---

       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, July 3, 2023, Vol. 26, No. 132

                           Headlines



A U S T R A L I A

AXE CONSTRUCTION: Second Creditors' Meeting Set for July 5
BIG VILLAGE: Unsecureds to Get 1% to 2% After Assets Sales
BRUCK TEXTILE: Former Chair, CEO and CFO Committed to Stand Trial
COAST ADMINISTRATION: Second Creditors' Meeting Set for July 5
GENESIS CARE: Gets OK to Hire Kroll as Claims and Noticing Agent

PRECISION PIPE: Second Creditors' Meeting Set for July 6
RESIMAC BASTILLE 2021-1NC: S&P Affirms B(sf) Rating on Cl. F Notes
TREM DESIGNS: First Creditors' Meeting Set for July 5
TRITON BOND 2023-2: S&P Assigns B (sf) Rating to Class F Notes
WILLOUGHBY HOMES: Boss Sells Properties to Pay Back AUD5.7MM Debt

WISR FREEDOM 2021-1: Moody's Ups Rating on Class F Notes from Ba2
WOK'D PTY: First Creditors' Meeting Set for July 5


C H I N A

BANK OF SUZHOU: Moody's Affirms 'Ba1' Issuer & Deposit Ratings


H O N G   K O N G

CITIZENS' RADIO: Closes in Face of "Dangerous" Pressure


I N D I A

ARIHANT PLASTICS: Ind-Ra Affirms BB+ Long Term Issuer Rating
BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
BHOROSHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
BIDESH PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
CARE TECH: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable

J G AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category
J. S. GROVER: CRISIL Keeps D Debt Ratings in Not Cooperating
JAGAT JAGDAMBA: CRISIL Keeps D Debt Rating in Not Cooperating
JAGDAMBA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating
JAI MAAKALI: CRISIL Keeps D Debt Ratings in Not Cooperating

JAMNADAS AND COMPANY: CRISIL Keeps D Rating in Not Cooperating
JAYAWANTI BABU: CRISIL Keeps D Debt Rating in Not Cooperating
JBR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
JYOTSNA GREEN: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable
KAYGAON PAPER: Ind-Ra Cuts Long Term Issuer Rating to 'BB+'

L. G. CHAUDHARY: CRISIL Lowers Long and Short Term Ratings to D
LANARSY INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating
MAA BHUASUNI: Ind-Ra Affirms BB Long Term Issuer Rating
MAGHALAKSHMI PLAAZAA: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
MSV LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating

NARMADA CEREAL: CRISIL Keeps D Debt Ratings in Not Cooperating
OM ESHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
ORION WATER: CRISIL Keeps D Debt Ratings in Not Cooperating
PARSHURAM CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
PRAG DISTILLERY: NCLT Allows Withdrawal of Liquidation Proceedings

PT. DEEN: CRISIL Keeps D Debt Ratings in Not Cooperating
PUDUCHERRY CANCER: CRISIL Keeps D Debt Rating in Not Cooperating
RASIKLAL SANKALCHAND: CRISIL Keeps D Ratings in Not Cooperating
RELIANCE CAPITAL: Lenders Approve Hinduja's Bid of INR9,661cr
SAFAL GLADEONE: Ind-Ra Moves BB Issuer Rating in Non-Cooperating

SAI AMRUT: CRISIL Keeps D Debt Rating in Not Cooperating Category
SARAWGI BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHREEJI CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
SUPREME AHMEDNAGAR: Ind-Ra Keeps D Loan Rating in Non-Cooperating
SUPREME BEST: Ind-Ra Keeps D Term Loan Rating in Non-Cooperating

SUPREME INFRAPROJECTS: Ind-Ra Keeps D Rating in Non-Cooperating
SUPREME KOPARGON: Ind-Ra Keeps D Loan Rating in Non-Cooperating
SUPREME PANVEL: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
SUPREME SUYOG: Ind-Ra Keeps D Bank Loan Rating in NonCooperating
SUPREME VASAI: Ind-Ra Keeps D Bank Loan Rating in NonCooperating

VENKATA SREEDEVI: ICRA Keeps B+ Debt Ratings in Not Cooperating


J A P A N

CLOSURE SYSTEMS: Moody's Affirms 'B2' CFR, Outlook Remains Stable


N E W   Z E A L A N D

AUTOMOTIVE RECONDITIONERS: Creditors' Proofs of Debt Due on Aug 25
DAIRY NUTRACEUTICALS: Grant Thornton Appointed as Receivers
GENESIS ENERGY: S&P Puts 'BB+' LT Issue Rating to NZD240M Bonds
LUXURY NAILS: Court to Hear Wind-Up Petition on July 7
M.A.S HAULAGE: Court to Hear Wind-Up Petition on July 7

NZ PUBS: Creditors' Proofs of Debt Due on July 10


P A K I S T A N

PAKISTAN: Secures US$3 Billion Bailout From IMF


S I N G A P O R E

BORE PRECISION: Court to Hear Wind-Up Petition on July 21
CITELUM SINGAPORE: Creditors' Proofs of Debt Due on July 31
OUE HOSPITALITY: Commences Wind-up Proceedings
REAQTA HOLDINGS: Commences Wind-up Proceedings
SECURED CAPITAL: Commences Wind-up Proceedings



S R I   L A N K A

SRI LANKA: Could Exit Bankruptcy by September, Says President
SRI LANKA: Parliament Approves Domestic Debt Restructuring Plan

                           - - - - -


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

AXE CONSTRUCTION: Second Creditors' Meeting Set for July 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of Axe
Construction Group Pty Ltd has been set for July 5, 2023 at 10:30
a.m. at the offices of Jirsch Sutherland at Suite 2, Level 14, 383
Kent Street in Sydney.

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 July 4, 2023 at 5:00 p.m.

Peter John Moore and Clifford Rocke of Jirsch Sutherland were
appointed as administrators of the company on May 31, 2023.


BIG VILLAGE: Unsecureds to Get 1% to 2% After Assets Sales
----------------------------------------------------------
Big Village Holding LLC, et al., submitted a Combined Disclosure
Statement and Joint Chapter 11 Plan.

The Committee, the Prepetition Lenders, Lake Capital, and the
Debtors engaged in extensive, detailed good faith and arm's-length
negotiations to resolve any outstanding issues and to formulate a
fully consensual chapter 11 plan supported by the Committee and the
Prepetition Lenders.

The Committee, Prepetition Lenders, Lake Capital, and the Debtors
finalized those discussions and ultimately agreed to the terms of
the Global Settlement, the terms of which are:

    i. The Committee supports the Plan, including but not limited
to the release and exculpation provisions set forth in Article XIV
hereof.

   ii. $795,000 of the Prepetition Lenders' Cash Collateral (as
defined in the Final Cash Collateral Order) shall be carved out of
the Prepetition Lenders' Class 3 recovery and contributed to fund
the GUC Cash Allocation.

  iii. Under the Plan, all of the available sale proceeds and
available Cash shall be distributed to the Prepetition Lenders
after funding of any reserves required under the Plan and payment
of allowed administrative expenses and priority claims in full,
subject to the following.

   iv. The GUC Cash Allocation shall be reserved for the sole and
exclusive purpose of satisfying Allowed General Unsecured Claims in
accordance with this Plan, which Allowed General Unsecured Claims
against each of the Debtors shall be consolidated for purposes of
voting, allowance, and distribution provided, however, that the
Prepetition Lenders waive the Prepetition Loan Deficiency Claim and
shall not participate in any Distributions from of the GUC Cash
Allocation, and provided further, that the Lake Capital Claims
shall also not participate in any Distributions from of the GUC
Cash Allocation.

    v. Any and all Avoidance Actions shall be waived and
extinguished upon the Effective Date.

   vi. The Debtors, in consultation with the Committee shall
exercise commercially reasonable efforts prior to the Effective
Date to administer and reconcile General Unsecured Claims so that
(a) the pool of allowed general unsecured claims is determined as
soon as possible (taking into account that distributions will
represent a small percentage of projected Allowed General Unsecured
Claims), and (b) distributions can be made by  the Debtors out of
the GUC Cash Allocation promptly following the Effective Date of
the Plan. The Debtors shall provide draft claim objections to the
Committee 3 days prior to filing, and will make appropriate
personnel and advisors available to address any questions or
concerns regarding such claim objections.

  vii. All approved fees and expenses of the Committee's
professionals shall be paid in full through the Effective Date of
this Plan in accordance with the approved budget set forth in the
Final Cash Collateral Order.

Under the Plan, Class 4 General Unsecured Claims total $63,993,127.
Each Holder of a General Unsecured Claim shall receive such
Holder's pro rata share of the GUC Cash Allocation, solely on
account of the Global Settlement, provided, however that the Lake
Capital Claims and the Prepetition Loan Deficiency Claim shall not
participate in any Distributions from the GUC Cash Allocation.
Creditors will recover 1% to 2% of their claims. Class 4 is
impaired.

"GUC Cash Allocation" shall me the reserve of $795,000 funded into
escrow within 5 Business Days of the Effective Date for the sole
and exclusive purpose of satisfying Allowed General Unsecured
Claims in accordance with this Plan, provided, however, that the
Lake Capital Claims and the Prepetition Loan Deficiency Claim shall
not participate in any Distributions from the GUC Cash Allocation.

The Debtors' paramount goal in the Chapter 11 Cases is to maximize
the value of the estates for the benefit of the Debtors' creditor
constituencies and other stakeholders through the sale of
substantially all of the Assets. On the Petition date, the Debtors
filed a motion (the "Bidding Procedures Motion") seeking authority
to proceed with a bidding and auction process to consummate a sale
or series of sales (the "Sale Process") that the Debtors expect
will generate maximum value for their assets.

The Debtors worked extensively to implement a robust and
expeditious Sale process.  On March 13, 2023, the Bankruptcy Court
entered the Bidding Procedures Order, establishing, among other
things, April 3, 2023, as the bid deadline, April 4, 2023, as the
auction date, and April 6, 2023, as the hearing to approve the
Sales.

The stalking horse agreements served as the baseline for all
prospective bidders to negotiate from, and were subject to higher
or otherwise better bids for the assets.  Stephens contacted or
received inbound interest from 24 potentially interested parties,
including various parties that had been contacted prior to the
Petition Date, regarding the Assets related to the Agency and
Insight business.  As to the Debtors' EMX business, Stephens
contacted or received inbound interest from 45 parties through the
postpetition marketing process, including various parties that had
been contacted prior to the Petition Date.

The Debtors commenced an auction on April 4, 2023, which lasted two
days. Following several off-the-record working sessions with the
bidders and spirited live-auction bidding -- which included 38
rounds of bidding on the Agency and Insights businesses alone --
the following parties were declared as the winning bidders:

   a. Agency and Insights Businesses (together): Bright Mountain
Media, Inc. for $19,274,000.

   b. Managed Services Business: ZStream Acquisition, LLC (the EMX
Stalking Horse), for the stalking horse purchase price of $2.1
million, plus 100% of the accounts receivable for the managed
services business estimated at approximately $1.5-1.6 million.

   c. Balihoo Business: Insticator, Inc. for $900,000

The Debtors were able to realize $8.174 million in cash value over
and above the stalking horse bid for the Agency, Insights and
Balihoo businesses and approximately $3.6-3.7 million in cash value
for the managed services business.  These cash values do not
include any assumed liabilities and/or cure claims, which the
Debtors' estimate to be an additional $8-9 million in sale
consideration.

On April 5, 2023, the Debtors commenced the second day of the
auction for the SSP Sale. The winning bidder for the assets related
to the SSP business was Cadent LLC for a cash purchase price of
$4,900,000 plus a cash payment equal to 70% of the SSP business's
accounts receivable, which the Debtors estimate to be $2,184,000,
for a total purchase price of $7,084,000. Notably, the Debtors had
no stalking horse purchaser for these assets.

The Bankruptcy Court entered orders approving the sales on April
10, 2023, and April 12, 2023.  The sales closed between April 14
and April 22, 2023.

Counsel for the Debtors:

     Michael R. Nestor, Esq.
     Joseph Barry, Esq.
     Joseph M. Mulvihill, Esq.
     Heather P. Smillie, Esq.
     YOUNG CONAWAY STARGATT & TAYLOR, LLP
     1000 North King Street, Rodney Square
     Wilmington, DE 19801
     Tel: (302) 571-6600
     Fax: (302) 571-1253
     E-mail: mnestor@ycst.com
             jbarry@ycst.com
             jmulvihill@ycst.com
             hsmillie@ycst.com

A copy of the Combined Disclosure Statement dated June 10, 2023, is
available at https://tinyurl.ph/wIxmy from PacerMonitor.com.

                  About Big Village Holding

Big Village Holding LLC and its affiliates are a global
advertising, technology, and data company with operations in the
United States, European Union, and Australia.  They deliver their
advertising and digital content across multiple media channels and
online platforms, and facilitate the implementation of targeted,
data-driven advertising strategies which encompass all of the
technology and intelligence necessary to execute global advertising
campaigns.

Big Village Holding LLC and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 23-10174) on February 8, 2023. In the petition signed by Kasha
Cacy, global chief executive officer, the Debtors disclosed up to
$50 million in assets and up to $100 million in liabilities.

Judge Craig T. Goldblatt oversees the case.

The Debtors tapped Young Conaway Stargatt and Taylor, LLP as legal
counsel; Portage Point Partners, LLC as restructuring advisor; and
Stephens, Inc. as investment banker. Kroll Restructuring
Administration, LLC is the claims and noticing agent and
administrative advisor.

