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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 26, 2023, Vol. 26, No. 127

                           Headlines



A U S T R A L I A

AJB DIESEL: Second Creditors' Meeting Set for June 29
BRIDAL FUSION: Bridal Business Collapses Into Liquidation
MAJOR CRANE: Second Creditors' Meeting Set for June 28
ORANGE PRIVATE: Second Creditors' Meeting Set for June 28
PREMIER ENERGY: First Creditors' Meeting Set for June 29

RED BLUFF: Home Builder Goes Into Liquidation
RMT SECURITISATION NO.7: S&P Cuts Cl. B Notes Rating to 'B+ (sf)'
TRITON BOND 2023-2: S&P Assigns Prelim 'B(sf)' Rating to F Notes
ULTIMATE FRANCHISING: Second Creditors' Meeting Set for June 28
ZIP MASTER 2023-1: S&P Assigns Prelim B(sf) Rating to Class F Notes



H O N G   K O N G

CATHAY PACIFIC: Headed for H1 Profit After 3 Years in the Red
CENTRAL CHINA REAL: Halts All Offshore Debt Payments
SEASPAN CORPORATION: Fitch Affirms BB LongTerm IDR, Outlook Stable


I N D I A

ATTIRE DESIGNERS: CRISIL Keeps D Debt Ratings in Not Cooperating
B. N. GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAGAVAN VENKAIAH: CRISIL Keeps D Debt Ratings in Not Cooperating
BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
BYJU'S: Asks Investors Who Quit Board to Reconsider Decision

CHOICE PRECITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
CISCONS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
CKOMPAX METATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
CPR CAPITAL: CRISIL Keeps C Debt Rating in Not Cooperating
DANCO ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating

DHIR GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating
GINGER ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
GLENMARK PHARMACEUTICAL: Fitch Affirms IDR at BB, Outlook Stable
GOODONE TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating

HARI FORGING: CRISIL Keeps D Debt Ratings in Not Cooperating
JALARAM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
L. V. DAIRYS: CRISIL Keeps D Debt Ratings in Not Cooperating
LAKSHMI GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
LOTUS POWERGEAR: CRISIL Keeps D Debt Ratings in Not Cooperating

MAGNEWIN ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
RAJ POLY: CRISIL Keeps D Debt Rating in Not Cooperating Category
SAMRAT VIJAY: CRISIL Keeps D Debt Rating in Not Cooperating
SEVEN STAR: CRISIL Keeps D Debt Rating in Not Cooperating

SKOPOS DREDGING: CRISIL Keeps D Debt Ratings in Not Cooperating
SWACHHA BEVERAGES: CRISIL Keeps D Debt Ratings in Not Cooperating
WELLDONE EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating


J A P A N

J. FRONT: Egan-Jones Retains B Senior Unsecured Ratings
MITSUI O.S.K: Egan-Jones Retains BB+ Senior Unsecured Ratings


M A L A Y S I A

CAPITAL A: Optimistic of Exiting Practice Note 17 (PN17) Status


N E W   Z E A L A N D

DD4 LABOUR: Creditors' Proofs of Debt Due on Aug. 15
MIGHTY BAAZ: Creditors' Proofs of Debt Due on July 19
PASSIVE FIRE: Waterstone Insolvency Appointed as Receiver
PHILLIPUS JACOBUS: Waterstone Insolvency Appointed as Receiver
SCOTT WATERJET: Creditors' Proofs of Debt Due on July 21

SCOTT WATERJET: Shareholders Place Company in Liquidation


P H I L I P P I N E S

CHG GLOBAL: Faces Criminal Cases Over PHP17.9BB in Unpaid Taxes


S I N G A P O R E

HODLNAUT PTE: Court to Hear Wind-Up Petition on Aug. 7
NEUTRAL AIR: Court Enters Wind-Up Order
NITTOH (SINGAPORE): Creditors' Proofs of Debt Due on July 21
RESOURCE INVESTMENTS: Commences Wind-Up Proceedings
TAMPINES DISTRIHUB: Members' Final Meeting Set for July 21


                           - - - - -


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

AJB DIESEL: Second Creditors' Meeting Set for June 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of AJB Diesel
Mechanical Services Pty Ltd has been set for June 29, 2023 at 3:00
p.m. at Level 12, 20 Bridge Street in Sydney and via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 28, 2023 at 5:00 p.m.

Edwin Narayan and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of the company on May 24, 2023.


BRIDAL FUSION: Bridal Business Collapses Into Liquidation
---------------------------------------------------------
News.com.au reports that a second bridal business has collapsed
into liquidation in as many days as the business owner said she was
unable to "hang on" and had no choice but to declare bankruptcy.

On June 22, an Adelaide-based shop called Bridal Fusion by Mascia
announced on social media it was holding a liquidation sale,
news.com.au relates.

"Bridal fusion by Mascia liquidation sale on now," the post reads,
notes the report. "Over 700 gowns and accessories out for
liquidation! Also fixtures and fittings for sale as priced."

News.com.au says gowns are selling for as little as AUD100, AUD200
or AUD300, when some of the dresses originally had a retail price
of AUD8,000.

The company was operated under a sole trader registration by the
eponymous Mascia Paradiso.

Ms. Paradiso told news.com.au she had filed for bankruptcy as the
perfect storm of factors had made it untenable to keep running the
business.

"The business has closed down, we're getting rid of stock," the
mother said, according to news.com.au. "Due to the fact of Covid
and a marriage breakdown as well as storms and a lot of outside
issues, and also personal stress and problems, I decided to declare
bankruptcy."

It comes just a day after The Bridal Atelier, which had shops in
Sydney and Melbourne, also went into liquidation, plunging at least
99 weddings into jeopardy, news.com.au notes.

The sale is going until the end of July, and is taking place at
23-25 Little King William Street, Kent Town, in Adelaide. On June
23, the sale begins, reports news.com.au.

"I'm not doing it to make a quick buck, I'm doing it to survive
every day," news.com.au quotes Ms. Paradiso as saying.

Her children are living with her at the moment.

"Last November I got hit by a storm, (the store) got flooded, I
couldn't open for weeks on end, right before Christmas. I lost
thousands and thousands of dollars," she explained.

"I had to stop (the business) or else it was going to mentally
affect me. I burnt out."

Bridal Fusion by Mascia sold a mix of garments including bridesmaid
dresses, evening dresses, formal dresses, and flower girls dresses.
As the name suggests, it also sells wedding dresses. Clothes sizes
range from size 2 to 34.

MAJOR CRANE: Second Creditors' Meeting Set for June 28
------------------------------------------------------
A second meeting of creditors in the proceedings of Major Crane
Logistics Pty Ltd has been set for June 28, 2023 at 11:00 a.m. via
virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 27, 2023 at 5:00 p.m.

Liam William and Paul Bellamy of RRI Advisory were appointed as
administrators of the company on May 1, 2023.


ORANGE PRIVATE: Second Creditors' Meeting Set for June 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Orange Private
Hospital Pty Ltd has been set for June 28, 2023 at 11:00 a.m. via
teleconference meeting.

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 27, 2023 at 4:00 p.m.

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


PREMIER ENERGY: First Creditors' Meeting Set for June 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Premier
Energy Resources Pty Ltd will be held on June 29, 2023, at 11:00
a.m. at the offices of PKF at 755 Hunter Street in Newcastle West
and via virtual meeting technology.

Simon Thorn of PFK was appointed as administrator of the company on
June 20, 2023.


