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

                     A S I A   P A C I F I C

          Monday, May 29, 2023, Vol. 26, No. 107

                           Headlines



A U S T R A L I A

CONFINED CONCRETING: First Creditors' Meeting Set for May 31
MURRAY & FITZSIMMONS: Second Creditors' Meeting Set for May 31
ON A ROLL: Second Creditors' Meeting Set for May 31
ORANGE PRIVATE: First Creditors' Meeting Set for June 2
PTW RESIDENTIAL: First Creditors' Meeting Set for May 31

SHARPE SERVICES: Customer Furious Over Unsolicited Text Message
SUN CABLE: Billionaire to Revive Plan for Undersea Power Cable


C H I N A

AIWAYS AUTO: Looks Overseas as Domestic Business Grinds to a Halt
HUAI'AN TRAFFIC: Fitch Affirms LongTerm IDRs at BB, Outlook Stable
KUNMING CITY: Scrambles to Pay Off $170M of Financing Vehicle Debt
SUNRISE REAL: Delays Filing of March 31 Quarterly Report
TERA WELLNESS: Shuts Some Outlets, Pays Staff Late

ZHANGZHOU TRANSPORTATION: Fitch Affirms LongTerm IDRs at 'BB+'


I N D I A

ABHILASHA ENTERPRISES: CARE Keeps B+ Rating in Not Cooperating
ANHEUSER BUSCH: Voluntary Liquidation Process Case Summary
ARIHANT FIBRES: CARE Keeps B- Debt Rating in Not Cooperating
ARULMIGU KARPAGA: CARE Keeps B- Debt Rating in Not Cooperating
B. N. CIVITECH: CARE Keeps C Debt Rating in Not Cooperating

B.N. CHAVAN: CARE Keeps B Debt Rating in Not Cooperating Category
BALAJI PACK: CARE Keeps B Debt Rating in Not Cooperating Category
BATHSHA MARINE: CRISIL Lowers Rating on Long & Short Debt to D
BRIJ KISHORE: CARE Keeps B- Debt Rating in Not Cooperating
DATA KRUPA: Insolvency Resolution Process Case Summary

EASTERN MATTRESSES: CRISIL Lowers Rating on INR17cr Loan to C
GANGA SPINTEX: CARE Keeps B+ Debt Rating in Not Cooperating
GENRX PHARMACEUTICALS: Liquidation Process Case Summary
GO FIRST: Has No Right Over Engines, Pratt & Whitney Says
IRIISNET COMMUNICATION: Liquidation Process Case Summary

J.R. FOODS: Liquidation Process Case Summary
JAIRAM FOUNDRY: Insolvency Resolution Process Case Summary
KELLYS BENEFIT: Voluntary Liquidation Process Case Summary
M.P. ENTERPRISES: Insolvency Resolution Process Case Summary
MAGNUS PLYWOOD: CARE Keeps B- Debt Rating in Not Cooperating

NANO MINPRO: Insolvency Resolution Process Case Summary
NOMENTIA INDIA: Voluntary Liquidation Process Case Summary
OZONE PROJECTS: Insolvency Resolution Process Case Summary
PALAMOOR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
PENTECH METALS: CARE Lowers Rating on INR8cr LT Loan to B-

PERFECT FOOTWEAR: CARE Lowers Rating on INR15cr LT Loan to B-
POPULAR STEEL: Insolvency Resolution Process Case Summary
PVSRSN ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
RA FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJASTHAN SYNTEX: Pre-pack Insolvency Resolution Case Summary

REDDY VEERANNA: CRISIL Keeps D Debt Ratings in Not Cooperating
RUBYKON MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
SAISONS TRADE: Liquidation Process Case Summary
SATNAM GLOBAL: Insolvency Resolution Process Case Summary
SIDDHI RAJ: Insolvency Resolution Process Case Summary

SPICEJET: NCLT Defers Hearing of Insolvency Plea to June 1
UI FABRICATORS: CARE Keeps D Debt Rating in Not Cooperating
VAMSI KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating
VIJAYA LAKSHMI: CARE Keeps D Debt Rating in Not Cooperating
VISWAKARMA BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating

WINDALS AUTO: Insolvency Resolution Process Case Summary


I N D O N E S I A

MEDCO ENERGI: Fitch Affirms LongTerm IDR at 'B+', Outlook Positive


J A P A N

TOKYO ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings
UNIZO HOLDINGS: To Restart Bidding Process for Sponsor


N E W   Z E A L A N D

982 HOLDING: Creditors' Proofs of Debt Due on June 30
CITY LIMITED: Pritesh Patel Appointed as Receiver and Manager
DDL ESTATES: Creditors' Proofs of Debt Due on July 4
STUBBS CONTRACTORS: Creditors' Proofs of Debt Due on July 22
WE REUSE: Creditors' Proofs of Debt Due on June 26



S I N G A P O R E

CS TRAVEL: Creditors' Meeting Slated for June 28
IGS GREEN: Commences Wind-Up Proceedings
JIN BANG: Creditors' Meeting Set for June 27
NISSEI PLASTIC: Creditors' Proofs of Debt Due on June 26
NO SIGNBOARD: Gazelle Ventures Seeks Refund of Funds

SKT DEVELOPMENT: Creditors' Proofs of Debt Due on June 26

                           - - - - -


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

CONFINED CONCRETING: First Creditors' Meeting Set for May 31
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Confined
Concreting Pty Ltd will be held on May 31, 2023, at 11:00 a.m. via
Zoom video conference facility or telephone.

Andrew Poulter of IRT Advisory was appointed as administrator of
the company on May 22, 2023.


MURRAY & FITZSIMMONS: Second Creditors' Meeting Set for May 31
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Murray &
Fitzsimmons Pty. Limited has been set for May 31, 2023 at 12:00
p.m. via virtual facilities only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 30, 2023 at 5:00 p.m.

Graeme Robert Beattie of Worrells was appointed as administrator of
the company on April 26, 2023.


ON A ROLL: Second Creditors' Meeting Set for May 31
---------------------------------------------------
A second meeting of creditors in the proceedings of On A Roll Sushi
Birtinya Pty Ltd has been set for May 31, 2023 at 10:30 a.m. via
teleconference at SV Partners Brisbane, 22 Market Street in
Brisbane.

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 30, 2023 at 4:00 p.m.

Terry Grant van der Velde and David Michael Stimpson of SV Partners
were appointed as administrators of the company on Feb. 17, 2023.


ORANGE PRIVATE: First Creditors' Meeting Set for June 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Orange
Private Hospital Pty Ltd will be held on June 2, 2023, at 10:00
a.m. via teleconference.

David Kennedy, Morgan Kelly and Robyn Duggan of Ernst & Young were
appointed as administrators of the company on May 23, 2023.


PTW RESIDENTIAL: First Creditors' Meeting Set for May 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of PTW
Residential Pty Ltd will be held on May 31, 2023, at 3:00 p.m. via
virtual meeting only.

Bruce Gleeson of Jones Partners Insolvency & Restructuring was
appointed as administrator of the company on May 19, 2023.



SHARPE SERVICES: Customer Furious Over Unsolicited Text Message
---------------------------------------------------------------
Alex Turner-Cohen at news.com.au reports that a former customer of
a collapsed electrical company in South Australia is furious after
receiving an unsolicited text message from the new business that
the director started up.

Adelaide-based electrical and energy company Sharpe Services went
into liquidation on July 11, 2022, with 104 unsecured creditors
owed AUD6.4 million, news.com.au discloses citing liquidator's
report filed with ASIC in October.

About 92 employees are also owed AUD2.3 million from unpaid wages
and superannuation.

News.com.au reported last year that the company's director, the
eponymous David Sharpe, started another business called O'Brien
Electrical & Energy Solutions Thebarton, offering similar services
immediately after the firm's liquidation.

Mr. Sharpe's legal representative previously denied his client was
running a phoenix operation, which is when a company goes under
then restarts under a different name and avoids its debt.

They insisted the new and the old companies were entirely "separate
and distinct entities", but in the text message to former
customers, sent in late March, O'Brien Electrical & Energy
Solutions Thebarton claimed they were affiliated with the previous
business, Sharpe Services, the report relays.

News.com.au relates that former customer of Sharpe Services, Andrew
Alikaris, said he found the unsolicited marketing message was
particularly galling because he bought a solar and battery system
from Sharpe Services for AUD16,000 in 2020.

A component of the solar system hasn't been working for the last
four months but since the business has collapsed, he is no longer
covered by warranty and is facing a AUD1,200 loss as a result.

"It's annoying getting text messages from anyone," Mr. Alikaris,
37, told news.com.au "But the fact it came from someone I bought my
system from, that I can no longer claim warranty on . . . Get
f**ked."

"Hi Andrew," the text message reads.

"Sharpe Services Has Exciting News.

"We are NOW affiliated with O'Brien.

"Call the same (number) . . . and Check our Updated Web . . . Your
VCR accesses rewards (. . .) accesses Rewards, Online Offers &
Services for Electrical, Plumbing, A/C Evaps and Solar. Plus
Bonuses & 3+ Packs.

"Reply REMOVE to unsubscribe from marketing messages."

The collapse of Sharpe Services "left a whole lot of people in the
lurch," Mr. Alikaris said.

News.com.au relates that the dad said "it's bullsh*t" that his
customer data had been retained and passed on to the new business,
and yet the warranties are not being honoured, leaving him to foot
the AUD1200 bill to replace his faulty inverter. There is no
suggestion that it was unlawful in any way to send the text
message.

According to news.com.au, the appointed liquidator of Sharpe
Services, Daniel Lopresti of insolvency firm Clifton Hall, said
this text message was not entirely accurate.

"Whether or not that message is completely accurate is doubtful,"
he said in conversation with news.com.au.

"Obviously that entity (Sharpe Services) is in liquidation and is
not operating," Mr Lopresti explained, making it hard for a company
to be affiliated with it.

