------------------------------
CRISIL Rating has reaffirmed its 'CRISIL B+/Stable' rating to the
long term bank facilities of Aayur Technology Solutions Private
Limited (ATSPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.44      CRISIL B+/Stable (Reaffirmed)
   
   Term Loan              1.93      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan              2.89      CRISIL B+/Stable (Reaffirmed)

The rating reflects ATSPL's modest scale of operations and weak
financial risk profile. These weaknesses are offset by the
extensive experience of the promoters in the electro-mechanical
packaging and rugged equipment manufacturing segment.

Analytical Approach

CRISIL Rating has treated unsecured loans of INR4.12 crore from the
promoters as on March 31, 2022 as neither debt nor equity since
they are expected to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation: ATSPL's business profile is
constrained by its scale of operations in the intensely competitive
Aerospace & Defense equipment industry.  Revenues are estimated at
INR27 crores for fiscal 2023(Rs.16 crores for fiscal 2022). ATSPLs
scale of operations will continue limit its operating flexibility.

* Weak financial profile: Negative net worth limits it's financial
flexibility, and restrict the financial cushion available to the
company in case of any adverse conditions or downturn in the
business.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of over 35 years in Aerospace & Defense
equipment industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

Liquidity-Stretched

Liquidity is stretched with limited cushion between cash accruals
and repayments and high bank limit utilization. Cash accrual are
expected to be at INR2-3 crores and will remain tightly matched
against term debt obligation of INR1.8 crore over the medium term.
Bank limit utilisation is moderately high at around 90 percent for
the past 12 months through March 2023. However the promoters are
likely to extend support in the form of unsecured loans to meet its
working capital requirements and repayment obligations. Unsecured
loans stood at INR4.12 crores as on March 31, 2022 and is treated
as neither debt nor equity.

Outlook Stable

CRISIL Rating believe ATSPL will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation and improvement in
margins to over 25% leading to higher cash accruals
* Improvement in working capital cycle

Downward factor

* Decline in net cash accruals below INR0.70 crore on account of
decline in revenue or operating profits.
* Substantial increase in its working capital requirements thus
weakening its liquidity & financial profile.

ATSPL, incorporated in 2006, is engage in manufacturing of
integrated systems and electro-mechanical equipment's for the
defense sector. ATSPL  is owned & managed by  Captain OP Dua (CEO),
Mr.S D Shenoy (Chairman & Director) &  Mr Kiran K Jyothis (Managing
Director) . ATSPL's facilities is located at Rajajinagar,
Bangalore.


ABR PETRO: CARE Lowers Rating on INR12.19cr Long Term Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
ABR Petro Products Limited (APPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.19       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B+; Stable

   Long Term/           9.26       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable/
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 2, 2022,
placed the rating(s) of APPL under the 'issuer non-cooperating'
category as APPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. APPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 18, 2023, April 28, 2023, May 8, 2023.

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

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

The ratings have been revised on account of non-availability of
requisite information. Further it also considers delay in debt
servicing as recognized from publicly available information i.e.,
FY22 annual report available from ROC Filings.

Gorakhpur (Uttar Pradesh) based, ABR Petro products Limited (APPL)
was incorporated in November, 1993. The company is currently
engaged in the manufacturing poly polyene woven sacks. The
manufacturing facility of the company is in Gorakhpur Uttar
Pradesh.


AGNI ALPHA: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Agni Alpha Global Private Limited
1105, Alfa Plus, Opp. GSPC Gas,
        Nr. Raiya Telephone Exchange,
        Rajkot, Gujarat-360005

Liquidation Commencement Date:  April 25, 2023

Court: National Company Law Tribunal, Ahmedabad Bench

Liquidator: Jitendra Gordhandas Unadakat
     702, King's Plaza, Astron Chowk,
            Sardar Nagar Main Road,
            Rajkot, Gujarat-360001
            Email: cajgunadakat@gmail.com
            Telephone: 02812482702

Last date for
submission of claims: May 25, 2023

AKSH OPTIFIBRE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aksh
Optifibre Limited (AOL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      136.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank    114.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE has been seeking information from AOL to monitor the rating(s)
vide e-mail communications/letters dated March 7, 2023, March 17,
2023, March 27, 2023 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, AOL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Aksh Optifibre Limited (AOL)
instruments will now be denoted as CARE D; Issuer not Cooperating.

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

Analytical approach: Standalone

Detailed description of the key rating drivers:

At the time of last rating on April 21, 2022 the following were the
rating strength and weaknesses.

Key strengths

* Experienced promoters with established track record in the OFC
industry: Incorporated in 1986, the company has over three-decades
of long track record of operations in OFC industry. AOL
manufactures OFC and is also backward integrated to manufacture OF
and FRP rods, which leads to operational efficiencies. The company
started with the manufacturing of OF and OFC in 1994. In 1996-97
AOL acquired FRP business which is a key raw material for OFC. AOL
went public in 2000 and is listed on NSE and BSE. The company also
delivers to e-governance services through its programme 1 Stop Aksh
with the government of Rajasthan. The present Chairman and Managing
Director, Dr. Kailash S. Choudhari, is a key founding member of
AOL. He is MBBS by qualification, gold medallist AIIMS. His father,
Mr. Shantilal Choudhari, was the promoter of Choudhari Metal
Industry (later on renamed CMI Limited) which specializes mainly in
manufacturing of copper cables.

Key weaknesses

* Poor Liquidity and delays in debt servicing: The liquidity
continues to remain poor owing to continuous overdraws and delay in
debt repayment obligations. The account continues to be classified
as NPA with the lenders. The delays were on account of stressed
liquidity position resulting from delayed realizations from
customers leading to cash flow mismatches. The current ratio as on
March 31, 2022 stood at 0.74 (PY:0.65). However, the operating
cycle stood at 76 days in FY22 improved from 100 days in FY21. The
inventory and debtors stood at Rs 34.73 crore (PY: Rs 36.39 crore)
and Rs 106.43 crore (PY: Rs 102.16 crore) respectively.

Aksh Optifibre Limited (AOL) was incorporated in March 1986 as a
manufacturer of Poly Vinyl Chloride (PVC) and Polyethylene (PE)
insulated specialty cables. In 1994, the company ventured into
manufacturing of Optical Fibre Cables (OFCs) and did backward
integration in 1995 by setting up a plant for Optical Fibre (OF) in
Bhiwadi, Rajasthan. In 2000, AOL acquired Fibre Reinforced Plastic
Rods (FRP rods) business which is a key raw material for OFC
(mainly used at the strength membrane in OFC). The company is also
undertaking e-governance services, which includes 10,000 plus
e-Governance kiosks in the state of Rajasthan and is also providing
smart city/ turnkey solutions, which includes installation and
managing of OFC turnkey of 350 kms in Jaipur smart city project.


BARODA AGRO: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Baroda Agro
Chemicals Limited (BACL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.61       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 10, 2022,
placed the rating(s) of BACL under the 'issuer non-cooperating'
category as BACL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. BACL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 24, 2023, February 3, 2023, February 13, 2023.

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

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

Vadodara-based (Gujarat) Baroda Agro Chemicals Limited (BACL) was
incorporated on January 17, 1996. BACL has been engaged in toll
manufacture of agro-chemical inputs. BACL built good manufacturing
facilities, technology, practices and knowledge, which has made it
a leader in toll manufacturing for agro-inputs in India. The
company is operating from its sole ISO certified manufacturing
facilities located at Panelav, Village Halol, Vadodara. BACL also
does job work on the raw materials received from its customers and
deliver the final product in turn. Final product of BACL i.e.,
pesticides and insecticides of various grades and types finds its
application fertilizers and pesticides, mainly used in agro
industries. The associate concerns of BACL, namely Ravi Plant
Biotechnologies Limited is engaged into business of metals and
chemicals and India Farmcare Private Limited which is engaged into
marketing pertaining to innovation in the areas of Crop Protection
Products, Fertilizers, Irrigation Systems and Agricultural
Implements.

FUNBARS HOSPITALITY: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Funbars Hospitality Private Limited
A-95, S/F, Right Saide, Gali No. 10, Chandr Vihar,
Mandawali Delhi East Delhi DL 110092

Liquidation Commencement Date:  April 19, 2023

Court: National Company Law Tribunal New Delhi Bench-II

Liquidator: Anil Tayal
     201, Sagar Plaza, Plot No. 19,
            District Centre Laxmi Nagar,
            New Delhi National Capital Territory of Delhi, 110092
            Email: caaniltayal@gmail.com
            Email: funbars.cirp@gmail.com

Last date for
submission of claims: May 19, 2023


FUTURE RETAIL: Receives 6 Bankruptcy Resolution Bids
----------------------------------------------------
Reuters reports that debt-ridden Future Retail Ltd said on May 17
it had received bids from six applicants in its insolvency
resolution process.