RED BLUFF: Home Builder Goes Into Liquidation
---------------------------------------------
Ashley Nickel for Daily Mail Australia reports that another
Victorian home builder has collapsed just months after major
construction company Porter Davis left 1,500 homes half-built
across the state.

Daily Mail Australia relates that Red Bluff Homes, based in
Melbourne's south-east, contacted the owners of 21 unfinished homes
on June 23 to announce it had gone into liquidation on June 22.

The news follows a string of complaints from customers, suppliers
and tradies about money allegedly owed by Red Bluff Homes, the
report says.

Liquidators Petr Vrsecky and Glenn Franklin from PKF Melbourne,
which specialises in insolvency claims, have been appointed to
manage the company's remaining projects and debt, Daily Mail
Australia discloses.

'We are presently reviewing the company's operations, activities
and financial position and this includes an assessment of all
houses under construction to determine their present status,' a PKF
spokesman told the Herald Sun.

'We're also investigating the possibility of other builders
assisting with completion of projects.'

At least one former Red Bluff Homes customer has taken the builder
to court, Daily Mail Australia relays.

In May a Melbourne mother said she'd been 'brought to tears' by the
company as it never returned her AUD23,675 deposit after cancelling
the contract for her family's dream home.

According to Daily Mail Australia, Red Bluff Homes' Google reviews
are also filled with alleged bad experiences with the builder.

One tradie wrote: 'We completed a job for Red bluff Homes and it
has been a nightmare getting my invoice paid.

'The director is full of empty promises and excuses.

'Now I have to waste my time taking this to a debt collector or
small claims. Stay away from this company!'

Another former customer said: 'Very disappointed with the service
and quality of the build. Would definitely not recommend.'

Documents lodged with ASIC by building suppliers Dahlsens, PGH
Bricks and Pavers, Bristile Roofing and Brickworks registered
security interests against Red Bluff Homes, Daily Mail Australia
adds citing Herald Sun.


RMT SECURITISATION NO.7: S&P Cuts Cl. B Notes Rating to 'B+ (sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered its rating on the class B notes issued
by Perpetual Ltd. as trustee for RMT Securitisation Trust No.7 to
'B+ (sf)' from 'BB (sf)'.

The lowered rating reflects:

-- The small and increasingly concentrated nature of the RMT
Securitisation Trust No.7 pool. As outstanding assets and notes
decrease significantly, tail risk takes greater precedence in
transactional performance and our rating analysis. Only 43 loan
accounts remain in the pool.

-- A greater risk from increased borrower concentrations. Loans to
the top 10 borrowers account for about 66% of the pool balance as
of April 30, 2023.

-- That the asset pool continues to amortize, increasing the
susceptibility of the notes to event-driven tail risks.

-- Credit support provided to the class B notes comprises excess
spread and lenders' mortgage insurance. As of April 30, 2023, the
pool's weighted-average current loan-to-value ratio is 39.2% and
weighted-average loan seasoning is 212 months. Arrears have mostly
tracked below the Standard & Poor's Performance Index (SPIN) for
prime loans, and there are currently no loans in arrears. Losses to
date have been minimal, at 0.46% of the initial pool balance.


TRITON BOND 2023-2: S&P Assigns Prelim 'B(sf)' Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Corporate Trust Ltd. as trustee for Triton Bond Trust
2023-2 Series 1 (see list).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses we apply. This credit support comprises mortgage
lenders insurance covering 28.9% of the loans in the portfolio as
well as note subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.0% of the invested amount of all rated and
class G notes, subject to a floor of 0.10% of the initial invested
amount of all notes, principal draws, and a loss reserve that
builds from excess spread, are sufficient under our stress
assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Westpac Banking Corp. to hedge the mismatch between
receipts from any fixed-rate mortgage loans and the variable-rate
RMBS, should any be entered into after transaction close.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets our criteria for insolvency
remoteness.

-- S&P understands that the class A1-AU-G notes will be issued
under the ColCap Green Bond Framework. Issuance proceeds from this
bond will be used to purchase green mortgages that meet the
eligibility criteria outlined in the ColCap Green Bond Framework.
S&P Global Ratings does not consider in its credit rating analysis
the issuer's designation of the notes as "green."

  Preliminary Ratings Assigned

  Triton Bond Trust 2023-2 Series 1

  Class A1-AU, A$820.00 million: AAA (sf)
  Class A1-AU-G, A$200.00 million: AAA (sf)
  Class A2, A$84.00 million: AAA (sf)
  Class AB, A$51.00 million: AAA (sf)
  Class B, A$18.00 million: AA (sf)
  Class C, A$12.60 million: A (sf)
  Class D, A$6.60 million: BBB (sf)
  Class E, A$3.60 million: BB (sf)
  Class F, A$1.80 million: B (sf)
  Class G, A$2.40 million: Not rated


ULTIMATE FRANCHISING: Second Creditors' Meeting Set for June 28
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Ultimate
Franchising Group Pty Ltd, Ultimate Franchising Group Properties
Pty Ltd, and UFC Gym Prospect Pty Ltd has been set for June 28,
2023 at 3:00 p.m. via Microsoft Teams.

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 27, 2023 at 4:00 p.m.

Rajiv Goyal and Christopher Johnson of Wexted Advisors were
appointed as administrators of the company on May 23, 2023.


ZIP MASTER 2023-1: S&P Assigns Prelim B(sf) Rating to Class F Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of notes to be issued by Perpetual Corporate Trust Ltd. as
trustee of Zip Master Trust - Series 2023-1. Zip Master Trust –
Series 2023-1 is a securitization of a buy now, pay later line of
credit receivables to consumers originated by zipMoney Payments Pty
Ltd. (Zip).

The preliminary ratings reflect the following factors:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that the portfolio has an initial
revolving period, which means further receivables may be assigned
to the series after the closing date.

-- S&P's view that the credit support provided to each class of
rated notes is commensurate with the ratings assigned. Credit
support is provided by subordination and excess spread, if any.

-- S&P's expectation that the various mechanisms to support
liquidity within the series, including a series-specific liquidity
facility, mitigates disruption risks to senior fees and ensures
timely payment of interest on the rated notes.

-- The transaction documents include downgrade language consistent
with S&P's counterparty criteria that requires the replacement of
the bank account provider and liquidity facility provider should
its rating on the providers fall below the applicable rating.

-- The legal structure of the master trust is established as a
special-purpose entity and meets our criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Zip Master Trust – Series 2023-1

  Class A1, A$100,000,000: AAA (sf)
  Class A2, A$18,500,000: AAA (sf)
  Class B, A$13,500,000: AA (sf)
  Class C, A$14,000,000: A (sf)
  Class D, A$19,500,000: BBB (sf)
  Class E, A$12,500,000: BB (sf)
  Class F, A$12,000,000: B (sf)
  Class G, A$10,000,000: Not rated




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

CATHAY PACIFIC: Headed for H1 Profit After 3 Years in the Red
-------------------------------------------------------------
Nikkei Asia reports that Cathay Pacific Airways expects to turn a
profit for the January-June half for the first time in four years,
the company said June 23, fueled by resurgent travel to Japan and
other destinations.

Cathay Pacific carried 6.26 million passengers from January to May,
roughly 34 times as many as a year earlier, the Nikkei says. In May
alone, passenger numbers climbed about 24-fold from a year
earlier.

"Travel to Japan and Thailand [was] particularly popular" in May,
said Lavinia Lau, chief customer and commercial officer, in a press
release.

"The peak summer season looks promising," Lau also said.

The airline suffered a consolidated net loss of about HKD5.3
billion ($677 million at current rates) in January-June a year ago,
part of three straight years of annual losses, Nikkei Asia
discloses.

