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

                     A S I A   P A C I F I C

          Monday, August 28, 2023, Vol. 26, No. 172

                           Headlines



A U S T R A L I A

ATARI ENTERPRISES: Running With Thieves Goes Into Administration
AVANTI AU 2023-1: Moody's Assigns B1 Rating on AUD4.5MM F Notes
EARTHMOVING LABOUR: Second Creditors' Meeting Set for Aug. 31
FLEXICOMMERCIAL ABS: Moody's Gives B2 Rating to AUD9.13MM D Notes
HUMM ABS 2022-2: Moody's Upgrades Rating on Class E Notes From Ba2

NPM INDIGENOUS: First Creditors' Meeting Set for Aug. 31
PANTREE GROUP: First Creditors' Meeting Set for Aug. 29
PROJECT FITOUT: First Creditors' Meeting Set for Aug. 31
SANS DRINKS: Just Wines Acquires Firm From Administrators
SOMMER PTY: Second Creditors' Meeting Set for Aug. 31

TAS-FENCING GROUP: First Creditors' Meeting Set for Aug. 31


C H I N A

CHINA EVERGRANDE: Says Shares Set to Trade This Week
COUNTRY GARDEN: Fitch Lowers IDR to 'BB+', On Watch Negative
COUNTRY GARDEN: Malaysia Project to Get New Tax Breaks, PM Says
COUNTRY GARDEN: Signals Lack of Votes for $540.8MM Bond Extension


I N D I A

ADG AGROTECH: ICRA Keeps B Debt Ratings in Not Cooperating
ARYA CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
ASHRULY ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
B. B. PRODUCTS: CRISIL Keeps D Debt Rating in Not Cooperating
BORSE BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating

DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating
EFFULGENCE TRADING: CRISIL Keeps D Ratings in Not Cooperating
HOTEL IDA: CRISIL Keeps D Debt Ratings in Not Cooperating
IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
K K POLYCOLOR: CRISIL Keeps D Debt Ratings in Not Cooperating

KALSI BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating
MAA SARADESWARI: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHALAXMI INVESTMENT: CRISIL Keeps D Ratings in Not Cooperating
MANDHANA PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
MARIA RUG: CRISIL Keeps D Debt Ratings in Not Cooperating

MARIGOLD CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
MASCONS ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
MEENA ADVERTISERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
N.R. CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
NRI EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating

PARATUS REAL: ICRA Keeps D Debt Rating in Not Cooperating
PCM STRESCON: CRISIL Keeps D Debt Ratings in Not Cooperating
S. K. EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
SATWI INFRA: ICRA Keeps B Debt Rating in Not Cooperating Category
SHASHI STRUCTURAL: CRISIL Keeps D Debt Ratings in Not Cooperating

SIKSHA O: ICRA Keeps B+ Debt Rating in Not Cooperating Category
STERLING HABITATS: CRISIL Moves D Debt Ratings to Not Cooperating
UNILEC ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
UNIVERSAL INDIA: ICRA Keeps B Debt Rating in Not Cooperating
VIMAL CHHAGANLAL: CRISIL Keeps D Debt Ratings in Not Cooperating

VISHAL JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

INDIKA ENERGY: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable


N E W   Z E A L A N D

CARLY HARRIS: Creditors' Proofs of Debt Due on Sept. 29
EUROPLUMBING LIMITED: Court to Hear Wind-Up Petition on Sept. 1
HANYANG INTERNATIONAL: Court to Hear Wind-Up Petition on Sept. 22
LEMON ST: Thomas Lee Rodewald Appointed as Receiver and Manager
MAINZEAL PROPERTY: Ex-PM Shipley Loses Supreme Court Appeal

NEW ZEALAND: Insolvencies Up 34% in 2023 Q1, Latest Data Shows
WOODWARD GROUP: Creditors' Proofs of Debt Due on Sept. 14


S I N G A P O R E

CEILWELL (S): Court to Hear Wind-Up Petition on Sept. 8
CHOW FU: Creditors' Proofs of Debt Due on Sept. 25
GLADDEN SOLUTIONS: Court to Hear Wind-Up Petition on Sept. 8
JAMES COOK: Creditors' Proofs of Debt Due on Sept. 25
LEVO PHARMA: Court Enters Wind-Up Order



S O U T H   K O R E A

MG COMMUNITY: Credit Union Woes Raise Debt Crisis Risks


V I E T N A M

VIETNAM BANK: Moody's Affirms 'Ba2' Deposit & Issuer Ratings

                           - - - - -


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

ATARI ENTERPRISES: Running With Thieves Goes Into Administration
----------------------------------------------------------------
The Crafty Pint reports that administrators have been appointed
over the business behind South Fremantle's Running With Thieves,
Atari Enterprises. However, the brewery says they continue to trade
as normal as they restructure debt.

On August 22, Atari filed a document with ASIC, stating Cameran
Hugh Shaw from Hall Chadwick had been appointed as an
administrator, The Crafty Pint discloses.

The brewery and distillery opened its doors to the public in late
2020, with cofounder Scott Douglas having previously been involved
with Black Brewing.

Speaking to The Crafty Pint, Mr. Douglas said they're continuing to
trade as normal, have kept all their staff and the administrators
are happy with the business. He said the decision came as a result
of the difficult trading conditions they had to operate under
following their launch and the various challenges impacting the
industry.

"To survive through that, we had to take on a fair bit of debt and
now we've been trying to work out arrangements with various
creditors," the report quotes Mr. Douglas as saying.

"The company is trading strong, it's growing 30% year on year, but
it's really just that debt that was incurred to survive through
COVID with the new business."

The Running With Thieves concept was developed in 2013 as a
lifestyle and apparel brand, later producing its wide range of
beers and spirits in a substantial warehouse and venue on Marine
Terrace.

According to The Crafty Pint, the news follows a spate of voluntary
administrations in the last year, with Brisbane-based Ballistic
Beer Co doing so in January before being able to continue operating
following investment from a new ownership group that was led by the
team at Catchment. Tribe Breweries likewise appointed
administrators in February and was rescued by a buyout proposal led
by Kathmandu co-founder Jan Cameron's charity, the Elsie Cameron
Foundation.

Running With Thieves, however, is the first of such administrations
involving a WA brewery in recent years, the report notes.


AVANTI AU 2023-1: Moody's Assigns B1 Rating on AUD4.5MM F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited as
trustee of Avanti AU Auto ABS 2023-1 Trust in respect of the Series
2023-1.

Issuer: Perpetual Corporate Trust Limited as trustee of Avanti AU
Auto ABS 2023-1 Trust in respect of the Series 2023-1

AUD206.25 million Class A Notes, Assigned Aaa (sf)

AUD15.00 million Class B Notes, Assigned Aa2 (sf)

AUD6.25 million Class C Notes, Assigned A1 (sf)

AUD6.25 million Class D Notes, Assigned Baa1 (sf)

AUD4.25 million Class E Notes, Assigned Ba1 (sf)

AUD4.50 million Class F Notes, Assigned B1 (sf)

The AUD7.50 million Class G Notes are not rated by Moody's.

Avanti AU Auto ABS 2023-1 Trust in respect of the Series 2023-1 is
a cash securitisation of receivables backed by motor vehicles. The
receivables were originated and are serviced by Branded Financial
Services Pty Limited (BFS, unrated), a wholly owned and operated
subsidiary of Avanti Finance Limited (Avanti Finance, unrated).

This is Avanti Finance's inaugural auto loan ABS transaction.

The receivables are extended either to commercial (53.8%) or
consumer (46.2%) obligors based in Australia. Loans backed by
passenger and light commercial vehicles represent 63.0% and 37.0%
of the securitised pool, respectively.

BFS is a finance company offering auto loans to consumer and
commercial obligors in Australia and New Zealand. BFS was
established in 2010 by Ateco Automative Group and was acquired by
Avanti Finance in 2019. As of May 2023, BFS's Australian retail
receivables portfolio was approximately AUD455 million.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 3.50% of the rated notes balance, the legal structure,
the experience of BFS as servicer and presence of the back-up
servicing arrangements.

According to Moody's, the transaction benefits from relatively high
weighted average seasoning of 11.2 months.

The back-up servicer in this transaction, Verofi Pty Limited
(Verofi, unrated), is a small entity, which is a challenge. While
Verofi's team is experienced, the company employs a limited number
of core staff, posing key-person risk. This weakens the back-up
servicing arrangements. The ability of the Trustee to promptly
appoint a replacement servicer should Verofi be unable for any
reason to step in as the servicer somewhat mitigates this risk.
Furthermore, the risk of payment disruption is mitigated by the
liquidity facility, covering around six months of stressed fees and
interest payments.

Key transactional features are as follows:

-- Initially, the principal will be allocated sequentially. Once
step-down conditions are satisfied, all notes, other than Class G
Notes, will receive their pro-rata share of principal. Step-down
conditions include, among others, 32.5% subordination to the Class
A Notes and no unreimbursed charge-offs.

