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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, June 5, 2023, Vol. 26, No. 112

                           Headlines



A U S T R A L I A

COSA CRANES: First Creditors' Meeting Set for June 7
EVERLEDGER: Parent Company Place in Liquidation
GENESIS CARE: S&P Downgrades ICR to 'D' on Bankruptcy Filing
GENESISCARE: U.S. Subsidiary Files for Bankruptcy
KAREN'S DINER: Chain Diner Closes Three Locations

KONTRO GROUP: First Creditors' Meeting Set for June 7
LIBERTY FUNDING 2023-1: Moody's Assigns B2 Rating to Class F Notes
STEP AHEAD: Second Creditors' Meeting Set for June 6
TML PURCHASING: First Creditors' Meeting Set for June 8


C H I N A

CHINA EVERGRANDE: Unit Restarts Production in Tianjin
DALIAN WANDA: Expects to Pay $281 Million Note Due June 3
DALIAN WANDA: Fitch Lowers LT IDR to 'BB-', Keeps Rating Watch Neg.
SHIMAO GROUP: Auctions Flagship Shenzhen Project to Pay Off Debt
YINCHUAN TONGLIAN: Fitch Cuts IDRs to B+, Keeps Rating Watch Neg.



H O N G   K O N G

SAMSONITE INTERNATIONAL: Moody's Affirms 'Ba2' CFR, Outlook Stable


I N D I A

ASHIANA LANDCRAFT: CARE Keeps D Debt Ratings in Not Cooperating
ASUTI TRADING: CARE Keeps D Debt Ratings in Not Cooperating
CALVIN ASSOCIATES: Insolvency Resolution Process Case Summary
CLIMAX OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
FIROZABAD CERAMICS: CARE Keeps D Debt Ratings in Not Cooperating

FORTUNE FIRST: Insolvency Resolution Process Case Summary
GLOBAL ENERGY: CARE Keeps D Debt Rating in Not Cooperating
H.R. EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
HEMANG RESOURCES: ICRA Keeps D Debt Ratings in Not Cooperating
KALYANI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating

L N CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
LIMTEX INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
MOTIF AI: Voluntary Liquidation Process Case Summary
NATIONAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
ORAVEL STAYS: Fitch Affirms 'B-' LT IDRs, Alters Outlook to Pos.

PRAKASH POLYESTER: CARE Lowers Rating on INR7.77cr LT Loan to D
RATNAPRIYA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
RAYAT EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
REWA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
SAGAR AUTOTECH: Liquidation Process Case Summary

SAI POULTRY: CARE Keeps C Debt Rating in Not Cooperating
SAM INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating
SHANKER PLASTIC: CARE Keeps D Debt Rating in Not Cooperating
SONAL FABRICATORS: CARE Keeps C Debt Rating in Not Cooperating
TECHNICO STRIPS: CARE Keeps D Debt Ratings in Not Cooperating

VEDANTA LTD: $150M Bank Debt Trades at 16% Discount
VEDANTA LTD: $50M Bank Debt Trades at 16% Discount
VERSATILE ALUCAST: ICRA Reaffirms B Rating on INR11.1cr Term Loan
VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating


M A L A Y S I A

CAPITAL A: To Unveil PN17 Regularisation Plan


N E W   Z E A L A N D

BEV PROD: Creditors' Proofs of Debt Due on June 29
COMBAT FITNESS: Creditors' Proofs of Debt Due on July 3
DDL HOMES: Two Related Entities Owe US Financier NZD34 Million
LOG 4 U: Court to Hear Wind-Up Petition on June 9
REDLINE CIVILWORKS: Creditors' Proofs of Debt Due on June 30

WINIATA ENTERPRISES: Court to Hear Wind-Up Petition on June 30


S I N G A P O R E

ACTIVE BUILDING: Final Meeting Set for June 30
ALLIANCE FACADE: Members' Final Meeting Set for June 30
ARTIUS GRANDIS: Members' Final Meeting Set for June 30
BIOMERS PTE: Final Meeting Set for July 5
DSV AIR: Members' Final Meeting Set for June 30



V I E T N A M

VIETNAM: Fitch Affirms Foreign Curr. IDR at 'BB', Outlook Positive

                           - - - - -


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

COSA CRANES: First Creditors' Meeting Set for June 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Cosa Cranes
(Katherine) Pty Ltd ATF Cosa Cranes (Katherine) Trust will be held
on June 7, 2023, at 10:00 a.m. via virtual meeting only.

Linda Smith and Rob Brauer of McGrathnicol were appointed as
administrators of the company on May 25, 2023.


EVERLEDGER: Parent Company Place in Liquidation
-----------------------------------------------
Jeweller reports that the parent company of Everledger, a
Brisbane-based blockchain technology company with strong ties to
the jewellery industry, has been placed in liquidation.

Earlier this month, it was confirmed that Everledger - led by CEO
Leanne Kemp – had entered voluntary administration after failing
to secure crucial funding, Jeweller relates.

Jeweller, citing a report filed with the Australian Securities and
Investments Commission (ASIC), discloses that Everledger owes the
Australian Tax Office AUD368,000 and a further AUD9 million to
Foreverhold Limited, its parent company.

Foreverhold Limited was incorporated in September of 2016 and is
based in the UK.

Everledger was placed under voluntary administration on April 24 by
Steven Staatz and Ashley Leslie from Vincents Chartered
Accountants.

Last week, Mr. Staatz told Jeweller the company remains in
voluntary administration and offered further detail on the future
of Everledger's blockchain intellectual property.

"A Deed of Company Arrangement proposal is likely to be put
forward. If creditors accept a deed of company arrangement
proposal, then the company will avoid going into liquidation," he
said.

However, the same cannot be said for the UK company: "Foreverhold
Limited is the parent entity. On May 11, 2023, Mr. Mark Granville
Firmin and Mr. John Noon, both of Alvarez & Marsal, were appointed
liquidators of Foreverhold Limited," Mr. Staatz explained.

"The Joint Liquidators of Foreverhold Limited are currently
conducting a sale program with respect to the blockchain platform
and other intellectual property rights."

It has been reported that Everledger has outstanding employee
entitlements totalling approximately $215,000 in respect of
redundancy and payments in lieu of notice. The company's LinkedIn
page lists personnel across Australia, India, the US, and the UK.

"Employee entitlements are expected to be paid in full according to
current calculations," Jeweller quotes Mr. Staatz as saying.

"All wages, annual leave entitlements, and superannuation payments
have already been paid in full."

Everledger was launched in 2015 providing provenance services for
the diamond trade, as well as other industries. In essence, the
platform's intention was to allow traders and retailers to share
the origin or 'history' of an individual diamond using blockchain
technology.

It is not the only company to pursue improved provenance
capabilities as a means of increasing consumer confidence in the
diamond industry; however, Everledger's platform has previously
been endorsed by the Gemological Association of America, the De
Beers Group, and many major retailers, including Chow Tai Fook.

In its initial round of fund-raising, Everledger raised more than
$54 million and therefore it seemed surprising when it was revealed
the company failed to generate a second round of funding prior to
collapsing last month, Jeweller notes.

Among the company's most ardent supporters was Tencent, the owner
of Chinese social media app WeChat. Tencent has a stockmarket
valuation of more than US$400 billion and it previously led
Everledger's US$20 million Series A funding round in 2020.


GENESIS CARE: S&P Downgrades ICR to 'D' on Bankruptcy Filing
------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Genesis Care
Pty Ltd. (GenesisCare) to 'D' from 'CCC-'. At the same time, S&P
lowered its long-term issue ratings on the senior secured term
loans the company guarantees to 'D' from 'CCC-'.

The downgrade follows GenesisCare's Chapter 11 bankruptcy filing in
the U.S. The company said it has secured a US$200 million
debtor-in-possession financing facility from existing lenders,
which should help support the group's business operations while it
undertakes a proposed financial restructuring and reorganization of
the business.

GenesisCare expects to emerge from bankruptcy with a more
simplified corporate structure. S&P believes the restructuring will
simplify the corporate structure. This includes the likely
separation of the U.S. business from its businesses in Australia
and Europe.


GENESISCARE: U.S. Subsidiary Files for Bankruptcy
-------------------------------------------------
The Wall Street Journal reports that the cancer-treatment
specialist GenesisCare has filed for bankruptcy protection, after
struggling under a debt load enlarged by a $1.5 billion takeover.

The Journal relates that Australia-based GenesisCare said June 1
that it would split its U.S. business from operations in Australia,
Spain and the U.K. as part of the U.S. chapter 11 reorganization.
GenesisCare didn't say how much debt would be affected by the
filing.

GenesisCare is backed by the U.S. private-equity giant KKR.
Starting with a single clinic in 2005, it has grown to more than
300 locations in four countries and over 5,500 employees.

"The past three years have presented significant operational and
financial challenges, requiring a comprehensive restructuring of
the operations and balance sheet of the company," David Young, who
started as GenesisCare's chief executive in April, said in a
statement.

GenesisCare has secured $200 million of debtor-in-possession
financing from existing lenders, and plans to continue operating
without disruption to patient care.


KAREN'S DINER: Chain Diner Closes Three Locations
-------------------------------------------------
News.com.au reports that a chain restaurant, where the staff act
rude towards their customers, is closing three locations in three
different states.

Karen's Diner is an American-style eatery where the staff,
according to their social media pages, "pride ourselves on having
the worst service in the world."

But the gimmick hasn't paid off at their "pop-up" stores in Perth,
Melbourne, and the Gold Coast - they closed their doors last week,
leaving only one store in Adelaide, one in Brisbane, and two in
Sydney.

"Unfortunately, all good things come to an end and Karen can't stay
forever!" reads a post on the chain's Facebook page from May 30.

"Today marks the closing of some of our Australian pop-up stores.

"If your local pop-up store has closed, there will be a Karen's
Diner On Tour coming to your city this September."

Melbourne's store was found in Carlton, the Gold Coast store was
located in the Chevron Renaissance Shopping Centre, and Perth's was
in the inner-city suburb of Subiaco.

According to the report, Karen's Diner has been forced to apologise
in the past after staff took their rudeness act a little too far.

In July, an employee at the Brisbane store made sexually
inappropriate comments to a 14-year-old girl and her father.

And in November, the ABC reported staff were considering formal
action over claims of sexual and physical harassment.

The "Karen" in Karen's Diner comes from the derogatory term for an
entitled person who is often rude to those in service industries,
likely to demand a manager to register complaints over minor
slights.

The chain also has stores in Indonesia, Singapore, New Zealand, the
UK, Canada, and the US.


KONTRO GROUP: First Creditors' Meeting Set for June 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Kontro Group
Pty Ltd will be held on June 7, 2023, at 11:00 a.m. via virtual
facilities only.

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


LIBERTY FUNDING 2023-1: Moody's Assigns B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Liberty Funding Pty Ltd (Liberty Funding) in respect of
Liberty Series 2023-1 Auto.

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2023-1 Auto

AUD675.00 million Class A Notes, Assigned Aaa (sf);

AUD76.50 million Class B Notes, Assigned Aa2 (sf);

AUD40.50 million Class C Notes, Assigned A2 (sf);

AUD22.50 million Class D Notes, Assigned Baa2 (sf);

AUD34.20 million Class E Notes, Assigned Ba2 (sf);

AUD18.90 million Class F Notes, Assigned B2 (sf);

The AUD32.40 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
consumer auto loans originated by Liberty Financial Pty Ltd
(Liberty, unrated). This is Liberty's thirteenth auto asset backed
securities (ABS) transaction and its first transaction for 2023.

The transaction includes a three month pre-funding period, whereby
Liberty Funding issued notes up to AUD900.0 million, based on the
initial pool of AUD700.0 million. During the pre-funding period,
additional loans may be sold into the trust, up to the pre-funding
amount of AUD200.0 million, subject to certain portfolio parameters
and eligibility criteria.

