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

                     A S I A   P A C I F I C

          Monday, September 4, 2023, Vol. 26, No. 177

                           Headlines



A U S T R A L I A

ALITA RESOURCES: Buyout Talks Confirmed, Liquidation Started
CHALLENGER 2007-2L: S&P Affirms BB+ Rating on Class B Notes
INTERSTAR NZ 2004-A: S&P Lowers Rating on Tranche 3 Notes to 'B-'
M R CAGNEY: Second Creditors' Meeting Set for Sept. 7
MARINE HOTEL: First Creditors' Meeting Set for Sept. 7

MDC METAL: First Creditors' Meeting Set for Sept. 7
OZMAS TRADING: First Creditors' Meeting Set for Sept. 7
PBS BUILDING: Creditors Set to Decide Builder's Future on Sept. 6
SIMONE HOMES: Collapses Into Liquidation Owing AUD1.165 Million
TRITON BOND 2021-2: S&P Raises Rating on Class F Notes to BB-

VEYSEL'S COMMERCIAL: Second Creditors' Meeting Set for


C H I N A

COUNTRY GARDEN: Moody's Cuts CFR to Ca & Sr. Unsecured Debt to C
COUNTRY GARDEN: Wins Creditors' Approval for Bond Extension
SINO-OCEAN GROUP: First-Half Net Loss Widens to CNY18.4 Billion


I N D I A

A RAJA: CARE Keeps D Debt Rating in Not Cooperating Category
AMTEK GLOBAL: Court to Hear Wind-Up Petition on Sept. 15
BAJRANG SEEDS: CARE Keeps C Debt Rating in Not Cooperating
BARODA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
DMK PARTICLEBOARD: ICRA Keeps D Debt Ratings in Not Cooperating

EARTHCON DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
EKAM AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
EVEREST ORGANICS: ICRA Reaffirms B+ Rating on INR17.10cr Loan
EVERSHINE SOLVEX: ICRA Keeps D Debt Ratings in Not Cooperating
FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating

HANUMAN TRUST: ICRA Keeps D Debt Rating in Not Cooperating
JET AIRWAYS: Founder to Remain in Custody Until Sept. 11
KALEESWARA GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
KSK MINERAL: ICRA Keeps D Debt Rating in Not Cooperating Category
LAXMI OIL: ICRA Keeps D Debt Rating in Not Cooperating Category

MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
NAGABHUSHANAM & CO: CARE Assigns C Rating to INR7cr LT Loan
PACIFIC GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
PLUTO PLAZA: ICRA Withdraws D Rating on INR35cr Term Loan
RLJ CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating

S A IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category
STAGE DOOR: CARE Keeps C Debt Rating in Not Cooperating Category
VELAMMAL EDUCATIONAL: ICRA Cuts Rating on INR377.39cr Loan to D
ZEE ENTERTAINMENT: NCLAT Admits IDBI's Insolvency Plea vs. Company


N E W   Z E A L A N D

HIMALAYAN TRIBAL: Creditors' Proofs of Debt Due on Oct. 3
MOKE-MARKS & SONS: Court to Hear Wind-Up Petition on Sept. 12
SPADE & SHOVEL: Court to Hear Wind-Up Petition on Sept. 22
SUMMIT CRANES: Creditors' Proofs of Debt Due on Sept. 29


S I N G A P O R E

CHOPSTICKS AND BIBS: Court to Hear Wind-Up Petition on Sept. 15
CKR CONTRACT: Court to Hear Wind-Up Petition on Sept. 8
HYFLUX CONSUMER: Creditors' Proofs of Debt Due on Oct. 2
THANYAPURA DIGITAL: Creditors' Proofs of Debt Due on Sept. 31


S O U T H   K O R E A

[*] KOREA: 14 Troubled Public Firms to Cut KRW42T of debt by 2026


T H A I L A N D

JKN GLOBAL: Allays Concerns Over Liquidity, Bond Payments
JKN GLOBAL: Partially Pay Interest, Principal for Bonds Due Sept 1

                           - - - - -


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

ALITA RESOURCES: Buyout Talks Confirmed, Liquidation Started
------------------------------------------------------------
Reuters reports that administrators of Alita Resources on Aug. 31
started the liquidation process for the cash-strapped
Australia-based lithium miner on confirming an implementation
agreement with an unnamed third party for the sale of the company
and its assets.

