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

                     A S I A   P A C I F I C

          Wednesday, August 2, 2023, Vol. 26, No. 154

                           Headlines



A U S T R A L I A

AIMS TRUST 2004-1: S&P Lowers Class B Notes Rating to 'B(sf)'
BLACKWATTLE RMBS 3: S&P Assigns Bsf Rating on Class F Notes
BOND HOMES: Enters Voluntary Administration
DAWN ENTERPRISE: First Creditors' Meeting Set for Aug. 4
EASTERN MORNING: First Creditors' Meeting Set for Aug. 4

FIRSTMAC MORTGAGE 4: S&P Raises Class F Notes Rating to 'BB+'
KLEEV HOMES: Collapses Into Liquidation Owing AUD3.29 Million
MANSA SONS: Second Creditors' Meeting Set for Aug. 4
NAVIGATE GLOBAL: Second Creditors' Meeting Set for Aug. 4
WILLOW APARTMENTS: First Creditors' Meeting Set for Aug. 4

[*] 1 in 4 Personal Insolvencies Were Business-Related in June


C H I N A

COUNTRY GARDEN: Aborts US$300M Share Sale, Says Deal Not Finalised
COUNTRY GARDEN: China's Housing Troubles Derail Builder's Comeback
JIANGLING GROUP: Renault Directors Step From Board of China JV


H O N G   K O N G

CASTELO CONCEPTS: Fails to Make Pension Fund Contributions
THEVELIA HOLDINGS: Moody's Hikes CFR & First Lien Term Loans to B1
THEVELIA HOLDINGS: S&P Raises LT ICR to 'B+' on Vistra Acquisition
VISTRA GROUP: Moody's Upgrades CFR to B1, Outlook Stable


I N D I A

COMPUAGE INFOCOM: CARE Lowers Rating on INR450cr LT Loan to C
EKAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
GANGA KNIT: CRISIL Keeps D Debt Rating in Not Cooperating
GO FIRST: Asks to Refund INR597 Crore to 16 Lakh Passengers
HOSHIARPUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating

KRISHA ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
LAKSHMIKANTHA SPINNERS: CRISIL Keeps D Ratings in Not Cooperating
PARAMESWARA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
RAIL ONE: CARE Keeps C Debt Rating in Not Cooperating Category
RIGHILL ELECTRICS: CARE Keeps D Debt Ratings in Not Cooperating

RUTU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
S. K. TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
SANGHAVI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
SENATOR MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SHARMA SURGICAL: CRISIL Keeps D Debt Ratings in Not Cooperating

SHIKHAR INTEGRATED: CRISIL Keeps D Ratings in Not Cooperating
SHIVA POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
SMT MACHINES: CRISIL Keeps D Debt Ratings in Not Cooperating
SONI TRACTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
SUBHLAXMI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating

SUJATHA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
VIBRANT LAMINATE: CARE Keeps D Debt Rating in Not Cooperating


N E W   Z E A L A N D

BEACHLANDS CAFE: Creditors' Proofs of Debt Due on Sept. 8
FRIENDLY OFFICE: Court to Hear Wind-Up Petition on Aug. 8
JED CONTRACTORS: Creditors' Proofs of Debt Due on Sept. 19
SPOTBURN CONSULTING: Court to Hear Wind-Up Petition on Aug. 8
WINIATA ENTERPRISES: Creditors' Proofs of Debt Due on Aug. 11



S I N G A P O R E

CROSS MARKETING: Creditors' Proofs of Debt Due on Aug. 31
NO SIGNBOARD: CEO Says Fresh Charges Related to 2019 Probes
SANCHI INVESTMENT: Court Enters Wind-Up Order
SANGUINE HOLDINGS: Court Enters Wind-Up Order
SWIMMING TEACHER: Court to Hear Wind-Up Petition on Aug. 18

TESSA THERAPEUTICS: Creditors' Meetings Set for Aug. 23

                           - - - - -


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

AIMS TRUST 2004-1: S&P Lowers Class B Notes Rating to 'B(sf)'
-------------------------------------------------------------
S&P Global Ratings lowered its ratings to 'B (sf)' from 'BB (sf)'
on the class B notes issued by Perpetual Trustee Co. Ltd. as
trustee of AIMS 2004-1 Trust, AIMS 2005-1 Trust, and AIMS 2007-1
Trust.

The lowered ratings on the class B notes reflect:

-- The small and increasingly concentrated nature of the pools. As
of June 2023, AIMS 2004-1 Trust has a remaining mortgage balance of
A$4.86 million, comprising 127 loans; AIMS 2005-1 Trust has a
remaining mortgage balance of A$5.14 million, comprising 109 loans;
and AIMS 2007-1 Trust has a remaining mortgage balance of A$5.48
million, comprising 123 loans.

-- The concentrations in the pools. As of June 2023, the top 10
borrowers accounted for over 45.04% of the pool balance for AIMS
2004-1 Trust, 41.84% for AIMS 2005-1 Trust, and 43.51% for AIMS
2007-1 Trust.

-- That as outstanding assets and notes decrease significantly,
tail risk takes greater precedence in both transactional
performance and our rating analysis. Yield strain could occur as
the portfolios continue to amortize, given each trust's ability to
generate sufficient income to cover expenses and losses is reduced
with the smaller remaining pool balance. S&P said, "We note that
the excess spread generated for all three transactions has
decreased, given the increasing coupon payments on the notes, due
to increasing interest rates. The 'B (sf)' ratings reflect our view
that the portfolios are currently generating a sufficient level of
excess spread, despite their small pool size. We also take the view
that potential adverse economic conditions and changing
circumstances (event risk) at the tail end of each transaction's
life could weaken the capacity for the trusts to meet their
financial commitments as the pools become smaller and further
concentrated."

-- S&P said, "Our assessment of pool concentrations by applying an
additional minimum loss projection when determining the expected
loss for each pool. Under this scenario, the two largest loans at
the 'B' rating level are assumed to have defaulted and are
recovered. The loss severity for each loan is the higher of 50%,
the loan's loss severity, and the pool's weighted-average loss
severity. The expected loss for the pool is the higher of that
number, and the number sized applying our standard credit analysis
as per our "Australian RMBS Rating Methodology And Assumptions"
criteria, published Sept. 1, 2011."

-- Risk of a potential increase in arrears and defaults due to
increasing interest rates and cost-of-living pressure. The arrears
in these transactions have been volatile due to the small number of
loans in the portfolio and are at high levels. As of June 2023,
loans more than 30 days in arrears total 10.20% in AIMS 2004-1
Trust, 14.40% in AIMS 2005-1 Trust, and 17.20% in AIMS 2007-1
Trust.

-- Losses as a percentage of the original note balance have been
stable since S&P's last review at 0.14% for AIMS 2004-1 Trust,
0.50% for AIMS 2005-1 Trust, and 1.11% for AIMS 2007-1 Trust.

-- That lenders' mortgage insurance is provided for all loans in
each of the portfolios.

  Ratings Lowered

  AIMS 2004-1 Trust

   Class B To 'B (sf)' from 'BB (sf)'

  AIMS 2005-1 Trust

   Class B To 'B (sf)' from 'BB (sf)'

  AIMS 2007-1 Trust

   Class B To 'B (sf)' from 'BB (sf)'


BLACKWATTLE RMBS 3: S&P Assigns Bsf Rating on Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee for Blackwattle Series RMBS Trust No.3.
Blackwattle Series RMBS Trust No.3 is a securitization of prime
residential mortgage loans originated by Sintex Consolidated Pty
Ltd. (Sintex).

The ratings assigned reflect the following factors.

-- The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread. S&P's assessment of credit risk takes into account Sintex's
underwriting standards and approval process, the servicing quality
of Sintex, and the support provided by the LMI policies on 0.1% of
the loan portfolio.

-- The rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the LMI cover, the
interest-rate swaps, the loss reserve, the liquidity facility, the
principal draw function, and the provision of an extraordinary
expense reserve. S&P's analysis is on the basis that the notes are
fully redeemed by their legal final maturity date, and we assume
the notes are not called at or beyond the call-option date.