Liberty is an Australian non-bank lender that started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans. As of December 2022, Liberty had total receivables
of AUD13 billion.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

The evaluation of the underlying receivables and their expected
performance;

Historical loss data. Liberty provided vintage historical data on
gross defaults and net losses from 2010 to 2022;

The credit enhancement provided by note subordination, the
guarantee fee reserve and excess spread;

The liquidity facility in the amount of 2.00% of the principal
balance of the rated notes, subject to a floor of AUD1.08 million;

The pre-funding period;

The interest rate swap provided by National Australia Bank Limited
(NAB, Aa3/P-1/Aa2(cr)/P-1(cr)).

According to Moody's, the transaction benefits from various credit
strengths such as a high proportion of motor vehicles, a highly
granular portfolio and a guarantee fee reserve account. However,
Moody's notes that the transaction features some credit weaknesses
such as the proportion of the portfolio extended to borrowers with
prior credit impairment and the pro-rata amortisation of rated
notes under certain conditions.

Key transactional features are as follows:

The Class A, Class B, Class C, Class D, Class E and Class F Notes
are supported by 25.00%, 16.50%, 12.00%, 9.50%, 5.70% and 3.60% of
note subordination, respectively.

Principal collections will be at first distributed sequentially.
Starting from the first anniversary from closing, all notes
(excluding the Class G Notes) may participate in proportional
principal collections distribution, subject to the step down
conditions being satisfied. The step down conditions include, among
others, no charge-offs on any of the notes, 90 days arrears ratio
of less than or equal to 4.00%, the subordination percentage to the
Class A Notes being greater than or equal to 35.0% as well as a
cumulative default ratio. The transaction will revert to a
sequential principal repayment once the aggregate principal balance
of the notes is 10.0% or less of the aggregate principal balance of
the notes at closing, or on or following the payment date in May
2027.

The guarantee fee reserve account, which is unfunded at closing
and will accumulate to a maximum limit of AUD18.0 million from
excess spread. The guarantee fee reserve account will firstly be
available to meet losses on the loans and charge-offs against the
notes. Secondly, it can be used to cover any required payment
shortfalls that remain after liquidity facility and principal
draws.

Key model and portfolio assumptions:

Moody's portfolio credit enhancement ("PCE") -- representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario -- is 26.0%. Moody's mean expected
default rate for this transaction is 6.0% and the assumed recovery
rate is 37.5%. Moody's assumed default rate and recovery rate are
stressed compared to the historical levels of 4.86% (based on
origination vintages from 2010 to 2022) and 53.01% respectively.

In determining the mean default rate, Moody's gave more weight to
the historical performance of recent vintages because these
vintages are more reflective of the credit quality of the current
portfolio with lower levels of credit impaired borrowers than
vintages prior. The stress Moody's has applied in determining its
mean default rate reflects the lack of economic stress during the
historical data period.

Methodology Underlying the Rating Action:

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

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

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

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

STEP AHEAD: Second Creditors' Meeting Set for June 6
----------------------------------------------------
A second meeting of creditors in the proceedings of Step Ahead HPC
Pty Ltd, trading as Premier Data, has been set for June 6, 2023, at
12:00 p.m. via Video conference details.

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 June 5, 2023, at 5:00 p.m.

Michael Carrafa and Peter Gountzos of SV Partners were appointed as
administrators of the company on May 2, 2023.


TML PURCHASING: First Creditors' Meeting Set for June 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of TML
Purchasing Pty Ltd, trading as TML Interiors, will be held on June
8, 2023, at 11:00 a.m. via teleconference.

Mohammad Najjar of Vanguard Insolvency Australia Pty was appointed
as administrator of the company on May 29, 2023.





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

CHINA EVERGRANDE: Unit Restarts Production in Tianjin
-----------------------------------------------------
Yicai Global reports that China Evergrande New Energy Vehicle
Group, the electric car unit of embattled property developer China
Evergrande Group, has resumed production at its plant in Tianjin
after a one-month suspension due to a lack of funds, which remains
an issue for the company.

Yicai relates tha the Tianjin factory got back to work making the
Hengchi 5 on May 23, the Guangzhou-based firm said in a statement
on its official WeChat account on May 30. It announced a stoppage
at the plant on April 24 due to insufficient funds.

Shan Zhefeng, governor of Tianjin's Binhai New Area and deputy
secretary of the local party committee, visited the plant on May
29, Evergrande NEV added, noting that Shan expressed full support
for the carmaker's development and expansion, which would stimulate
the vitality of the NEV sector.

But having resumed production does not mean that Evergrande NEV has
solved its funding issues, Yicai says.

According to data on corporate information platform Tianyancha,
courts have ordered Evergrande NEV's units in Shanghai, Guangzhou,
Henan province, and Jiangsu province to settle outstanding payments
of CNY855 million (USD120.3 million), CNY28 million (USD3.9
million), CNY16.6 million, and CNY58.9 million, respectively, as of
May 30, Yicai discloses.

According to Yicai, Evergrande NEV recently transferred a series of
property projects to its parent company to focus on its NEV
business, but was still unable to return to the black.

Leading Chinese auto startups are also unprofitable, Yicai says.
Xpeng Motors delivered 18,200 cars in the first quarter, but its
net loss expanded 37.4 percent to CNY2.3 billion (USD323.7 million)
in the period from a year earlier.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

Evergrande had CNY1.97 trillion (US$311 billion) of liabilities at
the end of June 2021.  Once China's biggest developer by sales,
Evergrande fell into distress as cash dried up and the group
overstretched itself on borrowings and ventures into car
manufacturing.

Evergrande hired outside financial advisers Houlihan Lokey and
Admiralty Harbour Capital in September 2021 to engage with
creditors soon after it ran into a liquidity squeeze. It has since
worked with more advisers in the past two months by turning to
China International Capital Corp, BOCI Asia and Zhong Lun Law Firm
on its debt workout plan.

As reported in the Troubled Company Reporter-Asia Pacific in
October 2022, Moody's Investors Service has withdrawn China
Evergrande Group's (Evergrande) corporate family rating and senior
unsecured ratings, the CFRs of Hengda Real Estate Group Company
Limited and Tianji Holding Limited, and Scenery Journey Limited's
backed senior unsecured ratings.


DALIAN WANDA: Expects to Pay $281 Million Note Due June 3
---------------------------------------------------------
Caixin Global reports that Dalian Wanda Group Co.'s property
management unit expects to scrape up enough cash to pay off a CNY2
billion ($281 million) note due on June 3, the company said.

But with CNY8.9 billion of domestic notes and offshore bond due
within two months, Dalian still needs to dump some of its shopping
malls and hotels, Caixin relates. The troubled
property-to-entertainment conglomerate was reported to be
considering such moves earlier last week.

Dalian Wanda Commercial Management Group Co., Ltd. operates as a
commercial property developer, owner, and operator. The Company
develops and manages mixed-use property projects including retail,
office, hotel, residential, restaurant, entertainment, and other
projects. Dalian Wanda Commercial Management Group conducts
businesses in China.

As reported in the Troubled Company Reporter-Asia Pacific in early
May 2023, Moody's Investors Service has downgraded Dalian Wanda
Commercial Management Group Co., Ltd.'s (DWCM) corporate family
rating to Ba2 from Ba1.


DALIAN WANDA: Fitch Lowers LT IDR to 'BB-', Keeps Rating Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded Dalian Wanda Commercial Management
Group Co., Ltd.'s (Wanda Commercial) Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'BB-', from 'BB+', and Wanda
Commercial Properties (Hong Kong) Co. Limited's (Wanda HK)
Long-Term Foreign-Currency IDR, senior unsecured rating and the
rating on its guaranteed US-dollar notes to 'B+', from 'BB'. The
Recovery Rating is 'RR4'. All ratings remain on Rating Watch
Negative (RWN).

The downgrade follows a weakening in the consolidated profile of
Dalian Wanda Group Co., Limited (Wanda Group), Wanda Commercial's
44% parent, amid declining liquidity at Wanda Commercial's sister
company, Wanda Properties Group Co. Ltd. (Wanda Properties), as it
seeks to extend short-term bank loans. Wanda Commercial is rated
one-notch above the consolidated profile, based on the "Strong
Subsidiary, Weak Parent" approach under Fitch's Parent and
Subsidiary Linkage (PSL) Rating Criteria.

Fitch has also revised Wanda Commercial's Standalone Credit Profile
(SCP) to 'bbb-', from 'bbb+', due to the delays in listing Zhuhai
Wanda Commercial Management Ltd., an asset-light property
management company in which Wanda Commercial holds a 79% stake.
Fitch estimates that if the listing is not completed by end-2023,
Wanda Commercial will be obliged to refund more than CNY40 billion
of pre-IPO investment proceeds from minority investors, which would
damage its liquidity.

The RWN reflects the continued uncertainty in the listing of Zhuhai
Wanda and whether pre-IPO investors will agree to extend the
listing deadline beyond 2023. Fitch is also watching for any
further deterioration in the parent group's liquidity or a
weakening in the financial separation between Wanda Commercial and
the group that would lead to a PSL reassessment.

Wanda HK is Wanda Commercial's sole offshore financing platform and
overseas investment-holding company. Under the PSL criteria, Wanda
HK follows the "stronger parent" path and is rated one notch below
Wanda Commercial. This is based on its assessment of a 'Weak' legal
incentive, 'Medium' strategic incentive and 'High' operational
incentive for the parent to provide support. Wanda HK is fully
owned by Wanda Commercial.

Fitch is simultaneously withdrawing Wanda HK's senior unsecured
rating, as it is no longer considered by Fitch to be relevant to
Fitch's coverage, because the class rating on Wanda HK is not
reflective of Wanda Commercial's business and operations.

KEY RATING DRIVERS

Subsidiary's IPO Uncertainty: Fitch believes there is a chance that
Zhuhai Wanda's IPO may not be completed by end-2023. The company
has started negotiation with pre-IPO investors and expects some
progress by end-June. Fitch believes the company may secure an
extension from some investors and has sufficient funds to repay
some investors that demand immediate repayment. The China
Securities Regulatory Commission has not updated Zhuhai Wanda's IPO
filing status since 20 April.

Reduced Liquidity Buffer: Fitch believes Wanda Commercial has
adequate funds to cover upcoming short-term capital market
maturities, but its liquidity buffer has deteriorated. The company
reported CNY28 billion in readily available cash as of end-March
2023, against CNY22 billion in short-term bond maturities within
the next 12 months. Available cash/short-term debt dropped to 0.4x
in 2022, from 2.7x in 2021, after the auditor classified pre-IPO
funds as short-term debt. Fitch has treated the pre-IPO funds as
debt since 2021.

Wanda Commercial repaid CNY6 billion in bonds in April and is
working towards refinancing upcoming maturities. Fitch estimates
that the company held another CNY19 billion in short-term debt in
1Q23, mainly short-term bank loans, and that it can roll over the
majority of the loans, as they are backed by investment properties.
Fitch includes 40% of the company's CNY21 billion investment in
wealth-management products in the liquidity calculation in
accordance with Fitch's corporate rating criteria.

Tight Liquidity at Wanda Properties: Wanda Properties' tightened
liquidity has led the company to start negotiating bank-loan
extensions for slow-selling projects, according to news reports.
Wanda Commercial incurred costs to Wanda Properties for the
construction of several Wanda Plaza malls in 2022, which increased
"other receivables" by CNY11.4 billion during 2022. These
receivables will be offset from the acquisition costs when Wanda
Commercial buys the malls from Wanda Properties.

Wanda Commercial said the increase was a one-off and that it does
not expect any further material payments to be made to Wanda
Properties in the near term.

Stable Leverage, Coverage: Wanda Commercial's net debt/investment
properties reached 33% in 2022 following a drop of around 50% in
available cash. However, the leverage profile is still in line with
an 'a' category credit, based on its APAC REIT navigator. Wanda
Commercial's recurring EBITDAR interest coverage remained healthy
at 2.2x in 2022.

Rating Capped by Parent: Fitch rates the company based on the
"strong subsidiary" approach under the criteria, with ringfencing
linkage assessed as 'Open', as there is no covenanted mechanism to
limit the parent's access to its cash flow. Fitch assesses access
and control as 'Porous', as related-party transactions require the
approval of a significant minority shareholder who has board
representation. Any perceived weakening in the financial separation
of the two companies could lead to both entities being rated at the
parent's consolidated profile.