BNP Paribas, as administrative agent under the Debtors' prepetition
credit agreement, is represented by Mayer Brown LLP's attorneys,
Brian Trust and Scott Zemser; and Potter Anderson & Corroon LLP's
attorney, L. Katherine Good.

The U.S. Trustee for Region 3 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee is represented by Steven Golden, Esq.


BRUCK TEXTILE: Former Chair, CEO and CFO Committed to Stand Trial
-----------------------------------------------------------------
Mr. Philip James Bart, Mr. Geoffrey Thomas Parker and Mr. Ronald
George Johnson, the former Chair, Chief Executive Officer and Chief
Financial Officer of Bruck Textile Technologies Pty Ltd (Bruck
Textile) respectively, have been committed to stand trial on
criminal charges.

They were committed for trial following a hearing before the
Melbourne Magistrates' Court on one charge each of preventing the
recovery of employee entitlements, contrary to sections 596AB and
1311 of the Corporations Act.

The charges followed an ASIC investigation conducted under the
Serious Financial Crime Taskforce (SFCT) into the activities of
Bruck Textile. Bruck Textile was placed into liquidation on July
11, 2014 following the sale of the company's assets to a related
entity.

As a result of the liquidation, 58 employees of Bruck Textile lost
their employment and their entitlements, including redundancy
payments, were unpaid by the company.

It is alleged that Mr. Bart, Mr. Parker and Mr. Johnson agreed to
sell the assets of Bruck Textile with an intention to prevent the
recovery or significantly reducing the amount of redundancy
entitlements of Bruck Textile employees.

Bruck Textile's former employees applied under the Commonwealth
Fair Entitlements Guarantee scheme for the payment of their
entitlements after the liquidators found that the company did not
have sufficient assets to meet them. Under this scheme, the
Commonwealth advanced over AUD3.485 million towards paying Bruck
Textile's outstanding employee entitlements.

A trial date for Mr. Bart, Mr. Parker and Mr. Johnson in the County
Court of Victoria is to be fixed.

The Commonwealth Director of Public Prosecutions is prosecuting the
matter.

Bruck Textile Technologies Pty Ltd, incorporated on May 29, 1996,
was a company based in Wangaratta, Victoria engaged in textile
manufacture.

At the time of the alleged offending, the maximum penalty for a
criminal breach of section 596AB of the Corporations Act was
AUD170,000 or imprisonment for ten years, or both.

ASIC's investigation was assisted by the receipt of a report
prepared by Bruck Textile's liquidators. The liquidators'
investigation and report was funded by the Assetless Administration
Fund.

The SFCT is an ATO-led joint agency taskforce that brings together
the knowledge, resources and experience of relevant law enforcement
and regulatory agencies to identify and address the most serious
and complex forms of financial crime.

The Serious Financial Crime Taskforce (SFCT) started operation on
July 1, 2015.

From this date until March 31, 2023, the Taskforce has progressed
cases that have resulted in:

          * completion of 1,770 audits and reviews;
          * conviction and sentencing of 21 people;
          * raised liabilities of AUD1.647 billion; and
          * collected AUD652 million.


COAST ADMINISTRATION: Second Creditors' Meeting Set for July 5
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Coast
Administration Services Pty Ltd has been set for July 5, 2023 at
10:00 a.m. virtually via teleconference.

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 July 4, 2023 at 12:00 p.m.

Jarvis Lee Archer of Revive Financial was appointed as
administrator of the company on June 13, 2023.


GENESIS CARE: Gets OK to Hire Kroll as Claims and Noticing Agent
----------------------------------------------------------------
Genesis Care Pty Limited and its affiliates received approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Kroll Restructuring Administration, LLC as claims, noticing
and solicitation agent.

The firm will provide the Debtor with consulting services regarding
legal noticing, claims management and reconciliation, plan
solicitation and balloting, preparation of schedules of assets and
liabilities and statements of financial affairs, and
communications.

The firm will be paid at these rates:

     Analyst                         $30 to $60 per hour
     Technology Consultant           $35 to $110 per hour
     Consultant/Senior Consultant    $65 to $195 per hour
     Director                        $175 to $245 per hour
     Solicitation Consultant         $220 per hour
     Director of Solicitation        $245 per hour

Kroll received from the Debtors an advance payment of $100,000.

Benjamin Steele, a partner at Kroll, disclosed in a court filing
that his firm is a "disinterested person" pursuant to Section
101(14) of the Bankruptcy Code.

The firm can be reached at:

     Benjamin J. Steele
     Kroll Restructuring Administration, LLC
     55 East 52nd Street,
     17th Floor, New York, NY 10055
     Phone: +1 212 593 1000

                      About GenesisCare

One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.

The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 23-90614) on June
1, 2023. In the petition signed by Richard Briggs, as authorized
signatory, the Debtor disclosed up to $10 billion in both assets
and liabilities.

Judge David R. Jones oversees the case.

The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsels; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; and Teneo as
communications advisor. Kroll Restructuring Administration, LLC is
the notice and claims agent.

The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases.


PRECISION PIPE: Second Creditors' Meeting Set for July 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of Precision Pipe
Networks Pty Ltd has been set for July 6, 2023 at 3:30 p.m. at the
offices of Rodgers Reidy at Level 12, The University Centre, 210
Clarence Street in Sydney and virtually by way of Zoom
application.

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 4:00 p.m.

Joanne Keating of Rodgers Reidy was appointed as administrator of
the company on June 1, 2023.


RESIMAC BASTILLE 2021-1NC: S&P Affirms B(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings affirmed its ratings on 21 classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Bastille Trust - RESIMAC Series 2018-1NC, RESIMAC Bastille Trust -
RESIMAC Series 2019-1NC, and RESIMAC Bastille Trust - RESIMAC
Series 2021-1NC.

From a credit perspective, there have been improvements in each
transaction's pool weighted-average current loan-to-value (LTV)
ratio and seasoning. However, a key observation and rating
consideration is that arrears have increased significantly in each
transaction and are higher than the Standard & Poor's Performance
Index (SPIN) for Australian nonconforming mortgage loans. To date,
we have not observed any indication that arrears are normalizing,
with loans more than 90 days in arrears continuing to rise. As each
pool continues to season, the loans that are in arrears will
represent an increasingly higher proportion of their respective
pool. Furthermore, S&P notes borrower concentration is starting to
increase. Overall, its expectation of losses in percentage terms
has increased for each transaction.

S&P said, "Nevertheless, our affirmations reflect that the credit
support available to each class of rated notes is consistent with
the ratings assigned, and that the cash flows of each transaction
are supportive of timely payment of interest and ultimate repayment
of principal to the rated classes of notes under our rating stress
assumptions. Credit support available comprises note subordination
for all rated classes of notes, where relevant the lenders'
mortgage insurance (LMI) covering a limited portion of the
collateral pools, and excess spread, if any. Our expectation is
that the various liquidity support mechanisms within each
transaction, including principal draws and an amortizing liquidity
facility, are sufficient to ensure timely payment of interest."

For Series 2018-1NC:

-- As of May 31, 2023, the pool has a current weighted-average LTV
ratio of 62.8%, weighted-average seasoning of 86.3 months, and a
pool factor of 23.4%. The pool has 8.1% LMI coverage by outstanding
current balance.

-- Total arrears for the transaction have increased significantly
since late 2022, rising to 11.01% in May 2023 from 3.39% in August
2022. Over the same period, loans more than 90 days in arrears
increased to 5.95% from 1.60%. This is significantly higher than
the SPIN for Australian nonconforming mortgage loans.

-- S&P notes, however, that to date there have been limited loan
losses and these have not resulted in charge-offs to any class of
notes.

-- The transaction ceased repaying principal on the rated classes
of notes on a pro-rata basis beginning in January 2023, because the
proportion of the pool more than 90 days in arrears consistently
exceeded 4% during this period. Given the trajectory of the 90-plus
days arrears and with the transaction's first call-option date in
August 2023 approaching, the transaction is unlikely to recommence
pro-rata principal repayment. While sequential principal repayments
would benefit the senior classes of notes, the mezzanine and
lower-rated classes of notes will cease to receive principal
repayments until the senior classes of notes are fully repaid.
Consequently, the weighted-average note margin will not decrease as
it would under pro-rata principal repayment, placing yield strain
on the transaction. In addition, from the first call-option date in
August 2023, the most junior outstanding rated class E notes will
cease to receive principal repayments via the transaction's
retention mechanism.

-- The transaction's prepayment rate historically has been lower
than the Standard & Poor's Prepayment Index (SPPI). A slow
prepayment rate could prolong any yield strain because it takes
longer to repay subordinated classes of notes that have higher note
margins.

-- Although the class A1 notes were fully repaid by March 2023 via
drawings on the scheduled amortization facility, yield burden
remains because the facility is interest-bearing and ranks senior
in the interest waterfall, and principal is also repayable senior
in the principal waterfall.

-- Given the above factors, we constrained our ratings on the
class D and class E notes below model-implied outcomes.

For Series 2019-1NC:

-- As of May 31, 2023, the pool has a current weighted-average LTV
ratio of 63.3%, weighted-average seasoning of 74.2 months, and a
pool factor of 26.1%. The pool has LMI coverage on 6.4% of the pool
by outstanding current balance.

-- Total arrears for the transaction have increased significantly
since late 2022, rising to 7.64% in May 2023 from 2.78% in August
2022. Over the same period, loans more than 90 days in arrears
increased to 4.62% from 0.27%. This is significantly higher than
the SPIN for Australian nonconforming mortgage loans.

-- S&P notes, however, that to date there has only been one loan
loss and no charge-off to any class of notes.

-- Repayment of principal on the rated classes of notes is
currently on a pro-rata basis and will continue so long as the
performance triggers and call-option trigger continue to be met.
However, the level of 90-plus days arrears is now at the cusp of
the 4% performance trigger required to maintain pro-rata principal
repayment. Unless there is a meaningful and sustained reduction in
loans that are more than 90 days in arrears, S&P expects the
transaction to revert to a sequential principal repayment structure
in the coming months. While this would benefit the senior classes
of notes, the mezzanine and lower classes of rated notes will cease
to receive principal repayments until the senior classes of notes
are fully repaid. Consequently, the weighted-average note margin
will not decrease as it would under pro-rata principal repayment,
placing yield strain on the transaction.

-- S&P said, "Nevertheless, we expect principal repayment of the
most junior rated class F notes to continue, benefiting from the
retention mechanism for as long as excess spread is available for
this purpose and the requisite conditions are met, including that
it is before the first call option date. However, we note that the
pool factor is nearing the 20% level at which the first call-option
date is triggered, and the retention mechanism will cease."

-- In accordance with the transaction structure, principal
collections allocated to the class A1 notes have exceeded those
required to meet their scheduled principal repayments. The excess
is deposited in the scheduled amortization fund, and while
available to repay principal on the notes in the future, it is
creating negative carry for the transaction in the meantime.

-- Given the above factors, S&P constrained its ratings on the
class E and class F notes below model-implied outcomes.

For Series 2021-1NC:

-- As of May 31, 2023, the pool has a current weighted-average LTV
ratio of 66.2%, weighted-average seasoning of 33.7 months, and a
pool factor of 31.4%.

-- Total arrears for the transaction have increased meaningfully
since late 2022, rising to 6.53%% in May 2023 from 1.25% in August
2022. Over the same period, loans more than 90 days in arrears
increased to 2.08% from 0.45%. This is significantly higher than
the SPIN for Australian nonconforming mortgage loans.

-- In addition, the proportion of loans in the pool to borrowers
with adverse credit history has increased since transaction close.
Given S&P's current macroeconomic outlook, we could see further
concentration in the pool to such borrowers.

-- S&P notes, however, that to date there have been no mortgage
loan losses.

-- Principal repayment of the rated classes of notes on a pro-rata
basis commenced in April 2023 and will continue, provided the
performance triggers and call-option date triggers continue to be
met. While this will slow the principal repayment of the most
senior classes of notes, the mezzanine and subordinated rated
classes of notes will amortize, and credit support in percentage
terms for all rated classes of notes will continue to increase, and
the transaction's overall yield position will improve.

-- Although the transaction closed a little more than two years
ago, the pool factor has decreased considerably, with observed
prepayment rates at certain times higher than the SPPI. High
prepayment rates reduce excess spread available to absorb losses
should they arise, especially if they arise at the back end of the
transaction, with the mezzanine and subordinated rated classes of
notes more exposed to this potential risk since they have less
subordination available.

-- Given the above factors, we constrained S&P's ratings on the
class B, class C, class D, class E, and class F notes below
model-implied outcomes.

  Ratings Affirmed

  RESIMAC Bastille Trust - RESIMAC Series 2018-1NC

  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)
  Class C: AAA (sf)
  Class D: AA (sf)
  Class E: A (sf)

  RESIMAC Bastille Trust - RESIMAC Series 2019-1NC

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)
  Class B: AAA (sf)
  Class C: AAA (sf)
  Class D: A+ (sf)
  Class E: BBB (sf)
  Class F: BB+ (sf)

  RESIMAC Bastille Trust - RESIMAC Series 2021-1NC

  Class A: AAA (sf)
  Class AB: AAA (sf)
  Class B: AA (sf)
  Class C: A (sf)
  Class D: BBB (sf)
  Class E: BB (sf)
  Class F: B (sf)


TREM DESIGNS: First Creditors' Meeting Set for July 5
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Trem Designs
Pty Ltd, Headland Food Group Pty Ltd, Wild Ocean Australia Pty Ltd
and North Australian Fishing Co. Pty Ltd will be held on July 5,
2023, at 10:00 a.m, 11:00 a.m., 11:15 a.m., and 11:45 a.m.
respectively, virtually via Microsoft Teams.

Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of the company on June 26, 2023.


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

The 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 S&P's 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."

  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


WILLOUGHBY HOMES: Boss Sells Properties to Pay Back AUD5.7MM Debt
-----------------------------------------------------------------
News.com.au reports that the boss of failed building firm
Willoughby Homes has been forced to sell two of his properties and
will have to sell his most valuable one to pay back creditors.

But so far, the company appears to have been dragging its heels
about paying the proceeds of the past two sales to administrators,
according to documents obtained by news.com.au.

Last year, Sydney-based residential builder Willoughby Homes
sensationally collapsed after a news.com.au investigation found the
company appeared to have been non-functional for some time.

Build sites had stalled for as long as a year, the company's home
building insurance had not been reinstated, staff were not paid and
finally, all its offices were cleared out with phone lines going
straight to voicemail, news.com.au relays.

In August last year, the eponymous director, Steve Willoughby,
appointed David Mansfield and Jason Tracy of Deloitte's turnaround
and restructuring department as voluntary administrators.

It later emerged that Mr. Willoughby had seven properties dotted
around NSW. He proposed to sell the properties which would generate
AUD1.3 million in assets to distribute among creditors.

In the preceding months, Mr. Willoughby has sold two of those
properties but is seeking an extension to sell one more,
news.com.au relates.

Mr. Willoughby's seven properties were from Lethbridge Park,
Narara, Earlville, Griffith, Hebersham, Kenthurst and Harden in
NSW, ranging from AUD220,000 to AUD2 million in value.

He has since sold the Lethbridge Park and Hebersham properties.

According to news.com.au, Willoughby Homes remains in
administration rather than liquidation because of a deed of company
arrangement (DOCA) which promised AUD1.3 million be returned to
creditors through the sale of these properties, which creditors
agreed to.

But in an update on June 26, the administrators revealed that the
construction boss had missed a key deadline which could put these
plans in jeopardy, news.com.au says.

They also revealed they have yet to receive any funds from the two
properties which have already been sold.

Willoughby Homes "had until June 21, 2023 to meet the agreed DOCA
contributions", which it failed to do, the administrators said.

"We confirm that we have not received any contributions . . . we
have not received any proceeds from the sale of the abovementioned
properties," they added, news.com.au relays.

News.com.au notes that the construction company's demise impacted
57 customers with homes at varying stages of completion as well as
other creditors who say they are cumulatively owed AUD5.7 million.

Most unsecured creditors are only expected to receive between 1.7
cents and 5.7 cents for every dollar they are owed, the report
notes.

The Kenthurst property is the most valuable of Mr Willoughby's
properties but half of it is owned by his wife Rochelle.

It has five bedrooms and four bathrooms and had a pool, and was
sold to them in 2018, and has since been renovated. Parts of the
property are still under renovation but Mr Willoughby told
administrators he has run out of the funds to continue the building
works and wants to sell it as is.

To placate creditors, Mr and Mrs Willoughby have agreed to give the
entire proceeds of the property to creditors, rather than just
half. Legally, Mrs Willoughby did not have to give up her share of
the property as she was not involved in the running of the
company.

This will spare Mr Willoughby from having to sell his four
remaining properties.

They have been given three months to sell the Kenthurst place.

"We understand that the Director & Mrs Willoughby have listed, or
are about to list, the Kenthurst Property for sale . . . and the
resulting surplus, after costs, is estimated to be sufficient to
fund the DOCA in its entirety," the administrators said.

If Mr Willoughby fails to meet the deadline, the administrators
have reserved their rights to pursue him personally.

"In the event that the sale does not occur, or, is not occurring
within a reasonable time frame, we have reserved our right to
enforce our security against the properties," they warned.

News.com.au understands the company must be put into liquidation if
the next deadline is not met.

In an earlier statement to news.com.au, Mr Willoughby said: "Whilst
I do not have an obligation to do so, I am proposing to creditors
to sell properties that I have owned for 10 plus years.

"The economic climate has not been good for anyone."

Gyprocking company Regno Trades began winding up proceedings
against Willoughby Homes in early July over an unpaid debt of
AUD184,000 and three supporting creditors also joined the case - H
& R Interiors, owed AUD73,925, an ex-employee owed AUD53,000 in
unpaid wages and Finese Electrical and Air Conditioning, owed
AUD4531, news.com.au recalls.

News.com.au adds that administrators also found that Willoughby
Homes had been trading insolvent for 18 months and had taken
deposits from 41 customers even though they didn't have the
insurance to do so, an administrator's report, filed with ASIC,
found.

"It appears that Willoughby Homes may have been insolvent from at
least 21 April 2021," the report stated.

April 21 was the day that state insurer iCare refused to renew the
insurance for Willoughby Homes, which meant the builder was not
able to start construction projects costing more than AUD20,000 as
it would not be insured, news.com.au says.

"Our investigations to date have identified 41 creditors totalling
AUD709,578 who have paid deposits to the companies to construct
their properties," the report added.

"We are not aware of any of these deposits being covered under the
HBCF (Home Building Compensation Fund)."

An earlier court case where creditors attempted to get the company
wound up deemed that Willoughby Homes had been "hopelessly
insolvent" and that the company had "failed so miserably".

However, the Victorian Supreme court did not order Willoughby Homes
into liquidation so that the DOCA could be proposed.

News.com.au notes that Mr. Willoughby blamed the failure to obtain
insurance as one of the main reasons for his company's collapse, as
well as Covid-prompted lockdowns, tough market conditions and
increasing costs of materials and labour.

David Mansfield and Jason Tracy of Deloitte Financial Advisor on
July 29, 2022, were appointed as administrators of Willoughby Homes
Pty Ltd and Project 360 Degrees Pty Ltd.


WISR FREEDOM 2021-1: Moody's Ups Rating on Class F Notes from Ba2
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by Wisr Freedom Trust 2021-1.

The affected ratings are as follows:

Issuer: Wisr Freedom Trust 2021-1

Class C Notes, Upgraded to Aa1 (sf); previously on Oct 28, 2022
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Oct 28, 2022
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa1 (sf); previously on Oct 28, 2022
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Baa3 (sf); previously on Oct 28, 2022
Upgraded to Ba2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes.

Following the June 2023 payment, credit enhancement available for
the Class C, Class D, Class E and Class F Notes has increased to
28.6%, 21.8%, 12.8%, and 10.0% respectively, from 26.1%, 19.0%,
9.7%, and 6.8% at the time of the last rating action for these
notes in October 2022.

The collateral pool has performed within Moody's expectation. As of
June 2023, 5.3% of the outstanding pool was 30-plus day delinquent
and 2.6% was 90-plus day delinquent. The deal has incurred 3.3% of
gross losses to date, which have been covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption of 7.2% of
the outstanding pool balance. Moody's has also maintained the Aaa
portfolio credit enhancement of 34%.

The transaction is a cash securitization of unsecured personal
loans extended to obligors located in Australia. All receivables
were originated by Wisr Finance Pty Ltd.

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

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

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

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

WOK'D PTY: First Creditors' Meeting Set for July 5
--------------------------------------------------
A first meeting of the creditors in the proceedings of:

      - Wok'd Pty Ltd;
      - Wok'd Chinese Kitchen Pty Ltd;
      - Wok'd Gourmet Chinese Pty Ltd;
      - Project Knox Pty Ltd;
      - Project Pax Pty Ltd; and
      - Neuy Restaurants Pty Ltd

will be held on July 5, 2023, at 11:00 a.m. at the offices of Cor
Cordis at Level 29, 360 Collins Street in Melbourne and via
Microsoft Teams video conference.

Sam Kaso and Daniel P Juratowitch of Cor Cordis were appointed as
administrators of the company on June 23, 2023.




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

BANK OF SUZHOU: Moody's Affirms 'Ba1' Issuer & Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has affirmed Bank of Suzhou Co., Ltd.
(BoSZ)'s Ba1/NP long-term/short-term local and foreign currency
issuer and bank deposit ratings.

Moody's has also affirmed the bank's Baseline Credit Assessment
(BCA) and Adjusted BCA of ba2, long-term/short-term Counterparty
Risk (CR) Assessment of Baa3(cr)/P-3(cr), and long-term/short-term
local and foreign currency Counterparty Risk Ratings (CRRs) of
Baa3/P-3.

At the same time, Moody's has changed the outlook on the bank's
long-term issuer ratings and deposit ratings to positive from
stable.

RATINGS RATIONALE

The affirmation of Bank of Suzhou's ratings and assessments
reflects the bank's improving asset quality, good profitability and
sound liquidity position, despite an uneven economic recovery in
China.

The change in outlook to positive from stable reflects Moody's
expectation that (1) its continuous strategic alignment and
business integration with the development of Suzhou's economy will
improve its growth prospects and as a result, Moody's may consider
incorporating  a higher level of government support; (2) the bank
can maintain good asset quality in the next 12-18 months due to its
operations in economically advanced regions and effective risk
control; and (3) the bank's profitability will likely improve to
mitigate the pressure on its capitalization strained by rapid loan
growth.

Bank of Suzhou's fast loan growth exposes it to unseasoned asset
risk. The bank expanded its loan book at 15.4% per annum from 2020
to 2022, faster than the loan growth in Jiangsu province. That
said, Moody's expects Bank of Suzhou's asset quality to remain
stable over the next 12-18 months because of the bank's stringent
customer selection and effective risk control. This is evidenced by
a consistent decline in formation of new nonperforming loan (NPL)
from 2020 to 2022. The bank's NPL ratio was 0.87% as of March 31,
2023, down from 0.88% as of December 31, 2022 and 1.11% as of
December 31, 2021. Its provision coverage ratio declined to 519.7%
as of March 31, 2023 from 530.8% as of December 31, 2022, still
higher than most banks Moody's rates.

Moody's believes the bank could manage the risk associated with
property sector. Its corporate real estate loans accounted for
3.96% of gross loans as of the end of 2022, lower than most peer
banks Moody's rates. The NPL ratio of this sector was 4.55% as of
the end of 2022, down from 6.65% a year ago.

Despite pressure on Bank of Suzhou's net interest margin (NIM) amid
the declining interest rates environment in China, the bank's NIM
fell by only 4 basis points to 1.87% in 2022 from 1.91% a year
earlier. The mild contraction was mainly driven by its resilient
loan pricing power and relatively low funding cost. Moody's expects
the bank's return on average assets (ROAA) to moderately improve
over the next 12-18 months, given the bank's lower credit costs on
the back of low NPL formation. Bank of Suzhou's reported ROAA rose
over the past three years, from 0.75% in 2020 to 0.84% in 2022.

Moody's expects Bank of Suzhou's capital adequacy ratios to be
strained by its rapid loan growth but will remain higher than most
of its rated peers' in next 12-18 months. Its Common Equity Tier 1
(CET1) ratio declined to 9.49% as of March 31, 2023 from 9.63% as
of the end of 2022 and 10.37% as of the end of 2021. Meanwhile its
very high provision coverage ratio and improving profitability will
partly mitigate the pressure on its capitalization.

Moody's expects Bank of Suzhou's liquidity profile to remain stable
over the next 12-18 months. As of the end of 2022, 61.7% of its
assets were funded through deposits, of which 45.8% were retail
deposits. Despite of growing deposit base, the bank's reliance on
market funds is higher in 2021-2022 than in 2018-2020 because of
diversification in liability structure to have more central bank
borrowings and debt issuance. Its liquid banking assets are of high
quality, consisting mainly of cash and balances with the central
bank, interbank assets and investments in government bonds. Despite
Bank of Suzhou's rising asset allocation to loans, Moody's expects
the bank to maintain ample liquid resources to cover its market
funds.

Bank of Suzhou's rating is based on China's Moderate+ Banking
System Macro Profile. The bank's ba2 Adjusted BCA does not
incorporate any affiliate support and is at the same level as its
BCA. China does not have an operational resolution regime for
banks. Therefore, Moody's has applied a basic Loss Given Failure
(LGF) approach in rating Bank of Suzhou's debt securities. The
agency's Preliminary Rating Assessment of Bank of Suzhou's deposits
is at the same level as its Adjusted BCA.

Bank of Suzhou's deposit ratings of Ba1 incorporates a one-notch
uplift, reflecting Moody's assessment of a high probability of
support from the Government of China (A1 stable) in times of need,
based on (1) the bank's status as Suzhou's largest city commercial
bank by total assets as of March 31, 2023, (2) its 26.50% ownership
through state-owned enterprises and Suzhou government-owned
entities, and (3) the role it plays in supporting Suzhou's economic
growth. As a result, the bank's issuer and deposit ratings are
uplifted by one notch to Ba1. The bank's CRRs and CR assessment are
uplifted to Baa3 and Baa3(cr), respectively.

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

Moody's could upgrade Bank of Suzhou's deposit ratings if the
bank's BCA is raised, or Moody's assesses that Government of
China's capacity and willingness to support the bank increases, as
indicated by stronger capital support from the bank's major
state-owned and Suzhou government-owned shareholders in times of
need.

Moody's could raise Bank of Suzhou's BCA if (1) its capital
position strengthens, with its CET1 ratio above 10%, consistently;
(2) its profitability improves, with its reported ROAA above 0.8%
consistently; (3) its market funds/tangible banking assets remained
below 20%; and (4) its asset quality remains stable, despite the
uneven economic recovery and pressure in the property sector.

Given the positive outlook, a downgrade is unlikely. Moody's could
change the bank's outlook to stable if (1) its capital position
declines, with its CET1 capital ratio consistently below 8.5%; (2)
its profitability weakens, with its reported ROAA consistently
below 0.7%; (3) its asset quality deteriorates with a material
increase in the problem loan ratio or large impairment losses in
its investments; or (4) funding structure deteriorates, with its
market funds/tangible banking assets consistently above 30%.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in July 2021.