-- S&P's ratings also consider the counterparty exposure to
Westpac Banking Corp. as interest-rate swap provider, bank account
provider, and liquidity facility provider. Interest-rate swap will
be provided to hedge the mismatch between the fixed-rate mortgage
loans and the floating-rate obligations on the notes. The
transaction documents for the swap and facilities include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.

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

  Ratings Assigned

  Blackwattle Series RMBS Trust No.3

  Class A1-S, A$60.00 million: AAA (sf)
  Class A1-L, A$280.00 million: AAA (sf)
  Class A2, A$28.00 million: AAA (sf)
  Class B, A$11.40 million: AA (sf)
  Class C, A$7.80 million: A (sf)
  Class D, A$5.20 million: BBB (sf)
  Class E, A$3.20 million: BB (sf)
  Class F, A$2.00 million: B (sf)
  Class G, A$2.40 million: Not rated


BOND HOMES: Enters Voluntary Administration
-------------------------------------------
ABC Ballarat reports that a Ballarat-based residential home builder
with 20 full-time staff has entered voluntary administration after
nearly 30 years of trading.

Bond Homes built transportable homes in its Ballarat yard and had
16 homes under construction, with four of those ready for
handover.

ABC Ballarat relates that part-owner David Rowe said he was
devastated.

"It is the end of the business, unless someone comes along with a
cash injection."

According to ABC Ballarat, voluntary administrator Worrells saids
the company stopped trading immediately due to its financial
position.

It comes after Australian building company Porter Davis went into
liquidation in March, leaving 1,700 Victorian and Queensland homes
unfinished.

Since 2021, over 2,500 Australian construction companies have gone
into administration, liquidation, or receivership.

Mr. Rowe said Bond Homes' financial decline could be traced back to
2020 when the federal government launched its HomeBuilder Grant,
ABC Ballarat relays.

He said the company sold 12 months worth of houses within the first
few months, but then material prices rose and labour shortages
worsened, leading to low margins and restricted cash flow.

"We are another typical victim within the building industry," the
report quotes Mr. Rowe as saying.

"If that builders' grant wasn't there, I suspect a lot of builders
would have been around today, because they were stuck with a fixed
price contract, which they couldn't get out of."

All Bond Homes employees have been paid their full entitlements,
according to Mr. Rowe.

Mr. Rowe said he was doing his best to contact clients, but since
entering voluntary administration on July 31, he had been cut off
from the business' records, adds ABC Ballarat.


DAWN ENTERPRISE: First Creditors' Meeting Set for Aug. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Dawn
Enterprise Pty Ltd will be held on Aug. 4, 2023, at 10:00 a.m. via
Microsoft Teams.

Mohammad Mirzan Bin Mansoor and Michael Billingsley of Olvera
Advisors were appointed as administrators of the company on July
25, 2023.


EASTERN MORNING: First Creditors' Meeting Set for Aug. 4
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Eastern
Morning Star Services Pty Ltd will be held on Aug. 4, 2023, at
10:30 a.m. via video conference.

Glenn Spooner and Daniel Peter Juratowitch of Cor Cordis were
appointed as administrators of the company on July 25, 2023.


FIRSTMAC MORTGAGE 4: S&P Raises Class F Notes Rating to 'BB+'
-------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Firstmac Fiduciary Services Pty Ltd. as trustee of
Firstmac Mortgage Funding Trust No. 4 Series Eagle No. 1. At the
same time, S&P affirmed its ratings on two classes of notes.

S&P said, "The rating actions reflect our view of the credit risk
of the underlying collateral portfolio, which has been amortizing
in line with our expectations. The current loan-to-value (LTV)
ratio for the pool has decreased as principal has been repaid. As
of June 30, 2023, the pool has a current weighted-average LTV ratio
of 71.9%, weighted-average seasoning of 29.7 months, and pool
factor of about 54%. Loans that are more than 30 days in arrears
comprise 0.48% of the pool, of which 0.27% is more than 90 days in
arrears. There have been no losses to date for this portfolio.

"We have limited the rating upgrades on the class C, class D, class
E and class F notes below a level that models alone support. Rising
interest-rates and softening macroeconomic conditions that will
likely lead to higher arrears across the market constrain the
degree of upgrades. We view the credit support provided to class C,
class D, class E and class F notes at their revised rating levels
as sufficient to mitigate any potential weakening of performance
due to the likely interest rate increases.

"We believe that the credit support provided to each class of notes
is sufficient to withstand the stresses we apply at each respective
rating level. Credit support comprises subordination from junior
notes and lenders' mortgage insurance on 3.1% of the portfolio.

"We expect that the various mechanisms to support liquidity within
the transaction, including principal draws and an amortizing
liquidity reserve, are sufficient to ensure timely payment of
interest. These mechanisms combined are sufficient under our
cash-flow stress assumptions to ensure timely payment of interest
for each class of notes at its respective rating level."

  Ratings Raised

  Firstmac Mortgage Funding Trust No. 4 Series Eagle No.1

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB (sf) from BB (sf)
  Class F: to BB+ (sf) from B+ (sf)

  Ratings Affirmed

  Firstmac Mortgage Funding Trust No. 4 Series Eagle No.1

  Class A-1: AAA (sf)
  Class A-2: AAA (sf)


KLEEV HOMES: Collapses Into Liquidation Owing AUD3.29 Million
-------------------------------------------------------------
9News.com.au reports that an award-winning Victorian construction
company has become one of the latest casualties of the construction
industry crisis, collapsing with $3.3 million in debts.

Melbourne-based residential builder Kleev Homes Pty Ltd has been
"wound up" last month, with liquidators appointed to dissolve the
company, 9News relates.

The decision to end the company was made at a general meeting of
its members on July 5, according to a notice published by the
Australian Securities and Investments Commission.

Kleev Homes' website has since disappeared, as have its profiles on
social media.

Liquidator Travis Pullen has told 9News that the company had $3.3
million in debts as of July 7.

According to 9News, Mr. Pullen said he was working to determine
what assets may be available to pay off creditors, including
outstanding employee entitlements.

"I am yet to complete my investigations regarding the reasons for
the company's failure, but as many will be aware the residential
construction industry has struggled with the pressures of dealing
with rising costs and labour shortages, resulting in fixed price
contracts becoming unprofitable," he told 9news.com.au.

The company, which had been running since 2006, was based in
Beaconsfield Upper in Melbourne's south-east and advertised itself
as specialising in "complex, architecturally-designed new
residences and renovations/additions" throughout Victoria.

Kleev Homes received a number of awards for its work, including
Young Master Builder of the Year, MBAV Best Custom Home
AUD800,000– AUD1,000,000 and HIA South East Victoria Best Custom
Home AUD500,000– AUD1,000,000 in 2011, the report notes.


MANSA SONS: Second Creditors' Meeting Set for Aug. 4
----------------------------------------------------
A second meeting of creditors in the proceedings of Mansa Sons Pty
Ltd has been set for Aug. 4, 2023 at 2:30 p.m. via Microsoft
Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 3, 2023 at 4:00 p.m.

Mohammad Mirzan Bin Mansoor and Michael Billingsley of Olvera
Advisors were appointed as administrators of the company on July
30, 2023.


NAVIGATE GLOBAL: Second Creditors' Meeting Set for Aug. 4
---------------------------------------------------------
A second meeting of creditors in the proceedings of Navigate Global
Payments Pty Ltd has been set for Aug. 4, 2023 at 11:00 a.m. at the
offices of Vincents at Level 34, 32 Turbot Street in Brisbane and
via Zoom meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 3, 2023 at 5:00 p.m.

Nick Combis of Vincents Chartered Accountants were appointed as
administrators of the company on June 30, 2023.


WILLOW APARTMENTS: First Creditors' Meeting Set for Aug. 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Willow
Apartments Pty Ltd will be held on Aug. 4, 2023, at 11:00 a.m. via
online video conference.

Sam Kaso of Cor Cordis was appointed as administrator of the
company on July 25, 2023.