DERIVATION SUMMARY

Wanda Commercial

Wanda Commercial's investment-property portfolio is comparable with
that of major global investment-property companies, such as Swire
Properties Limited (A/Stable), Scentre Group Limited (A/Stable) and
Unibail-Rodamco-Westfield SE (BBB+/Negative). Wanda Commercial's
strong retail mall portfolio is in line with that of 'A' rated
property-investment peers due to its large size, asset
diversification and strong operational performance through business
cycles.

Wanda Commercial's credit metrics are weaker than those of the
three peers, with its recurring EBITDA interest coverage of around
2.0x below the peer average of more than 5.0x.

Wanda HK

Wanda HK's ratings are supported by the linkage with its parent,
Wanda Commercial. The linkage can be compared with pairs such as
Vanke Real Estate (Hong Kong) Company Ltd (Vanke HK, BBB+/Stable)
and its parent, China Vanke Co., Ltd. (BBB+/Stable), as well as
Hengli (Hong Kong) Real Estate Limited (BBB+/Stable) and its
parent, Poly Developments and Holdings Group Co., Ltd.
(BBB+/Stable). The subsidiaries are all positioned as their
parents' main offshore financing platforms.

However, Fitch considers Wanda Commercial's legal incentive to
support Wanda HK as 'Low', in contrast to the two peers' 'Medium'
assessment. This is the reason for rating Wanda HK one notch below
its parent, while the ratings of Vanke HK and Hengli are equalised
with those of their parents.

KEY ASSUMPTIONS

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

- Wanda Commercial will open 30-50 Wanda Plazas in 2023, with
around 80,000 square metres of leasable floor area each, of which
20-40 malls will be under an asset-light business model.

- Rental and property management fee gross profit margin of 63%-65%
in 2023-2024.

- Rental and property management fee income of CNY48 billion in
2023 and CNY50 billion in 2024.

- Capex of CNY1 billion in 2023-2024.

- Available cash balance, including 40% of wealth-management
products, maintained at CNY20 billion-30 billion in 2023-2024.

- No equity financing cash inflow due to timing uncertainty.

Recovery Rating on Wanda HK

The calculation is based on 2021 annual results as no 1H22 or 2022
results are available. The recovery analysis assumes that Wanda HK
would be liquidated in a bankruptcy. Fitch assumes a 10%
administrative claim.

Liquidation Approach

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

- Advance rate of 0% is applied to excess cash after netting off
payables and other payables.

- Advance rate of 50% is applied to investment properties,
supported by Wanda HK's hotels and shopping malls, which generate
rental yields of above 6%.

- Advance rate of 70% is applied to account receivables. This is
more conservative than the 80% in its criteria, as the ending
balance is outdated.

The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR3' for offshore senior debt.
However, the Recovery Rating is capped at 'RR4', because under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria,
China falls into Group D of creditor friendliness, and instrument
ratings of issuers with assets in this group are subject to a cap
of 'RR4'.

RATING SENSITIVITIES

Wanda Commercial

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

- The RWN will be removed if the negative triggers are not met

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

- No extension agreement with Zhuhai Wanda's pre-IPO investors in
the event of further listing delays.

- Evidence of a reduction in Wanda Commercial's banking access.

- Evidence of liquidity or refinancing risk at Wanda Group or its
subsidiaries.

- A perceived weakening in the financial separation between Wanda
Commercial and Wanda Group may lead to the former being rated at
the level of the consolidated group profile.

Wanda HK

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

- The RWN will be removed if the negative triggers are not met.

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

- Deterioration in Wanda Commercial's IDR.

- A perceived weakening in Wanda Commercial's incentives to support
Wanda HK.

ISSUER PROFILE

Wanda Commercial is the largest shopping mall owner in China, and
one of the largest commercial property owners rated by Fitch.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch capitalised a CNY543 million fixed lease in 2021 and a CNY744
million fixed lease in 2022 with an 8.0x multiple.

ESG CONSIDERATIONS

Wanda Commercial has an ESG Relevance Score of '4' for Financial
Transparency, because Wanda Group is a private company and its
financial disclosure to Fitch is limited. Fitch has obtained
audited financial reports and access to Wanda Group's management,
but information about the group's other principal subsidiaries may
be limited. The uncertainty over Wanda Group's financial
transparency has a negative impact on the credit profile, and is
highly relevant to the rating.

Wanda Commercial has an ESG Relevance Score of '4' for Group
Structure, because there is lack of transparency, particularly in
intra-group transactions between Wanda Commercial and Wanda Group.
This includes regarding the issuance of guarantees or other forms
of credit enhancement, or contractual features of debt, such as
subordination or ringfencing that affect the risk profile of Wanda
Commercial, which indicates weak group structure. This has a
negative impact on the credit profile, and is highly relevant to
the rating.

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
   -----------            ------         --------  -----
Dalian Wanda
Commercial
Management
Group Co., Ltd.    LT IDR BB- Downgrade              BB+

Wanda Commercial
Properties
(Hong Kong) Co.
Limited            LT IDR B+  Downgrade              BB

   senior
   unsecured       LT     B+  Downgrade    RR4       BB

   senior
   unsecured       LT     WD  Withdrawn               B+

Wanda Properties
International Co.
Limited

   senior
   unsecured       LT     B+  Downgrade    RR4       BB

Wanda Properties
Overseas Limited

   senior
   unsecured       LT     B+  Downgrade    RR4       BB

Wanda Properties
Global Co.
Limited

   senior
   unsecured       LT     B+  Downgrade    RR4       BB

SHIMAO GROUP: Auctions Flagship Shenzhen Project to Pay Off Debt
----------------------------------------------------------------
Yicai Global reports that troubled Chinese property developer
Shimao Group is auctioning its flagship Shimao Shenkong
International Centre in a further effort to pay off its debt, at a
starting price of CNY13 billion (USD1.8 billion).

Yicai relates that the project includes the usage rights to 12
plots of land as well as attached buildings in Shenzhen's Longgang
district. The auction will start on July 4 with an assessed price
of CNY16.3 billion (USD2.3 billion) and a mark-up of CNY65.2
million (USD9.2 million) for each bid, according to the auction
platform of e-commerce giant JD.Com.

According to Yicai, Shimao bid CNY23.9 billion for the site in
December 2017, and planned to invest CNY50 billion to create a
mixed-use commercial area including offices, shopping malls, and
apartments, with a planned 668-meter tower that would have become
the tallest building in China.

But after China tightened the financing environment for developers
in the second half of 2021, Shimao ended up default on debt last
July, Yicai states. This led to the construction of Shenkong
International Centre being stalled for a year, and work only
resumed on a small scale last month.

In order to pay off debt, Shimao has sold a number of assets since
last year, including equity in Hong Kong's Grand Victoria project
and the Hyatt on The Bund in Shanghai, Yicai relates.

Shimao has not released financial reports since its 2021 interim
earnings, the report notes. According to China Index Academy, the
company's total sales in the first five months of this year were
CNY23.9 billion, down 30 percent from the same period last year.

                         About Shimao Group

China-based Shimao Group Holdings Ltd, formerly Shimao Property
Holdings Ltd, is an investment holding company principally engaged
in the sale of properties. The Company operates its business
through four segments. The sales of Properties segment is mainly
engaged in the development of residential real estate. The Property
Management Income and Others is mainly engaged in property
management. The Hotel Operation Income segment is mainly engaged in
hotel operations. The Commercial Properties Operation Income
segment is mainly engaged in the development, investment and
operation of commercial, office and industrial park property
projects.

As reported in the Troubled Company Reporter-Asia Pacific on July
5, 2022, Shimao Group has missed the interest and principal payment
of a US$1 billion offshore bond due on July 3, 2022.


YINCHUAN TONGLIAN: Fitch Cuts IDRs to B+, Keeps Rating Watch Neg.
-----------------------------------------------------------------
Fitch Ratings has downgraded China-based Yinchuan Tonglian Capital
Investment Operation Group Co., Ltd.'s (YCTL) Long-Term Foreign-
and Local-Currency Issuer Default Ratings (IDRs) and the rating on
its USD300 million 4.45% senior unsecured bonds due 2023 to 'B+',
from 'BB-'. All ratings remain on Rating Watch Negative (RWN).

The downgrade reflects the company's rising refinancing risk, made
worse by its large upcoming maturities in onshore markets and the
uncertainty about the execution of the repayment for an upcoming
offshore capital-market debt maturity. This has led us to revise
its assessment of YCTL's Standalone Credit Profile (SCP) to 'ccc+',
from 'b-', under its Public Sector, Revenue-Supported Entities
Rating Criteria.

Fitch believes YCTL will continue to face a tight funding
environment. This is despite the government's high incentive to
provide extraordinary support to the company in light of its policy
role as the largest integrated city operator in Yinchuan.

KEY RATING DRIVERS

High Refinancing Risk: YCTL's SCP is driven by its 'Weaker'
assessment of its financial profile, as Fitch forecasts net
debt/EBITDA to stay at 20x-23x till 2027, in line with that of 'b'
(category) peers. However, Fitch has revised the SCP to 'ccc+' amid
YCTL's rising refinancing risk, especially for it large domestic
and offshore capital-market maturities in 2023. The SCP also
factors in its poor assessment of YCTL's management, governance and
information quality and its negative liquidity cushion due to its
weakened market access and limited liquidity sources for short-term
debt repayment.

'Moderate' Support Record: The support record is capped at
'Moderate' because the size of government support for YCTL is
insufficient relative to its maturity concentration and the
uncertain execution. YCTL has more than CNY6 billion in debt
maturing between May and December 2023. The municipality has set up
a bailout fund of up to CNY3 billion to provide liquidity support
for local GREs, with the first batch totaling CNY1 billion. The
government has also indicated it has strong incentive to ensure the
timely repayment of YCTL's debt, as it is a core policy
government-related entity (GRE).

This demonstrates a strong support incentive, but there is
execution risk in mobilising the fiscal and financial resources.
The local government plans further asset injections, including
land-use and concession rights for public utility and
infrastructure development. Fitch believes this may enhance YCTL's
asset quality and cash generation in the long term, but the extent
of improvement in the company's refinancing ability in the short
term remains unclear. YCTL reported that it received CNY2.1 billion
in fiscal subsidies and a capital injection of CNY5.0 billion in
2022 to support its policy business.

'Strong' Status, Ownership and Control: YCTL is wholly owned by the
Yinchuan State-owned Assets Supervision and Administration
Commission. The municipality appoints its directors and maintains
control and oversight of management appointments and operations.
Major events, including M&A, disposals, strategic developments and
capex, require approval. The disciplinary warning from China's
National Association of Financial Market Institutional Investors
for regulatory disclosure breaches reveals weaknesses in YCTL's
corporate governance and the government's supervision.

'Moderate' Socio-Political Implications of Default: YCTL
consolidates and manages policy businesses essential to public
welfare, including utilities, public transportation and urban
development. Its businesses are of high political priority for the
local government and are part of an established service
infrastructure, which means YCTL is likely to be mandated to
continue offering the services even after a default. The government
can appoint other local public or private companies to provide some
of the services if necessary. Therefore, any disruption may be
temporary and have only a 'Moderate' effect.

'Moderate' Financial Implications of Default: Fitch regards YCTL a
key municipal GRE tasked with raising funds and implementing
government policies, but the company's financial flexibility in
refinancing debt is decreasing, with its debt repayment peaking in
2023. This weakens its functional role as a proxy funding vehicle
for the government.

The tighter funding environment in China's less-developed regions,
notably the north-west, where YCTL is based, may cause the company
to turn to government-arranged funding to repay part of its 2023
debt maturities. The attribute assessment is not lower, as Fitch
thinks the government still has a strong incentive to support YCTL,
including its urban renewal projects.

Revenue Defensibility, Operating Risk: Fitch assesses YCTL's
revenue defensibility as 'Weaker' to reflect its limited pricing
autonomy in its public-welfare businesses and geographical
concentration risk, despite steady user demand from Yinchuan's
urbanisation and stable population base. Fitch assesses operating
risk as 'Midrange' due to well-identified cost drivers and an
adequate supply of labour and resources.

