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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 9, 2023, Vol. 26, No. 159

                           Headlines



A U S T R A L I A

BOURKEHOOD PTY: First Creditors' Meeting Set for Aug. 15
BSM (ACT): Second Creditors' Meeting Set for Aug. 14
GCB CONSTRUCTIONS: Fate of Creditors Hinges on Legal Stoushes
KALIUM LAKES: First Creditors' Meeting Set for Aug. 15
LOCAKO PTY: First Creditors' Meeting Set for Aug. 14

PEPPER SPARKZ 7: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
TRITON TRUST 2018-1: Fitch Affirms 'BB-sf' Rating on Class E Notes
VEYSEL'S COMMERCIAL: First Creditors' Meeting Set for Aug. 14


C H I N A

CHINA: Record Local State Borrowers Miss Short-Term Debt Payments
COUNTRY GARDEN: Misses Payment on Two Dollar Bonds Due Aug. 6
HUOBI EXCHANGE: Refutes Insolvency and Leadership Arrest Rumors
SINO-OCEAN GROUP: Creditors Vote Down $278 Million Bond Extension


I N D I A

BALAJI HI TECH: ICRA Withdraws B+ Rating on INR8cr Cash Loan
BALBIR FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
CPA GLOBAL: Voluntary Liquidation Process Case Summary
EMPEE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
GI INTERNATIONAL: Liquidation Process Case Summary

GMR KAMALANGA: ICRA Withdraws D Rating on INR3,405cr Term Loan
INDIAN PULP: ICRA Keeps D Debt Ratings in Not Cooperating
INTERNATIONAL FRESH: ICRA Keeps D Debt Ratings in Not Cooperating
KALPESH CORPORATION: ICRA Keeps B+ Ratings in Not Cooperating
KARTHIK ROOFINGS: ICRA Keeps D Debt Ratings in Not Cooperating

MYTRAH VAYU SABARMATI: ICRA Keeps D Rating in Not Cooperating
MYTRAH VAYU: ICRA Keeps D Debt Ratings in Not Cooperating
NORTH INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
RAMALINGA MILLS: ICRA Moves D Debt Ratings to Not Cooperating
RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating

RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating
RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating
SETCO AUTO: ICRA Reaffirms B- Rating on INR350cr NCD
SHYAM AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating


I N D O N E S I A

WASKITA KARYA: Says It Can't Pay Bonds Due Aug. 6


N E W   Z E A L A N D

BROTHERS BEER: Placed Into Voluntary Administration
CONSTRUCTION BUILDING: Creditors' Proofs of Debt Due on Sept. 15
FOR LIFE: Court to Hear Wind-Up Petition on Aug. 18
HARMONEY NZ 2023-1: Moody's Gives (P)B2 Rating to NZD9.2MM F Notes
K F MCLAUGHLIN: BDO Tauranga Appointed as Liquidators

NZ4U2U LIMITED: Creditors' Proofs of Debt Due on Sept. 8
RAINBOW CORNER: Court to Hear Wind-Up Petition on Aug. 18


P A K I S T A N

PAKISTAN INTERNATIONAL: Pakistan Plans to Privatize Carrier


S I N G A P O R E

3DINFRA PTE: Creditors' Meetings Set for Aug. 29
ASNARO ENTERPRISES: Commences Wind-Up Proceedings
BAIDU BARBEQUE: Creditors' Meetings Set for Aug. 17
MEDIABAY MARKETPLACE: Final Meeting Set for Sept. 8
NEXTHIVE INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 8



S R I   L A N K A

SRI LANKA: Monetary Policy Transmission Still Incomplete

                           - - - - -


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

BOURKEHOOD PTY: First Creditors' Meeting Set for Aug. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of BourkeHood
Pty Ltd will be held on Aug. 15, 2023, at 3:00 p.m. via online
conference facilities.

Rahul Goyal of KordaMentha was appointed as administrator of the
company on Aug. 3, 2023.


BSM (ACT): Second Creditors' Meeting Set for Aug. 14
----------------------------------------------------
A second meeting of creditors in the proceedings of BSM (ACT) Pty
Ltd has been set for Aug. 14, 2023 at 10:30 a.m. at the offices of
Worrells at Level 2, AMP Building, 1 Hobart Place in Canberra and
via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 13, 2023 at 5:00 p.m.

Stephen John Hundy of Worrells was appointed as administrator of
the company on July 10, 2023.


GCB CONSTRUCTIONS: Fate of Creditors Hinges on Legal Stoushes
-------------------------------------------------------------
Business News Australia reports that creditors to Gold Coast
building company GCB Constructions were told by administrators on
Aug. 7 that they will have to wait on the outcome of two legal
stoushes totalling AUD17 million if they are to see any meaningful
return on the debts they are owned.

According to the report, the first meeting of creditors to the
company, one of the city's largest builders, was held on the Gold
Coast on Aug. 7 and drew close to 40 creditors, including a handful
who attended via an audio link.

BNA relates that the meeting, conducted by administrator David
Stimpson of SV Partners, had raised the prospect of a deed of
company arrangement being presented to creditors, although how much
they will be offered for their debts remains up in the air.

The legal actions relate to two projects including Drift at Main
Beach, work on which has lain dormant for most of this year.

BNA says the collapse of GCB Constructions, which is led by Trent
Clark, has left the fate of hundreds of apartments in limbo with
the extent of the company's debts yet to be publicly revealed.

Among the projects on GCB's books when it collapsed were the AUD160
million Amaya high rise at Broadbeach, Rayjon Group's Vantage View,
which is the final stage of the AUD200 million Vantage project at
Benowa, plus Rayjon's second Vantage project at Burleigh Heads and
Steer Developments' COTE Palm Beach.

Canberra-based Amalgamated Property Group, the developer of Amaya,
has since stepped in to take over construction of that project,
while the remainder of projects, including work on the Caboolture
Private Hospital, are in the hands of their respective developers,
according to the report.

GCB Constructions firsts showed signs of problems after a public
dispute with Drift developer GDI Group, headed by Dean Gallagher,
the report notes. GCB Constructions is understood to be seeking
AUD5 million from the Drift developer in its legal stoush while it
is also chasing AUD12 million from Poly Global, developer of the
243-unit Ascot Aurora project in Brisbane.

Among the options presented to creditors were a DOCA that could
include an injection of funds by a third party and the sale of
company assets, the report says.

The second meeting of creditors is scheduled to be held on August
30, 2023.

David Stimpson and Adam Kersey of SV Partners have been appointed
as administrators of the embattled construction company.


KALIUM LAKES: First Creditors' Meeting Set for Aug. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Kalium Lakes
Ltd., Kalium Lakes Infrastructure Pty Ltd, and Kalium Lakes Potash
Pty Ltd will be held on Aug. 15, 2023, at 11:00 a.m. at Level 8,
235 St Georges Tce in Perth and via virtual meeting technology.

Martin Bruce Jones, Matthew Woods, and Clint Joseph of KPMG were
appointed as administrators of the company on Aug. 3, 2023.


LOCAKO PTY: First Creditors' Meeting Set for Aug. 14
----------------------------------------------------
A first meeting of the creditors in the proceedings Locako Pty Ltd
will be held on Aug. 14, 2023, at 10:00 a.m. via teleconference.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of the company on Aug. 1, 2023.


PEPPER SPARKZ 7: Fitch Assigns 'B(EXP)sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Pepper SPARKZ Trust
No.7's pass-through floating-rate notes. The notes are backed by a
pool of first-ranking Australian automotive and equipment lease and
loan receivables originated by Pepper Asset Finance Pty Limited, a
subsidiary of Pepper Money Limited (Pepper). The notes will be
issued by BNY Trust Company of Australia Limited as trustee for
Pepper SPARKZ Trust No.7.

ENTITY/DEBT                    RATING  
-----------                    ------
Pepper SPARKZ Trust No.7

A1-a   LT AAA(EXP)sf  Expected Rating
A1-x   LT AAA(EXP)sf  Expected Rating
B   LT AA(EXP)sf  Expected Rating
C   LT A(EXP)sf  Expected Rating
D   LT BBB(EXP)sf  Expected Rating
E   LT BB(EXP)sf  Expected Rating
F   LT B(EXP)sf  Expected Rating
G   LT NR(EXP)sf  Expected Rating

TRANSACTION SUMMARY

The total collateral pool at the June 30, 2023 pool cut-off date
was AUD700 million and consisted of 14,017 receivables with a
weighted-average (WA) remaining maturity of 60.1 months.

KEY RATING DRIVERS

Stress Commensurate with Ratings: Fitch have assigned base-case
default expectations and 'AAAsf' default multiples are as follows:

Novated: 1.10% (7.75x)

Non-Novated Risk Tier A: 2.25% (6.0x)

Non-Novated Risk Tier B: 6.00% (4.75x)

Non-Novated Risk Tier C: 12.00% (3.75x)

The recovery base case is 30.0%, with a 'AAAsf' recovery haircut of
50.0% across all risk grades. The WA base-case default assumption
was 3.5% and the 'AAAsf' default multiple was 5.1x.

