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

                     A S I A   P A C I F I C

          Wednesday, August 30, 2023, Vol. 26, No. 174

                           Headlines



A U S T R A L I A

ADVANCED TRAFFIC: Goes Into Liquidation; 400 Jobs Axed
CUSTOM MOVES: First Creditors' Meeting Set for Sept. 1
FETHERS GLAZING: To Shut Down Adelaide Branch by End of September
HARVEY TRUST 2021-1: S&P Raises Rating on Class E Notes to 'BB+'
JAWAGASH PTY: Second Creditors' Meeting Set for Sept. 1

MARBLING PTY: First Creditors' Meeting Set for Sept. 4
MASTER PAINTERS: Second Creditors' Meeting Set for Sept. 1
PEPPER SPARKZ 7: Fitch Gives 'BB-sf' Final Rating on Class F Notes
TRUCK HUB: Second Creditors' Meeting Set for Sept. 4
YME METAL: Fabrication Company Collapses Into Liquidation



C H I N A

COUNTRY GARDEN: Says US$100 Billion Malaysia Project on Track
COUNTRY GARDEN: Seeks to Add Grace Period for Maturing Yuan Bond
JIANGSU FANG YANG: Fitch Hikes LongTerm IDRs to BB, Outlook Stable
SENSETIME GROUP: Is Laying Off More Workers, Sources Say
YANLORD LAND: Moody's Lowers CFR to Ba3, Outlook Remains Negative

YANLORD LAND: S&P Lowers LT ICR to B+ on Weakened Liquidity Buffer
YICHANG HIGH-TECH: Fitch Affirms 'BB+’ LongTerm IDRs, Outlook Stabl


H O N G   K O N G

FWD GROUP: Moody's Gives Ba1 Rating to $900MM Jr. Sub. Notes


I N D I A

BABASAHEB DESHMUKH: CRISIL Keeps D Rating in Not Cooperating
BAWA APPLIANCES: CRISIL Keeps D Debt Ratings in Not Cooperating
BHUMYA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
CONVEYOR AND ROPEWAY: CRISIL Keeps D Ratings in Not Cooperating
CPR LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating

DELTA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
DIANA HEIGHTS: CRISIL Keeps D Debt Rating in Not Cooperating
INDSIL HYDRO: Ind-Ra Affirms D LongTerm Issuer Rating
JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating
JAS ORCHID: CRISIL Keeps D Debt Ratings in Not Cooperating

JET AIRWAYS: NCLAT Grants Jalan-Kalrock Extension to Pay Dues
JINDAL WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
KAMRAN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
KCS INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
KHANNA BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating

KREYA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
L. D. SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
M N AGRO: Ind-Ra Assigns BB+ Term Loan Rating, Outlook Stable
M.P.K. ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
M.P.K. METALS: CRISIL Keeps D Debt Ratings in Not Cooperating

M.P.K. STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
MINAKSHI COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
NCL BUILDTEK: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
NTS DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
ORCHARD FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating

PALLAVI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
RKN PROJECTS: CRISIL Keeps D Debt Ratings in Not Cooperating
SARVODAYA SUITINGS: CRISIL Keeps D Ratings in Not Cooperating
SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
SUBRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating

T R HOSPITALITIES: CRISIL Keeps D Debt Rating in Not Cooperating


I N D O N E S I A

JAPFA COMFEED: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
PERUSAHAAN PENGELOLA: Fitch Affirms & Then Withdraws 'BB+' IDR


N E W   Z E A L A N D

ACCOUNTING CAREER: Court to Hear Wind-Up Petition on Sept. 8
C. & E. LIMMER: Creditors' Proofs of Debt Due on Oct. 22
RAKAHURI HOLDINGS: Creditors' Proofs of Debt Due on Sept. 21
ROZA SERVICE: Creditors' Proofs of Debt Due on Sept. 23
SANEM DIGITAL: Court to Hear Wind-Up Petition on Sept. 4



P H I L I P P I N E S

PHOENIX PETROLEUM: H1 Losses Surge by Over 17 Times to PHP2.0BB
PHOENIX PETROLEUM: Incurs PHP191.1MM Impairment Loss on FamilyMart


S I N G A P O R E

ARCHWEY HOUSE: Creditors' Meetings Set for Sept. 6
JMS MANUFACTURING: Court to Hear Wind-Up Petition on Sept. 15
ROBSON (CP): Commences Wind-Up Proceedings
SAMCO CIVIL: Court to Hear Wind-Up Petition on Sept. 15

                           - - - - -


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

ADVANCED TRAFFIC: Goes Into Liquidation; 400 Jobs Axed
------------------------------------------------------
7NEWS reports that hundreds of workers have been left without jobs
following the collapse of WA company Advanced Traffic Management
owing more than AUD10 million.

The roadworks management firm has operated for over two decades but
left staff shocked and in tears on Aug. 23 after revealing via text
message it had gone into liquidation and that they were no longer
required, 7NEWS relates.

"Morning Advanced Traffic Management staff. Effective end of all
shifts today, your employment with ATM shall cease," the message
read.

Sacked worker Damon Douglas told 7NEWS he was blindsided, and he
was not alone.

"Everyone just got fired today, no pre-warning or anything," he
said.

It is understood the announcement was made to 400 employees.

ATM provides workers and equipment to keep the wheels moving on
major road projects across Perth.

The firm has contracts with councils and Main Roads WA, and
describes itself on its website as having "built a reputation for
quality, reliability and safety".

ATM's headquarters are in Perth but the company has subsidiary
offices in Albany, Bunbury, Northam, and Kalgoorlie.

According to 7NEWS, CFMEU organiser Aaron Mackrell blasted the
treatment of workers, particularly how they were informed of the
news, as an "absolute disgrace".

The collapse cost Richard Balfour his traffic controller job of 20
years.

"They had very good contracts. That's why it was a surprise, I
don't know what happened," the report quotes Mr. Balfour as
saying.

David Hodgson and Andrew Hewitt of Grant Thornton were appointed as
liquidators, 7NEWS discloses.

7NEWS relates that the liquidator said it was appointed because ATM
failed to pay a material outstanding debt and the federal court
issued an order to have the company wound up.

It said worker entitlements except superannuation should be covered
by the Fair Entitlements Guarantee scheme.

Main Roads told 7NEWS it did not expect the collapse of the company
to have an impact because it also contracts other traffic
management companies.

Several sacked workers said they have already been approached by
other companies offering them jobs, 7NEWS adds.


CUSTOM MOVES: First Creditors' Meeting Set for Sept. 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of Custom Moves
Pty Ltd will be held on Sept. 1, 2023, at 10:00 a.m. via virtual
meeting technology.

Declan Lane and Simon Cathro of Cathro & Partners were appointed as
administrators of the company on Aug. 23, 2023.


FETHERS GLAZING: To Shut Down Adelaide Branch by End of September
-----------------------------------------------------------------
News.com.au reports that Fethers Glazing System is shutting down.

Fethers Glazing System is owed AUD5,600 from YME Metal Projects Pty
Ltd and it is unclear if its shut down is a result of the YME
debt.

An employee told news.com.au that Fethers Glazing System used to
have offices in Melbourne, Brisbane and Adelaide.

However, its Victorian and Queensland branches have since shut up
shop and the South Australian one is slated to follow suit.

"We're closing down at the end of September," the employee said.
"We were the last, we'll be closing down."

In a statement online, Fethers said: "Unfortunately, due to
difficult trading conditions FGS will be closing its Showroom and
Warehouse in Adelaide located at 185 Richmond Road, Richmond
effective Friday 29th September 2023.

"FGS is disappointed for all involved, it has been a
long-established business on the site, with several long-term staff
and many long and loyal customers."

Fethers had been in business for 140 years but said while it was
shutting down its offices as well as its Silicone and Glazing
supplies businesses, it would still remain a supplier for hardware,
news.com.au states.

"We will continue to trade in the Hardware sector, all be it (sic)
a smaller range, out of Melbourne from October onwards. A separate
advice will be issued at a later date around these new
arrangements," the statement added.

Fethers did not respond to news.com.au's requests for comment.


HARVEY TRUST 2021-1: S&P Raises Rating on Class E Notes to 'BB+'
----------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for Series 2021-1
Harvey Trust. At the same time, S&P affirmed its ratings on two
classes of notes.

The rating actions reflect:

-- S&P's view of the credit quality of the underlying collateral
portfolios, which have been amortizing in line with its
expectations.

-- The credit support provided to each class of notes is
sufficient to withstand the stresses it applies at each respective
rating level. This credit support comprises subordination from
junior notes and lenders' mortgage insurance for a portion of the
loans in the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transactions, including principal draws and
amortizing liquidity facilities, are sufficient to ensure timely
payment of interest.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Credit Union Australia Ltd. (trading as Great Southern
Bank) to hedge the mismatch between receipts from any fixed-rate
mortgage loans and floating-rate notes. Westpac Banking Corp. will
act as standby swap provider if Great Southern Bank is not
appropriately rated.

-- The asset performance has consistently tracked below the
Standard & Poor's Performance Index (SPIN). As of June 30, 2023,
loans greater than 90 days in arrears represent 0.27% of the pool.
In addition, there have been no losses to date for the
transaction.

-- The rising interest-rate environment and softening
macroeconomic conditions as constraining factors on the degree of
upgrades for the class D and class E notes. These factors will
likely lead to higher arrears across the market.

  Ratings Raised

  Series 2021-1 Harvey Trust

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

  Ratings Affirmed

  Series 2021-1 Harvey Trust

  Class A: AAA (sf)
  Class AB: AAA (sf)


JAWAGASH PTY: Second Creditors' Meeting Set for Sept. 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of Jawagash Pty
Ltd has been set for Sept. 1, 2023 at 10:30 a.m. virtually via
Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 1, 2023.

Nikhil Khatri of Worrells was appointed as administrator of the
company on July 28, 2023.


MARBLING PTY: First Creditors' Meeting Set for Sept. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Marbling Pty
Ltd will be held on Sept. 4, 2023, at 12:00 p.m. via virtual
meeting only.

Danny Vrkic and Daniel O'Brien of DV Recovery Management were
appointed as administrators of the company on Aug. 23, 2023.


MASTER PAINTERS: Second Creditors' Meeting Set for Sept. 1
----------------------------------------------------------
A second meeting of creditors in the proceedings of Master Painters
Accessories Pty Ltd has been set for Sept. 1, 2023 at 11:00 a.m. at
the offices of Dye & Co. Pty Ltd at 165 Cambewell Road in Hawthorn
East.

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. 31, 2023 at 5:00 p.m.

Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. were
appointed as administrators of the company on July 28, 2023.


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

The final ratings on the class E and F notes are one and two
notches higher than the expected rating, respectively, due to the
reduction in the transaction's weighted-average (WA) margin from
the indicative WA margin previously modelled, which increases the
excess spread available.

   Entity/Debt             Rating                  Prior
   -----------             ------                  -----
Pepper SPARKZ
Trust No.7

   A1-x AU3FN0080081   LT AAAsf  New Rating   AAA(EXP)sf
   A1-a AU3FN0080073   LT AAAsf  New Rating   AAA(EXP)sf
   B AU3FN0080099      LT AAsf   New Rating   AA(EXP)sf
   C AU3FN0080107      LT Asf    New Rating   A(EXP)sf
   D AU3FN0080115      LT BBBsf  New Rating   BBB(EXP)sf
   E AU3FN0080123      LT BB+sf  New Rating   BB(EXP)sf
   F AU3FN0080131      LT BB-sf  New Rating   B(EXP)sf
   G                   LT NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

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

KEY RATING DRIVERS

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

Novated: 1.10% (7.75x)

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

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

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

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

Portfolio performance is supported by Australia's continued
economic growth and tight labour market, despite increasing
interest rates from May 2022 through June 2023. GDP growth for the
year to March 2023 was 2.3% and unemployment was 3.7% in July 2023.
Fitch expects GDP growth to slow to 1.5% in 2023, with unemployment
reaching 4.0%, reflecting high inflation combined with a slowdown
in consumer spending.