DERIVATION SUMMARY

YCTL's total GRE score of 17.5 under its GRE criteria is based on
'Strong' status, ownership and control, a 'Moderate' support
record, 'Moderate' socio-political implications of default and
'Moderate' financial implications of default. YCTL's downgrade
follows a revision of its SCP to 'ccc+', from 'b-', due to rising
refinancing risk, especially in its large domestic and offshore
capital-market maturities for the rest of 2023. A favorable
adjustment of YCTL's business or financial profiles is unlikely.

Fitch assesses the SCP based on 'Weaker' revenue defensibility,
'Midrange' operating risk and a 'Weaker' financial profile. The SCP
assessment also takes into account the company's management,
governance and information quality in asymmetric risk, together
with its negative liquidity cushion.

RATING SENSITIVITIES

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

- Deterioration in Fitch's perception of Yinchuan government's
ability to control YCTL or provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations

- Deterioration in the timeliness and amount of government support,
putting YCTL's financial viability into question and leading to
narrower notching from its SCP

- Deterioration in liquidity or no meaningful progress in
refinancing of domestic capital-market debt and loans as well as
higher execution risk for the repayment for offshore capital market
debt, as communicated to Fitch, that leads to a lower assessment of
the company's SCP to 'ccc' or below

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

- The RWN will be resolved if the negative sensitivities are not
met

Any change in YCTL's IDRs will result in a similar change in the
rating of the bond.

ISSUER PROFILE

YCTL is mandated to carry out urban development and capital
operations in Yinchuan. Its core policy business is in
infrastructure construction, liquefied natural gas sales and public
transportation. YCTL, as a capital operator, also has participates
in property development and book and commodity sales.

ESG CONSIDERATIONS

YCTL has an ESG Relevance Score of '4' for Financial Transparency
due to weakness in its disclosure process, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt                 Rating        Prior
   -----------                 ------        -----
Yinchuan Tonglian
Capital Investment
Operation Group
Co., Ltd.            LT IDR    B+  Downgrade   BB-
                     LC LT IDR B+  Downgrade   BB-

   senior
   unsecured         LT        B+  Downgrade   BB-



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

SAMSONITE INTERNATIONAL: Moody's Affirms 'Ba2' CFR, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service affirmed Samsonite International S.A.'s
("Samsonite") Ba2 Corporate Family Rating and Ba2-PD Probability of
Default Rating. Moody's also upgraded Samsonite's first lien senior
secured revolver rating to Ba1 from Ba2 and Samsonite IP Holdings
S.ar.l's secured term loan credit facility ratings to Ba1 from Ba2.
Moody's affirmed the B1 rating on Samsonite Finco S.ar.l's senior
unsecured bonds. Samsonite's SGL-1 Speculative Grade Liquidity is
unchanged. The rating outlook is stable.

Moody's affirmation of the CFR and stable outlook reflects
Samsonite's improved operating performance and lower leverage.
Moody's anticipates that debt-to-EBITDA will decline to 2.9x by
year-end 2023 (3.8x; Moody's Adjusted for the twelve months ended
March 31, 2023) and in the mid-to-high 2x the year after. Continued
growth in travel will support consumer demand for luggage driving
volume growth. Reductions to the cost structure as well as
moderating raw material and transportation costs will support
EBITDA margin improvement. Challenging economic conditions that are
pressuring household incomes as well as tighter credit conditions
and increasing travel costs could begin to limit consumer travel
and luggage and bag sales. Moody's nevertheless believes that pent
up demand for travel and related products continues to be strong in
2023 with the risk of a slowdown more prevalent in 2024.
Samsonite's very good liquidity (SGL-1) with a large $571 million
cash balance, $845.4 million availability on its undrawn revolver,
and good free cash flow of around $130-$140 million (Moody's
forecast) provide good financial flexibility to navigate a
potential cyclical slowdown in discretionary consumer spending on
travel and related products. The company has demonstrated the
ability to navigate travel downturns while growing product
diversity over time. Samsonite's leverage remains above the company
net leverage target of 2.0x or below (2.53x; company reported for
twelve months ended March 31, 2023) indicating a continued focus on
debt repayment absent acquisitions.

The upgrade of the company's senior secured bank credit facilities,
which includes the company's $850 million revolving credit facility
and senior secured term loans, reflects the reduction of secured
debt in the capital structure particularly due to the paydown of
the revolving credit facility over the course of 2022 and term loan
repayments. The Ba1 rating reflects that the reduction in secured
debt enhances recovery expectations for the revolver and term loan
in a default scenario. The secured credit facilities have effective
priority over the unsecured notes that mature in May 2026. The
secured debt notching could change if unsecured debt is reduced or
replaced with secured financing.

Affirmations:

Issuer: Samsonite Finco S.ar.l

Senior Unsecured Regular Bond/Debenture, Affirmed B1

Issuer: Samsonite International S.A.

Corporate Family Rating, Affirmed Ba2

Probability of Default Rating, Affirmed Ba2-PD

Upgrades:

Issuer: Samsonite International S.A.

Senior Secured 1st Lien Revolving Credit Facility, Upgraded to
  Ba1 from Ba2

Issuer: Samsonite IP Holdings S.ar.l

Senior Secured 1st Lien Term Loan, Upgraded to Ba1 from Ba2

Outlook Actions:

Issuer: Samsonite Finco S.ar.l

Outlook, Remains Stable

Issuer: Samsonite International S.A.

Outlook, Remains Stable

Issuer: Samsonite IP Holdings S.ar.l

Outlook, Remains Stable

RATINGS RATIONALE

Samsonite's Ba2 CFR reflects the company's market leading position
in luggage, brand strength and geographic diversification.
Operating performance is nearing pre-pandemic levels coinciding
with the lifting of travel restrictions and increased demand for
consumer and business travel and luggage. Samsonite's focus on
reducing fixed costs including streamlining the retail store base
to lower lease expense has translated to the Moody's adjusted
EBITDA margin recovering above 2019 levels in 2022. While leverage
remains high, Moody's anticipates debt-to-EBITDA will decline to
2.9x by year-end 2023 (Moody's adjusted) from 3.8x for the twelve
months ended March 31, 2023 fueled by a recovery in international
and business travel and China lifting travel restrictions.

Nevertheless, Samsonite's products are discretionary and sensitive
to declines in the economic cycle as consumers reduce spending when
household income falls. Samsonite's focus on maintaining ample
liquidity to navigate market slowdowns supports the credit profile
though it does not mitigate earnings and leverage volatility.
Financial policy is supportive of credit as evidenced by the
company suspending its cash distribution to shareholders during the
pandemic and the company's 2.0x net leverage target (based on the
company's calculation; 2.53x as of March 31, 2023) that indicates a
continued focus on reducing debt. Moody's would expect leverage to
temporarily increase above these levels following an acquisition.
Moody's expects solid adjusted free cash flow (after cash
distributions to shareholders and treating lease principal payments
as an outflow from capital expenditure) at around $130-$140 million
annually should management reinstate cash distributions to
shareholders in 2024.

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

The stable outlook reflects Moody's expectation that Samsonite's
operating performance will continue to improve over the next 12-18
months as sales return to prepandemic levels on a net basis in 2023
(up mid-teens on an organic basis relative to 2019) supported by
global growth in travel, particularly Asia due to the lifting of
China's lock-down policies and travel restrictions. The stable
outlook also reflects the company's very good liquidity and at
least $130 million of free cash after cash distributions to
shareholders that will likely be reinstated in 2024.

Moody's could upgrade the rating if the travel sector returns to a
period of long-term stability. This would include a stable EBITDA
margin, strong and consistent free cash flow, debt/EBITDA below
3.0x and very good liquidity. An upgrade would also require greater
clarity that the company can withstand downturns in the travel
cycle without material deterioration in revenue, EBITDA margin, and
leverage.

The ratings may be downgraded if there is a material decline in
profitability or operating performance such that free cash flow
falls below $80 million on a sustained basis as a result of lower
discretionary consumer spending, rising costs or increased
competition. The rating may also be downgraded if there is a
deterioration in liquidity or debt/EBITDA is sustained above 4.0x.

ENVIRONMENTAL SOCIAL AND GOVERNANCE CONSIDERATIONS

Samsonite International S.A.'s Credit Impact Score (CIS-3)
indicates that ESG considerations have a limited impact on the
current credit rating with potential for greater impact over time.
As with most consumer durables companies, Samsonite faces
environmental risks related to carbon transition, waste and
pollution, and natural capital reliance mostly through the use of
energy and raw materials in the production process and due to
capital needs related to the disposal of its end products. The
company is also exposed to social risks related to health and
safety and responsible production. The company's moderate
governance practices in the context of the company's business
profile positions it below average and reflects risks related to
balancing capital requirements across acquisitions, cash
distributions to shareholders, and debt repayment, as applicable.

The principal methodology used in these ratings was Consumer
Durables published in September 2021.

Samsonite is a designer, manufacturer and distributor of luggage,
travel accessories and bags worldwide. Samsonite offers luggage,
business, computer, outdoor and casual bags and travel accessories.
Major brands include Samsonite, American Tourister and Tumi.
Consolidated net sales for the twelve months ended March 31, 2023
were $3.2 billion. Before the negative impact of the pandemic, the
company had sales of $3.6 billion for the year-ended December 31,
2019. Samsonite is a widely held public company with listing in
Hong Kong.




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

ASHIANA LANDCRAFT: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ashiana
Landcraft Realty Private Limited (ALRPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible      29.01      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-convertible      81.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Optionally fully      10.00     CARE D; ISSUER NOT COOPERATING
   Convertible                     Rating continues to remain
   Debenture                       under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers

CARE Ratings Limited (CARE Ratings) had, vide its press release
dated June 11, 2019; placed the rating of ALRPL under the 'issuer
non-cooperating' category as ALRPL had failed to provide
information for monitoring of the rating. ALRPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated April 15, 2023, April 25, 2023
and May 5, 2023. In line with the extant SEBI guidelines, CARE
Ratings has reviewed the rating on the basis of the best available
information which however, in CARE Ratings' opinion is not
sufficient to arrive at a fair rating.

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

Analytical approach: Standalone

Detailed description of the key rating drivers

At the time of last rating on May 30, 2022, the following were the
rating strengths and weaknesses:

Key weaknesses

* Recent delays in debt servicing: There were delays in servicing
of debt obligations on the OCD and bank facilities. The company had
delayed the monthly instalment due for the month of March 2019 and
the interest payment due on OCD on March 31, 2019. This is on the
account of tight liquidity position of the company due to slower
sales momentum for its ongoing projects.

* Project execution risk: The company is developing a residential
group housing project in Sector 88-A, Gurgaon. The total estimated
cost of the project is INR1,038 cr which will be funded through
promoter's contribution of INR59.00 cr, debt of INR423 cr and the
rest through customer advances. As on December 31, 2018, the
promoters have brought in INR52.6 cr, Outstanding debt of INR333 cr
availed from PNBHFL and the Piramal group. As on March 31, 2018,
the company has incurred INR610 cr out of the total project cost of
INR1,038 cr that is, around 57% of the total project cost as on
December 31, 2018 (49% upto March 31, 2018). However, the spending
on construction remains low with total expenditure of INR247 cr out
of the total INR498 cr on the construction and administration
portion, that is, 50% of the total construction and administration
cost. As significant portion of the cost is yet to be incurred; the
project is exposed to execution risk.

* Off take risk: Out of total saleable area of the project of 17.24
lsf, For Phase-1 (saleable area of 8.42 lsf), the company has sold
5.45 lsf of area that is around 64% (61% upto March 31, 2018) for
sale value of INR351 cr till December 31, 2018. The sales has
remained slow due to the slowdown in the real estate market. In the
12 months ending February 2019, the company has been able to
generate collections of INR20 cr. With significant portion of the
project yet to be sold, the company remains exposed to project
off-take risk.

* Subdued industry scenario: The industry has witnessed muted
housing demand during recent past. Furthermore, the impact of Real
Estate Regulation Act, 2016 remains to be seen on the developers.
It is expected that the developers will have to bring about
operational transformation in their business models to comply with
RERA requirements.