The Hong Kong government followed mainland China in imposing strict
border controls during the coronavirus pandemic, hitting Cathay
Pacific hard. The company cut 8,500 jobs, or 24% of its workforce,
in 2020, the Nikkei recalls.

As a result, the airline faced a shortage of pilots and cabin
attendants when travel recovered, hurting its ability to increase
flights, the report notes.

Hong Kong's government is buying tickets from various airlines as
part of a campaign to attract overseas visitors by giving away
500,000 free round-trip tickets. Cathay Pacific and its affiliated
low-cost carrier Hong Kong Express will start accepting
applications for the campaign in Japan starting on June 26, the
Nikkei adds.

                       About Cathay Pacific

Cathay Pacific Airways Ltd. is the flag carrier of Hong Kong, with
its head office and main hub located at Hong Kong International
Airport. Cathay operates scheduled airline services.

As reported in the Troubled Company Reporter-Asia Pacific,
Egan-Jones Ratings Company, on October 18, 2022, retained its 'CC'
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Ltd. EJR also retained its
'C' local currency rating on commercial paper issued by the
Company.


CENTRAL CHINA REAL: Halts All Offshore Debt Payments
----------------------------------------------------
Bloomberg News reports that Central China Real Estate Ltd. said it
will suspend all offshore debt payments, citing weakness in the
country's property market, deteriorating sales and constrained
liquidity.

"After careful consideration, the company will suspend payments to
all offshore creditors to ensure fair treatment among all offshore
creditors," Central China said after it wasn't able to pay the
interest on its 7.75% senior notes due 2024 at the end of a grace
period on June 23, Bloomberg relays.

The developer warned that such non-payment may lead to creditors
"demanding acceleration of repayment of their debts" or taking
other actions, according to an exchange filing. The company added
it has concluded that "it should immediately explore a holistic
solution to the current situation to secure" the group's future
development.

Bloomberg notes that China's home prices climbed at the slowest
pace in four months in May, adding to evidence of renewed weakness
in the residential property market after sales and prices rallied
briefly following an historical slump. Beijing is considering a
broad package of stimulus measures - including those aimed at
supporting real estate - as pressure builds on the government to
boost the economy, Bloomberg reported earlier this month.

"It proves China's easing measures for the developers last year
from the financial perspective aren't enough to get them out of
trouble," Bloomberg quotes Liu Yuan, vice president for property
research at Centaline Group, as saying. "More firms may follow suit
if their sales don't improve. But from what we see now the property
difficulties will likely continue."

"Measures aimed at stabilizing demand need to be introduced to
alleviate the pains in this sector," Liu added.

A mountain of developer debt - equal to about 12% of China's GDP -
is at risk of default, according to Bloomberg Economics. Other
Chinese developers have also resorted to suspending debt payment,
including CIFI Holdings Group Co., another small builder.

As of June 23, Central China said it hasn't yet received any notice
regarding acceleration of offshore repayment, Bloomberg relates.
Business operations remain normal, it added.  

Shares of Central China have tumbled 70% so far this year, the
report notes. A gauge of Chinese property developers has slumped
26% during the same period, as the industry's renewed downturn
weighed on Chinese markets.

Central China Real Estate Limited is a Hong Kong-based investment
holding company principally engaged in property businesses. The
Company's main businesses include the development of properties
projects for sales and rental, as well as hotel operation. Its
properties include Zhengzhou Tianzhu, Zhengzhou Triumph Plaza,
Pingdingshan Eighteen Cities and Jiaozuo Xiuwu Forest Peninsula,
among others. Its hotels include Le Meridien Zhengzhou, Aloft
Zhengzhou Shangjie and Holiday Inn Nanyang, among others. The
Company is also involved in the businesses of cultural tourism
projects and light-asset model projects. The Company mainly
operates businesses in Henan, China.


SEASPAN CORPORATION: Fitch Affirms BB LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) and unsecured note rating of Seaspan Corporation (Seaspan) at
'BB'. The Rating Outlook is Stable.

KEY RATING DRIVERS

The rating affirmations reflect Seaspan's scale and franchise as a
leading containership lessor, low leverage, predictable cash flows
generated predominantly from longer-term leases, and solid
liquidity. Seaspan's ratings are also supported by a strong
operating platform, which includes ownership of a young fleet on
long-term charters, solid profitability and an experienced
leadership team.

Seaspan's ratings are primarily constrained by the company's
significant customer concentration, a high proportion of secured
funding and the specialized nature and relative illiquidity of
containerships when compared with other large equipment lessors.
Rating constraints applicable to the containership leasing sector
include risks associated with the cyclicality of the global
shipping industry and the potential for undisciplined industry
capacity build-up that may negatively impact the financial
performance of freightliners, pressuring containership lease rates
and exposing Seaspan to potentially sizable impairment charges.

Seaspan is the largest containership lessor in the world with 132
ships accounting for 1.2 million of twenty-foot equivalent Unit
(TEU) capacity as of March 31, 2023. Seaspan also has one of the
largest order books in the industry, consisting of 57 ships with
685k TEU capacity, all of which already have contracted charter
agreements attached. The company's fleet is the youngest among
public peers with a weighted average fleet age of 5.3 years as of
1Q23, pro forma for the order book.

Seaspan has meaningful customer concentration risk, as the top
three customers comprised more than 60% of lease revenues in 2022.
Seaspan has not recognized impairments on its vessels since 2016,
and Fitch expects impairment risk to remain low over the Outlook
horizon given the young, in-demand fleet and the market position of
the lessee base.

Driven by favorable industry trends, Seaspan reported strong
pre-tax return on average assets of 6.0% in 2022, above the
four-year average of 5.0% from 2019-2022. However, Seaspan is
exposed to interest rate risk, with approximately 30% of its debt
carrying unhedged floating rates as of 1Q23, compared to 94% fixed
revenues, and Fitch expects high interest costs to pressure returns
over the Outlook horizon.

Seaspan's leverage is among the lowest compared to Fitch-rated
equipment lessors, with a ratio of gross debt to tangible common
equity of 1.8x as of March 31, 2023. Fitch expects leverage will
remain around 2x over the Outlook horizon.

Seaspan's largely secured funding profile constrains the rating. At
March 31, 2023, unsecured debt represented 22.2% of total debt,
down slightly from 24.1% a year ago. However, the recent
take-private transaction triggered certain bond provisions that
resulted in much of the unsecured debt being redeemed early. Pro
forma for these activities, Fitch estimates the current unsecured
percentage to be 15.0% of total debt. Fitch believes the unsecured
funding percentage may decline further as the company draws on
secured borrowing capacity to fund its orderbook. Fitch would view
an increase in unsecured funding favorably, as it would improve
funding flexibility in times of stress.

At March 31, 2023, Seaspan had $465 million of cash, $650 million
of availability under its committed revolving credit facilities and
$2.5 billion of availability under its term loan facilities.
Excluding newbuild financing, Fitch estimates liquidity sources
(unrestricted cash and undrawn facility capacity) cover the next 12
months of debt maturities by approximately 2.5x, which is within
the 'a' category benchmark range of over 2x.

Seaspan's parent company Atlas Corporation was acquired by the
newly formed Poseidon Acquisition Corp in March 2023, taking the
company private and effectively moving the outstanding publicly
traded shares to Ocean Network Express, one of the company's
shipping customers. The transaction did not add any incremental
leverage to Seaspan's balance sheet and the current management team
remains in place. While Fitch does not expect the transaction to
affect Seaspan's rating, it does add incremental strategic
uncertainty given the new ownership structure and the resignation
of three independent directors from Atlas' board.