[*] 1 in 4 Personal Insolvencies Were Business-Related in June
--------------------------------------------------------------
SmartCompany reports that one in four personal insolvencies
recorded in June were business-related, according to provisional
government data, as officials and bankruptcy professionals alike
prepare for insolvencies to rise over the next year.

According to SmartCompany, the Australian Financial Security
Authority (AFSA) released its latest data snapshot on July 31,
detailing how personal insolvency numbers - that is, the number of
individuals formally declaring they cannot repay their debts when
they are due - changed from the end of May.

SmartCompany relates that the data also captures how the personal
finances of entrepreneurs can become intertwined with their
business endeavours, in a way not captured by company insolvency
statistics alone.

AFSA tallied 901 new personal insolvencies in June, a slight
downturn from 1,031 recorded in May, SmartCompany discloses.

Of those 901 personal insolvencies, 226, or 25%, were
business-related, where the insolvent individual operated as a sole
trader, in a partnership, or as a company director.

The overall figure also included 501 personal bankruptcies, and
197, or almost 40%, were deemed as business-related.

SmartCompany says AFSA also recorded 392 debt agreements, of which
22 were linked to business, and seven personal insolvency
agreements, all of which had business ties.

The findings echo corporate insolvency statistics that show major
hardship in the construction sector, the report notes.

Where AFSA could determine the industry an insolvent individual
worked in, the most common industries were construction, followed
by retail trade, and accommodation and food services, adds
SmartCompany.




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

COUNTRY GARDEN: Aborts US$300M Share Sale, Says Deal Not Finalised
------------------------------------------------------------------
Reuters reports that debt-laden Chinese developer Country Garden
aborted a US$300 million share placement at the last minute on Aug.
1 saying it had not reached a 'final agreement' for the deal to go
ahead.

A message from JPMorgan, the sole bookrunner for the sale, was sent
early Aug. 1 saying Country Garden had decided against going ahead
due to "various internal considerations" even though enough buyers
had committed enough interest to cover the book, a person with
direct knowledge said, Reuters relays.

Shares of Country Garden shed 7 percent in the afternoon session on
Aug. 1, having rebounded 25 percent from July 24 after a meeting of
China's Politburo had raised hopes of support for the troubled
property sector, according to the report.

"Because communications were not totally aligned, (we) did not
enter into final agreement for the suggested deal. Moreover, we are
not considering the suggested deal at this stage," the firm said in
a statement to Reuters.

Country Garden added it has been actively discussing financing
plans with intermediary agents to diversify its fundraising
channels in face of all the uncertainties in the market.

It also made a similar statement to the stock exchange, saying "no
definitive agreement has been entered into with respect to the
proposed transaction".

The developer had aimed to sell 1.8 billion shares at HK 1.30 per
share, representing a 17.7 percent discount to Monday's closing
price, a term sheet seen by Reuters showed on July 31.

Last month, liquidity concerns over Country Garden resurfaced, and
investors were worried about the potential for contagion as the
property sector came under renewed pressure, Reuters recalls.

A debt crisis erupted in China's property sector in mid-2021, and
many developers have defaulted while others have struggled to repay
their debt and complete home constructions, the report notes.

                        About Country Garden

Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.

As reported in the Troubled Company Reporter-Asia Pacific in
September 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'.  The negative
outlook on Country Garden reflects the risk that the company's
liquidity buffer and leverage could further deteriorate due to
weaker sales and a high amount of construction expenditure.


COUNTRY GARDEN: China's Housing Troubles Derail Builder's Comeback
------------------------------------------------------------------
The Wall Street Journal reports that growing pessimism about
China's housing market is dragging down the country's largest
surviving developer, which is again struggling to convince
investors that it can weather the storm.

At the start of this year, investors had regained confidence in
Country Garden, a 31-year-old property giant that benefited from a
slew of measures that Chinese authorities rolled out in November to
support the real-estate sector, the Journal says.

According to the Journal, the company's stock and bond prices
surged, allowing Country Garden to raise fresh funds to pay off
some of its debt. It started buying land again after a long hiatus.
Investors' optimism, however, has turned into wariness.

Prices of Country Garden's bonds have slumped back to distressed
levels as China's broader economic and housing market recovery has
run out of steam in the past few months. Its shares have lost a
third of their value since the start of the year, the report notes.


The Journal says analysts at JPMorgan Chase recently downgraded
Country Garden, recommending investors cut their exposure to the
developer. The analysts said that they saw several signs of stress,
including the developer's weak bond prices and the chairman of a
sister company trimming his holding in that company.

Country Garden's monthly sales have also continued to slide,
despite government-led efforts to make it easier for Chinese
citizens to buy homes and obtain cheaper mortgages, the Journal
adds.

                        About Country Garden

Country Garden Holdings Company Limited is an investment holding
company principally engaged in the sales of properties. The Company
operates its business through five segments: Property Development
segment, Construction Fitting and Decoration segment, Property
Investment segment, Property Management segment and Hotel Operation
segment. The Company's subsidiaries include Wuhan Country Garden
Lianfa Investment Co., Ltd, Jurong Country Garden Property
Development Co., Ltd and Chuzhou Country Garden Property
Development Co., Ltd.

As reported in the Troubled Company Reporter-Asia Pacific in
September 2022, S&P Global Ratings lowered its long-term issuer
credit rating on Country Garden to 'BB' from 'BB+'.  The negative
outlook on Country Garden reflects the risk that the company's
liquidity buffer and leverage could further deteriorate due to
weaker sales and a high amount of construction expenditure.


JIANGLING GROUP: Renault Directors Step From Board of China JV
--------------------------------------------------------------
Caixin Global reports that all four directors representing Renault
Group have left the board of its China joint venture (JV) with
Jiangling Motors Group Co. Ltd., according to public business
records, reflecting the French carmaker's intention to divest from
the company which is struggling with a liquidity crisis and
sluggish sales.

After the boardroom shakeup at Jiangling Group Electric Vehicle Co.
Ltd. (JMEV), Liu Guowei, who was assigned by Renault to deal with
its China businesses, handed the role of the JV's general manager
over to Shan Fengwu, who used to serve as the firm's party chief
and deputy general manager.




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

CASTELO CONCEPTS: Fails to Make Pension Fund Contributions
----------------------------------------------------------
South China Morning Post reports that Castelo Concepts, the dining
group that closed nine of its eateries across Hong Kong after
creditors pressed its investors into liquidation, did not make
Mandatory Provident Fund (MPF) contributions for 140 of its
employees between April and June this year, according to the city's
pension regulator.

The catering group, which owns a number of restaurants including
Jaspa's, K Town Bar and Grill, Little Lucie's Hong Kong,
Pepperonis, Piccolos, St. Barts, and Ollies, has a record of
repeatedly defaulting on its MPF contributions to employees,
according to a statement by the Mandatory Provident Fund Schemes
Authority (MPFA) on July 28, the Post relays.

According to the Post, the MPFA has helped around 370 affected
employees recover pension fund contribution arrears and associated
charges since December 2018, totalling HK$7 million (US$900,000).

Since Castelo Concepts has started the creditors' voluntary
winding-up process, the MPFA will submit the proof of debt on
behalf of the 140 affected employees to the liquidator, hand over
the arrears to the MPF trustees, and deposit the money directly
into the affected employees' MPF accounts, according to the
statement cited by the Post.

The dining group, founded by the late restaurateur Wayne Parfitt
who passed away in June 2019, is one of the companies still
struggling with financial wounds in the wake of the Covid-19
pandemic and anti-government street protests that began in 2019,
the Post notes.

The company has closed nine of its restaurants, effective on Aug.
1, the report discloses. Four restaurants were shut in Sai Ying
Pun, including Jaspa's Kennedy Town, K Town Bar & Grill, St.
Bart's, and Ollie's Cafe. In Sai Kung, Jaspa's, Pepperonis, and
Piccolos shut down, while Little Lucie's and the Wagyu Lounge ended
operations in Happy Valley.

130 staff have been affected by the closures, a spokesman
representing the liquidator, said this week, the Post relays.

The Post says five other restaurants run by the group will continue
to serve unaffected as they operate under different structures -
St. Bart's in Clear Water Bay, Tai Hang Bar & Grill in Tai Hang,
and Zaks, Figo's and MooFish in Discovery Bay, according to the
group.