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite increasing
interest rates. GDP growth for the year to March 2023 was 2.3% and
unemployment was 3.5% in June 2023. Fitch expect GDP growth to slow
to 1.5% in 2023, with unemployment reaching 4.0%, reflecting high
inflation combined with a slowdown in consumer spending.

Excess Spread Limited by Commission Note Repayment: The transaction
includes a class A1-x note to fund the purchase-price component
related to the unamortised commission paid to introducers for the
origination of the receivables. The note will not be
collateralised, but will amortise in line with an amortisation
schedule. The note's repayment limits the availability of excess
spread to cover losses, as it ranks senior in the interest
waterfall; above the class B to F notes. However, the rated
subordinated notes still pass at their respective stress rating
levels.

Class A to F notes will receive principal repayments pro rata upon
satisfaction of pro rata conditions. The percentage of credit
enhancement (CE) provided by the G note will increase as the A to F
notes amortise. Fitch's cash flow analysis incorporates the
transaction's structural features and tests each note's robustness
by stressing default and recovery rates, prepayments, interest-rate
movements and default timing.

Counterparty Risks Addressed: Counterparty risk is mitigated by
documented structural mechanisms that ensure remedial action takes
place should the ratings of the swap providers or transaction
account bank fall below a certain level. The transaction includes
interest-rate swaps with a fixed schedule, which allows for future
over- or under-hedging, depending on the level of prepayments and
defaults. Fitch conducted additional sensitivity analysis for these
hedging scenarios.

Low Operational and Servicing Risk: All receivables were originated
by Pepper Asset Finance, which demonstrated adequate capability as
originator, underwriter and servicer. Pepper is not rated by Fitch.
Servicer disruption risk is mitigated by back-up servicing
arrangements. The nominated backup servicer is BNY Trust Company of
Australia Limited. Fitch undertook an operational and file review
and found that the operations of the originator and servicer were
comparable with those of other auto and equipment lenders.

No Residual Value Risk: There is no residual value exposure in this
transaction. However, 37.5% of the portfolio by loan value has
balloon amounts payable at maturity.

RATING SENSITIVITIES

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

Transaction performance may be affected by changes in market
conditions and the economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Unanticipated increases in the frequency of defaults could produce
loss levels higher than Fitch's base case and are likely to result
in a decline in CE and remaining loss-coverage levels available to
the notes. Decreased CE may make certain note ratings susceptible
to negative rating action, depending on the extent of coverage
decline. Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions. Fitch stresses the
recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level.

Downgrade Sensitivity

Notes: Class A1-a / Class A1-x / Class B / Class C / Class D /
Class E / Class F

Expected Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf / Bsf

Rating Sensitivity to Increased Default Rates

Increase defaults by 10%: AA+sf / AAAsf / AA-sf / A-sf / BBB-sf /
BBsf / Bsf

Increase defaults by 25%: AA+sf / AAAsf / A+sf / BBB+sf / BB+sf /
B+sf / less than Bsf

Increase defaults by 50%: AA-sf / AA+sf / A-sf / BBBsf / BBsf /
less than Bsf / less than Bsf

Rating Sensitivity to Decreased Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ Bsf

Recoveries decrease 25%: AAAsf / AAAsf / AA-sf / A-sf / BBBsf /
BBsf / Bsf

Recoveries decrease 50%: AA+sf / AAAsf / AA-sf / A-sf / BBB-sf /
BB-sf / less than Bsf

Rating Sensitivity to Combined Stresses

Defaults increase 10%/recoveries decrease 10%: AA+sf / AAAsf /
AA-sf / A-sf / BBB-sf / BB-sf / less than Bsf

Defaults increase 25%/recoveries decrease 25%: AAsf / AAAsf / Asf /
BBBsf / BB+sf / Bsf / less than Bsf

Defaults increase 50%/recoveries decrease 50%: A+sf / AAsf / BBB+sf
/ BB+sf / BB-sf / less than Bsf / less than Bsf

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

Macroeconomic conditions, collateral performance and credit losses
that are better than Fitch's baseline scenario or sufficient
build-up of CE that would fully compensate for the credit losses
and cash flow stresses commensurate with higher rating scenarios,
all else being equal

The class A1-a and A1-x notes are at 'AAAsf', which is the highest
level on Fitch's scale, and cannot be upgraded. For these notes
that are at 'AAAsf', upgrade sensitivity stresses are not relevant.
However, results for the remaining rated notes are as follows:

Upgrade Sensitivity

Expected Rating Sensitivity to Reduced Defaults and Increased
Recoveries

Notes: Class B / Class C / Class D / Class E / Class F

Expected Ratings: AAsf / Asf / BBBsf / BBsf / Bsf

Reduce defaults by 10% and increase recoveries by 10%: AA+sf / A+sf
/ BBB+sf / BB+sf / BB-sf

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch sought to receive a third-party assessment conducted on the
asset portfolio information, but none was made available to Fitch
for this transaction.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis,
according to its applicable rating methodologies, indicates that it
is adequately reliable.
elevance is a score of '3', unless otherwise disclosed in this
section. A score of '3' means ESG issues are credit-neutral or have
only a minimal credit impact on the entity, either due to their
nature or the way in which they are being managed by the entity.

Fitch's ESG Relevance Scores are not inputs in the rating process;
they are an observation on the relevance and materiality of ESG
factors in the rating decision.


TRITON TRUST 2018-1: Fitch Affirms 'BB-sf' Rating on Class E Notes
------------------------------------------------------------------
Fitch Ratings has affirmed 32 note classes from nine Triton
transactions, which are backed by pools of first-ranking Australian
residential full-documentation conforming mortgage loans originated
by Columbus Capital Pty Limited. The notes were issued by Perpetual
Corporate Trust Limited in its capacity as trustee.

ENTITY/DEBT                  RATING           PRIOR  
-----------                  ------            ----
Triton Trust No.8 Bond
Series 2019-3

A1-5Y AU3FN0051306 LT   AAAsf    Affirmed AAAsf
A1-AU AU3FN0051298 LT   AAAsf    Affirmed AAAsf
A2 AU3FN0051314  LT   AAAsf    Affirmed AAAsf
AB AU3FN0051322  LT   AAAsf    Affirmed AAAsf

Triton Bond Trust 2020
Series 1

A1-5Y AU3FN0053021 LT   AAAsf    Affirmed AAAsf
A1-AU AU3FN0053013 LT   AAAsf    Affirmed AAAsf
A2 AU3FN0053039  LT   AAAsf    Affirmed AAAsf
AB AU3FN0053047  LT   AAAsf    Affirmed AAAsf

Triton Bond Trust 2021-1 –
Series 1

A1-5Y AU3FN0058152 LT   AAAsf     Affirmed AAAsf
A1-AU AU3FN0058145 LT   AAAsf     Affirmed AAAsf
A2 AU3FN0058160  LT   AAAsf     Affirmed AAAsf

Triton Bond Trust 2021-2 –
Series 1

A1 - 5Y AU3FN0061313 LT   AAAsf     Affirmed AAAsf
A1 - AU
AU3FN0061305  LT   AAAsf     Affirmed AAAsf
A2 AU3FN0061321  LT   AAAsf     Affirmed AAAsf

Triton Bond Trust 2022-1 –
Series 1

A1-5Y AU3FN0065926 LT   AAAsf    Affirmed AAAsf
A1-AU AU3FN0065918 LT   AAAsf    Affirmed AAAsf
A2 AU3FN0065934  LT   AAAsf    Affirmed AAAsf

Triton Bond Trust 2022-3 –
Series 1

A1-AU AU3FN0071171 LT   AAAsf    Affirmed AAAsf
A1-MM
AU3FN0071163  LT   AAAsf    Affirmed AAAsf
A2 AU3FN0071189  LT   AAAsf    Affirmed AAAsf

Triton Bond Trust 2023-1 –
Series 1

A1-4.5Y
AU3FN0075222  LT   AAAsf    Affirmed AAAsf
A1-AU AU3FN0075214 LT   AAAsf    Affirmed AAAsf
A1-MM
AU3FN0075206  LT   AAAsf    Affirmed AAAsf
A2 AU3FN0075230  LT   AAAsf    Affirmed AAAsf

Triton Bond Trust 2023-2 –
Series 1

A1-AU AU3FN0078887 LT   AAAsf    Affirmed AAAsf
A1-AU-G
AU3FN0078903  LT   AAAsf    Affirmed AAAsf
A2 AU3FN0078911  LT   AAAsf    Affirmed AAAsf

Triton Trust No.9 NTX
Warehouse Series 2018-1

A   LT   AAsf     Affirmed AAsf
B   LT   Asf      Affirmed Asf
C   LT   BBB+sf   Affirmed  BBB+sf
D   LT   BB+sf    Affirmed BB+sf
E   LT   BB-sf    Affirmed BB-sf

KEY RATING DRIVERS

Resilient Asset Performance: The transactions' 30+ day and 90+ day
arrears as of end-May 2023 were all below Fitch's 1Q23 Dinkum RMBS
Index arrears of 0.98% and 0.46%, respectively. The 30+ day arrears
ranged from nil for Triton 2022-1 and 0.7% for Triton 2019-3. For
90+ days arrears, all transactions ranged from nil to 0.4%.
Transaction performance has been strong, with no losses since the
previous review. All 'AAAsf' rated notes have subordination that is
at least 1.9x greater than the 'AAAsf' portfolio loss from the last
model run.