The Stable Outlook reflects Fitch's expectation that Seaspan will
maintain its market position and generate consistent cash flows,
while maintaining sufficient liquidity, an unsecured funding
component above 10% of total debt, and leverage at or below 2.0x on
a sustained basis.

RATING SENSITIVITIES

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

- Material deterioration of the container shipping industry due to
trade wars between large economies and/or exogenous shocks
resulting in oversupply of containerships and sustained declines in
lease rates and cash generation of re-chartered vessels;

- The default of one of the company's top lessees; elevated vessel
impairments that erode Seaspan's equity base;

- Debt funded capital distributions to the parent; a sustained
increase in leverage above 3.0x;

- A sustained decline in unsecured funding below 10%; and/or

- The decline of liquidity coverage below 1x.

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

- An increase in unsecured debt approaching 35% of total debt,
which would enhance the firm's funding flexibility, and further
diversification and improvement in the credit quality of the
customer base would be positive for ratings.

- Positive rating momentum would also be contingent on the
continuation of minimal impairments, maintenance of a manageable
dividend payout ratio, leverage (gross debt to tangible equity)
sustained at or below 2x, and liquidity coverage above 1.25x.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The senior unsecured long-term debt issued by Seaspan is equalized
with the Long-Term IDR of the company and reflects average recovery
prospects in case of stress given the presence of the moderate pool
of unencumbered assets.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The unsecured debt rating is expected to move in tandem with the
IDR, but a meaningful decrease in the proportion of unencumbered
assets to unsecured debt could result in the unsecured debt rating
being notched down from the IDR.

ADJUSTMENTS

The Standalone Credit Profile has been assigned below the implied
Standalone Credit Profile due to the following adjustment reason:
Weakest Link - Funding, Liquidity & Coverage.

The Earnings & Profitability has been assigned below the implied
score due to the following adjustment reason: Historical and future
metrics.

The Funding, Liquidity & Coverage has been assigned below the
implied score due to the following adjustment reasons: Funding
flexibility, Historical and future metrics.

ESG CONSIDERATIONS

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

   Entity/Debt               Rating        Prior
   -----------               ------        -----
Seaspan Corporation   LT IDR BB  Affirmed     BB

   senior unsecured   LT     BB  Affirmed     BB



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

ATTIRE DESIGNERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Attire
Designers Private Limited (ADPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating’.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill          19          CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Packing Credit         6          CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with ADPL for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Attire Designers Pvt Ltd,
Welldone Exim Pvt Ltd, High Value Exim Pvt Ltd, RBD International,
and Goodone Traders Pvt Ltd. This is because all these entities,
together referred to as the RBD group, have the same board of
directors and senior management team with common procurement,
marketing, and finance functions.

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.


B. N. GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of B. N. Global
Private Limited (BNG) continue to be 'CRISIL D Issuer Not
Cooperating’.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            65         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            15         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            18         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit             2         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            20         CRISIL D (Issuer Not       
                                     Cooperating)

   Long Term Loan          3.75      CRISIL D (Issuer Not       
                                     Cooperating)

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

CRISIL Ratings has been consistently following up with BNG for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SBN and BNG are promoted by Mr. Varun Chadha, Mr. Ankush Chadha,
and Mr. Deepak Chadha. The companies' mill and process basmati rice
for sale in the export and domestic markets.

SBN was incorporated in 2007, while BNG was incorporated in 2014 to
take over the assets and liabilities of partnership firm, BN
Exports.


BHAGAVAN VENKAIAH: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Bhagavan
Venkaiah Swamy Rice Mill (SBV; part of the Sowbhagya group)
continue to be 'CRISIL D Issuer Not Cooperating’.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            20         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit             2         CRISIL D (Issuer Not       
                                     Cooperating)

   Term Loan               1         CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with SBV for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of SBV, Sowbhagyalakshmi Raw &
Boiled Rice Mill (SRB), and Sri Sowbhagya Lakshmi Paddy Boiling
Industries (SLPB). That's because these entities, together referred
to as the Sowbhagya group, have common promoters, are in the same
line of business, and have operational linkages and fungible cash
flows.

The Sowbhagya group's first firm, SRB, was set up in 1988 by Mr V
Gopal Naidu and his family. In 1997, SLPB was set up and in 2000,
SBV. All these entities mill and process paddy into rice; they also
generate by-products such as broken rice, bran, and husk. Their
rice mills are in Nellore, Andhra Pradesh.


BHAVIN IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhavin Impex
Private Limited (BIPL) continue to be 'CRISIL D Issuer Not
Cooperating’.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Export Packing         9.5        CRISIL D (Issuer Not
   Credit                            Cooperating)

   Proposed Cash          9.5        CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with BIPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2001, BIPL is promoted by the Sayani group, which
has been involved in the manufacturing and export of copper alloys
and brass fittings since more than a decade. BIPL manufactures,
exports, and trades in brass ingots, billets, brass extrusion,
brass fasteners and fittings.


BYJU'S: Asks Investors Who Quit Board to Reconsider Decision
------------------------------------------------------------
Reuters reports that Byju's is asking three global investors to
reconsider their decision to quit its board, three sources with
direct knowledge of the situation said, as the Indian education
technology firm wrestles with the fallout of its auditor's
resignation.

According to Reuters, board members representing Peak XV Partners,
earlier known as Sequoia Capital India, Prosus and Chan Zuckerberg
Initiative stepped down recently without giving a reason, in a
setback for Byju's, which was valued last year at $22 billion.

News of their departures came on June 22, the same day Deloitte
disclosed it was resigning because Byju's had delayed financial
statements for 2021-22 and not provided documents, even after the
auditor wrote several letters to the board, Reuters relates.

Byju's leadership is in talks with the investors to try to convince
them to reverse their decision, the three sources, who declined to
be named as the talks are private, told Reuters.

The company, often described as one of India's most successful
startups, has called reports of the board exits "speculation",
saying it would make disclosures when required, Reuters relays.

According to Reuters, the popularity of Byju's, which offers online
tutorials on subjects such as math, physics and chemistry for
school students, boomed during the COVID-19 pandemic.

Its rise was seen as a boost for India's startup scene as investors
including General Atlantic made big bets on Byju's.

Two of the sources said the investors took the decision
collectively to resign from the board as they were not getting
answers from Byju's founder and senior management, Reuters relays.

Reuters says Byju's and its lenders are involved in legal cases in
the U.S. over the restructuring of a $1.2 billion loan.

Byju's investors had in recent months raised concerns with the
company's leadership related to audit delays and how it dealt with
issues relating to its lenders, one source said.

Reuters notes that the departures mean Byju's board is now only
made up of its founder and chief executive Byju Raveendran, his
wife Divya Gokulnath, and his brother Riju Raveendran.

While the investors are holding talks with Byju's, it has not yet
been decided whether or not their decision to resign would change,
one of the sources added.

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.


CHOICE PRECITECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Choice
Precitech India Private Limited (Choice) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.63        CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit           3.5         CRISIL D (Issuer Not       
                                     Cooperating)

   Letter of Credit      1           CRISIL D (Issuer Not       
                                     Cooperating)

   Long Term Loan        2.16        CRISIL D (Issuer Not       
                                     Cooperating)

   Standby Line          0.5         CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Working Capital       2           CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with Choice for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 1994 by Mr. B Narayana Murthy and his family, Choice
manufactures moulds for industrial plastics, glass bulbs shells,
and sheet metal components. The company is based in Hyderabad,
Telangana.