Key strengths

* Experienced promoters with track record of project execution: The
company derives strength from experience of the promoters –
Ashiana Homes Pvt ltd (AHPL) and Landcraft Projects Private Limited
(LPPL) in the real estate sector. Both the companies have an
established track record of executing several real estate projects,
including development of township, group housing, commercial
complexes, etc. Some of the major completed projects include
Ashiana Upvan (Ghaziabad), Ashiana Greens (Ghaziabad), Golf Links
Flat (Ghaziabad), Ashiana Palm court (Ghaziabad) etc.

Incorporated in 2012, ALRPL is a joint development between Ashiana
Homes Pvt Ltd (AHPL) and Landcraft Projects Private Limited (LPPL)
formed solely for a premium real estate residential project
development named 'The Center Court' located at Sector 88A,
Gurgaon. LPPL was incorporated in 2007 and is the real estate
vertical of Garg group with the presence in Ghaziabad. The group
has developed more than 20.04 lsf of area with residential and
commercial projects in Ghaziabad. AHPL was incorporated in 1987,
with presence mostly in North India and has developed more than 55
lsf of area with eight completed projects.


ASUTI TRADING: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Asuti
Trading Private Limited (ATPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank    115.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 24, 2022,
placed the rating(s) of ATPL under the 'issuer non-cooperating'
category as ATPL 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. ATPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2023, April 19, 2023, April 29, 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).

ATPL, incorporated in the month of April 1996, is engaged in to
trading of iron and steel products. It was incorporated by Agarwal
family which was subsequently bought by Mr. Siddhartha Bagrecha in
2011. It mainly trades in iron and steel products like – Hot
Rolled Coils (HRC), Cold Rolled Coils and Sheets (CRC/s), Alloy
CRC, Galvanized sheets, Mils Steel Angle and Round bar, etc.


CALVIN ASSOCIATES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Calvin Associates Private Limited
107 Niranjan, 99 Marine Drive, Mumbai 400005

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: Rakesh Bothra
              119-A, 1st Floor, Vinay Bhavya Complex,
              159, C S T Road, Kalina, Santacruz East,
              City - Mumbai, Maharashtra -400098
              Email: ip.rakeshbothra@gmail.com
              Email: cirp.calvin@gmail.com

Last date for
submission of claims: May 12, 2023

CLIMAX OVERSEAS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Climax
Overseas Private Limited (COPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category


   Long Term/           0.25       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 20, 2022,
placed the rating(s) of COPL under the 'issuer non-cooperating'
category as COPL 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. COPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 5, 2023, April 15, 2023, April 25, 2023.

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

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

Haryana based Climax Overseas Private Limited (COPL) was
incorporated in 1994. The company is currently being managed by Mr
Prameet Singh Sood and Mrs. Aveen Kaur Sood. COPL is engaged into
manufacturing of rubber, plastic and sheet metal components such as
valve stem, valve cover gaskets, filters, engine mounts, etc. The
company caters to various OEM's and other manufacturing companies
in the field of automobile, power transmission & distribution,
white goods, defense and aviation industry etc.

FIROZABAD CERAMICS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Firozabad
Ceramics Private Limited (FCPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.63       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 23, 2022,
placed the rating(s) of FCPL under the 'issuer non-cooperating'
category as FCPL 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. FCPL 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).

FCPL is engaged in the manufacturing of glass containers and
tableware. The manufacturing facility of the company is located at
Firozabad, Uttar Pradesh.


FORTUNE FIRST: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Fortune First International Trading & Services LLP
303, Pegasus Parvati Nagar CHS Ltd, Versova,
        Near Sai Ganesh Mandiryari Road, Bus Depot,
        Andheri NA Mumbai, Maharashtra, 400061

Insolvency Commencement Date: May 2, 2023

Estimated date of closure of
insolvency resolution process: October 29, 2023 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Shekhar Kumar Agrawal
       Flat 606, D Wing, RNA Continental CHSL, Subhash Nagar,
              Chembur (E), Mumbai-400071
              Email: shekhar2308@gmail.com

              D-519/520, Neelkanth Business Park, Nathani Road,
              Vidyavihar, Mumbai, Maharashtra, 400086
              Email: ip.fortunefirst@gmail.com
              Email: shekhar2308@gmail.com

Last date for
submission of claims: May 16, 2023

GLOBAL ENERGY: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Global
Energy Private Limited (GEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank    100.00       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 24, 2022,
placed the rating(s) of GEPL under the 'issuer non-cooperating'
category as GEPL 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. GEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 9, 2023, April 19, 2023, April 29, 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).

Global Energy Private Limited, an ISO 9001:2008 certified energy
company, was incorporated in 1994 to carry on the business of power
trading in India.


H.R. EDUCATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the long-term rating for the bank facilities of
H.R. Educational Foundation Trust in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

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

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

Established in 2006, HREFT is a single-school entity operating the
Prestige International School in Mangalore. The trust is a part of
the Presidency Homes and Infrastructure Group, promoted by Mr.
Hyder Ali, the Chairman of the school. The school is affiliated to
Central Board of Secondary Education Board (CBSE) and follows the
curriculum based on the continuous and comprehensive evaluation
assessment. It offers education from pre-primary to pre-university
levels. In FY2019, on provisional basis, the trust reported a net
profit of INR0.3 crore on an operating income (OI) of INR8.1 crore
compared to a net loss of INR0.2 crore on an OI of INR7.1 crore in
the previous year.


HEMANG RESOURCES: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Hemang
Resources Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Long-term          6.28       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Short-term         77.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Short Term-       104.72      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Hemang Resources Limited (erstwhile Bhatia Industries and
Infrastructure Limited) is promoted by the Bhatia Group of Indore,
and is involved in coal trading, wherein coal is imported from
coalfields in Indonesia and South Africa and is sold to domestic
companies. It was initially incorporated as BCC Finance Limited and
was involved in asset financing business. Subsequently in the year
FY2007, it surrendered its NBFC certificate and changed the name to
Bhatia Industries and Infrastructure Limited before being renamed
HRL from March 2015 onwards. Since then, the company has been
trading in coal as the main commodity, apart from commodities such
as sand and soybean (which is now discontinued). Within the Bhatia
Group, HRL is vested with the 'stock and sale' business with focus
on catering to small corporate entities and dealers.


KALYANI CONSTRUCTION: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kalyani
Construction (KC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.35       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 10, 2022,
placed the rating(s) of KC under the 'issuer non-cooperating'
category as KC 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. KC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 26, 2023, April 5, 2023, April 15, 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).

Kalyani Construction was established on April, 2001 as a
proprietorship entity and it is being managed by Mr. Kajal Ghosh.
Since its incorporation, the entity has been engaged in development
of commercial and residential real estate projects. In past, the
entity has developed various real estate projects in Barrackpore,
Kolkata namely, Anima Apartment, Tanuka Apartment, Srish Apartment,
Anandadham, Kalyani Apartment, Khan Mansion, Upasana Apartment,
Baishakhi Apartment, Amrabati Apartment, Swadesh Kunj, Addama
Bhavan. The promoter (Mr. Kajal Ghosh) has satisfactory business
experience of around 19 years in real estate industry.

L N CONSTRUCTIONS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of L N
Constructions (LNC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.75       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      4.00       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 3, 2022,
placed the rating(s) of LNC under the 'issuer non-cooperating'
category as LNC 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. LNC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2023, March 29, 2023, April 8, 2023.

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

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

L N Constructions (LNC) is a partnership firm based in Hyderabad.
It was established in the year 2006 by Mr Sudarshan Reddy. The
partners of the firm are Mr K. R. Sudershan Reddy, Mr S. Vinay
Kumar Reddy, Mr. P. Satyajith Reddy and Mr Surender Rao. Currently,
Mr Vinay Kumar manages the day to day operations of the firm. LNC
undertakes various civil construction projects for Public Works
Department (PWD) Telangana and operates in the capacity of a
sub-contractor for principal contractor's viz. BVSR Constructions
Private Limited, Manikanta Construction, BRR Infra Pvt Ltd and
Hotcrete Infrastructure Pvt Ltd. The firm has worked on various
projects including construction of high-level bridges, road works,
construction of railway crossing and broad-gauge line work etc.


LIMTEX INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of Limtex
India Limited in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        25.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         0.92       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term        19.84       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Short-term–        43.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

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

Mr. Gopal Poddar, founder of the Limtex group, started a
proprietorship company in the name of Limtex India in 1977 and the
same was converted into a private limited company, Limtex India
Limited (LIL) in 1992. The company is primarily engaged in blending
and trading of tea in the domestic and export markets. The company
is also engaged in tea processing. This apart, the company is also
engaged in trading of agri-products in the domestic as well as
exports market.


MOTIF AI: Voluntary Liquidation Process Case Summary
----------------------------------------------------
Debtor: Motif Ai Private Limited
SB-1-23 Vijaya Enclave, Bilekahalli, B.G. Road
        Banglore Karnataka, India-560068

Liquidation Commencement Date: May 8, 2023

Court: National Company Law Tribunal, Bengaluru Bench

Liquidator: Ms. Srilakshmi Purushottam
     Guru & Jana Chartered Accountants, No. 41,
            Patalamma Temple Street, Near Southend Circle,
            Basavanagudi, Bangalore 560004
            Email Id: sri@gurujana.com
            Phone No: +91 9972380635
  
Last date for
submission of claims: June 7, 2023

NATIONAL STEEL: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term and Short-Term rating of National
Steel and Agro Industries Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        200.55      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        17.95       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short Term-       215.30      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term       1199.52      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category


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

Incorporated in 1985, National Steel and Agro Industries Limited
(NSAIL) manufactures cold-rolled (CR) coils, galvanised plain
(GP)/galvanised corrugated (GC) coils and sheets, and colour coated
coils and sheets. The company started as a CR coil manufacturer and
undertook forward integration by expanding into GP/GC coils/ sheets
and colour coated coils/ sheets divisions over the years. At
present, the company has an installed capacity of 300,000 TPA in
the CR coils division, 330,000 TPA in the GP/GC unit and 170,000
TPA in the colour coated coils division. In addition, it also has a
captive power plant with an installed capacity of 6 MW.


ORAVEL STAYS: Fitch Affirms 'B-' LT IDRs, Alters Outlook to Pos.
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on India-based Oravel Stays
Limited's (OYO) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) to Positive from Stable, while affirming the
ratings at 'B-'.

Fitch has also affirmed the rating on the USD660 million senior
secured term loan facility due 2026, issued by OYO's fully owned
subsidiary, Oravel Stays Singapore Pte Limited, at 'B-'. The
Recovery Rating is 'RR4'. The term loan facility is unconditionally
and irrevocably guaranteed by OYO and certain subsidiaries within
the group. The guarantee covers 121% of the outstanding principal
or up to USD800 million, and Fitch considers the guarantee full and
worthy.

The Outlook revision reflects its view that OYO is on track to
generate positive EBITDA and cash flow from operations (CFO)
sustainably. This follows positive EBITDA in every quarter of the
financial year ended March 2023 (FY23), which is the first year of
profits since OYO's incorporation in 2012. Fitch expects
significant growth in its EBITDA in FY24, led by an ongoing demand
recovery in the travel and tourism industry, the company's stable
gross margins, and reduction in operating costs.

OYO operates a technology-led platform that connects hotels and
homes with travellers in its core markets of India, Europe and
south-east Asia. The rating reflects its asset-light business model
that benefits from minimal capex needs, largely exclusive
distribution rights, pricing control over storefront inventory,
fixed revenue share and strong long-term growth potential. The
business profile's strengths are mitigated by the sector's high
competitive intensity and demand cyclicality. The rating also
reflects OYO's adequate liquidity.

KEY RATING DRIVERS

Sustained Positive EBITDA Likely: Fitch expects OYO to deliver
positive EBITDA and CFO in FY24, ahead of Fitch's earlier forecast,
led by a greater reduction in operating costs than Fitch expected.
This is notwithstanding weaker-than-expected growth in gross
booking values (GBV) in FY23, as rising GBV per storefront amid
improving occupancy levels and an increased number of homes
storefronts was offset by a fall in the number of OYO's hotel
storefront partners.