According to Reuters, advisory firm McGrathNicol began an
application in the Supreme Court of Western Australia seeking
orders for the company to be placed under liquidation as the
deadline to meet obligatory settlements under the deed of company
arrangements (DOCA) expired after Aug. 31.

To execute the agreement, Alita's administrators are considering
whether the continuation of the arrangement received by Austroid
Corp, a US-based lithium products firm that acquired issued shares
in the company in late 2020, is in the best interest of Alita,
Reuters relates citing a filing with the Singapore exchange issued
on Aug. 31.

Reuters says the company was place under liquidation on Sept. 1,
with applications made for interim injunctions to hold back other
relevant parties from dealing with the assets of Alita, which
includes one of Australia's only in-production lithium mine - Bald
Hill.

Alita has been under administration since 2019, and in late 2020,
in a second meeting with the creditors, the transfer of 100% shares
in Alita to Austroid was approved on conversion of the latter's
debt to equity, the report notes.

In July this year, Treasurer Jim Chalmers issued a prohibition
order stopping Austroid from acquiring an additional 90.10% stake
in Alita, which would have given it the full control of the lithium
miner.

In view of a potential transaction under the share sale agreement,
McGrathNicol has applied for an interim injunction against Austroid
in order to restrain it from taking any action to remove or replace
the administrators, the filing added, Reuters relays.

Separately, The Australian on Aug. 30 reported that global mining
giant Glencore had launched a secret deal to acquire all the debt
in Alita, alongside a plan to relist the miner for AUD1.8 billion
(US$1.17 billion).

Alita was delisted from the Australian stock exchange in October
2020.

                        About Alita Resources

Alita Resources Limited operates as a mineral exploration and
excavation company. The Company explores and produces lithium and
tantalum concentrates. Alita Resources offers its services in
Australia.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol were
appointed as administrators of Alita Resources Limited, Lithco NO.2
Pty Ltd, and Tawana Resources Pty Ltd on Dec. 4, 2020.


CHALLENGER 2007-2L: S&P Affirms BB+ Rating on Class B Notes
-----------------------------------------------------------
S&P Global Ratings lowered its ratings on six classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of Interstar
Millennium Series 2003-3G Trust, Interstar Millennium Series 2004-5
Trust, Interstar Millennium Series 2005-3E Trust, and Interstar
Millennium Series 2006-4H Trust.

At the same time, S&P affirmed its ratings on 26 classes of notes
issued by Interstar Millennium Series 2002-1G Trust, Interstar
Millennium Series 2003-3G Trust, Interstar Millennium Series
2004-1E Trust, Interstar Millennium Series 2004-4E Trust, Interstar
Millennium Series 2005-2L Trust, Interstar Millennium Series 2006-1
Trust, Interstar Millennium Series 2006-3L Trust, Interstar
Millennium Series 2006-4H Trust, Challenger Millennium Series
2007-1E Trust, Challenger Millennium Series 2007-2L Trust, and
Challenger Millennium Series 2013-1 Trust.

The lowered ratings reflect:

-- The small and increasingly concentrated nature of the pools.
S&P said, "As outstanding assets and notes decrease significantly,
tail risk takes greater precedence in transactional performance and
our rating analysis. Mitigating this and supporting our current
ratings is the sufficient level of excess spread being generated by
the loan pools held within these trusts, which we expect to
continue in the short to medium term." The variable rates on the
mortgage loans remaining in the pool are being raised in response
to increases to the Reserve Bank of Australia cash rate target.
This should maintain adequate excess spread in the short to medium
term. Furthermore, lenders' mortgage insurance (LMI) is provided
for all loans in each of the portfolios.