According to MPF regulations, employers must register every
employee aged 18 to 64, including full-time or part-time employees
who have been employed for not less than 60 days, in an MPF scheme
and make regular contributions in accordance with the law, the Post
says.


THEVELIA HOLDINGS: Moody's Hikes CFR & First Lien Term Loans to B1
------------------------------------------------------------------
Moody's Investors Service upgraded Thevelia Holdings Limited's
(Thevelia) corporate family rating to B1 from B2. Moody's has also
upgraded to B1 from B2 (1) the rating on the existing $760 million
senior secured first-lien term loans due 2029, borrowed by Thevelia
(US) LLC; and (2) the ratings on the EUR- and USD-denominated
senior secured first-lien term loans due in 2029, co-borrowed by
Thevelia (US) LLC and Thevelia Finance, Sarl. These term loans are
guaranteed by the majority of the group's companies.

The ratings outlooks are stable. Previously, the ratings were on
review for upgrade.

This rating action concludes the review for upgrade that Moody's
initiated on March 20, 2023, following the regulatory approvals for
and completion of Thevelia's acquisition of Vistra Group Holdings
(BVI) I Limited (B2 review for upgrade) on July 27, 2023.

"The upgrade reflects Thevelia's significantly stronger scale and
geographical diversification following its acquisition of Vistra,
and Moody's expectation that the combined entity will improve its
financial metrics primarily through revenue growth and cost
synergies," said Stephanie Lau, a Moody's Vice President and Senior
Credit Officer.

RATINGS RATIONALE

The B1 ratings reflect the combined entity's (1) strong presence in
the fund and corporate services sector globally, with a leading
position in Asia; (2) good growth prospects and revenue visibility
because of limited cyclicality in demand and its high recurring
revenue; (3) strong profitability and ability to generate positive
free cash flow (FCF); and (4) very good liquidity profile.  

These strengths are counterbalanced by Thevelia's high financial
leverage, its exposure to event risks related to potential
debt-funded acquisitions as a private equity-owned company, and its
private company status.

Moody's expects Thevelia's adjusted debt/EBITDA to increase to
about 7.1x (pro forma for the completion of the acquisition
financing) in 2023 from 6.1x in 2022. The company's leverage will
likely decline to about 5.0x-6.0x in 2024-25, assuming an annual
revenue growth of 8%-10%, higher earnings from synergies and modest
debt reductions using excess cash at the closing. Its FCF/debt will
also improve to 4%-6% in 2024-25 from 2.8% in 2023.

Thevelia's liquidity is very good, underpinned by aggregate cash
holdings of around $250 million; a $350 million undrawn revolving
credit facility (RCF); an ability to generate positive FCF; and no
debt maturity until 2028, except for debt amortization of 1% per
year on its USD and HKD first-lien term loan. Its acquisition
financing of USD1.66 billion-equivalent EUR and USD-denominated
senior secured first-lien term loans was completed in March 2023,
and their terms and conditions were in line with Moody's
expectations.

The first-lien term loans, which rank pari passu with a USD350
million revolving facility, is rated in line with the CFR. This
reflects the fact that the first-lien debt will account for a clear
majority of the company's total debt; and that the collateral is
moderate in size relative to the large first-lien loans.

Thevelia's Credit Impact Score of CIS-4 indicates its rating is
lower than it would have been if ESG risk exposures did not exist.
The company has had a track record of adhering to aggressive
financial policies, including a highly-leveraged balance sheet and
debt-funded M&A, as part of a strategy to pursue business growth
and achieve synergies. In addition, its decision-making under its
private equity BPEA EQT ownership is concentrated, favoring
shareholders over creditors, which creates the potential for event
risks.

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

The rating outlook is stable, reflecting Moody's expectation that
Thevelia's financials will improve significantly in 2024-25, and
that the company will maintain good liquidity and continue to
generate FCF.

An upgrade is unlikely over the next 1-2 years because of the
company's high financial leverage. Moody's could upgrade the
ratings over time if (1) Thevelia further increases its operating
scale and maintains its revenue growth, (2) its adjusted
debt/EBITDA leverage declines toward 4.0x or lower and its adjusted
retained cash flow/net debt registers at 15% on a sustained basis
and (3) it maintains its strong liquidity.

Conversely, Moody's could downgrade the ratings if (1) its revenue
and earnings growth remains lackluster; (2) the company engages in
aggressive debt-funded expansions; or (3) its liquidity
deteriorates significantly. Financial metrics that would indicate a
downgrade include adjusted debt/EBITDA staying above 5.5x or
adjusted retained cash flow/net debt below 7%-8% on a sustained
basis.

The principal methodology used in these ratings was Business and
Consumer Services published in November 2021.

Founded in 2000 and headquartered in Hong Kong SAR, China, Thevelia
Holdings Limited is a leading business expansion specialist in Asia
for the business process services industry, providing business,
corporate, investor and other services to corporates and
multinational corporations. In June 2022, BPEA EQT completed its
acquisition of Thevelia for $2.76 billion from Permira, a private
equity firm.

Vistra is a provider of trust and corporate services for private
companies, small and medium-sized enterprises and listed companies,
as well as high-net-worth individuals and funds. The company was
established in 2015 by BPEA affiliates to complete its $1.4 billion
acquisition of Vistra and Orangefield Group.


THEVELIA HOLDINGS: S&P Raises LT ICR to 'B+' on Vistra Acquisition
------------------------------------------------------------------
S&P Global Ratings raised the long-term issuer credit ratings on
Thevelia Holdings Ltd. and Vistra Group Holdings (BVI) I Ltd. to
'B+' from 'B'.

S&P assesses Vistra as a core subsidiary of Thevelia after the
acquisition. At the same time, S&P raised its long-term issue
credit ratings on the first-lien term loans that Thevelia (US) LLC
issued to 'B+', from 'B'. The recovery rating remains at '3',
although recovery prospects have declined modestly to 55% from 65%
given an increase in gross debt.

S&P removed the ratings from CreditWatch where they were placed
with positive implications on March 16, 2023.

The stable outlook on the long-term ratings reflects S&P's view
that Thevelia will lower its debt-to-EBITDA ratio to below 7.0x in
2024 to early 2025, from more than 8.0x after the acquisition of
Vistra. A stronger business profile post-acquisition will support
higher free operating cash flow (FOCF) and deleveraging.

Vistra will strengthen Thevelia's position as one of the largest
and most diversified players in the fund and corporate service
businesses. The combination will more than double the company's
scale. More importantly, it has extended Thevelia's geographical
footprint in the U.S. and Europe and added new products and
services.

S&P estimates Thevelia's market share in Asia (60% of revenue of
the combined entity) will increase to 10%-12% from 6%-7%. This will
better position the company for tapping the growth potential of the
Asia-Pacific. Most of Thevelia's peers are more entrenched in
developed markets.

Thevelia's revenue should increase faster than GDP growth in the
Asia-Pacific over the next two years, with help from organic volume
growth, price increases, and synergies. Slower growth of 1% year on
year in the first quarter of 2023 mainly reflected changes in the
timing of revenue recognition for Vistra' s company formation
business. This business should return to growth in the coming
quarters.

Cost reductions and revenue synergies will lift margins. Thevelia
and Vistra operate in similar markets and services in Asia. This
provides opportunities for the combined entity to reduce headcount,
downsize office premises, and implement shared services. The two
businesses can also cross-sell more. For example, Vistra can
cross-sell corporate services to Thevelia's multinational customers
with non-Asia Pacific subsidiaries or Thevelia can cross-sell
investor services to Vistra's customers.

The above could result in annualized cost synergies of US$50
million and revenue synergies of US$30 million over the next three
years. S&P expects the bulk of the synergies to occur in latter
years, when adjusted EBITDA margin improves toward 40% from about
33% in 2023 on a pro-forma basis.

BPEA EQT owns both companies. Based on BPEA EQT's familiarity with
both the companies, S&P sees a high likelihood of cost synergies.