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

Downgrade Sensitivities

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

Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BB+sf / BB-sf

Rating Sensitivity to Increased Default Rates

Increase defaults by 10%: AAAsf / AA+sf / AA-sf / Asf / BBBsf /
BBsf / B+sf

Increase defaults by 25%: AAAsf / AA+sf / A+sf / BBB+sf / BBB-sf /
BB-sf / B-sf

Increase defaults by 50%: AAAsf / AA-sf / A-sf / BBBsf / BBsf / Bsf
/ below Bsf

Rating Sensitivity to Decreased Recovery Rates

Recoveries decrease 10%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ B+sf

Recoveries decrease 25%: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
/ B+sf

Recoveries decrease 50%: AAAsf / AAAsf / AA-sf / A-sf / BBBsf /
BBsf / Bsf

Rating Sensitivity to Increased Defaults and Reduced Recovery
Rates

Defaults increase 10%/recoveries decrease 10%: AAAsf / AA+sf /
AA-sf / A-sf / BBBsf / BBsf / Bsf

Defaults increase 25%/recoveries decrease 25%: AAAsf / AAsf / Asf /
BBB+sf / BB+sf / B+sf / below Bsf

Defaults increase 50%/recoveries decrease 50%: AA+sf / A+sf /
BBB+sf / BBB-sf / BBsf / below Bsf / below Bsf

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

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

Upgrade Sensitivities

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

Rating Sensitivity to Reduced Defaults and Increased Recoveries:

Notes: B / C / D / E / F

Rating: AAsf / Asf / BBBsf / BB+sf / BB-sf

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

DATA ADEQUACY

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

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

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

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


TRUCK HUB: Second Creditors' Meeting Set for Sept. 4
----------------------------------------------------
A second meeting of creditors in the proceedings of Truck Hub Pty
Limited has been set for Sept. 4, 2023 at 10:00 a.m. at virtually
at 22 Market Street in Brisbane.

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 Sept. 1, 2023 at 5:00 p.m.

Terrence John Rose and Anne Meagher of SV Partners were appointed
as administrators of the company on July 31, 2023.


YME METAL: Fabrication Company Collapses Into Liquidation
---------------------------------------------------------
News.com.au reports that a fabrication company has collapsed into
liquidation just months after shutting down its phone lines,
letting staff go and ghosting tradies.

On Aug. 22, Sydney-based YME Metal Projects Pty Ltd, which
subcontracted to building companies completing metalwork such as
ballustrading and handrails, went into voluntary liquidation.

The business worked on a number of commercial projects including
private hospitals, high schools and apartment blocks. Antony
Resnick of insolvency firm dVT Group is the appointed liquidator.

News.com.au was in the middle of an investigation and had contacted
the director for comment, just hours before the firm finally went
bust.

According to documents lodged with ASIC, it owes money to a number
of people and businesses.

YME owes 44 trade creditors amounts totalling AUD409,000,
preliminary investigations indicate, news.com.au discloses.

A further 15 employees are owed AUD210,000, from both unpaid
superannuation and annual leave entitlements.

A CreditorWatch report news.com.au obtained also revealed that the
ATO had lodged a AUD1.291 million tax default against the company
earlier this year.

Jason is the owner of one small business owed around AUD30,000 from
its collapse and he is fuming.

"You try to take people at their word. It means nothing," the
Sydney tradie told news.com.au.

According to news.com.au, Jason said he had a good business
relationship with YME and said although they'd been "slow from time
to time" when it came to paying him, he thought they would pull
through earlier this year.

He supplied materials for them in January, February and March, but
at the end of each month, no payment came through even though it
was supposed to.

Another creditor, Max, who also did not want to provide his real
name, is owed around AUD26,000 from YME's demise, news.com.au
reports.

News.com.au relates that YME informed Jason and Max that they had
fallen into financial strife because a big builder owed them a lot
of money, but once this was sorted all would be well.

But according to documents lodged with ASIC, the largest debt
another entity owes them is AUD22,000, which wouldn't even cover
Jason's bill, let alone the other creditors, the report says.




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

COUNTRY GARDEN: Says US$100 Billion Malaysia Project on Track
-------------------------------------------------------------
Reuters reports that Country Garden said on Aug. 28 its
$100-billion project in Malaysia was proceeding as planned and it
had sufficient assets, despite concerns about its financial
strength amid debt woes.

The comment by China's largest private developer came after it
missed two dollar coupon payments this month totaling $22.5
million, fuelling fears that the country's property debt crisis
could hamper a broader economic recovery and spill overseas.

"Our company's projects in Malaysia are operating normally and the
sales performance is strong," the developer's Singapore and
Malaysia unit said in a statement, adding that its overall
operation in the region was "safe and stable," Reuters relays.

"Various debt management measures are considered to actively
resolve the pressure of periodic liquidity, to ensure the company's
long-term future development," it added, without elaborating.

According to Reuters, banks incorporated in the Southeast Asian
nation had limited exposure to Country Garden, Malaysia's central
bank said, adding that its Malaysia unit was servicing loans
promptly.

"The current development with Country Garden Holdings Ltd in China
is not expected to pose any material impact on the overall property
market activity and prices in Malaysia," Bank Negara Malaysia told
Reuters in an email.

Reuters says the Chinese developer is building its largest overseas
development, the massive Forest City project, across four reclaimed
islands in the southern Malaysian state of Johor bordering the
wealthy city state of Singapore.

Beset by challenges since its 2016 launch, the project, now home to
about 9,000 people, saw demand fall sharply following China's move
to stem capital outflows and the COVID-19 pandemic.

Reuters relates that Malaysians have also expressed concern at the
prospect of a housing glut and environmental damage from a huge
land reclamation effort.

The project aims to house 700,000 people by 2035 in a development
that includes office towers, malls and schools, besides residential
buildings.

The company statement comes after Malaysian Prime Minister Anwar
Ibrahim said the project would be designated a "special financial
zone" to attract investment, and help cut the cost of doing
business there.

Among the new incentives offered are a special income tax rate of
15% for skilled workers and multiple entry visas, Anwar said in a
statement on Aug. 25, Reuters relays.

RHB analyst Loong Kok Wen said the new designation would attract
companies and residents from Singapore, where costs are
considerably higher.

"This move should help to revitalise the Forest City township,
which has received lots of negative publicity over the last few
years," the analyst said.

Malaysia's incentives should be "very positive" for Country Garden,
said Steven Leung, Hong Kong-based director of UOB Kay Hian.

Reuters adds that the Chinese developer said the incentives from
Anwar's government showed its confidence in the project, which was
now in a second phase of development focused on exploring more
investment opportunities.

Forest City is a joint venture with Esplanade Danga 88, a private
Malaysian company backed by the Johor government and the sultan of
the state.

                       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.

The TCR-AP also reported that 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).


COUNTRY GARDEN: Seeks to Add Grace Period for Maturing Yuan Bond
----------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings Co has proposed
a grace period of 40 calendar days for a maturing yuan bond,
marking the distressed Chinese developer's latest effort to avoid
what would be its maiden default.

The property giant made the proposal for holders of the note to
vote at a meeting to be held on Aug. 31 by the latest, according to
a filing to the Shanghai Stock Exchange's private disclosure
platform that was seen by Bloomberg News. The bond, which carries
an original maturity date of Sept. 2, a Saturday, will effectively
come due on Sept. 4.

If Country Garden were to succeed in getting the grace period
added, it said in the filing that any payment within that period of
the bond's "principal and/or interest", or securing an extension,
would not trigger a default.

According to Bloomberg, the latest extension proposal by Country
Garden, whose worsening cash crunch has shaken Chinese markets in
recent weeks, comes after the developer asked earlier this month to
stretch payment of the bond's CNY3.9 billion (RM2.49 billion) of
outstanding principal into 2026. A payment miss by China's former
top builder would impact the country's housing market even more
than China Evergrande Group's late 2021 default as Country Garden
has four times as many projects.

Bondholders are set to vote on the proposal at a meeting between
Aug. 29 and 31, according to the filing detailing the agenda.
Country Garden earlier pushed back the deadline for holding the
meeting from Aug. 25 as originally scheduled, Bloomberg notes.

                       About Country Garden

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

As 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.

The TCR-AP also reported that 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).


JIANGSU FANG YANG: Fitch Hikes LongTerm IDRs to BB, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded China-based Jiangsu Fang Yang Group Co.,
Ltd.'s (Fang Yang) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDR) to 'BB', from 'BB-'. The Outlook is Stable.

Fitch has also upgraded the rating on Fang Yang's USD150 million
5.3% senior unsecured notes due 2024 to 'BB', from 'BB-'. The notes
were issued by Haichuan International Investment Co., Ltd., an
indirectly and wholly owned subsidiary. The notes were
unconditionally and irrevocably guaranteed by Fang Yang.

The upgrade follows Fitch's perception of stronger financial
implications of a Fang Yang default, considering the company's
enhanced public-function role in Lianyungang municipality relative
to the city's other government-related entities (GREs) after major
petrochemical complexes were put into production in the Lianyungang
Xuwei New District (XND). Fang Yang's funding costs have reduced
since 2021 thanks to its larger policy role and its established
presence in capital markets.

The upgrade also factors in the company's highly policy-driven
businesses, which account for a large portion of Lianyungang's
overall GRE debt.

Fang Yang's upgrade reflects a higher support score of 22.5, from
17.5 previously, resulting in a switch to a "top-down" rating
approach from its assessment of the Lianyungang municipality's
creditworthiness. This reflects Fitch's view that Fang Yang has an
important policy role in the urban development of XND.

XND is one of seven national petrochemical industry bases and
allows Lianyungang municipality to play a role in national
petrochemical strategies. Fitch therefore believes the municipal
government has a strong incentive to provide extraordinary support
to the company, if needed.

KEY RATING DRIVERS

Status, Ownership and Control: 'Strong'

Fitch's assessment considers the Lianyungang municipality's 100%
direct shareholding in Fang Yang, which reinforces the government's
incentive to provide extraordinary support. The Lianyungang
government delegates management and supervision of Fang Yang to the
XND management committee, which has tight control and oversight of
the company's operations and financial planning. Fitch believes
that the delegation of the operations to the management committee
makes the government less involved in Fang Yang's management, the
main constraint against a higher assessment.

Support Track Record: 'Moderate'

The assessment reflects Fitch's view that Fang Yang has received
direct financial support from the XND management committee. XND is
under development and has weaker ability to provide regular and
sizeable support to the company, which results in Fang Yang's
financial profile remaining at a weaker level.

Fang Yang in 2022 received various forms of government support,
including capital injections and operating subsidies, which
totalled CNY860 million. In addition, the company benefits from its
strategic importance in XND's development, and it expects to
receive more government financial support as XND expands and there
are no restrictions on government support, if needed.

Socio-Political Implications of Default: 'Moderate'

Fitch expects Fang Yang to remain as the sole GRE in driving XND's
economic development in support of the municipality's plan to build
high-end petrochemical industry clusters. However, disruption
arising from the company's inability to carry out its policy role
will probably be limited by its geographical concentration in XND.
In addition, there may be other urban developers in Lianyungang
that are potential substitutes for the company. Hence, the
attribute assessment is not higher than 'Moderate'.

Financial Implications of Default: 'Strong'

Fitch raised the assessment to 'Strong' from 'Moderate' considering
the company's improved capital-market access and larger policy
function. It remains an active bond issuer and has well-established
banking relationships, which are reflected in its long debt tenors
and controllable funding cost. Its cost of borrowing has reduced
relative to peers, underpinned by its enlarged functional role as
the industries in XND develop.

Fitch views that there is high policy intensity in Fang Yang's
major functional businesses, which are increasingly important to
the municipality's economic growth. Its assets and debt obligations
are larger than those of the city's other GREs. Fitch believes a
failure of Fang Yang could disrupt the availability of financing
for Lianyungang's other GREs. However, the potential contagion from
a Fang Yang default is limited due to its geographical
concentration.

Standalone Credit Profile

Fitch assesses Fang Yang's Standalone Credit Profile (SCP) at 'b'
under its Public Sector, Revenue-Supported Entities Rating
Criteria. Fang Yang's SCP reflects a combination of 'Midrange'
revenue defensibility, 'Midrange' operating risk and a 'Weaker'
financial profile.

Revenue Defensibility 'Midrange'

The 'Midrange' assessment considers Fang Yang's close business
linkage with XND's economic development, which Fitch expects has
solid growth prospects. Revenue increased by 36% to CNY16.2
billion, driven by growth of 187% in the public service segment,
which Fitch expects to continue to be the key revenue driver.
However, the company has limited pricing power for urban
construction as the government determines its fees. Pricing for
Fang Yang's public services is settled under direction of the
government.

Operating Risk 'Midrange'

Operating risk is assessed as 'Midrange', mainly driven by Fang
Yang's well-identified cost structure with stable profit margin.
The functional businesses, such as urban development, usually adopt
a cost-plus model and cost fluctuations will be largely covered by
the government. The company also has low risk in supply and neutral
capital planning and management risk, as infrastructure
construction largely follows XND's development blueprint.

Financial Profile 'Weaker'

The 'Weaker' assessment is due mainly to Fang Yang's high leverage.
Fitch expects net leverage, measured by net debt/EBITDA, to
continue rising to exceed 30x in next five years, with further
capex investment in infrastructure projects and public works. Even
so, Fitch expects its balanced debt maturity profile and ample
liquidity to mitigate the refinancing risk.