-- Greater risk from increased borrower concentrations. For these
transactions, loans to the top 10 borrowers make up about 10% to
40% of the pool balance as of July 31, 2023. S&P said, "We have
assessed pool concentrations by sizing an alternate loss scenario
for each of the pools. Under this scenario, the top 10 loans at the
'AAA' rating level, top eight at the 'AA' level, top six at the 'A'
level, top four at the 'BBB' rating level, top two at the 'BB'
level, and top loan at the 'B' level default and are recovered
upon. The loss severity for each loan is assumed to be the higher
of 50%, the loan's loss severity, and the pool's weighted-average
loss severity. The expected loss for the pool is the higher of that
number, and the number sized by applying our standard credit
analysis as per our "Australian RMBS Rating Methodology And
Assumptions" criteria, published Sept. 1, 2011."

-- That the asset pools continue to amortize, increasing the
susceptibility of the notes to event-driven tail risks. The
smallest of these pools, as of July 31, 2023, is Interstar
Millennium Series 2003-3G Trust, which has a remaining pool size of
A$4.7 million, comprising 104 consolidated loans. Of these pools,
Interstar Millennium Series 2006-4H Trust has the least number of
consolidated loans, at 57, as of July 31, 2023, with a pool size of
A$9.8 million.

-- S&P's concerns over a potential increase in arrears and
defaults as well as unexpected losses, resulting in strain on the
transactions' cash flows. Arrears greater than 30 days for these
transactions remain below 10% as of July 31, 2023.

S&P said, "Some of the notes on which we affirmed our ratings share
the same or similar risks faced by the notes we downgraded. These
risks include potential increases in arrears, borrower
concentrations, and potential event risk. However, the notes on
which we affirmed our ratings have sufficient credit support
provided by note subordination, excess spread, and LMI at their
current rating levels to mitigate these risks.

"Furthermore, our ratings on three of the classes of notes we
affirmed are constrained under our counterparty criteria, having
regard to the documentation of the currency swaps compared with our
current counterparty criteria.

"In some of the transactions, our cash flow analysis indicates that
yield strain might occur as the portfolios continue to amortize,
leading to possible payment shortfalls in the longer term. However,
we arrived out our ratings after considering additional factors,
including the assumptions we apply in our cash flow analysis and
comparability across all of the smaller pool RMBS transactions that
we rate, in terms of pool sizes, number of consolidated loans,
arrears levels, excess spread positions, seasoning and
loan-to-value ratios."

  Ratings Lowered

  Interstar Millennium Series 2003-3G Trust

   Class B1: to B+ (sf) from BB- (sf)
   Class B2: to B+ (sf) from BB- (sf)

  Interstar Millennium Series 2004-5 Trust

   Class B: to BB- (sf) from BB (sf)

  Interstar Millennium Series 2005-3E Trust

   Class B: to BBB+ (sf) from A- (sf)

  Interstar Millennium Series 2006-4H Trust

   Class AB: to AA+ (sf) from AAA (sf)
   Class B: to BB- (sf) from BB (sf)

  Ratings Affirmed

  Interstar Millennium Series 2002-1G Trust

   Class B: BB (sf)

  Interstar Millennium Series 2003-3G Trust

   Class A2: AAA (sf)
   Class A3: AAA (sf)

  Interstar Millennium Series 2004-1E Trust

   Class A2: AA (sf)
   Class AB: BBB+ (sf)
   Class B: BB (sf)

  Interstar Millennium Series 2004-4E Trust

   Class A1: AA (sf)
   Class A2: AA (sf)
   Class AB: A (sf)
   Class B: BB+ (sf)

  Interstar Millennium Series 2005-2L Trust

   Class A1: AAA (sf)
   Class A2: AAA (sf)
   Class AB: AA (sf)
   Class B: BB+ (sf)

  Interstar Millennium Series 2006-1 Trust

   Class A: AAA (sf)
   Class AB: A (sf)
   Class B: BB+ (sf)

  Interstar Millennium Series 2006-3L Trust

   Class A2: AAA (sf)
   Class AB: AA+ (sf)
   Class B: BBB- (sf)