The company did not disclose the name of the bidders, Reuters
notes.

Future Retail, once India's second-largest retailer, was dragged
into bankruptcy proceedings by banks after it defaulted on loans
and its lenders rejected a $3.4 billion buyout by Reliance Retail
amid a legal challenge by Amazon.com Inc.

Earlier in the day, ET reported that Reliance Retail - the retail
arm of Mukesh Ambani's Reliance Industries - and Gautam Adani-led
Adani Group had opted out of the final bid, Reuters relays.

A total of 49 bidders were eyeing to acquire the debt-laden giant
in April this year, the report notes.

                         About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific in late
July 2022, an Indian court agreed to send Future Retail Ltd. into
bankruptcy, allowing the creditors to find a new owner for the
beleaguered retailer.  According to Bloomberg News, the National
Company Law Tribunal on July 20 gave its verdict on a petition by
Bank of India to start the bankruptcy-resolution process for the
cash-strapped retailer. It dismissed allegations from the local
unit of Amazon.com Inc. that Future Retail's lenders were colluding
with its founders to push the firm into insolvency. The court also
appointed an administrator to take over the management at Future
Retail.


GOLDEN IMPORTERS: CRISIL Reaffirms B Rating on INR6cr Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings of 'CRISIL B/Stable' on
the bank facilities of Golden Importers (GI).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL B/Stable (Reaffirmed)

   Proposed Working
   Capital Facility       0.73       CRISIL B/Stable (Reaffirmed)

   Working Capital
   Term Loan              0.77       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations amid intense competition and average financial risk
profile. This weakness is partially offset by the extensive
entrepreneurial experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Nascent stage of operations, modest
revenue of INR11.37 crores in fiscal 2023. Revenue is expected to
remain modest over medium term.

* Average financial risk profile: The total outside liabilities to
tangible networth (TOLTNW) ratio wis expected at 0.92 times as on
March 31, 2023. Debt protection Metrics is marked by moderate
interest coverage ratio was average at 1.56 times in fiscal 2023.

Strength:

* Extensive entrepreneurial experience of the partners: The
partners have experience of over two decades in various businesses,
such as operating a supermarket, sawmill and restaurant. The
experience has given them a strong understanding of market dynamics
and helped to establish healthy relationships with suppliers and
customers.

Liquidity: Stretched

Bank limit utilisation is low at around 15.11 percent for the past
twelve months ended March 2023. Cash accruals are expected to be
over INR0.22 crores which are insufficient against term debt
obligation of INR0.38 crores over the medium term. Current ratio is
healthy at 1.93 times on March 31, 2023.

Outlook: Stable

CRISIL Ratings believes GI will continue to benefit from the
entrepreneurial experience of the partners.

Rating Sensitivity factors

Upward factors

* Increase in revenue to over INR25 crores and operating margin
sustenance at over 9%
* Improvement in cash accrual to repay the debt obligations.

Downward factors

* Decline in revenue or fall in operating margin below 3%
* Large, debt funded capital expenditure, weakening the capital
structure
* Stretched working capital cycle, weakening the liquidity and
overall credit risk profile

It was set up in 2018 and commenced operations in May 2019. The
firm imports pre-painted galvanized steel, which is used for
manufacturing galvanized roofing sheets. It is promoted by Mr Abdul
Rahiman and Ms Jahanara K A.


HIMSHILA FERRO: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Himshila
Ferro Alloys Private Limited (HFAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.53       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 10, 2022,
placed the rating(s) of HFAPL under the 'issuer non-cooperating'
category as HFAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. HFAPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 24, 2023, February 3, 2023, February 13, 2023.

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

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

Incorporated in July 2009, Himshila Ferro Alloys Private Limited
(HFAPL) was promoted by Mr. Chinmoy Mondal and Mrs. Soma Ghosh for
setting up an iron castings unit in Burdwan, West Bengal. The
company has started its commercial operations from June 2017 at its
plant located at Dewandighi, Burdwan, West Bengal with an installed
capacity of 200 metric tons per month (MTPM). The company has been
engaged in manufacturing of high duty grey iron castings and
ductile iron castings.


INDO LAMINATES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Indo Laminates Private Limited

Registered Office:
79, Rajinder Park, Nangloi,
        New Delhi, West Delhi-110041 India

Factory Address:
44 KM Stone Delhi Rohtak  
        Road Village Rohand, Bahadurgarh,
        District Jhajjar Haryana 124507

Insolvency Commencement Date: April 26, 2023

Estimated date of closure of
insolvency resolution process: October 23, 2023

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: CA & IP Pawan Kumar Garg
       25-A, J-Pocket, Sheikh Sarai-II,
              New Delhi-110017
       Email: ca.pawangarg@gmail.com
       Email: cirp.indolaminates123@gmail.com

Last date for
submission of claims:  May 12, 2023

JAGDAMBAY RICE: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Jagdambay
Rice Mills-Amritsar (JRM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.31       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 18, 2022,
placed the rating(s) of JRM under the 'issuer non-cooperating'
category as JRM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2023, April 13, 2023, April 23, 2023.

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

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

Jagdambay Rice Mills - Amritsar was established as partnership
concern in 1992. The firm is currently being managed by Mr. Vinod
Kumar Gujral, Mrs Uma Rani, Mr Punit Gujral and Mr. Vineet Gujral
as its partners. JRM is engaged in processing of paddy and milling
of rice at its manufacturing facility located in Amritsar, Punjab.
Besides this, the firm is also engaged in trading of rice. JRM
sells basmati rice and non-basmati rice under its brand name –
Golden Rath, Doha and Goric.


JOYOUS BLOCKS: CRISIL Reaffirms B+ Rating on INR16.44cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Joyous Blocks and Panels Pvt Ltd (JBPPL) to 'CRISIL
B+/Stable'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.10       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        6.63       CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility     16.44       CRISIL B+/Stable (Withdrawn)
   
   Working Capital
   Facility              2.33       CRISIL B+/Stable (Reaffirmed)

CRISIL Ratings has also withdrawn its rating on INR16.44 crore
proposed working capital facility on company's request. This is in
line with CRISIL Ratings' withdrawal policy.

The rating reflects the company's modest financial risk profile and
susceptibility to cyclicality in the construction industry. These
weaknesses are partially offset by the extensive experience of the
promoters in the construction materials industry, the company's
increased scale of operations and improvement in working capital
management.

CRISIL Ratings had downgraded its rating on the long-term bank
facilities of JBPPL to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'
on March 27, 2023.

Key Rating Drivers & Detailed Description

Weakness:

* Modest financial risk profile: Gearing remained high at 7.30
times as on March 31, 2022, and interest coverage weak at 0.94 time
for fiscal 2022. The decline in operating margin during the fiscal
constrained the financial risk profile. However, with steady
accretion to reserve, the financial risk profile is expected to
improve over the medium term.

* Susceptibility to cyclicality in the construction industry: Fly
ash based AAC blocks are used in the construction industry (mainly
buildings), which is highly cyclical and dependent on macroeconomic
variables. Any slump in the end-user industry will affect demand
and realizations.

Strengths:

* Extensive experience of the promoters: Presence of around three
decades in the construction materials industry has helped the
promoters understand market dynamics and establish healthy business
relationships with suppliers and key clients.

* Increased scale of operations: Demand has been steady because of
a wide clientele of more than 100 customers, resulting in revenue
growth over the past five fiscals. Fly Ash based Autoclaved Aerated
Concrete (AAC) blocks being a key component in construction, the
scale is expected to increase steadily.

* Moderate working capital cycle: The company had gross current
assets (GCAs) of 161 days as on March 31, 2022, which has improved
from 179 days in last fiscal. This is expected to improve further
going forward.

Liquidity: Stretched

Bank limit utilisation was moderate at 80% on average for the 12
months through January 2023. Cash accrual is expected at INR4.28
crore per annum against yearly term debt obligation of around INR4
crore over the medium term, which tightly match yearly debt
obligation. Current ratio was low at 1.06 times on March 31, 2022.
The promoters have infused INR1 crores more as equity share capital
in June 2022.The promoters are likely to extend support by way of
equity and unsecured loans to meet working capital requirement and
debt obligation.

Outlook Stable

JBPPL will continue to benefit from the extensive experience of its
promoters.