Triton Trust No.9 NTX Warehouse Series 2018-1 has an availability
period; therefore, Fitch's analysis was based on a proxy pool
stressed to pool parameters provided by Columbus Capital and
further stressed by Fitch. The stress levels were defined based on
originator and historical data and Fitch's forward-looking view.
Stresses were applied to a number of portfolio characteristics to
reflect the historical portfolio composition and Fitch's expected
future portfolio composition of the pool.

Credit Enhancement Supports Ratings: Cash flow and asset modelling
was not performed for this review, in line with Fitch's APAC
Residential Mortgage Rating Criteria. Triton 2019-3, 2020-1 and
2021-1 are paying down on a pro rata basis to each note with the
exception of the most junior note, and will revert to sequential
paydown, building up credit enhancement (CE), if performance
deteriorates significantly or at the call option date. The
remaining transactions are paying principal sequentially.

Triton No.9 NTX Warehouse Series 2018-1 is in its availability
period, which ends in October 2023. The transaction employs a
sequential structure after the availability period, with no pro
rata pay down permitted. Payment of class A subordinated interest
and of class B, C, D and E residual interest is excluded from Fitch
rating analysis. Class A subordinated interest is subordinated
below losses if an amortisation event is subsisting, while class B,
C, D and E residual interest is subordinated below losses when the
outstanding asset balance is below AUD16.5 million. Non-payment of
subordinated or residual interest will not lead to an event of
default, as outlined in the transaction documentation.

Low Operational Risk: Columbus Capital is a diversified non-bank
financial institution that commenced lending in 2006. Fitch
undertook an operational review and found that the operations of
the servicer were comparable with market standards and that there
were no material changes that may affect Columbus Capital's ongoing
ability to undertake administration and collection activities.

Tight Labour Market Supports Outlook: Portfolio performance is
supported by Australia's continued economic growth and tight labour
market, despite interest rates increasing from May 2022 through
June 2023. GDP growth for the year to March 2023 was 2.3% and
unemployment was 3.5% in June 2023. Fitch expects GDP growth to
slow to 1.5% in 2023, with unemployment reaching 4.0%, reflecting
high inflation combined with a slowdown in consumer spending.

RATING SENSITIVITIES

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

The performance of the transactions may be affected by changes in
market conditions and economic environment. Weakening asset
performance is strongly correlated with increasing levels of
delinquencies and defaults that could reduce CE available to the
notes.

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in CE
and remaining loss-coverage levels available to the notes.
Decreased CE may make certain note ratings susceptible to negative
rating action, depending on the extent of the coverage decline.
Hence, Fitch conducts sensitivity analysis by stressing a
transaction's initial base-case assumptions.

The rating sensitivity section provides insight into the
model-implied sensitivities the transaction faces when assumptions
- weighted-average foreclosure frequency or weighted-average
recovery rate - are modified, while holding others equal. The
modelling process uses the modification of default and loss
assumptions to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors.

Fitch expects that the rating sensitivities for the term deals at
closing will have improved since closing, as the transactions will
have built up CE supporting the rating of the notes. Each
transaction has an initial sequential paydown period. The most
junior note does not receive principal payment during the pro rata
payment period.

Fitch's previous rating sensitivities for the remaining
transactions were discussed in the following publications:

-- rating action commentary for Triton 2019-3, published on
November 7, 2019;

-- rating action commentary for Triton 2020 Series 1, published on
March 5, 2020;

-- rating action commentary for Triton 2021-1 Series 1, published
on February 16, 2021;

-- rating action commentary for Triton 2021-2 Series 1, published
on August 4, 2021;

-- rating action commentary for Triton 2022-1 Series 1, published
on February 23, 2022;

-- rating action commentary for Triton 2022-3 Series 1, published
on September 7, 2022;

-- rating action commentary for Triton 2023-1 Series 1, published
on February 22, 2023;

-- rating action commentary for Triton 2023-2 Series 1, published
on June 29, 2023; and

-- rating action commentary for Triton No.9 NTX Warehouse Series
2018-1, published on November 27, 2022.

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

Excluding Triton Trust No.9 NTX Warehouse Series 2018-1 (Triton
2018-1 warehouse), the rated notes are at 'AAAsf', which is the
highest level on Fitch's scale. The ratings cannot be upgraded.

For Triton 2018-1 warehouse, an upgrade could result from
macroeconomic conditions, loan performance and credit losses that
are better than Fitch's baseline scenario or sufficient build-up of
CE that would fully compensate for credit losses and cash flow
stresses commensurate with higher rating scenarios, all else being
equal.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Prior to the transactions closing, Fitch sought to receive a
third-party assessment conducted on the asset portfolio
information, but none was made available to Fitch for these
transactions.

As part of its ongoing monitoring, Fitch reviewed a small targeted
sample of the originator's origination files and found the
information contained in the reviewed files to be adequately
consistent with the originator's policies and practices and the
other information provided to the agency about the asset
portfolio.

Overall, and together with any assumptions, Fitch's assessment of
the information relied upon for the agency's rating analysis,
according to its applicable rating methodologies, indicates that it
is adequately reliable.

ESG CONSIDERATIONS

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

Fitch's ESG Relevance Scores are not inputs in the rating process;
they are an observation on the relevance and materiality of ESG
factors in the rating decision.


VEYSEL'S COMMERCIAL: First Creditors' Meeting Set for Aug. 14
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Veysel's
Commercial Food Machinery Pty Ltd will be held on Aug. 14, 2023, at
10:00 a.m. via teleconference facilities.

Domenic Calabretta and David Hurst of Mackay Goodwin were appointed
as administrators of the company on Aug. 2, 2023.




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

CHINA: Record Local State Borrowers Miss Short-Term Debt Payments
-----------------------------------------------------------------
Bloomberg News reports that China's local government financing
vehicles are showing more signs of stress, with a record number
missing payments on a popular type of short-term debt last month.

A total of 48 LGFVs were overdue on commercial paper, which
typically carries a maturity of less than a year, up from 29 in
June, according to a Huaan Securities Co. report citing data from
the Shanghai Commercial Paper Exchange, Bloomberg discloses. Their
missed payments amounted to CNY1.86 billion (US$259 million),
versus CNY780 million in June.

According to Bloomberg, the revelation is set to aggravate concerns
about the financial health of LGFVs, which are mostly tasked with
building infrastructure projects that may take years to generate
investment returns. While none of them has defaulted on a public
bond, their repayment risk has come under renewed scrutiny after
China's state pension fund recently advised asset managers handling
its money to sell some notes including those from riskier LGFVs.

Other data points in the report give a sense of areas that have had
the highest cluster of LGFVs to stumble on such debt in the past
few years, Bloomberg says.

In data current through July this year going back to August 2021,
the eastern province of Shandong accounted for 37 of the 140 LGFVs
that have missed commercial paper payments in that period, followed
by 21 from Guizhou, its impoverished peer in the southwest,
Bloomberg discloses.


COUNTRY GARDEN: Misses Payment on Two Dollar Bonds Due Aug. 6
-------------------------------------------------------------
Reuters reports that Country Garden said on Aug. 8 it has not paid
two dollar bond coupons due on Aug. 6, confirming market fears that
the biggest privately owned developer in China is slipping into
repayment troubles.

The bonds in question are notes due on Feb. 2026 and Aug. 2030,
both with 30-day grace periods, investors said, citing
prospectuses, Reuters relays. The coupons were worth a total of
$22.5 million.

China's giant property sector has seen a string of debt defaults by
cash-squeezed developers since late 2021, with China Evergrande
Group, the world's most indebted property developer, at the centre
of the crisis.

Country Garden, which had total liabilities of CNY1.4 trillion
(US$194 billion) as of end-2022, told Reuters in a statement its
usable cash had declined due to a deterioration in the sales and
refinancing environment, and the impact from various fund
regulations.

Stocks and bonds of the Guangdong province-based company, ranked
third by national sales this year, have faced selloff pressure in
the past few weeks as liquidity concerns resurfaced, Reuters says.