Bank of Suzhou Co., Ltd. is headquartered in Suzhou. As of the end
of March 2023, the bank reported total assets of RMB555 billion and
shareholders' equity of RMB41.9 billion with 172 branches in
Jiangsu province.



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

CITIZENS' RADIO: Closes in Face of "Dangerous" Pressure
-------------------------------------------------------
Reuters reports that Hong Kong's pro-democracy online Citizens'
Radio station aired its final show on June 30 and will cease
operations owing to what its founder described as a "dangerous"
political situation and the freezing of its bank account.

Launched in 2005 by veteran activist Tsang Kin-shing, the
Cantonese-language broadcaster gained a steady following for its
hard-hitting talk shows that were critical of authorities, as well
as its years-long campaign for press freedom.

Its closure marks a further erosion of Hong Kong's media diversity,
critics said. A China-imposed national security law has already led
to the shutting of other liberal outlets including the Apple Daily
newspaper and Stand News, Reuters notes.

"We had no choice but to suspend broadcasting after tonight's
show," Tsang told reporters before the final broadcast in which all
of the station's hosts squeezed into a small studio to bid
farewell, Reuters relays.

"Hong Kong's politics faces a cliff-like change. Even if we invite
guests to the programme, they cannot speak freely, because the red
line is everywhere."

According to Reuters, authorities have clamped down on dissent in
the former British colony and arrested more than 250 activists
under the national security law, following a pro-democracy movement
in 2019 that drew millions onto the streets.

"Thank you for your support over the past 18 years. Hope to see you
soon!" Reuters quotes Tsang as saying.

Hang Seng Bank used different "excuses to freeze his radio
station's bank account, he said, including signature problems to
block him from receiving donations and withdrawing money.

"Because our resources are very limited, the rent can only be paid
until August."

Jimmy Pang, a host at Citizens' Radio, was defiant during what he
called an important night in Hong Kong's broadcasting history. "Mic
off doesn't mean we can no longer speak out," he said.

According to Reuters, Hong Kong authorities have repeatedly said
that media freedoms are respected and enshrined in city laws. The
government denies cracking down on dissent but has said the
protests in 2019 threatened the stability upon which the financial
hub's economic success depends.

Media rights group Reporters Without Borders (RSF), ranked Hong
Kong 140th out of 180 in its annual global media freedom index this
year, down from 73 before the national security law was enacted in
2020, Reuters notes.

"For nearly two decades, Citizens' Radio has been an emblematic
contributor to Hong Kong's independent broadcasting landscape and
its shutdown would be an irreplaceable loss for media diversity,"
the press freedom group's East Asia director, Cédric Alviani, said
in a statement, Reuters relays.

Citizens' Radio applied for a broadcasting licence in 2005 but it
was never granted. It set up FM transmitters at the top of the
city's iconic Lion Rock mountain and was raided by the Office of
the Communications Authority (OFCA) for allegedly using an illegal
radio transmitter. The station continued to broadcast online.

In 2019, four masked men wielding bats and hammers barged into the
station after smashing through its glass door. No arrests were
made.

OFCA declined to comment on the closure or erosion of press freedom
but said the station was internet-based and "not a sound
broadcasting licensee" under telecommunications laws, Reuters
relays.




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

ARIHANT PLASTICS: Ind-Ra Affirms BB+ Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Arihant Plastic's
(AP) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR45 mil. (increased from INR35 mil.) Fund-based limit
     affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR42.9 mil. (reduced from INR65 mil.) Term loan due on Feb
     2026 affirmed with IND BB+/ Stable rating.

Key Rating Drivers

The affirmation reflects AP's continued small scale of operations,
as indicated by revenue of INR335.24 million in FY23 (provisional)
(FY22: INR357.83 million; FY21: INR211.10 million). The revenue
fell slightly in FY23 due to a decline in the number of orders
received by the company's Sonipat unit.  A major portion of AP's
revenue in FY23 was generated from its Nangloi Unit, which is
situated near Delhi. As on 6 June 2023, AP had outstanding orders
of IN20 million, scheduled to be executed by July 2023.  Ind-Ra
expects the revenue to remain stable in FY24.

Liquidity Indicator - Stretched: AP does not have any capital
market exposure and relies on a single bank to meet its funding
requirements. The average maximum utilization of the fund-based
working capital limits was around 95.69% over the 12 months ended
May 2023. In FY22, the cash flow from operations turned positive at
INR43.17 million (FY21:  negative INR1.78 million), mainly on
account of an increase in the absolute EBITDA to INR51.03 million
(INR32.85 million). Moreover, the free cash flow turned positive at
INR24.32 million in FY22 (FY21: negative INR12.80 million) owing to
favorable changes in working capital. The cash and cash equivalents
stood at INR0.63 million in FY22 (FY21: INR10.69 million). The net
working capital cycle of the company improved to 67 days in FY22
(FY21: 108 days) because of an increase in debtor days to 40 days
(61 days) and reduction in the inventory days to 58 days (103
days). AP has scheduled debt obligations of INR21.5 million in FY24
and INR2.5 million in FY25

The ratings are supported by AP's healthy EBITDA margins. The
margin fell to 14.26% in FY22 (FY21: 15.56%) due to an increase in
administrative expenses. The ROCE was 16%in FY22 (FY21: 8.2%).
Ind-Ra expects the margins to be stable over FY23-FY24.

The ratings factor in AP’s comfortable credit metrics due to the
healthy margins. The metrics improved in FY22 due to the increase
in the absolute EBITDA. The interest coverage (operating
EBITDA/gross interest expenses) was 4.86x in FY22 (FY21: 4.29x) and
the net leverage (total adjusted net debt/operating EBITDAR) was
2.10x (3.46x). Ind-Ra expects the credit metrics to remain
comfortable over FY23-FY24, given the absence of any debt-led capex
plans.

The ratings are also supported by the promoters' experience of
nearly 25 years in the plastics manufacturing industry, which has
led to established relationships with customers and suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations, leading to a
deterioration in the overall credit metrics, with the net leverage
exceeding 4.5x and the liquidity profile, could lead to a negative
rating action.

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

Company Profile

Nangloi, Delhi-based Arihant was incorporated in 1997. The company
manufactures plastics speakers. It has three units, with two units
in Nangloi and one in Sonipat, Haryana.


BHARGAV FOODS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bhargav Foods
(BGF) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            15         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BGF 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 BGF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BGF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BGF continues to be 'CRISIL D Issuer Not Cooperating'.

BGF is a proprietorship firm set up in April, 2017. The firm is
based out of Delhi and is promoted and managed by Mr. Nitin Gaur.
The firm has a manufacturing plant in Mayapuri with a processing
capacity of 5 tons per hour for wheat processing. Currently the
firm is operating for 16 hours daily. The company sells the wheat
under its brand 'Pavitra Aahar'. The operations of the company
started in April, 2017.

BHOROSHA RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhorosha Rice
Mill Private Limited (BRMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        0.16        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit           9.5         CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             2.54        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with BRMPL 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 BRMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BRMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BRMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1998, BRMPL mills non-basmati parboiled rice at its
facility in Burdwan (West Bengal). Its daily operations are managed
by its promoter'director Mr. Nazmul Haque.


BIDESH PLYWOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bidesh
Plywood Factory Private Limited (BPFL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4          CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit      18          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.7        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Standby Letter         1.8        CRISIL D (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with BPFL 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 BPFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on BPFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
BPFL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1992, BPFL is promoted by Mr Roshan Lal Agarwal.
The company has a unit near Dhupguri in Siliguri (West Bengal) and
manufactures plywood, block board, and veneers.


CARE TECH: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed CARE TECH's (CT)
Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR25.2 mil. Long-term loans due on March 2031 affirmed with
     IND BB/Stable rating; and

-- INR80 mil. Fund-based working capital limits affirmed with IND

     BB/Stable/ IND A4+ rating.

Key Rating Drivers

The affirmation reflects CT's continued small scale of operations
with its revenue increasing to INR579.09 million in FY23 (FY22:
INR492.7 million; FY21: INR346.6 million), due to an increase in
its capacity and repeat orders helped by increased demand for
hydraulic pipes from its largest customer, Wipro Limited. Wipro
accounted for nearly 90% of its total revenue in FY23. CT has an
order book of one month in advance from Wipro on an open-purchase
order basis. In FY24, Ind-Ra expects the company's revenue to
improve, led by continued orders from Wipro and the acquisition of
new customers. Its FY23 figures are provisional in nature.

The ratings further reflect CT's continued modest credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) improving to 2.23x in FY23 (FY22: 2.1x; FY21: 2.5x) and
the net financial leverage (adjusted net debt/operating EBITDA)
falling to 3.92x (4.21x; 4.18), due to an increase in the EBITDA to
INR55.17 million (INR54.6 million; INR46.9 million). In FY24,
Ind-Ra expects the credit metrics to improve, led by the repayment
of its term loan and the absence of any major debt-funded capex.

Liquidity Indicator – Stretched: CT's average maximum monthly
utilization of the fund-based limits was 97.41% during the 12
months ended May 2023. The cash flow from operations improved to
INR50.72 million in FY23 (FY22: negative 48.1 million; FY21:
INR1.5 million) due to a favorable change in its working capital
cycle. Furthermore, the free cash flow improved to INR35.59 million
(FY22: negative INR156.6 million) due to no major capex in FY23.
Its net working capital cycle remained stable at 71 days in FY23
(FY22: 71 days) but debtor days rose to 76 days (70 days), which
was offset by an increase in the creditor days to 42 days (36
days). The company has repayment obligations of INR26.4 million and
INR22.2 million for FY24 and FY25, respectively. The cash and cash
equivalents stood at INR10.19 million at FYE23 (FYE22: INR0.1
million). CT does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

CT's EBITDA margins slightly moderated but remained healthy at
9.53% in FY23 (FY22: 11.08%) with a return on capital employed of
17.9% (17.7%). The decline in margins was due to an increase in the
raw material and manufacturing costs. In FY24, Ind-Ra expects the
EBITDA margin to remain at the similar level, due to stable raw
material prices.

The ratings are supported by its promoters more than three-decade
experience in the manufacturing of precision machinery components,
leading to established relationships with its customers and
suppliers.

Rating Sensitivities

Negative: A decline in the scale of operations and/or worsening of
liquidity, leading to a deterioration in the credit metrics with
the interest coverage reducing below 2x, all on a sustained basis,
will be negative for the ratings.

Positive: An improvement in the scale of operations and/or an
improvement in the liquidity, leading to an improvement in the
credit metrics, all on a sustained basis, will be positive for the
ratings.

Company Profile

Established in 2010, Bengaluru-based CT manufactures precision
machinery components for hydraulic machinery. It has three units in
Karnataka and one unit in Tamil Nadu. The company's partners are
Linston Manoj Gojer and Diana Soans.


J G AGRO: CRISIL Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of J G Agro
Industries (JGAI) continues to be 'CRISIL D Issuer Not
Cooperating'.


                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JGAI 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 JGAI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JGAI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JGAI continues to be 'CRISIL D Issuer Not Cooperating'.

JGAI was established in 2008 as a partnership firm by the Jindal
family in Patiala (Punjab). The firm was reconstituted as a
proprietorship concern with Mr. Tejinder Mohan Jindal as proprietor
in 2012-13. JGAI is mainly engaged in shelling of basmati and
non-basmati rice.


J. S. GROVER: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of J. S. Grover
Constructions (JSGC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         25         CRISIL D (Issuer Not
                                     Cooperating)

   Bank Guarantee         32.5       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            17.5       CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            25         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JSGC 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 JSGC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JSGC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JSGC continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Established in May 2010 and based in Pathankot (Punjab), JSGC is a
partnership firm managed by Mr Sunil Grover and his brother Mr
Sanjay Grover. The firm is engaged in construction of roads.


JAGAT JAGDAMBA: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jagat Jagdamba
Flour Private Limited (JJRFPL) 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 JJRFPL 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 JJRFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
JJRFPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of JJRFPL continues to be 'CRISIL D Issuer Not
Cooperating'.

JJRFPL, incorporated in 2009, is part of the Jagdamba group, headed
by Mr. Krishna Murari Choudhary. The group has been trading in
rice, pulses, and flour since 1988, and has been processing food
grains since 2003. JJFPL manufactures wheatbased products at its
unit in Hazipur, Bihar; the unit has a capacity to process 300
tonnes per day of wheat.


JAGDAMBA CEREALS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jagdamba
Cereals Udyog Private Limited (JCUPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           15          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            4.75       CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       0.25       CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     0.25       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term     1.75       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with JCUPL 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 JCUPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JCUPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JCUPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

JCUPL, set up by Mr. Krishna Murari Choudhary in 2005 in Burdwan,
West Bengal, manufactures wheat products such as atta, maida, suji,
and wheat bran. It has capacity of 400 tonne per day.

Mr. Choudhary is the promoter of the Jagdamba group, and began
trading in rice, pulses, and flour in 1988. In 2003, he entered the
foodgrain processing business. Over the years, he has set up three
flour mills, one rice mill, and a polyfabs plant.


JAI MAAKALI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jai Maakali
Poultry Farms (JM) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan        3           CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JM 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 JM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JM is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of JM
continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of JM Farms and Jai Maakali
Poultry Products Pvt Ltd (JMP). This is because the two entities,
together referred to as the Jai Maakali group, have common
promoters, are in the same line of business, and have operational
linkages and financial fungibility.