Rating Sensitivity factors

Upward factors

* Revenue growth of over 35% and improvement in the operating
margin leading to cash accrual of more than INR4.5 crore
* Prudent working capital management resulting in lower GCAs

Downward factors

* Weak cash accrual due to decline in revenue
* Poor working capital management leading to GCAs exceeding 220
days

Incorporated in 2014 and promoted by Mr Ayush Agarwalla, Mr Rahul
Kedia and Mr Ashok Khandelwal, JBPPL manufactures fly ash based AAC
blocks for construction work including real estate and civil
construction. Its production unit is in Durgapur, West Bengal, has
capacity of 15,000 cubic metre per month.


K.B. BOARD: CARE Lowers Rating on INR5.0cr LT Loan to B-
--------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
K.B. Board Mills LLP (KBML), as:

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 05, 2022,
placed the rating(s) of KBML under the 'issuer non-cooperating'
category as KBML had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KBML continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 21, 2023, March 31, 2023, April 10, 2023.

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

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

The ratings have been revised on account of non-availability of
requisite information.

Hinganghat (Maharashtra) based KBLP was established in August 2009
and is engaged in the business of manufacturing of paper and
paper-based products. The entity procures the raw material i.e.
waste papers from Maharashtra based dealers and sell its final
products i.e. paper tubes and paper cones to the customers located
at domestic as well as international market. The major export
destinations of the entity are Srilanka and Dubai.

KAALENDI VENTURES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kaalendi
Ventures LLP (KVL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.46       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 17, 2022,
placed the rating(s) of KVL under the 'issuer non-cooperating'
category as KVL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KVL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 31, 2023, February 10, 2023, February 20, 2023.

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

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

Kaalendi Ventures LLP. (KVL) was established on February 12, 2016
as a Limited Liability Partnership. Currently Mr. Binay Kumar Singh
and Mr. Pradip Kumar Gupta are the partners of the entity having
profit sharing ratio of 77.42% and 22.58%, respectively. KV is
currently engaged in manufacturing of MS pipes and structural steel
products at Fatuha, Patna with installed capacity of 60000 MTPA and
30000 MTPA respectively. Shri Binay Kumar Singh, the Managing
Partner, will look after the day to day operations of the entity
along with other partners and a team of experienced personnel.


KENS GUEST: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: Kens Guest House Private Limited
"Crow", 1st Floor, Building A. Belbhat,
        Chorao, Ilhas Goa Chorao GA 403102 IN

Liquidation Commencement Date:  March 31, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Sandeep Jayant Kulkarni
     27/2, Gujarat Colony, Near Hotel Samarth,
            Paud Road, Vanaz Corner, Kothrud Pune,
            Maharashtra 411038
            Email: kulkarni.sandeep@rediffmail.com
            Telephone: 9673000045

Last date for
submission of claims: April 30, 2023


LAKSHMI COTFAB: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lakshmi
Cotfab Private Limited (LCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.10       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated March 10, 2022,
placed the rating(s) of LCPL under the 'issuer non-cooperating'
category as LCPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. LCPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 24, 2023, February 3, 2023, February 13, 2023.

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

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

Rajkot (Gujarat) based Lakshmi Cot Fab Private Limited was
incorporated in September, 2013 by Mr Nimish Lotiya, Mr Vishal
Lotiya and Mr Harilal Khakhar. LCFPL is engaged into cotton
ginning, cleaning and bailing process with an installed capacity of
350 Full Pressed cotton bales per day (165 kg each) as on March 31,
2018. The company procures raw cotton from farmers and
sells its products in domestic market to the states like Gujarat,
Maharashtra, Tamilnadu etc.


MCLEOD RUSSEL: NCLAT Set Aside Insolvency Proceedings
-----------------------------------------------------
The Economic Times reports that the National Company Law Appellate
Tribunal (NCLAT) has set aside the insolvency proceedings against
McLeod Russel following a settlement between the promoter and IL&FS
Infrastructure Debt Fund.  A supplementary affidavit was filed
before NCLAT by the appellant (Aditya Khaitan), whereby an
agreement between the parties dated May 5, 2023 was brought on
record.

The financial creditors also informed the appellate tribunal they
already settled the matter with the promoter Khaitans and there are
no issues between the parties, ET says.

Following this, a two-member NCLAT bench closed the Corporate
Insolvency Resolution Process (CIRP) initiated by the Kolkata bench
of the National Company Law Tribunal (NCLT) on Feb. 10, 2023.

"In view the aforesaid, settlement agreement is taken on record, we
close CIRP initiated by order dated 10.02.2023. Order dated
10.02.2023 is set aside," said NCLAT order, which was uploaded on
the website on Tuesday evening [May 16], ET relays.

During the proceedings, the financial submitted that "in the event
of default, liberty be given to revive the appeal."

Moreover Interim Resolution Professional (IRP) also submitted that
certain dues have not yet been paid.

On this, counsel for the appellant submitted "considerable amount
of expenses has been paid and if any amount is unpaid, that shall
be taken care of," the NCLAT order, as cited by ET, noted.

ET says NCLAT direction came over the petition filed by Aditya
Khaitan, chairman of the company, against the NCLT order.

Earlier on February 22 this year, passing an interim order, NCLAT
had stayed the CIRP and directed the Interim Resolution
Professional (IRP) "not take any further steps".

However, it had directed IRP to run McLeod Russel as a going
concern including the day to day operations with the assistance of
its suspended board.

NCLT had directed to initiate CIRP against IL&FS Infrastructure
Debt Fund plea over default in payment of INR347.4 crore as on Nov.
12, 2019, of which the principal amount is about INR252.66 crore.

McLeod Russel India Limited (MRIL), the tea plantation company of
the Kolkata-based B.M. Khaitan Group, was originally incorporated
as Eveready Company India Private Ltd. on May 5, 1998. MRIL was
formed after the demerger of the bulktea business from Eveready
Industries India Ltd. (EIIL) with effect from April 1, 2004. MRIL
has acquired several other companies like Williamson Tea Assam in
FY2006, Doom Dooma Tea Company in FY2007 and Moran Tea in FY2008.
These acquisitions helped MRIL increase the number of tea estates
to 53 in India with 33,723 hectares (Ha) of total land under tea
cultivation.


MISBAH REAL: CRISIL Moves B Debt Rating from Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Misbah Real Estates Private
Limited (MREPL) to 'CRISIL B/Stable Issuer Not Cooperating'.
However, the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of the
rating. Consequently, CRISIL Ratings is migrating the rating on
bank facilities to 'CRISIL B/Stable' from 'CRISIL B/Stable
IssuerNot Cooperating'.        

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         10         CRISIL B/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

The rating reflects the company's exposure to risks related to
project implementation and its below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the hospitality industry and their
funding support.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to project implementation: MREPL is
setting up a banquet hall and food court which was expected to be
operational from December 2020, however due the impact of COVID 19
and subsequent nationwide lockdown, same was then expected to start
from August 2021. However, due to second lockdown in various parts
of Rajasthan and other operational issues like non availability of
labour from March 2022- September 2022 the project further got
delayed and is expected to commence operations from August 2023.
Timely completion and stabilisation of the project will remain a
key rating sensitivity factor. Any delay in the implementation may
result in cost overrun as well.

* Below-average financial risk profile: MREPL's financial risk
profile is constrained by negative networth and expected large
project debt. The financial risk profile is expected to remain
constrained on account of debt of INR9.65 crores contracted for
setting up the food court and banquet hall, resulting in a
leveraged capital structure. Further, in order to support the
working capital for the construction the company had also taken an
additional GECL loan of INR0.70 crore. Debt protection metrics are
expected to remain subdued amid modest cash accruals and large debt
during initial phase.

Strength:

* Promoters' extensive experience and funding support: The
promoters have been in the hospitality sector for over a decade.
They have extended funding support in the form of unsecured loans,
which stood at INR2.12 crore as on March 31, 2022 which is expected
to over INR10 crore in fiscal year 2023 to support the repayment
obligation and other construction cost incurred in the project

Liquidity: Poor

Liquidity to remain poor during initial phase because of expected
modest cash accruals and upcoming large debt obligations. The
project is funded through a term loan of INR9.65 crore and through
equity infusion and unsecured loans from the promoters. Company had
taken extension in loan repayment which started from April 2022
which was expected to start from September 2021. Repayment
obligation is expected to be met through infusion of capital or
unsecured loans from promoters.

Outlook: Stable

CRISIL Ratings believe MREPL will continue to benefit from the
extensive experience of its promoters and their established
business relationships.