Its "trading name can be sold, but the trading name hasn't been
purchased," he added.

Mr. Alikaris received another marketing message as recently as
earlier this month, but this time there was no mention of any
affiliation with Sharpe Services, news.com.au adds.


SUN CABLE: Billionaire to Revive Plan for Undersea Power Cable
--------------------------------------------------------------
James Fernyhough at Bloomberg News reports that billionaire Mike
Cannon-Brookes will revive a stalled plan to export solar power
from Australia to Singapore after sealing an agreement to acquire
the assets of the failed Sun Cable project.

Bloomberg relates that the deal gives Mr. Cannon-Brookes and
Quinbrook Infrastructure Partners control of a vast renewable
energy development in northern Australia, which went into voluntary
administration in January following a dispute between the Atlassian
co-founder and fellow billionaire investor Andrew Forrest. The two
disagreed over a plan to transport electricity to Asia through a
4,200-kilometre submarine cable.

"We've always believed in the possibilities Sun Cable presents in
exporting our boundless sunshine, and what it could mean for
Australia," Bloomberg quotes Mr. Cannon-Brookes, who backs the
export plan, as saying.

Mr. Forrest's Squadron Energy unit also put forward a proposal to
acquire the assets, people familiar with the matter said in March.

Mr. Cannon-Brookes's Grok Ventures office aims to progress plans
for a first stage project to deliver 900 megawatts of clean
electricity to Darwin and to export 1.8 gigawatts to Singapore,
administrators FTI Consulting said in a separate statement,
according to Bloomberg.

Under the deal, Grok and Quinbrook will acquire Sun Cable's assets,
"including the shares in all of Sun Cable's subsidiaries", FTI
said, without disclosing details of the acquisition price.

Christopher Hill, David McGrath and John Park of FTI Consulting
were appointed as voluntary administrators of Sun Cable Pty Ltd in
January 2023.

The administrators have not been appointed to any of the Company's
subsidiaries.




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

AIWAYS AUTO: Looks Overseas as Domestic Business Grinds to a Halt
-----------------------------------------------------------------
Caixin Global reports that Chinese new-energy vehicle (NEV) startup
Aiways Automobiles Co. Ltd. is in talks with potential investors
about reviving its business to focus on the overseas market, two
company sources told Caixin, as the carmaker confronts fierce
competition and slowing sales at home. No concrete plan has been
settled yet, the sources said.

Caixin says the challenging domestic environment has left the firm
with a deepening liquidity crunch. Several Aiways employees told
Caixin that the Shanghai-based company still has overseas orders
for more than 1,000 vehicles this year but can't continue
production due to the tight cashflow.

Based in Shanghai, China, Aiways owns and operates an automobile
company intended to manufacture electric vehicles. The company's
automobiles utilize artificial intelligence (AI) and provide
customized travel services, enabling customers to have a better
driving experience and reduce environmental pollution.

In March 2021, Aiways cut salaries, canceled year-end bonuses, and
failed to pay suppliers, according to Yicai Global. Moreover, the
company was said to have salary arrears in November of that year.


HUAI'AN TRAFFIC: Fitch Affirms LongTerm IDRs at BB, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed China-based Huai'an Traffic Holding Co.,
Ltd.'s (HATH) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) at 'BB'. The Outlook is Stable.

Fitch views HATH as a government-related entity (GRE) of Huai'an
Municipality. Its IDRs are based on a top-down approach from the
sponsor's rating reflected an overall score of 27.5 under Fitch's
Government Related Entities Rating Criteria. It also considers
HATH's Standalone Credit Profile of 'b-', which does not affect the
IDRs.

The affirmation is underpinned by HATH's unchanged policy role in
developing Huai'an's traffic infrastructure, the stable linkage to
the municipality and Huai'an's incentive to support the entity.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

HATH is registered as a limited liability company under China's
company law. It is 100% directly owned by the Huai'an municipal
government. The government has tight control and oversight of
HATH's personnel appointments and operational, strategic and
financing activities. It also approves all of HATH's major events,
and monitors the company's debt and leverage on a regular basis.

Support Track Record: 'Moderate'

The company receives regular annual subsidies to finance its
loss-making public transportation operation. Subsidies amounted to
CNY263 million in 2022, or 86% of EBITDA. HATH also received debt
swaps, an important form of government financial support, totalling
CNY1.54 billion by end-2022. It has obtained special project funds
from the government since 2022 to facilitate Huai'an's
transportation development.

Fitch expects the government's willingness and incentive to provide
timely support to continue. However, this attribute is constrained
by the lack of sizeable financial support, given that HATH's
financial profile remains at a weaker level.

Socio-Political Implications of Default: 'Moderate'

HATH is the municipality's only investment and financing platform
for transportation-related infrastructure. It also operates the
city's public transportation, including buses and trams. However,
Fitch believes these essential services can still be provided even
if a default occurs, as other government-related entities (GREs) or
private-sector companies can act as substitutes for HATH.

Financial Implications of Default: 'Strong'

Fitch believes a default by HATH will have negative consequences
for the creditworthiness of the municipality, affecting financing
availability for the other local GREs. HATH is an active issuer in
the domestic bond market and has issued various types of onshore
bond instruments. Bonds accounted for 66% of its total debt by
end-2022. Nevertheless, HATH's operations are small in terms of
asset size relative to the larger GREs in Huai'an. Fitch therefore
views the financial impact of a default as 'Strong'.

Standalone Credit Profile

Its assessment of HATH's SCP is based on the 'Weaker' assessment
for revenue defensibility, 'Midrange' assessment for operating
risk, and 'Weaker' financial profile. The SCP was reassessed to
'b-' from 'b', as the leverage is likely to stay at around 75x in
to its updated rating case for 2023-2027. It is further driven by
Fitch's reassessment of HATH's liquidity profile to 'Weaker' from
'Neutral', because of the negative liquidity cushion.

Revenue Defensibility 'Weaker'

The assessment mainly reflects the regulatory regime that limits
Huai'an's pricing power over public transportation services, which
puts pressure on the company's profitability. The assessment has
also factored in HATH's geographic concentration in Huai'an
municipality and the positive growth prospects of its construction
business as the city develops.

Operating Risk 'Midrange'

Overall operating risk is assessed as 'Midrange', mainly reflecting
HATH's well-identified costs, experienced management and adequate
resources.

Financial Profile 'Weaker'

Fitch views HATH as having a weaker financial profile due to its
high leverage ratio and weak liquidity coverage. Fitch projects its
net leverage to stay around 75x over the forecast period, as Fitch
expects its debt to continue to grow, given ongoing capex needs for
transportation development, while profitability will remain weak
due to the public-service nature of its transportation businesses.
The assessment is consistent with that of other Chinese
transportation developers in Fitch's portfolio. Most of these
companies are capital intensive and rely largely on refinancing and
government support.

Derivation Summary

HATH's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting the municipal government's
strong control and the continuous support it provides to the
company. Fitch has also factored in the social-political and
financial implications for the government if HATH were to default.

HATH's SCP is derived from Fitch's assessment of the company's
revenue defensibility, operating risk and financial profile under
its Public Sector, Revenue-Supported Entities Rating Criteria.

Liquidity and Debt Structure

HATH had CNY29.9 billion of interest-bearing debt by end-2022, of
which 34% were bank loans and 66% various bond instruments.

Fitch assesses HATH's liquidity profile as 'Weaker'. It has
short-term refinancing pressure, as short-term debt accounted for
40% of total debt. Fitch estimates that available liquidity,
including CNY4.9 billion of unrestricted cash and CNY6.3 billion of
unused credit facilities, can only cover about 95% of maturing
short-term debt. Overall asymmetric risk is assessed as negative
due to the 'Weaker' liquidity profile.

However, Fitch believes the refinancing pressure could be eased by
HATH's solid capital market access and long-standing relationship
with large financial institutions.

Issuer Profile

HATH, which is 100% owned by the Huai'an State-owned Assets
Supervision and Administration Commission, is Huai'an's only
investment and financing platform for transportation infrastructure
such as roads, highways and bridges. The company also engages in
transportation logistics, commercial trading, property development
and other businesses.

RATING SENSITIVITIES

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

- Lowered assessment of Huai'an municipality's ability to provide
subsidies, grants or other legitimate resources allowed under
China's policies and regulations.

- Weakening in funding access, or government support that is below
its expectations, could lead to a lower assessment of the financial
implications of default or a lower assessment of the company's SCP
to 'ccc'.

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

- Improved assessment of Huai'an municipality's ability to provide
subsidies, grants or other legitimate resources allowed under
China's policies and regulations.

- Reassessment of the support factor to 'Strong' from 'Moderate',
driven by higher visibility of support or increased support.

- An increase in the Huai'an government's incentive to support,
including stronger socio-political and financial implications of a
default.

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
   -----------               ------        -----
Huai'an Traffic
Holding Co., Ltd.   LT IDR    BB  Affirmed   BB
                    LC LT IDR BB  Affirmed   BB

KUNMING CITY: Scrambles to Pay Off $170M of Financing Vehicle Debt
------------------------------------------------------------------
Caixin Global reports that a last-minute scramble last week by
authorities in the southwest China city of Kunming to repay local
government bonds totaling CNY1.2 billion (US$170 million) is adding
to concerns about China's $10 trillion hidden debt problem.

Caixin relates that the bonds were issued by two local government
financing vehicles (LGFVs) owned by the Kunming government. LGFVs
are special purpose vehicles set up by local authorities to borrow
money for funding infrastructure and public welfare spending. LGFV
bonds are usually not allowed to be repaid from government fiscal
revenue.