Fitch expects the ongoing demand recovery in the industry to drive
revenue growth of over 20%. Fitch also expects OYO's operating
leverage to benefit from a sustained reduction in costs and drive
high single-digit EBITDA margins in FY24.

Demand Recovery to Continue: Fitch expects travel and tourism
industry conditions to continue to improve in OYO's key end markets
in FY24, following a strong recovery in FY23 from pent-up demand
for leisure travel after the easing of Covid-19 restrictions. The
Indian hotel industry saw improving occupancy rates with a 73%
increase in the number of air-traffic passengers in FY23. Foreign
tourist arrivals also increased to 6.2 million in 2022 from 1.5
million in 2021, albeit still well below pre-pandemic levels.

OYO increased the number of storefronts and GBV per storefront in
its European homes business in FY23 as leisure travel recovered,
despite the cost-of-living crisis and reduced disposable incomes in
the region. Fitch expects this recovery to continue over the
upcoming summer holiday and be further supported by a recovery in
business travel, which initially picked up at a slower pace.

Improved Cost Structure: Fitch expects the cost-reduction measures
OYO undertook in recent years to support its improving
profitability in FY24. Fitch believes such reductions will not
affect growth, as it has increased its business development staff
to prioritise storefront additions. OYO significantly reduced its
operating costs in recent years through exits from several
countries, reducing or reshoring employees from global locations to
lower-cost locations such as India, tech-led initiatives such as
tech-enabled onboarding of new storefronts and provision of
customer services, and other cost-optimisation efforts.

Adequate Liquidity: Fitch estimates that OYO's unrestricted cash at
FYE23 is sufficient to fund its Fitch-estimated free cash flow
deficit of around USD7 million and annual debt repayment of around
USD6 million in FY24. However, greater cash burn than Fitch expects
could weaken OYO's liquidity. Any potential default of the debt
outstanding at one of OYO's shareholding entities owned by the
founder may be a reputational risk and affect OYO's operations, and
Fitch treats this as an event risk.

IPO Delayed: OYO filed a draft prospectus in September 2021 for a
stock listing in India, with plans to raise INR84.3 billion, of
which USD330 million was planned for pre-payment of debt. OYO also
filed two addendums to the prospectus in September and November
2022, updating investors about its improving business performance
during 1HFY23. India's stock market regulator, the Securities and
Exchange Board of India, has since asked OYO to add more
information to the prospectus, including on business risk factors.
Fitch does not factor any equity issuance into its base case.

Intact Business Model: OYO operates in the low- to mid-tier market
with price-sensitive travellers and property owners. The benefits
to its business profile from geographical diversification are
offset by its loss-making operations at many locations. Entry and
competition barriers are moderate, despite OYO's solid
relationships with property owners and integration of services, due
to competitive industry conditions. OYO has a single-digit market
share in its core markets in terms of marketable rooms in the
highly fragmented hospitality industry, giving it a large
addressable market.

Rating on Standalone Basis: Fitch rates OYO on a standalone basis.
There is no parent-subsidiary linkage between OYO and Softbank
Group Corp, which owns 45% of the company through its subsidiary,
SVF India Holdings (Cayman) Ltd, on a fully diluted basis. Softbank
does not exercise control over the company. SoftBank supported OYO
with equity injections and by extending a term loan in March 2021
(which has since been repaid), but Fitch does not factor in future
exceptional liquidity support from SoftBank in its ratings, given
OYO's small size compared with SoftBank's overall investment
portfolio.

DERIVATION SUMMARY

US-based Expedia Group, Inc. (BBB-/Positive) has a significantly
better business profile than OYO, with a larger scale and a much
better market position. Expedia is one of the largest online travel
agents and makes over half of its revenue from the merchant model,
thus exposing it to higher working-capital requirements during
downturns. Expedia's financial profile is better than OYO's, given
its solid EBITDA margin of 17%-20%, even with its 2020 losses due
to the pandemic. Expedia's revenue and EBITDA recovered since 2021,
and Fitch expects its gross debt/EBITDA to improve to 2.1x in 2023
(2022: 2.7x).

China's Meituan (BBB-/Stable) has a significantly stronger business
and financial profile than OYO, in light of its leading position as
an e-commerce platform for consumer services, wide customer
outreach and merchant base. Meituan has more diversified service
offerings than OYO, including food delivery; in-store, hotel and
travel services; and electric bikes. Meituan has substantial
operating cash flow from its mature food delivery and in-store
business. Meituan's financial profile is stronger than OYO's due to
its net cash position, strong financial flexibility and equity
market access to fund investments.

OYO's credit profile is weaker relative to Germany-based online
classified information provider Speedster Bidco GmbH (AutoScout24,
B/Negative). AutoScout24 benefits from its focus on the online car
dealer segment, its established platforms with low competition, a
high level of immunity to new or smaller challengers, and the trend
of dealers moving from offline to online platforms. It enjoys a
high EBITDA margin of 43%-44%. AutoScout24's Negative Outlook
reflects uncertainties around the pace of recovery in the new and
used car market, leading to limited visibility on EBITDA growth in
2023.

KEY ASSUMPTIONS

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

- Revenue growth of 21%-23% yoy over FY24-FY25, driven by a sharp
improvement in hotel storefronts, and 8% thereafter.

- EBITDA margins of 9%-13% over FY24-FY26, supported by revenue
growth and OYO's cost-reduction efforts.

- Capex/revenue ratio of around 1% and no M&A spends over
FY24-FY26.

- No dividends or share buybacks.

- Fitch has not assumed equity proceeds from the IPO in its base
case.

RATING SENSITIVITIES

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

- Positive sustained CFO and continued EBITDA growth such that
EBITDA leverage reduces to below 5x on a sustained basis.

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

- A negative rating action is unlikely as the Outlook is Positive.
The Outlook may be revised to Stable if the positive sensitivity is
not met.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At end-March 2023, OYO's unrestricted cash was
sufficient to fund debt maturities and Fitch-forecast negative free
cash flow (including acquisitions) of USD13 million in the next 12
months. Repayment of the term loan under Oravel Stays Singapore Pte
Limited is back-ended, with only 1% amortisation annually in the
next three years, and the balance is to be paid in FY27. The
liquidity score will therefore remain well above 10x over the next
24 months. Fitch assesses the group's access to local and
international banks as moderate.

ISSUER PROFILE

OYO operates a technology-led platform that connects around 170,000
hotels and homes with global travellers across more than 35
countries, with a focus on the India, south-east Asia and European
markets.

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        Reovery   Prior
   -----------               ------        --------  -----
Oravel Stays
Limited             LT IDR    B-  Affirmed             B-
                    LC LT IDR B-  Affirmed             B-

Oravel Stays
Singapore Pte
Limited

   senior secured   LT        B-  Affirmed    RR4      B-

PRAKASH POLYESTER: CARE Lowers Rating on INR7.77cr LT Loan to D
---------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Prakash Polyester Private Limited (PPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.77      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

   Short Term Bank       0.30      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 27, 2022,
placed the rating(s) of PPPL under the 'issuer non-cooperating'
category as PPPL 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. PPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 12, 2023, April 22, 2023, May 2, 2023, May 18,2023.

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

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

The ratings assigned bank facilities of PPPL have been revised on
account of non – availability of requisite information. The
rating also considers delays in debt servicing as recognized from
publicly available information i.e., FY22 audit report available
from ROC filings.

Incorporated in 1997, as a private limited company by Mr. Prakash
N. Saraf and Mr. Ravi N. Saraf Prakash Polyester Private Limited
(PPPL) is engaged in manufacturing of knitted and shirting fabric,
polyester filament yarn (PFY) ranging from 30 deniers to 150
deniers and is mostly used in fabric for suiting, shirting,
sportswear, innerwear, dress materials and other garments. The
company has its manufacturing unit in Silvassa, Gujarat.

RATNAPRIYA IMPEX: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ratnapriya
Impex Private Limited (RIPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     60.00       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 February 28,
2022, placed the rating(s) of RIPL under the 'issuer
non-cooperating' category as RIPL 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. RIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 11,2023, May 15,2023, May 16,2023.

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).

Ratnapriya Impex Pvt. Ltd. (RIPL), incorporated in June 2009, was
promoted by Mr. Rajan Jain and Mr. Gian Chand Jain with the purpose
of carrying trading business in commodities like edible oils,
oilseeds, metal scrap, etc. The company commenced operations from
June 2010. RIPL has depots/godowns in the major cities of Punjab,
Haryana and Himachal Pradesh. Presently, the company is managed by
Mr. Vikas Gupta, the director of the company who looks after the
overall functioning with support from Mr. Pradeep Kumar Jain who
recently joined the company as a director. In FY13, RIPL
discontinued trading of metal scrap. Presently, the company is
engaged in trading of crude palm oil (imported from Singapore,
Malaysia), Vanaspati, rice etc.


RAYAT EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rayat
Educational and Research Trust (RERT) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      33.36       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 1, 2022,
placed the rating(s) of RERT under the 'issuer non-cooperating'
category as RERT 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. RERT continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a  letter/email dated
April 17, 2023, April 27, 2023, May 7, 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).

Rayat Educational & Research Trust (RERT) was established in 2001.
Currently, the trust is running one campus having six colleges and
two schools located in Ropar, Punjab. The Trust was established
with an objective to provide education in the field of engineering
and technology, management and pharmacy. The different courses
offered are duly approved by AICTE (All India Council of Technical
Education), PTU (Punjab Technical University) - Jalandhar, SCERT
(State Council of Educational Research and Training) - Punjab, PU
(Punjab University) - Chandigarh and PSBTE (Punjab State Board of
Technical Education) - Chandigarh.

REWA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rewa
Agrotech (RA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.74       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 23, 2022,
placed the rating(s) of RA under the 'issuer non-cooperating'
category as RA 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. RA 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).

Rewa Agrotech (RA) was formed in February 2011 as a partnership
concern by Mr. Arun Kumar Bansal, Ms. Sushma Shukla and Ms. Meena
Bansal with an objective to set up a warehouse. The firm has
constructed warehouse under the Private Entrepreneur Guarantee
Scheme (PEG) of Food Corporation of India (FCI). In this scheme, RA
has constructed two warehouses at Rewa and Niwas (Madhya Pradesh)
with capacity of 25000 MTPA each and after construction, RA is
receiving monthly rental of INR13 lakh for each warehouse.


SAGAR AUTOTECH: Liquidation Process Case Summary
------------------------------------------------
Debtor: Sagar Autotech Private Limited
189, Maida Mill Road Jinsi Square Bhopal
        Bhopal, Madhya Pradesh-462008, India

Liquidation Commencement Date:  May 3, 2023

Court: National Company Law Tribunal Indore Bench

Liquidator: Mr. Keyur Jagdishbhai Shah
     1007, Sun Avenue One, Near Shreyas Foundation,
            Manekbaug Society, Ambawadi,
            Ahmedabad, Gujarat - 380015
            Email id: cs.keyurshah@gmail.com
                      cirp.sagarauto@gmail.com

Last date for
submission of claims: June 2, 2023

SAI POULTRY: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Sai
Poultry (SSP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       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 May 3, 2022,
placed the rating(s) of SSP under the 'issuer non-cooperating'
category as SSP 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. SSP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 19, 2023, March 29, 2023, April 8, 2023.

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

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

Sri Sai Poultry (SSP) was established on December 13, 2018 by Mr.
B. Sudhakar Rao (Managing Partner), Mr.B. Ram Prasad (Parnter) and
Mr.B. Lakshman Prasad (Parnter). The firm plans to take up farming
of egg, laying poultry birds (chickens) and trading of eggs, cull
birds and their manure. The firm plans to sells its products such
as eggs and cull birds to retailers through own sales personnel as
well as through dealers.

SAM INDUSTRIAL: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sam
Industrial Enterprises Limited (SIEL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 23, 2022,
placed the rating(s) of SIEL under the 'issuer non-cooperating'
category as SIEL 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. SIEL 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).