Thevelia's leverage will rise. The company has taken on about
US$600 million of debt for its Vistra acquisition. Its capital
structure now consists of US$2.4 billion of first-lien term loans
(about US$1 billion denominated in the euro) and US$260 million of
second-lien term loans. On a pro-forma basis, S&P estimates its
ratio of adjusted debt to EBITDA will cross 8.0x in 2023. This
compares with 7.0x for Thevelia and less than 6.0x for Vistra on a
stand-alone basis.

The transaction raises financial risks. This is given the debt's
high cost and large exposure to floating rates, amid rising
interest rates. Our base case assumes Thevelia's interest coverage
will stay below 2.0x in 2023-2024. This includes interest-rate
hedges (floating to fixed swap) for the first-lien term loans of:
(1) US$400 million at a base rate of about 3.3% for four years; and
2) EUR200 million at about 3.1% for four years.

S&P said, "We believe Thevelia will gradually deleverage to a level
commensurate with the ratings. The combined entity should enjoy
steady cash flow from recurring corporate services and synergies.
We estimate its FOCF will exceed US$100 million annually. This
amount should be adequate to finance small bolt-on acquisitions in
the future without requiring material debt-raising.

"We forecast the combined debt-to-EBITDA ratio will drop to about
6.0x by 2025. Our base case assumes Thevelia will not increase its
leverage meaningfully beyond this level."

BPEA EQT has a record of reducing leverage at Vistra. Since the
financial sponsor acquired the company in 2015, Vistra's adjusted
debt-to-EBITDA has fallen to about 6.0x in 2022, from about 8.5x in
2016. Acquisitions have caused leverage volatility, but the company
has focused on organic growth via transformative programs.
Historically, BPEA EQT has not been aggressive in pursuing
dividends. S&P assumes it will adopt a similar policy for the
combined entity at least for the next three years.

S&P said, "We view Vistra as a core subsidiary of Thevelia. As
such, we will equalize our ratings on Vistra with those on
Thevelia, which will fully own the company. We estimate Vistra will
account for more than 65% of the group's revenue and close to 60%
of its EBITDA in the first one to two years after the acquisition.
Vistra operates in the same fund and corporate service businesses
as Thevelia. We expect the combined entity to operate as a single
service provider, given their shared ownership by BPEA EQT.

"Our assessment of Vistra's stand-alone credit profile has
strengthened after the acquisition. This is because Thevelia has
fully refinanced Vistra's revolver credit facility and first-lien
term loan due October 2025 with extended maturities. This was part
of the acquisition deal and has reduced refinancing risk for the
group."

Thevelia

S&P said, "The stable outlook reflects our expectation that
Thevelia's stronger business profile post-acquisition will support
higher FOCF and deleveraging. We expect the combined entity to
reduce its leverage toward 7.0x in 2024 and 6.0x in 2025. Interest
coverage will likely recover above 2.0x in 2025, when interest
rates moderate.

"We could lower the ratings if: (1) Thevelia faces challenges in
integrating Vistra, resulting in lower revenue and cost synergies,
or higher costs to achieve synergies; or (2) interest rate hikes
for debt denominated in the U.S. dollar and euro are more severe
than what we expect, resulting in weaker FOCF for Thevelia,
potentially straining liquidity."

An adjusted debt-to-EBITDA ratio remaining above 7.0x or EBITDA
interest coverage falling below 2.0x without the potential of a
recovery would indicate such a deterioration in credit quality.

Upside scenario

An upgrade is unlikely over the next 12 months. This is given
Thevelia's highly leveraged capital structure and financial sponsor
ownership.

S&P could raise the ratings if the financial sponsor commits to
maintaining lower leverage, such that Thevelia's debt-to-EBITDA
ratio falls below 5.0x, and EBITDA interest coverage exceeds 3.0x.

Vistra

The stable outlook on Vistra reflects the outlook on its parent,
and our assessment that Vistra will remain a core subsidiary of
Thevelia over the next 12 months.

S&P could lower the ratings on Vistra if it lowers the ratings on
Thevelia.

S&P could raise the ratings on Vistra if it raises the ratings on
Thevelia, while it continues to assess Vistra as a core subsidiary
of Thevelia.

Thevelia Holdings Ltd.

ESG credit indicators: E-2, S-2, G-3

Vistra Group Holdings (BVI) I Ltd.

ESG credit indicators: E-2, S-2, G-3

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Thevelia and Vistra,
as it is for most rated entities owned by private-equity sponsors.
BPEA EQT wholly owns both entities. We believe the companies'
highly leveraged financial risk profile points to corporate
decision-making that could prioritize the interests of the
controlling owners. This also reflects the generally finite holding
periods and focus on maximizing shareholder returns of
private-equity sponsors.

"Environmental and social factors have no material influence on our
rating analysis of Thevelia and Vistra. This is largely due to the
service-oriented nature of their businesses."


VISTRA GROUP: Moody's Upgrades CFR to B1, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has upgraded Vistra Group Holdings (BVI)
I Limited's corporate family rating to B1 from B2.

The rating outlook is stable. Previously, the rating was on review
for upgrade.

The rating action concludes the review for upgrade that Moody's
initiated on March 20, 2023, following (1) the completion of
Thevelia Holdings Limited's (B1 stable) acquisition of Vistra on
July 27, 2023; and (2) Moody's upgrade of Thevelia's ratings to B1
from B2 on July 31, 2023.

"The upgrade mirrors Moody's rating action on Thevelia. This
reflects Moody's view that following the transaction, the credit
quality of Vistra and Thevelia are closely linked, since Vistra is
now a wholly-owned subsidiary of Thevelia and guarantees the
group's external debts," says Hui Ting Sim, a Moody's Assistant
Vice President and Analyst.

RATINGS RATIONALE

Post-transaction, Moody's estimates that Vistra will account for at
least 60% of Thevelia's consolidated EBITDA and will be a key
driver of the latter's credit quality. There will be no external
borrowings at Vistra after part of the proceeds from the
acquisition financing raised at Thevelia were used to repay
Vistra's existing term loans. Moody's expects most of the free cash
flows generated at Vistra will be distributed to service interest
and debt amortization payments at Thevelia.

LIQUIDITY

Vistra has very good liquidity. The company held cash and cash
equivalents of $105.5 million as of March 31, 2023. Part of the
proceeds from the $1.66 billion acquisition financing raised at
Thevelia were channeled to Vistra to fully repay the latter's
existing term loans. Moody's estimates that Vistra's operations
will generate free cash flows of about $250 million over the next
18 months that will be distributed to its parent.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Moody's assessment of Vistra's exposure to governance risk remains
unchanged at highly negative (G-4). Vistra is now a subsidiary of
Thevelia, which is effectively controlled by BPEA EQT. The private
equity business model typically involves a more aggressive
financial policy and highly leveraged capital structure to extract
value through debt-financed acquisitions or shareholder
distributions.

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

Any change to Thevelia's rating could lead to a corresponding
change in Vistra's rating, assuming that the current ownership and
debt structure remain unchanged.

METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Services published in November 2021.

PROFILE

Vistra Group Holdings (BVI) I Limited is a provider of trust and
corporate services for private companies, small and medium-sized
enterprises and listed companies, as well as high-net-worth
individuals and funds. Vistra is effectively owned by BPEA EQT
since 2015. Thevelia Holdings Limited, another TCS company
effectively owned by BPEA EQT, acquired Vistra from its private
equity sponsor in July 2023.




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

COMPUAGE INFOCOM: CARE Lowers Rating on INR450cr LT Loan to C
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Compuage Infocom Limited (CIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      450.00      CARE C; Negative; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

   Short Term Bank     510.00      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and key rating drivers:

CARE Ratings Ltd. had, vide its press release dated April 26, 2023,
placed the rating(s) of CIL under the 'issuer non-cooperating'
category as CIL had failed to provide information for monito ring
of the rating. CIL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated April 13, 2023, April 19, 2023, April 24,
2023, April 25, 2023, and July 18, 2023.

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

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

The revision in ratings assigned to the bank facilities of CIL
factors in operational losses reported by CIL in Q4FY23(UA) and
FY23(UA), resulting in deterioration in capital structure and debt
coverage indicators as on March 31, 2023.