  Interstar Millennium Series 2006-4H Trust

   Class A2: AAA (sf)

  Challenger Millennium Series 2007-1E Trust

   Class B: BBB+ (sf)

  Challenger Millennium Series 2007-2L Trust

   Class A: AAA (sf)
   Class AB: AAA (sf)
   Class B: BB+ (sf)

  Challenger Millennium Series 2013-1 Trust

   Class A: AAA (sf)


INTERSTAR NZ 2004-A: S&P Lowers Rating on Tranche 3 Notes to 'B-'
-----------------------------------------------------------------
S&P Global Ratings lowered to 'B- (sf)' from 'B (sf)' its rating on
the Tranche 3 notes issued by Trustees Executors Ltd. as trustee
for Interstar NZ Millennium Series 2004-A Trust.

The rating action takes account of the notes' exposure to
long-dated arrears and pool concentration from the underlying
mortgage loans. S&P said, "We expect the pool to become further
concentrated and increasingly exposed to nonperforming loans as the
underlying collateral amortizes. We note the timing and level of
interest and principal recoveries is uncertain for the long-dated
arrears portfolio because Challenger Securitisation Management Pty
Ltd. has amended the original loan terms and conditions for a
portion of the asset pool."

The pool has high levels of borrower concentration, which S&P would
expect to increase as the collateral continues to amortize. As of
July 31, 2023, the asset pool consists of 39 consolidated loans,
with a total loan balance of about NZ$3.7 million. Approximately
46.8% of the collateral pool represents loans in long-dated
arrears.

S&P said, "Our view on significantly reduced asset pools is that as
a pool amortizes, tail-end risk will take greater precedence in our
rating analysis. As of July 31, 2023, the largest borrower exposure
in the portfolio is 13.2% and the top 10 borrowers in the portfolio
make up 49.0% of the pool balance. Accordingly, we have assessed
the credit risk using our borrower concentration analysis in our
"New Zealand RMBS Rating Methodology And Assumptions," published on
Sept. 14, 2011.

"We expect the loans that are in long-dated arrears will continue
to represent an increasing proportion of the overall pool, even as
the performing loans amortize. This could constrain the overall
yield position and mismatch of performing assets versus
liabilities, leading to increasing tail-end risk. The timely
payment of interest and ultimate principal repayment for Tranche 3
is not only reliant on excess spread and lenders' mortgage
insurance, but also on the successful repayment of the loans that
are in long-dated arrears. We believe the latter is highly
uncertain, and therefore there is limited ability for Tranche 3 to
withstand anything more than a mild economic stress.

"Arrears have increased since our previous review, in August 2022;
however, the transaction continues to generate excess spread. In
our view, as the pool becomes more concentrated there may be lumpy
cash flows and more variability in the income to the transaction.
This increases reliance on the performance of a handful of loans
(as opposed to a portfolio of loans) for the timely payment of
interest and ultimate repayment of principal on the notes."


M R CAGNEY: Second Creditors' Meeting Set for Sept. 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of M R Cagney Pty
Ltd has been set for Sept. 7, 2023 at 10:00 a.m. at the offices of
Mcleods Accounting at Level 9, 300 Adelaide Street in Brisbane and
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. 6, 2023 at 4:00 p.m.

Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Aug. 2, 2023.


MARINE HOTEL: First Creditors' Meeting Set for Sept. 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of Marine Hotel
Pty Ltd will be held on Sept. 7, 2023, at 11:00 a.m. via Zoom
virtual meeting only.

Michael Korda and Leanne Chesser of Kordamentha were appointed as
administrators of the company on Aug. 28, 2023.


MDC METAL: First Creditors' Meeting Set for Sept. 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of MDC Metal
Distribution Centre Pty Ltd will be held on Sept. 7, 2023, at 11:00
a.m. at Level 29, 360 Collins Street in Melbourne and via virtual
meeting technology.

Sam Kaso of Cor Cordis was appointed as administrator of the
company on Aug. 8, 2023.