Rating Sensitivity factors

Upward factors

* Timely completion and ramp-up of operations resulting in sizeable
cash accrual of above INR2 crore
* Sustained improvement in financial risk profile

Downward factors

* Delay in project completion or lower than anticipated ramp-up
leading to net cash accruals to scheduled debt repayment ratio of
less than 1 time
* Significant cost overrun and further weakening

Incorporated in 2002, MREPL is setting up a food court and banquet
hall, which is expected to commence operations in August 2021. The
company is promoted by Mr Shabbir Khan, Ms Sultana Begum, Mr S A
Sayeed, and Mr Shakeel Khan. Fiscal 2022 will be the first year of
operations for the company.


NAMKI TECHNOLOGIES : Voluntary Liquidation Process Case Summary
---------------------------------------------------------------
Debtor: Namki Technologies Private Limited
130 Resco-work01, Regus Gem Business Centre,
        1st & 2nd Floor IBIS Hotel, Hosur Road, Bommanahalli,
        Bangalore, Karnataka India- 560068

Liquidation Commencement Date:  April 25, 2023

Court: National Company Law Tribunal Bangalore Bench

Liquidator: P. D. Vincent
     65/2364A Ponoth Road, Kaloor, Kochi,
            Ernakulam 682017
            E-mail: vincentiplspl@gmail.com
            Tel: +91 484 2950007
            Tel: +91 484 2950009

Last date for
submission of claims: May 24, 2023


NARMADADEVI COTSPIN: CARE Lowers Rating on INR23.70cr Loan to B-
----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Narmadadevi Cotspin LLP (NCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      23.70       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 04, 2022,
placed the rating(s) of NCL under the 'issuer non-cooperating'
category as NCL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NCL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 20, 2023, March 30, 2023, April 9, 2023.

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

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

The ratings have been revised on account of non-availability of
requisite information.

Narmadadevi Cotspin LLP (NCL) established in 2018 in Beed,
Maharashtra and is setting up a unit for cotton ginning and
pressing, with a proposed capacity of 3 lakh quintal per annum. The
firm is expected to commence its operations in November 2018. The
firm has 6 sister concerns which are engaged in diverse business
viz. cotton ginning & pressing, managing petrol pump and oil
extraction.


NEW HIND: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: New Hind Silk House Private Limited
111A Park Street, 2nd Floor, Kolkata-700016

Insolvency Commencement Date: April 26, 2023

Estimated date of closure of
insolvency resolution process: October 23, 2023 (180 Days)

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Mr. Bimal Kanti Choudhury
       77A/50 Raja S.C. Mallick Road,
              8 S.P.B.Block, Kolkata 7A0092
              Email: bimalkantichoudhury@qmail.com
              Email: ip.newhind@gmail.com

Last date for
submission of claims:  May 10, 2023


NIPMAN FASTENER: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Nipman Fastener Industries Private Limited
Office No. 1004, 10th Floor, DLF Jasola Tower B,
        Plot No. 11, DDA Distt. Centre, Jasola, New Delhi - 110044

Insolvency Commencement Date: April 21, 2023

Estimated date of closure of
insolvency resolution process: October 18, 2023 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Mr. Naresh Kumar Munjal
       125, Second Floor, Kailash Hills, New Delhi-110065
       Email: nkmunjalcacs@yahoo.com

       Primus Insolvency Resolution and Valuation Pvt. Ltd
       C-4E/135, Janakpuri, New Delhi-110058
       Email: nipman@primusresolutions.in

Last date for
submission of claims:  May 10, 2023

PANDA AND COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Panda And
Company (PC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      25.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 6, 2022,
placed the rating(s) of PC under the 'issuer non-cooperating'
category as PC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 22, 2023, April 1, 2023, April 11, 2023.

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

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

Panda and Company was established in August 1964. Since its
inception the entity is engaged in lease rental business. The
entity has entered into lease agreement with State Bank of India
for the period of ten years starting since June 11, 2010. The
entity receives lease rent at the rate Rs.22 per square feet per
month for branch premises of 2712 square feet and Rs.11 per square
feet per month for staff vehicle and generator room of 493 square
feet from State Bank of India. The entity also entered into lease
rent agreement with HDFC bank for the period of fifteen years
starting since August 13, 2014. The entity receives lease rent from
HDFC bank around Rs.1 lakh per month for 3365 square feet. Mr.
Purna Chandra Panda (Partner) along with Mr. Rajendra Prasad Panda
(Partner), Mr. Prabhat Chandra Panda (Partner), Mr. Prakash Chandra
Panda (Partner) Mr. Bishnu Prasad Panda (Partner) Mrs. Ava Panda
(Partner) who have around 40 years, 40 years, 35 years, 35 years,
25 years and 25 years, of experiences, respectively are looking
after the day to day operation of the entity.


PAVITHRA CONSTRUCTIONS: CARE Keeps B- Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Pavithra Constructions (SPC) continues to remain in the 'Issuer Not
Cooperating' category.

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

   Short Term Bank     10.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 6, 2022,
placed the rating(s) of SPC under the 'issuer non-cooperating'
category as SPC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SPC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 22, 2023, April 1, 2023, April 11, 2023.

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

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

Andhra based, Sri Pavithra Constructions (SPC) was established in
the year 2007 as a partnership firm by Mr. Bandi Pitchi Reddy
(Managing partner) and his son Mr. Bandi Praveen Kumar Reddy
(partner). Partners of the firm have experience of more than two
decades in civil construction industry. The firm takes up
construction and repair work contracts from Indian Railways, such
as gauge conversion work, repairs to bridges and platforms,
building subways in lieu of unmanned level crossings, and
construction of staff quarters. The firm procures its work orders
through online tenders from state government of Andhra Pradesh,
Telangana.


PRINCI PROTEINS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Princi Proteins Private Limited
Shop No. 17, 18, 19, Shreeji Arcade Complex
        Behind Jalaram Bhojnalay Deesa Banas Kantha - 385535

Liquidation Commencement Date:  April 26, 2023

Court: National Company Law Tribunal Ahmedabad Bench

Liquidator: Ca Vinod Tarachand Agrawal
     204, Wall Street -1, Opp. Orient Club,
            Nr. Gurajat College, Ellisbridge,
            Ahmedabad-380006
            Email: ca.vinod@gmail.com
            Email: cirp.principroteins@gmail.com

Last date for
submission of claims: May 26, 2023


PROMAS ENGINEERS: CRISIL Lowers Rating on INR10cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the long-term bank
facilities of Promas Engineers Pvt Ltd (PEPL) to 'CRISIL B/Stable'
from CRISIL B+/Stable'. The ratings on the short-term bank
facilities have been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             10        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter Of Guarantee      2        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating action reflects the weakening of PEPL's overall
liquidity profile. Revenues declined to over INR16-17 crore in
fiscal 2023 after remaining range bound between INR19-22 crores in
previous three fiscals ending fiscal 2022. The decline was
primarily on account of subdued demand for machinery from the
pharmaceutical segment, resulting in lower-than-expected net cash
accruals in fiscal 2023. The working capital requirements also
increased, resulting in full utilization of bank lines, further
straining the company's liquidity profile.

The ratings reflect modest scale of operations in the intensely
competitive equipment manufacturing industry, volatility in
operating margins due to fluctuations in commodity prices, large
working capital requirement and below-average financial risk
profile. These weaknesses are partially offset by extensive
experience of the promoter and his funding support.

Analytical Approach

Unsecured loan (Rs 1.38 crore as on March 31, 2022) extended by the
promoter has been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: The
equipment manufacturing industry comprises numerous organised and
unorganised players; the consequent intense competition continues
to constrain scalability, pricing power and profitability. While
revenues moderated and are estimated at INR16-17 crore in fiscal
2023 in comparison to INR22 crore a year ago, primarily due to
muted demand from the pharmaceutical sector, they are expected to
recover in fiscal 2024 backed by healthy demand expected from
existing customers and incremental demand from new geographical
expansions. However, the scale of operations is expected to
continue to remain modest. Significant ramp up in scale of
operations remains a key rating sensitivity factor for the medium
term.

* Volatility in operating margins due to hikes in commodity prices:
As raw materials account for bulk of the production costs, any
significant hikes in the same is likely to impact profitability.
This is reflected in operating margins varying between 10.5-15%
over the last three fiscals ending March 31, 2023.While margins are
estimated to have improved in fiscal 2023, in comparison to a year
ago, primarily on account of softening of steel prices, sustenance
of the same remains a key monitorable for the medium term.