-- Westpac Banking Corporation (Aa3/P-1/Aa2(cr)/P-1(cr)) will
provide an interest rate swap in the transaction, hedging the
interest rate mismatch between the assets bearing a fixed rate of
interest, and floating rate liabilities. The notional balance of
the swap will follow a schedule based on amortisation of the pool
assuming a certain prepayment rate.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 16%. Moody's mean default for
this transaction is 3.6%. The assumed recovery rate is 35%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

-- Interest rates in the portfolio range from 4.4% to 17.8%, with
a weighted average interest rate of 8.0%.

-- Loans with balloon payments at the end of the term represent
around 22.1% of the pool.

-- The weighted average seasoning of the portfolio is 11.2 months.
The weighted average remaining term is 52.3 months.

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

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


EARTHMOVING LABOUR: Second Creditors' Meeting Set for Aug. 31
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Earthmoving
Labour Solutions Pty Ltd has been set for Aug. 31, 2023 at 10:00
a.m. at the offices of  SV Partners, 22 Market Street, Brisbane 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. 30, 2023 at 4:00 p.m.

Terry John Rose and Anne Meagher of SV Partners were appointed as
administrators of the company on July 27, 2023.


FLEXICOMMERCIAL ABS: Moody's Gives B2 Rating to AUD9.13MM D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
to be issued by Perpetual Corporate Trust Limited, as trustee of
flexicommercial ABS Inspire Trust.

Issuer: flexicommercial ABS Inspire Trust

AUD34.99 million Class B Notes, Assigned Baa2 (sf)

AUD31.95 million Class C Notes, Assigned Ba2 (sf)

AUD9.13 million Class D Notes, Assigned B2 (sf)

The AUD646.58 million Class A, AUD22.82 million Class E1 and
AUD15.22 million Class E2 Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and flexicommercial Pty Ltd (together,
flexicommercial), each a wholly owned subsidiary of Humm Group
Limited. flexicommercial Pty Ltd will act as servicer of the
transaction. This is flexicommercial's second auto and equipment
asset backed securities transaction for 2023.

flexicommercial has been providing commercial asset finance to
Australian businesses for over 20 years. Historically,
flexicommercial primarily funded smaller ticket "tertiary assets"
such as scanners, copiers, printers and telephone systems under a
point-of-sale origination model. However, since early 2018,
flexicommercial has shifted its focus towards commercial lending
via broker distribution predominantly via broker originated
transactions that fund larger ticket "primary" assets such as
trucks, trailers and construction equipment, which form the
majority of the portfolio.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- The historical loss data, there is a shorter performance
history for flexicommercial's broker originated "primary" asset
receivables that constitute most of this portfolio. Although
flexicommercial have been originating commercial equipment loans
and leases for over 20 years they shifted focus from point-of-sale
originated "tertiary" assets to broker originated larger ticket
"primary" assets in early 2018.

-- The evaluation of the underlying receivables and their expected
performance;

-- The evaluation of the capital structure;

-- The availability of excess spread over the life of the
transaction;

-- The liquidity reserve in the amount of 1.50% of the rated note
balance subject to a floor of AUD300,000;

-- The interest rate swap provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)).

Initially, the Class A Notes will benefit from 15.0% subordination.
The Class B, Class C, Class D, and Class E1 Notes benefit from
10.4%, 6.2%, 5.0%, and 2.0% of note subordination, respectively.

The notes will initially be repaid on a sequential basis until the
Class A Notes credit enhancement exceeds 25%. Once this threshold
is met, the Class A to Class D Notes will be paid pro-rata and then
sequentially to the Class E1 and Class E2 Notes until such point
that the Class D Notes subordination exceeds 10.0%. At that point
Class A to Class E2 Notes will be paid pro-rata. The notes will
however be paid on a sequential basis should there be any
unreimbursed charge-offs or the payment date is on or after the
call option date. The call option date is the earlier of the date
the aggregate invested amounts of the notes is equal to or less
than 15% of the initial invested amount of the notes, the payment
date in June 2027 or the invested amount of the Class B to Class E2
notes is equal to or less than $33,000,000.

Key model and portfolio assumptions:

Moody's base case assumptions are a portfolio loss rate of 5.4%,
and a portfolio credit enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — of 31.00%.

To address the shorter historical loss data on flexicommercial's
broker originated portfolio, Moody's have benchmarked the
performance to data from comparable Australian commercial auto and
equipment ABS originators. Moody's have also overlaid additional
stresses into Moody's default and PCE assumptions.

Key portfolio features are as follows:

-- The portfolio is diversified both at an obligor level and a
geographical level. The largest obligor concentration is 0.2%.

-- The portfolio has a high yield of 10.14% which provides excess
spread to cure portfolio losses.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
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
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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


HUMM ABS 2022-2: Moody's Upgrades Rating on Class E Notes From Ba2
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on four classes
of notes issued by humm ABS Trust 2022-2.

The affected ratings are as follow:

Issuer: humm ABS Trust 2022-2

Class B-G Notes, Upgraded to Aa1 (sf); previously on Dec 19, 2022
Definitive Rating Assigned Aa2 (sf)

Class C-G Notes, Upgraded to A1 (sf); previously on Dec 19, 2022
Definitive Rating Assigned A2 (sf)

Class D-G Notes, Upgraded to A3 (sf); previously on Dec 19, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Dec 19, 2022
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available to the affected notes and the performance of the
collateral pool to date.

Following the August 2023 payment date, the note subordination
available for the Class B-G, C-G, D-G and E Notes has increased to
28.9%, 21.4%, 17.6%, and 10.3% respectively, from 18.9%, 13.6%,
10.9%, 5.7% at closing.

As of end-July 2023, 2.2% of the outstanding pool was 30-plus day
delinquent and 0.5% was 90-plus day delinquent. The portfolio has
incurred 1.7% (as a percentage of the original portfolio balance)
of net losses to date, all of which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 4.5% of
the original pool balance at closing. Moody's has also maintained
its portfolio credit enhancement assumption at 28%.

The transaction is a securitisation of a portfolio of Australian
unsecured, retail, buy now pay later receivables originated under
the brand 'humm' by humm BNPL Pty Ltd (originator), a subsidiary of
Humm Group Limited.

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

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

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

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


NPM INDIGENOUS: First Creditors' Meeting Set for Aug. 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of NPM
Indigenous Pty Ltd will be held on Aug. 31, 2023, at 11:00 a.m. via
virtual meeting only.

David Osborne and Scott Langdon of KordaMentha were appointed as
administrators of the company on Aug. 21, 2023.


PANTREE GROUP: First Creditors' Meeting Set for Aug. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Pantree
Group Pty Ltd will be held on Aug. 29, 2023, at 3:00 p.m. at Level
2, 72 Pitt Street in Sydney and via Zoom.

Antony Resnick and Suelen McCallum of dVT Group were appointed as
administrators of the company on Aug. 17.


PROJECT FITOUT: First Creditors' Meeting Set for Aug. 31
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Project
Fitout Melbourne Pty Ltd will be held on Aug. 31, 2023, at 10:30
a.m. at the offices of PKF Melbourne at Level 12, 440 Collins
Street in Melbourne.

Paul A. Allen and Glenn J. Franklin of PKF Melbourne were appointed
as administrators of the company on Aug. 21, 2023.


SANS DRINKS: Just Wines Acquires Firm From Administrators
---------------------------------------------------------
StartUp Daily reports that Nourished Life founder Irene Falcone's
Sans Drinks will get a second life with business being acquired
from its administrators by online retailer Just Wines.

The online non-alcoholic drinks store was placed in voluntary
administration in mid-July, with Ms. Falcone citing a challenging
and changing retail environment, StartUp Daily recalls. The sale is
a surprising turnaround for the business after administrators
Andrew Spring from Jirsch Sutherland said at the time that "it is
not likely that the business will be sold as a going concern".

But the concept appealed to Just Wines founder Nitesh Bhatia, who
said Sans Drinks is "an excellent addition" to their platform,
according to StartUp Daily.

"There are great synergies between the two brands and we're looking
forward to working with Irene to take Sans Drinks to the next
level," the report quotes Mr. Bhatia as saying.

"This is a great fit: Irene has vast experience in marketing and
promotion, and Just Wines has a strong track record in
administration, operations, and managing the supply chain. And as
the non-alcoholic sector is a real growth area, this will enable
Sans Drinks, which is already the number one retailer in this
segment, to grow at a much faster pace."

According to StartUp Daily, Andrew Spring called the result "a
great example of the benefit of voluntary administration (VA) as a
business rescue process" to preserve value for creditors

"With Sans Drinks, the VA has resulted in the strengthening of the
business through a trade sale and provided for a significantly
improved outcome for all creditors, as opposed to if the business
had been liquidated."

Following the second creditors' meeting on August 21, a Deed of
Company Arrangement (DOCA) proposal was accepted and means secured
and employee creditors are likely to be paid in full, with
unsecured creditors set to receive an estimated 48 cents in the
AUD1, all in the next three months, StartUp Daily says.

According to the report, Ms. Falcone will have an ongoing role in
the business in marketing and strategy, in addition to her "real
passion" of building the Sans Drinks community.