Analytical approach: Consolidated

CARE has considered the consolidated financials of CIL for
analytical purposes owing to financial and operational linkages
between the company and its subsidiary. Consolidation includes
CIL's wholly owned Singapore based subsidiary, Compuage Infocom (S)
Pte Ltd. However, there were minimal operations in Compuage Infocom
(S) Pte Ltd. in FY22.

Outlook: Negative

The revision in rating outlook from stable to negative reflect' s
CARE's expectation of continued stretch in the liquidity of the
company as a result of significant deterioration in sales, and
profitability resulting in cash losses during Q4FY23(UA).

Compuage Infocom Limited (CIL)with CIN L99999MH1999PLC135914 and
listed on BSE is promoted by Mr Atul Mehta, in 1987, is a
distributor of IT products. CIL's traded product portfolio
comprises of 5 different verticals namely- PCs components &
peripherals; Mobility products; Physical safety and security
products; Enterprise solutions and Cloud computing.


EKAM AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ekam Agro
Private Limited (EAPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Term Loan             11          CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with EAPL for
obtaining information through letter and email dated June 15, 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 EAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EAPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2014, EAPL manufactures edible oil. Its facility is
located on Jalalabad road, Mukatsar, Punjab and operates at a
capacity of around 150 tonne per day.


GANGA KNIT: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Ganga Knit
Private Limited (GKPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

gs has been consistently following up with GKPL for obtaining
information through letter and email dated June 15, 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 GKPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GKPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GKPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1996, GKPL trades in various types of yarns such as
cotton, polyester, acrylic, and viscose. The company caters to
various local fabric manufacturers in Ludhiana (Punjab). Promoters,
Mr. Ashok Kumar Ahuja and Mr. Gulshan Kumar Ahuja look after its
operations.



GO FIRST: Asks to Refund INR597 Crore to 16 Lakh Passengers
-----------------------------------------------------------
The Federal reports that the National Company Law Tribunal (NCLT)
on July 31 issued notices to the Committee of Creditors of Go First
and Insolvency and Bankruptcy Board of India (IBBI) over a plea to
refund INR597.54 crore to around 15.5 lakh passengers who booked
tickets for travel on and after May 3.

The Federal relates that the resolution professional (RP) of
crisis-ridden Go First, which suspended operations on May 3, has
approached the NCLT to seek permission for refunding money to
passengers, some of whom booked flights till July 10. Senior
advocate Ramji Srinivasan representing RP said that this has been
done as per the business plan to revive the grounded airline.

According to the report, the NCLT bench comprising Mahendra
Khandelwal and Rahul P Bhatnagar said the feasibility and
implementation of such a business plan should be "subject to
suggestions of members of Committee of Creditors (CoC)".

The bench asked the resolution professional to take specific
approval from the lenders over the refund of the amount, the report
says. Srinivasan said the CoC is aware of this, it has already
envisaged the business plan and approved it. However, he sought
time from the tribunal to check whether this particular refund plan
has been approved by the CoC or not.

The tribunal said as plans keep on changing, it would be better if
a specific resolution over payment for refund is taken. It also
wanted to know whether anyone has filed an objection to this refund
plan. On this, Srinivasan said it is done in the public interest
and suggested bringing the IBBI, which is a regulator into this
issue, The Federal relays.

Agreeing to this, the bench has issued notices to the CoC of Go
First and IBBI directing them to file their replies and posted the
matter for the next hearing on August 7, the report notes. "We
issue notice to the CoC, IBBI and direct them to file their
replies. We will hear the case further on August 7," said NCLT.

                           About Go First

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

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

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

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.


HOSHIARPUR ROLLER: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hoshiarpur
Roller Flour Mills Private Limited (HRFPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Overdraft Facility      1         CRISIL D (Issuer Not
                                     Cooperating)

   Overdraft Facility      2         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.26      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Proposed Long Term      0.04      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with HRFPL for
obtaining information through letter and email dated June 15, 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 HRFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HRFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HRFPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Set up in 1981 by Mr Anil Kumar Gupta and his family members, HRFPL
manufactures fine and coarse flour at its facilities in Hoshiarpur
(Punjab).


KRISHA ENTERPRISES: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Krisha
Enterprises Private Limited (KEPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non Convertible
   Debentures          21.00       CARE C; ISSUER NOT COOPERATING
                                   Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 10,
2022, placed the rating(s) of KEPL under the 'issuer
non-cooperating' category as KEPL had failed to provide information
for monitoring of the rating for the rating exercise as agreed to
in its Rating Agreement. KEPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated July 5, 2023, July 7,
2023, July 10, 2023, July 11, 2023.

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

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

Analytical approach: Standalone

Detailed description of the key rating drivers

At the time of last rating on August 10, 2022, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Project execution and funding risk: Company is developing 1 tower
in Mumbai. Total 160 commercial units and 7 retail units will be
developed over total saleable area of 296,000 sq. ft. As on March
12, 2020, company has purchased land however the construction is
yet to commence. Therefore, the completion of the construction work
in timely manner needs to be seen. The total cost of the project is
INR241.65 crore and till March, 2020, the total expenditure of
INR42.99 crore (18% of the total project cost) was incurred which
was funded through contribution from promoters of INR21.99 crore
and optionally convertible debenture of INR21.00 crore.

Moreover, going forward, for the balance cost of the project
amounting to INR198.66 crore, the company is dependent on
promoters' balance contribution of INR 31.90 crore and balance of
INR166.76 crore through customer advances. Therefore, going forward
timely arrangement of the above funds to complete the project
without any cost and time overrun coupled with receiving of the
commencement certificate and occupation certificate would be
critical from the credit perspective.

* Marketing risk: KEPL is expecting an average rate of INR 17,087
per sq. ft. which is reasonable considering the prices prevailing
of new projects in the nearby area. Company has not yet sold any
unit and received advances. Therefore, going forward the timely
monetization from saleable area would be critical which is highly
depen dent on the successful sale and customer advances to be
received from the booked units. Thus, any delay in the receipt of
funds from customers, ability to achieve timely sales at envisaged
rates given competition from other players in the surrounding
vicinity will be crucial. However, the marketing risk is mitigated
to a certain extent on account of prime location of the project
undertaken as well as past experience of the promoters to undertake
such projects.

* Cyclical nature of the real estate industry: The real estate in
India is highly fragmented and is capital intensive in nature. The
life cycle of a real estate project is long and the state of the
economy at every point in time, right from land acquisition to
construction to actual delivery, has an impact on the project. This
capital-intensive sector is extremely vulnerable to the economic
cycles. Adverse movement in interest rate affects the real estate
players in both ways by hampering demand as well as increasing the
cost of construction. The expectations of many developers have been
able to hold on to the prices so far. However, given the
considerable inventory levels which direction the price graph goes
remains to be seen.

Key rating strengths

* Experienced promoters and presence in established group in real
estate industry: Directors Mr. Priyal Patel and Mr. Pratik Patel
have more than a decade of experience in the real estate industry.
Further, the company is part of group Rajesh Lifespaces which has
established presence in the real estate industry over five decades.
Group has developed several projects over 9.1 million sq. ft. of
land in Mumbai over the years.

* Location advantage: KEPL's project is located in Vikhroli,
Mumbai, being well established location and is well connected
through railways and roadways with proximity to other day to day
necessities. Nonetheless, its ability to monetize in timely manner
amidst the cyclical nature of industry and avoid cash flow
mismatches shall be critical from credit perspective.

Liquidity: Stretched

The liquidity position of the company remained stretched marked by
inadequate accruals vis-à-vis repayment obligations and company is
paying its dues by way of unsecured loans from promoters and
related parties.

Krisha Enterprises Private Limited (KEPL) was incorporated in 2010
by Patel family as a private limited company and is currently
managed by directors, Mr. Priyal Patel and Mr. Pratik Patel,
engaged in real estate development.


LAKSHMIKANTHA SPINNERS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Lakshmikantha Spinners Limited (SLSL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           0.86        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          19.14        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          27.85        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       38.94        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan       26.21        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SLSL for
obtaining information through letter and email dated June 15, 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 SLSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SLSL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SLSL continues to be 'CRISIL D Issuer Not Cooperating'.