* Large working capital requirement: The working capital cycle
continues to remain stretched. Gross current assets were
substantial and estimated at 475-480 days as on March 31, 2023,
driven by high inventory and sizeable receivables of 280 days and
175 days, respectively. The receivables are stretched due to high
credit period of 60-90 days offered and delay in collections from
customers. The inventory is stretched due to high processing time
of the over 6-8 weeks leading to high work in progress inventory.
While working capital requirements increased further in fiscal 2023
from previous year levels primarily on account of high year-end
work in progress inventory, it is expected to improve over the
medium term, with resumption of normal demand conditions and
remains a key monitorable for the medium term.

* Aggressive capital structure: Networth was low and estimated at
INR3.5 – 4 crores as on March 31,2023- as compared to INR3 crores
as on March 31, 2022. The capital structure is aggressive as
reflected in gearing and total outside liabilities to adjusted
networth ratio at 4 – 4.5 times and 6.5- 7 times respectively
estimated as on March 31, 2023, as compared to 5.40 times and 8.72
times as on March 31, 2022.

Strengths:

* Extensive experience of the promoter and his funding support: The
promoters experience of more than a decade has enabled a deep
understanding of market dynamics. Furthermore, it has enabled the
establishment of relationships with several reputed customers such
as Lupin Limited, Glenmark Pharmaceuticals Ltd, Biocon Ltd, among
others. The promoters' decade long experience, his long-standing
associations with customers and suppliers and need based funding
support should continue to support the business in the medium
term.

* Adequate debt protection measures: Debt protection metrics were
average, with interest coverage and net cash accrual to total debt
ratios estimated at above 1.8 times and 0.06 time, respectively,
for fiscal 2023 as compared to 2.08 times and 0.07 times in fiscal
2022. Financial risk profile is likely to remain weak due to modest
networth and high reliance on external borrowings.

Liquidity: Poor

Bank limit utilisation was high at around 99.87% for the 13 months
through March 2023. Cash accrual is projected at more than INR1-1.5
crore per annum for fiscals 2024 and 2025, respectively which, is
tightly matched against yearly term debt obligation of INR0.86
crore per fiscal. The promoter is likely to continue extending
funds (equity and unsecured loans) to meet working capital
requirement and repayment obligation.

Outlook: Stable

PEPL should continue to benefit from extensive experience of the
promoter


Rating Sensitivity factors

Upward factors

* Steady revenue growth with stable profitability, leading to
higher cash accruals
* Improvement in the working capital cycle, leading to gross
current assets below 350 days

Downward facors

* Sharp revenue or profitability decline, leading to cash accruals
below INR0.50 crore
* Further stretch in the working capital cycle, impacting liquidity
profile

PEPL, incorporated in 2003 by Mr B B Gatkal, is a Mumbai-based
company that manufactures industrial equipment used in the
pharmaceutical, chemical, and food-processing industries.


RAMAVTAR INVESTMENT: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Ramavtar Investment And Trading Company Private Limited
Office No. 16-B, Raja Bahadur Mansion, 3rd Floor 28,
        Mumbai Samachar Marg, Fort Mumbai
        Mumbai City MH 400023 India
  
Insolvency Commencement Date: April 25, 2023

Estimated date of closure of
insolvency resolution process: October 23, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr.Vimal Kumar Agrawal
       Office No. 4, Ground Floor C Wing,
              Shanti Jyot Building, Balaji Nagar,
              Near Railway  Station,
              Bhayander West, Thane Pin 401101
              Email: vimal@vpagrawal.in
       Email: cirp.ramavtar@gmail.com

Last date for
submission of claims:  May 10, 2023


S.K. INDUSTRIES: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S.K.
Industries (SI) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      7.09        CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 18, 2022,
placed the rating(s) of SI under the 'issuer non-cooperating'
category as SI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 3, 2023, April 13, 2023, April 23, 2023.

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

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

S. K. Industries was established as a partnership firm in 1996 and
it is currently being managed by Mr. Rakesh Kumar, Mr. Naresh
Kumar, Mr. Sanjiv Kumar and Mr. Rajiv Kumar. The firm is engaged in
processing of paddy at its manufacturing facility located in
Faridkot, Punjab.

STERLING OIL: NCLT Admits Company for Bankruptcy
------------------------------------------------
The Economic Times reports that the bankruptcy court has admitted
Sterling Oil Resources Ltd under the corporate insolvency
resolution process following a plea by its financial creditor,
State Bank of India (SBI).

According to ET, SBI had moved the bankruptcy court after the
company defaulted on its dues of nearly INR1,655 crore. The Mumbai
bench of the National Company Law Tribunal (NCLT) has appointed
Purusottam Behera as the insolvency resolution professional to
carry out the function under the Insolvency and Bankruptcy Code,
2016.

"This bench is of considered view that financial debt . . . is in
existence; there is no stay on the enforcement of decree . . . and
there is a default in payment of a such debt," observed the
division bench of judicial member Kishore Vemulapalli and technical
member Prabhat Kumar in its order of May 16.

In this case, SBI, as a member of the consortium of banks, had
provided a standby letter of credit facility to Mauritius-based
Sterling Global Oil Resources Ltd in April 2014, while Sterling Oil
Resources had provided securities and undertaking as the holding
company, ET notes.

Sterling Oil Resources Limited's line of business includes
exploring deposits of crude oil and natural gas.


TEJ COKE: CARE Lowers Rating on INR15.00cr LT Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Tej Coke Unit II (TEJ), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Rationale & Key Rating Drivers

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

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

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

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

Tej Coke Unit II (TEJ) was established in the year 1997 by Mr.
Bansi Agrawal as a proprietorship firm. Since its inception, the
firm has been engaged in manufacturing of metal wires like HB
wires, GI wires, barbed wires and binding wires etc. The
manufacturing unit of the firm is located at Light Industrial Area,
Bhilai in Chhattisgarh with aggregate installed capacity of 18,000
MT per annum.



V.R.K. ASSOCIATES: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of V.R.K.
Associates Private Limited (VAPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 12, 2022,
placed the rating(s) of VAPL under the 'issuer non-cooperating'
category as VAPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VAPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 28, 2023, April 7, 2023, April 17, 2023.

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

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

Uttar Pradesh based V.R.K. Associates Private limited is a private
limited company and was incorporated in February 2001 and managed
by Mr. Vijay Prakash, Mr. Vaibhav Gupta, Ms. Rashmi Kesarwani and
Ms. Shanti Devi. The company is involved in various activities
which include running a hotel in Sarnath, Uttar Pradesh by the name
of "Buddha Resort", Indane Gas Agency business by the name "VRK
Indane service" and a retail jewelry shop for the Gitanjali Group
by the name "VRK Jewells". In November 2019, company has started a
new hotel named Hotel Pinnacle Gate.




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

PAKUWON JATI: Fitch Affirms LongTerm IDR at BB, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based property developer PT
Pakuwon Jati Tbk's (PWON) Long-Term Issuer Default Rating at 'BB'.
The Outlook is Stable. The agency also has affirmed PWON's senior
unsecured rating and the rating on its USD400 million notes due
2028 at 'BB'.

The affirmation reflects PWON's comfortable rating headroom and
strong liquidity, supported by its well-located investment
properties, which have recovered strongly post the Covid-19
pandemic. Fitch expects non-development cash flow - the company's
main income source - to continue to improve under the company's
growth plans.

Fitch expects PWON to continue to opportunistically invest in land
and investment properties to expand its business, which may lead to
negative free cash flow (FCF) in the next two years. However, the
company has sufficient ratings headroom to absorb its planned
acquisitions, and a record of prudent execution.

KEY RATING DRIVERS

Strong Cash Flow Recovery: Fitch forecasts non-development EBITDA
to reach IDR2.2 trillion in 2023, underpinned by higher rental and
service-fee income, as well as a strong recovery in the hotel
segment. Rising non-development revenue will also be driven by
income from Four Points by Sheraton Bali hotel, which PWON
purchased in 2023, and its expectation of higher rental income from
the company's Solo and Yogyakarta malls following the completion of
asset enhancement initiatives.

Higher Occupancy, Positive Rent Reversions: Fitch expects PWON to
maintain positive rent reversion and above 90% shopping mall
occupancy in 2023. A majority of the company's malls are located in
mixed developments adjacent to residential properties, offices and
hotels, supporting higher footfall than at standalone malls. PWON's
malls were also less affected by accelerated e-commerce penetration
during the pandemic, supported by a greater mix of high-quality
tenants, such as large local corporates and multinationals. As a
result, its malls have bounced back quickly as pandemic-led
restrictions eased.