CISCONS PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ciscons
Projects Private Limited (Ciscons) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating’.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          3         CRISIL D (Issuer Not       
                                     Cooperating)

   Overdraft Facility      2.75      CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Long Term     13.25      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               1         CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with Ciscons for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Ciscons was set up in 2008 by Mr. N Rama Krishna and his family
members. The company undertakes civil construction, and mainly
caters to power generation companies. It is based in Hyderabad
(Telangana).


CKOMPAX METATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ckompax
Metatech Private Limited (CMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            10         CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Working       30         CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with CMPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

CMPL, incorporated in October 2011 promoted by Zaveri family, CMPL
was acquired in July 2016 by its current promoters, Mr. Atul
Kshirsagar and Mr. Sachin Singare. Since then, the company changed
its operations from lock assembly to sugar and ethanol trading.


CPR CAPITAL: CRISIL Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of CPR Capital
Services Limited (CPR) continues to be 'CRISIL C Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     6.5        CRISIL C (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with CPR for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

CPR was incorporated in Ghaziabad, Uttar Pradesh, in 1995, promoted
and managed by the Garg family. Mr Pawan Garg and his immediate
family hold around 74% in the company, while other relatives and
friends hold the rest. It was established to provide broking
services to retail and corporate clients, especially in the equity
segment. The company has business interests in securities,
commodities, currency derivatives, and depository services.


DANCO ENTERPRISES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Danco
Enterprises India Private Limited (DEIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3          CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            3.5        CRISIL D (Issuer Not       
                                     Cooperating)

   Corporate Loan         0.72       CRISIL D (Issuer Not       
                                     Cooperating)

   Letter of Credit       1.5        CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with DEIPL for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

DEIPL was incorporated in 2012 to takeover the business of Danco
Enterprises, which was setup in 1975. The company is engaged in
undertaking turnkey project for electrical work. The company is
based out of Mumbai and is promoted by Mr. Kuulin Danani and Mr.
Niraj Danani.


DHIR GLOBAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhir Global
Industria Private Limited (DGIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.5        CRISIL D (Issuer Not       
                                     Cooperating)

   Foreign Bill
   Purchase               6          CRISIL D (Issuer Not       
                                     Cooperating)

   Letter of Credit       9          CRISIL D (Issuer Not       
                                     Cooperating)

   Long Term Loan         0.6        CRISIL D (Issuer Not       
                                     Cooperating)

   Packing Credit         9          CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Long Term     1.9        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with DGIPL for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Gurgaon (Haryana)-based DGIPL was promoted by Mr. M K Dhir and his
family in 1999. It manufactures readymade garments sold in domestic
and export markets Its manufacturing facility is in Gurgaon.


G. N. PET: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. N. Pet
(GNP; part of the GN group) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.5        CRISIL D (Issuer Not       
                                     Cooperating)

   Funded Interest        1.37       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

   Proposed Long Term     0.02       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.55       CRISIL D (Issuer Not       
                                     Cooperating)

   Working Capital        2.56       CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with GNP for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of GNP and Garib Nawaz
Polymers Private Limited (GNPPL). This is because the two entities,
together referred to as the GN group, are in the same line of
business, have close operational and financial linkages, and are
under a common management.

GNPPL, set up in 2007 by Mr. Sunil Bansal, manufactures
polyethylene terephthalate bottles for consumers in the
pharmaceuticals industry. It commenced commercial operations in
2008. In 2009, Mr. Bansal set up proprietorship concern GNP, which
is in the same line of business and commenced commercial operations
in 2011. Both entities' manufacturing facilities are in Baddi.


GINGER ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Ginger
Enterprises Limited (SGEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         20         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            30         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit             4.9       CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Long Term      7.1       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with SGEL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SGEL was incorporated as Ginger Enterprises Ltd in 2002 and is
promoted by Mr Sanjay Kumar Tayal and his family members. The
company manufactures partially oriented yarn (POY), polyester
texturised yarn (PTY), and knitted fabric in Silvassa. Operations
are managed by Mr Keshav Tayal.


GLENMARK PHARMACEUTICAL: Fitch Affirms IDR at BB, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed India-based Glenmark Pharmaceuticals
Ltd's Long-Term Issuer Default Rating (IDR) at 'BB'. The Outlook is
Stable.

The affirmation reflects Glenmark's geographic diversification,
which mitigates the business risks arising from its small size
relative to peers, and adequate product pipeline. This, combined
with robust long-term growth prospects in India, limits the impact
on profitability from continued pricing pressure in the US generic
pharmaceutical market.

The Stable Outlook reflects its expectation that Glenmark will
maintain comfortable leverage headroom, despite the working-capital
driven increase in debt in the financial year ended March 2023
(FY23) and large drug litigation settlement payments. Fitch expects
that the limited immediate impact of adverse regulatory actions in
its US business and a measured R&D approach will help to support
profitability. Glenmark's stable dividend and capex will enable
moderately positive free cash generation before considering drug
litigation settlement payments.

Fitch proportionally consolidates the active pharmaceutical
ingredient (API) business, held under an 82.8%-owned subsidiary -
Glenmark Life Sciences Limited (GLS) - in Glenmark's consolidated
financials.

KEY RATING DRIVERS

Comfortable Leverage Headroom: Fitch expects consolidated net
debt/EBITDA (after proportional consolidation of GLS) to remain
stable, after a rise to 1.5x in FY23, from 1.2x in FY22. The
headroom should remain solid against its negative rating threshold
of 3.0x. Healthy growth in other markets and lower R&D spending
should support profitability, despite sustained pricing pressure in
the US, as well as remediation and legal costs.

Positive underlying free cash generation will cover a substantial
portion of drug litigation settlement payment over FY24 and FY25
and limit any increase in debt, barring large strategic
investments.

Small, Yet Diversified: Glenmark has low revenue and operating
EBITDA compared with major global generic drug makers, but this is
offset by the company's geographical diversification across pure
and branded generic markets, including the US, which accounted for
24% of revenue in FY23, India (31%) and Europe (14%). Scale and
diversification help generic drug makers maintain stable margins.
Glenmark also has adequate competitive positions in its core
dermatology and respiratory therapy segments.

Regulatory and Litigation Risk: Below-peer production-facility
diversification exposes Glenmark to above-average risk from adverse
regulatory actions that could hurt US sales and product approvals.
This follows recent adverse actions by the US Food and Drug
Administration at three plants. Glenmark is a defendant in a US
price-fixing lawsuit and other antitrust cases after it agreed to
settle suits involving generic Zetia for USD87.5 million. Fitch
treats this as an event risk, as there is poor visibility over
liability. Pricing pressure could rise from changes to laws
governing drug price negotiations in the US.

Solid Long-Term Domestic Prospects: The Indian government's focus
on boosting mass healthcare access supports pharmaceutical demand.
Glenmark's formulation business ranks 14th in India, with a revenue
market share of 2.1% in March 2023, according to IQVIA MAT.
Stronger shares in dermatology (7.4%), respiratory (5.6%) and
cardiovascular (5.2%) underpin Glenmark's position in the
fragmented and physician-driven market.

Risks in Novel Drugs: Glenmark faces high inherent risks around
novel drug development due to its small scale and limited record.
This is despite the approval of Ryaltris, Glenmark's maiden drug
application in the US in early 2022. R&D spending weighs on
profitability and free cash generation, although Glenmark expects
further cuts after reducing R&D spending to 9.5% of sales in FY23,
from 14.7% in FY19. Fitch expects Glenmark to take a collaborative
approach to R&D spending, in line with its strategy.