OZMAS TRADING: First Creditors' Meeting Set for Sept. 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ozmas
Trading Pty Ltd will be held on Sept. 7, 2023, at 11:00 a.m. at the
offices of Jirsch Sutherland at Level 9/120 Edward Street in
Brisbane and via virtual meeting.

(Melissa) Poh Bee Lau and Christopher Baskerville of Jirsch
Sutherland were appointed as administrators of the company on Aug.
28, 2023.


PBS BUILDING: Creditors Set to Decide Builder's Future on Sept. 6
-----------------------------------------------------------------
Ian Bushnell at Riotact reports that PBS Building creditors will
meet this week in Canberra to decide the future of the fallen
company.

RSM Australia was appointed voluntary administrator of five PBS
companies operating in the ACT, NSW and Queensland on March 7, 2023
when 24 PBS Building projects worth AUD439 million were under
construction, Riotact recalls.

Affected ACT projects included the new Belconnen markets, Doma's
Melrose apartment tower in Woden, Stocklands' townhouses in The
Parks development in Red Hill and the Flexi-living homes in
Strathnairn, all of which have found new builders and resumed
construction.

According to Riotact, the last creditors report in June identified
more than 500 creditors claiming a total of AUD169 million.

In March, 177 Canberra businesses and individuals had made claims.

A notice on the ASIC website stated the meeting on September 6 at
RSM's offices at the Equinox Building in Deakin would ask creditors
whether PBS executes a Deed of Company Arrangement, the
administration should end or the company be wound up, Riotact
says.

A deed of company arrangement is a binding arrangement between a
company and its creditors governing how the company's affairs will
be dealt with and aims to provide a better return for creditors
than an immediate winding up of the company.

Riotact relates that the meeting will also receive and consider a
report from the administrators, fix or determine the remuneration
of the administrator, consider appointing a committee of inspection
and, if so, decide on the members and consider removing the
administrators and appointing someone else.

A face-to-face creditors' meeting to answer questions was slated
for July 5 but postponed until September 6 to give administrators
more time to pursue the outstanding contract payments owed to PBS
companies.

Riotact notes that the administrators found PBS Building became
insolvent on or before Feb. 10, 2023 due to a number of factors,
including being unable to secure the necessary level of additional
working capital and additional support.

The company began its life in Canberra, but expanded operations to
NSW and Queensland.

Jonathon Kingsley Colbran and Mitchell Herrett & Richard Stone of
RSM Australia Partners were appointed as administrators of PBS
Building on March 7, 2023.


SIMONE HOMES: Collapses Into Liquidation Owing AUD1.165 Million
---------------------------------------------------------------
News.com.au reports that tradies and homeowners have been left
reeling from the news that a Sydney building company has gone bust.
On August 24, Simone Homes Pty Ltd went into voluntary
liquidation.

The family-run business was headquartered in Leppington in Sydney's
southwest and its liquidator is now Bradley John Tonks of
insolvency firm PKF, news.com.au relates.

According to a creditor's report obtained by news.com.au, the
construction company has so far racked up debts of AUD1.165
million.

However, a lot more creditors have yet to submit proof of debt
claims, meaning that figure is expected to rise.

One disgruntled tradesman told news.com.au "No one knows where that
money went".

There are 11 secured creditors and 53 unsecured creditors.

Those include banks, the tax department, homeowners, suppliers and
subcontractors.

According to the documents, it appears that six construction sites
have been impacted by the demise of Simone Homes.

Simone Homes has total assets worth an estimated AUD816,000,
however some of these have realisable value of nil, news.com.au
discloses citing the liquidator's report.

Of those assets, it has sundry debts totalling AUD102,000 and work
in progress claims of AUD227,000.

News.com.au says the company also has additional assets worth
around AUD486,000.

One customer appears to have been fed up with the business for some
time.

A Google review left a week ago for Simone Homes reads: "Horrendous
company to work with. Save yourself the money and the trouble and
go somewhere else.

"You're better off letting a five-year-old build your property."

Simone Homes had been a registered business since 2014.