Robust Portfolio, Concentrated Assets: PWON's rating is driven by
its portfolio of well-located investment properties in Indonesia's
most affluent cities - Jakarta and Surabaya - which generates solid
non-development EBITDA. The rating factors-in high asset
concentration, with 80%-90% of non-development revenue from four
mixed-use projects. Fitch does not expect portfolio granularity to
improve significantly in the near-term due to the scale of the
top-three assets and measured expansion. However, the quality of
its top-three assets mitigates concentration risk.

High Capex, Land Banking: Fitch forecasts neutral to negative FCF
in 2022-2025 amid high capex and asset acquisitions. Capex in the
next few years will be driven by extensions to its existing
superblocks and the new Bekasi superblock development. PWON expects
to spend about IDR3.8 trillion through to 2027 to expand its malls'
net lettable area by 13% to 880,000 square metres and the number of
hotel rooms by 45% to 3,334.

Fitch also forecasts spending of up to IDR1.5 trillion in 2023 and
about IDR800 billion a year subsequently on opportunistic
acquisitions of land and operational assets to support long-term
portfolio growth. Fitch expects PWON to maintain comfortable rating
headroom despite the acquisitions, with non-development EBITDA/net
interest expense well above the 3x negative sensitivity.

Moderating Contracted Sales: Fitch expects presales to decrease by
about 5% to IDR1.4 trillion in 2023 due to rising inflation and
interest rates as well as slower economic growth moderating housing
demand. A modest outlook for prices of key export commodities, such
as palm oil and coal, will also weigh on wealth-creation and demand
for higher-end residential properties, such as those in PWON's
portfolio.

Nevertheless, Fitch thinks long-term housing demand will be
supported by a young population and rapid urbanisation, driving
economic growth. Fitch forecasts Indonesia's GDP growth to remain
healthy at 4.8% in 2023 and rise to 5.4% in 2024. Domestic banks
remain supportive of consumer home loans, holding loan interest
rates largely steady since January 2022, despite benchmark rates
rising by 225bp. Presales should be driven by newly launched
high-rise apartments in existing superblocks, which are due to be
completed from 2025.

Prudent Project Execution: PWON's financial profile is supported by
its prudent development of mixed-use projects. It has only one
greenfield project in Bekasi, with a staged construction of
residential and commercial components. Fitch expects PWON to be
able to secure enough pre-sales to fund construction of the
for-sale properties. Fitch thinks execution risk for PWON's other
projects is manageable, as they are part of existing projects and
most having secured enough pre-sales to fund construction.

DERIVATION SUMMARY

PWON is rated one notch higher than PT Bumi Serpong Damai Tbk (BSD,
BB-/Stable), due to its larger non-development EBITDA, which has
proven more resilient to economic downturns than the homebuilding
sector. PWON's non-development EBITDA stems from premium
well-located shopping malls with strong tenants in mixed-use
superblocks, meanwhile BSD's portfolio of standalone offices,
less-prime hotels and smaller strata-title shopping malls face
greater challenges from ecommerce. This, together with PWON's
stronger balance sheet, supports a one-notch higher rating and
offsets PWON's more risky property-development business, which is
smaller in scale and focuses on narrower products and price points
than that of BSD.

PWON is rated multiple notches higher than Lippo Malls Indonesia
Retail Trust (LMIRT, CCC-) due to its stronger investment-property
portfolio, which has larger and better-quality retail malls with
higher occupancy, located in mixed developments, and solid
liquidity. PWON has no debt maturity until 2028 while LMIRT faces
heightened liquidity risk on the repayment of its term loans and
notes due in the next 18 months. These factors more than offset
PWON's for-sale property-development risks which LMIRT does not
have. PWON's strong financial profile stems from its conservative
approach to property development and expansion.

Brazil-based BR Malls Participacoes S.A. (Long-Term
Foreign-Currency IDR: BB/Stable, Long-Term Local-Currency IDR:
BBB-/Stable) and Peru-based InRetail Real Estate Corp.
(BBB-/Stable) are the leading shopping mall operators in their
respective countries. The companies' underlying business profiles
are stronger than that of PWON, driven by higher portfolio
liquidity and leveragability and more granular assets that more
than offset their weaker financial profiles. PWON derives about 60%
of its non-development revenue from three key assets, while the
peers generate roughly the same proportion from 10-15 assets. BR
Malls' rating of 'BB' is capped at Brazil's Country Ceiling of
'BB', while InRetail's investment-grade rating reflects its
parent's consolidated profile, which has diversified businesses in
food, pharmacy retail and shopping malls.

KEY ASSUMPTIONS

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

- Mall occupancy, excluding the new Bekasi mall slated to open in
2024, to rise to 91% in 2023 and 93% in 2024

- Overall occupancy, including office and hotels, estimated to rise
to 84% over the same period

- Positive rent reversions on retail leases with no rent rebates in
2023 (2022: 10% of rent and service charges provided as rebates)

- Non-development EBITDA of IDR2.2 trillion in 2023 and IDR2.4
trillion in 2024 (2022: IDR2.1 trillion)

- Pre-sales of IDR1.4 trillion in 2023 and IDR1.6 trillion in 2024
(2022: IDR1.5 trillion)

- Capex and discretionary acquisition of land and operational
assets totalling IDR2.1 trillion in 2023 and IDR1.4 trillion in
2024 (2022: IDR838 billion)

RATING SENSITIVITIES

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

- PWON would need a more granular and mature asset portfolio before
positive rating action would be considered

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

- Weakening investment-property portfolio performance, which would
be indicated by falling occupancy rates and negative rental
reversions for a sustained period

- Evidence of increased risk appetite and greenfield projects,
leading to negative cash flow from operations over an extended
period

- Non-development EBITDA/net interest expense falling to below 3.0x
for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity, Concentrated Funding: PWON's liquidity was
supported by IDR7.4 trillion in cash at end-2022, against estimated
negative FCF of IDR823 billion. There are no debt maturities until
2028, when all of the company's debt, comprising of USD400 million
unsecured notes, is due. Fitch expects PWON to use its cash balance
for expansion over the next few years and to maintain a prudent
balance sheet in line with its record. PWON is almost entirely
reliant on capital-market debt, but has a strong record of
liquidity management and has benefited incrementally from lower
funding costs.

ISSUER PROFILE

PWON is one of Indonesia's leading property developers. Most of its
cash flow stems from its portfolio of rented shopping malls,
offices and hotels, with property development cash flow accounting
for the balance. PWON owns and operates 11 malls, five offices,
seven hotels and two serviced apartments.

ESG CONSIDERATIONS

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

   Entity/Debt            Rating        Prior
   -----------            ------        -----
PT Pakuwon
Jati Tbk           LT IDR BB  Affirmed    BB

   senior
   unsecured       LT     BB  Affirmed    BB



===============
M O N G O L I A
===============

MONGOLIA: Fitch Affirms Foreign Currency IDR at 'B', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Mongolia's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B' with a Stable Outlook.

KEY RATING DRIVERS

Strong Growth, External Vulnerabilities: Mongolia's ratings are
underpinned by favourable medium-term growth prospects and high per
capita income relative to 'B' rated peers. The ratings are
constrained by the country's high reliance on external funding and
commodity exports to China amid high external debt and low
foreign-exchange reserves. Mongolia scores well on World Bank
Governance Indicators relative to 'B' peers, but has suffered from
political volatility around issues of resource nationalism.

Growth Rebound: Fitch forecasts real GDP growth of 5% in 2023,
similar to 2022, on stronger mining activity and steady domestic
demand. Growth will likely accelerate in 2024. Coal exports are
rebounding after China's removal of border pandemic controls.
Export capacity will rise further once cross-border rail links
become fully operational in the next one-two years. The strategic
Oyu Tolgoi copper mine's underground phase started production in
March 2023, although most of the volume gains will only come from
2025. Other mining and infrastructure projects could support
medium-term growth.

External Finances Stabilising: The export rebound is helping rein
in the current account deficit (CAD), which Fitch expects to shrink
to about USD1.7 billion-1.8 billion (about 9% of GDP) in 2023-2024,
from about USD2.3 billion (over 13% of GDP) in 2022. Fitch expects
inflows of FDI to cover the CAD. Official foreign-exchange (FX)
reserves recovered to USD3.7 billion in April 2023, from a trough
of USD2.7 billion in August 2022, while bank deposit dollarisation
stabilised at 37% of total deposits in March 2023, having risen
from 24% at end-2021.