The company has signed multiple partnerships for its R&D assets and
plans to sell a stake in Ichnos Sciences Inc., a subsidiary holding
novel drug assets. Nonetheless, a more aggressive approach may
pressure credit metrics and financial flexibility, outweighing the
benefits of lower dependence on the highly competitive generic drug
business. Glenmark aims to launch or monetise its R&D drugs in
advanced stages of development, which could provide significant
earnings. However, Fitch does not consider this in its rating case
due to the uncertainty and potential delays in the approval
process.

Proportional Consolidation of GLS: Glenmark's large stake in GLS
underpins its strategic control and API sourcing flexibility. GLS
is debt free, but its separate public listing limits Glenmark's
access to GLS's cash flow for servicing Glenmark's debt,
underscoring its approach of proportional consolidation. GLS
accounted for 30% of Glenmark's consolidated EBITDA in FY23,
including captive sales, but Glenmark's large stake limits the
impact from Fitch's proportional consolidation. Fitch expects GLS
to remain debt free, with healthy free cash flow before dividends,
despite growth investments.

DERIVATION SUMMARY

Glenmark has smaller scale and diversification than large generic
pharmaceutical companies, such as Viatris Inc. (BBB/Stable) and
Teva Pharmaceutical Industries Limited (BB-/Stable). The large
peers also have deeper launch pipelines, with a focus on more
complex products. This mitigates price-erosion risk, especially in
the US. Glenmark is rated three notches below Viatris due to its
weaker business profile and profitability, which are partly
counterbalanced by Viatris's higher leverage. Glenmark is rated a
notch above Teva, as Teva's stronger business profile is offset by
higher leverage amid continued pricing pressure on generic drugs in
the US and litigation.

Glenmark is rated two notches below Hikma Pharmaceuticals PLC
(BBB-/Stable), underscoring Hikma's larger scale and robust market
positioning, particularly in the US injectables market. Hikma also
has a stronger financial profile, which is characterised by higher
profitability and cash generation.

Glenmark is rated at the same level as Grunenthal Pharma GmbH & Co.
Kommanditgesellschaft (BB/Stable), which has a similar scale and
operational scope. Glenmark has greater product and geographic
diversification, but this is counterbalanced by Grunenthal's
stronger market position in its core segments, as underscored by
its higher profitability and cash generation.

Ache Laboratorios Farmaceuticos S.A.'s (BB/Stable) smaller scale
and lower geographical diversification are offset by its strong
competitive position in Brazil and a record of low financial
leverage. Ache's Foreign-Currency IDR is capped by Brazil's Country
Ceiling of 'BB'.

KEY ASSUMPTIONS

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

- Revenue to increase by mid-single digits annually over
FY24-FY25.

- EBITDA margin, after proportional consolidation of GLS, of
16%-17% over FY24-FY25 (FY23: 16.2%).

- Capex to average between 5% and 6% of sales over FY24-FY25.

- Stable annual dividend payouts at below 10% of net income.

RATING SENSITIVITIES

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

- an increase in scale to at least USD2 billion in sales on a
sustained basis, while maintaining its current financial profile,
and;

- sustained positive free cash flow generation; and

- financial leverage, measured by consolidated net debt/EBITDA
after proportionally including GLS, sustained at below 1.5x (FY23:
1.5x).

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

- a weaker competitive position or adverse regulatory action by the
US Food and Drug Administration;

- deterioration in financial leverage to above 3.0x.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Glenmark had readily available cash, after
proportionally consolidating GLS, of INR13.6 billion at end-March
2023. This comfortably covered INR5.0 billion of short-term debt
maturing in FY24, including INR3.5 billion in working capital debt
that Fitch expects Glenmark to roll over in the normal course of
business. Total debt maturities over FY25 and FY26 are manageable,
at INR6.6 billion. Glenmark's positive underlying free cash flow
will meet a substantial portion of drug litigation settlement
payments over FY24 and FY25. Fitch expects Glenmark to proactively
manage its refinancing needs in FY27, when more than INR25 billion
of debt matures.

ISSUER PROFILE

Glenmark is an India-headquartered pharmaceutical company, focused
on the branded and generic formulations, API and novel drug
development businesses.

ESG CONSIDERATIONS

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

   Entity/Debt              Rating        Prior
   -----------              ------        -----
Glenmark
Pharmaceuticals Ltd   LT IDR BB  Affirmed   BB

GOODONE TRADERS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Goodone
Traders Private Limited (GTPL, part of the RBD group) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill           19         CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Packing Credit          6         CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with GTPL for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Goodone Traders Pvt Ltd,
Welldone Exim Pvt Ltd, High Value Exim Pvt Ltd, Attire Designers
Pvt Ltd, and RBD International. This is because all these entities,
together referred to as the RBD group, have the same board of
directors and senior management team with common procurement,
marketing, and finance functions.

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.


HARI FORGING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Hari
Forging Products (SHFP) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.85       CRISIL D (Issuer Not       
                                     Cooperating)

   Bill Discounting      10          CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            3.25       CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Long Term    12.46       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              3.85       CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with SHFP for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SHFP, a proprietorship firm set up in 2006, manufactures and
fabricates components such as transformer structures, top brackets,
and guarding cross arms, which are used in the power distribution
sector. The firm, promoted by Mr Shrikant Sharma, is based in
Jaipur (Rajasthan).


JALARAM JUTE: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Jalaram
Jute And Polymers (SJP) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6          CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Cash          7          CRISIL D (Issuer Not
   Credit Limit                      Cooperating)

CRISIL Ratings has been consistently following up with SJP for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SJP was set up in 2010 Mr. Chandrakanth Thakker, Mr. Bharath
Thakker, Mr. Hasmuk Thakker, and their family members. The firm
manufactures polypropylene woven sacks used for packaging in
various industries such as cement, fertiliser, and rice. Its
manufacturing unit is in the Nizamabad district of Telangana.


L. V. DAIRYS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of L. V. Dairys
- Patas (LV) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           12          CRISIL D (Issuer Not       
                                     Cooperating)

   Term Loan              2.4        CRISIL D (Issuer Not       
                                     Cooperating)

   Term Loan              3          CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with LV for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2005 as a partnership firm by Mr. Mangesh L Doshi, Mr.
Mahesh L Doshi, and Mr. Milind L Doshi, LVDP processes milk
(pasteurised, homogenised, and standardised) for sale under own
brands. It also manufactures ghee and ice-cream. The firm has a
milk-handling capacity in Patas village, Pune, and is installing
plant and machinery to produce milk powder and butter.


LAKSHMI GOLD: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lakshmi Gold
Khazaanaa Private Limited (LGKPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            50         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit            25         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit           123.5       CRISIL D (Issuer Not       
                                     Cooperating)

   Long Term Loan         11         CRISIL D (Issuer Not       
                                     Cooperating)

   Long Term Loan         20         CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Long Term     70.5       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with LGKPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2007 and promoted by Mr. KP Nanjundi, LGKPL retails gold
jewellery. The company is based in Bengaluru and operates eight
jewellery showrooms, spread across Karnataka.


LOTUS POWERGEAR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lotus
Powergear Private Limited (LPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       5          CRISIL D (Issuer Not
   under Letter                      Cooperating)
   of Credit                     

   Cash Credit           12          CRISIL D (Issuer Not       
                                     Cooperating)

   Letter of credit       1.08       CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Letter of credit       6.92       CRISIL D (Issuer Not
   & Bank Guarantee                  Cooperating)

   Proposed Long Term    10          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with LPPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Lotus Powergear Private Limited was set up at Bengaluru in 1977.
The company manufactures electrical equipment, such as switchgear
and bus ducts, and also designs customised high-tension and
low-tension switchboards (power control centres, motor control
centres, power distribution boards), and related products. These
products are used across industries such as cement, steel,
hospitality, information technology, construction, and power
generation. Operations are currently managed by Mr Seetharama
Bhatta, and his sons, Mr Shrikantha S Bhatta and Mr Ananda S
Bhatta.