SUNRISE REAL: Delays Filing of March 31 Quarterly Report
--------------------------------------------------------
Sunrise Real Estate Group, Inc. filed a Form 12b-25 with the
Securities and Exchange Commission with respect to its Quarterly
Report on Form 10-Q for the period ended March 31, 2023.  The
Company will be delayed in the filing of its 10-Q due to a delay in
the preparation of its financial statements.

The net revenue in the first quarter of 2023 was $5,733,763, which
decreased by 47% from $10,822,398 in the first quarter of 2022. The
decrease in net revenue in the first quarter of 2023 was mainly due
to less recognition of house sales revenue of the HATX project in
this quarter.

                         About Sunrise Real

The principal activities of Sunrise Real Estate Group, Inc. and its
subsidiaries offer real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the People's
Republic of China.

Sunrise Real Estate reported a net loss of $9.39 million for the
year ended Dec. 31, 2022, compared to net income of $46.28 million
for the year ended Dec. 31, 2021.  As of Dec. 31, 2022, the Company
had $274.09 million in total assets, $129.35 million in total
liabilities, and $144.74 million in total stockholders' equity.


TERA WELLNESS: Shuts Some Outlets, Pays Staff Late
--------------------------------------------------
Yicai Global reports that Tera Wellness has closed a number of its
gyms in Beijing, Shanghai and Guangzhou and is behind on employee
salaries despite refuting rumors earlier last week that the
struggling Chinese gym chain is about to go bankrupt and claiming
just on May 24 that it has secured CNY155 million (USD16.3 million)
in a recent fundraiser.

Both of Tera Wellness' outlets in Guangzhou are permanently closed,
according to the Shanghai-based gym operator's WeChat mini program,
Yical Global recalls.

Tera Wellness shut its gym three months ago and still owes money on
the rent, staff at the mall where one of the outlets is located
told Yicai Global. The company cancelled the lease at the end of
last year or early this year, the property manager of the other gym
said.

Two of Tera Wellness' 10 outlets in Beijing were operating as
normal when Yicai Global visited. Some of its gyms in Shanghai are
open, but others are not. Those that are closed are undergoing
equipment maintenance, Tera Wellness said.

And trainers at Tera Wellness' gyms in Shanghai and some employees
who have left the company told Yicai Global that they are owed
money.

"I only got half of my December pay, which was the commission. The
basic salary that was supposed to be paid in February has not been
paid. Sometimes they pay the performance benefits, sometimes the
salary. I haven't received a normal wage for many months," said
Wang Rui, a fitness coach at one of the firm's Shanghai gyms.

"Since last November, we have not seen a breakdown of the wage.
Even the commission for November was only paid after the Lunar New
Year holiday in January," said Wang.

On May 22, Tera Wellness refuted online rumors that the company was
about to go bankrupt and would soon start handing back membership
fees, Yical Global says. Moreover, people claiming to be company
employees posted on social media that the firm had salaries arrears
that it would pay only if they achieved certain performance
indicators. Some customers also said Tera Wellness rejected their
requests for refunds.

Tera Wellness, which has served over one million members since it
opened 15 years ago, was on a blacklist for outstanding debts
amounting to CNY3.4 million (USD481,955) as of the end of January,
according to corporate data platform Tianyancha. It employs more
than 3,000 staff.

In February, Tera Wellness had CNY98.3 million (USD13.9 million)
frozen due to borrowing disputes, Yicai Global discloses citing
Finance China.


ZHANGZHOU TRANSPORTATION: Fitch Affirms LongTerm IDRs at 'BB+'
--------------------------------------------------------------
Fitch Ratings has affirmed China-based Zhangzhou Transportation
Development Group Co., Ltd.'s (ZTDG) Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDR) at 'BB+'. The Outlook
is Stable. Fitch has also affirmed ZTDG's USD500 million 4.98%
senior unsecured notes due 2025 at 'BB+'.

The affirmation is a result of ZTDG's steady business profile, with
no changes to key rating factors.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

ZTDG is 90% owned by the Zhangzhou municipal government via the
Zhangzhou State-owned Assets Supervision and Administration
Commission (SASAC). The rest is held by the Fujian Provincial
Department of Finance as a passive investor. Except for the
employee supervisors, Zhangzhou SASAC appoints all members of
ZTDG's board of directors, board of supervisors and key management.
Zhangzhou SASAC monitors ZTDG's operational and financial
activities. Major events, including strategic development, M&A,
disposals, long-term plans and major capex, require government
approval.

Support Track Record: 'Strong'

ZTDG has a solid government support record, mainly capital
injections, asset injections, special bonds and operational
subsidies, which totalled CNY3.0 billion in 2022. A capital
injection of CNY1.7 billion for its transportation infrastructure
projects was the largest part of the 2022 support. The company
received asset injections, including three million listed shares of
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., with the value of
CNY925.5 million. It also received operating subsidies of CNY198.3
million, boosting its bottom line.

Socio-Political Implications of Default: 'Moderate'

ZTDG plays an important role in Zhangzhou's transportation
infrastructure development and the operation of public
transportation, including buses, intercity buses, taxis and
ferries. Its businesses carry high political priority for the local
government. However, potential financial distress at the company is
less likely to immediately disrupt the city's daily life, as the
government can temporarily take over its business activities. The
government may also appoint other policy government-related
entities (GREs) to replace ZTDG in certain services, if necessary.

Financial Implications of Default: 'Strong'

ZTDG is a key municipal GRE tasked to raise funds for
transportation development projects and implement government
policies and mandates. It has strong banking relationships, and is
an active bond issuer in the domestic and offshore markets. A
default could have a significant impact on the creditworthiness of
the Zhangzhou government and make bank and capital-market funding
difficult for the city's other GREs.

Standalone Credit Profile

Fitch revised ZTDG's Standalone Credit Profile (SCP) to 'b-', from
'b', due to its reassessment of its liquidity profile from
'Neutral' to 'Weaker' because of the negative liquidity cushion. It
is further driven by the leverage, which is likely to remain around
70x for 2023-2027. ZTDG's SCP reflects 'Weaker' revenue
defensibility, 'Midrange' operating risk and 'Weaker' financial
profile.


Revenue Defensibility 'Weaker'

Fitch assesses ZTDG's overall revenue defensibility as 'Weaker',
reflecting a combination of a 'Midrange' assessment for demand
characteristics and a 'Weaker' assessment for pricing
characteristics. Its transportation infrastructure development
revenue is contracted, and collection risk is low. However, its
price-setting power is limited.

Operating Risk 'Midrange'

Fitch assesses ZTDG's overall operating risk as 'Midrange',
reflecting a combination of a 'Midrange' assessment for operating
costs and resource management and a 'Neutral' assessment for
capital planning and management. ZTDG has well-identified cost
drivers, and the supply of construction resources is adequate. It
has operated smoothly in the past without material delay or
accident.

Financial Profile 'Weaker'

Fitch views ZTDG as having a 'Weaker' financial profile due to the
high leverage ratio and weak liquidity coverage. Leverage, as
measured by net adjusted debt/EBITDA, has been increasing, from
16.0x in 2018 to 73.0x in 2022. Fitch expects leverage to stay at
around 70x over 2023-2027. Leverage will remain high mainly because
of high capex related to ZTDG's transportation infrastructure
development projects. The liquidity profile is assessed as 'Weaker'
because the liquidity cushion is below 0.33x. However, Fitch
believes that liquidity risk is manageable since the refinancing
risk is low.

Derivation Summary

ZTDG's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria. Fitch believes the municipal government
has a strong incentive to provide extraordinary support to the
company, if needed. Fitch has also factored in the government's
control and support, ZTDG's public-service functions as well as the
impact of a default on the government.

ZTDG's SCP is assessed as 'b-' under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria, while the IDRs are
mainly driven by the four GRE rating factors.

Liquidity and Debt Structure

Fitch calculated that ZTDG had direct debt of CNY32.9 billion at
end-2022. Adjusted debt was CNY34.1 billion, up 20.2% from CNY28.3
billion at end-2021. ZTDG uses various funding channels and its
debt profile has been dominated by long-term debt (82.9%), which
ties with the long-term nature of projects.

ZTDG had CNY1.6 billion of unused credit facilities from various
financial institutions as of end-2022, of which 14.1% was from
policy and large state-owned banks.

Issuer Profile

ZTDG, established in 2011, is a key GRE in transportation
infrastructure development in Zhangzhou, a prefecture-level city in
Fujian province. The company is also responsible for the city's
public transportation.

RATING SENSITIVITIES

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

A lowering of Fitch's credit view of the Zhangzhou government's
ability to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations would put pressure
on the ratings.

The ratings may be downgraded in case of a significant weakening of
the socio-political or financial implications of a default, or
weaker government's support record, or a dilution of the
government's shareholding.

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

An upward revision in Fitch's credit view of the Zhangzhou
government's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and regulations
would lead to positive rating action.

A stronger assessment of the government support record,
socio-political implications and financial implications of a
default may also trigger positive rating action.

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
   -----------             ------         -----
Zhangzhou
Transportation
Development
Group Co., Ltd.   LT IDR    BB+  Affirmed   BB+
                  LC LT IDR BB+  Affirmed   BB+

   senior
   unsecured      LT        BB+  Affirmed   BB+



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

ABHILASHA ENTERPRISES: CARE Keeps B+ Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Abhilasha
Enterprises (AE) 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  

   Long Term/Short     65.00       CARE B+; Stable/CARE A4;
   Term Bank                       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 23, 2022,
placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE 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. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 8, 2023, April 18, 2023, April 28, 2023.  In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

Abhilasha Enterprises (AE), a proprietorship firm was established
in 2009, by Mrs. Abhilasha Singh. The firm is engaged as a class
'A' civil contractor for residential and commercial projects.
Additionally, the firm is an authorized distributor for Ester India
Ltd's ethyl acetate and also trades in cement, iron and steel,
pipes and sockets. The day-to-day operations of the firm are
handled by Mrs Abhilasha Singh and her husband Mr Brijesh Singh.