Derivation Summary

Fitch assesses Fang Yang under its Government-Related Entities
Rating Criteria. The rating approach factors in the government's
ownership, control and support record as well as the company's
strategic importance in the urban development of XND, and the
potential impact of a default.

Fang Yang's SCP is derived from its assessment of the company's
revenue defensibility, operating risk and financial profile under
its Public Sector, Revenue-Supported Entities Rating Criteria.

Debt Ratings

The USD150 million senior unsecured notes issued by Haichuan
International Investment are rated at the same level as Fang Yang's
Long-Term Foreign-Currency IDR. The notes constitute Fang Yang's
unsecured and unsubordinated obligations, ranking pari passu with
all its other present and future obligations.

Liquidity and Debt Structure

On consolidated level, Fang Yang had nearly CNY60 billion of total
debt at end-2022. Its short-term debt accounted for 27% of total
debt. Bank loans are the most important financing channel, which
remained stable at 71% of total debt. In addition, the company has
an adequate liquidity profile after factoring in its available
liquidity relative to its short-term debt.

Issuer Profile

Fang Yang is the main infrastructure developer of XND. The company
is responsible for urban development construction, affordable
house, primary land development and provision of public services in
XND to attract investments by enterprises. The company and XND are
important to the municipality's development plan to build high-end
petrochemical industry clusters to drive economic growth.

RATING SENSITIVITIES

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

- Deterioration in Fitch's credit view of Lianyungang
municipality's ability to provide subsidies, grants or other
legitimate sources allowed under China's policies and regulations.

- Weakening of Fang Yang' policy role or a dilution in the
government's shareholding or control.

- A negative change in Fang Yang's IDRs would lead to similar
action on its US dollar notes.

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

- An upward revision in Fitch's credit view of the Lianyungang
municipality's ability to provide subsidies, grants or other
legitimate sources allowed under China's policies and regulations.

- Expansion of the company's policy role that strengthens the
municipality's incentive to provide support.

- A positive change in Fang Yang's IDRs would lead to similar
action on its US dollar notes.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt               Rating         Prior
   -----------               ------         -----
Jiangsu Fang Yang
Group Co., Ltd.      LT IDR    BB  Upgrade    BB-

                     LC LT IDR BB  Upgrade    BB-

Haichuan International
Investment Co., Ltd.

   senior
   unsecured         LT        BB  Upgrade    BB-


SENSETIME GROUP: Is Laying Off More Workers, Sources Say
--------------------------------------------------------
Caixin Global reports that Chinese artificial intelligence (AI)
software developer SenseTime Group Inc. is again laying off workers
as it struggles to stem a tide of red ink, current and former
employees told Caixin.

SenseTime hasn't been performing well and has been gradually
cutting positions while slowing hiring in recent months, one former
worker told Caixin. The company went through a massive round of
layoffs last September, one current employee said.

Caixin relates that one employee at the company's Smart City Group
said his department is cutting around 10% to 15% of staff. Another
worker said the team has received orders to stop developing new
versions for existing products.

In a statement to Caixin on Aug. 27, SenseTime said that it has
made strategic adjustments based on changes in the market and its
own development. The company has "optimized its organizational and
talent structure" to better suit its needs, the statement said.

SenseTime, which listed in Hong Kong in December 2021 and claimed
in its prospectus to be the largest AI software company in Asia,
remained deep in the red.

In 2022, it reported CNY6 billion (US$823 million) in losses
attributable to equity holders, though the figure was down from
CNY17 billion in 2021, Caixin discloses.

With the downsizing, SenseTime is following much of the rest of
China's tech sector, which undertook mass layoffs in 2022 as
companies grappled with a slowing domestic economy and the
aftermath of an industrywide regulatory clampdown, Caixin notes.

Six out of China's 10 biggest tech firms by market value cut staff
by around 4% to 10% last year, adds Caixin.


YANLORD LAND: Moody's Lowers CFR to Ba3, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded Yanlord Land Group Limited
(Yanlord)'s corporate family rating to Ba3 from Ba2 and the backed
senior unsecured rating on the bonds issued by Yanlord Land (HK)
Co., Limited, a wholly-owned subsidiary of Yanlord, to B1 from Ba3.
The bonds are guaranteed by Yanlord.

The rating outlook remains negative.

"The downgrade reflects Moody's expectation that Yanlord's credit
metrics and liquidity buffer will weaken over the next 12-18 months
due to its declining contracted sales and constrained access to
debt capital markets," says Cedric Lai, a Moody's Vice President
and Senior Analyst.

"The negative outlook reflects uncertainties over Yanlord's ability
to recover its declining contracted sales and funding access over
the next 6-12 months amid subdued market prospects and volatile
funding conditions," adds Lai.

RATINGS RATIONALE

Moody's expects Yanlord's contracted sales to continue declining
because of its moderate business scale, reduced land resources due
to its smaller scale of land acquisitions to preserve liquidity
over the past 12-18 months, and a more challenging operating
environment in China's property market.

Moody's projects that Yanlord's contracted sales will fall around
34% to around RMB45 billion in 2023 and 2024 after strong growth of
14% to around RMB68.1 billion in 2022. The company's contracted
sales declined 38% to RMB23.0 billion over the first seven months
of 2023, compared with 0.7% growth in the national market.

The sales decline will weaken the company's operating cash flow and
credit metrics over the next 12-18 months. Moody's projects
Yanlord's debt leverage, as measured by debt/ EBITDA, will rise to
6.2x-6.6x over the next 12-18 months from 5.9x for the 12 months
ended June 2023, while its EBIT/interest coverage will decline to
2.3x-2.4x from 2.6x for the same period. These forecasts
incorporate Moody's expectation that the company will face a
decline in its profit margin to around 23%-24% from 28% in the
first half of 2023.

While Yanlord's liquidity will be adequate, Moody's believes
Yanlord's liquidity buffer will run down over the next 12-18
months. This is because it will use its internal resources to repay
part of its maturing debt during the period, while its access to
debt capital markets will remain constrained amid volatile debt
capital markets, especially for privately-owned developers.

Yanlord's Ba3 CFR reflects the company's established brand name and
high-quality products. The rating also considers Yanlord's adequate
liquidity and solid recurring rental income from its investment
properties (IP) in China and Singapore, which provide the company
with stable cash flow that can partly temper the cash flow
volatility arising from its property development business. Moody's
expects Yanlord's rental income/interest coverage to improve to
around 41%-47% over the next 12-18 months from 40% over the 12
months ended June 2023, supported by steady rental income growth.

On the other hand, the rating is constrained by Yanlord's volatile
operating performance, geographic concentration and weakening
credit metrics. The significant exposure to joint venture (JV)
businesses also hinder the transparency of its credit metrics,
although the strength of its reputable JV partners tempers this
risk.

The company's B1 senior unsecured debt rating is one notch lower
than the CFR due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Yanlord's senior unsecured
claims in a bankruptcy scenario. In addition, the holding company
lacks significant mitigating factors for structural subordination.


As a result, the likely recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Yanlord's concentrated ownership, with its
largest shareholder and chairman, Mr. Zhong Sheng Jian, holding an
approximately 71.55% direct and indirect stake (excluding treasury
shares) in the company, based on the latest publicly available
information. Moody's has also taken into account the presence of
internal governance structures and standards as required by the
Singapore Exchange.

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

An upgrade of the ratings is unlikely in the near term, given the
negative outlook.

However, Moody's could revise Yanlord's rating outlook to stable if
the company improves its sales and credit metrics, strengthens its
access to long-term funding, and maintains sufficient liquidity.

Credit metrics that could indicate a stable rating outlook include
EBIT/interest coverage above 3.0x and debt/EBITDA below 5.5x-6.0x
on a sustained basis.

Moody's could downgrade Yanlord's ratings if the company's sales,
credit metrics and liquidity weaken, or if the company pursues
aggressive expansion. Credit metrics indicating a downgrade include
EBIT/interest coverage falling below 2.3x or debt/EBITDA above
6.5x-7.0x, both on a sustained basis.

The principal methodology used in these ratings was Homebuilding
and Property Development published in October 2022.

Yanlord Land Group Limited is a real estate developer in China and
Singapore, and is listed on the Singapore Exchange. It had a land
bank with a gross floor area (GFA) of about 9.1 million square
meters as of June 2023, located mainly across six geographic
regions in China, including the Yangtze River Delta, the Greater
Bay Area, the Bohai Rim, Central China, Hainan and Western China.
The company also has residential development projects and
investment properties in Singapore.


YANLORD LAND: S&P Lowers LT ICR to B+ on Weakened Liquidity Buffer
------------------------------------------------------------------
S&P Global Ratings, on Aug. 28, 2023, lowered its long-term issuer
credit rating on Yanlord Land Group Ltd. to 'B+' from 'BB-'. S&P
also lowered the long-term issue rating on the senior unsecured
notes that Yanlord guarantees to 'B' from 'B+'.

The negative rating outlook reflects the risk that Yanlord's
contracted sales could further decline over the next 12-18 months,
tightening the property developer's cash from operations. This may
also weaken the company's financing activities in the period.

S&P downgraded Yanlord due to its weakened liquidity buffer. The
company's ratio of cash to short-term debt has weakened compared
with our previous assessment. Yanlord has concentrated debt
maturities in February 2024. These include offshore senior notes
with an outstanding amount of US$376 million and the term loan
tranche of a syndicated loan of US$600 million maturing in February
2024 (US$80 million was amortized and repaid in August 2023).

S&P expects Yanlord to repay the maturing notes using internal
resources. The company's ability to refinance the syndicated loan
would be critical for its credit standing, in its opinion.
Refinancing risk is rising for Chinese developers, especially those
privately owned enterprises. This is due to the recent
deterioration in property sales in China and the woes of some large
industry players. It is likely that banks would be more cautious
about lending to developers, especially those that are not
state-owned.

S&P estimates Yanlord's accessible cash at the holding company
level will be insufficient to cover its February 2024 maturities.
This is despite the company's efforts to manage liquidity by
reducing land investments and cutting operating expenses amid the
downcycle in the past two to three years. Yanlord will need to rely
on cash upstreamed from operating project companies and on
financing cash inflow. These could be more uncertain and difficult
in case the downcycle worsens.

As of June 30, 2023, Yanlord also had other short-term debt of
about Chinese renminbi (RMB) 10 billion. These were mainly onshore
construction loans of RMB6.1 billion, interest-bearing loans from
non-controlling shareholders of subsidiaries of RMB1.4 billion, and
secured borrowings pledged with investment properties and
construction loans in Singapore totaling RMB2.5 billion equivalent.
S&P believes Yanlord could repay and draw down construction loans
with presales and deliveries on a rolling basis.

Yanlord's contracted presales could further drop in 2023-2024 amid
weak market sentiment. We expect the company's contracted presales
to decline by 38% to RMB42.5 billion in 2023 and dip further to
RMB41 billion in 2024. This compares with RMB68.1 billion in 2022,
which was up 14% year on year. The lower presales forecast mainly
reflects reduced salable resources due to fewer land acquisitions,
and increasing exposure to lower tier-two and tier-three cities.

Nevertheless, about 88.7% of Yanlord's land (in terms of gross
floor area) is in tier-one and tier-two cities in China. Only 8.2%
are in tier-three cities, and the remainder are in Singapore. If
the China market recovers with help from effective stimulus
policies, the company will benefit from its exposure to higher-tier
cities, in S&P's view.

Yanlord's operating scale could shrink owing to controlled land
acquisitions. The company has remained light on land acquisitions.
In the first half of 2023, its attributable land cost was just
RMB249 million. All three projects acquired in the period use an
asset-light model, with Yanlord's interest at no more than 10%. S&P
believes the company is unlikely to significantly increase land
spending until its concentrated maturities are resolved and the
property market sustainably recovers.

Yanlord's land bank on hand is still sufficient for three years of
development and property sales. Additionally, the company, together
with its joint ventures and associates, had unrecognized contracted
presales of RMB95.4 billion as of June 30, 2023. This could also
support revenue booking over the next two to three years. That
said, if Yanlord remains silent in the land market beyond
2024-2025, it will gradually become a project manager rather than a
developer.

The negative rating outlook reflects S&P's view of Yanlord's
heightening refinancing risk in this property downcycle in China.
It also reflects the risk that the company's contracted sales could
further weaken over the next 12-18 months amid deteriorating market
sentiment.

S&P could downgrade Yanlord if its liquidity further deteriorates
such that liquidity sources are insufficient to cover liquidity
uses.