MAGNEWIN ENERGY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Magnewin
Energy Private Limited (MEPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.25        CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit           1.5         CRISIL D (Issuer Not       
                                     Cooperating)

   Letter of Credit      1.5         CRISIL D (Issuer Not       
                                     Cooperating)

   Long Term Loan        1.68        CRISIL D (Issuer Not       
                                     Cooperating)

   Standby Line          0.2         CRISIL D (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with MEPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1991, MEPL manufactures electrical
capacitors'special-purpose capacitors, and high- and low-tension
capacitors'used for compensating transmission line losses and power
factor improvement. These capacitors are primarily used by utility
companies and the defence sector; the capacitors also find
application in industries such as textiles, coal, chemicals, and
sugar. Set up as Magnewin Magnetics, the company was reconstituted
as a private limited company in September 2009.


RAGHAV INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Raghav
Industries Limited (RIL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit           15.93       CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit           10          CRISIL D (Issuer Not       
                                     Cooperating)

   Long Term Loan         2.57       CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Long Term    16.87       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with RIL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

RIL was set up in 1987 in Coimbatore, by the promoter, Mr Rajendra
Kumar Kanodia. The company manufactures textile yarn in polyester,
viscose, cotton, and various blends, and trades in polyester staple
fibre (PSF) and viscose staple fibre.


RAJ POLY: CRISIL Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Raj Poly
Products Limited (RPPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            14         CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with RPPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1992, RPPL trades in plastic granules such as low-,
linear low- and high-density polyethylene (LDPE, LLDPE & HDPE),
polyvinyl chloride (PVC) etc. used in manufacturing buckets, pens,
and pipes. Mr. Rajendra Salot, Ms. Hema Salot and Mr. Pankaj Salot
are the promoters.


SAMRAT VIJAY: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Samrat Vijay
Construction Private Limited (SVCPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Working Capital       19.85       CRISIL D (Issuer Not
   Demand Loan                       Cooperating)

CRISIL Ratings has been consistently following up with SVCPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2008 in Chapra, Bihar, and promoted by Mr Arjun
Singh and his wife, Ms Babita Kumari, SVCPL is setting up a mall in
Muzaffarpur, Bihar.


SEVEN STAR: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Seven Star
Grains Private Limited (SGPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            22         CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with SGPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SGPL was incorporated in December 2013, promoted by Ms Esha Mahajan
and Mr Gorav Mahajan, who are also the directors. The company mills
and markets varieties of rice. It started operations in May 2015 at
its facility in Jammu.


SKOPOS DREDGING: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Skopos
Dredging And De-Silting Private Limited (SDDPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL D (Issuer Not       
                                     Cooperating)

   Term Loan              15         CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with SDDPL for
obtaining information through letter and email dated March 25, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Based in Mumbai (Maharashtra), SDDPL is involved in manufacturing
and distribution of sand, aggregate and fly ash bricks used in the
construction sector. The company operates a plant with a capacity
of about 60,000 tonnes per month (tpm), which is currently being
utilised at about 400 tpm. SDDPL has also setup and fly ash brick
plant which commenced its operations in April 2015.


SWACHHA BEVERAGES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Swachha
Beverages Private Limited (SBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.2         CRISIL D (Issuer Not       
                                     Cooperating)

   Cash Credit           2           CRISIL D (Issuer Not       
                                     Cooperating)

   Proposed Long Term    0.7         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             3.5         CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with SBPL for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

SBPL was incorporated in Kolkata in January 2011. The company
processes and sells packaged drinking water, marketed in
collaboration with Eureka Forbes Limited under the Aqua Sure
brand.


WELLDONE EXIM: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Welldone Exim
Private Limited (WEPL; part of the RBD group) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Foreign Bill           15         CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Foreign Bill           25         CRISIL D (Issuer Not
   Purchase                          Cooperating)

   Packing Credit          5         CRISIL D (Issuer Not       
                                     Cooperating)

CRISIL Ratings has been consistently following up with WEPL for
obtaining information through letter and email dated March 31, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of WEPL, High Value Exim Pvt
Ltd, Attire Designers Pvt Ltd, RBD International, and Goodone
Traders Pvt Ltd. This is because all these entities, together
referred to as the RBD group, have the same board of directors and
senior management team with common procurement, marketing, and
finance functions.

The RBD group started trading in 1993. All the entities in the
group were trading in readymade garments (more than 80 percent of
revenue), hosiery, handicrafts, fabrics, leather goods, and
miscellaneous products. They have common customers and suppliers,
and also the same banker, Punjab National Bank, and auditors.




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

J. FRONT: Egan-Jones Retains B Senior Unsecured Ratings
-------------------------------------------------------
Egan-Jones Ratings Company, on June 16, 2023, maintained its 'B'
foreign currency and local currency senior unsecured ratings on
debt issued by J. Front Retailing Co., Ltd. EJR also maintained its
'B' rating on commercial paper issued by the Company.

Headquartered in Tokyo, Japan, J. Front Retailing Co., Ltd. is a
holding company established through the merger of Daimaru and
Matsuzakaya.



MITSUI O.S.K: Egan-Jones Retains BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company, on May 29, 2023 maintained its 'BB+'
foreign currency and local currency senior unsecured ratings on
debt issued by Mitsui O.S.K. Lines, Ltd.

Headquartered in Minato City, Tokyo, Japan, Mitsui O.S.K. Lines,
Ltd. provides marine transportation, warehousing, and cargo
handling services.




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

CAPITAL A: Optimistic of Exiting Practice Note 17 (PN17) Status
---------------------------------------------------------------
New Straits Times reports that Capital A Berhad is optimistic of
exiting Practice Note 17 (PN17) status.

According to the report, chief executive officer Tan Sri Tony
Fernandes said exiting PN17 status is almost a challenge as big as
restarting the airlines. However, he is confident that Capital A
Berhad and AirAsia X Berhad could overcome it.

"It is a huge exercise which is almost as big as restarting the
airline company. I am very confident and let's leave it at that . .
. June and July are going to be crucial months for us so let's wait
and see," he told reporters when asked about the submission of a
regularisation plan to address its PN17 status, New Straits Times
relays.

Mr. Fernandes was met at the Paris Air Show in Le Bourget in
Malaysia on June 20 where AirAsia was earlier voted as the World's
Best Low-Cost Airline at the Skytrax World Airline Awards 2023
(Skytrax) for a record breaking 14th consecutive year.

Early this year, he was quoted saying that Capital A Berhad was
hopeful on exiting PN17 status by year end due to its potential
growth this year, following a strong rebound in travel demand
post-Covid, New Straits Times notes.

AirAsia X was classified as PN17 in November 2021 and has to submit
its regularisation plan to Bursa Malaysia Securities by July 28,
2023 after being granted an extension. Capital A was given until
July 7, 2023, the report notes.

                          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
=====================

DD4 LABOUR: Creditors' Proofs of Debt Due on Aug. 15
----------------------------------------------------
Creditors of DD4 Labour Hire Limited are required to file their
proofs of debt by Aug. 15, 2023, to be included in the company's
dividend distribution.

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

The company's liquidators are:

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


MIGHTY BAAZ: Creditors' Proofs of Debt Due on July 19
-----------------------------------------------------
Creditors of Mighty Baaz Limited are required to file their proofs
of debt by July 19, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 20, 2023.