ANHEUSER BUSCH: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Anheuser Busch Inbev Breweries Private Limited

        Registered Office:
        Plot No.M-99, M.I.D.C.,
        Waluj, Aurangabad-431136, Maharashtra

Corporate Office:
6th Floor, Green Heart Building,
        MFAR Manyata Tech Park, Phase IV,
        Nagavara Bengaluru - 560045, Karnataka

Liquidation Commencement Date:  March 29, 2023

Court: National Company Law Tribunal Chennai Bench

Liquidator: Chitra Srinivas
     Flat B7, G.R.Flats, Anbu Nagar First Street,
            Valasarvakkam, Chennai- 600087
            Email: schitra18@gmail.com
            Mobile No: 9884355245

Last date for
submission of claims: April 28, 2023

ARIHANT FIBRES: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arihant
Fibres (AF) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 18, 2022,
placed the rating(s) of AF under the 'issuer non-cooperating'
category as AF 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. AF 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).

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

AF was established in the year 2012 and started its commercial
operations from November 2013. The firm is engaged in the business
of cotton ginning and pressing at its manufacturing facility
located at Parbhani, Maharashtra.


ARULMIGU KARPAGA: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arulmigu
Karpaga Vinayaga Educational Trust (AKVET) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.63       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 27, 2022,
placed the rating(s) of AKVET under the 'issuer non-cooperating'
category as AKVET 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. AKVET continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 13, 2023, March 23, 2023, April 02, 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).

Arulmigu Karpaga Vinayaga Educational Trust (AKVET) is a
Namakkal-based public charitable trust established in November 2011
by a group of retired school headmasters and academicians who are
the trustees. The trust runs two schools namely, AKV Public School
(AKV Public) (affiliated to CBSE, New Delhi) and AKV Matriculation
Higher Secondary School (AKV Matric) (affiliated to Tamil Nadu
Board of Higher Secondary Education (TNBHSE)). Both these schools
commenced from Academic Year (AY) 2012-13 and are located in the
same campus at Mallasamudram, Tamil Nadu. During AY 2018-19, the
institutions had combined student strength of 2,706 students (AKV
Public - 1182 students and AKV Matric - 1524 students). Mr. M.
Arumugam is the Chairman & Correspondent of the schools and Mr. R.
Kolandavelu is the secretary of the trust.


B. N. CIVITECH: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B. N.
Civitech (BNC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 26, 2022,
placed the rating(s) of BNC under the 'issuer non-cooperating'
category as BNC 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. BNC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2023, March 22, 2023, April 1, 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).

B. N. Civitech (BNC) was constituted as a partnership firm in the
year 2007 by Mr. Jai Shankar Prasad, Mr. Uma Shankar, Mr. Binay
Shankar and Mrs. Geeta Shankar based out of Jamshedpur, Jharkhand.
Since its inception, the firm has been engaged in development of
real estate projects in the state of Jharkhand. The firm has
already developed a residential project namely Shanti Valley with
total saleable area of 1.80 lakh square feet since its inception.
In the aforesaid project, the firm has already developed three
towers which are completely sold out and currently, it is coming up
with a new tower named 'PRAKRITIK' inside its Shanti Valley project
compound which is a residential complex. The aggregate cost of
project is estimated to be INR14.13 crore with a saleable area of
0.83 lakh square feet. The project is located in the prime location
of Hurlung Road, Jamshedpur in Jharkhand. The total project cost of
INR14.13 crore is estimated to be funded by term loan of INR7.55
crore, customer advances of INR2.55 crore and balance from
partners' contribution of INR4.03 crore. The firm has already
applied for the term loan and the same is under consideration with
the banker. The firm has spent around INR0.93 crore till July 31,
2018 in the aforesaid project funded through partners'
contribution.


B.N. CHAVAN: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B.N. Chavan
(BC) continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.50       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 18, 2022,
placed the rating(s) of BC under the 'issuer non-cooperating'
category as BC 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. BC 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).

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

BNC was established in 2002 as a proprietorship firm by Mr Balu
Namdeo Chavan and engaged in executing contracts mainly for
construction of roads and laying and repairing drainage lines for
government entities. Furthermore, the firm is registered as a Class
1A contractor with Public Works Department, Maharashtra and has its
major presence in Pune district.


BALAJI PACK: CARE Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balaji Pack
and Pack Private Limited (BPPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       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 23, 2022,
placed the rating(s) of BPPPL under the 'issuer non-cooperating'
category as BPPPL 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. BPPPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 8, 2023, April 18, 2023, April 28, 2023.

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

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

Balaji Pack & Pack Private Limited (BPPPL) was incorporated in
April, 2001 as a Private Limited Company by Mr. Bimal Kumar
Sultania and his wife Mrs. Sarita Sultania. BPPPL is engaged in the
business of manufacturing of electrical appliances i.e. Air coolers
and auto parts.


BATHSHA MARINE: CRISIL Lowers Rating on Long & Short Debt to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Bathsha Marine Exports Private Limited (BMEPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Stable/CRISIL A4'

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating       -          CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Short Term Rating      -          CRISIL D (Downgraded from
                                     'CRISIL A4')

The downgrade in rating to 'CRISIL D' reflects delay in
regularization of Packing credit facility during the months of
April 2022 to September 2022 due to delay in receivables.

The rating continues to reflect BMEPL's modest scale of operation,
working capital intensive operations, and exposure to risks
inherent in the seafood industry. These weaknesses are partially
offset by its extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: BMEPL's business profile is
constrained by its scale of operations in the intensely competitive
Marine products industry. BMEPLs scale of operations will continue
limit its operating flexibility

* Working capital intensive operations: Gross current assets were
at 450-500 days over the three fiscals ended March 31, 2023. Its
intensive working capital management is reflected in its gross
current assets (GCA) of 499 days as on March 31, 2021, as against
over 88 days GCAs of some of its peers. Its's large working capital
requirements arise from its high debtor and inventory levels. It is
required to extend long credit period. Furthermore, due to its
business need, it holds large work in process & inventory.

* Exposure to risks inherent in the seafood industry: Shrimp prices
depend on the availability of shrimp during a particular period,
and the company's margins are exposed to volatility in the prices
of shrimp. The seafood export segment is marked by stringent
regulations and quality requirements. Many of the export
destinations implement regulations from time to time (including
anti-dumping duty, food safety regulations, and quality
requirements) that need to be met. Adverse regulatory changes, such
as the levy of anti-dumping duties by importing countries, can have
an adverse impact on the profitability of the players.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 20 years in marine products industry.
This has given them an understanding of the dynamics of the market
and enabled them to establish relationships with suppliers and
customer

Liquidity: Poor

Bank limit utilization is moderate at around 84 percent for the
past twelve months ended March 2023. Cash accruals are expected to
be over 0.71 to 1.00 crores which are sufficient against term debt
obligation of INR0.09 crore over the medium term. Current ratio is
healthy at 1.12 times on March 31, 2023.The promoters are likely to
extend support in the form of unsecured loans to meet its working
capital requirements and repayment obligation

Rating Sensitivity Factors

Upward Factor

* Track record of timely debt servicing for at least 90 days
* Improvement in working capital cycle

BMEPL was incorporated in 1997. It is engaged in processing and
exporting of sea food products such as shrimp, cuttle fish, Indian
mackerel, yellow fin tuna, etc. Also provides storage facility of
for sea food. Company has processing unit located in Aroor- Kochi-
Kerala and owned by Mr. Akbar Bathsha, Mrs. Sunitha Bathsha and Mr.
Yazar Bathsha.


BRIJ KISHORE: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Brij
Kishore Prasad Exports Private Limited (BKPEPL) continues to remain
in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated April 26, 2022,
placed the rating(s) of BKPEPL under the 'issuer non-cooperating'
category as BKPEPL 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. BKPEPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 12, 2023, March 22, 2023, April 1, 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).

Brij Kishore Prasad Exports Private Limited (BKPEPL) was
incorporated in 2008 by Mr. Rahul Raj Prasad and Mrs. Saraswati
Prasad based out of Siliguri, West Bengal. The company exports food
grains such as rice, pulses, flour, mustard oil cake, coal,
soyabeans etc. to Bangladesh only. BKPEPL procures its traded goods
mainly from Uttar Pradesh, Bihar and West Bengal etc.


DATA KRUPA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Data Krupa Roller Flour Mill Private Limited
Plot No. C-32-34, MIDC Parbhani,
        Parbhani MH 431401 India

Insolvency Commencement Date: April 28, 2023

Estimated date of closure of
insolvency resolution process: October 25, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Krishna Chamadia
       B-13, Anjani Complex, Perara Hill Road,
              Andheri East, Mumbai - 400099
              Email: Krishna@sphereadvisory.com
              Email: dattakrupa.ibc@gmail.com
  
Last date for
submission of claims: May 12, 2023

EASTERN MATTRESSES: CRISIL Lowers Rating on INR17cr Loan to C
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Eastern Mattresses Private Limited (EMPL) to 'CRISIL
C' from 'CRISIL B/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            17         CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

   Long Term Loan          3.48      CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      3.02      CRISIL C (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The rating action reflects a delay in servicing debt obligations on
account of the term loan during the period fiscal 2022 due to
strained liquidity following decline in the revenues and default is
on the loans unrated by CRISIL Ratings.

The rating continues to reflect EMPL's modest scale of operations
and below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of EMPL's promoters in
the mattress manufacturing industry.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has considered the
standalone business and financial risk profiles of the company.
Unsecured loans of INR4.69 crore as on March 31, 2022, have been
treated as neither debt nor equity.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Revenue is at around INR14.45 crore
in fiscal 2022. The modest scale of operations restricts the
company's bargaining capacity with suppliers and customers and
exposes it to competition from larger players.