JM Farms, established in 1993 and based in Andhra Pradesh, is
promoted by Mr. Kumar Pappu Singh and his family. JM Farms produces
commercial eggs and sells its entire output to JMP. JMP trades in
commercial eggs.


JAMNADAS AND COMPANY: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jamnadas and
Company (JNC) 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 JNC 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 JNC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JNC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JNC continues to be 'CRISIL D Issuer Not Cooperating'.

Set up in 1969 in Nagpur as a partnership firm by Mr Jamnadas
Udeshi and his family, JNC trades in structural steel products such
as mild steel angles, beams, channels, flat, and round and square
bars.


JAYAWANTI BABU: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Jayawanti Babu
Foundation (JBF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan            11.8         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with JBF 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 JBF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JBF
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JBF continues to be 'CRISIL D Issuer Not Cooperating'.

Jayawanti Babu Foundation (JBF) was established in 2007 by Mr
Santosh Pal situated in Oras, Sindhudurg. There are two
institutions under this trust namely Metropolitan Institute of
Technology and Management (MITM) and Aarna Institute of Maritime
Studies (AIMS).


JBR IMPEX: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of JBR Impex
India Private Limited (JBR) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

CRISIL Ratings has been consistently following up with JBR 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 JBR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JBR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
JBR continues to be 'CRISIL D Issuer Not Cooperating'.

JBR, incorporated in April 2017, is based in Delhi and promoted and
managed by Mr Nitin Gaur. The company has set up a dal processing
unit in Mayapuri, Delhi, with a capacity of 14,400 tonne per annum.
Currently, it trades in dal.


JYOTSNA GREEN: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Jyotsna Green
Products Private Limited's (JGPPL) bank facilities as follows:

-- INR1.520 bil. Term loan due on September 2032 assigned with
     IND B+/Stable rating.

Key Rating Drivers

The rating reflects the time and cost overrun risks associated with
JGPPL's under-construction grain-based ethanol manufacturing unit
with a capacity of 49,500 kilo liters per annum in Raipur,
Chhattisgarh. However, the construction is likely to be delayed by
one-to-two months, due to issues in finalizing the site. The
company now expects the construction to be completed by
January-February 2024, and the commercial operations to begin from
April-May 2024.

Liquidity Indicator - Stretched: JGPPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The total cost of the project is
INR1,755.1 million which will be funded by a term loan of INR1,520
million and equity infusions of INR235.1 million by its promoters.
The term loan has been sanctioned. However, as of June 5, 2023,
only INR1 million was disbursed due to issues with the site
finalization while the promoters infused INR35 million. The company
has repayment obligations of INR80 million and INR170 million in
FY25 and FY26, respectively. The company plans to meet its working
capital requirements through proposed fund-based working capital
limits of INR200 million, which will be disbursed post the
commencement of operations.

The rating, however, benefits from healthy demand for ethanol in
the country and the presence of off-take contracts with oil
marketing companies, aiding its revenue visibility over the medium
term. JGPPL has entered into agreements with Indian Oil Corporation
Ltd ('IND AAA'/Stable), Bharat Petroleum Corporation Limited (BPCL)
and Hindustan Petroleum Corporation Limited (HPCL) for selling
ethanol for 10 years.

The project also enjoys locational advantages given its proximity
to ample raw material sources. It will also be entitled to receive
various fiscal benefits under the National Biofuel Policy 2018
which are likely to support its profitability post-commencement of
its operations. The central government's move to advance the
ethanol blending target to 2025 from 2030 has created strong demand
for ethanol and thus, supporting the financial performance of the
distillery units for manufacturing ethanol.

Rating Sensitivities

Positive: The timely commencement of the operations and the
subsequent achievement of a stable operating profitability could
lead to a positive rating action.

Negative: Any delay in the commencement of the operations and
achieving stability in the operating performance after the
commencement of its commercial operations, affecting the company's
debt serviceability, could lead to a negative rating action.

Company Profile

JGPPL was incorporated in July 2021 and is planning to set up a
distillery to produce 49,500 kilo liters per annum of ethanol in
Raipur, Chhattisgarh. The company has no operations currently and
is in the beginning stages of the construction of the facility. The
project is expected to begin commercial operation by April 2024. It
has a registered office in Raipur.


KAYGAON PAPER: Ind-Ra Cuts Long Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kaygaon Paper
Mills Private Limited's (KPMPL) Long-term Issuer Rating to 'IND
BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR185 mil. Cash credit downgraded with IND BB+/Stable rating;

-- INR216.7 mil. Term loan due on September 2028 downgraded with
     IND BB+/Stable rating; and

-- INR17.5 mil. Bank guarantee downgraded with IND A4+ rating.

The downgrade reflects deterioration in KPMPL's profitability and
thus credit metrics based on the provisional FY23 financials, as a
result of volatile raw material prices.

Key Rating Drivers

Modest EBITDA Margins: The EBITDA margin plunged to 1.64% in FY23
(FY22: 6.71%) as the company had procured inventory at higher
prices but had to sell finished goods at low rates, resulting in
inventory losses. Also, the power costs for the company inflated
with the increase in the cost of coal. The return on capital
employed was negative 4.2% in FY23 (FY22: 11.2%). However, Ind-Ra
expects the EBITDA margin to improve in FY24 owing to a likely
moderation in the prices of both raw materials and finished goods,
resulting in stable market conditions. KPMPL incurred a debt-led
capex amounting to INR104 million during FY23 for the installation
of a co-generation plant of 2.5MW. The capex is likely to be
completed by July 2023 and is being funded through term loans and
internal accruals in the ratio of 75:25. At end-March 2023, KPMPL
had already spent INR96.5 million towards the capex. The
co-generation plant will cut down KPMPL’s power cost by 25%-30%,
which will be reflected in the margins from 2QFY24.

Subdued Revenue: KPMPL's revenue declined 17.76% yoy to INR1661
million in FY23. The scale of operations is small. KMPL's sales
volume declined 12% yoy to 48,086 metric tons in FY23, due to the
shrinking export demand where the share of export sale in the
overall mix fell to 22% (FY22: 38%). The paper industry, where
KPMPL operates, also witnessed capacity addition post covid, which
led to an over-supply in the market. All the aforementioned reasons
resulted in a fall of realization per unit for paper products.
Consequently, the company earned a low revenue of INR189.3 million
during 2MFY24. Ind-Ra expects the revenue to decline further in
FY24.

Weak Credit Metrics: KPMPL's total debt declined to INR295.25
million in FY23 (FY22: INR410.64 million), with a fall in the
utilization of its fund-based limits. Despite this, the credit
metrics deteriorated with the gross interest coverage (operating
EBITDA/gross interest expense) of 1.39x in FY23 (FY22: 5.57x) and
the net leverage (adjusted net debt/operating EBITDAR) of 9.58x
(2.80x), due to a decline in its absolute EBITDA to INR27.95
million (INR139.33 million). However, Ind-Ra expects the credit
metrics to improve in FY24, due to an increase in the absolute
EBITDA.

Liquidity Indicator – Stretched: KPMPL's average maximum
utilization of the fund-based limits was 69% and that of the
non-fund-based limits was 77% during the 12 months ended May 2023.
The cash flow from operations is likely to have been at INR233.79
million in FY23 (FY21: INR47.49 million) due to favorable changes
in the working capital. The cash flow from operations was also
supported by an inflow of INR84 million of industrial promotion
subsidies in FY23 for the promotion of industries in Aurangabad,
which was accrued in earlier years. The free cash flow stood at
INR127.36 million in FY23 (FY22: negative INR99.79 million). The
net working capital cycle improved to 47 days in FY23 (FY22: 61
days) as the debtor days improved to 24 (FY22: 42; FY20: 49). The
cash and cash equivalents stood at INR27.35 million at FYE23
(FYE22: INR20.80 million). During FY24, the company will also be
incurring a capex of INR69.3 million towards hot disperser system &
top wire system, which shall be funded by a term loan of INR37.9
million and the balance through internal accrual. Furthermore, the
company is yet to receive a subsidy amounting to INR19.9 million
which has already accrued and INR16.6 million which is yet to
accrue, from the government of Maharashtra; the subsidy would be
disbursed over FY24-FY25. The company has a debt repayment
obligation of INR28 million and INR50 million in FY24 and FY25,
respectively.

Cyclical Industry: The paper industry is cyclical in nature and
incumbents are exposed to volatility in raw material prices, as
well as the threat of imports, which could prevent companies from
passing on the increase in raw material prices. In addition, lumpy
capacity additions that are not commensurate with demand growth
could exert upward pressure on raw material prices and downward
pressure on finished product prices, leading to a weakening of the
profit margins.

Promoter Experience: The ratings are supported by the promoters'
experience of nearly four decades in the paper industry, which has
enabled the company establish strong relationships with customers
as well as suppliers.

Rating Sensitivities

Positive: A significant increase in the operating profitability
post capex completion, resulting in comfortable credit metrics
where the leverage reduces below 3x while maintaining liquidity,
all on a sustained basis, will be positive for the ratings.  

Negative: Any further decline in the revenue or the EBITDA margins,
resulting in deterioration in the credit metrics & the liquidity
position, on a sustained basis, will be negative for the ratings.

Company Profile

Set up in 1989 as a private limited company by Omprakash Rathi,
KPMPL commenced commercial production in 1992. Its main business is
manufacturing of kraft paper. The company's products are utilized
in the packaging industry, especially for making corrugated boxes,
which are used extensively for the shipment of goods in the
e-commerce industry. It has two production lines with deckle size
of 244cm and 335cm to cover the requirements of all types of
corrugation paper. The company manufactures kraft paper of various
grades viz. 16BF, 18BF, 20BF, 22BF and 24BF, and sell its products
through a well-established dealer network. The company also exports
to Singapore, China, the US and Middle-Eastern countries.


L. G. CHAUDHARY: CRISIL Lowers Long and Short Term Ratings to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
L. G. Chaudhary (LGC) to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' as the firm
has delayed servicing its debt obligation.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Rating      -           CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Short Term Rating     -           CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL A4 ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with LGC for
obtaining information through letters and emails dated May 10, 2022
and July 11, 2022 among others, apart from telephonic
communication. However, the issuer has remained non coopertive.

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 of LGC,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of the entity. This restricts the
ability of CRISIL Ratings to take a forward-looking view on the
credit quality of the company. The rating action on AIPL is
consistent with the criteria detailed in 'Assessing information
adequacy risk'.

Set up in 2004 as a partnership firm by Mr L G Chaudhary and his
son, Mr G M Chaudhary, Gujarat-based LGC is a Class AA civil
contractor that undertakes road projects.


LANARSY INFRA: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the Long-Term ratings and Short-Term ratings of
Lanarsy Infra Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/         20.00        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-        20.00        [ICRA]A4 ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

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

LIL was incorporated in 2011 as a closely held public limited
company, in Hyderabad. The company started its commercial
operations in FY2013 by executing contracts related to transmission
and distribution in the powersector. Itspecialises in laying
transmission lines, setting up of sub-stations, etc. The company's
operations are managed by its directors, Mr. Venugopal Rao and
Padmaja. It mainly acts as a sub-contractor to PPSPL, which is a
related entity. Its top clients include Karnataka Power
Transmission Corporation Limited (KPTCL), Chhattisgarh State Power
Distribution Company Limited (CSPDCL), South Bihar Power
Distribution Corporation Limited (SBPDCL) and Jharkhand Bijli
Vitran Nigam Limited (JVBNL).

MAA BHUASUNI: Ind-Ra Affirms BB Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Maa Bhuasuni Roller Flour Mills (MBRFM):

-- Long-Term Issuer Rating affirmed with IND BB/Stable rating;

-- INR180 mil. (Increased from INR120 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable rating; and

-- INR5.27 mil. #Term loans due on June 2023 is withdrawn.

#Ind-Ra has withdrawn the rating on the company's request as the
loans have been paid in full. The agency has also received a no
dues certificate from the lender.

Rating Sensitivities

Negative: A deterioration in the scale of operations, leading to a
deterioration in the credit metrics with the interest coverage
falling below 1.5x, on a sustained basis, and a weakening of the
liquidity position will be negative for the ratings.

Positive: A substantial increase in the scale of operations, with
an improvement in liquidity with the interest coverage exceeding
2x, on a sustained basis, will be positive for the ratings.

Company Profile

MBRFM, established in 1984, processes wheat products such as white
flour, semolina, flour, and bran. The total installed capacity of
the firm is 210 million tons per day.


MAGHALAKSHMI PLAAZAA: Ind-Ra Gives BB+ Loan Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Maghalakshmi
Plaazaa's (firm) banking facilities as follows:


-- INR520 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating; and

-- INR315.25 mil. Term loans due on January 31, 2030 assigned
     with IND BB+/Stable rating.

Key Rating Drivers

Liquidity Indicator - Stretched: The firm's average monthly peak
utilization of the working capital limits was 95.09% for the 12
months ended April 2023. Moreover, it had cash and cash equivalents
of just around INR27.68 million at FYE22 (FYE21: INR28.63 million).
The firm had a long inventory holding period of 85 days in FY22
(FY21: 80 days), backed by payables of over 47 days (44 days) and
receivables of 29 days (23 days), leading to a long net working
capital cycle of 67 days (59 days). Ind-Ra expects the working
capital cycle to have elongated in FY23 due to an increase in the
inventory holding period. The agency further expects the working
capital cycle to become stable in the medium term, since the firm
has opened a new store in Vellore. The firm enhanced its working
capital facilities in January 2023 to INR520 million from INR300
million previously.

Additionally, the cash flow from operations (after deducting net
interest expense including interest on unsecured loans) had
deteriorated to negative INR33.77 million during FY22 (FY21:
negative INR7.64 million), mainly due to negative changes in
working capital. Ind-Ra expects the cash flow from operations to
have further deteriorated during FY23, despite an increase in the
EBITDA margins, due to the further elongation in the working
capital cycle.