The company's liquidators are:

          Hamish John Pryde
          CS Insolvency
          c/- Coombe Smith (PN) Limited
          168 Broadway Avenue
          PO Box 788
          Palmerston


PASSIVE FIRE: Waterstone Insolvency Appointed as Receiver
---------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on June
14, 2023, were appointed as receivers and managers of The Passive
Fire Company Limited.

The receiverrs may be reached at:

          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632


PHILLIPUS JACOBUS: Waterstone Insolvency Appointed as Receiver
--------------------------------------------------------------
Damien Grant and Adam Botterill of Waterstone Insolvency on June
14, 2023, were appointed as receivers and managers of Phillipus
Jacobus Reinecke and Tracy Jane Reinecke.

The receivers may be reached at:

          Waterstone Insolvency
          16 Piermark Drive
          Rosedale
          Auckland 0632


SCOTT WATERJET: Creditors' Proofs of Debt Due on July 21
--------------------------------------------------------
Creditors of Scott Waterjet Limited are required to file their
proofs of debt by July 21, 2023, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Trevor Edwin Laing
          Emma Margaret Laing
          Laing Insolvency Specialists Limited
          PO Box 2468
          Dunedin 9044


SCOTT WATERJET: Shareholders Place Company in Liquidation
---------------------------------------------------------
Sally Rae at Otago Daily Times reports that Scott Waterjet, which
shifted manufacturing to Dunedin several years ago and had global
expansion plans, is in liquidation.

According to ODT, liquidators Trevor Laing and Emma Laing, of Laing
and Insolvency Specialists, were appointed this month by
shareholder resolution.

Their first report said they had received inquiries from various
parties expressing an interest in purchasing part or all of the
existing business, ODT relays. A sale process would begin as soon
as possible.

ODT say the move south was initially lauded as benefiting four
other local businesses through an engineering collaboration where
Scott Waterjet units were made entirely from a Dunedin supply
chain. Those businesses are all now listed among the creditors.

The reasons given were the initial and ongoing impacts from
Covid-19, rise in material costs, loss of key employees, closure of
a crucial supplier and issues with a previous distributor.

The company was incorporated in August 2016 to buy the existing
Scott Waterjet business and it produced jetboat units principally
for the performance end of the jetboat market.

Various issues over the past couple of years had resulted in the
company's financial position, the director advised.

There were eight registrations recorded on the Personal Property
and Securities Register, one registration related to a General
Security Agreement to the company bankers, one related to a leased
vehicle and the remaining appeared to relate to stock or goods
supplied.

Secured debt was estimated at NZD160,000 while the unsecured
creditors amount was to be established.

The company assets consisted of various items of plant used in the
manufacture and assembly of waterjet units and stock utilised in
that process.

ODT says the liquidators were aware a number of customers had paid
deposits or part payments for units that were incomplete. They were
working through each customer's situation to establish the status
of their order.

Those customers had not been listed as creditors initially, however
they might become creditors depending on the stage their order was
at in comparison to what they had paid.

ODT relates that the liquidators had been advised there were wages
and leave entitlements owed to employees that were preferential.
There were also Inland Revenue Department liabilities, the exact
amount of which was being confirmed. At this stage the liquidators
were aware of 35 unsecured creditors.

It was too early in the liquidation process to predict if a
dividend would become available to creditors, ODT states. A further
or final report would be prepared and distributed within the next
six months.




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

CHG GLOBAL: Faces Criminal Cases Over PHP17.9BB in Unpaid Taxes
---------------------------------------------------------------
Bilyonaryo.com reports that the Bureau of Internal Revenue has
filed criminal cases with the Department of Justice against CHG
Global Inc., the owner and distributor of the active-lifestyle
brand World Balance, along with CHK Steel and Gammon Resources.

According to the report, BIR said these companies bought
counterfeit receipts from Brenterprise International Inc., a
company that was subjected to a raid on December 16, 2022.

Brenterprise is owned by esports executive and World Balance scion
Bernard Chong whose family holds ownership of CHG Global Inc. Both
CHK Steel and Gammon Resources list 5 Ris Industrial Complex along
Mercado Street in Guiguinto, Bulacan as their registered places of
business.

In addition to the companies themselves, the BIR has filed criminal
cases against their officers, the accounting firms they hired, and
the certified public accountants responsible for signing their
documents, Bilyonaryo.com relates.

"A total tax liability of P17.9 billion has been computed for this
first set of cases. This is tax evasion of the highest order, and
perhaps the most elaborate tax evasion scheme in the history of
Philippine taxation," Bilyonaryo.com quotes BIR Commissioner Romeo
Lumagui Jr. as saying as he emphasized the gravity of the
situation.

Bilyonaryo.com was the first to report on Brenterprise's 'fake
receipts scam,' which deprived the government of massive revenues.

Bilyonaryo.com relates that the criminal complaints, involving
PHP17.9 billion in unpaid taxes, were formally lodged with the
Department of Justice on June 21, 2023. These cases represent only
the initial wave of charges filed against purchasers of counterfeit
receipts.

In March, the BIR already initiated criminal cases against the
sellers of the fake receipts and their certified public
accountants, with the BIR seeking to revoke the licenses of CPAs
registered with the Professional Regulation Commission.

To further intensify efforts in curbing tax evasion, Lumagui
established the Run After Fake Transactions (RAFT) task force in
April, specifically targeting buyers of fake receipts, their
corporate officers, and their accountants, Bilyonaryo.com states.

According to the BIR, the scheme involving counterfeit receipts as
a means to evade income and value-added taxes has been ongoing for
over 15 years.

Bilyonaryo.com adds that Mr. Lumagui has made the fight against
this fraudulent practice a top priority for the BIR, ensuring that
those engaged in tax evasion face the appropriate consequences.

"Buyers, sellers, corporate officers, accounting firms, and CPAs
involved in this syndicate will suffer the full force of the BIR,"
Mr. Lumagui said.




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

HODLNAUT PTE: Court to Hear Wind-Up Petition on Aug. 7
------------------------------------------------------
A petition to wind up the operations of Hodlnaut Pte Ltd will be
heard before the High Court of Singapore on Aug. 7, 2023, at 10:00
a.m.

Ee Meng Yen Angela filed the petition against the company on May
22, 2023.

The Petitioner's solicitors are:

          WongPartnership LLP
          12 Marina Boulevard
          Level 28
          Marina Bay Financial Centre Tower 3
          Singapore 018982


NEUTRAL AIR: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on June 16, 2023, to
wind up the operations of Neutral Air Conditioning Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


NITTOH (SINGAPORE): Creditors' Proofs of Debt Due on July 21
------------------------------------------------------------
Creditors of Nittoh (Singapore) Pte. Ltd. are required to file
their proofs of debt by July 21, 2023, to be included in the
company's dividend distribution.

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

The company's liquidator is:

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


RESOURCE INVESTMENTS: Commences Wind-Up Proceedings
---------------------------------------------------
Members of Resource Investments Austral Asia Pte Ltd, on June 12,
2023, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

      Goh Tiong Hong
      120 Robinson Road #16-01
      Singapore 068913


TAMPINES DISTRIHUB: Members' Final Meeting Set for July 21
----------------------------------------------------------
Members of Tampines Distrihub Pte Ltd will hold their final general
meeting on July 21, 2023, at 10:00 a.m., at 380 Jalan Besar, #06-06
ARC 380, in Singapore.

At the meeting, Koh Geok Hoon and Koh Ee Koon, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.



                           *********


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 ***