"I'm thrilled that Sans Drinks is part of the Just Wines family and
I'm looking forward to the next chapter for Sans Drinks," she
said.

Ms. Falcone sold her online beauty brand Nourished Life in 2017 for
AUD20 million, then returned to ecommerce in the midst of 2020's
Covid lockdowns with Sans Drinks, having stopped drinking alcohol
several months earlier, StartUp Daily recalls.

At the time, the non-alcohol substitutes category was just
beginning to emerge with pioneering brands such as Lyre's, growing
rapidly but struggling to find retail distribution channels, the
report states. Three years on, major supermarkets have now embraced
the movement and found extensive shelf space for non-alcoholic
beers, wines and spirits, also introducing heavy discounting in a
battle for market share.

Andrew John Spring and Peter John Moore of Jirsch Sutherland were
appointed as voluntary administrators of The Non Alcoholic Drinks
Co Pty Ltd, trading as Sans Drinks, on July 17, 2023.


SOMMER PTY: Second Creditors' Meeting Set for Aug. 31
-----------------------------------------------------
A second meeting of creditors in the proceedings of Sommer Pty Ltd,
Rusty Knife Pty Ltd, and Rusty Dolphin Pty Ltd has been set for
Aug. 31, 2023 at 11:00 a.m. via virtual meeting only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 30, 2023 at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells was appointed as administrator of
the company on July 27, 2023.


TAS-FENCING GROUP: First Creditors' Meeting Set for Aug. 31
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of TAS-Fencing
Group Pty Ltd will be held on Aug. 31, 2023, at 10:30 a.m. via
teleconference only.

Steven Arthur Gladman of Hall Chadwick was appointed as
administrator of the company on Aug. 21, 2023.




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C H I N A
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CHINA EVERGRANDE: Says Shares Set to Trade This Week
----------------------------------------------------
Reuters reports that China Evergrande Group said on Aug. 25 it has
"adequately" fulfilled the resumption guidance issued by the Hong
Kong Stock Exchange and made an application to resume trading in
shares on Aug. 28.

Once China's top-selling developer, Evergrande has become the
poster child for an unprecedented debt crisis in the country's
property sector, which accounts for roughly a quarter of the
economy, after facing a liquidity crunch in mid-2021.

According to Reuters, trading in the company's shares was suspended
on March 21 last year after it failed to get back on its feet amid
the debt crisis.

The company's external auditor, Prism Hong Kong and Shanghai Ltd,
reviewed the independent investigation report and concluded that
there are no significant off-balance sheet transactions, assets and
liabilities, or pledged deposits other than those disclosed by the
company, Evergrande said in a filing, Reuters relays.

It stated that it had published all outstanding financial results
required under the listing rules and considered that the issues
raised by its former auditor PricewaterhouseCoopers, in its
resignation letter, have been satisfactorily resolved, according to
Reuters.

Recently, the developer sought protection under Chapter 15 of the
U.S. bankruptcy code, which shields non-U.S. companies undergoing
restructurings from creditors who hope to sue them or tie up their
assets in the United States.

On the same day, the company's unit, China Evergrande New Energy
Vehicle, posted a loss attributable from continuing operations of
CNY5.80 billion (US$795.84 million), compared with a loss of
CNY3.87 billion, from a year ago, Reuters discloses.

Reuters adds that the company will be meeting with its creditors
later this month to discuss an offshore debt restructuring that
involves a total of $31.7 billion, which includes bonds, collateral
and repurchase obligations.

                       About China Evergrande

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

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2023, China Evergrande Group, the second largest real estate
developer in China, and certain of its affiliates sought creditor
protection in the United States under Chapter 15 of the Bankruptcy
Code (Bankr. S.D.N.Y. Lead Case No. 23-11332) on Aug. 17.

Evergrande, widely known as the most leveraged company in the
world, and its affiliates are asking the U.S. Bankruptcy Court for
the Southern District of New York for recognition of foreign
proceedings as "foreign main" proceeding under Chapter 15.

Evergrande is in the midst of a highly complex restructuring of
around $20 billion in offshore debt.  In total, the Company has
more than $300 billion in liabilities.

Evergrande is incorporated in the Cayman Islands as an exempted
company with limited liability, with its principal place of
business located at 15th Floor, YF Life Centre, 38 Gloucester Road,
Wanchai, Hong Kong.  It is subject to a restructuring proceeding
entitled In the Matter of China Evergrande Group, concerning a
scheme of arrangement between Evergrande and certain Scheme
Creditors pursuant to the relevant provisions of the Hong Kong
Companies Ordinance (Chapter 622 of the Laws of Hong Kong),
currently pending before the High Court of Hong Kong (Case Number
HCMP 1091/2023.

Affiliate Tianji Holding Limited is incorporated in Hong Kong as a
limited liability company, with its principal place of business
located at 17th Floor, One Island East, Taikoo Place, 18 Westlands
Road, Quarry Bay, Hong Kong. Tianji is subject to a restructuring
proceeding entitled In the Matter of Tianji Holding Limited,
concerning a scheme of arrangement between Tianji and certain
Scheme Creditors, pursuant to the relevant provisions of the Hong
Kong Companies Ordinance and currently pending before the Hong Kong
Court (Case Number HCMP 1090/2023).

Affiliate Scenery Journey Limited is incorporated in the British
Virgin Islands as a limited liability company, with its principal
place of business located at 2nd Floor Water's Edge Building,
Wickham's Cay II, Road Town, Tortola, BVI. Scenery Journey is
subject to a restructuring proceeding entitled In the Matter of
Scenery Journey Limited, concerning a scheme of arrangement between
Scenery Journey and certain Scheme Creditors, pursuant to section
179A of the BVI Business Companies Act, 2004, and currently pending
before the High Court of the Eastern Caribbean Supreme Court (Case
Number BVIHCOM 2023/0076).

U.S. Bankruptcy Judge Michael E Wiles presides over the Chapter 15
proceedings.

Sidley Austin is the Hong Kong Counsel to Evergrande and Tianji.
Maples BVI is the British Virgin Island Counsel to Scenery
Journey.


COUNTRY GARDEN: Fitch Lowers IDR to 'BB+', On Watch Negative
------------------------------------------------------------
Fitch Ratings has downgraded Country Garden Services Holdings
Company Limited's (CGS) Long-Term Issuer Default Rating (IDR) to
'BB+' from 'BBB-' and placed the rating on Rating Watch Negative
(RWN).

The downgrade reflects its view that CGS's growth, brand
reputation, profitability and funding access may be negatively
affected by the heightened liquidity pressure at its sister
company, Country Garden Holdings Company Limited (CGH).

The RWN captures the risk of an erosion in CGS's liquidity and
working capital, as well as any change in its financial policies.

The 'BB+' IDR is supported by CGS's leading market position,
sustained operating and free cash flow (FCF) generation from its
stable, asset-light business and robust net cash position.

KEY RATING DRIVERS

Slower Growth: Weaker China property sales and CGH's liquidity
stress may limit CGS's growth. CGH's projects accounted for 48% of
CGS's revenue-bearing gross floor area (GFA) at end-2022. Fitch has
cut its forecast of CGS's property-management revenue growth to 7%
in 2023 and 4% in 2024, from 16% and 15%, respectively, due to its
expectation of a slowdown in CGH's sales and project delivery.

Reputation and Profitability Impact: Fitch believes CGS's brand
reputation could be affected by the credit stress at CGH. Existing
customers are less likely to switch away from the company, but the
acquisition of new third-party contracts may slow, dampening the
company's medium-term profitability. This is because new contracts
typically carry higher profitability than existing ones due to
limited price adjustments for existing contracts and continuous
cost inflation pressure.

Weakened Funding Access: CGS is maintaining its strong net cash
position and management has stated that the company has little need
for new external funding due to the high visibility over its
cash-generative business and the company's reduced appetite for
acquisitions. Fitch believes CGS's funding access could be affected
by CGH's evolving situation but the company's relatively stable
operating cash flow may continue to support financial flexibility.
CGS said there is limited impact on its access to bank financing so
far, and it has not provided any financial support, such as pledge
guarantees, to CGH.

Rising Working Capital: CGS's trade receivable days have lengthened
from about 60 in 2019 to over 130 in 2022. Fitch estimates
working-capital outflow of CNY3 billion-3.5 billion in 2023 from an
expected increase in receivables from CGH and longer receivable
days from local governments for CGS's city service business. Fitch
assumes most of the revenue from CGH will not be collected from
2H23. Any delay in payment, including from related and third
parties, that is longer than its expectations may lead to a weaker
working-capital position and FCF.

Common Shareholder and Chairperson: Any aggressive financial policy
change, including a sharp increase in dividends or other cash
outflows, would be detrimental to CGS in light of its ownership
structure amid the recent liquidity distress at CGH. Ms. Yang
Huiyan, who effectively controls 36.12% of the voting rights at
CGS, is also a major shareholder of CGH and the chairman of the
company.