S&P could also downgrade Yanlord if its consolidated or
look-through debt-to-EBITDA ratio weakens to more than 6.0x and
consolidated EBITDA interest coverage falls below 2.0x for a
sustained period. This could happen if: (1) revenue recognition is
weaker than its expectation, possibly due to delays in project
completion; (2) sales execution and profitability are significantly
weaker than our expectation due to weak market demand; and (3) the
company fails to control debt and finance costs, with aggressive
debt-funded investments.

S&P could revise the outlook to stable if Yanlord's liquidity
improves, possibly due to stronger property sales, better
accessibility to cash in project companies, and materially better
financing inflow than we expect.

Environmental and governance factors are moderately negative
considerations in our credit analysis of Yanlord. The company faces
environmental and social risks that are generally in line with its
industry peers.

Governance factors constraining Yanlord are its board structure and
the strong influence of controlling shareholder, Mr. Zhong Sheng
Jian. Mr. Zhong is the company chairman and CEO, with an
approximate 71.55% stake (direct or indirect) in the company
(excluding treasury shares) as of March 6, 2023.


YICHANG HIGH-TECH: Fitch Affirms 'BB+’ LongTerm IDRs, Outlook Stabl
---------------------------------------------------------------------
Fitch Ratings has affirmed Yichang High-Tech Investment Development
Co., Ltd.'s (YHID) Long-Term Foreign- and Local-Currency Issuer
Default Ratings at 'BB+'. The Outlook is Stable. Concurrently,
Fitch has also affirmed YHID's senior unsecured notes at 'BB+'.

Fitch regards China-based YHID as a government-related entity
(GRE), and its rating approach is based on its expectation of a
high likelihood of exceptional government support for the entity,
if needed.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

Its assessment mainly based on the Yichang State-owned Assets
Supervision and Administration Commission's (SASAC) de-facto
ownership of YHID, despite a share transfer to a local GRE, Yichang
Industry Investment Holding Group, in 2022, as well as the SASAC's
strong control over YHID's operation and financing plan. The
shareholding restructuring among local GREs did not include a
transfer of control, which left the local government's authority
over YHID unchanged. Fitch does not expect any changes in the
entity's policy role, control, and existing operation, including
financing.

Support Track Record: 'Strong'

The entity received consistent subsidies of about CNY300 million
from the government annually in the past five years (equivalent to
77% of net profit), which alleviated its debt-service burden.
Contributions-in-kind for its projects, including shares, property
and land, were one of the biggest forms of support. Favorable tax
treatment and other cash-generating businesses help stabilise
YHID's operations. The amount of financial support, however, will
fluctuate based on the pace of development of Yichang and progress
of YHID's projects.

Socio-Political Implications of Default: 'Moderate'

There has been mounting demand for infrastructure development in
Yichang in line with its increasing urbanisation and industry
development. YHID was established with the aim of providing
necessary investments in infrastructure to support industry
development in the Yichang High-Tech Development Zone and to
promote urbanisation in Yichang. Nevertheless, the socio-political
implications of a default are largely confined to the zone, and
there are available substitutes involved in similar projects with a
larger capacity in the municipality, which will reduce the
disruption.

Financial Implications of Default: 'Strong'

Fitch views that a default by YHID would hamper the financing
capability of other GREs in the municipality, particularly those
with similar ownership structures under the Yichang SASAC,
including its parent company. Since the entity's main source of
funding is market funding for its public works, Fitch expects that
lenders' propensity to extend financing to similar projects would
be significantly impaired if YHID defaulted, with the effects
rippling through the municipality and raising the borrowing costs
for other GREs.

Standalone Credit Profile

Fitch assesses Standalone Credit Profile at 'b', due mainly to its
weak financial profile. Investments on public works will lead to
debt increase while gross profit margin is likely to remain low.

Revenue Defensibility 'Midrange'

Fitch has reassessed YHID's revenue defensibility to 'Midrange'
from 'Weaker', reflecting its more diversified revenue mix,
combined with an intact market position as an urban developer in
the Yichang High-Tech Development Zone. Revenue increased by 24.6%
to CNY6.8 billion in 2022 driven by the trading segment's growth of
29%, which will continue to be a key revenue driver (around 80% of
revenue). Expanding revenue of the trading business also offsets
revenue volatility in the construction segment. Revenue from urban
development rose by 46% in 2022, after sluggish years in 2019-2021,
but it is likely to fluctuate with payment settlements for
projects.

Operating Risk 'Midrange'

Cost fluctuation risk associated with public works is partly offset
by the contractual framework. Cost increases from volatility in
main cost drivers, such as building materials and financing, can be
recovered based on actual outlays. The trading segment's gross
profit margin was low at 0.8% in 2022, which dragged down the
overall gross profit margin to 1.0% from 3.6% a year earlier. Fitch
expects the trading segment to continue to have slim margins while
its share of revenue will remain high.

Financial Profile 'Weaker'

Liabilities continued to expand to 59% of assets in 2022, from 55%
in 2019. Urban development projects and social housing projects
require large amounts of investment while collection takes a longer
time, resulted in the accumulation of debt. The mounting debt
pushed up the ratio of net debt to EBITDA to 68.9x in 2022, from
44.3x a year ago. Fitch expects the ratio to remain high as public
works in the pipeline continue to rely on external financing.

Derivation Summary

YHID's ratings reflect its assessments of the four key rating
factors under its Government-Related Entities Rating Criteria,
combined with the 'b' Standalone Credit Profile assessed under its
Public-Sector, Revenue-Supported Entities Rating Criteria.

Debt Ratings

The long-term senior unsecured debt is issued directly by the
entity and the rating is equalised with its IDR.

Liquidity and Debt Structure

Fitch expects YHID's negative operating cash flow to persist,
resulting in a high dependence on external financing. At the same
time, its share of short-term debt is rising (18% in 2022 against
8% in 2021). These two factors combined may pose liquidity risks if
there are unfavourable changes in capital-market conditions, credit
lines from financial institutions and interest rates. YHID's credit
lines from various banks were intact given its ties to public
works. Consistent subsidies from the government, equivalent to
2.0x-3.5x interest expenses in 2020-2022, partly offset the debt
service burden.

Issuer Profile

YHID constructs and invests in public works, such as
infrastructure, land development, industrial parks and social
housing, in Yichang High-Tech Development Zone, in Hubei province.

RATING SENSITIVITIES

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

- A lowering of Fitch's credit view of Yichang's ability to provide
subsidies, grants or other legitimate resources allowed under
China's policies and regulations would pressure the ratings.

- Deterioration in the strength of linkage to the government or
incentive to support by the government may lead to a rating
downgrade.

- A downgrade of YHID's IDR would lead to similar action on its US
dollar notes.

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

- An upward revision in Fitch's credit view of Yichang's ability to
provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations would lead to positive
rating action.

- Enhanced incentive to support by the government may lead to a
rating upgrade.

- An upgrade of YHID's IDR would lead to similar action on its US
dollar notes.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                   Rating          Prior
   -----------                   ------          -----
Yichang High-Tech
Investment
Development Co.,
Ltd.                    LT IDR    BB+  Affirmed    BB+

                        LC LT IDR BB+  Affirmed    BB+

   senior unsecured     LT        BB+  Affirmed    BB+



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

FWD GROUP: Moody's Gives Ba1 Rating to $900MM Jr. Sub. Notes
------------------------------------------------------------
Moody's Investors Service has assigned (P)Baa2 senior unsecured
medium-term note (MTN) program rating to FWD Group Holdings Limited
(FWD Group, Baa2 positive)'s MTN program.

Ratings on individual notes issued under the program will be
subject to Moody's review of the terms and conditions of the
notes.

At the same time, Moody's has assigned Baa3(hyb), Ba1 and Ba1(hyb)
ratings to the outstanding $600 million subordinated perpetual
capital securities, $900 million junior subordinated notes due
2024, and $750 million zero coupon junior subordinated perpetual
capital securities, respectively, of FWD Group.

These debts were issued by FWD Group Limited (FGL), which is a
subsidiary of FWD Group and the novation of these debts from FGL to
FWD Group has been completed on August 25, 2023.

RATINGS RATIONALE

According to the Terms and Conditions of the MTN program, senior
notes to be issued under the program would rank pari passu with all
direct, unconditional, unsubordinated obligations of the issuer.
The (P)Baa2 senior unsecured MTN program rating is at the same
level with FWD Group's issuer rating, which is in line with Moody's
typical notching practices for senior unsecured notes.

The Baa3(hyb) rating on $600 million perpetual capital securities
is positioned one notch below FWD Group's Baa2 issuer rating to
reflect the fact that these securities will rank behind senior
obligations, in line with Moody's standard notching guidance for
subordinated debts.

The Ba1 and Ba1(hyb) ratings on the $900 million junior
subordinated notes due 2024 and $750 million zero coupon junior
subordinated perpetual capital securities are positioned two
notches below FWD Group's Baa2 issuer rating, to reflect that these
securities will rank behind senior and subordinated debt
obligations and are only senior to ordinary shares, in line with
Moody's standard notching guidance for debts ranking pari passu
with preferred securities.

The Baa3(hyb) and Ba1(hyb) ratings also reflect the fact that the
debts carry an optional coupon skip mechanism, which results in
some equity credit under Moody's debt equity continuum, based on
the notes' maturity, cumulative interest deferral features and
subordination. Following the debt novation, there is no change to
FWD Group's financial leverage and earnings leverage, which remain
within Moody's expectation for the company's rating level.

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

As these debt ratings notched based off of FWD Group's issuer
rating, the factors that can cause FWD Group's ratings to be
upgraded or downgraded will also drive these debt ratings.

Moody's could upgrade the ratings of FWD Group, its subsidiaries
and other debts if FWD Group's A3 notional IFSR is upgraded.

FWD Group's notional IFSR could be upgraded if FWD Group continues
to (1) improve its profitability, for example, with positive return
on capital consistently; (2) increase its earnings coverage
consistently; (3) maintains strong capital position with
strengthened internal capital-generating capabilities across key
markets; and/or (4) spread out its debt maturity profile through
its refinancing plans.

Given the positive outlook, a downgrade is unlikely. The outlook of
FWD Group and its subsidiaries could return to stable if (1) the
improvement in its profitability is weaker or slower than Moody's
expectation such that the group continues to record net losses; (2)
the group's adjusted financial leverage rises substantially from
current levels and its earnings coverage further deteriorates,
which could arise from additional debt issuances or much weaker
earnings; (3) the group's capital position deteriorates
significantly — for example, due to volatile capital markets or
changing interest rates — such that its GPCR coverage ratio falls
below 200% on a sustained basis; and/or (4) its distribution
channels are significantly disrupted, resulting in a weaker market
position.

In addition, Moody's may add further notching on FWD Group's issuer
rating owing to structural subordination, if there are still
material debt outstanding at the intermediate holding companies'
level.

The principal methodology used in these ratings was Life Insurers
Methodology published in January 2023.

FWD Group Holdings Limited is a holding company that owns FWD
Limited, FWD Life Insurance Company (Bermuda) Limited and other
life insurance subsidiaries across 10 markets in Asia Pacific. FWD
Group's assets and shareholders' equity - on an IFRS basis -
totaled $58.9 billion and $3.7 billion, respectively, as of the end
of December 2022.




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

BABASAHEB DESHMUKH: CRISIL Keeps D Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Babasaheb
Deshmukh Shetkari Sahakari Soot Girni Maryadit (Babasaheb)
continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan             22.4       CRISIL D (Issuer Not
                                    Cooperating)

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

Set up in 1990, Babasaheb manufactures cotton yarn at its unit in
Sangli (Maharashtra), which has installed capacity of 19,488
spindles. Operations are managed by Mr. Sukumar Powar.


BAWA APPLIANCES: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bawa
Appliances Private Limited (BAPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Letter of Credit       3.59      CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              1.41      CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2012, and promoted by the New Delhi-based Mr.
Sanjeev Kapoor, BAPL manufactures Liquefied petroleum gas (LPG)
stoves and related components, and other kitchen utensils and also
trades in steel sheets.


BHUMYA TEA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhumya Tea
Company Private Limited (BTCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit          28.92       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            14.29       CRISIL D (Issuer Not
                                    Cooperating)

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

BTCPL was set up as a proprietorship concern and was reconstituted
as a private limited company after it was taken over by Mr Sanjay
Prakash Bansal in 2003. The company plants and processes organic
Assam tea. Its tea estate, Jamguri Tea Estates, is in Golaghat,
Assam. It also manufactures conventional tea by purchasing leaves
from other tea estates.