Established in 2004 and based in Hyderabad (Telangana), SLSL
manufactures cotton yarn. Promoted by Mr. Chinnarappagari Swamy
Reddy and his family, the day-to-day operations are managed by Mr.
Reddy's son, Mr. Chinnarappagari Rameswara Reddy.

PARAMESWARA POULTRY: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Parameswara Poultry Farm Private Limited (SPPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           19          CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         4.75       CRISIL D (Issuer Not
                                     Cooperating)

   Short Term Loan        3.8        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated June 15, 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 SPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SPPL was set up in 2010 by Mr. B Siva Babu and his family members.
The company is engaged in the production of commercial eggs. It is
proposing to undertake a capital expenditure of Rs.700 million
towards expanding its capacity; 80 per cent would be funded by
debt. It is based in Shadnagar (Telangana).


RAIL ONE: CARE Keeps C Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rail One
USA Corp (ROUC) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      89.38       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 31, 2022,
placed the rating(s) of ROUC under the 'issuer non-cooperating'
category as ROUC had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ROUC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 16, 2023, April 26, 2023, May 6, 2023.

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

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

ROUC is a wholly owned subsidiary of PCM Rail.One AG (Germany),
incorporated in 2013 in USA for setting up of facility for
manufacturing of Concrete Sleepers in the USA. ROUC has entered
into a 10-year contract with Union Pacific, for supply of sleepers
with minimum off take of 2 Lakh sleepers per year. The facility
with installed capacity of 4 lakh sleepers commenced operation in
April 2014. ROUC belongs to the PCM group having presence in
various sectors such as manufacturing of concrete sleepers, real
estate, tea, steel, etc. The group is headed by Mr. Kamal Kumar
Mittal, having over three decades of experience in various
industries.


RIGHILL ELECTRICS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Righill
Electrics Private Limited (REPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      1.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

REPL was incorporated in 1993 as a private limited company by Mr.
Ashutosh Shukla and Mr. Vinod Sapre. The company designs and
manufactures control systems and assemblies for various
applications including oil field equipment. It also manufactures
parts and assemblies like Electronic Control Modules; printed
circuit boards (PCBs), plugs and sockets connectors etc. It
specialises in designing and manufacturing of controls and electric
parts for oil rigs. The major revenue is derived from the sale of
rig equipment, and thus the revenues largely depend on the rigging
activity and in turn the crude oil prices. It also provides
services pertaining to repairs and maintenance and provides annual
maintenance contracts (AMC) for its customers. REPL has installed
rigs in India as well as outside India for various large players
such as ONGC, OIL India, BHEL, National drilling Company, ESSAR,
John energy Limited etc. The company has an employee base of 54
engineers who provide on-site services to its customers. The
manufacturing facility of the company is located in Bhopal, Madhya
Pradesh.


RUTU ENTERPRISES: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rutu
Enterprises (RE) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      26.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     24.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 8, 2022,
placed the rating(s) of RE under the 'issuer non-cooperating'
category as RE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 24, 2023, June 3, 2023, June 13, 2023.

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

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

Rutu Enterprises was established in 2011 and undertakes turnkey
project services & contracts in construction of roads, laying
pipelines, civil and other construction works. Furthermore, the
firm has also ventured into electrical contracts and has also
undertaken railway contracts.

S. K. TEXTILES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. K.
Textiles (SKT) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Long Term Loan          1         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SKT for
obtaining information through letter and email dated June 15, 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 SKT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SKT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SKT continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of Innova Fabtex Pvt Ltd
(Innova) and SKT. That's because both the entities, together
referred to as the S.K. group, are in a similar line of business,
have a common management and centralized treasury operations.

                          About the Group

SKT was established in 2006 by Mr Sunil Kukreja. The firm
manufactures and trades in fabrics, mainly cotton, polyester, and
cotton-polyester fabrics. Later on in 2014, he along with his wife,
Mrs Lisha Kukreja, set up Innova in 2014; which is also engaged in
the same line of business.


SANGHAVI EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sanghavi
Exports International Private Limited (SEIPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      544.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING

Rationale & Key Rating Drivers

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

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

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

Sanghavi Exports International Pvt. Ltd (SEIPL) was established as,
a partnership firm in 1984 by the late Mr. Vasantlal R. Sanghavi,
Mr. Kirtilal R. Sanghavi, Mr. Rameshchandra R Sanghavi and Mr.
Chandrakant R Sanghavi (Chairman). In April 2007, the firm was
converted to a private limited company. SEIPL is engaged in the
business of processing and exports of cut and polished diamonds.
The company also undertakes trading of diamonds on a limited scale.
SEIPL's manufacturing facility is located at Surat, Gujarat.


SENATOR MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Senator
Motors Private Limited (SMPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee        1.25        CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit          22           CRISIL D (Issuer Not
                                     Cooperating)

   Term Loan             9.24        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letter and email dated June 15, 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 SMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SMPL, based in Mumbai and incorporated in October 2011, is promoted
by Mr. Puneet Lalit Kumar. The company started operations in
November 2011 as an authorised dealer of Skoda's entire range of
cars, spare parts, and accessories at Goregaon in Mumbai.


SHARMA SURGICAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
Surgical and Engineering Private Limited (SSEPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Inland/Import          1.35       CRISIL D (Issuer Not
   Letter of Credit                  Cooperating)

   Term Loan              4.6        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SSEPL for
obtaining information through letter and email dated June 15, 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 SSEPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSEPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSEPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Incorporated in 1994, Vadodara (Gujarat)-based SSEPL is promoted by
Mr Anand Sharma and his family and manufactures medical products,
primarily orthopaedic implants and its allied equipment.


SHIKHAR INTEGRATED: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shikhar
Integrated Cold Chain Private Limited (SICCPL) continue to be
'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              3.5        CRISIL D (Issuer Not
                                     Cooperating)

   Working Capital        5.0        CRISIL D (Issuer Not
   Facility                          Cooperating)

CRISIL Ratings has been consistently following up with SICCPL for
obtaining information through letter and email dated June 15, 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 SICCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SICCPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SICCPL continues to be 'CRISIL D Issuer Not
Cooperating'.

Incorporated in 2014 and based in Hathras (Uttar Pradesh), SICCPL
cultivates and processes mushrooms and has a cold storage business.
The production facility in Hathras has capacity of around 120 tonne
per month. Mr Yatendra Pal Singh and his family members are the
promoters.


SHIVA POLYMERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shiva
Polymers Private Limited (SPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            5.5        CRISIL D (Issuer Not
                                     Cooperating)

   Letter of Credit       2          CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     1          CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Working Capital        4.5        CRISIL D (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with SPPL for
obtaining information through letter and email dated June 15, 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 SPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SPPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SPPL (formerly, Keshavlal Khanderia Properties Pvt Ltd) commenced
operations in November 1997. The company manufactures high-density
polyethylene (HDPE) and polypropylene (PP) woven sacks that are
mainly used by cement, fertilizer, petrochemicals companies, sugar
and food grains. SPPLs manufacturing unit is based in Kona, Howrah
district of West Bengal, with an installed production capacity of
3600 tonnes per annum (TPA) for the tape plants, and has 100
looms.


SMT MACHINES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SMT Machines
India Limited (SMT) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.2        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Term Loan     7.7        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SMT for
obtaining information through letter and email dated June 15, 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 SMT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SMT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SMT continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 1992 and promoted by Mr Surinder Kumar Mittal and
family, SMT (formerly, Aman Multilateral Pvt Ltd; name changed in
the late 1990s) designs and manufactures equipment for steel
rolling mill plants.


SONI TRACTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Soni Tractors
(ST) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            2          CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit            0.9        CRISIL D (Issuer Not
                                     Cooperating)

   Long Term Loan         3.9        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Working       2.2        CRISIL D (Issuer Not
   Capital Facility                  Cooperating)

CRISIL Ratings has been consistently following up with ST for
obtaining information through letter and email dated June 15, 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 ST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ST is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ST
continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ST, a partnership firm set up in 1981, is an authorised dealer of
Mahindra and Mahindra Ltd in Lakhimpur Kheri, Uttar Pradesh. The
firm has also ventured into hospitality business in 2019, however,
majority of the revenue is derived from the dealership segment.