External Finances Remain Precarious: Net external debt, at 160% of
GDP in 2023 will be around 6x the 'B' median, although over 30% of
this is intercompany lending (FDI), and over 20% is the
government's bilateral and multilateral loans on concessional
terms, both of which Fitch expects will continue to be stable
sources of funding. Reserve coverage ratios, though improved,
remain weaker than the 'B' median. Gross reserves are supported by
about USD1.7 billion in swap liabilities to the People's Bank of
China, which Fitch expects to be rolled over, and similar amounts
of FX liabilities to domestic banks.

Maturity Management: Just over USD150 million in government
external debt is due in the rest of 2023, with the proceeds of a
USD650 million issuance in January mostly used to repay and
exchange bonds maturing in May. The Development Bank of Mongolia
(DBM) has set aside reserves to repay a JPY30 billion (USD220
million) government-guaranteed bond in December. The government is
authorised to guarantee DBM bonds maturing in October (about USD437
million outstanding), which Fitch assumes will be used to roll them
over. Government external debt maturities in 2024 are USD680
million.

Narrow Fiscal Deficit: Fitch forecasts general government fiscal
deficits at under 1% of GDP in 2023-2024, after a surplus of 1% of
GDP in 2022, reflecting its expectation that higher spending will
offset the boost to revenue from the mining sector and inflation.
Last year's fiscal outturn marked a significant turnaround from the
3% of GDP deficit in 2021. The government originally budgeted a
deficit of under 2% of GDP in 2023, but has since raised its
projection for mining revenue by over 1% of GDP.

Underlying Fiscal Stance Expansionary: Fitch estimates that the
non-mineral primary deficit will remain at around 11%-12% of
non-mining gross value-added (GVA), down from 21% in 2020, but
4pp-5pp worse than in 2017-2019, largely a result of increases to
pensions and child support payments legislated in a 2022
supplementary budget, costing over 3% of GDP (5% of non-mining
GVA). In its view, there are no credible fiscal anchors, and
impetus for fiscal consolidation will be limited in the run-up to
legislative elections in June 2024.

Commodity Dependence, Risks: The outlook for external finances is
highly sensitive to commodity revenues, which account for 90% of
total external receipts and 30% of government revenue. For example,
a 10% shortfall in coal volume relative to its baseline would imply
a USD500 million (4% of GDP) hit to the CAD in 2023 and a USD100
million hit to government revenue.

Debt Declining; Sizeable Contingent Liabilities: Government debt
edged down to 60% of GDP in 2022 from about 61% of GDP in 2021 on
strong nominal growth and an improved fiscal balance. Fitch expects
debt to continue on a downward path broadly in line with the 'B'
median, reaching about 55% of GDP by 2024, including DBM debt
assumed to be rolled over with a government guarantee. However, the
government has significant potential contingent liabilities,
including unguaranteed state-owned enterprise debt of over 15% of
GDP and the Bank of Mongolia's (BOM) negative equity position of
about 7% of GDP.

Inflation Peaking; Monetary Stance Mixed: Fitch expects headline
inflation to average 12% yoy in 2023, from an average of over 15%
in 2022, before moderating to 9% in 2024, slightly above the BOM's
4%-8% target. Full normalisation of trade with China and lower
global commodity prices should exert a downward pull on inflation,
although international sanctions on Russia are still leading to
elevated import costs.

The BOM raised its policy rate to 13% in December, bringing
cumulative hikes in 2022 to 700bp. However, the impact of this
could be blunted by nearly MNT3 trillion (6% of GDP) in liquidity
injections from the redemption in central bank bills in 2022.
Government-approved customs exemptions for diesel and gasoline
imports in 2Q23 appear to run contrary to the BOM's moves to
tighten policy.

Banking System Stable: Non-performing loans have remained steady at
about 10% of total sector loans, although underlying asset quality
issues may be masked by high nominal growth, ongoing subsidised
lending programmes and a moratorium on mortgage repayments, which
only ended in December 2022. The BOM completed an asset quality
review of domestic systemically important banks (D-SIBs), and three
of the five D-SIBs have already launched IPOs to reduce shareholder
concentration, meeting a BOM requirement to do so by June 2023.

ESG - Governance: Mongolia has an ESG Relevance Score of '5[+]' for
Political Stability and Rights and '5' for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
Theses scores reflect the high weight that the World Bank
Governance Indicators have in its proprietary Sovereign Rating
Model. Mongolia has a medium World Bank Governance Indicator
ranking at the 47th percentile.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- External Finances: Heightened external stress, which may be
evident from restricted access to external-financing sources or a
marked decline in foreign reserves.

- Public Finances: Significant increase in the budget deficit or
the government debt/GDP ratio.

- Structural Features: Political instability and/or major policy
shifts sufficient to significantly disrupt strategic mining
projects or FDI inflows.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- External Finances: The accumulation of larger foreign-currency
reserve buffers and the implementation of a debt-management
strategy that lowers refinancing risks and improves external debt
sustainability.

- Macroeconomic: Strong and sustained economic growth and export
without the emergence of imbalances, and the maintenance of a
favourable business environment conducive to robust FDI inflows.

- Public Finances: Sustained reductions in the government debt/GDP
ratio.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Mongolia a score equivalent to a
rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
score to arrive at the final LT FC IDR by applying its QO, relative
to SRM data and output, as follows:

- Structural: -1 notch, to reflect lingering risk of political
volatility around issues of resource nationalism, which could
negatively impact foreign investment and mining sector exports.

- Macro: +1 notch, to reflect Mongolia's strong medium-term growth
prospects, which are not fully reflected in the current SRM output
and are stronger than that of peers.

- External Finances: -1 notch, to reflect Mongolia's vulnerability
to external shocks, given its dependence on commodity exports to
China, as well its high external financing needs and debt in the
context of relatively low foreign-exchange reserves.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

ESG CONSIDERATIONS

Mongolia has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As Mongolia
has a percentile rank above 50 for the Governance Indicator, this
has a positive impact on the credit profile.

Mongolia has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Mongolia has a percentile rank
below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Mongolia has an ESG Relevance Score of '4[+]' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Mongolia has a percentile rank above 50 for the
Governance Indicator, this has a positive impact on the credit
profile.

Mongolia has an ESG Relevance Score of '4[+]' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for Mongolia, as for all sovereigns. As
Mongolia has a record of more than 20 years without a restructuring
of public debt and captured in its SRM variable, this has a
positive impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.

   Entity/Debt                 Rating        Prior
   -----------                 ------        -----
Mongolia        LT IDR          B  Affirmed     B
                ST IDR          B  Affirmed     B
                LC LT IDR       B  Affirmed     B
                LC ST IDR       B  Affirmed     B
                Country Ceiling B+ Affirmed     B+

   senior
   unsecured    LT              B  Affirmed     B



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

FBI SECURITY: Creditors' Proofs of Debt Due on June 12
------------------------------------------------------
Creditors of FBI Security Systems Limited and Maximum Security &
Communications Group Limited are required to file their proofs of
debt by June 12, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on May 12, 2023.

The company's liquidators are:

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


FIRSTBUILD HOMES: Creditors' Proofs of Debt Due on June 30
----------------------------------------------------------
Creditors of Firstbuild Homes Limited and Firstbuild Construction
Limited are required to file their proofs of debt by June 30, 2023,
to be included in the company's dividend distribution.

The company commenced wind-up proceedings on May 12, 2023.

The company's liquidators are:

          Benjamin Francis
          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland


METRO ADMIN: Creditors' Proofs of Debt Due on July 12
-----------------------------------------------------
Creditors of Metro Admin Pay Services Limited are required to file
their proofs of debt by July 12, 2023, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on May 12, 2023.


NZ FINTECH: Waterstone Insolvency Appointed as Administrators
-------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on May 12,
2023 and May 16, 2023 respectively, were appointed as
administrators of NZ Fintech Solutions Limited and NZ Fintech Group
Limited.

The administrators may be reached at:

          Waterstone Insolvency Limited
          PO Box 352
          Shortland Street
          Auckland 1140


REDFORT GROUP: Creditors' Proofs of Debt Due on June 26
-------------------------------------------------------
Creditors of Redfort Group International Limited are required to
file their proofs of debt by June 26, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 15, 2023.

The company's liquidators are:

          Tony Leonard Maginness
          Jared Waiata Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140




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

DITO TELECOMMUNITY: Uy Seeking Investors' OK to Revive Stock Sale
-----------------------------------------------------------------
Bilyonaryo.com reports that Dennis Uy is seeking approval from
shareholders of DITO Telecommunity for a stock market offering
after maxing out its credit lines.