TRITON BOND 2021-2: S&P Raises Rating on Class F Notes to BB-
-------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Perpetual Corporate Trust Ltd. as trustee for Triton Bond
Trust 2021-2 Series 1. At the same time, S&P affirmed its ratings
on four classes of notes. The transaction is a securitization of
prime residential mortgages originated by Columbus Capital Pty
Ltd.

The rating actions reflect S&P's view of the credit risk of the
pool, which has been amortizing in line with its expectations.
Credit support provided in percentage terms has increased as the
pool paid down. This credit support comprises note subordination
for all rated notes as well as mortgage insurance covering about
18.57% of the loans in the portfolio. Current loan-to-value ratios
across the pool have been declining, lowering our expectation of
loss for the pool.

As of July 31, 2023, the pool has a balance of about A$893 million
and a pool factor of about 59%. The pool's weighted-average
loan-to-value ratio is 58.2% and weighted-average seasoning is 41.2
months.

Since close, the pool's arrears performance has been favorable
compared with the Standard & Poor's Performance Index (SPIN) for
prime mortgage loans. As of July 31, 2023, loans more than 30 days
in arrears make up 0.01% of the pool. There have been minimal
losses to date, all of which were covered by excess spread.

The transaction is currently paying down on a sequential basis,
which means that credit support provided in percentage terms will
continue to build for all rated notes. However, we expect that the
pro-rata paydown triggers will soon be met, after which there will
be no further buildup of credit support in percentage terms for
most notes. Additionally, under the pro-rata payment structure, any
principal allocated to the class G notes will be first allocated to
the class F notes until repaid in full, followed by the class E,
class D, class C, class B, class AB, class A2, class A1-AU, then
class A1-5Y notes. Therefore, the class F notes continue to benefit
from an increase in the percentage of credit support provided as
the pool amortizes under the pro rata structure.

S&P's expectation is that the various mechanisms to support
liquidity within the transactions, including an amortizing
liquidity facility, principal draws, and a loss reserve that builds
up from excess spread, are sufficient under its cash-flow stress
assumptions to ensure timely payment of interest.

A fixed- to floating-rate interest-rate swap is provided by
National Australia Bank Ltd. to hedge the mismatch between receipts
from any fixed-rate mortgage loans and the variable-rate notes.

A constraining factor on S&P's ratings on the class C, class D,
class E, and class F notes is the likely effect of rising interest
rates and the cost-of-living pressures on the arrears of borrowers
within the pool. These qualitative factors constrain the ratings
beyond quantitative factors alone.

  Ratings Raised

  Triton Bond Trust 2021-2 Series 1

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

  Ratings Affirmed

  Triton Bond Trust 2021-2 Series 1

  Class A1-AU: AAA (sf)
  Class A1-5Y: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)


VEYSEL'S COMMERCIAL: Second Creditors' Meeting Set for
------------------------------------------------------
A second meeting of creditors in the proceedings of Veysel's
Commercial Food Machinery Pty Ltd has been set for Sept. 7, 2023 at
10:00 a.m. via a Zoom videoconferencing facility.

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. 6, 2023 at 4:00 p.m.

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




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

COUNTRY GARDEN: Moody's Cuts CFR to Ca & Sr. Unsecured Debt to C
----------------------------------------------------------------
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating to Ca from Caa1 and its
senior unsecured rating to C from Caa2.

The outlook remains negative.

"The rating downgrades with negative outlook reflect Country
Garden's tight liquidity and heightened default risk, as well as
the likely weak recovery prospects for the company's bondholders,"
says Kaven Tsang, a Moody's Senior Vice President.

RATINGS RATIONALE

Although Country Garden reported RMB101 billion of unrestricted
cash as of June 2023, Moody's estimates the company does not have
sufficient internal cash sources to address its upcoming offshore
bond maturity, given its weakening sales and sizable maturing debt
over the next 12-18 months. Specifically, the company will have
around RMB17 billion of onshore bonds and around RMB14 billion of
offshore bonds due or becoming puttable through the end of 2024.

Country Garden's weak liquidity and limited ability to service its
maturing debt are also reflected in its proposed equity issuance on
August 30 to settle part of its debt repayment, as well as its two
missed USD coupon payments earlier in the month.