However, Ms. Yang's donation of 20% of CGS shares on 29 July 2023
to a charity, the Guoqiang Public Welfare Foundation, whose
founding member is her younger sister, may reduce the incentive to
increase dividend payouts. In addition, the dividend is immaterial
to CGH's debt balance. Ms. Yang also sold a 7% stake in CGS in
December 2022, which raised HKD5 billion that was subsequently lent
to CGH. In addition, CGS brought forward its 2022 final dividend
payment by around two weeks in August 2023.

Solid Market Position: CGS is likely to maintain its leading market
position despite its projections of slower growth. CGS had the
largest GFA under management of 869 million sq m in China in 2022,
about 50% more than the third-largest company. Fitch believes M&A
activity in the property-management industry has slowed since 2022,
evident from the drop in total transactions to CNY10.6 billion in
2022 from CNY36.3 billion in 2021, according to China Indices
Academy Limited.

DERIVATION SUMMARY

CGS's weakening brand reputation and pricing power together with
the likely deterioration in its financial flexibility lead to the
one-notch difference with the credit profile of Newmark Group, Inc.
(BBB-/Stable), a leading commercial real-estate service provider in
the US. Both companies are leading players within their segments
and concentrated in their country of operations.

CGS's RWN reflects the potential erosion in its liquidity,
working-capital position and change in financial policies, which
may lead to negative FCF.

KEY ASSUMPTIONS

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

- Revenue-bearing GFA growth of 7% in 2023 and 4% in 2024;

- Revenue growth of 0%-2% in 2023-2024 on lower revenue-bearing GFA
growth, and a decrease in revenue from community value-added
services and value-added services to non-property owners;

- EBITDA margin of around 16% in 2023-2024, from 18% in 2022,
reflecting a decline in the margin on community value-added
services and value-added services to non-property owners;

- Annual acquisitions of CNY800 million in 2023-2024, given the
company's reduced appetite on fast expansion;

- A higher dividend payout ratio of 30% in 2023-2024 to capture
cash leakage risks, despite the company's guidance of 25% (2022:
25% of core net profit, excluding one-off items such as impairment
of goodwill and other intangible assets, according to the
company);

- Receivable days to increase to 165 in 2023 from 135 in 2022,
leading to a CNY3 billion-3.5 billion increase in receivables.

RATING SENSITIVITIES

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

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

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

- Failure to generate positive FCF

- Evidence of further deterioration in working-capital position,
including a material increase in receivables

- Evidence of a material deterioration in liquidity

- Signs of aggressive financial policies changes, including but not
limited to a sharp increase in the dividend payout

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity: CGS reported readily available cash and cash
equivalents of CNY11.2 billion at end-2022, which was enough to
cover short-term bank borrowings of CNY1.2 billion. CGS has no
capital-market debt. Other than the CNY1.2 billion in bank and
other borrowings due this year, it has CNY84 million in debt due
2024, CNY65 million due over 2025-2027 and CNY867 million due
beyond 2027. Management confirmed that the company has no trust
loans.

ISSUER PROFILE

CGS is a leading residential property-management service provider
in China. CGS was founded in 1992 as a subsidiary of CGH before it
was spun off and listed separately in June 2018.

ESG CONSIDERATIONS

CGS has an ESG Relevance Score of '4' for Governance Structure due
to concentrated ownership, which has a negative impact on the
credit profile, and is relevant to the rating in conjunction with
other factors.

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.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
Country Garden
Services Holdings
Company Limited      LT IDR BB+  Downgrade   BBB-


COUNTRY GARDEN: Malaysia Project to Get New Tax Breaks, PM Says
---------------------------------------------------------------
Bloomberg News reports that Forest City, Country Garden Holdings
Co.'s mega-development off Malaysia's southern coast, will be
designated a special financial zone and will be granted benefits
aimed at attracting more residents, Prime Minister Anwar Ibrahim
said.

According to Bloomberg, the incentives will include multiple-entry
visas, fast-track access for those working in Singapore and a flat
income tax rate of 15% for knowledge workers, Anwar said on Aug. 25
while on tour seeking feedback on his government's 2024 budget. The
incentives will come on top of Forest City's existing tax breaks,
which include duty-free liquor sales, Bloomberg adds.

                        About Country Garden

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

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating to Caa1 from B1 and its
senior unsecured rating to Caa2 from B1.  The rating outlook
remains negative.


COUNTRY GARDEN: Signals Lack of Votes for $540.8MM Bond Extension
-----------------------------------------------------------------
Caixin Global reports that facing stiff opposition from
bondholders, Country Garden Holdings Co. Ltd. delayed the vote on
its proposal to stretch out repayment of a CNY3.9 billion (US$540.8
million) bond due next month by three years.

According to Caixin, the distressed developer pushed the voting
deadline from Aug. 25 to Aug. 31. The decision was announced about
four hours before the original deadline. Caixin relates that
holders of the nonpublic Country Garden bond known as 16 Bi Yuan 05
issued in 2016 are also to vote on a proposal by disgruntled
bondholders that would require full payment of principal and
interest by the time the bond matures Sept. 2, Caixin says.

                        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 to Caa1 from B1 and its
senior unsecured rating to Caa2 from B1.  The rating outlook
remains negative.




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

ADG AGROTECH: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of ADG Agrotech Pvt Ltd in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          2.00       [ICRA]B (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in October 2012 as a private limited company, ADG
Agrotech Private Limited (AAPL) is involved in milling of raw rice
with an installed capacity to manufacture 12,000 MTPA of rice. The
manufacturing facility of the company is located in Burdwan
district of West Bengal, a popular paddy growing region.


ARYA CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arya
Construction (AC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Overdraft Facility    5          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AC for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

AC, based in Wardha, Maharashtra, was set up in 1986 by Mr.
Vijaykumar Raju. The firm undertakes construction activities for
state and central governments.


ASHRULY ENGINEERING: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashruly
Engineering Private Limited (AEPL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Cash Credit             3.75       CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          2.8        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      0.45       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with AEPL for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007, AEPL manufactures fabricated items that find
application in the mining and power industries and in construction
equipment. The company has two plants in Pune with a combined
capacity of 4000 tonne per annum.


B. B. PRODUCTS: CRISIL Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of B. B. Products
(BBP) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              6         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BBP for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

BBP was set up in 2016 by Gujarat-based Mr Praful Bhimani, Mr
Hardik Desai, and their family members. The firm provides cold
storage facilities across Navsari. It commenced operations in
December 2017.


BORSE BROTHERS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Borse
Brothers Engineers & Contractors Private Limited (BBEC) continue to
be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            3         CRISIL D (Issuer Not
                                    Cooperating)

   Project Loan           3         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     7.2       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.65      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              0.15      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BBEC for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in April 2010, BBEC constructs roads and buildings,
and also undertakes irrigation projects for central and state
government agencies. Business was earlier carried out under a
proprietorship firm, Borse Brothers Engineers and Contractors,
established in 1986.


DHOLADHAR DEVELOPERS: CRISIL Keeps C Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dholadhar
Developers Private Limited (DDPL) continue to be 'CRISIL C Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      2.2        CRISIL C (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               8          CRISIL C (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with DDPL for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

DDPL, incorporated in 2007 by Mr Gurmit Singh Mann, has set up
Maximus Mall, a commercial complex with a 2-screen multiplex, at
Dharamsala. The project commenced commercial operations in April
2017. The company's founder has entrepreneurial experience of 48
years.


EFFULGENCE TRADING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Effulgence
Trading And Services Private Limited (Arka Carbon) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           2          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           6          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     23          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     13          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     19          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     45          CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility    1          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Arka Carbon
for obtaining information through letter and email dated July 19,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of SCCPL, Arka Carbon Fuels
Pvt Ltd (Arka Carbon), and Shree Ganpatlal Onkarlal Agarwal &
Company (Shree Ganpatlal). This is because the three entities,
together referred to as the Swastik group, are held and managed by
the same promoters and have operational and financial linkages.

SCCPL and Arka Carbon, based in Indore (Madhya Pradesh), trade in
indigenous and imported coal. The group also provides logistic
services through Shree Ganpatlal. Established in 1984 by members of
the Bindal family for trading in indigenous coal, the group is now
focused on imported coal; it both directly imports coal from
international suppliers and relies on merchant importers in India.


HOTEL IDA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Hotel IDA
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility       2         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term       3         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                5         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with Hotel IDA
for obtaining information through letter and email dated July 19,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up as a partnership firm by Mr Rabinder Aurora, Mr Ratik
Aurora, and Mr Maneet Aurora, Hotel IDA runs a hotel in Dehradun.


IBD NALANDA: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Ibd Nalanda Infrastructure
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        24.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         8.52      [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.

IBDN was incorporated in 2009 and is the flagship company of the
IBD Group of Central India. IBDN is headed by Mr. Ajay Bhadauria,
who holds 6.51% stake. Currently, the company is executing two
projects in Jabalpur, Madhya Pradesh which are in various stages of
execution. 'Royal City' is the affordable housing project of the
company and 'Gold Villa" is the high-end residential apartment
project. The total saleable area of all the projects combined is
6.27 lakhs square feet, with 523 units in total. The total project
cost is estimated at INR79.51 crore and is expected to be funded by
customer advances and promoter's contribution, in different
proportion.