* Below-average financial risk profile: Financial risk profile is
below average with weak capital structure as on March 31, 2022.
Debt protection metrics were poor, with net cash accrual to total
debt and interest coverage ratio of -0.22 time and -2.71 times,
respectively, in fiscal 2022. Going forward, the financial risk
profile is expected to remain weak over the medium term.

Strengths:

* Extensive experience of the promoters: Benefits from the
promoters near two-decade experience in the industry and
established relationships with suppliers and customers should
support the business. CRISIL Ratings believes that the company will
continue to derive benefits from the extensive experience of the
promoters.

Liquidity: Poor

Bank limit utilization is high at around 92.19 percent for the past
twelve months ended July 2022. Cash accruals are insufficient for
term debt obligation over the medium term, however the infusion in
the form of preference shares of INR13.99 crs and unsecured loans
from directors of the company in fiscal 2022 will manage the
short-term obligation. Current ratio was low at 0.23 times on March
31, 2022. The promoters are likely to extend support in the form of
equity and unsecured loans to meet its working capital requirements
and repayment obligations. Negative net worth limits its financial
flexibility and restrict the financial cushion available to the
company in case of any adverse conditions or downturn in the
business.

Rating Sensitivity Factors

Upward Factors

* Track record of timely repayment of debt obligations for at least
90 days
* Steady growth in revenue and stable operating margin leading to
higher cash accrual

Incorporated in 1999, EMPL manufactures and sells rubberised coir
mattresses, spring mattresses and polyurethane foam mattresses
under its own brand, Sunidra & Ruby. EMPL is based in Thodupuzha,
Kerala and its operations are managed by Mr Firoz Meeran and Mr
Nawas Meeran.


GANGA SPINTEX: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ganga
Spintex Limited (GSL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.60       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 18, 2022,
placed the rating(s) of GSL under the 'issuer non-cooperating'
category as GSL 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. GSL 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).

Ganga Spintex Limited (GSL) was incorporated in May-2010. The
company was engaged in the manufacturing and sale of cotton yarn
and cotton seeds since the commencement of its operations in 2012;
till FY18. However, the company stopped its operations in the
cotton seeds segment in FY19. The manufacturing facility is
situated at Mansa, Punjab. GSL supplies yarn to manufacturers and
traders to be used for the manufacturing of denim, terry towel,
suiting cloth, shirting and home furnishing.


GENRX PHARMACEUTICALS: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Genrx Pharmaceuticals Private Limited
Hill Palace, L G 1, Opp Raunak Tower B,
        Kokani Pada, Pokharan Road No. 2
        Thane 400610, Maharashtra
  
Liquidation Commencement Date:  April 28, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Mr. Rajesh Kumar Mittal
     204/A, Navjyoti Darshan CHS, Near Purnima Talkies,
            Murbad Road, Kalyan (W)-421301, Maharashtra
            Email: csrajeshmittal@gmail.com
            Email: rpgenrx@gmail.com

Last date for
submission of claims: June 2, 2023

GO FIRST: Has No Right Over Engines, Pratt & Whitney Says
---------------------------------------------------------
Reuters reports that Pratt & Whitney has no engines currently
available for India's Go First airline, which also has no rights
over them, the counsel for the U.S. firm told a Delaware court on
May 25 as the two companies engaged in a raging dispute over the
supplies.

Reuters relates that the Indian airline has approached the Delaware
court to enforce an arbitration order it won in Singapore against
Pratt & Whitney, which it blames for its financial troubles and
argues the U.S. firm failed to supply engines on time. Pratt said
those claims are without merit.

Go First has been granted bankruptcy protection in India with a
court-appointed administrator trying to revive the airline. This
has also sparked a bitter tussle with many of Go First's lessors as
they have terminated their lease agreements and are trying to
repossess the planes.

During a court hearing on May 25, which Reuters accessed via a
court-assigned teleconferencing system, a lawyer for Pratt argued
Go First no more has a right over the engines after termination of
leases.

"There are no engines available to be sent to Go First . . . these
leases have been terminated and they (engines) cannot be sent
because Go First has no right to them," Reuters quotes the Pratt &
Whitney counsel as saying.

According to Reuters, Go First counsel argued that position was
incorrect, saying the bankruptcy process in India provides a freeze
on any repossession of planes by any lessor, and so it continues to
have a right over them and the engines.

The Indian airline's counsel added the engines were critical to its
revival.

Reuters recalls that the Singapore arbitrator on March 30 had
ordered Pratt to assist Go First and supply serviceable spare
engines to the airline, which has said it grounded half of its 54
Airbus A320neo planes due to engine issues.

Pratt argues the arbitration order is not enforceable,the report
notes.

                           About Go First

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

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

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

On May 10, the National Company Law Tribunal (NCLT) accepted Go
First's voluntary insolvency petition.  The NCLT bench appointed
Abhilash Lal as the interim resolution professional to look after
the affairs of Go First and also suspended its board as part of the
insolvency resolution process.


IRIISNET COMMUNICATION: Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Iriisnet Communication Private Limited
S-12, Sector-8, Jasola New Delhi
        New Delhi North Delhi DL 110076 India

Liquidation Commencement Date: September 21, 2022

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Hemi Gupta
     24, Medi Center, Opp. Eves Petrol Pump,
            Harpur Road, Meerut (U.P.)-250002
            Email: hemigupta@rediffmail.com

            B-84, Takshila Colony, Garh Road, Near Medical
College,
            Meerut (U.P.)-250004
            Email: cirpiriisnet@gmail.com

Last date for
submission of claims: October 21, 2023

J.R. FOODS: Liquidation Process Case Summary
--------------------------------------------
Debtor: J.R. Foods Limited

Registered Office:
        J K Towers, 100 Feet Road,
        Pondicherry-605013

        Factory:
        Pondy-Villupuram Main Road,
        Thirubhuvanai, Pondicherry-605107

Liquidation Commencement Date:  April 11, 2023

Court: National Company Law Tribunal Divisional Bench II, Chennai
       
Liquidator: Ms. Santhanam Rajashree
     Flat No.6, Old No 20, New No 8, Ramakrishna Street,
            T. Nagar Chennai 600017, Tamil Nadu
            E-Mail ID: rajashrees66@gmail.com

            23, Lake Area, 3rd Cross Street, 1st Floor,
            Nungambakkam, Chennai 600034
            E-Mail ID: jrfoodsrp11222@gmail.com

Last date for
submission of claims: May 14, 2023


JAIRAM FOUNDRY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Jairam Foundry Private Limited
SY. No.21, Mahadevpur Village Nemuragomula Gram Panchayat,
        Bibi Nagar Mandal Nalgonda
        Nalgonda Telangana-508126, India

Insolvency Commencement Date: April 28, 2023

Estimated date of closure of
insolvency resolution process: October 25, 2023

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Malireddy Ramana Reddy
       Flat No. 403, Nirmal Tower, Dwarakapuri Colony,
              Beside Sai Baba Temple,
              Punjagutta, Hyderabad-500082
       Email: jairamfoundry.cirp@gmail.com

Last date for
submission of claims:  May 16, 2023


KELLYS BENEFIT: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Kellys Benefit Nidhi Limited
18/29, Muniappa Road
Kilpauk, Chennai 600010, Tamil Nadu

Liquidation Commencement Date:  April 28, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Mr. L. Chandrasekar
     18/29, Muniappa Road,
            Kilpauk, Chennai 600010
     Email: chan58ibc@gmail.com

Last date for
submission of claims: May 27, 2023

M.P. ENTERPRISES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M.P. Enterprises & Associates Limited
Second Floor, Chiranjeev Apartments,
        Karve Road Pune Maharashtra 411038

Insolvency Commencement Date: April 20, 2023

Estimated date of closure of
insolvency resolution process: October 17, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Rajeev Mannadiar
       401, Darshan CHS Ltd.,
              Raghunath Dadaji Street,
              Fort Mumbai 400001
       Email: rajeev@integroip.com
       Email: mpent.cirp@gmail.com

Last date for
submission of claims: May 16, 2023


MAGNUS PLYWOOD: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Magnus
Plywood Private Limited (MPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.33       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      7.00       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 18, 2022,
placed the rating(s) of MPPL under the 'issuer non-cooperating'
category as MPPL 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. MPPL continues to be
noncooperative 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).

Magnus Plywood Private Limited (MPPL) (previously known as Shri Ram
Panels Private Limited) was incorporated in July, 2008, as a
private limited company and is currently being managed by Mr.
Mahesh Gupta, Mr. Rajesh Gupta, and Mr. Rakesh Gupta collectively.
The company is engaged in the manufacturing of plywood products
like boards, flush doors, production palettes etc. at its
manufacturing facility located in Mandi Gobindgarh, Punjab. The
products are sold under brand name "Magnus" to various clients in
construction and industrial sector all over India.