One of the firm's onshore bonds was temporarily suspended from
trading in Shenzhen after plunging 28.6% in the morning [Aug. 7].
Its Jan 2024 dollar bonds were traded at 18.331 cents on the
dollar, according to Duration Finance, down from 25 cents on Aug.
7.

Last week, Country Garden aborted a $300 million share placement at
the last minute saying it had not reached a 'final agreement' for
the deal to go ahead, recalls Reuters.

                      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 recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating and senior unsecured
rating to B1 from Ba3.


HUOBI EXCHANGE: Refutes Insolvency and Leadership Arrest Rumors
---------------------------------------------------------------
Cointelegraph reports that cryptocurrency exchange Huobi dismissed
the ongoing rumors against its insolvency, which was fueled by
total value locked (TVL) data that briefly showed $64 million in
outflows between Aug. 5-6 amid ongoing investigations from Chinese
authorities.

Cointelegraph relates that outflows from Huobi over the weekend,
based on data collected by decentralized finance (DeFi) TVL
aggregator DefiLlama, showed the exchange's TVL falling to $2.5
billion at the time of writing, down from $3.09 on July 6.
Moreover, rumors that the exchange's leadership had been arrested
in China first surfaced on Aug. 4 as part of an alleged
investigation into the exchange's dealings with gambling platforms.
Speaking to Cointelegraph, a Huobi spokesperson labeled the claims
as fake news. Rumors surface as authorities are reportedly
tightening up control over cryptocurrency exchanges in mainland
China.

Cointelegraph has learned that at least one C-level executive has
left Huobi over the past few weeks, although it's unclear whether
the departure is connected to any recent rumours. On social media
platform X (formerly Twitter), Huobi's head of social media said
the rumors are untrue and that the exchange is "currently doing
well."

Going against the falling TVL narrative, Nansen data confirmed a
slight increase in Houbi's net worth from the weekend numbers -
currently standing at nearly $3.2 billion, Cointelegraph says. When
it comes to token allocation, Huobi's reserves are dominated by
Bitcoin.

When it comes to stablecoin reserves, Huobi allocated 12.57% or
$400 million to Staked USDT (stUSDT), $63.1 million or 1.98% to
USDT and $9.5 million or 0.55% USDC, confirmed Nansen data,
Cointelegraph relays. The exchange has also allocated small
percentages to other stablecoins, including Decentralized USD
(USDD) at 0.55%, and TrueUSD (TUSD) at 0.08%.

DefiLlama data suggested that on Aug. 6, Huobi wallets held $72
million in USDT and USDC combined. However, on-chain data from
Nansen was not reflective of unusual outflows.

Huobi did not immediately respond to Cointelegraph's request to
clarify rumors of insolvency and discrepancies between on-chain
data and its audit report.

Huobi faces challenges in other jurisdictions as well, the report
notes. An enforcement action by the Malaysian securities regulator
forced the exchange to close its operations in the country in May.



SINO-OCEAN GROUP: Creditors Vote Down $278 Million Bond Extension
-----------------------------------------------------------------
Caixin Global reports that state-backed Chinese developer
Sino-Ocean Group Holding Ltd. lost a vote by bondholders on its
proposal to extend CNY2 billion (US$278 million) of onshore bonds
due Aug. 9 and narrowly won a one-month reprieve.

Caixin relates that the outcome means the cash-squeezed company
avoided a default for now and has 30 days to work out an extension
plan that bondholders will support, people familiar with the matter
said.

                      About Sino-Ocean Group

Sino-Ocean Group Holding Limited, formerly Sino-Ocean Land Holdings
Limited, is an investment holding company principally engaged in
property development and property investment in the People's
Republic of China (the PRC). The Company is engaged in property
development in Beijing-Tianjin-Hebei, Northeast, Central and
Southern.  

As recently reported in the Troubled Company Reporter-Asia, Moody's
Investors Service has downgraded Sino-Ocean Group Holding Limited
(Sino-Ocean)'s corporate family rating to Caa2 from Caa1.  At the
same time, Moody's has downgraded (1) to Caa3 from Caa1, the backed
senior unsecured ratings on the bonds issued by Sino-Ocean Land
Treasure Finance I Limited, Sino-Ocean Land Treasure Finance II
Limited, and Sino-Ocean Land Treasure IV Limited and guaranteed by
Sino-Ocean, and (2) to C from Caa3, the subordinated, guaranteed
perpetual capital securities issued by Sino-Ocean Land Treasure III
Limited and guaranteed on a subordinated basis by Sino-Ocean.




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

BALAJI HI TECH: ICRA Withdraws B+ Rating on INR8cr Cash Loan
------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Sri Balaji Hi Tech Industries(SBHTI) at the request of the firm and
based on the No Objection Certificate (NOC) received from the
bankers, and in accordance with ICRA's policy on withdrawal.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-
   Fund Based–
   Term Loan          3.00       [ICRA]B+(Stable); withdrawn

   Long Term-
   Fund Based–
   Cash Credit        8.00       [ICRA]B+(Stable); withdrawn

The Key Rating Drivers, Liquidity Position, Key Financial
Indicators and Rating Sensitivities have not been captured as the
rated instruments are being withdrawn. The previous detailed rating
rationale is available at the following link: Click here

Sri Balaji Hi Tech Industries was incorporated as a partnership
firm in April 2019 in Raichur district of Karnataka. The operations
are carried out at a leasehold property taken from its sister
concern, Sri Balaji Rice Mills, and has advanced technology plant
and machinery. The plant has a rice milling capacity of 8 Ton per
hour.


BALBIR FOOD: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the ratings for the bank facilities of Shree Balbir
Food Product Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Limits/CC                     'Issuer Not Cooperating'
                                 Category

   Long-term–         1.09       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Limits                        'Issuer Not Cooperating'
                                 Category

The rating is based on limited cooperation from the entity since
the time it was rated in May 2023. ICRA has been consistently
following up with Shree Balbir Food Product Private Limited for
obtaining the monthly 'No Default Statement'. However, the entity's
management has remained non-cooperative and ICRA has not received
NDS for two consecutive months of May 2023 and June 2023.

ICRA is unable to validate whether Shree Balbir Food Product
Private Limited has been able to meet its debt servicing
obligations in a timely manner. Accordingly, the lenders, investors
and other market participants are advised to exercise appropriate
caution while using this rating. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite cooperation and in line with the aforesaid policy of
ICRA, the ratings continue to remain under the "Issuer Not
Cooperating" category.

Shree Balbir Food Product Private Limited is promoted by Balbir
Vikas Bhushan Group. The Group manufactures and trades in steel
products such as thermo-mechanically-treated (TMT) bars, mild steel
angles, channels and beams, among others. The Group ventured into
manufacturing of food products with the establishment of Shree
Balbir in 2015. It is a wholly-owned subsidiary of Balbir
Structures Private Limited (BSPL). Its manufacturing facilities are
located at Silvassa (Dadra and Nagar Haveli). The mill has an
installed capacity of 200 MT per day (72,000 MTPA). The first full
year of operations for the company was FY2019.

CPA GLOBAL: Voluntary Liquidation Process Case Summary
------------------------------------------------------
Debtor: CPA Global India Private Limited
E-24, II Floor, Greater Kailash Enclave-I
        New Delhi, South Delhi DL 110048 India

Liquidation Commencement Date:  July 15, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Ms. Purmima Shetty
            DX-6, Om Woods, Plot No. 144,
            Near Dmart,
            Sector 21, Nerul East,
            Navi Mumbai 400706
            Email: pespurnima@gmail.com
            Tel No: +91-9920100695

Last date for
submission of claims: August 14, 2023


EMPEE SUGARS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Empee Sugars
and Chemicals Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term       128.18       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Long-term–       384.90       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–       127.14       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-         0.78       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

ESCL is engaged in the manufacturing of sugar and spirits including
ethanol. The Company started its cane crushing operation in 1992 at
Naidupet Unit in Andhra Pradesh and later ventured into the
production of Spirits namely rectified spirits and extra neutral
alcohol. ESCL has two operating units at Naidupet (Nellore) in
Andhrapradesh and Ambasamudram (Tirunelveli) in Tamil Nadu. ESCL
has 8000 TCD cane crushing capacity, integrated with 60 klpd
distillery and 50 MW cogeneration plant at Ambasamudram and 3000
TCD and 20 klpd distillery at Naidupet. ESCL also has a subsidiary
Empee Power Company Limited, which operates 20 MW cogeneration
power plant at Naidupet. Its Ambasamudram unit is facing cane
availability issues and the sugar production is discontinued.
Further, the 50 MW power co-gen plant also has stopped generation
of power since Dec. 1, 2014.