K K POLYCOLOR: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of K K Polycolor
Asia Limited (KKPA) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.75        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit         10.8         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit     4.5         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            4.95        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with KKPA for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

KKPA is promoted by Kolkata-based Ladha family. It manufactures
calcium compounds and colour masterbatches.


KALSI BROTHERS: ICRA Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and short-term rating of Kalsi Brothers
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4: ISSUER NOT COOPERATING".

   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         15.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         8.00       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due. Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been taken
by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Kalsi Brothers was established as a Hindu Undivided Family (HUF) in
1983 and was converted into a partnership firm in 2004. The firm
currently has nine partners with Mr. Daljit Singh Kalsi as the
Managing Partner. The firm is located in Mohali, Punjab and is a
registered 'Class-I' contractor with various government departments
in Punjab which undertake civil construction work. The firm handles
civil, public health engineering works, electrical, road and other
allied works pertaining to housing colonies, multi-Storied framed
structure buildings, industrial buildings, hostels, hotels,
hospitals, and medical and engineering colleges. Most of the firm's
projects are in Himachal Pradesh, Punjab and Haryana.

MAA SARADESWARI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maa
Saradeswari Heemghar Private Limited (MSHPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

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

   Overdraft Facility      0.7        CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Long Term
   Bank Loan Facility      3.7        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               4.4        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with MSHPL for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012 and promoted by Mr Shyamal Dandapat, MSHPL
provides cold storage facilities in Tamluk, West Bengal, to potato
farmers and traders; it also trades in potatoes.


MAHALAXMI INVESTMENT: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mahalaxmi
Investment and Trading Private Limited (MITPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        8          CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           8          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      8          CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility    2          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MITPL for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1986, MITPL is promoted by Mr Umesh Jhalani and
family. The company is based out at Ratlam in Madhya Pradesh. The
company manufactures components used in electrical items such as
distribution transformers, switchgears, meter boxes, feeder
pillars, distribution boxes, and junction boxes used in the
distribution of power.


MANDHANA PLASTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mandhana
Plastics Private Limited (MPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit      2.5       CRISIL D (Issuer Not
                                   Cooperating)

   Proposed Long Term    3         CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating)

   Proposed Long Term    0.22      CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating)

   Term Loan             0.28      CRISIL D (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with MPPL for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

MPPL was incorporated in 2009, promoted by Mr Ramkishore Mandhana.
The company manufactures PVC sheets and flexible sheets.


MARIA RUG: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Maria Rug
International (MRI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Purchase         4          CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit        2.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.5        CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with MRI for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

MRI was set up in 2005 as a partnership firm between Mr Zakir
Husain Ansari and his brothers, Mr Shabir Ahmad and Mr Abdul
Quadir. The firm manufactures and exports rugs, carpets, and home
furnishing products made of wool, cotton, and leather under the
brand MRI.



MARIGOLD CONSTRUCTIONS: CRISIL Keeps D Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Marigold
Constructions (MC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Project Loan          9.84       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.16       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with MC for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

MC, set up by Mr. Bharat Prajapati and Mr. Bhavin Sheth in Mumbai,
is a real estate developer. It is developing Marigold Exotic, a
residential project with 30 units at Mulund in Mumbai.


MASCONS ENGINEERING: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Mascons
Engineering & Contracting Company Private Limited (MASCONS)
continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan               5        CRISIL D (Issuer Not    
                                    Cooperating)

CRISIL Ratings has been consistently following up with MASCONS for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2004, in Chennai and promoted by Mr. Said Mohammed,
Mascons undertakes civil construction and real estate development.


MEENA ADVERTISERS: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the Long-term ratings of Meena Advertisers in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          8.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          2.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1980, Meena Advertisers is engaged in providing
advertisement spaces in airports and railway stations. Based in
Chennai, the entity has its marketing offices in Mumbai, Jaipur,
Mangalore and New Delhi. Meena Advertisers is a proprietorship
firm, promoted by Mr. V Krishnamurthy.

N.R. CONSTRUCTIONS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of N.R. Constructions in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable): ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          8.50       [ICRA]B+ (Stable) ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

N. R. Constructions (NRC) is a partnership firm which was started
in April 1998 by Mr. A. Narayana Raju and his family. The firm
undertakes civil contracts involving irrigation works, buildings
and bridges for government clients in the states of Andhra Pradesh
and Karnataka.


NRI EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NRI
Educational Society - Guntur (NRI) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      0.1        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Secured Overdraft      19.9        CRISIL D (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with NRI for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 2005, NRI operates 45 junior colleges (FYJC and
SYJC) for science and commerce. It also runs 10 schools offering
education from kindergarten to class 10. The schools under the
trust operate under the name of Indian Springs which is located in
Hyderabad and Guntur while the colleges run under the names NRI
Vidya Junior College, NRI SAI Junior College, and NRI Junior
College. The society is managed by Mr. Alapti Rajendra Prasad.


PARATUS REAL: ICRA Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of Paratus Real Estates Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        18.00      [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.

PREPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private Limited,
holding 50.74% and 49.26% stake, respectively. It is developing a
residential project, 'Mega County', in Dehradun, Uttarakhand with a
saleable area of 174,335 square feet. The project consists of one
hundred and nineteen 2/3 BHK flats, in two towers, of six floors
each. The construction started in 2013-14 and as of Feb, 2016, ~70%
of the estimated construction cost had been incurred and 77% area
had been sold. The total project cost is estimated at INR62.48
crore, with INR18.00 crore proposed to be funded through bank loan,
INR12.10 crore through promoter's contribution and the remaining
through customer advances.


PCM STRESCON: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of PCM Strescon
Overseas Ventures Limited (PCMSOVL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Bank Guarantee          61.50       CRISIL D (Issuer Not
                                       Cooperating)

   Letter Of Guarantee     25.65       CRISIL D (Issuer Not
                                       Cooperating)

   Letter of Credit        21.85       CRISIL D (Issuer Not
                                       Cooperating)

   Proposed Bank           10          CRISIL D (Issuer Not
   Guarantee                           Cooperating)

   Proposed Bank           10          CRISIL D (Issuer Not
   Guarantee                           Cooperating)

   Proposed Long Term      31          CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating)

   Proposed Term Loan      12          CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with PCMSOVL for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

PCM, incorporated in 2006, manufactures pre-compressed heavy-haul
concrete sleepers. The company, based in West Bengal, has PCM
Cement Concrete Pvt Ltd and Stresscon Industries Ltd as its
promoters.


S. K. EXPORTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term rating of S. K. Exports
(Lower Parel) 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-         13.60       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term         (0.50)      [ICRA]A4; ISSUER NOT
   Interchangeable                COOPERATING; Rating Continues
   Others                         to remain under issuer not
                                  cooperating category

   Long Term/          0.40        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     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.

S.K. Exports was established on 1st of April 1989 as a partnership
firm by Mr. Sanjay Jawaharlal Khanna and Mr. Sailesh Jawaharlal
Khanna. The firm is engaged in the business of manufacturing and
exporting leather goods. SKE has a registered office at Lower
Parel, Mumbai. SKE has two manufacturing units, located in Mumbai
and Kolkata with a combined manufacturing capacity of 10,000 pieces
of handbags, 10,000 pieces of wallets and 15,000 pairs
(approximately) of footwear per month.

SATWI INFRA: ICRA Keeps B Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has retained the Long-term ratings of Satwi Infra in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable); ISSUER NOT COOPERATING".

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

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

Satwi Infra, incorporated in year 2011, is engaged in real estate
business in residential and commercial projects in Bangalore. The
firm laid its footage in the construction, development and real
estate business in the year 2011 through Satwi's Clarinet project
in Bangalore. Over the years, the firm has completed two projects,
Satwi's Clarinet and Satwi's Vielle in Horamavu, Bangalore.
Currently the firm has one ongoing residential project Stawi's
Thavil at Panthur, Bangalore.


SHASHI STRUCTURAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shashi
Structural Engineers Private Limited (SSEPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         6         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           11         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         0.75      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    12.25      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with Shashi
Structural Engineers Private Limited (SSEPL for obtaining
information through letter and email dated July 19, 2023 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

SSEPL, promoted by Mr Amresh K Tiwari, supplies aggregates and
earthwork material to large civil construction players. It also
undertakes work for road construction on lower layers up to the
granular sub-base.


SIKSHA O: ICRA Keeps B+ Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Siksha 'O' Anusandhan in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-        115.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

SOA was established in 1995 as a society in Bhubaneswar, Odisha and
manages SOA University (deemed University). SOA University offers
under and post graduate courses across different disciplines like
engineering, medicine, law, management and also manages a 750 bed
hospital. Currently, it has strength of more than 12,000 students.