Also, the free cash flows was negative INR39.30 million during FY22
(FY21: negative INR16.10 million), and Ind-Ra expects it to have
deteriorated during FY23 due to capex of INR237.95 million for the
new store in Vellore. Out of total project cost, INR170 million was
funded through term loans from banks. Ind-Ra expects the free cash
flows to improve in the medium term as the EBITDA margins improve
and in view of no significant capex plans. The firm has debt
repayments obligations of INR82.90 million during FY24 and INR87
million during FY25.

Moreover, the current ratio is below 1x. Out of the total
receivables of INR142.961 million during FY22, INR95.776 million
was from related entities and INR64.609 million of the same was
overdue for 91-180 days and INR11.619 million was overdue for
180-365 days. Hence it is pertinent to effectively manage its
working capital by significantly reducing its related entities
receivables and raise additional capital.

Modest Credit Metrics: The firm's interest coverage (operating
EBITDA/gross interest expense) had marginally improved to 1.71x
during FY22 (FY21: 1.68x) due to a slight reduction in the gross
interest expense to INR74.72 million (INR76.76 million) and stable
operating profits of INR128.03 million (INR128.69 million). Ind-Ra
expects the interest coverage to have improved in FY23 and might
become stable in the medium term, on a likely increase in the
EBITDA margins; however partially offset by an increase in interest
costs.

The net financial leverage had marginally improved to 5.41x during
FY22 (FY21: 5.69x) due to a reduction in the total debt (including
unsecured loans given) to INR720.31 million (INR761.20 million).
Ind-Ra expects the net financial leverage to have improved in FY23,
due to an expected improvement in the EBITDA margins and absence of
significant debt-funded capex plans. This along with an increase in
the utilization of working capital limits might result in a stable
leverage ratio in the medium term.

Intense Competition and Vulnerability to Economic Cycles: The
organized retail sector including apparels faces intense
competition and is highly susceptible to economic cycles. This
along with penetration of E-commerce industry poses a threat to
traditional brick and mortar stores. However, the firm operates in
the non-metro city, hence the risk of structural change in demand
is minimal. However, the firm operates in a non-metro city where
there is a demand constraint due to lower levels of population than
in metro cities.

Modest EBITDA Margins: The firm's EBITDA margins had marginally
deteriorated to 7.23% during FY22 (FY21: 7.77%) due to an increase
in the administrative expenses to INR173.75 million (INR143.78
million). Ind-Ra expects the margins to have slightly improved in
FY23, majorly due to the change in sales mix, where the apparel
segment has contributed more than grocery. The EBITDA margins are
likely to improve in FY24 due to the new store added in Vellore.
The return on capital employed was 7.90% in FY22 (FY21: 7.60%).

Same-store Sales Growth Negligible, Significant Rise in Scale
Likely in FY24: The revenue grew at a CAGR of negative 0.92% from
FY19-FY22, indicating modest same-store sales growth.

The firm however has a diversified revenue profile. It owns a
shopping mall in Villupuram which has a grocery store, textile
garment store, silver store, two restaurants, fun store (gaming
area), cinema theatre, and 31-room hotel and a banquet hall. The
clothing segment contributed 34% to the total revenue during
11MFY23 (FY22: 35%; FY21: 32%), grocery segment 55% (58%; 62%),
movie theatre segment 6% (3%; 1%), restaurant segment 1% (1%), and
others 4% (4%; 4%). The company earned a fixed rental income of
INR3.60 million from leasing of its food court and kids
entertainment area in the mall during FY22. On an average, there is
a footfall of 4,700 per day with 10%-20% increase during weekends.
And, Ind-Ra estimates average transaction value is INR722 in the
grocery segment business.

The firm in January 2023 inaugurated a shopping complex in Vellore
which has a grocery store and clothing store. The share of revenue
from the complex for the period January to March was INR126.64
million from the clothing store and INR23.47 million from the
grocery stores. Due to the higher proportion of the clothing
segment in the Vellore store, Ind-Ra estimates EBITDA margins to
improve in the medium term. Furthermore, Ind-Ra expects a
significant increase in the revenue from operations during FY24 and
a modest increase thereafter.

Rating Sensitivities

Positive: Substantial improvement in the scale of operations,
credit metrics, liquidity and current ratio, and net financial
leverage below 4.0x, all on a sustained basis, will be positive for
the ratings.

Negative: Any significant deterioration in the scale of operations
or substantial deterioration in liquidity or net financial leverage
sustaining above 5.0x will be negative for the ratings.

Company Profile

Started in 2013, Maghalakshmi Plaazaa is a multi-brand shopping
mall in Villupuram. It is built on an area of 120,000 square feet.
The firm operated the entire mall except the food court. The mall
has a grocery store under the name Greens, a clothing store under
the name of Kolors, and a cinema hall under the name Janas.
Maghalakshmi Plaazaa has started a new clothing and grocery store
in Vellore from January 2023.



MSV LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of MSV
Laboratories Private Limited (MSV) 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           1.52        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        5.89        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan        3.64        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    4.75        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with MSV 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 MSV, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MSV
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MSV continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

MSV, which was set up in 1991, manufactures organic fertilizers,
bio-fertilizers and bio-pesticides. The company has two warehouses,
leased to the government of West Bengal. It also oversees the
maintenance of 21 warehouses in the state. A gamma radiation plant
is being set up currently, to deploy the in-house technology for
sterilization of food items. Daily operations are managed by Mr
Ashok Maity, based in Purba Medinipur, West Bengal.


NARMADA CEREAL: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Narmada
Cereal Private Limited (NCPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            52         CRISIL D (Issuer Not
                                     Cooperating)

   Pre Shipment Credit     3.8       CRISIL D (Issuer Not
                                     Cooperating)

   Rupee Term Loan         4.2       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NCPL 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 NCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
NCPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

NCPL was established in February 2007 by Mr Arun Mittal and Mr
Surendra Gupta. The company commenced commercial production on
April 1, 2008. NCPL mills Pusa 1121 basmati rice, mainly sold in
bulk; a part of the produce is also sold domestically under the
in-house brand, Narmada Rice.


OM ESHA: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Om Esha Agro
Products Private Limited (OEAPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.03        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       10.97        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with OEAPPL 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 OEAPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
OEAPPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of OEAPPL continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 2015, OEAPPL is engaged in processing of rice or
paddy into rice. The company has its manufacturing facility based
in Dhanarua, Bihar with installed capacity of processing
non-basmati rice of 200-250 tonne per day (TPD). The company
started commercial operation in January 2017.



ORION WATER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orion Water
Treatment Private Limited (Orion) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Term Loan              4          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Orion 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 Orion, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Orion
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Orion continues to be 'CRISIL D Issuer Not Cooperating'.

Orion was set up in 2009 to undertake turnkey projects in the area
of water treatment, waste water/effluent treatment, sewage
treatment plants, and other products. The company provides services
of design, engineering, procurement, erection, and commissioning,
along with maintenance of the plants. The company has a plant in
Ambattur (Chennai) and is setting up another plant in Sri
Perumbudur. It is managed by Mr. M Bhaskaran and other promoters.


PARSHURAM CONSTRUCTION: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Parshuram
Construction (PC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          5         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      4         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      1.83      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan               1.67      CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PC 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 PC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PC is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of PC
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

PC is a proprietorship firm established by Mr. Nitin Parshuram
Warghade in 2005-06 (refers to financial year, April 1 to March
31). The firm undertakes civil construction contracts for roads,
footpaths, and laying of drainage pipes for the Pune Municipal
Corporation.


PRAG DISTILLERY: NCLT Allows Withdrawal of Liquidation Proceedings
------------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has approved withdrawal of the liquidation proceedings
against Prag Distillery, an arm of liquor maker Tilaknagar
Industries, following a settlement by the company with its
financial creditors Standard Chartered Bank and DCB Bank. With the
development, the board of directors of Prag Distillery, situated in
Andhra Pradesh, has been reinstated.

Allowing a section 12A plea filed by the liquidator, the Mumbai
bench of the NCLT said the proposal to withdraw the petition
against Prag Distillery was approved by 100% votes of the Committee
of Creditors (CoC), ET relates.

ET says the financial creditors have also issued a no-dues
certificate after receiving USD 22,50,000 as a full and final
settlement.

"We allow the withdrawal of the company petition and consequent
closure of the liquidation process," NCLT said in its nine-page
order passed on June 23.

The Corporate Insolvency Resolution Process (CIRP) was initiated
against Prag Distillery on June 27, 2017, and the CoC on March 23,
2018 unanimously decided to liquidate the company after it failed
to find a buyer, ET notes.

Earlier, Tilaknagar Industries had entered into an agreement with
Standard Chartered Bank, the financial creditor of Prag Distillery,
to settle all outstanding dues of the entity, according to ET.

As per the agreement, an amount of USD 22,50,000 was paid to
Standard Chartered Bank by Tilaknagar Industries on behalf of Prag
Distillery.

ET adds that Tilaknagar Industries had also entered into a
settlement agreement with the only other financial creditor of Prag
Distillery, DCB Bank Ltd.

In addition, the company paid an amount of approximately INR14
crore to settle, in full, all the operational creditors of Prag
Distillery, ET relays.

For the fiscal year ended March 2023, Tilaknagar Industries --
which owns various brands, including Mansion House Brandy, Courrier
Napoleon Brandy, Mansion House Gold Whisky and Blue Lagoon Gin --
reported a consolidated revenue from operations of INR2,469.27
crore, ET discloses.


PT. DEEN: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pt. Deen
Dayal Upadhyay Sikshan Trust (DDUST) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan          7.5        CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      2          CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with DDUST 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 DDUST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DDUST
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DDUST continues to be 'CRISIL D Issuer Not Cooperating'.

DDUST was formed as a non-charitable trust at Jhansi in 2007. The
trust operates five colleges in a single campus, offering
undergraduate and postgraduate courses in different streams. The
courses offering technical education are affiliated to UP Technical
University, while other courses are affiliated to Bundelkhand
University. The trust is managed by Mr Surendra Kumar Rai, who has
around two decades of experience in the education sector.


PUDUCHERRY CANCER: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Puducherry
Cancer Trust (PCT) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              10         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with PCT 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 PCT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCT continues to be 'CRISIL D Issuer Not Cooperating'.

Established in April 2011, PCT is promoted by Dr M A S Subramaniam
along with other trustees.  The trust has set up a 30-bed cancer
speciality hospital in Puducherry.


RASIKLAL SANKALCHAND: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rasiklal
Sankalchand Jewellers Private Limited (RSJPL) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            9          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              3          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan              2          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RSJPL 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 RSJPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RSJPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RSJPL continues to be 'CRISIL D Issuer Not Cooperating'.

RSJPL was originally formed in 1972 as a proprietorship firm,
Rasiklal Sankalchand Jewellers. In 2000, this firm was
reconstituted as a private limited company with the current name.
The company retails diamond-studded and gold jewellery through its
showroom in Ghatkopar (Mumbai).


RELIANCE CAPITAL: Lenders Approve Hinduja's Bid of INR9,661cr
-------------------------------------------------------------
CNBC-TV18 reports that Reliance Capital's Committee of Creditors
(CoC) has given its approval to the resolution plan proposed by
Indusind International Holdings Ltd (IIHL) for the troubled
financial services company, bringing a finality to the long-drawn
insolvency resolution process of the company, multiple people aware
of the development told CNBC-TV18.

According to sources familiar with the matter, IIHL, which is the
investment arm of the Hinduja Group, received an overwhelming
majority of votes from the lenders, with 99.6 percent in favor of
its resolution plan for Reliance Capital (RCap), CNBC-TV18 relates.
The voting process to approve the sole resolution plan ended on
June 29.

Under the resolution plan, IIHL has proposed to acquire Reliance
Capital for a sum of INR9,661 crore in upfront cash, as part of the
Insolvency and Bankruptcy Code (IBC) proceedings, CNBC-TV18 has
learnt. Additionally, Reliance Capital has a cash balance of
approximately INR350-400 crores, which will also be distributed
among the lenders, said people familiar with the matter. This
comprehensive recovery plan is expected to result in a total
recovery of around INR10,000 crore for the lenders, inclusive of
the cash on the books of the company.

According to CNBC-TV18, the Administrator of RCap will now file
IIHL's resolution plan with the National Company Law Tribunal
(NCLT) in Mumbai for the final approval, which is anticipated to
take place next week. This crucial step will determine whether the
proposed acquisition and recovery plan can proceed as intended.

Hinduja ‘s IIHL was the sole bidder for Reliance Capital in the
last round of auction held for the company on April 26, CNBC-TV18
had earlier reported. The other suitors, Torrent Investments and
Oaktree Capital didn't submit bids, nor did Piramal-Cosmea
consortium.

Lenders had set INR9,500 crore as the threshold for participation
in the auction, including a minimum INR8,000 crore as upfront cash.
The Hinduja Group offered INR9,510 crore in the first round and
raised this to INR9,650 crore in the second and final round. The
amount has since been increased marginally to INR9661 crores, as
per people familiar with the matter, CNBC-TV18 relays.

It is important to note that Reliance Capital is currently facing
claims totaling INR25,334 crore from secured and unsecured
financial creditors under the IBC, CNBC-TV18 says. The approval of
IIHL's resolution plan by the CoC marks a significant step forward
in the ongoing efforts to find a resolution for Reliance Capital.
The administrator of RCap refrained from providing any comments
regarding the recent developments reported by CNBC-TV18.