CONVEYOR AND ROPEWAY: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Conveyor and
Ropeway Services Private Limited (CRSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            1         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       0.4       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         4         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.94      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Line           0.15      CRISIL D (Issuer Not
   of Credit                        Cooperating)

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

CRSPL, established in 1975, is engaged in the designing,
manufacturing, erection and commissioning of aerial ropeway
systems, material handling plants and coal washing plants apart
from providing techno feasibility studies for ropeway systems.


CPR LABORATORIES: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of CPR
Laboratories Private Limited (CPR) continue to be 'CRISIL D Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.90      CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     5.54      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              3.56      CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in March 2016 and promoted by Mr Dalai Ravi Kumar, Mr
Dalai Vijay Kumar, Ms Bangaru Srilaxmi, and Ms Dalai Saraswathi,
CPR is a setting up an API plant in Visakhapatnam.


DELTA IRON: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Delta Iron
and Steel Company Private Limited (Delta; part of the Delta group)
continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           19.7       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            4.05      CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            7         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      37.5       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      25.75      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      11.75      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      33.25      CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      74         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with Delta 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 Delta, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Delta
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Delta 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 Delta and Ark Industries
Private Limited (Ark). This is because the two companies, together
referred to as the Delta group, have a common management and are in
the same business. Moreover, Delta holds 20.62% equity share in
Ark.

The Delta group is promoted by Mr Akshay Jain and Mr Dhanesh Mehta.
Based in Mumbai and incorporated in 1996, Delta trades in
hot-rolled coils and sheets, and plates. Ark, established in 2004,
processes, warehouses, and trades in hot-rolled and cold-rolled
steel products.


DIANA HEIGHTS: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Diana Heights
(DH) continues to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               9        CRISIL D (Issuer Not
                                    Cooperating)

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

DH was established as Diana Tourist Home in Athani (Kerala) in
2010. The firm got its present name in 2012. It is promoted by
Kerala-based Mr. Jose G Mathew and family. The firm commenced
operations in April 2010 as a restaurant-bar in Athani and started
operating as a five star hotel since March 2015.


INDSIL HYDRO: Ind-Ra Affirms D LongTerm Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Indsil Hydro Power
and Manganese Limited's (IHPML) Long-Term Issuer Rating at 'IND D'.


The instrument-wise rating actions are:

-- INR585.3 mil. (reduced from INR804.7 mil.) Fund-based working
     capital limits  (Long-term/Short-term) affirmed with IND D
     rating;

-- INR97.5  mil. (reduced from INR147.5 mil.) Non-fund-based
     working capital limits* (Short-term) is withdrawn;

-- INR33 mil. Term loan (Long-term) due on March 31, 2023
     affirmed with IND D rating;

-- INR128 mil. Term loan (Long-term) due on March 31, 2029
     assigned with IND D rating; and

-- INR95.30 mil. Proposed term loan (Long-term) due on June 30,
     2030 assigned with IND D rating.

*The balance amount of the non-fund-based limits are converted
into term loan during FY22. Ind-Ra is no longer required to
maintain the ratings, as the agency has received a no-dues
certificate from the rated facilities' lender. This is consistent
with Ind-Ra's Policy on Withdrawal of Ratings.

Key Rating Drivers

Liquidity Indicator - Poor: The affirmation reflects IHPML's
continued delays in debt servicing due to its tight liquidity
position and classification of its account as a non-performing
asset by some of its lenders.

Rating Sensitivities

Positive: Timely debt servicing for three consecutive months could
result in an upgrade.

Company Profile

Incorporated in 1990 and promoted by S N Varadarajan, IHPML
manufactures ferro alloys and hydro power plants. The company
produces low/medium/high grade carbon silicon manganese and ferro
chrome at its Palakkad and Andhra Pradesh plants, respectively.


JAIRAM MARUTI: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jairam Maruti
Mills (JMM) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        0.78       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           6          CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        6          CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    2.69       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

JMM was set up in 2006 by Mr. A Subramanian and Mr. A Rajan. It
manufactures cotton yarn and converts it into fabric .The firm is
based in Coimbatore (Tamil Nadu).


JAS ORCHID: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jas Orchid
Resorts Private Limited (JAS) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        1.2        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           1.3        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           1.3        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term   30.62       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             9.58       CRISIL D (Issuer Not
                                    Cooperating)

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

JAS was incorporated in 2004, promoted by Mr. Sanjeev Pinjha, Mr.
Jaspal Singh, and Mr. Jagdeep Singh, and operates a 145 room luxury
hotel in Amritsar, Punjab. The company has an operations and
maintenance agreement with Intercontinental Hotel group for
management of its hotel under the Holiday Inn brand.


JET AIRWAYS: NCLAT Grants Jalan-Kalrock Extension to Pay Dues
-------------------------------------------------------------
Business Insider reports that the National Company Law Appellate
Tribunal (NCLAT) on Aug. 28 extended the time until September 30
for Jalan-Kalrock Consortium for payment of INR350 crore to the
lenders of the bankrupt Jet Airways. A three-member NCLAT bench
accepted the plea of the consortium to extend the timeline and also
for adjustment of INR150 crore from performance bank guarantee
(PBG) towards payment of INR350 crore.

According to Business Insider, the consortium has submitted an
undertaking before the appellate tribunal, in which it had
committed to pay INR100 crore by August 31, 2023 and another INR100
crore by September 30, 2023.

For the rest INR150 crore, the consortium had requested the
appellate tribunal to encash the PBG submitted for that purpose.

Jalan-Kalrock Consortium had emerged as the winning bidder for the
airline, which stopped flying in April 2019 and later underwent an
insolvency resolution process.

The NCLAT order is yet to be uploaded on NCLAT website, the report
notes.

Earlier, the consortium was to pay INR350 crore to the lenders by
August 31 but had sought an extension for making the payment,
Business Insider states.

The NCLAT on Aug. 21 had reserved its order, the report notes.

While the consortium emerged as the winning bidder under the
insolvency resolution process, the ownership transfer has been
hanging fire amid continuing differences between lenders and
consortiums, adds Business Insider.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited was one of
India's top airlines founded by Naresh Goyal.  It provided
passenger and cargo air transportation services as well aircraft
leasing services.  It operated flights to 66 destinations in India
and international countries.  

Jet Airways on April 17, 2019, halted all flight operations after
its lenders rejected its plea for emergency funds.

On June 20, 2019, the National Company Law Tribunal (NCLT), Mumbai
Bench, accepted an insolvency petition against Jet Airways filed by
its creditors as they attempt to recover some of their dues.

Ashish Chhawchharia of Grant Thornton India has been named as the
resolution professional in the case.  Law firm Cyril Amarchand
Mangaldas represented the interests of the lenders' consortium,
according to a Reuters report.

Creditors have filed claims worth INR30,907 crore, according to
Financial Express.  The RP has so far admitted claims worth over
INR14,000 crore.

In October 2020, the airline's Committee of Creditors (CoC)
approved the revival plan submitted by the consortium of
Dubai-based Murari Lal Jalan and the UK's Kalrock Capital.

In 2021, the NCLT approved the Jalan-Kalrock consortium's
resolution plan for the troubled carrier.


JINDAL WOOD: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Jindal Wood
Products Private Limited (JWPPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Letter of Credit       17        CRISIL D (Issuer Not
                                    Cooperating)

   Packing Credit          3        CRISIL D (Issuer Not
                                    Cooperating)

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

JWPPL was incorporated in 1990. The company is based in Kandla
(Gujarat) and processes and trades in timber logs from teakwood and
hardwood.



KAMRAN EXPORTS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kamran
Exports Private Limited (KEPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)
   
   Export Packing        25         CRISIL D (Issuer Not
   Credit                           Cooperating)

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

Incorporated in 2009 and based in New Delhi, KEPL trades in
polyester fabrics and readymade garments. The company is promoted
by Mr. Kultar Singh and his family.


KCS INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of KCS Infratech
LLP (KCS) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Term Loan              7.5       CRISIL D (Issuer Not
                                    Cooperating)

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

Set up as a limited liability partnership firm in November 2017 by
Mr Ajay Vaish, Mr Mahesh Tiwari, Mr Rakesh Jaiwal, Mr Ramesh Vaish,
and Mr Suresh Chandra, KCS crushes stone. Its plant has capacity of
200 tonne per month.


KHANNA BUILDERS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Khanna
Builders and Developers (KBD) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              20        CRISIL D (Issuer Not
                                    Cooperating)

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

KBD, set up in 2002, is part of the Jabalpur-based Khanna group.
KBD develops residential real estate, primarily in Jabalpur, and is
executing a residential township project, Sukh Sagar Valley - Phase
2, with 190 units. The projects in this phase of the township
include Casa Elita, Casa Victoria, Sunflower ' 2, Lily -2, Tulip
-2, and Pearl. The Khanna group is managed by Mr. Baljinder Singh
Khanna, supported by his sons, Mr. Amandeep Singh Khanna and Mr.
Ramandeep Khanna.


KREYA INFRATECH: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kreya
Infratech Private Limited (KIPL) 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            3         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Bank          2         CRISIL D (Issuer Not
   Guarantee                        Cooperating)

   Proposed Cash          2         CRISIL D (Issuer Not
   Credit Limit                     Cooperating)

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

Incorporated in Nov 2015, KIPL is involved in engineering and
contract work with experience in civil and structural work
contracts specialized in, Textile Mills, Export Houses, Hotels,
Institutes, Commercial Buildings, Schools, etc. The company has pan
India presence and has delivered projects in 14 Indian States.


L. D. SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of L. D. Solvex
Private Limited (LDS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.64       CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             0.36       CRISIL D (Issuer Not
                                    Cooperating)

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

LDS, incorporated in 1998 and based in Punjab, manufactures crude
rice bran oil. It has installed capacity of 100 tonne per day. The
company is promoted by Mr. Pradeep Sharma and Mr. Rakesh Sharma,
who have been in the rice industry for two decades.


M N AGRO: Ind-Ra Assigns BB+ Term Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated M N Agro Industries'
(MNAI) bank facilities as follows:

-- INR240 mil. Fund-based limits assigned with IND BB+/Stable/IND

     A4+ rating;

-- INR50 mil. Term loan due on August 2030 assigned with IND BB+/

     Stable rating; and

-- INR50 mil. Proposed fund-based limits assigned with IND BB+/
     Stable/IND A4+ rating.

Key Rating Drivers

The ratings reflect MNAI's small scale of operations where the
revenue improved 50.5% yoy to INR944.99 million in FY23. The
revenue increase in FY23 was attributed to a 46% yoy increase in
the production volume as the company has increased its capacity to
120 metric tons per day (FY22: 100 metric tons per day) and a
marginal increase in the price of rice. The company booked revenue
of INR400 million in 5MFY23 till 21 August 2023. FY23 financials
are provisional in nature.

The ratings also factor in MNAI's modest EBITDA margins of 8.32% in
FY23 (FY22: 6.84%) with ROCE of 10.6% (9%). The margins improved in
FY23 due to a decline in the processing cost and higher
realization. Ind-Ra expects the margins to improve moderately in
FY24 due to a decline in the power cost by INR9.6 million annually
as the company incurred capex of INR31 million in FY23 to set up a
786MW solar plant which is likely to improve margins by around  1%.


Liquidity Indicator - Stretched: The firm does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The cash flow from operations turned
positive to INR24.74 million in FY23 (FY22: negative INR124.15
million) due to an improvement in the net working capital cycle to
148 days (210 days) because of a decrease in the inventory holding
period to 161 days (235 days). The working capital requirement is
high since the company has to store rice for three months to one
year in its warehouses to reduce the moisture content and improve
the quality of rice. The average maximum utilization of the
fund-based limits was 98.36% during the 12 months ended July 2023.
The unencumbered cash and cash equivalents amounted to INR2.78
million at FYE23 (FYE22: INR3.59 million). MNAI has around INR15.9
million and INR10.2 million of scheduled debt repayments in FY24
and FY25, respectively, which would be serviced through internal
accruals.

The ratings also reflect MNAI's modest credit metrics with the
gross interest coverage (operating EBITDA/gross interest expense)
of 2.18x in FY23 (FY22: 1.86x) and net leverage of (total adjusted
net debt/operating EBITDAR) of 4.07x (negative 7.08x). The
improvement in the credit metrics was driven by an increase in the
absolute EBITDA to INR78.62 million in FY23 (FY22: INR42.94
million). Ind-Ra expects the credit metrics to improve in FY24 due
to scheduled debt repayments and no major capex being planned.

The ratings are also supported by the promoters' over a decade
decades of experience in the rice milling industry, leading to
established relationships with customers and suppliers.

Rating Sensitivities

Positive: A substantial increase in the scale of operations along
with an improvement in the liquidity profile and credit metrics
with interest coverage above 2.6x, on a sustained basis, will be
positive for the ratings.