STERLING HABITATS: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on debt instruments of
Sterling Habitats Private Limited to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL D'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Non Convertible      25          CRISIL D (ISSUER NOT
   Debentures-                      COOPERATING; Rating Migrated)
   Series II            

   Non Convertible      25          CRISIL D (ISSUER NOT
   Debentures-                      COOPERATING; Rating Migrated)
   Series I             

CRISIL Ratings has been consistently following up with Sterling
Habitats for obtaining information through letter and email dated
July 13, 2023, July 31, 2023 and Aug 30, 2023 among others, apart
from telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of Sterling Habitats, which
restricts CRISIL Ratings' ability to take a forward looking view on
the entity's credit quality. CRISIL Ratings believes that rating
action on Sterling Habitats is consistent with 'Assessing
Information Adequacy Risk'. Therefore, on account of inadequate
information and lack of management cooperation, CRISIL Ratings has
migrated the rating on debt instruments of Sterling Habitats to
'CRISIL D Issuer Not Cooperating' from 'CRISIL D'.

Sterling Habitats is a special-purpose vehicle formed by the
Bengaluru-based Sterling Developers. Sterling Developers holds
99.9% shares of the company, while the remaining are held by Mr
Venkat Ramani Sastri and Mr Gowri Shankar Sastri (nominees of
Sterling Developers). The company holds 93,074 sq ft in Villa
Grande, a project of Sterling Urban Developments Pvt Ltd (group
company of Sterling Developers).

About the NCDs

Sterling Habitats has raised Rs 50 crore by issuing NCDs [Rs 25
crore each of Series 1 and 2 (Series 1 is senior to Series 2 NCDs;
Series 2 NCDs are listed)] through the apartment funding structure.
Repayment of these NCDs is expected to be met through proceeds from
the sale of units held by Sterling Habitats in Villa Grande.

The terms of Series 1 NCDs have been modified and are the same as
those for Series 2 NCDs now. Series 1 NCDs have been reconstituted
as Series 1B. As per the earlier terms, Series 1 NCDs had defined
coupon and scheduled repayments. Series 2 NCDs had no defined
repayment schedule and were to be redeemed at maturity with an
internal rate of return (IRR) of 19%. Interest on the Series I NCDs
has been serviced as per the original terms until the time of
reconstitution to Series 1B.

Following revision of terms in Series 1, Series 1B and Series 2
NCDs have the same terms and should be redeemed at maturity with an
IRR of 19%. The debentures also have a corporate guarantee from
Sterling Developers. The company had extended the maturity date for
both the NCDs to September 16, 2021.

The sale of the acquired area after the lock-in period must be in
the ratio of 50:50 (investor [acquired area]: developer [balance
area]). At the end of the tenor, NCDs have a put option at 19% IRR
or developer buyback value. The latter is defined as the value of
the project's unsold units at a price defined as the average of the
last 10 units sold or the last three months' average sale price,
whichever is higher, and the balance receivables from the sold
units, if any, at the end of the tenor.


UNILEC ENGINEERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Unilec
Engineers Limited (UEL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee     12.13         CRISIL D (Issuer Not
                                    Cooperating)

  Cash Credit          6.32         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with UEL for
obtaining information through letter and email dated July 28, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1993, UEL manufactures electrical control panels,
low-voltage switchgears, and bus ducts for power generation,
transmission, and distribution companies. The company has
manufacturing and technical service divisions in Gurgaon and Bawal
(both in Haryana).


UNIVERSAL INDIA: ICRA Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Universal India Agro Foods in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable): ISSUER NOT COOPERATING".

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

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

UIAF was incorporated in 2013 and currently operates a rendering
plant in Meerut. The unit was commissioned in FY2014 and produces
Tallow and Meat and Bone Meal (MBM) from animal waste. The unit
procures animal waste such as bones, fat, and offal from slaughter
houses and produces Tallow which finds usage in soap manufacturing,
lubricants etc. and MBM which is used in cattle/poultry feed. The
company is promoted by Mr. Haji Aas Mohd and Mrs. Shabana Parveen.
The promoter's family has been engaged in trading of meat products
in the unorganized sector for past several years.


VIMAL CHHAGANLAL: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vimal
Chhaganlal Jewellers Private Limited (VCJPL) continue to be 'CRISIL
D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL D (Issuer Not
                                   Cooperating)

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

CRISIL Ratings has been consistently following up with VCJPL for
obtaining information through letter and email dated July 19, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

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

VCJPL, promoted by Mr. Vimal Seth and his family in 2010-11 (refers
to financial year, April 1 to March 31), trades in gold ornaments.


VISHAL JEWELLERS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Vishal
Jewellers (SVJ) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Working      7.5        CRISIL D (Issuer Not
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with SVJ for
obtaining information through letter and email dated July 28, 2023
among others, apart from telephonic communication. However, the
issuer has remained non cooperative. 'The investors, lenders and
all other market participants should exercise due caution with
reference to the rating assigned/reviewed with the suffix 'ISSUER
NOT COOPERATING' as the rating is arrived at without any management
interaction and is based on best available or limited or dated
information on the company. Such non co-operation by a rated entity
may be a result of deterioration in its credit risk profile. These
ratings with 'ISSUER NOT COOPERATING' suffix lack a forward looking
component.'

Detailed Rationale

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

SVJ was set up in 1983 at Pune as a partnership between Mr Kantilal
Sonigara and family. The firm retails in gold, silver and diamond
jewellery at its showroom in Nigadi, Pune; the size of this
showroom is about 3,000 square feet.




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

INDIKA ENERGY: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Indika Energy Tbk (P.T.), the Ba3 ratings on the backed
senior secured notes due 2024 issued by Indika Energy Capital III
Pte. Ltd., and the backed senior secured notes due 2025 issued by
Indika Energy Capital IV Pte. Ltd.

The outlook remains stable.

"The affirmation reflects Moody's expectation that despite lower
coal prices, Indika's credit metrics will remain within the
parameters of its Ba3 ratings over the next 12-18 months," says
Maisam Hasnain, a Moody's Vice President and Senior Analyst.

"The Ba3 ratings are also predicated on Indika maintaining good
liquidity with continued access to external debt, and refinancing
large debt maturities at least 12-18 months in advance of the
scheduled maturity," adds Hasnain, also Moody's lead analyst for
Indika.

RATINGS RATIONALE

Amid declining thermal coal prices from record-high levels in
2021-22, Moody's estimates Indika's credit metrics will weaken due
to lower earnings at its 91%-owned coal mining subsidiary, Kideco
Jaya Agung (P.T.).

Assuming Newcastle thermal coal price of $100-$110 per metric ton,
Indika's adjusted leverage – as measured by adjusted debt/EBITDA
– will increase to around 3.1x by the end of 2024 from around
1.2x in the twelve months ended June 2023. Nonetheless, leverage
will remain within the 4.0x rating downgrade trigger at the Ba3
rating level.

Indika's Ba3 ratings also incorporate Moody's expectation of steady
coal production of around 30-31 million metric tons at Kideco. With
a long track record of stable production and profitable operations,
Kideco still has an estimated reserve life of around 14 years based
on its current production levels.

Moody's also expects Indika to take a measured approach toward
investments as the company seeks to implement its diversification
strategy in order to reduce earnings reliance on thermal coal.

As such, Moody's does not expect Indika to prioritize its stated
target to generate 50% of its revenue from non-coal businesses by
2025 at the expense of weakening its credit quality. Indika's
ability to reach this target will also depend on external factors,
including the prevailing coal prices, which are outside the
company's control.

Primarily because of higher coal prices, Indika's non-coal revenue
exposure declined to 10% in the first half of 2023 versus 24% in
2020 when it initially announced its 50% non-coal revenue target.
This is despite the company investing in a number of non-coal
businesses and divesting coal-related businesses during this
period. Many of Indika's non-coal investments including in
renewable energy projects, electric vehicles, and nature-based
solutions are still in their infancy and have a very modest revenue
contribution relative to Indika's legacy thermal coal assets.

Moody's expects Indika's largest revenue contribution from
non-thermal coal operations over the next few years will come from
its Awak Mas greenfield gold mine in Sulawesi, for which Indika
secured a $250 million new loan in March 2023. However, the mine is
only scheduled to commence operations in 2025. The mine, which has
a 10-14-year reserve life, is estimated to produce around
100,000-140,000 ounces of gold a year at an all-in sustaining cost
of $1,024/oz.

As such, Indika's thermal coal operations at Kideco will likely
continue to generate most of the company's revenue and earnings
over the next few years and underpin Indika's Ba3 ratings. Indika's
credit exposure to environmental (E-5 IPS) and social (S-4 IPS)
risks will decline once the company can substantially reduce its
earnings reliance on thermal coal.

Indika will maintain good liquidity, as its consolidated cash
balance and projected operating cash flows will be sufficient to
meet its cash needs over the next 12-18 months.

Moody's also expects Indika to raise new debt later this year to
refinance its $323 million bond due in November 2024, and seek to
refinance its $568 million bond due October 2025 at least 15-18
months ahead of the scheduled maturity. The ability to refinance
these bonds well in advance of the scheduled maturities is critical
given rising uncertainty over access to capital for companies with
thermal coal mining operations.