GI INTERNATIONAL: Liquidation Process Case Summary
--------------------------------------------------
Debtor: GI International Private Limited
8/1, Ram Kumar Rakhit Lane, 1st Floor
        Kolkata 700007

Liquidation Commencement Date:  June 26, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: Dhiren S Shah
            B 102 Bhagirathi Niwas,
            Near Natraj Studio,
            Sir M V Road, Andheri (East),
            Mumbai - 400069
            Email: dss@dsshah.in
            Email: ip@dsshah.in

Last date for
submission of claims: July 26, 2023


GMR KAMALANGA: ICRA Withdraws D Rating on INR3,405cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
GMR Kamalanga Energy Limited at the request of the company and
based on the No Objection Certificate (NOC) received from its
banker. However, ICRA does not have information to suggest that the
credit risk has changed since the time the rating was last reviewed
The Key Rating Drivers, Liquidity Position, Rating Sensitivities,
Key financial indicators have not been captured as the rated
instruments are being withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–       3405.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Withdrawn
   Term Loan                     
                                 

   Long-term         450.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Withdrawn
   Others                        

GMR Kamalanga Energy Limited (GKEL) is an SPV promoted by the GMR
Group for development of 1050 MW (3 X 350 MW) domestic coal based
thermal power plant at Kamalanga in the state of Odisha. GMR Group
holds ~86% stake in GKEL through GMR Energy Limited, while balance
is held by India Infrastructure fund and IDFC Limited. The plant
has been commissioned in March 2014 as against original
commissioning schedule of March 2012. The final project cost is
estimated at INR6,519 crore. The company has three Power Purchase
Agreement (PPA) with Grid Corporation of Odisha (GRIDCO; 263 MW),
Haryana Utilities (300 MW net) and Bihar state utility (260 MW
net).


INDIAN PULP: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Indian Pulp & Paper Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        15.93       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-        13.60       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–        24.47       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

The company was incorporated in 2004 by the Kolkata-based Agarwal
family in the name of Balaji Kagaz Private Limited. In 2006, it
acquired Indian Paper Pulp Company Limited (IPPCL) from the
Government of West Bengal and subsequently its name was changed to
Indian Pulp & Paper Private Limited (IPPL). IPPL, at present,
manufactures kraft paper (with 16-30 burst factor) by recycling of
waste paper. Its manufacturing facility is in Naihati, West Bengal
with a capacity of 45,000 metric tonnes (MT) per annum.


INTERNATIONAL FRESH: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of International Fresh Farm
Products India Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        13.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–        17.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Incorporated in 1996, International Fresh Farm Products India
Limited (IFPIL) is a limited company promoted by Mr. Sukhinder
Singh and his family members. Initially the company was engaged in
the business of providing cold storage and warehousing facility on
a rental basis. In FY2012, the company ventured into processing of
wheat and started manufacturing various Wheat Products like Atta,
Maida, Suji, Bran and other by products. In FY2014, the company.
commenced processing of vegetables and installed a cold chain
facility for frozen vegetables. The company mainly store vegetables
like Peas and Potatoes (~80%). The company procures most of its
requirement of Peas from farmers, local vendors, and from open
market. IFPIL sells its frozen food products under its own in-house
brands Fresh Farm.


KALPESH CORPORATION: ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Kalpesh
Corporation in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          7.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          0.43        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long Term/          0.44        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Rating Continues to remain
                                   under issuer not cooperating
                                   category

   Short Term-        10.00        [ICRA]A4 ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1992, Unjha-based (Gujarat) Kalpesh Corporation
manufactures psyllium (Isabgol) husk powder from psyllium seeds. KC
also undertakes cleaning and sorting of other agro commodities such
as cumin seeds and fennel seeds on a job-work basis. KC is promoted
and managed by Mr. Jitendra Kumar Nayak and Mr. Ashvin Kumar Nayak,
who have more than two decades of experience in the agro-based
business. The promoters are also associated with Kanaiya Exports
Private Limited, which trades in sesame seeds, cumin seeds, fennel
seeds, psyllium husk and other agro products.


KARTHIK ROOFINGS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Karthik
Roofings in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long-term–         1.73       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term         2.77       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

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

Karthik Roofings(KR) was established in the year of 2001 as a
manufacturer of wide range of various roofing and cladding steel
products with a State of art manufacturing facility in Bangalore,
promoted by Ms. Srinivas Leelavathi. The key products of KR
includes trapezoid steel sheets and accessories, tile profiled
steel sheets, metal decking sheets, polycarbonate sheets, Z&C
Section and turbo ventilators like PUF panels and EDS panels. In
2013, the company has forward integrated to manufacture
preengineered building systems (PEB), Truss-less roofing system,
Glass-wool insulated roofing system under Karthik Roofings and
Structurals Pvt Ltd. Facilities KR's and KRSPL's, products are
fabricated at the plant at Tumkur, Bangalore and facilities are
spreads over 25,000 sq. feet & 60,000 sq. feet respectively, which
enables company to design and manufacture products of highest
quality. The products are manufactured using internationally
accepted engineering practices in production, planning and control.


MYTRAH VAYU SABARMATI: ICRA Keeps D Rating in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term rating of Mytrah Vayu (Sabarmati)
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–       1452.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

MVSPL, incorporated in March 2017, is a special purpose vehicle
(SPV) promoted by Mytrah Energy (India) Private Limited (MEIPL).
MVSPL is operating a 252-MW wind power capacity at Maniyachi in
Tamil Nadu. The company won this project through tariff-based
competitive bidding conducted by Solar Energy Corporation of India
(SECI) in February 2017, under the 1,000 MW-inter-state
transmission system (ISTS) connected wind scheme of the Ministry of
New and Renewable Energy (MNRE). The project was developed by
MEIPL, with GE India Industrial Private Limited (GEIPL) supplying
and installing the WTGs, while the remaining plant work (including
land acquisition) was done by other promoter group entities. The
company has signed a PPA with PTC India Limited at the bid tariff
rate of INR3.46 per unit for the entire capacity. The appraised
project cost for MVSPL is INR1,936 crore. MEIPL, incorporated in
November 2009, is a leading wind power IPP in India with
operational wind and solar power capacity of 1.7 GW across eight
states under various SPVs.

MYTRAH VAYU: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Mytrah Vayu (Indravati)
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        915.90      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Long-term–        100.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Long Term-        134.10      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

MVIPL, incorporated in June 2012, is a special purpose vehicle
(SPV) promoted by Mytrah Energy (India) Private Limited (MEIPL).
MVIPL is operating a 155.4-MW wind power capacity, 105-MW at
Vajrakarur in Andhra Pradesh and 50.4 MW at Bhesada in Rajasthan.
The project in Andhra Pradesh was fully commissioned in March 2016,
while that in Rajasthan was fully commissioned in December 2015.
The project has been developed at a total cost of INR1158.23 crore.
The company has tiedup long-term PPAs, with the respective state
distribution utilities for the wind power projects, at the feed-in
tariff rate of INR4.83 per unit in Andhra Pradesh and INR5.74 per
unit in Rajasthan. The project was developed by MEIPL, with the
WTGs supplied by Suzlon. MEIPL, incorporated in November 2009, is a
leading wind power IPP in India, with operational wind and solar
power capacity of 1.7 GW spread across eight states under various
SPVs.


NORTH INDIA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short- Term rating of North India
Surgical Company in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        11.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term         1.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

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

North India Surgical Company (NISC), a partnership firm, started
its business in April 2012 by taking over running business of
medical segment from Jagat Steels Private Limited. Jagat Steels
Private Limited earlier had this medical segment along with
wholesale sugar trading segment. In April 2012, the company
demerged its medical division by selling it to North India Surgical
Company. Jagat Steels Private Limited is family concern of partners
of the firm.


RAMALINGA MILLS: ICRA Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Shri
Ramalinga Mills Private Limited (SRML) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        26.37       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating moved to the 'Issuer Not
   Term Loan                     Cooperating' category

   Long Term-        85.00       [ICRA]D; ISSUER NOT COOPERATING;

   Fund-based                    Rating moved to the 'Issuer Not
   Working Capital               Cooperating' category
   Facilities        
  
   Long Term-        66.67       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating moved to the 'Issuer Not
   Limits                        Cooperating' category

   Short Term-        2.50       [ICRA]D; ISSUER NOT COOPERATING;

   Fund-based                    Rating moved to the 'Issuer Not
   Working Capital               Cooperating' category
   Facilities        
  
Rationale

The rating is based on limited cooperation from the entity since
the time it was last rated in April 2023. As a part of its process
and in accordance with its rating agreement with SRML, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite cooperation and in line with the aforesaid
policy of ICRA, the rating has been moved to the "Issuer Not
Cooperating" category.