                       About Reliance Capital

Headquartered in Mumbai, India, Reliance Capital Limited --
https://www.reliancecapital.co.in/ -- a non-banking financial
company, primarily engages in lending and investing activities in
India, Singapore, and Mauritius. The company operates through
Finance & Investment, General Insurance, Life Insurance, Commercial
Finance, Home Finance, and Others segments. It offers life, health,
and general insurance products; brokerage and distribution
services, including stock broking, wealth management, and third
party distribution; and commercial and home finance services, such
SME, retail, microfinance, renewable, affordable housing, and home
loans, as well as loans against property and construction finance.
The company also provides asset reconstruction, institutional
broking, and proprietary investments services, as well as other
financial and allied services. The company was formerly known as
Reliance Capital & Finance Trust Limited and changed its name to
Reliance Capital Limited in January 1995.

On Nov. 29, 2021, the Reserve Bank of India superseded Reliance
Capital's board following payment defaults and governance issues,
and appointed Nageswara Rao Y as the administrator for the
bankruptcy process, Financial Express said. The regulator also
filed an application for initiation of Corporate Insolvency
Resolution Process (CIRP) against the company before the National
Company Law Tribunal's (NCLT) Mumbai bench.

In an order dated Dec. 6, 2021 of the National Company Law
Tribunal, Mumbai (NCLT), corporate insolvency resolution process
has been initiated against Reliance Capital as per the provisions
of the Insolvency and Bankruptcy Code (IBC), 2016.

Reliance Capital owes its creditors over INR19,805 crore, majority
of the amount through bonds under the trustee Vistra ITCL India,
The Economic Times of India said.

In February 2022, RBI appointed administrator invited EoIs for sale
of Reliance Capital assets and subsidiaries.

Hinduja Group entity IndusInd International Holdings emerged as the
sole bidder for Reliance Capital at the auction held on April 26,
2023, as part of the insolvency proceedings.


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

The instrument-wise rating action is:

-- INR730 mil. Term loan due on March 2026 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate, based on
best available information

The ratings were last reviewed on April 25, 2022. Ind-Ra is unable
to provide an update, as the agency does not have adequate
information to review the ratings.

Company Profile

Safal Gladeone Estate is a partnership firm established by
promoters of Ahmedabad-based BSafal group. The firm has purchased a
land parcel in Sanand, Gujarat. In the current phase, SGE is
constructing 160 villas and resort with a golf course.  



SAI AMRUT: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sai Amrut
Murali Enterprises Private Limited (SMEL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Rupee Term Loan        5.62       CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMEL 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 SMEL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMEL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMEL continues to be 'CRISIL D Issuer Not Cooperating'.

SMEL, incorporated in 2008, manages a three-star hotel, The Temple
View, in Shirdi, Maharashtra, as well as a restaurant and
pay-and-park business in Shirdi. The company is managed by the
Gondakar family who have been in the hospitality industry for 30
years.


SARAWGI BUILDERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarawgi
Builders and Promoters Private Limited (SBPPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8          CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             30          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SBPPL 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 SBPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SBPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SBPPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1995, SBPPL is promoted by the Ranchi-based Mr.
Gyan Prakash Sarawgi and his family members. The directors, Mr Gyan
Prakash Sarawgi and Mr Ayush Sarawgi, manage the operations. The
company develops residential and commercial projects in and around
Ranchi.


SHREEJI CONSTRUCTION: ICRA Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-Term ratings of Shreeji Construction in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         20.00        [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                  COOPERATING; Rating continues
   Others                          to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          5.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 1989, SC is a proprietorship which operates as a
civil contractor based in Mumbai. The firm was started by Late Mr.
Mahendra Sheth and is currently managed by Mr. Bhavesh M. Sheth. It
specializes in the construction of asphalt and concrete roads,
drains and allied activities and operates primarily in Mumbai and
its suburbs. Its clients typically consist of Maharashtra
government and semi- government agencies such as MMRDA, MBMC, and
VVMC etc. among others.


SUPREME AHMEDNAGAR: Ind-Ra Keeps D Loan Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme
Ahmednagar Karmala Tembhurni Tollways Private Limited’s bank
loans in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)'
on the agency's website.

The detailed rating action is:

-- INR4.050 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

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

The rating was last reviewed on March 23, 2017. Ind-Ra is unable to
provide an update, as the agency does not have adequate information
to review the rating.

Company Profile

Supreme Ahmednagar Karmala Tembhurni Tollways is a special purpose
vehicle incorporated to implement a 61.71km-lane extension (two to
four lanes) on the Ahmednagar-Karmala-Tembhurni section of State
Highway 141 in Maharashtra, under a 22.78-year concession from the
state government. The project is sponsored by Supreme
Infrastructure India Ltd ('IND D (ISSUER NOTCOOPERATING)').


SUPREME BEST: Ind-Ra Keeps D Term Loan Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Best
Value Kolhapur (Shiroli) Sangli Tollways Private Limited's term
loan in the non-cooperating category. The issuer did not
participate in the rating exercise, despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR2.475 bil. Term loan (Long term) due on March 31, 2027 –
     March 31, 2029 maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

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

The ratings were last reviewed on March 23, 2017. Ind-Ra is unable
to provide an update, as the agency does not have adequate
information to review the ratings.

Company Profile

Supreme Best Value Kolhapur was set up by Supreme Infrastructure
BOT Holdings Private Limited, a subsidiary of Supreme
Infrastructure India Ltd ('IND D (ISSUER NOT COOPERATING') to
complete the construction and operate and maintain the 52km stretch
of state highway connecting Shiroli and Sangli under a concession
from the public works department, the government of Maharashtra.


SUPREME INFRAPROJECTS: Ind-Ra Keeps D Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme
Infraprojects Private Ltd.'s term loan rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR646.9 mil. Term loans (Long-term) due on March 31, 2022
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

The ratings were last reviewed on March 27, 2017. Ind-Ra is unable
to provide an update, as the agency does not have adequate
information to review the rating.

Company Profile

Supreme Infraprojects is a special purpose company owned by Supreme
Infrastructure BOT Private Limited, a 100% subsidiary of Supreme
Infrastructure India Limited ('IND D (ISSUER NOT COOPERATING'). It
was set up to complete the construction of, and operate and
maintain, the 55.77km state highway connecting Patiala and
Malerkotla under a re-assigned concession from the public works
department, the government of Punjab. The project commenced
operations on June 25, 2012.


SUPREME KOPARGON: Ind-Ra Keeps D Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme
Kopargaon Ahmednagar Tollways Private Ltd.'s term loan rating in
the non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1.750 bil. Term loan (Long-term) due on June 30, 2019
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information

*The rating was last reviewed on March 28, 2017. Ind-Ra is unable
to provide an update as the agency does not have adequate
information to review the rating.

Company Profile

Supreme Kopargaon Ahmednagar Tollways was set up by Supreme Infra
BOT Private Ltd (a 100% subsidiary of Supreme India Infrastructure
Limited) to complete the construction of, and operate and maintain
the 55km stretch of state highway-10 that connects Kopargaon and
Ahmednagar.


SUPREME PANVEL: Ind-Ra Keeps D Bank Loan Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Panvel
Indapur Tollways Private Limited's bank loans' rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR9.0 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information. The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Supreme Panvel Indapur Tollways is a special purpose company
incorporated to implement a 84km-lane expansion (from two lanes to
four lanes) project on a design, build, finance, operate and
transfer basis, under a 21-year concession from National Highways
Authority of India ('IND AAA'/Stable). The company is a joint
venture between Supreme Infrastructure India Ltd (64%), China State
Construction Engineering Hong Kong Limited (26%) and Mahavir Road
and Infrastructure Pvt Limited (10%).


SUPREME SUYOG: Ind-Ra Keeps D Bank Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Vasai
Bhiwandi Tollways Private Limited's senior project bank loans'
rating in the non-cooperating category. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR1.540 bil. Bank loan (long-term) maintained in non
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information.  The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Supreme Vasai Bhiwandi Tollways is a special purpose vehicle that
was acquired by Supreme Infra BOT Private Limited in October 2013.


SUPREME VASAI: Ind-Ra Keeps D Bank Loan Rating in NonCooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Supreme Vasai
Bhiwandi Tollways Private Limited's senior project bank loans'
rating in the non-cooperating category. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR1.54 bil. Bank loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information. The rating was last reviewed on March
23, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the rating.

Company Profile

Supreme Vasai Bhiwandi Tollways is a special purpose vehicle that
was acquired by Supreme Infra BOT Private Limited in October 2013.



VENKATA SREEDEVI: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the Long-Term rating of Sree Venkata Sreedevi
Power LLP in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.20        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.04        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          2.76        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

SVSPL, founded in 2015 as a limited liability partnership firm,
operates a 6-MW (installed capacity 7.5 MW) biomass-based power
project in the Nellore district, Andhra Pradesh. The plant has been
operational since October 2003 and was taken over from Bollineni
Steel and Castings Ltd in 2015 at a purchase cost of INR12.00 crore
in November 2015. It has an existing 20-year PPA from its
commercial operation date with APSPDCL, with a feed-in-tariff
determined by APERC, expiring in September 2023.




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

CLOSURE SYSTEMS: Moody's Affirms 'B2' CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed Closure Systems International
Group Inc.'s (CSI Group) corporate family rating at B2 and its
probability of default rating at B2-PD. Moody's also affirmed the
B2 rating on the first-lien senior secured credit facility,
including term loan and revolving credit facility. The outlook
remains stable.

"The affirmation reflects Moody's expectation that CSI Group will
be able to maintain its leverage within the rage assumed for the B2
CFR, supported by largely stable sales volume and its ability to
generate steady profit despite some time lag," said Motoki Yanase,
VP-Senior Credit Officer at Moody's.

Affirmations:

Issuer: Closure Systems International Group Inc.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured 1st Lien Bank Credit Facility, Affirmed B2

Outlook Actions:

Issuer: Closure Systems International Group Inc.

Outlook, Remains Stable

RATINGS RATIONALE

CSI Group's leverage rose to 5.9x for the twelve months to March
2023, close to the high-end of the range Moody's assumes for the B2
CFR. In late 2022 and Q1 2023, sales and profits were negatively
affected in Japan, which accounted for about 17% of revenue in
2022. Despite steady sales volume, a weaker yen to dollar exchange
rate increased CSI Group's US dollar-denominated resin costs in
Japan and squeezed its profit. As of Q1 2023, roughly 60% of the
higher cost has yet to be passed on through pricing in the country
due to a contractual lag. Moody's expects most of this exchange
rate impact to be passed through in its prices by the end of 2023,
which will normalize profit and improve leverage, unless the yen
further weakens against the dollar.

The company has generated relatively stable EBITDA of around $100
million each year between 2017 and 2022, which sufficiently covered
capital spending and generated positive free cash flow. More
recently, free cash flow has been negative. Moody's projects EBITDA
will recover to the historical level in 2024 once the higher cost
in the Japanese operation is passed through. Moody's also expects
CSI Group to increase capital spending to expand its production
capacity and market share in 2023-24, unless it finds suitable
acquisition targets. Higher capex will also constrain free cash
flow in 2023-24, diminishing the company's capacity to reduce its
debt. However, additional capacity is normally tied to new business
wins, which bodes well for future profit and cash flow generation.

Moody's expects CSI Group to have good liquidity for the next 12-18
months. Moody's expects the company will record near break-even
free cash flow but keep full availability on the $80 million
revolver that expires on December 20, 2024.

The stable outlook reflects Moody's expectation that moderate
earnings growth, successful pricing pass through when contractually
permitted, and the company's ability to generate steady profit will
support gradual leverage improvement.

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

Moody's could upgrade the company's credit rating if the company
increases its scale and reduces its customer or product
concentration. The upgrade would also require the company to
improve volumes, while maintaining strong credit metrics with
debt/EBITDA below 5 times, EBITDA/Interest above 3.5 times and
funds from operations to debt above 10%.

Moody's could downgrade the company's rating if credit metrics
weaken, liquidity deteriorates and/or the operating and competitive
environment worsens. Failure to renew credit facilities before they
become current later in 2023 or debt-financed dividends could also
lead to a downgrade. The ratings could also be downgraded if
debt/EBITDA rises above 6 times and free cash flow is consistently
negative.

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

Headquartered in Indianapolis, Indiana, Closure Systems
International Group Inc. (CSI Group) is a leading beverage closures
manufacturer, operating eight manufacturing locations spread across
the US, Mexico, Costa Rica, China and Japan. The company recorded
sales of about $662 million for the twelve months that ended March
2023.




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

AUTOMOTIVE RECONDITIONERS: Creditors' Proofs of Debt Due on Aug 25
------------------------------------------------------------------
Creditors of Automotive Reconditioners Limited, Colourscape
Decorators Limited, S Mcarthur Builders Limited, Cow Power
Investments Limited, and Liquid Gold Limited (trading as Magnetix)
are required to file their proofs of debt by Aug. 25, 2023, to be
included in the company's dividend distribution.

Automotive Reconditioners, Colourscape Decorators, and S Mcarthur
Builders commenced wind-up proceedings on June 22, 2023.

Cow Power Investments and Liquid Gold commenced wind-up proceedings
on June 26, 2023.

The company's liquidator is:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


DAIRY NUTRACEUTICALS: Grant Thornton Appointed as Receivers
-----------------------------------------------------------
Stephanie Beth Jeffreys and Malcolm Russell Moore of Grant Thornton
New Zealand were appointed as receivers and managers of Dairy
Nutraceuticals Limited on June 28, 2023.