In its proposed agenda for its annual stockholders' meeting on July
5, DITO aims to empower its board, chaired by Mr. Uy, to issue
shares through equity offerings, private placements, top-up
placements, or similar transactions.

Bilyonaryo.com relates that the company also seeks to waive the
requirement for a rights or public offering when selling new
shares, a move previously abandoned due to unfavorable market
conditions.

DITO canceled its PHP8 billion stock rights offering in January
2022, just days before its scheduled listing date, Bilyonaryo.com
recalls.

This resulted in penalties of PHP35 million each for the company
and its underwriter, China Bank Capital, imposed by the Philippine
Stock Exchange.

To support its ongoing network construction, DITO plans to
undertake various fundraising activities this year, including a
follow-on offering (FOO), according to the report.

As of March 31, 2023, DITO faces loans amounting to PHP63.911
billion, which are due within the next six to 12 months,
exacerbating its capital deficiency of PHP28.6 billion,
Bilyonaryo.com discloses.

Bilyonaryo.com says the telco managed to reduce its losses to
PHP709 million in the first quarter of this year, compared to
PHP6.8 billion during the same period in the previous year.

This improvement, however, was largely attributed to a foreign
currency exchange gain of PHP4.324 billion resulting from the
translation of foreign currency-denominated interest-bearing loans,
following a PHP2.865 billion gain recorded in 2022.

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


PHOENIX PETROLEUM: Trading Suspended for Failure to Submit Report
-----------------------------------------------------------------
Miguel R. Camus at Philippine Daily Inquirer reports that
Davao-based tycoon Dennis A. Uy's fuel retailer Phoenix Petroleum
Philippines Inc. and businessman Ramon Garcia Jr.'s DFNN Inc. were
among six companies suspended on May 18 from trading by the
Philippine Stock Exchange (PSE) for failing to submit their 2022
annual report by the extended deadline.

The Inquirer relates that the PSE also suspended the trading TKC
Metals Corp., Manila Jockey Club Inc., MJC Investments Corp., and
IPM Holdings Inc.

Annual reports are critical documents that help guide the decisions
of the investing public.

According to the Inquirer, the PSE said the non-submission of the
annual report violates the listing and disclosure rules of the
exchange.

The bourse warned these companies last week they would be suspended
on May 18 if they still failed to comply. The deadline was
previously extended to May 2 this year, the Inquirer notes.

Phoenix Petroleum Philippines, Inc. is engaged in the marketing and
distribution of petroleum products on a wholesale and retail basis
as well as the operation of gas stations, oil depots, storage
facilities and allied services.




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

ATS TRANSLATION: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on May 5, 2023, to
wind up the operations of ATS Translation Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

          BDO Advisory Pte Ltd
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


MARMALADE GROUP: Creditors' Proofs of Debt Due on June 16
---------------------------------------------------------
Creditors of Marmalade Group Holdings Pte. Ltd. are required to
file their proofs of debt by June 19, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 10, 2023.

The company's liquidators are:

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


NEUTRAL AIR: Court to Hear Wind-Up Petition on June 16
------------------------------------------------------
A petition to wind up the operations of Neutral Air Conditioning
Pte Ltd will be heard before the High Court of Singapore on June
16, 2023, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
May 10, 2023.

The Petitioner's solicitors are:

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


REFINERY COLLECTION: Creditors' Proofs of Debt Due on June 19
-------------------------------------------------------------
Creditors of Refinery Collection Pte. Ltd. are required to file
their proofs of debt by June 19, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on May 10, 2023.

The company's liquidators are:

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


SYNERGY GLOBAL: Court to Hear Wind-Up Petition on June 16
---------------------------------------------------------
A petition to wind up the operations of Synergy Global Resources
Pte Ltd will be heard before the High Court of Singapore on June
16, 2023, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
May 12, 2023.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00, AIA Tower
          Singapore 048542




=================
S R I   L A N K A
=================

SRILANKAN AIRLINES: Fitch Affirms 'C' Rating on $175M Unsec. Bonds
------------------------------------------------------------------
Fitch Ratings has affirmed SriLankan Airlines Limited's (SLA)
USD175 million government-guaranteed 7% unsecured bonds due 25 June
2024 at 'C'.

KEY RATING DRIVERS

Events of Default Triggered: SLA did not pay the interest due on 25
December 2022 on its guaranteed unsecured USD175 million bonds, or
during the 30-day grace period, triggering an event of default.
This is in addition to the events of default triggered via the 12
April 2022 announcement by the government of Sri Lanka of a debt
moratorium on several categories of sovereign- and public sector
entities' external debt, as well as the ensuing non-payment of
interest on the government's external debt.

Bonds Factor in Recovery Prospects: SLA's 'C' bonds factor in
Fitch's view of average- to- below average recovery prospects
following a default, in line with the agency's Corporates Recovery
Ratings and Instrument Ratings criteria, and Country-Specific
Treatment of Recovery Ratings criteria. Ratings assigned to bonds
of issuers who are very close to default show little distinction in
their recovery prospects between 'RR4' and 'RR6'. Therefore, Fitch
has not assigned a Recovery Rating to the bond.

DERIVATION SUMMARY

SLA's US dollar bonds are part of the Government of Sri Lanka's
debt moratorium. SLA's bond rating is based on Fitch's assessment
of average- to below average recovery prospects to investors, using
Fitch's Corporates Recovery Ratings and Instrument Ratings
Criteria, and Country-Specific Treatment of Recovery Ratings
Criteria.

RATING SENSITIVITIES

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

- An upgrade of the sovereign rating

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

- Negative rating actions are not possible, as the rating is at the
lowest level applicable to corporate debt instruments

For the sovereign rating of Sri Lanka, the following sensitivities
were outlined by Fitch in its Rating Action Commentary of 1
December 2022

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- The Long-Term Local-Currency IDR would be further downgraded if
the government announces plans to restructure or defaults on its
local currency-denominated debt

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Completion of a commercial debt restructuring that Fitch judges
to have normalised the relationship with private-sector creditors

- The government puts local-currency debt service on a sustainable
path, and avoids a default or debt restructuring

ISSUER PROFILE

SLA is Sri Lanka's national carrier and the government of Sri Lanka
has full control over the company. SLA operates as a full-service
carrier with a network covering Asia, Middle East, Europe and
Australia. As of 31 December 2022 the airline's fleet consisted of
24 aircraft.

   Entity/Debt         Rating        Prior
   -----------         ------        -----
SriLankan
Airlines Limited

   senior
   unsecured        LT C  Affirmed     C



===============
X X X X X X X X
===============

[*] Six Pacific Countries at High Risk of Debt Distress, WB Says
----------------------------------------------------------------
Reuters reports that six Pacific countries are at a high risk of
debt distress in part due to government spending to respond to the
COVID-19 crisis, the World Bank said in a report on May 18.

Reuters relates that the report, titled Raising Pasifika, said
fiscal consolidation was needed in Kiribati, Republic of the
Marshall Islands, Federated States of Micronesia, Samoa, Tonga and
Tuvalu because these countries lack domestic debt markets and
access to international capital markets.

Among other countries in the region, Vanuatu is rated at medium
risk, while Palau and Nauru's debt is sustainable, the report
noted.

"While public debt levels as a share of GDP remain modest across
most of the region, the PIC9's economic geography and volatile
revenue bases mean debt distress risks remain elevated," it said.

According to Reuters, debt has surged in the region since 2019 as
the tourism-dependent economies were hit by COVID border closures,
trade was hurt by logistical challenges and weather events caused
damage. The World Bank last month said that Fiji must also take
urgent action to reduce its debt burden.

Reuters relates that Stephen Ndegwa, World Bank Country Director
for Papua New Guinea & the Pacific Islands, said reducing debt,
strengthening revenue and improving the quality of government
spending are critical areas for Pacific countries to address.

The report said continued access to grants in line with
pre-pandemic trends is also essential to find capital investment
projects for sustainable development and climate resilience,
Reuters relays.

Reuters adds the World Bank report recommends that, together with
more efficient spending, improvements to tax collection must be a
priority for Pacific governments to ensure individuals and
businesses are contributing their fair share to the region's
economies.

It also said that Pacific countries should allocate more to social
assistance and protection measures.

"These investments would help reduce poverty and inequality, while
also supporting communities in tough times, including in the
aftermath of climate-related disasters or major economic shocks,
such as the region saw from the COVID-19 pandemic and the recent
natural disasters in Tonga and Vanuatu," it said, adds the report.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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                *** End of Transmission ***