Shri Ramalinga Mills Private Limited (SRML) is a part of the Sri
Jayavilas Group (founded by Late Sathu T. Ramasamy Naicker), based
in Aruppukottai, Tamil Nadu. Incorporated in 1951, SRML is a
closely held and deemed public limited company. It has an installed
capacity of 1,45,968 spindles and 3,312 rotors. SRML also has 15
windmills with a total power generation capacity of 15 MW. Its
subsidiary, Tamil Nadu Jai Bharath Mills Limited, has no operations
under it and is in the process of liquidating its fixed assets.

RELIANCE COMMUNICATIONS: ICRA Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of Reliance
Communications Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Short-term–      3365.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Non-convertible
   Debenture (NCD)   
   Programme        5000.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–       8658.00      [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term       6582.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

   Short Term-      3949.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long Term-       12876.00     [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category


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

The company had been operating as an integrated telecommunications
service provider, however on January 31, 2018, it shut down its
wireless retail operations. Now its continuing operations comprise
Business to Business (B2B) focused businesses, including Indian and
Global Enterprise, Internet Data Centers, and private submarine
cable network. However, currently the company is under Corporate
Insolvency Resolution Process pursuant to the provisions of the
Insolvency and Bankruptcy Code, 2016. Its affairs, business and
assets are being managed by the Interim Resolution Professional,
Mr. Pardeep Kumar Sethi appointed by Hon'ble National Company Law
Tribunal, Mumbai Bench, Mumbai, vide order dated 18th May 2018.


RELIANCE INFRATEL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and Short- Term rating of Reliance
Infratel Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-       1796.00      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category
   Commercial
   Paper/STD        1000.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–       475.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

   Short-term–      195.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Cash Credit                   'Issuer Not Cooperating'
                                 Category

   Short-term        50.00       [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category

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

RITL is a part of the RCom group and RCom (holding company for
group telecom operations) has around 95% stake in RITL through its
wholly-owned subsidiary - Reliance Communications Infrastructure
Limited and other trusts and holding companies. RITL provided
passive telecom infrastructure services to RCom, RTL and other
telecom operators.


RELIANCE TELECOM: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short- Term rating of Reliance
Telecom Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Commercial        500.00      [ICRA]D; ISSUER NOT COOPERATING;
   Paper/STD                     Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Short-term        784.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based                Rating continues to remain under
   Others                        'Issuer Not Cooperating'
                                 Category


   Long Term-       127.00       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–       685.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating Continues to remain under
   Term Loan                     'Issuer Not Cooperating'
                                 Category

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

Reliance Telecom Limited (RTL) is a R Com group company and used to
provide global system for mobile communications (GSM) based
services in eight telecom circles, namely Madhya Pradesh, Bihar,
Orissa, West Bengal, Assam, Northeast, Himachal Pradesh, and
Kolkata.

SETCO AUTO: ICRA Reaffirms B- Rating on INR350cr NCD
----------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Setco
Auto Systems Private Limited's (SASPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non-convertible
   Debenture          215.00     [ICRA]B-(Stable); Reaffirmed

   Non-convertible
   Debenture          350.00     [ICRA]B-(Stable); Reaffirmed

Rationale

The rating reaffirmation takes into account SASPL weak financial
profile on account of net losses and modest debt coverage
indicators as on March 31, 2023. Further, the rating factors in the
expected continuation of pressure on net profit as well as coverage
indicators, given significant debt levels, coupled with
accumulative interest, wherein the redemption falls due in FY2026.
The company's ability to timely redeem the bonds through a mix of
refinancing, equity infusion or generation of internal accruals,
will remain a key monitorable for its credit profile. ICRA also
notes that the group profile continues to be weak, given continuing
delays in debt servicing in its associate concern, Lava Cast Pvt.
Ltd. (LCPL), due to underutilisation of capacity. SASPL has
provided support to LCPL for maintenance capex and business
stabilization through funds from non-convertible debentures (NCD),
along with equity infusion in FY2022 and FY2023. However, going
forward, no further support to LCPL or upstreaming of funds to
Setco Automotive Limited (SAL) or any other Group entity, is
envisaged from SASPL and will be a key monitorable. The company is
also exposed to the cyclicality in the auto industry, evident from
the volatility in the top line over the past fiscals.

The rating, however, notes the extensive experience of the
promoters, established operational track record and strong
relationships with original equipment manufacturers (OEM) in the
M&HCV clutch manufacturing business. The rating also considers the
improvement in SASPL's operating profile, post infusion of funds
through NCDs, which led to streamlining of the business. This led
to improvement in total revenues to INR475.0 crore in FY2023 from
INR262.0 crore in FY2022, with improvement in margins to 11.3% in
FY2023 from 7.9% in FY2022. The Stable outlook reflects ICRA's
expectations that SASPL will continue to benefit from its
established operational track record, extensive experience of the
promoters and its reputed customer base.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters and established operational
track record of Group in auto component industry: SASPL is managed
by Mr. Harish Sheth, who has an experience of over 35 years in the
auto component industry. The company manufactures clutches
primarily for MHCVs and the Group has an established operational
track record of nearly 35 years. The company's revenues are
distributed across three key segments - original equipment
manufacturers (OEM), original equipment suppliers (OES) and
independent aftermarket (IAM). It has also forayed into
manufacturing clutches for the farm tractor segment.

* Strong relationships with OEMs along with repeat business from
major OEMs: The company has developed an established customer base
resulting in repeat orders. It has an established brand presence in
the automotive market with reputed M&HCV OEMs in India.

Credit challenges

* Weak financial profile characterised by net losses and modest
debt coverage indicators: SASPL's financial profile remained weak
on the back of net losses as on March 31, 2023. It reported losses
of INR209.3 crore owing to lower top line, high interest expenses
and significant exceptional losses. Although SASPL reported revenue
growth of 81% to INR475.0 crore in FY2023 over INR262 crore in
FY2022 (September 07, 2021 to March 31, 2022), with operating
margins of 11.1% in FY2023 against 7.9% in FY2022, the company's
debt coverage indicators remained moderate in FY2023 on account of
high debt levels. In the near to medium term, ICRA expects the
pressure on net profit and coverage indicators to continue, given
substantial debt on books, wherein the redemption falling due in
FY2026.

* Significant debt with accumulative interest and redemption
falling due in FY2026: SASPL has a significant debt obligation of
Rs. 565.0 crore in FY2026, along with the accrued interest till
FY2026. The company is required to mandatorily pay 5% coupon
interest per annum on NCD with an option to prepay the accrued
interests from time to time, which however, will depend on the
company's ability to generate healthy cash flows from operations.
The ability of the company to successfully manage timely repayment
of NCD and accrued interest generated till FY2026, through either
refinancing or in-house generation of cash flows or any equity
support, remains critical for the credit profile and will remain a
key monitorable.

* Stressed financial profile of associate entity, LCPL, which
continues to be under default: LCPL, an associate of SASPL with a
10.31% shareholding, started commercial production from April 2016,
wherein it has an installed casting capacity of 30,000 MTPA. LCPL
has been reporting losses for the past five years owing to internal
challenges such as higher rejections and lower
yields. LCPL could not service the debt obligation in FY2020 due to
high losses and internal challenges. The company underwent debt
restructuring, which was implemented in FY2021, providing a
much-needed liquidity buffer to LCPL through an elongated repayment
period, along with lower interest costs. Due to the continuation of
internal challenges, the company was unable to service the debt
obligation in FY2022 and FY2023. SASPL had provided support to LCPL
during FY2022 from the funds received from NCD and equity for
maintenance capex and for stabilisation of the business. LCPL
underwent a major maintenance in FY2023, which is expected to
mitigate the internal challenges faced till now, however, remains
to be seen. No further support to LCPL, SAL or any other Group
entity from SASPL, is expected, going forward, and will remain a
rating monitorable.

* High exposure to cyclicality in auto Industry: SASPL primarily
caters to the automobile industry and manufactures clutches used in
MHCVs. Thus, it remains exposed to the cyclicality in the auto
industry, evident from the volatility in the top line over the past
fiscals. However, supplies to OEMs constitute approximately 34% of
the top line, and the balance 66% is through the replacement
market.

Liquidity position: Stretched

The company's liquidity profile remains stretched, with almost full
utilisation of working capital facilities, reflected in the more
than 99% average monthly utilisation of the fund-based working
capital limits during the 13-month period that ended on June 30,
2023. Moreover, the company has significant debt obligation with
accumulated interest due in FY2026. The company's ability to
successfully manage timely redemption through either refinancing or
in-house generation of cash flows or any equity support, remains a
monitorable.

Rating sensitivities

Positive factors – A large maturing debt obligation in FY2026
against its earnings, constraints the rating upgrade at present.
However, any meaningful reduction in debt, coupled with sustained
improvement in its sales turnover and profitability along with
liquidity, which strengthens the entity's overall financial
profile, would also be credit positives.