Moody's expects recovery prospects for Country Garden's offshore
bondholders to be low if the company defaults, given its high debt
leverage and large amount of financing at the operating subsidiary
level.

While the company could service its debt through asset disposals or
other fundraising plans, such fundraising activities carry high
uncertainties.

Country Garden's C senior unsecured rating is one notch lower than
the CFR to reflect this structural subordination risk. Most of the
company's consolidated claims are at its operating subsidiaries,
which have priority over its senior unsecured claims at the holding
company in a bankruptcy scenario. Moody's expects the likely
recovery rate for claims at the holding company to be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's weak financial and liquidity
management, as well as its concentrated ownership by its key
shareholder, Yang Huiyan, who held a 52.6% stake in the company as
of the end of July 2023. The concentrated ownership indicates that
influence from the company's largest shareholder could materially
change its financial policy and strategy, despite the shareholder's
history of providing funding support to the company.

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

Moody's could downgrade Country Garden's CFR if recovery prospects
for its creditors weaken further.

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could develop if Country Garden
repays its maturing debt obligations and improves its liquidity
position materially.

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

Country Garden Holdings Company Limited, founded in 1992 and listed
on the Hong Kong Stock Exchange, is a leading Chinese integrated
property developer. As of the end of 2022, the company had an
attributable land bank of 201.5 million square meters (sqm) in
terms of gross floor area (GFA) across different cities in China.


COUNTRY GARDEN: Wins Creditors' Approval for Bond Extension
-----------------------------------------------------------
Reuters reports that Country Garden has won approval from its
creditors to extend payments for an onshore private bond, according
to sources and a document seen by Reuters, in a major relief for
the embattled Chinese developer as well as the crisis-hit property
sector.

Country Garden was seeking approval from its creditors to extend
the maturity on a CNY3.9 billion (US$540 million) onshore private
bond in a vote that ended on Friday night [Sept. 1], Reuters
relates.

An unprecedented liquidity crisis in China's vast property sector
is a major risk to a sputtering post-COVID recovery in the world's
second-biggest economy, which has rattled global markets.

According to Reuters, Country Garden debt payment extension buys
time for China's largest private developer to avoid default, and is
good news for financial markets and the Chinese government, which
has announced a raft of measures to support the property sector.

Reuters says the extension means the developer can repay the debt
in instalments over three years, instead of meeting its obligations
by Sept. 2. The bond is not publicly traded.

In a vote on Sept. 1, 56.08% of participating Country Garden
onshore creditors approved the extension, 43.64% opposed and 0.28%
abstained, Reuters reports citing an official document shared with
bondholders.

China's property sector, which accounts for roughly a quarter of
the economy, has lurched from one crisis to another since 2021
after the authorities cracked down on developers' debt-fuelled
building boom.

As Country Garden's financial woes spiralled over the past month,
Beijing has rolled out a string of support measures including
cutting mortgage rates and removing some curbs on home purchases,
Reuters says.

The authorities are set to take further action, including relaxing
home-purchase restrictions as they scramble to tackle a deepening
crisis in its massive debt-riddled property sector, Reuters
reported on Sept. 1.

Country Garden's reprieve may give onshore bondholders some relief,
but there is still a long way to go as China tries to defuse risks
in the crisis-hit property sector and bolster the economy, analysts
said.

"Sales in the biggest cities in China may see meaningful
improvement over the next couple of months as Beijing cuts mortgage
rates and makes them more easily available to buyers," Reuters
quotes Guotai Junan International's chief economist Zhou Hao as
saying.

"However, how the improvement will trickle down to help the cash
flow of developers remains to be seen. Plus different types of
developers are likely to benefit from it very unevenly. Those with
more projects in the first-tier cities may benefit first."

The slump in the Chinese property market is driven by more
fundamental factors than the cost of borrowing, including broader
debt worries in the economy, white-collar workers taking pay cuts
and a demographic downturn, analysts said, Reuters adds.

                        About Country Garden

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

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

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).