Moody's estimates Indika will have enough cash to repay its $323
million bond due in November 2024 if it is unable to obtain new
loans. However, such a situation would weaken Indika's cash buffer
and create uncertainty over whether the company can build and
maintain sufficient cash reserves to repay its October 2025 bond
maturity amid volatile coal prices and investment requirements for
business diversification.

OUTLOOK

The outlook is stable, reflecting Moody's expectation that Indika
will maintain (1) good liquidity while proactively refinancing debt
maturities over the next 12-18 months; (2) profitable and
cash-generative operations; and (3) a conservative approach to
investments and shareholder returns.

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

An upgrade of the rating is unlikely over the next 12-18 months,
given Indika's current scale and risks associated with its
diversification strategy. Nonetheless, upward rating pressure could
arise over time if Indika increases its scale and diversifies its
business while maintaining a strong credit profile with minimal
refinancing risk.

Specific indicators Moody's would consider for an upgrade include
adjusted debt/EBITDA below 2.5x and adjusted EBIT/interest above
3.0x, both on a sustained basis.

Moody's could downgrade the ratings if (1) Indika's internal cash
sources are insufficient to meet its cash needs over the subsequent
18 months; (2) industry fundamentals deteriorate, leading to
further worsening in Indika's credit metrics; or (3) Indika engages
in aggressive shareholder distributions or investments.

Specific indicators Moody's would consider for a downgrade include
adjusted debt/EBITDA above 4.0x or adjusted EBIT/interest below
2.0x, both for an extended period.

The principal methodology used in these ratings was Mining
published in October 2021.

Indika Energy Tbk (P.T.) is an Indonesian integrated energy group
listed on Indonesia's Stock Exchange, with a market capitalization
of around IDR10.9 trillion ($0.7 billion) as of August 23, 2023.
Its principal investment is a 91% stake in Kideco Jaya Agung
(P.T.), one of Indonesia's largest domestic coal producers.




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

CARLY HARRIS: Creditors' Proofs of Debt Due on Sept. 29
-------------------------------------------------------
Creditors of Carly Harris Design Limited are required to file their
proofs of debt by Sept. 29, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 22, 2023.

The company's liquidator is:

          Simon Dalton
          Gerry Rea Partners
          PO Box 3015
          Auckland


EUROPLUMBING LIMITED: Court to Hear Wind-Up Petition on Sept. 1
---------------------------------------------------------------
A petition to wind up the operations of Europlumbing Limited will
be heard before the High Court at Auckland on Sept. 1, 2023, at
10:45 a.m.

MVR Projects Limited filed the petition against the company on July
20, 2023.

The Petitioner's solicitor is:

          Clifton Killip Lyon
          Jennifer G Connell & Associates
          Level 1, 123 Broadway
          Newmarket
          Auckland


HANYANG INTERNATIONAL: Court to Hear Wind-Up Petition on Sept. 22
-----------------------------------------------------------------
A petition to wind up the operations of Hanyang International Co.
Limited will be heard before the High Court at Auckland on Sept.
22, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 8, 2023.

The Petitioner's solicitor is:

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


LEMON ST: Thomas Lee Rodewald Appointed as Receiver and Manager
---------------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting Limited on Aug. 23,
2023, was appointed as receiver and manager of Lemon St Development
Company Limited.

The receiver may be reached at:

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


MAINZEAL PROPERTY: Ex-PM Shipley Loses Supreme Court Appeal
-----------------------------------------------------------
Stuff.co.nz reports that former prime minister Dame Jenny Shipley
has failed in her bid to get the Supreme Court to throw out an
award of more than NZD6 million in compensation against her for her
role in the collapse of construction company Mainzeal.

Mainzeal was put into liquidation in February 2013 while Shipley
was chairperson of its board, owing creditors, including many
smaller New Zealand building companies, just over NZD110 million.

Stuff relates that the company's liquidators Andrew Bethell and
Andrew McKay from BDO sued Shipley, and three other Mainzeal
directors claiming that from January 2011 they had allowed the
company to trade in a manner likely to cause serious loss to
creditors in breach of the Companies Act.

In 2019, the High Court in Auckland found the four directors liable
for NZD36 million of damages.

Ms. Shipley, prime minister from 1997 to 1999, was ruled liable for
a maximum of NZD6 million, but she and fellow directors Richard
Yan, Peter Gomm and Clive Tilby appealed up to the Supreme Court,
Stuff notes.

According to Stuff, the Supreme Court has now rejected that appeal,
and ordered the four directors to pay NZD39.8 million together with
interest, although the liabilities of Shipley, Mr. Tilby and Mr.
Gomm is limited to NZD6.6 million plus interest each.

Interest will be calculated from early 2013, the Supreme Court
ruled.

LPF, the litigation loan company that funded the case for the
liquidators estimated that interest could add up to about NZD3
million for each director, Stuff says.

At least part of the money owed by the directors will be paid for
by their insurer QBE.

Stuff adds lawyers for Shipley, Mr. Gomm, and Mr. Tilby said their
clients were "deeply disappointed" that their appeal had been
dismissed.

According to Stuff, Supreme Court justices Helen Winkelmann,
William Young, Susan Glazebrook, Ellen France and Mark O'Regan
ruled that "for many years Mainzeal had traded in a difficult
industry while balance sheet insolvent".

The directors should have realised by 2010 that without a
significant injection of capital, or assurances of support that
could be reasonably relied on, allowing Mainzeal to continue to
trade was likely to expose creditors to serious loss, the justices
said.

"Mainzeal was balance sheet insolvent from 2005, albeit this was
not apparent from its financial statements," the court, as cited by
Stuff, found.

Its financial state was the result of NZD34 million of loans
advanced in 2004 and 2005 from Mainzeal to other companies in the
Richina Pacific group of companies to which it belonged.

This money was "extracted from Mainzeal" to be invested in China,
the report says.

Those related-party debts were not, however, legally enforceable,
and by 2009 Mainzeal was facing mounting leaky building claims.

Stuff relates that the directors allowed Mainzeal to continue
trading by relying on non-binding assurances of support from other
companies in the Richina Pacific group.

Mainzeal's directors approved a scheme for the related party loans
to be repaid through the supply of building materials from China,
but there were "substantial issues" with the materials supplied.

In the end, Bank of New Zealand (BNZ), Mainzeal's bank, called
receivers into Mainzeal in January 2013 after it saw a letter from
Mr. Yan in which he confirmed no financial support for Mainzeal
would come from China.

Mainzeal's debts to BNZ were paid in full, Stuff notes.

Sub-contractors and Mainzeal staff were among debtors left out of
pocket, the report notes.

Stuff adds that the Supreme Court justices noted after Mainzeal's
collapse Shipley urged Yan, without avail, to ensure that the debts
owing to Mainzeal, and money owed to staff and subcontractors, be
paid.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd was a New Zealand-based
property and construction company.  The company formed part of the
Mainzeal Group, which is owned by Richina Inc.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and associated entities as a result of a request made by
its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZD11.3 million to the BNZ, NZD70
million to unsecured creditors and NZD5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.


NEW ZEALAND: Insolvencies Up 34% in 2023 Q1, Latest Data Shows
--------------------------------------------------------------
Xinhua News Agency reports that latest quarterly data shows
insolvencies continue to rise in New Zealand, up 34% in the first
quarter and 69% on the same time last year as the economy
stagnates, according to an insolvency market report on Aug. 25.

Insolvency practitioners have been kept very busy over the past
year as business failures continue their upward trajectory, Xinhua
relates citing report released by BWA Insolvency.

According to the Q2 2023 New Zealand Insolvency Market Report,
there were a total of 475 formal insolvency proceedings lodged in
the country compared to the corresponding period in 2022 when there
were 281, which was an overall increase of 69%, Xinhua relays.

According to Xinhua, the report has been tracking the data on
liquidations, receiverships and voluntary administrations since
2012, conducted a deeper investigation into each company that has
gone into a formal state of insolvency and categorized them to show
trends across different industries and regions.

"With rising interest rates to counter inflation and the rising
costs of consumer goods ever present in the media, business
uncertainty is an obvious outcome of an unstable market," BWA
Insolvency's Bryan Williams said, adding businesses, particularly
small to medium enterprises, are still walking into stiff
post-COVID headwinds.

Xinhua relates that the sectors to fare worst in the year-on-year
comparison were manufacturing, retail trade, and construction, the
report said, adding manufacturing had the biggest increase in
insolvencies, up from 14 to 30 when compared to the same time last
year.

The food and beverage sector was the only one to record a
year-on-year decline in insolvencies, down 21% from 33 to 26,
according to the report, adding this drop in insolvencies is likely
a result of businesses returning to normal after the pandemic.

Many companies that are at risk of failure can recover if business
owners act quickly to reduce expenses and adapt their approach to
fit the current market, Mr. Williams, as cited by Xinhua, said.