Noida (Uttar Pradesh) based, SAM Industrial Enterprises Limited
(SIEL) was incorporated in 1992 as SIRIUS Industrial Enterprises
Limited. In 1995 the name changed to the present one. The company
was promoted by Mr. Amit Kaka. SIEL is engaged in designing,
printing and binding of books such as text books, guides for 10th
and 12th standard, sample papers, brochures and other printed
education material for various boards like Board of High School and
Intermediate Education Uttar Pradesh (U.P. Board), National Council
of Educational Research and Training (NCERT) and Jharkhand Academic
Council (Jharkhand Board).


SHANKER PLASTIC: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shanker
Plastic Products (SPP) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.00       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 27, 2022,
placed the rating(s) of SPP under the 'issuer non-cooperating'
category as SPP 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. SPP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 12, 2023, April 22, 2023, May 2, 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).

Shanker Plastic Products (SPP), an ISO 9001:2008 certified firm was
established in November, 2012 as a proprietorship firm by Mr.
Parveen Sharma. The firm is engaged in manufacturing of plastic
water tanks at its manufacturing facility located in Samba, Jammu
and Kashmir.


SONAL FABRICATORS: CARE Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sonal
Fabricators Private Limited (SFPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      2.52       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 19, 2022,
placed the rating(s) of SFPL under the 'issuer non-cooperating'
category as SFPL 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. SFPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2023, April 14, 2023, April 24, 2023.

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

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

Sonal Fabricators Private Limited (SFPL), an ISO 9001:2008
certified company, was incorporated in July, 1996 as a private
limited company and is currently being managed by Mr. Vikas Arya
and Mr Rohit Arya. SFP is engaged in manufacturing of pressure
vessels like Liquefied Petroleum Gas (LPG) gas tankers at its
manufacturing facility located in Rohtak, Haryana.


TECHNICO STRIPS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Technico
Strips and Tubes Private Limited (TSTPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      21.55       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     14.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 19, 2022,
placed the rating(s) of TSTPL under the 'issuer non-cooperating'
category as TSTPL 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. TSTPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 4, 2023, April 14, 2023, April 24, 2023.

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

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

Technico Strips & Tubes Private Limited (TSTPL) was incorporated in
April -1992 by the name 'R.N. Gupta Cycles Private Limited' and was
earlier engaged in the manufacturing of cycle parts. Subsequently,
the company changed its name to TSTPL in 2007. The company is
promoted by Mr. Ajay Gupta and his son, Mr. Nitin Gupta and
currently is engaged in the manufacturing of electric-resistance
welded steel tubes and cold-drawn welded steel tubes at its sole
facility in Ludhiana.


VEDANTA LTD: $150M Bank Debt Trades at 16% Discount
---------------------------------------------------
Participations in a syndicated loan under which Vedanta Ltd is a
borrower were trading in the secondary market around 84.3
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $150 million facility is a Term loan that is scheduled to
mature on July 26, 2026.  The amount is fully drawn and
outstanding.

Vedanta Limited is an Indian multinational mining company
headquartered in Mumbai, India, with its main operations in iron
ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and
Odisha. The Company's country of domicile is India.

VEDANTA LTD: $50M Bank Debt Trades at 16% Discount
--------------------------------------------------
Participations in a syndicated loan under which Vedanta Ltd is a
borrower were trading in the secondary market around 84.3
cents-on-the-dollar during the week ended Friday, June 2, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $50 million facility is a Term loan that is scheduled to mature
on July 26, 2026.  The amount is fully drawn and outstanding.

Vedanta Limited is an Indian multinational mining company
headquartered in Mumbai, India, with its main operations in iron
ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and
Odisha. The Company's country of domicile is India.



VERSATILE ALUCAST: ICRA Reaffirms B Rating on INR11.1cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Alucast
Private Limited's (VAPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-
   Fund Based-
   Cash Credit         6.4       [ICRA]B(Stable); Reaffirmed

   Long Term-
   Fund Based-
   Term Loan           11.1      [ICRA]B(Stable); Reaffirmed

Rationale

The rating reaffirmation considers VAPL steady annual revenue
growth of ~30% in FY2022 and 2023, which is expected to remain
healthy in the near term. In FY2023, VAPL was involved in product
development for various new customers, regular orders from which
are expected to result in a healthy revenue growth in the near
term. The operating margins, however, were impacted in the last two
fiscals due to an increase in raw material cost. In the current
year, the operating margins are expected to improve with
stabilisation of aluminium prices. The ratings are also constrained
by small scale of operations in a highly fragmented auto component
machining industry. The client concentration risks are also high as
a single customer accounted for ~43% of total revenues in FY2023.

Moreover, VAPL's capital structure remains adverse due to its low
net worth on account of limited accretion to reserves over the
years. The debt coverage indicators and liquidity position remain
stretched with limited cash surplus available against its debt
servicing obligations. Generation of sufficient net cash accruals
and availability of free cash and undrawn lines of credit will
remain critical for debt repayment. ICRA notes that the company
also remains exposed to the cyclicality inherent in the auto
industry and volatility in prices of its primary raw material,
aluminium.

The rating, however, positively factors in the extensive track
record of the promoters with an experience of over four decades in
the auto component manufacturing business and its established
relationship with reputed domestic and international OEMs. VAPL
derives financial support from the Directors through unsecured
loans, which help the company tide over any liquidity mismatch to
an extent.

The Stable outlook reflects ICRA's opinion that VAPL will continue
to benefit from the experience of the promoters in the auto
component industry and its established relationship with reputed
OEMs.

Key rating drivers and their description

Credit strengths

* Established track record of promoters in auto components
industry: VAPL was established in 2012 and is involved in machining
of aluminium casting components for the auto industry. It is a part
of the Kolhapur-based Versatile Group, which has an established
track record in the auto components industry for more than four
decades. The directors, Mr. Yatin Janwadkar, a mechanical engineer,
and his son, Mr. Prabhakar Janwadkar, have over a decade of
experience in the auto machining industry.

* Established relationship with reputed OEMs: VAPL caters to the
players in the automobile industry in passenger vehicles,
commercial vehicles, and tractors segments, such that each segment
does not exceed ~30% of the total revenues at any point of time.
Since FY2023, the company has been working for components in the
electric vehicle space, regular orders for which are expected to
come from the current year. Moreover, VAPL has established
relationship with the OEMs, resulting in repeat orders.

Credit challenges

* Leveraged capital structure with weak coverage indicators and
stretched liquidity position: VAPL's capital structure remains
leveraged due to low net worth on account of limited accretion to
reserves over the years. However, ICRA notes that total debt
includes unsecured loans availed from the Directors, which are
interest free in nature and have no repayment schedule. Owing to
low absolute profits, coverage indicators remain moderate with an
interest cover of ~2.0 times and TD/OPBITDA of ~8 times in FY2023.
The working capital utilisation remained high and stood at an
average of ~98% of the sanctioned limits during the 12-month period
ending in March 2023. VAPL's debt coverage metrics are expected to
be under pressure in the near term. Sufficient net cash accruals,
availability of free cash, and undrawn lines of credit will remain
critical for debt repayment.

* Small scale of operations: With a turnover of INR49 crore in
FY2023, the company has a small scale of operations in the
industry. However, ICRA notes that the company has increased its
capacity to ~3,200 MTPA from ~1,300 MTPA in FY2017, which is
expected to support its revenue in the near-to-medium term.

* High client concentration risks: VAPL's client concentration
risks remain high. In FY2023, one customer accounted for ~43% of
total revenues. However, in FY2023, the company conducted testing
of various components for many new customers, regular orders for
which are expected to start coming from the current year.

* Exposed to intense competition and fluctuations in raw material
prices: The auto component machining industry in India is highly
fragmented with the presence of many unorganised players, which
leads to pricing pressure. Additionally, the primary raw material
for the company is aluminium, the price of which remains volatile
in nature. While the fluctuations in prices are
passed on to the customers with quarterly price revisions, VAPL's
margins remain susceptible to the raw material price movement.

Liquidity position: Stretched

VAPL's liquidity is stretched with marginal cash flow from
operations, limited buffer in undrawn working capital limit, along
with scheduled repayment obligation from its total external loan
worth ~Rs. 11 crore in FY2023 (estimated). The average utilisation
level for the last 12 months (period ending in March 2023) stood at
a high level of ~98%. The sufficiency of cash accruals and better
profitability remain critical for improvement in the liquidity
profile.

Rating sensitivities

Positive factors – A sustained improvement in the capacity
utilisation level along with an improvement in the profitability
and the liquidity position may result in a rating upgrade. Specific
trigger could be an interest cover of >2 times on a sustained
basis.

Negative factors – Any further deterioration in the capacity
utilisation levels, revenues, profit margins and/or the liquidity
position could trigger a rating downgrade.

Established in 2012, Versatile Alucast is a part of the Versatile
Group, involved in manufacturing of aluminum casting components. It
has a total capacity to produce ~3,200 MTPA, which was gradually
increased from ~1,300 MTPA in 2017. VAPL supplies various
components to a large base of customers, mainly to the automobile
sector.


VISTACORE INFRAPROJECTS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vistacore
Infraprojects Private Limited (VIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       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 23, 2022,
placed the rating(s) of VIPL under the 'issuer non-cooperating'
category as VIPL 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. VIPL 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).

VIPL is promoted by the Patil family with Mr. Utkarsh B. Patil
heading the operations of the company. Earlier, the company was
established as a proprietorship concern in the name of “Vista
core Infra-projects” in 2008. Subsequently, it was reconstituted
as a private limited company in 2015 with its name changed to the
current one. VIPL carries out civil construction work for
buildings, roads, bridges, tunnels, culverts, highways, water
treatment plants, industrial structures, powerhouses, water supply
distribution schemes and others. VIPL is a part of the Vistacore
group, which was founded in the year 2002.




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

CAPITAL A: To Unveil PN17 Regularisation Plan
---------------------------------------------
The Star reports that Capital A Bhd is likely to announce its PN17
regularisation plan this month and submit it for approval to Bursa
Malaysia next month.

The Star relates that the company expects to complete the
implementation of its PN17 regularisation plan in the fourth
quarter of 2023 (4Q23).

It aimed for the PN17 status to be lifted before year-end.

According to The Star, Capital A has delayed the submission of its
regularisation plan upon advice from its advisers to incorporate
its audited financial year 2022 (FY22) financial statements, said
Maybank Investment Bank (Maybank IB) Research.

Capital A reported a net profit of RM57 million for the first
quarter of financial year 2023 (1Q23). Its recovery is largely led
by the faster-than-expected capacity recovery and
stronger-than-expected load factor for Malaysia's operations.

Meanwhile, TA Research said Capital A's management during a recent
analysts briefing was tight-lipped on the involvement of AirAsia X
Bhd (AAX) in its PN17 restructuring, but hinted that it would
involve moving some companies around without fundraising, The Star
relays.

However, post restructuring, there would be a fund raising exercise
to strengthen its balance sheet.

The Star says Maybank IB Research noted Capital A expects to carry
more passengers going forward as more aircraft returned to service.
While it did not deny the possibility that airfares could ease, it
stressed that "this is because jet fuel prices are easing (spot:
about US$90 (RM415)/ a barrel, 1Q23 average: US$105 (RM484) a
barrel and this will be positive for load factors."

The Star relates that Maybank IB Research also said margins, namely
RASK-CASK (revenue per available seat kilometer-cost per available
seat kilometer) spread, may expand as Capital A may opt to lower
airfares (or raise ancillary fees) slower than the rate jet fuel
prices are easing.

"Air travel demand recovery remains on track as more countries have
reopened borders and relaxed travel requirements," said Hong Leong
Investment Bank (HLIB) Research.

It noted Capital A plans to reactivate 169 aircrafts by end second
quarter FY23 (2Q23), all 207 by end 3Q23 and 209 by end FY23 (from
current 157).

Capital A also remains positive on the current yield environment as
demand remains robust.

It guided that Cambodia operations to commence by October 2023, and
is also targeting another two Asian airline operating companies,
The Star adds.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

AirAsia, headquartered in Malaysia, operates from hubs in Malaysia,
Thailand, Indonesia, Philippines and India. The airline's Malaysia
and Thailand operations are undertaken via AirAsia Bhd and Thai
AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a
plan to regularize its financial condition to address its Practice
Note 17 (PN17) status.  According to The Star, Bursa Malaysia on
Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month
relief period from being classified as a PN17 company that ended on
Jan. 7, 2022.