Negative: A reduction in the scale of operations, leading to
deterioration in liquidity and credit metrics, on a sustained
basis, will be negative for the ratings.

Company Profile

Established  in 2011, MNAI is involved in the processing of paddy
into boiled rice with a capacity of 120 metric tons per day. The
partnership firm is located in Karnataka and has customers majorly
in Karnataka, Tamil Nadu and Kerala.



M.P.K. ISPAT: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M. P. K.
Ispat India Private Limited (MPKM) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Letter of Credit        5        CRISIL D (Issuer Not
                                    Cooperating)

   Standby Line            1.5      CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Term Loan               6.5      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MPKM 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 MPKM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on MPKM
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
MPKM 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 MPKI, MPK Metals Pvt Ltd
(MPKM), and MPK Steels India Pvt Ltd (MPKM). This is because the
three companies, together referred to as the MPK group, have common
ownership and management, and MPKM and MPKM have the same product
profile and sell under a common brand. MPKI has been set up in
order to backward integrate into billet manufacturing for
supporting the operations of the other two companies and has also
received corporate guarantees from them for its bank funding.

                          About the Group

MPKS was set up as a private limited concern in 2005. It
manufactures structural products, including thermo-mechanically
treated (TMT) bars, channels, angles, and joints, at its
manufacturing facility in Jaipur. The company markets the products
under its own brand, MPK. The operations of the company are managed
by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj Upadhyay.

MPKM was set up as a private limited concern in 2009 and
manufactures structural products including TMT bars, channels,
angles, and joints at its manufacturing facility in Jaipur and
markets the same under its MPK brand. The operations of the company
are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay.

MPKI was set up as a private limited concern in 2010 and started
operations in 2012-13 (refers to financial year, April 1 to March
31) with 2013-14 being its first full year of operations. The
company has been set up as a backward integration unit of the group
to manufacture steel billets and ingots for captive consumption in
MPKS and MPKM. The company has its plant in Bagru (Jaipur) and is
managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay.


M.P.K. METALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M. P. K.
Metals Private Limited (MPKM) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.80      CRISIL D (Issuer Not
                                    Cooperating)

   Standby Line           0.22      CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Term Loan              0.98      CRISIL D (Issuer Not
                                    Cooperating)

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of MPKI, MPK Metals Pvt Ltd
(MPKM), and MPK Steels India Pvt Ltd (MPKM). This is because the
three companies, together referred to as the MPK group, have common
ownership and management, and MPKM and MPKM have the same product
profile and sell under a common brand. MPKI has been set up in
order to backward integrate into billet manufacturing for
supporting the operations of the other two companies and has also
received corporate guarantees from them for its bank funding.

                          About the Group

MPKS was set up as a private limited concern in 2005. It
manufactures structural products, including thermo-mechanically
treated (TMT) bars, channels, angles, and joints, at its
manufacturing facility in Jaipur. The company markets the products
under its own brand, MPK. The operations of the company are managed
by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj Upadhyay.

MPKM was set up as a private limited concern in 2009 and
manufactures structural products including TMT bars, channels,
angles, and joints at its manufacturing facility in Jaipur and
markets the same under its MPK brand. The operations of the company
are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay.

MPKI was set up as a private limited concern in 2010 and started
operations in 2012-13 (refers to financial year, April 1 to March
31) with 2013-14 being its first full year of operations. The
company has been set up as a backward integration unit of the group
to manufacture steel billets and ingots for captive consumption in
MPKS and MPKM. The company has its plant in Bagru (Jaipur) and is
managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay.


M.P.K. STEEL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of M. P. K.
Steel India Private Limited (MPKS; a part of the MPK group)
continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term      0.36     CRISIL D (Issuer Not  
   Bank Loan Facility               Cooperating)

   Standby Line            0.50     CRISIL D (Issuer Not
   of Credit                        Cooperating)

   Term Loan               2.44     CRISIL D (Issuer Not
                                    Cooperating)

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

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of MPKS, MPK Metals Pvt Ltd
(MPKM), and MPKI Ispat India Pvt Ltd (MPKI). This is because the
three companies, together referred to as the MPK group, have common
ownership and management, and MPKM and MPKS have the same product
profile and sell under a common brand. MPKI has been set up in
order to backward integrate into billet manufacturing for
supporting the operations of the other two companies and has also
received corporate guarantees from them for its bank funding.

                          About the Group

MPKS was set up as a private limited concern in 2005. It
manufactures structural products, including thermo-mechanically
treated (TMT) bars, channels, angles, and joints, at its
manufacturing facility in Jaipur. The company markets the products
under its own brand, MPK. The operations of the company are managed
by Mr. Santosh Kumar Upadhyay and his son, Mr. Manoj Upadhyay.

MPKM was set up as a private limited concern in 2009 and
manufactures structural products including TMT bars, channels,
angles, and joints at its manufacturing facility in Jaipur and
markets the same under its MPK brand. The operations of the company
are managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay.

MPKI was set up as a private limited concern in 2010 and started
operations in 2012-13 (refers to financial year, April 1 to March
31) with 2013-14 being its first full year of operations. The
company has been set up as a backward integration unit of the group
to manufacture steel billets and ingots for captive consumption in
MPKS and MPKM. The company has its plant in Bagru (Jaipur) and is
managed by Mr. Santosh Kumar Upadhyay and Mr. Manoj Upadhyay.


MINAKSHI COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Minakshi
Cotex (Minakshi) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Cash Credit            4         CRISIL D (Issuer Not
                                    Cooperating)

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

Minakshi was set up in 2003 as a partnership firm by the Tayal
family of Madhya Pradesh. The firm has two units in Georai and
Khamgaon (Maharashtra), where it undertakes cotton ginning and
pressing.


NCL BUILDTEK: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed NCL Buildtek & NCL
Industries' JV (NCL JV) Long-Term Issuer Rating of 'IND BB+' while
resolving the Rating Watch with Positive Implications and has
simultaneously withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR100 mil. (reduced from INR200 mil.) Fund-based working
     capital limits* affirmed; Off Rating Watch with Positive
     Implications and withdrawn; and

-- INR87.3 mil. (reduced from INR286.3 mil.) Non-fund-based
     working capital limits$ affirmed; Off Rating Watch with
     Positive Implications and withdrawn.

*Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn
$ Affirmed at 'IND A4+' before being withdrawn

Ind-Ra had maintained NCL JV on Rating Watch with Positive
Implications in view of its lead partner, NCL Buidltek Ltd.'s
(NCL;'IND BBB'/Positive), ongoing discussions with the buyers for
better terms regarding its proposed stake sale in an associate
company, NCL Veka Limited. The sale is yet to be concluded as the
company is still negotiating with the buyers for a higher
valuation. However, as per the information provided by the company
to the agency, NCL's liquidity improved substantially in FY23 on
account of a significant rise in the EBITDA, along with an
improvement in the credit metrics. Thus, the Rating Watch with
Positive Implications with respect to the stake sale is no longer
necessary to support the ratings. Hence, Ind-Ra has resolved the
Rating Watch with Positive Implications while affirming  the rating
on account of NCL's improved operational performance and financial
metrics, as well as the strong linkages between NCL JV and NCL.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from all lenders. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings.

Analytical Approach:  Ind-Ra continues to follow a top-down rating
approach using the Parent and Subsidiary Rating Linkage Criteria
for arriving at NCL JV's ratings. NCL JV was formed by NCL and NCL
Industries Ltd (NCL IL) in FY22 in a profit-sharing ratio of 50:50
with NCL being the lead partner. NCL JV has strong operational,
legal and strategic linkages with NCL.

Key Rating Drivers

The affirmation reflects NCL JV's lower-than-expected operational
performance in FY23, mainly on account of a slow pace of progress
in construction of houses under the Navaratnalu - Pedalandariki
Illu Housing Scheme of the Andhra Pradesh state government, for
which the joint venture (JV) was formed. The housing project, which
initially had a target of constructing 1.6 million units by June
2022, has only delivered 0.45 million units as of April 2023 due to
COVID-led restraints and a delay in handing over the land to the
beneficiaries.  Consequently, NCL JV received smaller quantities of
orders than estimated at the time of awarding the tender, resulting
in a lower revenue of INR340.45 million in FY23 (FY22: INR87.51
million), significantly lower than Ind-Ra's expectations of
INR1,000 million-1,700 million. Considering the delays in project
execution and the management's view on the present status and
outlook in the foreseeable future, the agency expects the revenue
to decrease further in the near-to-medium term. FY23 financials are
provisional.

Despite the decline in revenue, the EBITDA margin improved to
13.65% in FY23 (FY22: 5.92%) owing to better absorption of overhead
expenses in the second year of operations. The interest coverage
(gross interest expense/operating EBITDA) increased to 3.87x in
FY23 (FY22: 1.33x) owing to a rise in the EBITDA to INR46.44
million (INR5.18 million). Ind-Ra expects the EBITDA margin to
remain at similar levels in the near-to-medium term. However,
Ind-Ra expects the EBITDA to decrease on account of a likely
decline in the overall scale of operations.

The ratings also factor in the JV's reduced working capital
requirements and a further reduction in the sanctioned limits in
March 2023 on account of the smaller quantities of orders received.
The management has also informed the agency that the entity will be
closing all its existing working capital facilities in 1HFY24 as
the working capital requirements can be met through internal
accruals and partners' support, if required.

Liquidity Indicator - Stretched: NCL JV's liquidity remains
stretched as it has decided to close its working capital
facilities. Despite a decrease working capital requirements, the
average maximum utilization of the fund-based limits remained
fairly high at 89.08% over the 12 months ended July 2023 owing to a
limited drawing power due to the lower-than-expected scale of
operations. Although the company generated positive cash flow from
operations of INR204.17 million in FY23 (FY22: negative INR317.6
million), mainly due to the release of margin money deposits of
INR171.65 million, the liquidity was stretched on account capital
withdrawal of INR282.17 million by the partners. As a result, the
cash & cash equivalents fell to INR1.86 million at FYE23 (FYE22:
INR9.43 million). The average utilization of its non-fund-based
limits was 35.8% for the 12 months ended July 2023. The company
does not have term debt.

On a consolidated basis, NCL's revenue increased to INR4,503.5
million in FY23 (FY22: INR4,074.8 million) and EBITDA margin to
9.47% (5.51%) led by re-negotiation of prices with the customers,
stabilization in raw material prices, and focus on high-margin
products. Further, the net financial leverage (Ind-Ra adjusted
consolidated net debt/operating EBITDAR) improved significantly to
3.11x in FY23 (FY22: 6.15x) and the interest coverage to 2.6x
(2.1x). Ind-Ra expects the consolidated EBITDA margin to improve
further in the near term mainly on account of an improvement in
NCL's EBITDA margin, which is likely to sustain the significant
improvement seen in FY23. The consolidated debt is likely to
decrease in the near term, as a result of the scheduled debt
repayments of NCL and also on account of NCL JV's decision to close
its working capital facilities, likely to lead in  an improvement
in the credit metrics.

However, the ratings remain supported by the strong legal,
strategic, and operational linkages between NCL JV and NCL and the
strong legal, strategic, and moderate operational ties between NCL
JV and NCL IL. There is no corporate guarantee extended by the
corporate partners; however, an undertaking has been extended by
them to infuse funds if the JV's cash flows are insufficient to
meet its debt obligations.

The ratings continue to benefit from the strong market position of
NCL JV's partners in the industry. NCL is an established brand in
the building material industry in southern India with an experience
of more than three decades, supported by its longstanding
relationships  its customers and suppliers. NCL IL has an
experience of over three decades in the cement manufacturing
industry.

Company Profile

NCL JV was incorporated in June 2021 by NCL and NCL IL, in a
profit-sharing ratio of 50:50, to supply windows and door frames
under the flagship programme Navaratnalu - Pedalandariki Illu
scheme of the government of Andhra Pradesh.


NTS DAIRY: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of NTS Dairy and
Foods Private Limited (NTS) continue to be 'CRISIL D Issuer Not
Cooperating'.
                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.2        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             5.6        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             1.4        CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated on March 15, 2013, and promoted by Mr. Nandkishor T
Sonawane, NTS currently processes and distributes milk and milk
products. It has a milk processing capacity of 20,000 litres per
day (lpd) at Bhadane in Dhule (Maharashtra). It is setting up a new
unit at the same location for an additional milk processing
capacity of 50,000 lpd and a facility to manufacture value-added
products.


ORCHARD FOODS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Orchard Foods
Private Limited (Orchard) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan         0.3       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.2       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

Set up in 2013 in Thiruvarur (Tamil Nadu) by late Mr A S Sharath
Chandran, his son Mr Shiyaam and Ms.R S Sumathi, Orchard trades in
pulses like toor dal, moong dal, chick peas and green peas.