The receivers may be reached at:

          Stephanie Beth Jeffreys
          Malcolm Russell Moore
          Grant Thornton New Zealand Limited
          Level 4, 152 Fanshawe Street
          PO Box 1961
          Auckland

GENESIS ENERGY: S&P Puts 'BB+' LT Issue Rating to NZD240M Bonds
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to the
NZ$240 million subordinated capital bonds that Genesis Energy Ltd.
has issued.

Genesis (BBB+/Stable/A-2) will use issuance proceeds to refinance
its existing hybrid capital instruments of NZ$240 million.

The following are the key points of S&P's assessment of the
proposed issuance:

-- S&P assesses the subordinated capital bonds as having
intermediate equity content.

-- S&P rates the issuance two notches below its assessment of
Genesis' stand-alone credit profile (SACP) of 'bbb' (or three
notches below the issuer credit rating of 'BBB+') to reflect the
bond's subordination and optional deferability of interest.

-- S&P expects Genesis' total hybrid issuances to comprise about
12.5% of the group's total capitalization after the proposed
issuance.

-- S&P's assessment of intermediate equity content is based on its
view that the capital bonds meet its criteria in terms of
subordination, loss absorption, and cash preservation, with
optional coupon deferability of up to five years.

Another key consideration in our assessment is Genesis' stated
intention to maintain the capital bonds as a permanent feature of
its capital structure. This is even though the company has no legal
obligation to replace the subordinated capital bonds. S&P also
considers Genesis' record of replacing hybrid instruments with
similar instruments, like it did in June 2022. The company has
maintained similar instruments since 2011 as part of its capital
structure.

Under the terms of the issuance, Genesis can undertake an election
process, whereby it can propose changes to the terms of the
instrument (such as a new margin) at each reset date. Subordinated
capital bondholders have a right to reject the proposal. If Genesis
declares a successful election process, the company will have to
purchase the bonds at par from bondholders who rejected the
proposal. Nevertheless, S&P expects any such situation to be
followed by a replacement with a like-for-like instrument.

If Genesis deviates from its intention to retain these capital
bonds as a permanent part of its capital structure, except under
limited circumstances, that will adversely affect the bonds. Such a
situation would lead us to revise our assessment to no equity
content on the bonds. S&P will then treat the bonds in line with
existing debt.

The proposed subordinated capital bonds have a final maturity of 30
years i.e. July 10, 2053. However, they are redeemable on the
bond's election date every five years at Genesis' discretion. In
our view, the step-up margin of 25 basis points does not create an
incentive to redeem the bonds at the first call date (July 10,
2028).

Genesis retains the option to defer coupons by up to five years.
However, if the company were to defer any coupon payment, a
dividend-stopper would apply, preventing payment of any equity
dividends, distributions, or capital returns. This would be
applicable until Genesis pays all the outstanding cumulated
deferred interest. S&P views this settlement-pusher feature as
neutral because it does not restrict the issuer's ability to start
deferring interest.

S&P also notes that the bonds are designated as green bonds and are
intended to align with Genesis' Sustainable Finance Framework.
Under this framework, the company must maintain a balance of
eligible green assets relative to the aggregate proceeds of
outstanding green bonds and loans. Genesis would manage the
allocation of the proceeds of the capital bonds in accordance with
green bond principles. The company must also provide a second-party
opinion on the alignment of its framework with the International
Capital Market Association's Green Bond Principles.

The green bond status does not negatively affect our assessment of
the bonds, given that there is no penalty, and the cost of the
instrument would not increase should Genesis not meet the
objectives under the framework. Furthermore, non-compliance or a
reclassification of the subordinated capital bonds as non-green
does not give the bondholder any rights to seek any compensation,
or accelerate or request for refinance or repayment of the bond.

The proposed capital bonds are deeply subordinated obligations of
Genesis, ranking only senior to equity. They will rank equally with
the company's existing hybrids of NZ$285 million and any potential
future hybrids.


LUXURY NAILS: Court to Hear Wind-Up Petition on July 7
------------------------------------------------------
A petition to wind up the operations of Luxury Nails (SP) Limited
will be heard before the High Court at Auckland on July 7, 2023, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 12, 2023.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


M.A.S HAULAGE: Court to Hear Wind-Up Petition on July 7
-------------------------------------------------------
A petition to wind up the operations of M.A.S Haulage Limited will
be heard before the High Court at Auckland on July 7, 2023, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 19, 2023.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


NZ PUBS: Creditors' Proofs of Debt Due on July 10
-------------------------------------------------
Creditors of NZ Pubs Limited are required to file their proofs of
debt by July 10, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 24, 2023.

The company's liquidator is:

          Richard Anthony Johnston
          Level 1, One Jervois Road
          PO Box 91842
          Victoria Street West
          Auckland 1142




===============
P A K I S T A N
===============

PAKISTAN: Secures US$3 Billion Bailout From IMF
-----------------------------------------------
Reuters reports that Pakistan secured a badly-needed $3 billion
short-term financial package from the International Monetary Fund
on June 30, giving the South Asian economy a much-awaited respite
as it teeters on the brink of default.

According to Reuters, the IMF said it had reached an agreement on
the deal with the 220 million nation, which will now be subject to
approval by its board in July.

Reuters relates that the new nine-month standby arrangement was
struck hours before a current IMF agreement expires, offering a
relief to Pakistan's acute balance of payments crisis.

Prime Minister Shehbaz Sharif said it would put Pakistan "on the
path of sustainable economic growth".

With sky-high inflation and foreign exchange reserves barely enough
for a month of imports, analysts said Pakistan's economic crisis
could have spiralled into a debt default in the absence of the
bailout, Reuters relays.

It was reached only after Sharif held marathon meetings with IMF
head Kristalina Georgieva on June 22, which he termed "a turning
point".

Pakistan will receive formal documents on the deal later on June
30, Finance Minister Ishaq Dar told Reuters, which he said he would
"sign, seal and return by tonight".

The new deal, which came hours after Dar told Reuters exclusively
that it could happen anytime, will disburse an upfront amount of
$1.1 billion shortly after the IMF board's meeting in July, he
said.

According to Reuters, Dar said Pakistan aimed to boost the central
bank's foreign exchange reserves up to $15 billion by July end. "We
have stopped the decline, now we have to turn to growth," he
added.

Pakistan's sovereign dollar bonds were trading higher after the
announcement, with the 2024 issue enjoying the biggest gains, up
more than 8 cents at just above 70 cents in the dollar, Reuters
discloses citing Tradeweb data.

The gains were most pronounced in shorter-dated bonds, reflecting
lingering scepticism over the longer-term fiscal outlook for the
country.

Reuters says the $3 billion short-term IMF funding is higher than
expected as it looks set to replace the remaining $2.5 billion from
a $6.5 billion Extended Fund Facility agreed in 2019.

"This new programme is far better than our expectations," said
Mohammed Sohail of Topline Securities in Karachi, adding it would
"definitely help restore some investor confidence".

Reuters adds that the deal will also unlock other bilateral and
multilateral financing. Long-time allies Saudi Arabia, the UAE and
China have already pledged or rolled over billions of dollars in
loans.

"This will support near-term policy efforts and replenish gross
reserves," the IMF said.

                           About Pakistan

Pakistan is a country located in South Asia. It has a coastline
along the Arabia Sea and the Gulf of Oman and is bordered by
Afghanistan, China, India, and Iran. Pakistan's capital is
Islamabad.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded the Government of
Pakistan's local and foreign currency issuer and senior unsecured
debt ratings to Caa3 from Caa1. Moody's has also downgraded the
rating for the senior unsecured MTN programme to (P)Caa3 from
(P)Caa1. Concurrently, Moody's has also changed the outlook to
stable from negative. The decision to downgrade the ratings is
driven by Moody's assessment that Pakistan's increasingly fragile
liquidity and external position significantly raises default risks
to a level consistent with a Caa3 rating.




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

BORE PRECISION: Court to Hear Wind-Up Petition on July 21
---------------------------------------------------------
A petition to wind up the operations of Bore Precision Pte Ltd will
be heard before the High Court of Singapore on July 21, 2023, at
10:00 a.m.

Mi Polymer Concrete Pipes (S) pte Ltd filed the petition against
the company on June 23, 2023.

The Petitioner's solicitors are:

          Oon & Bazul LLP
          36 Robinson Rd
          #08-01/06 City House
          Singapore 068877


CITELUM SINGAPORE: Creditors' Proofs of Debt Due on July 31
-----------------------------------------------------------
Creditors of Citelum Singapore Holdings Pte. Ltd. are required to
file their proofs of debt by July 31, 2023, to be included in the
company's dividend distribution.

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

The company's liquidator is:

          Susan Lim Wie
          Esteem Management Services
          133 Cecil Street
          #17-01A Keck Seng Tower
          Singapore 069535


OUE HOSPITALITY: Commences Wind-up Proceedings
----------------------------------------------
Oue Hospitality Trust Management Pte. Ltd. commenced wind-up
proceedings on June 23, 2023.

Creditors of Oue Hospitality Trust were required to file their
proofs of debt by July 31, 2023, to be included in the company's
dividend distribution.

The company's liquidators are:

          Victor Goh
          Khor Boon Hong
          C/o Baker Tilly
          600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778

REAQTA HOLDINGS: Commences Wind-up Proceedings
----------------------------------------------
Reaqta Holdings Pte. Ltd. commenced wind-up proceedings on June 23,
2023.

Creditors of Reaqta Holdings were required to file their proofs of
debt by July 30, 2023, to be included in the company's dividend
distribution.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809

SECURED CAPITAL: Commences Wind-up Proceedings
----------------------------------------------
Secured Capital Singapore Pte. Ltd. commenced wind-up proceedings
on June 22, 2023.

Creditors of Secured Capital were required to file their proofs of
debt by July 31, 2023, to be included in the company's dividend
distribution.

The company's liquidator is:

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



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

SRI LANKA: Could Exit Bankruptcy by September, Says President
-------------------------------------------------------------
Reuters reports that Sri Lanka could exit bankruptcy by September,
President Ranil Wickremesinghe said on June 30, signalling a
turnaround for the country which is emerging from its worst
financial crisis in decades.

According to Reuters, Wickremesinghe "expressed confidence that Sri
Lanka would overcome its bankruptcy status by September," his
office said in the statement.

Sri Lanka launched a much-anticipated domestic debt restructuring
framework on June 29 that seeks to rework part of its the island
nation's $42 billion domestic debt.

The domestic debt plan is crucial for Sri Lanka, which defaulted on
its foreign debt last May, to push forward negotiations with
bondholders and key bilateral creditors China, Japan and India.

"This is about the best that we can achieve. With this comes the
fact that our interest rates will come down. It's a matter of
months before it comes down. Secondly, the development assistance
will start," he said, Reuters relays.

Sri Lanka's economy is expected to contract by 2% in 2023, the
government estimates, after shrinking 7.8% last year, the report
adds.

                           About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on April 26, 2023, affirmed its long-term and
short-term foreign currency sovereign credit ratings on Sri Lanka
at 'SD/SD'.  At the same time, S&P affirmed its 'CCC-' long-term
and 'C' short-term local currency sovereign ratings.  The outlook
on the long-term local currency rating remains negative. S&P also
retained its transfer and convertibility assessment at 'CC'.  The
negative outlook on the long-term local currency rating reflects a
high risk to commercial debt repayments over the next six months in
the context of Sri Lanka's economic, external, and fiscal
pressures.


SRI LANKA: Parliament Approves Domestic Debt Restructuring Plan
---------------------------------------------------------------
Reuters reports that Sri Lanka's parliament approved a domestic
debt restructuring plan on July 1 that is crucial to continue a
$2.9 billion bailout from the International Monetary Fund (IMF).

Reuters says the plan passed with a majority of 122 votes in the
225-member parliament.

Sri Lanka tumbled into its worst financial crisis in more than
seven decades last year after the country's dollar reserves shrank
to record lows, triggering mass protests, a foreign debt default
and the resignation of its former president.

To put its debt on a sustainable footing and pass an IMF review,
Sri Lanka unveiled a much-anticipated domestic debt restructuring
framework on June 29 that seeks to rework part of the island
nation's $42 billion domestic debt, according to Reuters.

"This debt restructuring plan is essential for Sri Lanka to meet
the target set by the IMF agreement to reduce debt from the current
128% of GDP to 95% of GDP by 2023," State Minister of Finance
Shehan Semasinghe told parliament, notes the report. "We are doing
this while protecting banks, depositors and pensions."

Opposition parties called for more transparency in implementing the
plan and stronger protection for pension fund holders.

"This restructuring will disproportionately affect pensioners and
that is an extremely unfair move by the government," Reuters quotes
opposition leader Sajith Premadasa as saying.

Reuters notes that the island's economy improved it secured the
$2.9 billion bailout from the IMF in March, which helped tame
inflation, improve dollar inflows and appreciate its currency.

According to Reuters, Sri Lanka is asking international bondholders
to take a 30% haircut and is seeking similar concessions from
investors in its domestic dollar-denominated notes.

Implementing the domestic debt plan is also crucial to push forward
negotiations with bondholders and key bilateral creditors China,
Japan and India.

Sri Lanka aims to finalise debt restructuring talks by September,
the report notes.

                           About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on April 26, 2023, affirmed its long-term and
short-term foreign currency sovereign credit ratings on Sri Lanka
at 'SD/SD'.  At the same time, S&P affirmed its 'CCC-' long-term
and 'C' short-term local currency sovereign ratings.  The outlook
on the long-term local currency rating remains negative. S&P also
retained its transfer and convertibility assessment at 'CC'.  The
negative outlook on the long-term local currency rating reflects a
high risk to commercial debt repayments over the next six months in
the context of Sri Lanka's economic, external, and fiscal
pressures.



                           *********


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 ***