NANO MINPRO: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Nano Minpro Private Limited
Unit 2, Swastik Motors,
        Near Shiv Prabha Building,
        Asalpha Ghatkopar Link Road,
        Ghatkopar West Mumbai MH - 400084 IN

Insolvency Commencement Date: April 12, 2023

Estimated date of closure of
insolvency resolution process: October 22, 2023 (180 Days)

Court: National Company Law Tribunal, Indore Bench

Insolvency
Professional: Mr. Navin Khandelwal
       206, Navneet Plaza
              5/2 Old Palasia, Indore-452018
        Email:navink25@yahoo.com
       Email:ibc.nanominpro@gmail.com

Last date for
submission of claims:  May 9, 2023

NOMENTIA INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Nomentia India Private Limited
        Work Yard Co-Working, Plot No. 337, Industrial Area,
        Phase-2, Chandigarh-160002, India
  
Liquidation Commencement Date:  April 28, 2023

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Jagdish Singh Nain
     C/o AVM Resolution Professionals LLP,
     8/23,(3rd Floor), W.E.A., Abdul Aziz Road,
            Karol Bagh, New Delhi 110005
            Email: vlp.nomentia@gmail.com

Last date for
submission of claims: May 28, 2023

OZONE PROJECTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ozone Projects Private Limited
New No. 63, G.N. Chetty Road,
        T.Nagar Chennai-600017, Tamil Nadu

Insolvency Commencement Date: May 1, 2023

Estimated date of closure of
insolvency resolution process: October 27, 2023 (180 Days)

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Mr. Rajendran Shanmugam
       2nd Floor, Hari Kupa, 71/1, Mc Nicholas Road,
       Chetpet, Chennai-600031
       Email: cs.srajendran.associates@gmail.com
       Email: claims.ozoneprojects@gmail.com

Representative of
Creditors in a class:

       1. Mrs. Balasubramanian Mekala
   Email: mekalasivamohan@gmail.com

       2. Mr. T. Ranganathan
   Email: balrang2000@yahoo.co.in

              3. Mr. Elumalai Elango
   Email: elumalaielango15@gmail.com

Last date for
submission of claims:  May 14, 2023

PALAMOOR PAPER: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Palamoor
Paper Products Limited (PPPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         11         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Cash           4         CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with PPPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PPPL, incorporated in January, 2012, is setting up a facility for
manufacturing kraft paper. Based out of Hyderabad (Telangana), PPPL
is promoted by Mr Rajendra Prasad Uppalapati, Mr Chandra Shekhar,
Ms Prasanna Maipalli, and others.


PENTECH METALS: CARE Lowers Rating on INR8cr LT Loan to B-
----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Pentech Metals Limited (PML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Long Term/Short      2.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable/CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 23, 2022,
placed the rating(s) of PML under the 'issuer non-cooperating'
category as PML 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. PML continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 8, 2023, April 18, 2023, April 28, 2023. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

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

Incorporated in the year 2014, Pentech Metals Limited (formerly
Pentech Metals Private Limited) is involved in trading of iron and
steel products. The trading operations of the company began in
March 2015. The promoters of the company are Mr. Kunal Gandhi and
Ms. Tina Kunal Gandhi. The company undertakes trading of products
like Hot Rolled Coils and Plates, Mild Steel Coils and Plates, Mild
Steel Scrap and other allied products.

PERFECT FOOTWEAR: CARE Lowers Rating on INR15cr LT Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Perfect Footwear (PF), 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 May 23, 2022,
placed the rating(s) of PF under the 'issuer non-cooperating'
category as PF 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. PF continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 8, 2023, April 18, 2023, April 28, 2023. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating.

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

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

Agra (Uttar Pradesh) based M/s Perfect Footwear (PF) was formed as
a partnership concern by Mr. Harvinder Pal Singh, Smt. Raminder
Kaur and Smt. Jasmeet Kaur in 2015. It is currently being managed
by Mr. A.S. Ahuja. PF is engaged in manufacturing of leather
footwear.


POPULAR STEEL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Popular Steel works and Agricultural Implements Private
Limited
1325/1k/1 Shivaji Udyam Nagar Kolhapur-416 008

Insolvency Commencement Date: April 28, 2023

Estimated date of closure of
insolvency resolution process: October 25, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Prakash Dattatraya Naringrekar
              503-A, Blue Diamond CHS, Ltd,
              Chinecholi Bunder Link Road Junction,
              Malad West, Mumbai - 400 064
              Email: prakash03041956@gmail.com

       16, 2nd Floor, Surendra Niwas,
              Behind Malvan Katta Hotel, Aarey Road,
       Goregaon East, Mumbai 400063
              Email: pswaipl.cirp@gmail.com

Last date for
submission of claims:  May 15, 2023


PVSRSN ENTERPRISE: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PVSRSN
Enterprise Private Limited (PVSRSN) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        10          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           15          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     5          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with PVSRSN for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

PVSRSN was set up as a proprietorship firm in 2003 by Mr. P V Sita
Rama Swamy Naidu. The firm was reconstituted as a closely held
company in 2008. PVSRSN undertakes civil construction activities
entailing irrigation and roadwork, and has implemented projects in
Andhra Pradesh.


RA FASHIONS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of RA Fashions
Private Limited (RAFPL; part of the Ashro group) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.50       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         1.91       CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        2.59       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with RAFPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

CRISIL Ratings has combined the business and financial risk
profiles of RA Fashions Pvt Ltd (RAFPL) and ATPL. This is because
the companies, collectively referred to as the Ashro group, have
common management and are in the same line of business, leading to
operational and financial linkages.

ATPL and RAFPL were incorporated in 2011 by Mr Ravinder Agarwal.
The group manufactures readymade garments for men and women. The
weaving unit is in Wada (Thane) and the stitching unit in
Bengaluru.


RAJASTHAN SYNTEX: Pre-pack Insolvency Resolution Case Summary
-------------------------------------------------------------
Debtor: Shree Rajasthan Syntex LTD
27-A, First Floor, Meera Nagar,
        Housing Board Colony,
        Udaipur-313 001(Rajasthan)

Pre-packaged
Insolvency Commencement Date: April 19, 2023

Court: National Company Law Tribunal, Delhi Bench

Resolution
Professional: Lekh Raj Bajaj
       107, Agarwal Prestige Mall,
              Adjoining to M2K Pitampura, Delhi- 110 034
              Email: lekhrajbajaj@gmail.com
       Email: prepackcirp@gmail.com

REDDY VEERANNA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Reddy
Veeranna Constructions Private Limited (RVCPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Overdraft Facility     25         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RVCPL for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

RVCPL was set up as a proprietorship firm, Reddy Veeranna & Co in
1980; the firm was reconstituted as a private limited company with
the current name in 2002. It is based in Bengaluru and promoted by
Mr. Reddy Veeranna The company undertakes civil construction works
such as construction of roads, bridges, BOT (build, operate,
transfer) projects, irrigation works, and office buildings, for
government entities and private players in various south India
states.


RUBYKON MANUFACTURING: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rubykon
Manufacturing Company (RMC) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter          5.7       CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Letter of Credit        0.1       CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan          6.7       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RMC for
obtaining information through letter and emails dated February 25,
2023 and April 29, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2011 as a partnership firm by Mr. Ashok Mehta and
his wife Mrs. Bharti Mehta, RMC is engaged in manufacturing of 3
ply and 5 ply corrugated boxes and cardboard cartons widely ranging
in thickness, shapes and sizes. The firm has manufacturing plant
set up at Kala Amb, Himachal Pradesh.


SAISONS TRADE: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Saisons Trade & Industry Private Limited
Unit No. 416/C, B-Wing, 4th Floor, Dattani Plaza,
        Safed Pool, Sakinaka Junction, Andheri-E,
        Mumbai, Maharashtra - 400072

Liquidation Commencement Date: May 2, 2023

Court: National Company Law Tribunal, Mumbai Bench V

Liquidator: Mr. Ajit kumar
     1A, Sanskrit Apartment GH-22, Sector 56,
            Gurgaon, Haryana, 122011
     Email: cmaajitjha@gmail.com

            83, National Media Centre, Shanker Chowk,
            Near Ambience Mall/DLF Cyber City, Gurugram-122002
            Email: liqsaisonstrade@gmail.com

Last date for
submission of claims: June 1, 2023


SATNAM GLOBAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Satnam Global Infraprojects Limited

Regd. Office:
        Plot No. 272, FIE Industrial Area
Patparganj Delhi-110092

        Address other than Regd. Office:
1. F-54, Chambal Industrial Area,
           Kota, Rajasthan-324003

2. B-93, MIDC, Butibori Industrial Area,
           Nagpur Maharashtra-441122

3. A-4, Sector-57, Noida, U.P.-201301

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-VI

Insolvency
Professional: Rajneesh Kumar Aggarwal
       C-60, 3rd Floor, C-Block Community Centre
       Janak Cinema Complex, Janak Puri, New Delhi-110058
       Email: ca@arkadvisors.in
       Email: ip.satnam@gmail.com

Last date for
submission of claims:  May 10, 2023

SIDDHI RAJ: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Siddhi Raj Housing Projects Private Limited
Ground floor, Rajpipla, Opp. Standard Chartered Bank,
        Linking Road, Santacruz (West), Mumbai - 400054

Insolvency Commencement Date: May 2, 2023

Estimated date of closure of
insolvency resolution process: October 29, 2023

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Amit Vijay Karia
              Registered Address:
       Flat 202, Padmalaya Apartments, Pandit Colony Lane 1,
              Behind Ananda Laundry, Nashik - 422002 (Maharashtra)

              Email: amit.karia@yahoo.co.in
   
              Correspondence Address:
              405 - 407, Hind Rajasthan Building, D.S. Phalke
Road,
              Dadar East, Mumbai - 400014
              Email: cirp.srh@gmail.com

Last date for
submission of claims:  May 16, 2023


SPICEJET: NCLT Defers Hearing of Insolvency Plea to June 1
----------------------------------------------------------
Moneycontrol reports that the National Company Law Tribunal (NCLT)
on May 25 deferred to June 1, an insolvency plea by aircraft lessor
Aircastle against SpiceJet.

The tribunal had on May 17 asked the Gurugram-based airline to file
a response to the lessor's insolvency plea and explore options for
settlement, Moneycontrol says.

According to Moneycontrol, Aircastle confirmed that settlement
talks with SpiceJet had not been fruitful and the airline's offer
was not good enough.

The creditor moved NCLT claiming that SpiceJet has unpaid dues and
sought initiation of insolvency proceedings under Section 9 of the
Insolvency and Bankruptcy Code (IBC).

On May 8, a two-member principal bench of the NCLT headed by
president Ramalingam Sudhakar issued the notice to SpiceJet and
directed it to list the matter on May 17, Moneycontrol notes.

The development comes close on the heels of beleaguered budget
carrier Go First filling for voluntary insolvency resolution
proceedings.