SUBHLAXMI FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree
Subhlaxmi Foods Limited (SSFL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.4         CRISIL D (Issuer Not
                                     Cooperating)

   Foreign Letter        0.84        CRISIL D (Issuer Not
   of Credit                         Cooperating)

   Long Term Loan        3.15        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Fund-        1.61        CRISIL D (Issuer Not
   Based Bank Limits                 Cooperating)

CRISIL Ratings has been consistently following up with SSFL for
obtaining information through letter and email dated June 15, 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 SSFL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSFL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSFL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SSFL was incorporated in 2014, promoted by the Mainpuri (Uttar
Pradesh)-based Maheshwari family. The company mills and processes
basmati rice. Its unit at Sirsaganj Road in Mainpuri has an
installed capacity of 14,080 tonnes per annum.


SUJATHA FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sujatha Feeds
Private Limited (SFPL; Part Of The Gouthami Group) continue to be
'CRISIL D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Cash Credit             6.4         CRISIL D (Issuer Not
                                       Cooperating)

   Cash Credit             4.1         CRISIL D (Issuer Not
                                       Cooperating)

   Long Term Loan         17.4         CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Long Term      1.4         CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

CRISIL Ratings has been consistently following up with SFPL for
obtaining information through letter and email dated June 15, 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 SFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SFPL continues to be 'CRISIL D Issuer Not Cooperating'.

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SFPL and Gouthami
Hatcheries Pvt Ltd (GHPL). This is because both the companies,
together referred to as the Gouthami group, are under the same
management team, and have considerable operational and business
linkages.

SFPL, set up in 2009, manufactures poultry feed. GHPL, set up in
1999, produces hatching eggs and broiler birds. The companies are
promoted by Mr. D Srinath Reddy and his wife, Ms. D Lokeshwari.


VIBRANT LAMINATE: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vibrant
Laminate Private Limited (VLPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated June 29, 2022,
placed the rating(s) of VLPL under the 'issuer non-cooperating'
category as VLPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VLPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 15, 2023, May 25, 2023, June 4, 2023.

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

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

Gorakhpur (Uttar Pradesh) based Vibrant Laminates Private limited
(VLPL) was incorporated in April, 2016 by Mr Ashok Kumar
Matanhelia, Mr Somil Matanhelia, Mr Shobhit Matanhelia and Mr
Rajesh Agarwal with an aim to set up a manufacturing plant of paper
based decorative laminate sheets.




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

BEACHLANDS CAFE: Creditors' Proofs of Debt Due on Sept. 8
---------------------------------------------------------
Creditors of Beachlands Cafe Limited are required to file their
proofs of debt by Sept. 8, 2023, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Garry Whimp
          Benjamin Francis
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


FRIENDLY OFFICE: Court to Hear Wind-Up Petition on Aug. 8
---------------------------------------------------------
A petition to wind up the operations of Friendly Office Movers
Limited will be heard before the High Court at Wellington on Aug.
8, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 20, 2023.

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Service
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


JED CONTRACTORS: Creditors' Proofs of Debt Due on Sept. 19
----------------------------------------------------------
Creditors of Jed Contractors Limited are required to file their
proofs of debt by Sept. 19, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on July 19, 2023.

The company's liquidators are:

          Thomas Lee Rodewald
          C/- Rodewald Consulting Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15543
          Tauranga 3144


SPOTBURN CONSULTING: Court to Hear Wind-Up Petition on Aug. 8
-------------------------------------------------------------
A petition to wind up the operations of Spotburn Consulting Limited
will be heard before the High Court at Wellington on Aug. 8, 2023,
at 10:00 a.m.

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

The Petitioner's solicitor is:

          Tara Nicola Carr
          Legal Service
          11 Jepsen Grove
          Wallaceville
          Upper Hutt 5018


WINIATA ENTERPRISES: Creditors' Proofs of Debt Due on Aug. 11
-------------------------------------------------------------
Creditors of Winiata Enterprises Limited are required to file their
proofs of debt by Aug. 11, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Simon Dalton of Gerry Rea
Partners as liquidators on June 30, 2023.




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

CROSS MARKETING: Creditors' Proofs of Debt Due on Aug. 31
---------------------------------------------------------
Creditors of Cross Marketing Asia Pte. Ltd. are required to file
their proofs of debt by Aug. 31, 2023, to be included in the
company's dividend distribution.

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

The company's liquidator is Tan Chin Ren of Tan, Chan & Partners.


NO SIGNBOARD: CEO Says Fresh Charges Related to 2019 Probes
-----------------------------------------------------------
The Business Times reports that No Signboard's executive chairman
and chief executive Lim Yong Sim has clarified that the new charges
brought against him for price rigging offences on July 27 were
related to previous probes in January 2019.

He was not asked to assist in other investigations or interviews
with the Commercial Affairs Department, said the company in a
bourse filing on July 31, BT relays.

These previous investigations had resulted in his arrest and
release on bail over suspicions that he violated the Securities and
Futures Act (SFA) and concerned an abortive share buy-back
transaction on Jan. 31, 2019. Mr. Lim said he was not provided with
any information during these investigations to believe otherwise.

BT relates that the police said on July 27 that Mr. Lim had been
charged over share price rigging offences under the SFA.

If convicted, he may be jailed for up to seven years or fined up to
SGD250,000, or both.

The fresh charges arose from a joint investigation by the
Commercial Affairs Department and the Monetary Authority of
Singapore, adds BT.

                         About No Signboard

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

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

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

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


SANCHI INVESTMENT: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on July 21, 2023, to
wind up the operations of Sanchi Investment Pte. Ltd.

World Peak Holdings Limited filed the petition against the
company.

The company's liquidators are:

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


SANGUINE HOLDINGS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on July 21, 2023, to
wind up the operations of Sanguine Holdings (SG) Pte. Ltd.

Clifford Chance Pte. Ltd. filed the petition against the company.

The company's liquidators are:

          Don Ho Mun-Tuke
          Ho Chjuen Meng
          David Donald
          DHA+ PAC
          63 Market Street
          #05-01A, Bank of Singapore Centre
          Singapore 048942


SWIMMING TEACHER: Court to Hear Wind-Up Petition on Aug. 18
-----------------------------------------------------------
A petition to wind up the operations of Swimming Teacher Institute
Asia Pte. Ltd. will be heard before the High Court of Singapore on
Aug. 18, 2023, at 10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on July 25, 2023.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555


TESSA THERAPEUTICS: Creditors' Meetings Set for Aug. 23
-------------------------------------------------------
Tessa Therapeutics Ltd will hold a meeting for its creditors on
Aug. 23, 2023, at 11:00 a.m., at 12 Marina View, #15-01 Asia Square
Tower 2, in Singapore and by way of electronic means.

Agenda of the meeting includes:

   a. to receive a statement of the Company’s affairs together
      with a list of creditors and the estimated amounts of their
      claims;

   b. to confirm the appointment of Ms. Toh Ai Ling, Mr. Bob Yap
      Cheng Ghee and Mr. Chan Kwong Shing, Adrian, all care of
      KPMG Services Pte. Ltd. of 12 Marina View, #15-01 Asia
      Square Tower 2, Singapore 018961, as the joint and several
      Liquidators of the Company pursuant to Section 167(1) of the

      Act for the purpose of winding up the affairs of the Company

      at such remuneration based on time costs;

   c. to resolve that the Liquidators be at liberty to open,
      maintain and operate any bank account(s) or account(s) for
      monies received by them as Liquidators with such bank(s) as
      they deem fit;

   d. to form a Committee of Inspection of not more than 5
      members, if thought fit; and

   e. any other business.

Ms. Toh Ai Ling, Mr. Bob Yap Cheng Ghee and Mr. Chan Kwong Shing,
Adrian of KPMG Services were appointed as the joint and several
Provisional Liquidators of the Company on July 26, 2023.



                           *********


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.



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