Negative factors – Any sharp decline in revenues and
profitability, on a sustained basis, or any stretch in the working
capital which weakens SASPL's liquidity and financial risk
profiles, may trigger a rating downgrade. Any support extended to
its parent entity or any other entity in the Group, which impacts
the liquidity profile of SASPL, will also be a negative rating
trigger.

Established in 1982 in collaboration with Gujarat Industrial
Development Corporation (GIDC), Gujarat Setco Automotive Limited
(GSAL) was a manufacturer of clutches for original equipment
manufacturers (OEMs). In 2000, GIDC stepped out of GSAL, and it was
renamed as Setco Automotive Limited (SAL). SAL manufactured
clutches primarily for MHCVs. SAL's clutch business was transferred
to its wholly-owned subsidiary, Setco Auto Systems Private Limited,
on a slump sale basis in September 2021. SASPL now manufactures
clutch products. Earlier, there were no operations under SASPL
before the slump sale. SASPL sells clutches under its own brand
name – LIPE. SASPL is managed by Mr. Harish Sheth, who has an
extensive experience of over 35 years in the auto component
business. The company has its own manufacturing unit at Kalol,
Vadodara (Gujarat) and another assembly unit at Sitarganj, Udham
Singh Nagar (Uttarakhand). The company's research and development
centre along with its manufacturing facility are approved by the
Department of Science and Industrial Research (DSIR). The
manufacturing facility is also certified by IATF 16949, ISO 14001
and OHSAS 18001.  In addition to OEMs, the company caters to clutch
demand from original equipment services (OES) and independent
aftermarket (IAM), which together contributed to 63% of its annual
sales for FY2023. The company has recently forayed into
manufacturing of clutches for the farm segment (tractors) and has
supplied products to major tractor manufacturers like Eicher
Motors, Sonalika Tractors, etc.

SHYAM AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Sri Shyam
Agro Traders in the 'Issuer Not Cooperating' category. The ratings
are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

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

   Short Term-         2.00        [ICRA]A4 ISSUER NOT
   Fund Based-                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2007, SSAT trades in cotton bales, cotton yarn,
cotton seeds and de-oiled cake. The firm started its operations by
selling cotton bales in domestic markets. It commenced exporting
cotton bales from 2014, primarily to Bangladesh, China and
Malaysia. The proprietor has an experience of two decades in this
industry. The firm is located in Adilabad region of Telangana,
which is the cotton belt of the state. SSAT has been recognized as
an export House by the Director General of Foreign Trade with
effect from April 2014.




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

WASKITA KARYA: Says It Can't Pay Bonds Due Aug. 6
-------------------------------------------------
Bloomberg News reports that distressed state construction company
PT Waskita Karya of Indonesia said it won't be able to deposit
funds for the payment of interest and the repayment of principal
for its rupiah bonds due Aug. 6, according to a filing on Aug. 4.

The rupiah-denominated notes of the heavily indebted builder has
total outstanding of IDR135.5 billion ($8.9 million), according to
data compiled by Bloomberg. The failure to make payments came after
the company also missed a coupon payment due May 30, Waskita said
in a statement.

Waskita's total debt ballooned to more than IDR60 trillion at the
end of 2022, from around IDR3 trillion in 2014 - the year President
Joko Widodo took office - as the leader of Southeast Asia's biggest
economy pushed through his legacy-defining infrastructure projects,
according to Bloomberg.

In the period since the president took the helm, the debt load of
the country's four-biggest construction firms, including Waskita
and PT Wijaya Karya, have swelled to around IDR130 trillion as of
the end of the first quarter, Bloomberg discloses.

Bloomberg says the crushing debt burden led Waskita to seek
bondholders' approval to defer payments of some of its obligations
earlier this year as it seeks to restructure its debt. Since then,
Wijaya Karya has also asked for payment deferral from its banks.




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

BROTHERS BEER: Placed Into Voluntary Administration
---------------------------------------------------
Stuff.co.nz reports that Auckland's Brothers Beer has been placed
into voluntary administration citing Covid-19 lockdowns as
significantly impacting its financial position.

According to Stuff, PwC voluntary administrator Stephen White said
the craft brewery and wholesale business that operated seven
hospitality venues had grown quickly, expanding from one
hospitality outlet to six prior to Covid-19 disruption and a
seventh opening soon after.

Stuff relates that Mr. White said he would explore whether a
restructure would stabilise the group's financial position and
reposition the business to be sustainable into the future.

"Having been operating for more than 10 years, the Brothers Beer
brand is well-established and well-regarded in the sector, so we're
hopeful this can be achieved. However, it is likely that a number
of the hospitality outlets will unfortunately have to close," Stuff
quotes Mr. White as saying.

Brothers Beer employed 70 staff and operated venues in City Works
Depot, Onehunga Mall and Orakei Bay Village, among others. It also
supplied to liquor stores and supermarkets.

According to Stuff, Mr. White said the group's wholesale
distribution would continue through the administration process, and
its Mount Eden and Piha venues would remain open.

"We hope to be in a position to present a credible restructure
proposal for creditors to vote on at a watershed meeting within the
next month. The objective will be to deliver a better outcome for
them than if the Group is simply liquidated."

Brothers Beer was started by mates Anthony Browne and brewer Andy
Larsen in Auckland in 2012. The business grew quickly, and a few
years later outgrew its small brewery and opened up Juke Joint, a
52,000 L brewery in Mt Eden.


CONSTRUCTION BUILDING: Creditors' Proofs of Debt Due on Sept. 15
----------------------------------------------------------------
Creditors of Construction Building Solutions Limited and Felixempra
Limited are required to file their proofs of debt by Sept. 15,
2023, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on July 28, 2023.

The company's liquidator is Craig Andrew Young.


FOR LIFE: Court to Hear Wind-Up Petition on Aug. 18
---------------------------------------------------
A petition to wind up the operations of For Life Education &
Training (NZ) Limited will be heard before the High Court at
Auckland on Aug. 18, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 5, 2023.

The Petitioner's solicitor is:

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


HARMONEY NZ 2023-1: Moody's Gives (P)B2 Rating to NZD9.2MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by the New Zealand Guardian Trust
Company Limited as trustee of the Harmoney NZ ABS 2023-1 Trust.

Issuer: New Zealand Guardian Trust Company Limited as trustee of
the Harmoney NZ ABS 2023-1 Trust

NZD100.00 million Class A1 Notes, Assigned (P)Aaa (sf)

NZD25.40 million Class A2 Notes, Assigned (P)Aaa (sf)

NZD20.80 million Class B Notes, Assigned (P)Aa2 (sf)

NZD11.20 million Class C Notes, Assigned (P)A2 (sf)

NZD11.80 million Class D Notes, Assigned (P)Baa2 (sf)

NZD9.20 million Class E Notes, Assigned (P)Ba2 (sf)

NZD9.20 million Class F Notes, Assigned (P)B2 (sf)

The NZD12.40 million of Class G Notes are not rated by Moody's.

The transaction is a cash securitisation of a portfolio of New
Zealand unsecured consumer personal loans originated by Harmoney
Services Limited (Harmoney, unrated). This is Harmoney's inaugural
term asset-backed securitisation (ABS) in New Zealand, and a second
term ABS overall.

Harmoney is a non-bank lender providing unsecured personal loans to
consumer obligors in New Zealand and Australia. Harmoney is a
wholly owned subsidiary of Harmoney Corp Limited (unrated), a New
Zealand-incorporated company, listed on the Australian stock
exchange. As of December 2022, its New Zealand and Australian
portfolios amounted to NZD375 million and AUD351 million,
respectively.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance, (2) evaluation of the capital structure and credit
enhancement provided to the notes, (3) availability of excess
spread over the transaction's life, (4) the liquidity facility in
the amount of 1.5% of the rated notes balance, subject to a floor
of NZD500,000, (5) the legal structure,  (6) Harmoney's experience
as servicer and (7) presence of Perpetual Corporate Trust Limited
(Perpetual) as the standby servicer.

According to Moody's, the transaction benefits from the high level
of excess spread available to cover losses arising from the
portfolio. The key challenge in the transaction is the substitution
period. The transaction has a substitution period of six months,
during which additional loan amounts can be advanced to obligors
who formed part of the portfolio at the initial pool cut-off date.
This may expose the transaction to additional losses because
obligor's likelihood of default and loss given default may increase
following an additional advance.

Moody's portfolio credit enhancement — representing the loss that
Moody's expects the portfolio to suffer in the event of a severe
recession scenario — is 38%. Moody's mean default for this
transaction is 9.0% and recovery rate is 5%.

Key transactional features are as follows:

-- While the Class A2 Notes are subordinate to the Class A1 Notes
in relation to charge-offs, they rank pari passu in relation to
principal payments, based on their stated amounts, before the call
option date. This feature reduces the absolute amount of credit
enhancement available to the Class A1 Notes.

-- Once step-down conditions are satisfied, all notes, excluding
Class G Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 45% subordination to
the Class A2 Notes and no unreimbursed charge-offs. The repayment
of principal will revert to sequential among all notes on and after
the call option date.