SpiceJet, however, had said the development would not affect its
operations and it was confident of resolving the matter without
court proceedings, Moneycontrol relays. "The comments provided here
are without prejudice to our rights and in no way should be deemed
as an admission of any liabilities," Moneycontrol quotes a
spokesperson for the low-cost airline as saying.

On May 11, SpiceJet said it is taking steps to revive its grounded
fleet using the $50 million it received from the government's
Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash
accruals, as it sought to quash rumours of insolvency.

Moneycontrol notes that SpiceJet has been saying it has no
intention of filing for insolvency and is focused on its business.

On May 19, the Directorate General of Civil Aviation (DGCA)
deregistered three planes of SpiceJet at the request of lessors.

Of the three, two were non-operational and its operations had not
been affected, SpiceJet said on May 19, recalls Moneycontrol.

                          About SpiceJet

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

On April 28, 2023, Ireland-based Aircastle moved the National
Company Law Tribunal (NCLT) seeking the initiation of insolvency
proceedings against the airline under Section 9(application for
initiation of corporate insolvency resolution process by the
operational creditor) of the Insolvency and Bankruptcy Code.  


UI FABRICATORS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of UI
Fabricators Private Limited (UFPL) 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 17, 2022,
placed the rating(s) of UFPL under the 'issuer non-cooperating'
category as UFPL 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. UFPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2023, April 12, 2023, April 22, 2023.

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

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

Incorporated in the July 2016, UI Fabricators Private Limited
(UIFPL) is engaged into business of manufacturing of LPG cylinders
(domestic as well as industrial cylinder). The company has
undertaken to manufacture LPG cylinders in September 2016 at its
plant located at Sitarganj district, Uttarakhand. The key raw
material i.e., steel is sourced from local suppliers (namely from
Tata Steel Limited) and orders are procured through tender-bidding
process (namely from Indian Oil, Hindustan Petroleum and Bharat
Petroleum).


VAMSI KRISHNA: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vamsi
Krishna Cotton Mills (VKCM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.40       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 12, 2022,
placed the rating(s) of VKCM under the 'issuer non-cooperating'
category as VKCM 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. VKCM continues to be
non-cooperative 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).

Vamsi Krishna Cotton Mills (VKCM) is the Andhra Pradesh based
partnership firm, which was established in 2015 and promoted by Mr.
A.Ramesh Babu (Managing Partner), Ms. K.Swathi, Mr. K.Rama Murthy
and Mrs. K.Naga Mani. The firm is engaged in the Cotton ginning and
pressing with a total installed capacity of 24 double roll gins
with a ginning and pressing capacity of 200 bales per day at its
manufacturing unit located at Guntur, Andhra Pradesh. VKCM sells
its product to various spinning mills located in Andhra Pradesh.
VKCM procures Kappas from farmers and middle man in Andhra Pradesh
and Telangana.


VIJAYA LAKSHMI: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vijaya
Lakshmi Tobacco Traders (VLTT) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       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 VLTT under the 'issuer non-cooperating'
category as VLTT 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. VLTT 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).

Andhra Pradesh based, Vijaya Lakshmi Tobacco Traders (VLTT) was
established in March 2016 as a partnership firm, by Mr. D.
Satyanarayana and Mrs. D. Vijaya Lakshmi. Vijaya Lakshmi Tobacco
Traders (VLTT) is an authorized licensed dealer in tobacco
registered with Tobacco Board for trading of Virginia tobacco. VLTT
is mainly engaged in trading of Virginia tobacco.


VISWAKARMA BUILDTECH: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Viswakarma
Buildtech (India) Private Limited (VBPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE C; 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 17, 2022,
placed the rating(s) of VBPL under the 'issuer non-cooperating'
category as VBPL 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. VBPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 2, 2023, April 12, 2023, April 22, 2023.

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

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

Bihar based, Viswakarma Buildtech (India) Private Limited (formerly
known as Viswakarma Roofings (India) Private Limited), was
incorporated in November, 2009. The company is involved in the
manufacturing of asbestos cement sheets. The operations of the
entity have commenced since February, 2016.


WINDALS AUTO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Windals Auto Private Limited
Unit No.5/B, 5th Floor, Goldline Business Centre,
        Near Chincholi Fire Brigade, Link Road, Malad (W)-Mumbai
400064

Insolvency Commencement Date: April 28, 2023

Estimated date of closure of
insolvency resolution process: October 25, 2023

Court: National Company Law Tribunal, Mumbai Bench-IV

Insolvency
Professional: Jayanti Lal Jain
       708, Raheja Centre, Nariman Point,
              Mumbai-400021, Maharashtra
       Email: jljain.ip@gmail.com

       Headway Resolution ansd Insolvency Services Pvt. Ltd
       708, Raheja Centre, Nariman Point,
              Mumbai-400021, Maharashtra
       Email: cirpwindals@gmail.com

Last date for
submission of claims:  May 16, 2023




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

MEDCO ENERGI: Fitch Affirms LongTerm IDR at 'B+', Outlook Positive
------------------------------------------------------------------
Fitch Ratings has affirmed PT Medco Energi Internasional Tbk's
Long-Term Issuer Default Rating (IDR) at 'B+' with a Positive
Outlook. The agency has also affirmed the ratings on Medco's senior
unsecured US-dollar notes at 'B+' with a Recovery Rating of 'RR4'.

The Positive Outlook reflects its expectation that Medco is on
track to boost its reserve profile while maintaining an adequate
financial profile. This is despite its proved (1P) reserve life
dropping to around six years as of end-2022 (2021: 9.6 years) based
on its calculation.

Medco's rating is underpinned by its improved scale after its
acquisition of the Corridor block production sharing contract,
low-cost position, earnings stability and healthy free cash flow
generation, which support the company's strong financial profile
under Fitch's oil and gas (O&G) price assumptions. Fitch expects
Medco's average EBITDA from fixed-price gas contracts to remain at
around 2.3x of interest expense until 2027 (2022: 2.5x).

KEY RATING DRIVERS

Reserves to Improve: Fitch estimates Medco's 1P reserve life to
improve and stay above the positive trigger of seven years beyond
2023, based on average annual production of 145mboepd and likely
additions in the next 6-12 months from investments in its Tanzania
project and existing domestic blocks like Corridor and Natuna.
Medco expects the Tanzania project, which is in the pre-front-end
engineering design stage, to almost double its 1P reserves in the
medium term. However, reserve accruals may be delayed, in its view,
due to factors beyond Medco's control, including regulatory
approvals.

Higher Capex; Strong Financial Profile: Medco has budgeted capex of
around USD1.3 billion during 2023-2027 (2022: USD270 million,
excluding acquisitions), mostly for its development programme.
Fitch expects Medco's financial profile to remain strong for its
rating, with EBITDA net leverage - excluding its fully owned
subsidiary, PT Medco Power Indonesia (MPI) - remaining below 2x
(2022: 1.4x) over the medium term. Robust cash flow from operations
should support its large capex plans.

Strong Operating Profile: Medco's operating profile benefits from
low cash costs of less than USD9 per barrel of oil equivalent
(boe), countered partly by its production concentration in
Indonesia. Its production scale is larger than that of most 'B'
category O&G producers. Fitch expects average production to remain
strong at 140 thousand barrels of oil equivalent per day (mboepd)
from 2024 onwards (2022: 163mboepd), despite a drop in its working
interest in the Corridor block after 2023 to 46%, from 54%.

Cash Flow Stability: The company's earnings are less sensitive to
oil price changes than most similarly rated upstream O&G peers, as
almost 80% of Medco's production is gas, of which 70% is sold via
long-term fixed price take-or-pay contracts. These contracts
mitigate price and volume risks, and support robust and predictable
cash flow. Fitch estimates Medco to generate strong average annual
EBITDA of above USD1 billion in 2023-2027, 45%-50% of which would
be via fixed-price contracts.

Medco recently extended a gas sale and purchase agreement (GSA)
with Singapore for part of its volumes from Corridor for five years
until 2028. The remaining portion of Corridor gas is supplied
domestically, and the GSAs are under discussion. Fitch believes
volume risk from renewals is low, considering Corridor's importance
to Indonesia's domestic gas supply.

Acquisitions Treated as Event Risk: Fitch expects Medco to remain
acquisitive, which Fitch treats as an event risk. Fitch views
Medco's record of acquisitions, including its USD1.4 billion
acquisition of Corridor in 2022 and USD550 million acquisition of
Ophir Energy in 2019, to be credit accretive, improving the
company's operating profile without affecting its financial
profile. Medco has raised equity to partially fund its major
investments in the past.

Power Business Neutral to Ratings: Fitch assesses MPI to be neutral
to Medco's credit profile, as its investment in the power company
falls outside the restricted group structure defined in its bond
documentation. The documentation limits Medco's investments outside
the restricted group to USD300 million, half of which has been
utilised. It also limits cash outflow from Medco to MPI and other
investments outside the restricted group. There are no
cross-default clauses linking MPI's debt to Medco.

That said, Fitch believes Medco's increasing focus on energy
transition can potentially lead to greater synergies with MPI over
the medium to long term, and Fitch will monitor Medco's ESG
strategy and its impact on the restricted group.

DERIVATION SUMMARY

Medco's production scale is comparable with that of exploration and
production peers in the 'BB' rating category. The Positive Outlook
reflects its expectation of improvement in its reserve profile over
the next 6-12 months.

Around 80% of Canacol Energy Ltd.'s (BB/Stable) sales volume comes
from long-term, fixed-price take-or-pay gas sales contracts, while
the proportion of fixed-price contract sales in Medco's portfolio
is around 55%. This gives Canacol a relatively stronger business
profile, and explains its higher rating despite Medco's larger
production scale and EBITDA generation. Both companies have a
moderate 1P reserve life of around six years, and Fitch views their
financial profiles as being largely similar.