WOODWARD GROUP: Creditors' Proofs of Debt Due on Sept. 14
---------------------------------------------------------
Creditors of The Woodward Group Limited are required to file their
proofs of debt by Sept. 14, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 14, 2023.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240




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

CEILWELL (S): Court to Hear Wind-Up Petition on Sept. 8
-------------------------------------------------------
A petition to wind up the operations of Ceilwell (S) Pte Ltd will
be heard before the High Court of Singapore on Sept. 8, 2023, at
10:00 a.m.

Chiang Wee Lam filed the petition against the company on Aug. 17,
2023.

The Petitioner's solicitors are:

          Tan, Lee and Choo
          No. 1 Park Road
          #04-04 People Park Complex
          Singapore 059108


CHOW FU: Creditors' Proofs of Debt Due on Sept. 25
--------------------------------------------------
Creditors of Chow Fu Capital Holding Pte. Ltd. and Chow Fu Sh
Investment Holding Pte. Ltd are required to file their proofs of
debt by Sept. 25, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 18, 2023.

The company's liquidator is:

          Cheong Beng Sheng, Dean
          c/o Guardian Advisory Pte Ltd
          531A Upper Cross Street #03-118
          Hong Lim Complex
          Singapore 051531


GLADDEN SOLUTIONS: Court to Hear Wind-Up Petition on Sept. 8
------------------------------------------------------------
A petition to wind up the operations of Gladden Solutions Pte Ltd
will be heard before the High Court of Singapore on Sept. 8, 2023,
at 10:00 a.m.

RHB Bank Berhad filed the petition against the company on Aug. 8,
2023.

The Petitioner's solicitors are:

          Rajah & Tann Singapore LLP
          9 Straits View
          #06-07 Marina One West Tower
          Singapore 018937


JAMES COOK: Creditors' Proofs of Debt Due on Sept. 25
-----------------------------------------------------
Creditors of James Cook Academy Pte Ltd are required to file their
proofs of debt by Sept. 25, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Aug. 18, 2023.

The company's liquidators are:

          Ng Choon Heng
          c/o 600 North Bridge Road
          #05-01 Parkview Square
          Singapore 188778


LEVO PHARMA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Aug. 18, 2023, to
wind up the operations of Levo Pharma Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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




=====================
S O U T H   K O R E A
=====================

MG COMMUNITY: Credit Union Woes Raise Debt Crisis Risks
-------------------------------------------------------
Bloomberg News reports that less than a year after a debt crisis
shook South Korea, concern is growing that souring lending at
credit unions risks bringing back distress.

Bloomberg relates that a branch of one of Korea's biggest such
lenders, MG Community Credit Cooperatives, was shut last month when
it reported a KRW60 billion (US$45 million) loss on real
estate-related loans. That triggered deposit outflows at the group
of lenders on concerns over rising default rates.

And in a sign that more borrowers are finding it harder to repay
debt with interest rates rising, MGCCC's delinquency rates climbed
to 6.18% in late June from 3.59% at the end of last year, Bloomberg
discloses citing interior ministry data. Meanwhile, spreads on
three-year won debt of a class of lenders have widened near a
four-month high hit in July.

According to Bloomberg, Korea's credit troubles reflect broader
woes from the US to Europe to Southeast Asia as central banks
rushed to raise interest rates to tame surging inflation. That
increased the cost for borrowers to refinance debt they piled up
during real estate booms when money was cheaper. In China, a
property debt crisis is deepening as it heads into a fourth year
after officials moved to rein in excessive borrowing. Globally,
pessimism toward the real estate market threatens to obstruct
investments that fuel economic growth.

Bloomberg says policymakers in Korea acted to prevent the credit
union troubles from spreading, with the central bank and Yoon Suk
Yeol's government making more than $100 billion worth of funds
available to the credit and property markets. That helped stabilize
investor sentiment, but the recent widening in some lenders' credit
yields is a sign of lingering concern.

The run on some credit cooperatives "represents a complete failure
by the government and financial regulators to monitor their credit
risks," said Park Sunyoung, an associate economics professor at
Seoul's Dongguk University, Bloomberg relays. "MGCCC probably has
the highest risk of a failure related to project financing as a
result of its rapid increase in loans during the 2020 peak of the
property boom," she said.

MGCCC expects its delinquency rate to drop in the
September-November period because it's selling loans to
professional debt collection companies, and is tightening the loan
qualification review, said Lee Tal Ho, spokesman for Korean
Federation of Community Credit Cooperatives, which oversees the
lenders, Bloomberg relays.

The firms had made KRW56.4 trillion of real estate-related loans
and KRW15.8 trillion of project-finance debt as of January, out of
a total KRW201 trillion it has lent, Bloomberg discloses citing
government and Bank of Korea data. Investors are watching whether
the project-finance loans are repaid because funding difficulties
due to rising rates and a weak real estate market sparked a 2022
crisis when the developer of a Legoland theme park missed a payment
on securities linked to such debt.

The sheer size of the lenders elevates risks: more than 1,200 of
their branches dot the landscape and over 40% of Korea's population
use their services each year, according to the interior ministry,
which supervises the firms. Their total assets have nearly tripled
in the past decade to KRW284 trillion last year, as tax benefits
and higher interest rates than bank deposits lured investors,
Bloomberg discloses.

The MGCCCs are almost in the same league size-wise as some of the
nation's biggest banks: they had KRW260 trillion of deposits as of
June, compared with KRW380 trillion at KB Kookmin Bank, BOK and KB
data show.

According to Bloomberg, the structure of the credit cooperatives
may be adding to their problems: each branch stands as a separate
legal entity, preventing troubles at one branch from bringing down
the whole system, but that wouldn't stop customers from pulling
their deposits if they become worried about what's happening at
other branches.

Bloomberg adds that the government has sought reform in the past,
citing instances of embezzlement and a lack of proper oversight and
governance, according to the interior ministry. It didn't brighten
investors' mood that prosecutors requested a warrant to arrest Park
Cha-hoon, head of the de facto central bank for the credit unions,
over bribery allegations, though a Seoul court rejected the
request.




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

VIETNAM BANK: Moody's Affirms 'Ba2' Deposit & Issuer Ratings
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 local (LC) and
foreign (FC) currency long-term (LT) bank deposit and issuer
ratings of Vietnam Bank for Agriculture & Rural Development
(Agribank), as well as the bank's b2 Baseline Credit Assessment
(BCA) and Adjusted BCA.

Moody's has also affirmed Agribank's Ba2 LT FC and LC Counterparty
Risk Ratings (CRR) and Ba2(cr) LT Counterparty Risk Assessment (CR
Assessment), NP short-term (ST) FC and LC CRR, ST FC and LC bank
deposit ratings, ST FC and LC issuer ratings and NP(cr) ST CR
Assessment.

The rating outlooks for Agribank, where applicable, are stable.

RATINGS RATIONALE

The affirmation of Agribank's Ba2 ratings and b2 BCA reflects
Moody's expectation that the bank's credit profile will remain
stable over the next 12 to 18 months, supported by its stable asset
quality metrics and strong funding structure. However, the bank's
low capital and profitability are key credit weaknesses.

As of the end of June 2023, Agribank's nonperforming loans (NPL)
ratio was 1.8%, broadly stable from a year earlier partly due to
the bank's active write-offs of new NPLs. Although Agribank's loans
are concentrated in the agricultural sector and rural areas, the
risk of a spike in NPLs is offset by the granularity of the loans.
The bank does not have material exposure to real estate and
construction sectors. In addition, the bank's
better-than-peer-average loan loss reserves as a percentage of
problem loans of 146% as of June 2023 provides cushion against
risks.

However, the bank's low capital and profitability continue to
strain its credit profile. Tangible common equity as a percentage
of risk-weighted assets (TCE/RWA) declined modestly to 6.1% as of
the end of December 2022 from 6.3% as of the end of December 2021.
While an increase in return on tangible assets to 0.96% in 2022
from 0.73% in 2021 supported higher capital generation, this was
partly offset by higher loan growth of 9.7% in the same year from
8.4% a year earlier.

Agribank has low reliance on market funds. As of December 2022,
market funds as a percentage of tangible assets was low at 4.7%,
reflecting the bank's strong funding structure, underpinned by its
status as a state-owned bank.

At the same time, high-quality liquid assets such as cash, balances
with central bank and government securities, accounted for just 11%
of its total assets as of June 2023, providing limited buffer in
times of need.

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

An upgrade of Agribank's long-term ratings is unlikely because they
are at the same level as Vietnam's Ba2 sovereign rating. However,
Moody's could upgrade Agribank's b2 BCA, if (a) its TCE/RWA
improves to more than 7.5% and (b) return on tangible assets
increases to more than 0.9% on a sustained basis.

Moody's would downgrade Agribank's ratings and BCA if its NPLs
increase above 3%, leading to higher credit costs and a decrease in
return on tangible assets below 0.5% or if the bank's TCE/RWA ratio
declines below 5%.

Moody's would also downgrade Agribank's deposit and issuer ratings
if the rating agency assesses that government support for the bank
has weakened.

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

Vietnam Bank for Agriculture & Rural Development, headquartered in
Hanoi, reported total assets of VND1,875 trillion as of December
31, 2022.



                           *********


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,
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Information contained herein is obtained from sources believed
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