PALLAVI ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pallavi
Enterprises (Pallavi) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          4        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit             2        CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         10        CRISIL D (Issuer Not
                                    Cooperating)

   Warehouse Receipts      8        CRISIL D (Issuer Not
                                    Cooperating)

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

Pallavi was set up in 1983 by Mr. Tatikonda Viswanadham and his
wife Tatikonda Savithri. Girija Modern Rice Mill was set up in 2007
by Mr. Viswanadham and his daughter. Both the firms mill and
process paddy into rice; they also generate by-products such as
broken rice, bran, and husk. The rice mills of both these firms are
in Vijayawada (Andhra Pradesh).


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

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         30        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            30        CRISIL D (Issuer Not
                                    Cooperating)

   Funded Interest         1.4      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Proposed Long Term      5.6      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Working Capital         3        CRISIL D (Issuer Not
   Demand Loan                      Cooperating)

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

RPPL was incorporated in 2016 by Mr. Nallapaneni Ramesh Kumar and
MS Nallapaneni Sreelakshmi. The company is based in Nellore (Andhra
Pradesh) and is registered as a special class I contractor; it
undertakes construction of canal works and earth works.


SARVODAYA SUITINGS: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sarvodaya
Suitings Limited (SSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           12.5       CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           20         CRISIL D (Issuer Not
                                    Cooperating)

   Foreign Exchange       1.23      CRISIL D (Issuer Not
   Forward                          Cooperating)

   Funded Interest        1.27      CRISIL D (Issuer Not
   Term Loan                        Cooperating)

   Letter of Credit       8         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             12.73      CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 1994 and promoted by Mr. Abhay Kumar Jain and
family, SSL manufactures blended fabrics at its facility in
Bhilwara, Rajasthan, and sells under the Sarvodaya Suiting brand.


SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Savariya
Industries (SI) continues to be 'CRISIL D Issuer Not Cooperating'.

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

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

Formed in 1996 as a proprietorship firm by Mr Rajkumar Kakraniya,
SI is engaged in cotton seed oil extraction and trading of pulses.
The firm is based in Amravati, Maharashtra.


SUBRA ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Subra
Enterprises (SE) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

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

SE, set up in 2012, is based in Chennai. It trades in agro
commodities. Its operations are managed by Mr. A S Sharath Chandran
and his son, Mr. Shiyaam Sharath.


T R HOSPITALITIES: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of T R
Hospitalities (TRHL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan              6.5       CRISIL D (Issuer Not
                                    Cooperating)

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

Incorporated in 2013, TRHL is owned and managed by Mr Chetan
Sharma. The firm is setting up a 32-room hotel with a restaurants.
Operations are scheduled to commence from June, 2021.



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

JAPFA COMFEED: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed PT Japfa Comfeed Indonesia Tbk's
Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is
Stable. Fitch has also affirmed Japfa's senior unsecured rating and
the rating on the USD350 million senior unsecured notes due 2026 at
'B+' with a Recovery Rating of 'RR4'. At the same time, Fitch
Ratings Indonesia has affirmed Japfa's National Long-Term Rating at
'A(idn)'. The Outlook is Stable.

Japfa's leverage has weakened in 2023, with 1H23 EBITDA margin
dropping to 5.2% on a very weak 1Q23. Fitch believes this is
temporary, given improvements for day-old-chick (DOC) and live bird
prices in 2Q23 that were sustained until mid-August 2023 on a
series of government-mandated culling instructions. Fitch therefore
expects EBITDA net leverage, after proportionately consolidating
some subsidiaries, to worsen to 3.5x, the level above which Fitch
would consider negative rating action, by end-2023. Nonetheless,
Fitch has affirmed the ratings as Fitch believes the trajectory of
prices will enable Japfa to improve leverage to below 3.5x by
2024.

However, parent company Japfa Ltd.'s (JL) weakening credit profile
could start to constrain Japfa's credit profile. JL's weaker credit
trend follows the spin-off of its Chinese dairy business and the
current African swine fever (ASF) outbreak in Vietnam. Sustained
weakness in JL's credit profile in the next 12-18 months could
result in a downward rating pressure on Japfa's ratings.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

KEY RATING DRIVERS

Volatile Key Product Prices: Fitch expects the low prices of DOC
and live bird prices in 1Q23 will not be sustained in the next six
to 12 months because of government-mandated culling initiatives. Up
to August 2023, the government has instructed three rounds of
mandatory culling, which not only covered hatching eggs but also
parent stock. The culling of parent stock should provide more
long-lasting support to market prices of DOCs and live birds.
Prices are likely to remain stable until the end of 2023 on a
combination of strong market demand and stable prices in July and
August.

Lower Margin: Fitch expects the weak 1H23 to push Japfa's EBITDA
margin lower to 6.5%-7.0% for the full year, before gradually
improving to above 8% by 2026. Fitch does not expect the company to
reach 10%-11% EBITDA margin in the next two-three years, a level
seen in 2020 and 2021, due to rising production costs and volatile
selling prices. Fitch has assumed a small increase in corn and
soybean meal prices, Japfa's two primary raw materials, in 2H23 and
beyond 2023.

Japfa's EBITDA margin dropped to 1.8% in 1Q23 due to dropping
prices of DOC and live bird in January and February. This margin
was the lowest level since 3Q21, which was the peak of the Covid-19
pandemic in Indonesia when there were strict movement restrictions.
By end-February, the government instructed a mandatory culling,
resulting in prices recovering in March. Price improvements
continued after another culling instruction was made in April,
further supporting price recovery. This resulted in a significant
improvement in EBITDA margin to 8.3% in 2Q23.

Leverage to Improve: Fitch estimates Japfa's EBITDA net leverage,
after proportionately consolidating a number of subsidiaries, to
improve to below 3.5x by 2024. The deleveraging trajectory is
likely to be slower than Fitch previously expected, with leverage
remaining around 3.0x in 2025.

Price Support in Indonesia: Slow but sustained improvement in
selling prices continuing beyond 2H23 and 2024 supports its
leverage expectation. Still, it is likely that the 1Q23 weakness
will decrease Japfa's leverage headroom in 2023. Even so, Fitch
does not believe this will be sustained, as the strengthened
government oversight in the past few quarters will make it unlikely
for prices to dip to a level as low as in 1Q23.

Stronger Subsidiary, Weaker Parent: Japfa can be rated up to two
notches above the consolidated credit profile of its weaker parent,
JL, due to 'Porous' access and control and 'Porous' ringfencing, in
line with Fitch's Parent and Subsidiary Linkage Rating Criteria.
Japfa's US dollar debt - around 35% of total debt at end-June 2023
- has some restrictions on dividend payment and affiliate
transactions. This, coupled with Japfa's listing on the Jakarta
stock exchange, provides a degree of ringfencing, in Fitch's view.

Japfa also raises its non-equity funding independently of JL. The
parent has also shown its intention to keep JL's other animal
protein operations separate from its Indonesian business in public
presentations. This, together with a significant non-controlling
presence, results in the 'Porous' access and control assessment.

Weak Parent Could Affect Rating: Prolonged weakness in JL's
non-Indonesia business will put downward pressure on Japfa's
ratings and credit profile. JL's financial performance has been hit
by the ASF epidemic in Vietnam that has caused prices of swine to
tumble. Vietnamese consumer demand for poultry and pork is also
weak. The low prices for poultry and pork have not been able to
cover the increased feed raw material and operational costs,
affecting margins and internal cash generation. JL will also be
more reliant on dividend from Japfa to support its non-Indonesian
operations.

Scalable Capex: Fitch continues to estimate Japfa's capex at IDR2
trillion from 2023 onwards. Part of the capex will be used to
expand and modernise existing farms and facilities, and build new
corn drying facilities. Japfa is also building a vaccine
development facility in Vietnam to expand the market reach of its
vaccine development subsidiary. Annual capex should include
maintenance capex of around IDR500 billion-700 billion a year.
Expansionary capex can be scaled back if current market conditions
are not favourable. However, higher capex than its expectation will
limit Japfa's ability to deleverage.

DERIVATION SUMMARY

Japfa's IDR is well-positioned relative to that of Minerva S.A.
(BB/Stable) and Frigorifico Concepcion S.A. (B+/Stable).

Minerva is one of the largest beef exporters in South America with
export sales accounting for about 55% of revenue. Its profitability
has been resilient despite high input costs, helped by its export
orientation. Japfa's operations, on the other hand, are
concentrated in Indonesia, which makes it vulnerable to policy
changes and the supply-demand balance in the Indonesian domestic
poultry industry. Minerva is also larger than Japfa, with EBITDA of
around USD630 million in 2023 and lower EBITDA net leverage of
around 2.5x. These factors support Fitch's assessment of a higher
rating for Minerva.

Japfa is rated the same as Frigorifico, which is smaller with an
EBITDA of around USD150 million-160 million by 2024. Frigorifico is
also less vertically integrated than Japfa and is dependent on
cattle supply from a third party. However, Frigorifico has better
geographical diversification, with more than 60% of revenue
originating from exports to various markets in South America and
Asia. Japfa has better vertical integration, but its financial
profile is slightly weaker than that of Frigorifico. Fitch expects
Frigorifico's EBITDA net leverage to moderate to around 2.4x by
2024, against Japfa's 3.3x.

Japfa's National Long-term Rating is comparable with that of PT
Samator Indo Gas Tbk (A(idn)/Stable), PT Bali Towerindo Sentra Tbk
(A-(idn)/Stable) and Golden Agri-Resources Ltd.'s (GAR)
subsidiaries, PT Ivo Mas Tunggal (A+(idn)/Stable) and PT Sawit Mas
Sejahtera (A+(idn)/Stable), whose ratings are aligned with the
consolidated credit profile of their parent company.

Samator Indo Gas is much smaller than Japfa with EBITDA of less
than USD100 million, but is the industry market leader, commanding
45% and 75%-80%, respectively, of the industrial and medical gas
markets. This enables Samator Indo Gas to have a much stronger
customer bargaining position than Japfa. Samator Indo Gas'
contracted sales account for a large proportion of revenue,
providing medium-term visibility. This is in contrast with Japfa,
which is highly exposed to volatile supply-demand dynamics in the
domestic poultry market and raw material prices. These factors
drive its assessment of the same rating for both entities.

Japfa's rating is higher than that of Bali Tower, reflecting the
former's stronger market position in the domestic poultry market
and its larger business scale. Bali Tower is a small tower company
relative to its local telecommunication tower peers, with an EBITDA
of less than USD100 million in 2023. Fitch forecasts Japfa to have
EBITDA of around USD240 million in 2023 and it is the
second-largest poultry company in the country.

GAR's subsidiaries are rated one notch higher than Japfa,
reflecting their stronger market position, much better geographical
diversification and larger business scale with Fitch-forecast
EBITDA of more than USD500 million in 2024. GAR is the world's
second-largest palm oil company based on planted area, which
contributes a large proportion of its export revenue. GAR also has
extensive trading and production operations in China and India,
compared with Japfa's domestically focused operations. These
factors counterbalance GAR's weaker financial profile with EBITDA
net leverage of over 3.5x by 2024.

KEY ASSUMPTIONS

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

- Revenue growth of about 5% in 2023-2026;

- A drop in EBITDA margin to around 7% in 2023, before gradually
picking up to above 8% by 2026;

- Total capex of IDR2 trillion a year from 2023;

- Dividend payout ratio of 40% from 2023.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Japfa would be reorganised as a
going concern in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

Its going-concern EBITDA assumption of IDR3.5 trillion reflects the
volatility of the poultry industry in Indonesia with the current
DOC oversupply situation. This is lower than three-year average
EBITDA from 2020 to 2022 to allow for slightly weaker EBITDA margin
than its forecasts.

Fitch uses a multiple of 5x that reflects the sector dynamics and
Japfa's strong business profile as the second-biggest poultry
player in Indonesia. Fitch believes the company has strong growth
prospects, given chicken is Indonesia's main protein source,
supported by the country's growing middle-class population.

The going-concern enterprise value corresponds to a 'RR1' Recovery
Rating for the senior unsecured notes after adjusting for
administrative claims. Nevertheless, Fitch rates the senior
unsecured bonds at 'B+' and 'RR4' because Japfa's operating assets
are located in Indonesia. Under its Country-Specific Treatment of
Recovery Ratings Criteria, Indonesia is classified under the Group
D of countries in terms of creditor friendliness and Recovery
Ratings are subject to a cap at 'RR4'.

RATING SENSITIVITIES

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

- EBITDA net leverage, after proportionately consolidating minority
stakes in a number of subsidiaries, of below 2.5x on a sustained
basis.