GeoPark Limited (B+/Stable) and Medco have limited geographic
diversification and moderate reserve lives. Medco's profile,
however, benefits from a larger production scale of 160mboepd,
compared with GeoPark's 40mboepd, and the presence of fixed-price
contracts. The Positive Outlook on Medco reflects its expectation
that its reserve profile will improve, strengthening its business
profile over that of GeoPark. Both entities have a strong financial
profile, with GeoPark's being modestly stronger, as Fitch expects
it to be in a net cash position.

KEY ASSUMPTIONS

- Brent crude prices of USD85/barrel in 2023, USD75 in 2024, USD65
in 2025 and USD53 thereafter, according to Fitch's O&G price deck
(see "Fitch Ratings Raises Mid-Term Oil and Cuts Near-Term Gas
Price Assumptions", dated 13 March 2023)

- Gas prices in line with fixed-price contracts, where applicable

- Total production volume of around 160 mboepd in 2023, then
dropping to around 140mboepd from 2024 due to a decline in working
interest for the Corridor block

- Cash production costs of less than USD9/boe

- Average annual capex of USD270 million over the next five years

- Annual dividend pay-out of 15% of net income

RATING SENSITIVITIES

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

A sustained improvement in the 1P reserve life to seven years or
above, while maintaining leverage (net debt/EBITDA, excluding MPI)
below 2.5x.

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

Fitch will revises the Outlook to Stable if the positive rating
guidelines are not met in the next 12 months.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Medco, excluding MPI, had cash of around USD580
million at end-2022, which could cover the USD351 million of debt
maturing within a year. Medco's liquidity profile benefits from
USD487 million of committed undrawn facilities maturing beyond 12
months as of end-2022.

The company has significant annual debt maturities of USD500
million-700 million during 2026-2028, which is when its US dollar
notes mature. Medco has a history of refinancing bond maturities
well ahead of schedule. It bought back USD456 million of its
2025-2028 US dollar notes in 2022 through multiple tender offers.
Fitch expects it to generate sufficient cash flow from operations
to cover its capex plan.

ISSUER PROFILE

Medco is an Indonesian upstream O&G company, with some
international presence. The company produced 163mboepd of O&G in
2022.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
PT Medco Energi
Internasional Tbk   LT IDR B+  Affirmed               B+

Medco Oak Tree
Pte. Ltd.

   senior
   unsecured        LT     B+  Affirmed     RR4       B+

Medco Bell
Pte. Ltd.

   senior
   unsecured        LT     B+  Affirmed     RR4       B+

Medco Platinum
Road Pte Ltd

   senior
   unsecured        LT     B+  Affirmed     RR4       B+

Medco Laurel
Tree Pte. Ltd.

   senior
   unsecured        LT     B+  Affirmed     RR4       B+



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

TOKYO ELECTRIC: Egan-Jones Retains BB+ Senior Unsecured Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company on May 12, 2023, maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Tokyo Electric Power Company Holdings,
Incorporated.

Headquartered in Chiyoda City, Tokyo, Japan, Tokyo Electric Power
Company Holdings, Incorporated generates, transmits, and
distributes electricity.


UNIZO HOLDINGS: To Restart Bidding Process for Sponsor
------------------------------------------------------
Reuters reports that Unizo Holdings will start a new process to
choose a restructuring sponsor in an effort to maximise repayments
to creditors, a document seen by Reuters showed.

Unizo triggered Japan's largest bankruptcy this year, when the
chain, which was partly owned by U.S. investment fund Lone Star,
filed in April for bankruptcy protection, with debt of JPY126
billion (US$932.99 million).

It had chosen a Japanese private equity firm, Nippon Sangyo Suishin
Kiko (NSSK), as its sponsor, but will start a new bidding process
at the end of this month, a group of lawyers representing Unizo
said in a statement, Reuters relays.

"Creditors had requested to start a new process to choose a
sponsor," it said on May 25. "There was high interest in this
company since right after the company filed for a bankruptcy."

Reuters relates that the decision, which comes after some debt
holders had voiced concerns about the bankruptcy process, followed
talks with NSSK, which is not excluded from the bidding.

In 2020 control of Unizo went to a fund created by Dallas-based
Lone Star in a JPY250 billion deal after a nine-month bidding war
among global investors such as Blackstone Inc and Fortress
Investment Group, the report notes.

                       About Unizo Holdings

Unizo Holdings Company Limited is a holding company, which manages
operations for its subsidiaries. Group companies operate leasing
office buildings and managing golf course and hotel.

Unizo Holdings Co. filed for bankruptcy protection with Tokyo
District Court under the civil rehabilitation law on April 26,
2023.

Unizo's debts totaled about JPY126.2 billion, making it the largest
bankruptcy in Japan this year, Jiji Press disclosed citing Teikoku
Databank Ltd., a credit research firm.




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

982 HOLDING: Creditors' Proofs of Debt Due on June 30
-----------------------------------------------------
Creditors of 982 Holding Trustee Limited and Independent Corporate
Trustee 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 24, 2023.

The company's liquidator is:
          
          Craig Andrew Young
          PO Box 87340
          Auckland


CITY LIMITED: Pritesh Patel Appointed as Receiver and Manager
-------------------------------------------------------------
Pritesh Patel of Patel & Co. on May 26, 2022, was appointed as
receiver and manager of City Limited.

The receiver and manager may be reached at:

          Patel & Co
          344 Great South Road
          Papatoetoe
          Auckland


DDL ESTATES: Creditors' Proofs of Debt Due on July 4
----------------------------------------------------
Creditors of DDL Estates Limited and Rua Whare Limited are required
to file their proofs of debt by July 4, 2023, to be included in the
company's dividend distribution.

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

The company's liquidators are:

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


STUBBS CONTRACTORS: Creditors' Proofs of Debt Due on July 22
------------------------------------------------------------
Creditors of Stubbs Contractors Limited are required to file their
proofs of debt by July 22, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 21, 2023.

The company's liquidators are:

          Janet Sprosen
          Leon Francis Bowker
          KPMG Auckland
          18 Viaduct Harbour Avenue (PO Box 1584)
          Shortland Street
          Auckland 1140


WE REUSE: Creditors' Proofs of Debt Due on June 26
--------------------------------------------------
Creditors of We Reuse I.T. 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 22, 2023.

The company's liquidator is:

          Brent Thomas Dickins
          CS Insolvency
          C/- Coombe Smith (PN) Limited
          168 Broadway Avenue (PO Box 788)
          Palmerston North




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

CS TRAVEL: Creditors' Meeting Slated for June 28
------------------------------------------------
Members and creditors of CS Travel Pte Ltd will hold their meeting
on June 28, 2023, at 2:30 p.m., via Zoom.

At the meeting, Gary Loh Weng Fatt, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.



IGS GREEN: Commences Wind-Up Proceedings
----------------------------------------
Members of IGS Green Solutions Pte Ltd, on May 19, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Ong Shyue Wen
          Saw Meng Tee
          EA Consulting (a subsidiary of EisnerAmper PAC)
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


JIN BANG: Creditors' Meeting Set for June 27
--------------------------------------------
Jin Bang Logistics (S) Pte Ltd, which is in liquidation, will hold
a meeting for its creditors on June 27, 2023, at 3:00 p.m., via
Zoom.

Agenda of the meeting includes:

   a. to have an account laid before the meeting showing the
      manner in which the winding-up has been conducted and the
      property of the Company disposed of and hearing any
      explanation that may be given by the Liquidator;

   b. to approve the Liquidator’s fees, disbursements and the
      relevant costs to be incurred in relation to the discharge
      and dissolution of the Company; and

   c. Any other business.

The company's liquidator may be reached at:

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


NISSEI PLASTIC: Creditors' Proofs of Debt Due on June 26
--------------------------------------------------------
Creditors of Nissei Plastic Singapore Pte. Ltd. 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 22, 2023.

The company's liquidator is:

          Mitani Masatoshi
          c/o 10 Anson Road
          #14-06 International Plaza
          Singapore 079903


NO SIGNBOARD: Gazelle Ventures Seeks Refund of Funds
----------------------------------------------------
The Business Times reports that No Signboard Holdings said on May
26 that it has received a demand for refund of funds from investor
Gazelle Ventures.

No Signboard and Gazelle Ventures had entered into an
implementation agreement last June, setting out the terms and
conditions for the investment of a sum of up to SGD5 million in the
company, BT notes. No Signboard has received the full investment
amount from Gazelle.

However, the company said in the bourse filing on May 26 that the
investor is requesting a refund even though the implementation
agreement has not been terminated as yet.

According to BT, No Signboard said the investor was concerned over
the risks of leaving such funds with No Signboard given ongoing
disputes with controlling shareholder Gugong.

"The investor is concerned that without the implementation
agreement being completed, leaving such funds in the company in
advance of the completion, and the further delay caused to the
trading resumption due to the ongoing disputes referred above, is a
risk to the investor," No Signboard said, notes the report.

It added that it is in discussion with the investor on its request
for refund and will provide updates in due course, BT relays.

Shares of No Signboard have been suspended from trading since
January 2022.
   
                         About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.

As reported in the Troubled Company Reporter-Asia Pacific on May
30, 2022, The Business Times said No Signboard Holdings said the
Singapore High Court has granted it and two of its subsidiaries a
moratorium lasting till Oct. 29, 2022.

On April 29, the embattled restaurant operator and wholly owned NSB
Hotpot and NSB Restaurants applied for moratorium relief spanning 6
months, under Section 64 of the Insolvency, Restructuring and
Dissolution Act.  They sought court orders that no resolution shall
be passed to wind up the companies and that no legal process shall
be commenced or continued against any property of the applicants,
among other things.


SKT DEVELOPMENT: Creditors' Proofs of Debt Due on June 26
---------------------------------------------------------
Creditors of SKT Development Pte Ltd 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 22, 2023.

The company's liquidators are:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050



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

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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

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

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