-- Bank of New Zealand (A1/P-1/Aa3(cr)/P-1(cr)) and Commonwealth
Bank of Australia (Aa3/P-1/Aa2(cr)/P-1(cr)) will provide interest
rates swaps in the transaction, each covering 50% of the total swap
notional. The swaps will hedge the interest rate mismatch between
the assets bearing a fixed rate of interest, and floating rate
liabilities. The total notional balance of the swaps will follow a
schedule based on amortisation of the assets assuming a certain
prepayment rate.

-- Perpetual Corporate Trust Limited is the back-up servicer. If
Harmoney is terminated as servicer, Perpetual Corporate Trust
Limited will take over the servicing role in accordance with the
standby servicing deed and its back-up servicing plan.

Key pool features are as follows:

-- The weighted average interest rate of the portfolio is 16.0%.

-- The weighted average Equifax credit score of the portfolio is
604.

-- The weighted average remaining term of the portfolio is 59.5
months. The weighted average seasoning of the initial portfolio is
11.2 months.

Methodology Underlying the Rating Action

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

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

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

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


K F MCLAUGHLIN: BDO Tauranga Appointed as Liquidators
-----------------------------------------------------
Paul Thomas Manning and Thomas Lee Rodewald of BDO Tauranga on Aug.
1, 2023, were appointed as liquidators of K F Mclaughlin Limited.

The liquidators may be reached at:

          C/- BDO Tauranga Limited
          Level 1, The Hub
          525 Cameron Road
          PO Box 15660
          Tauranga 3144


NZ4U2U LIMITED: Creditors' Proofs of Debt Due on Sept. 8
--------------------------------------------------------
Creditors of NZ4U2U Limited and Serendipity Homes 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 28, 2023.

The company's liquidators are:

          Lynda Smart
          Derek Ah Sam
          Rodgers Reidy
          PO Box 39090
          Harewood
          Christchurch 8545


RAINBOW CORNER: Court to Hear Wind-Up Petition on Aug. 18
---------------------------------------------------------
A petition to wind up the operations of The Rainbow Corner
Educational Trust Hastings Limited will be heard before the High
Court at Auckland on Aug. 18, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on May 5, 2023.

The Petitioner's solicitor is:

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




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

PAKISTAN INTERNATIONAL: Pakistan Plans to Privatize Carrier
-----------------------------------------------------------
Reuters reports that Pakistan plans to privatise its loss-making
national carrier Pakistan International Airlines, the government
said on Aug. 7, as the country also seeks to outsource its airport
operations in line with an IMF deal.

The privatisation decision was taken at a meeting of the Cabinet
Committee of Privatisation chaired by Finance Minister Ishaq Dar.

The committee "after deliberation decided to include Pakistan
International Airlines Co. Ltd in the list of active privatisation
projects of the ongoing privatisation programme, following an
amendment in the law by the Parliament," a finance ministry
statement said, Reuters relays.

The committee also backed the hiring of a financial adviser to
process the transaction of Roosevelt Hotel, New York, an asset of
the PIAInvestment Limited, it added.

According to Reuters, Pakistan hopes to resume PIA flights to
Britain in the next three months after services were suspended
following a fake pilot scandal.

Reuters relates that the PIA flights to Europe and the UK have been
suspended since 2020 after the European Union's Aviation Safety
Agency revoked the national carrier's authorisation to fly to the
bloc following the pilot licence scandal.

The privatisation of a state-owned enterprise, the PIA, which has
accumulated hundreds of billions of rupee in losses and arrears,
comes after Pakistan agreed to fiscal discipline plans with the
International Monetary Fund, Reuters relays.

Pakistan secured a $3 billion IMF bailout in June.




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

3DINFRA PTE: Creditors' Meetings Set for Aug. 29
------------------------------------------------
3DInfra Pte Ltd will hold a meeting for its creditors on Aug. 29,
2023, at 10:45 a.m., via video conference.

Agenda of the meeting includes:

   a. to lay before the creditors a full statement of the affairs
      of the Companies, showing the assets and liabilities of the
      Companies;

   b. to nominate Hubert Jen Wei Chang of Argile as Liquidator for

      the purpose of winding up the affairs and distributing the
      assets of the Company;

   c. to resolve that the Liquidator be at liberty to open,
      maintain, and operate any bank accounts or an account for
      monies received by them as Liquidator of the Company, with
      such bank as the Liquidator deems fit;

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

   e. should a Committee of Inspection be formed, to approve the
      Liquidator's power pursuant to Section 144(1) of the IRDA;
      and

   f. Any other business.

Hubert Jen Wei Chang of Argile Partners was appointed as
Provisional Liquidator of the Company on Aug. 3, 2023.


ASNARO ENTERPRISES: Commences Wind-Up Proceedings
-------------------------------------------------
Members of Asnaro Enterprises Pte. Ltd, Conquest Energy Pte. Ltd.
and JK E&P Group Pte. Ltd. on July 28, 2023, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidators are:

          Tan Wei Cheong
          Christina Khoo
          Deloitte & Touche LLP
          6 Shenton Way
          OUE Downtown 2 #33-00
          Singapore 068809


BAIDU BARBEQUE: Creditors' Meetings Set for Aug. 17
---------------------------------------------------
Baidu Barbeque Pte Ltd will hold a meeting for its creditors on
Aug. 17, 2023, at 10:00 a.m., at 180 Cecil Street #12-01, in
Singapore.

Agenda of the meeting includes:

   a. to nominate liquidator(s) or confirm member's nomination of
      liquidator(s);

   b. to receive a full statement of the Company's affairs
      together with a list of its creditors and the estimated
      amount of their claims;

   c. to appoint a Committee of Inspection for the purpose of such

      winding up; and

   d. to consider any other matters which may properly be brought
      before the meeting.


MEDIABAY MARKETPLACE: Final Meeting Set for Sept. 8
---------------------------------------------------
Members and creditors of Mediabay Marketplace Pte. Ltd. will hold
their final meeting on Sept. 8, 2023, at 11:00 a.m., at at 10 Anson
Road, #10-10 International Plaza, in Singapore.

At the meeting, Tam Chee Chong, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.


NEXTHIVE INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 8
----------------------------------------------------------------
Creditors of Nexthive International Pte. Ltd. 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 Aug. 7, 2023.

The company's liquidator is:

          Mr. Liew Khee Soon
          60 Paya Lebar Road
          #04-51, Paya Lebar Square
          Singapore 409051




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

SRI LANKA: Monetary Policy Transmission Still Incomplete
--------------------------------------------------------
Reuters reports that monetary policy transmission to the real
economy in Sri Lanka is still incomplete, the governor of the
country's central bank, Nandalal Weerasinghe, said at a LSEG FX
Community Event on Aug. 7.

According to Reuters, Weerasinghe said he would like to see private
sector interest rates come down further and at a faster pace,
adding that the domestic debt restructuring is the most important
focus for the debt-laden country in the near-term.

"We would firstly like to see yields drop in line with policy rates
and, from there, decline further. We are waiting to see this
reaction from markets," Reuters quotes Weerasinghe as saying.

"Given the downward inflation trajectory we see room to further
loosen policy rates."

Hit by a severe foreign exchange shortage last year, Sri Lanka's
economy crumpled, pushing the central bank to raise interest rates
to record levels to counter rampant inflation and currency
pressure, says Reuters.

The country secured a $2.9 billion rescue package from the
International Monetary Fund (IMF) in March.

In the last two months Sri Lanka has slashed policy rates by 450
basis points, signalling a focus on growth after the crisis-hit
economy contracted by 7.8% last year, Reuters relates.

Sri Lanka is on track to post a stronger performance this year than
the 3% contraction projected by the IMF, Weerasinghe said.

"Sri Lanka has managed to do better than expected before and we are
hopeful that Sri Lanka will once again perform better than the
projections."

According to Reuters, over the past five months Sri Lanka's economy
has stabilised with inflation dwindling to 6.3% in July, from a
high of 69% last September, and on track to hit the central bank's
target band of 4%-6%.

Sri Lanka's economic stability is also dependent on the upcoming
budget, which is likely to be presented to parliament in November,
the report notes.

"Sri Lanka has to ensure that fiscal consolidation and other
measures outlined in the IMF program are taken forward in a strong
budget. That is very important for Sri Lanka's recovery to be
sustainable," Weerasinghe said.

                          About Sri Lanka

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

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

As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings, on July 21, 2023, lowered its long-term local
currency sovereign credit rating on Sri Lanka to 'CC' from 'CCC-'.
At the same time, S&P affirmed the other ratings on Sri Lanka,
including the 'SD' long-term foreign currency rating. The outlook
on the 'CC' long-term local currency sovereign credit rating is
negative.



                           *********


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
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