AirAsia triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

AirAsia also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, AirAsia was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.




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

BEV PROD: Creditors' Proofs of Debt Due on June 29
--------------------------------------------------
Creditors of Bev Prod Co Limited, Beauty Media Limited, Wellington
Electroplating Limited, The Thorndon Chippery NZ Limited and Raze
Demolition Limited are required to file their proofs of debt by
June 29, 2023, to be included in the company's dividend
distribution.

Bev Prod Co commenced wind-up proceedings on May 12, 2023.

Beauty Media Limited and Wellington Electroplating Limited
commenced wind-up proceedings on May 25, 2023.

The Thorndon Chippery NZ Limited and Raze Demolition Limited
commenced wind-up proceedings on May 26, 2023.

The companies' liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


COMBAT FITNESS: Creditors' Proofs of Debt Due on July 3
-------------------------------------------------------
Creditors of Combat Fitness Limited are required to file their
proofs of debt by July 3, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on May 27, 2023.

The company's liquidator is:

          Bryan Williams
          c/o BWA Insolvency Limited
          PO Box 609
          Kumeu 0841



DDL HOMES: Two Related Entities Owe US Financier NZD34 Million
--------------------------------------------------------------
BusinessDesk reports that two companies connected to the collapsed
DDL Homes owe a New York-based financier and its subsidiary just
under NZD35 million, the former administrators, now liquidators,
said.

BusinessDesk says the assets and business are under the control of
receivers Brendon Gibson and Neale Jackson of Calibre Partners.
Administrators Tony Maginness and Jared Booth of Baker Tilly
Staples Rodway (BTSR) recommended the entities be tipped into
liquidation.

Last year, four companies connected to DDL Homes collapsed, all
ending up in receivership and/or liquidation.



LOG 4 U: Court to Hear Wind-Up Petition on June 9
-------------------------------------------------
A petition to wind up the operations of Log 4 U Harvesting Limited
will be heard before the High Court at New Plymouth on June 9,
2023, at 2:15 p.m.

The Commissioner of Inland Revenue filed the petition against the
company on April 17, 2023.

The Petitioner's solicitor is:

          C. D. Walmsley
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton


REDLINE CIVILWORKS: Creditors' Proofs of Debt Due on June 30
------------------------------------------------------------
Creditors of Redline Civilworks 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 29, 2023.

The company's liquidator is:

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


WINIATA ENTERPRISES: Court to Hear Wind-Up Petition on June 30
--------------------------------------------------------------
A petition to wind up the operations of Winiata Enterprises Limited
will be heard before the High Court at Auckland on June 30, 2023,
at 10:00 a.m.

Canon New Zealand Limited filed the petition against the company on
May 15, 2023.

The Petitioner's solicitor is:

          Mark Andrew Edward Sullivan
          Jackson Russell, Solicitors
          Level 13
          41 Shortland Street
          Auckland




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

ACTIVE BUILDING: Final Meeting Set for June 30
----------------------------------------------
Members and creditors of Active Building Technologies Pte Ltd will
hold their final meeting on June 30, 2023, at 10:00 a.m., via via
audio visual communication.

At the meeting, Lim Loo Khoon, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


ALLIANCE FACADE: Members' Final Meeting Set for June 30
-------------------------------------------------------
Members of Alliance Facade Engineering Pte. Ltd. and Cue Guru @
Kallang Wave Pte. Ltd. will hold their final general meeting on
June 30, 2023, at 10:00 a.m. and 10:30 a.m., respectively, via
Zoom.

At the meeting, Yiong Kok Kong, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


ARTIUS GRANDIS: Members' Final Meeting Set for June 30
------------------------------------------------------
Members of Artius Grandis Pte Ltd will hold their final general
meeting on June 30, 2023, at 10:00 a.m., via electronic means.

At the meeting, Lim Pui San, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


BIOMERS PTE: Final Meeting Set for July 5
-----------------------------------------
Members and creditors of Biomers Pte. Ltd. will hold their final
meeting on July 5, 2023, at 2:00 p.m., at 100D Pasir Panjang Road,
#02-11 Meissa, in Singapore.

At the meeting, Mok Wai Seng, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.


DSV AIR: Members' Final Meeting Set for June 30
-----------------------------------------------
Members of DSV Air & Sea Pte. Ltd. will hold their final general
meeting on June 30, 2023, at 10:00 a.m., via Zoom.

At the meeting, Leow Quek Shiong, Gary Loh Weng Fatt, and Seah Roh
Lin, the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.





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

VIETNAM: Fitch Affirms Foreign Curr. IDR at 'BB', Outlook Positive
------------------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB' with a Positive Outlook.

The affirmation and Positive Outlook reflect Vietnam's favourable
medium-term growth outlook, strong external liquidity and lower
government debt compared with the peer median. However, its growth
forecasts remain subject to uncertainty related to ongoing stresses
in the property sector and possible delays in policy implementation
following a corruption crackdown.

KEY RATING DRIVERS

Strong Medium-Term Growth Prospects: Fitch expects growth to remain
strong, supported by large foreign direct investment inflows. Fitch
forecasts GDP growth of 5.7% in 2023, despite a slowdown in growth
to 3.3% in 1Q23, and 6.5% in 2024, driven by expansion in services
and manufacturing. Inflationary pressure has subsided; May
inflation slowed to 2.4% yoy after a peak of 4.9% in January.

Foreign-Currency Reserves to Recover: Intervention by the State
Bank of Vietnam (SBV) and capital outflows, partly reflected in
large negative errors and omissions in the balance of payments, led
to a sharp drop in reserves to USD88 billion in 2022. Fitch expects
reserves to improve in 2024, with coverage of current external
payments (import of goods and services, income payments and current
transfer payments) averaging about 2.7 months.

In the medium term, exports should improve on Vietnam's cost
competitiveness, trade diversion from China and entry into key
trade agreements. A current account surplus is forecast for
2023-2024, partly on a pick-up in tourism.

Government Debt Below 'BB' Median: Fitch forecasts the general
government debt/GDP ratio to stabilise at around 37% in 2023 and
2024, far below the 'BB' median. Fitch projects Vietnam's budget
deficit to narrow from 2024 after widening this year, as there is
some upside to its expenditure forecast, including a possible hike
in public-sector salaries.

Vietnam has set fiscal targets to lower its budget deficit to at or
below 3% of GDP and to keep government debt at or below 50% of GDP.
The key elements of this strategy include broadening of the
value-added tax base, enhancing the capacity of tax authorities,
simplifying import tariffs and providing electronic and digital
services to taxpayers. These measures could support government
revenue over the medium-term, though in the near-term Vietnam's
revenue ratio remains below the peer median.

Contingent Liability Risks: Contingent liability risks from legacy
issues at state-owned enterprises, which still make up a
significant share of GDP, and banking-sector weaknesses continue to
drag on Vietnam's rating. The country has a large financial sector,
with assets of around 190% of GDP at end-2022. This, combined with
high credit growth and structural weaknesses related to thin
capitalisation and opaque stressed problem-loan disclosures, is a
rating constraint. Explicit government guarantees have, however,
continued to decline, falling to 3.2% of GDP in 2022, from 3.8% in
2021.

Property Sector Risks: Property sector risks remain elevated amid a
policy-driven crackdown targeting the financing practices of some
developers. This included the October 2022 arrest of the chair of
Van Thinh Phat Holdings Group for alleged illegal bond issuance,
stoking deposit runs at some banks with perceived links to the
group.

Bond issuance is an important source of finance for property
developers. Some highly leveraged firms could face refinancing
stresses as maturities fall due, and would be likely to turn to
commercial banks to refinance maturing bonds. Many banks have not
reduced real-estate lending or bond holdings significantly in 1Q23,
suggesting that they will refinance qualified borrowers to avoid
crystallising wider defaults and losses.

Monetary Policy More Accommodative: The SBV has cut the discount
and refinancing rates by 100bp, after hiking the rates by 200bp in
2H22. Fitch views this move as a measure to support growth and
lower the credit-market stress associated with the property sector.
Fith expect the SBV to remain accommodative for the rest of the
year, as it aims to support economic growth. Fitch forecasts
inflation to remain within the SBV's 4.5% target and the bank has
allowed greater exchange-rate flexibility, widening the daily
trading band to +/-5%, from +/-3%.

Banking Sector Liquidity Eases: Liquidity and interest rates in the
banking system have eased in recent weeks, although loan growth
remains subdued and was at a decade-low in April 2023. Narrow
spreads between Vietnamese dong and US dollar interest rates limit
the extent by which policymakers can reduce banks' funding costs
further, which have eaten into net interest margins - especially at
smaller banks. The government and SBV's policies appear to aim to
unclog liquidity flows. This includes encouraging credit and
granting forbearance on bank regulations.

Weaker Structural Indicators: Vietnam's governance standards, per
capita income and human development indicators remain a weakness
compared with peers. Fitch estimates GDP per capita was USD4,082 at
end-2022, against a 'BB' median of USD6,616. Vietnam is in the 40th
percentile on the UN Human Development Index, compared with the
49th percentile of the 'BB' median. In the latest rankings, the
country's World Bank Governance Indicator ranked in the 42nd
percentile, below the 49th percentile of the peer median.

ESG - Governance: Vietnam has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in its
proprietary Sovereign Rating Model. Vietnam has a medium ranking in
the 42nd percentile, reflecting its recent peaceful political
transition, a moderate level of rights for participation in the
political process, moderate institutional capacity, established
rule of law, and moderate level of corruption.

RATING SENSITIVITIES

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

- Public Finances: Crystallisation of contingent liabilities on the
sovereign's balance sheet or a sustained period of higher fiscal
deficits, which would lead to a failure to stabilise government
debt over the medium term.

- External Finances: A sustained decline in foreign-exchange
reserves associated with pressure on the exchange rate that would
contribute to a weaker net external creditor position.

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

- Macroeconomic Policy and Performance: Sustained high growth that
reduces the GDP per capita gap vis-a-vis Vietnam's peers and
supports stabilisation of government debt while maintaining
macroeconomic stability.

- Public Finances: Improvement in the government's revenue base or
a reduction in contingent liabilities that support sustainable
fiscal consolidation over the medium term.

- Macroeconomic Policy and Performance: Greater confidence in the
ability of the macro policy framework to respond to policy
challenges, in part driven by enhanced transparency

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

Fitch's proprietary SRM assigns Vietnam a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign-Currency IDR scale. Fitch
adjusted the output from the SRM to arrive at the final Long-Term
Foreign-Currency IDR by applying its QO, relative to SRM data and
output, as follows:

The -1 notch adjustment to Structural Features is removed, as Fitch
considers the sovereign risk factors related to the banking system
to be adequately captured by the -1 notch Public Finance QO
adjustment.

Public Finances: -1 notch to reflect structural weaknesses in
Vietnam's large financial sector (system assets of about 190% of
GDP at end-2022) related to weak asset quality, low capitalisation
and high contingent liability risks from a large state-owned
enterprise sector.

Macro: -1 notch to reflect an underdeveloped macro policy framework
that has delivered strong growth, but is not fully transparent in
terms of decision making and could hamper effective management of
emerging complexities in the economy and financial sector.

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

ESG CONSIDERATIONS

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

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

Vietnam has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. Vietnam has a percentile rank below 50 for the World
Bank Governance Indicators, which has a negative impact on the
credit profile.

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

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, is a score of 3. This means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity(ies), either due to their nature or to the way in which
they are being managed by the entity(ies).

   Entity/Debt                     Rating        Prior
   -----------                     ------        -----
Vietnam             LT IDR          BB  Affirmed   BB
                    ST IDR          B   Affirmed    B
                    LC LT IDR       BB  Affirmed   BB
                    LC ST IDR       B   Affirmed    B

                    Country Ceiling BB  Affirmed   BB

   senior
   unsecured        LT              BB  Affirmed   BB

   senior secured   LT              BB  Affirmed   BB


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***