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

- Leverage above 3.5x for a sustained period;

- EBITDA/interest paid below 3.0x for a sustained period;

- Sustained deterioration in JL's consolidated credit profile.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Japfa's liquidity is supported by a cash
balance at end-June 2023 of around IDR1.5 trillion and undrawn bank
lines of around IDR2.7 trillion at end-June 2023. This is against a
much higher short-term outstanding loan balance of IDR6.1 trillion,
which Fitch expects will partially be rolled over, and current
portion of long-term bank loans of IDR632 billion.

Fitch also understands that Japfa is seeking to refinance its
committed club deal loan with a total facility of IDR3 trillion
that will mature in August 2024. Fitch does not expect any
significant hindrance for Japfa to refinance this maturing
facility, supported by its satisfactory long-standing relationship
with its bankers. Japfa had used around IDR1.3 trillion of this
facility as of end-June 2023, but Fitch understands that the
company made some repayments in July.

Japfa has around IDR800 billion-1 trillion in long-term debt
amortising in 2024 and 2025, which Fitch expects will be paid by a
combination of refinancing and internally generated cash. Other
than the club deal loan, the next major maturity is in 2026 when
its USD350 million notes are due. Fitch regards Japfa's refinancing
risk as manageable, supported by strong business growth prospects
in the medium term, a moderate financial profile and flexibility,
and proven access to diverse funding sources.

ISSUER PROFILE

Japfa is the second-largest poultry company in Indonesia, according
to the company's estimate, with market share of around 21% in the
poultry-feed business and around 25% in the DOC market in 2021. Its
operations include aquaculture. Japfa acquired PT So Good Food, a
processed-meat manufacturer, from its parent company, JL in 2020,
enhancing its vertical integration in the poultry value chain.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch calculates the ratio for rating sensitivities by
proportionately consolidating Japfa's subsidiaries - PT Bumiasri
Lestari, PT Iroha Sidat Indonesia, PT Sentra Satwatama Indonesia
and PT Indojaya Agrinusa - to reflect their significant minority
interests.

Sources of Information

The principal sources of information used in the analysis are
described in the Applicable Criteria.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Japfa's ratings are aligned with the credit profile of JL under
Fitch's Parent and Subsidiary Linkage Rating Criteria.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt             Rating           Recovery  Prior
   -----------             ------           --------  -----
PT Japfa Comfeed
Indonesia Tbk       LT IDR  B+     Affirmed            B+

                    Natl LT A(idn) Affirmed            A(idn)

   senior
   unsecured        LT      B+     Affirmed    RR4     B+


PERUSAHAAN PENGELOLA: Fitch Affirms & Then Withdraws 'BB+' IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Indonesia's PT Perusahaan Pengelola Aset
(Persero)'s (PPA) Long-Term Foreign-and Local-Currency Issuer
Default Ratings (IDRs) at 'BB+' with a Stable Outlook and has
subsequently withdrawn the international ratings. Fitch will
continue to provide National Long-Term Ratings for PPA.

There has been no material change in PPA's key rating drivers since
the previous rating action on July 7, 2023.

Fitch has chosen to withdraw the international scale ratings of PPA
for commercial reasons.

Derivation Summary

Fitch classifies PPA as a government-related entity (GRE) that is
credit-linked to the Indonesian sovereign (BBB/Stable). PPA's
Long-Term IDRs reflect its assessment of its linkage to the
Indonesian government and the government's support incentive,
resulting in a weighted score of 30 under its GRE Rating Criteria.
The ratings are therefore two notches below the Indonesia sovereign
rating. Fitch assesses the SCP under its Public Sector,
Revenue-Supported Entities Rating Criteria. PPA's National
Long-Term Ratings are derived from Fitch's internal credit
assessment of the entity following the withdrawal of the
international scale ratings.

Issuer Profile

PPA, the Indonesian government's only public-policy institution in
asset management, manages the assets of distressed state-owned
enterprises. PPA was established to continue the work of the
Indonesian Bank Restructuring Agency, which was created in the
aftermath of the Asian financial crisis in 1998.

RATING SENSITIVITIES

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

- A multiple-notch downgrade of the Indonesian sovereign rating.

- A deterioration in the linkage to the government or the
government's incentive to provide support.

- A downgrade of PPA's National Long-Term Rating would result in
similar action on its national long-term senior unsecured issue
ratings.

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

- An upgrade of the Indonesian sovereign or increased incentive for
the government to provide support.

- An improvement in PPA's SCP.

- An upgrade of PPA's National Long-Term Rating would result in
similar action on its national long-term senior unsecured issue
ratings.

ESG Considerations

Following the withdrawal of international ratings for PPA, Fitch
will no longer be providing the associated ESG Relevance Scores.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

PPA's ratings are credit-linked to the Indonesian sovereign's
ratings; Fitch adopts a top-down approach to derive PPA's ratings.

   Entity/Debt             Rating           Prior
   -----------             ------           -----
PT Perusahaan
Pengelola Aset     LT IDR    BB+ Affirmed     BB+
                   LT IDR    WD  Withdrawn    BB+
                   LC LT IDR BB+ Affirmed     BB+
                   LC LT IDR WD  Withdrawn    BB+




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

ACCOUNTING CAREER: Court to Hear Wind-Up Petition on Sept. 8
------------------------------------------------------------
A petition to wind up the operations of Accounting Career Connect
(Australasia) Limited will be heard before the High Court at
Auckland on Sept. 8, 2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 27, 2023.

The Petitioner's solicitor is:

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


C. & E. LIMMER: Creditors' Proofs of Debt Due on Oct. 22
--------------------------------------------------------
Creditors of C. & E. Limmer Holdings Limited are required to file
their proofs of debt by Oct. 22, 2023, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Christopher Carey McCullagh
          Stephen Mark Lawrence
          PKF Corporate Recovery & Insolvency (Auckland)
          PO Box 3678
          Auckland 1140


RAKAHURI HOLDINGS: Creditors' Proofs of Debt Due on Sept. 21
------------------------------------------------------------
Creditors of Rakahuri Holdings Limited are required to file their
proofs of debt by Sept. 21, 2023, to be included in the company's
dividend distribution.

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

The company's liquidator is:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


ROZA SERVICE: Creditors' Proofs of Debt Due on Sept. 23
-------------------------------------------------------
Creditors of Roza Service Limited are required to file their proofs
of debt by Sept. 23, 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:

          Brenton Hunt
          PO Box 13400
          City East
          Christchurch 8141


SANEM DIGITAL: Court to Hear Wind-Up Petition on Sept. 4
--------------------------------------------------------
A petition to wind up the operations of Sanem Digital Limited will
be heard before the High Court at Auckland on Sept. 4, 2023, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on June 30, 2023.

The Petitioner's solicitor is:

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




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

PHOENIX PETROLEUM: H1 Losses Surge by Over 17 Times to PHP2.0BB
---------------------------------------------------------------
Bilyonaryo.com reports that Duterte crony Dennis Uy's financial
troubles have deepened as Phoenix Petroleum's (PNX) navigates an
extraordinary surge in losses.

PNX reported losses of PHP2.061 billon in the first half this year,
1,617 percent more than its PHP121 million loss in 2022,
Bilyonaryo.com discloses.

While Uy-led management previously blamed PNX's PHP3.2 billion loss
last year to the spiraling cost of crude oil, the prevailing
scenario has seen the average price of Dubai crude (benchmark of
Asian refineries) dwindling by a quarter to $77.37 per barrel.

According to Bilyonaryo.com, PNX's setback came primarily from its
ballooning financial expenses which hit PHP1.9 billion this year,
43 percent more than the PHP1.3 billion last year.

PNX was hammered by rising interest rates and higher expenses from
the deferment of loan repayments.

PNX currently has a total of PHP48.7 billion in loans,
Bilyonaryo.com discloses.

Bilyonaryo.com says PNX's petroleum products are now sourced from
external rather than internal sources which means it now relies
more on service-based revenue streams.

Even on the international sales front, the outlook remains
unfavorable.

Their Singapore unit grappled with a slump of over 50 percent, with
reported losses of PHP24 million, as opposed to a gain of PHP308
million recorded the previous year, Bilyonaryo.com adds.

Phoenix Petroleum Philippines, Inc. is engaged in the marketing and
distribution of petroleum products on a wholesale and retail basis
as well as the operation of gas stations, oil depots, storage
facilities and allied services.


PHOENIX PETROLEUM: Incurs PHP191.1MM Impairment Loss on FamilyMart
------------------------------------------------------------------
Bilyonaryo.com reports that just five years after being taken over
by Duterte ally Dennis Uy from the Zobels and Tantocos, Philippine
FamilyMart CVS (PFM) has been hit by a severe financial blow.

Bilyonaryo.com relates that Mr. Uy's cash-starved and debt-laden
Phoenix Petroleum revealed that it incurred a PHP191.1 million
impairment loss on its wholly-owned subsidiary PFM in 2022.

Phoenix had to book the impairment loss - reduction on a company's
non-current assets like property, plant, equipment, intangible
assets, or investments - because only P161 million of the PHP352
million investment in PFM could be recovered, Bilyonaryo.com says.

Phoenix has also extended PHP1.035 billion in advances to
FamilyMart as of 2022. Phoenix did not elaborate on the cause of
the impairment, the report notes.

At the close of 2022, FamilyMart operated 79 outlets, marking an 18
percent increase from the 67 branches it had when Mr. Uy assumed
complete control of the struggling local franchise chain in 2018 -
during the peak of his debt-driven empire building during President
Rodrigo Duterte's tenure.

PFM was formed in 2012 through a 60-40 collaboration between Ayala
Land Inc., led by bilyonaryo Jaime Augusto Zobel de Ayala, and SSI
Group of the Tantoco family, in partnership with Japan's FamilyMart
Co. and Itochu.

Prior to finalizing their deal with Mr. Uy, these partners had
already begun shuttering FamilyMart stores due to the brand's
struggle to compete in the fiercely competitive market, largely
dominated by the Paterno family's 7-Eleven. Other formidable
players include Uncle John (formerly MiniStop) of the Gokongwei
family, Alfamart of the Sy family, All Day of Manny Villar, and
Lawson, according to Bilyonaryo.com.

Is PFM, whose franchise agreement with FamilyMart extends until
2028, encountering a similar predicament? In the past year,
netizens observed a series of FamilyMart store closures, as the
reported income plummeted from PHP64.6 million in 2019 to a mere
PHP18.5 million in 2021.

Phoenix Petroleum Philippines, Inc. is engaged in the marketing and
distribution of petroleum products on a wholesale and retail basis
as well as the operation of gas stations, oil depots, storage
facilities and allied services.




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

ARCHWEY HOUSE: Creditors' Meetings Set for Sept. 6
--------------------------------------------------
Archwey Pte. Ltd and Archwey House of Brands Pte Ltd will hold a
separate meeting for its creditors on Sept. 6, 2023, at 11:00 a.m.
and 3:00 p.m., respectively, via video conferencing (Microsoft
Teams or Zoom).

Agenda of the meeting includes:

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

   b. to confirm the appointment of Mr. Chan Yee Hong of CLA
      Global TS Risk Advisory Pte. Ltd. as Liquidator of the
      Company;

   c. to appoint a Committee of Inspection if deemed necessary;

   d. Any other business.

Mr. Chan Yee Hong of CLA Global TS Risk Advisory on Aug. 22, 2023,
were appointed as provisional liquidator of Archwey Pte. Ltd and
Archwey House of Brands Pte Ltd.


JMS MANUFACTURING: Court to Hear Wind-Up Petition on Sept. 15
-------------------------------------------------------------
A petition to wind up the operations of JMS Manufacturing &
Processing Pte Ltd will be heard before the High Court of Singapore
on Sept. 15, 2023, at 10:00 a.m.

RHB Bank Berhad filed the petition against the company on Aug. 21,
2023.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542


ROBSON (CP): Commences Wind-Up Proceedings
------------------------------------------
Members of Robson (CP) Investment Private Limited on Aug. 24, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Abuthahir Abdul Gafoor
          Yessica Budiman
          AAG Corporate Advisory
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


SAMCO CIVIL: Court to Hear Wind-Up Petition on Sept. 15
-------------------------------------------------------
A petition to wind up the operations of Samco Civil Engineering Pte
Ltd will be heard before the High Court of Singapore on Sept. 15,
2023, at 10:00 a.m.

RHB Bank Berhad filed the petition against the company on Aug. 21,
2023.

The Petitioner's solicitors are:

          Shook Lin & Bok LLP
          1 Robinson Road
          #18-00 AIA Tower
          Singapore 048542



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2023.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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