SINO-OCEAN GROUP: First-Half Net Loss Widens to CNY18.4 Billion
---------------------------------------------------------------
Yicai Global reports that Sino-Ocean Group Holding said its loss
swelled to CNY18.4 billion (USD2.5 billion) in the first half,
outstripping the loss the Chinese developer reported for the whole
of last year, as a result of the downturn in China's real estate
market.

The weak market resulted in lower revenue and a narrower gross
profit margin in the six months ended June 30, the Shanghai-based
company said in a financial report released on Aug. 30, Yicai
relays. It also led to an increase in impairment provisions for
projects and weaker performance at joint ventures and units, it
added.

Sino-Ocean fell into the red last year for the first time since
listing in Hong Kong in late 2020. It had an annual net loss of
CNY15.9 billion after a first-half loss of CNY1.09 billion, Yicai
discloses.

Affected by many negative factors, including the macro environment
and financial difficulties, Sino-Ocean had net asset impairment
losses of CNY11.3 billion in the first six months of this year
versus CNY5.2 billion a year earlier, it noted.

Revenue dropped 11 percent to CNY20.8 billion, with its property
development business contributing about 83 percent, Yicai says. Its
gross loss stood at CNY125 million (USD17.2 million), with a
negative gross profit margin of about 1 percent, down from an 18
percent margin a year ago.

According to Yicai, China is likely to issue policies in the second
half to stimulate the real estate market, and Sino-Ocean will
continue to actively manage its debts and focus on ensuring the
delivery of property projects and improving its net gearing ratio,
the company said.

Sino-Ocean had CNY7.7 billion in cash at the end of June, of which
restricted bank deposits accounted for CNY4.5 billion, it said. The
principal amount of its borrowing stood at CNY91 billion, with
short-term loans reaching CNY44.6 billion. Its net gearing ratio
was around 326 percent, compared to 183 percent at the end of last
year.

Sino-Ocean is also promoting the rollover of its bonds, extending
the principal payment date of its 18 Sino-Ocean 01 bond from Aug. 2
by 12 months, it said on Aug. 31, Yicai reports.

Since the second half of 2021, Chinese developers have suffered
declining sales and negative net cash flows, with cash flow fully
utilized, Sino-Ocean said on Aug. 30.

                        About Sino-Ocean Group

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

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




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

A RAJA: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of A Raja
Cottex (ARC) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.13       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 26, 2022,
placed the rating(s) of ARC under the 'issuer non-cooperating'
category as ARC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ARC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 11, 2023, June 21, 2023, July 1, 2023.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

A Raja Cottex (ARC) is a partnership firm established by six
partners led by Mr Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya
in the year 2013. Mr Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya
have 33 years and 13 years of industry experience, respectively.
ARC is engaged into the business of cotton ginning and pressing.
Its plant is located at Amreli (Gujarat).


AMTEK GLOBAL: Court to Hear Wind-Up Petition on Sept. 15
--------------------------------------------------------
A petition to wind up the operations of Amtek Global Technologies
Pte Ltd will be heard before the High Court of Singapore on Sept.
15, 2023, at 10:00 a.m.

US Bank Trustees Limited filed the petition against the company on
Aug. 24, 2023.

The Petitioner's solicitors are:

          WongPartnership LLP
          12 Marina Boulevard
          Level 28
          Marina Bay Financial Centre Tower 3
          Singapore 018982


BAJRANG SEEDS: CARE Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sri
Bajrang Seeds (SBS) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2022, placed the rating(s) of SBS under the 'issuer
non-cooperating' category as SBS had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SBS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2023, July 20, 2023, July 30, 2023.

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

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

Gadarpur-based (Uttarakhand) SBS was established as a partnership
firm in 1997. The firm is currently being managed by Mr. Virendra
Kumar and Ms Sweta Rani. SBS is engaged in processing and trading
of wheat and paddy seeds. The seed processing unit of the firm is
located at Uttarakhand.

BARODA AGRO: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating and Short-Term Rating of Baroda
Agro Chemicals Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        14.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-       (5.75)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term–        10.30      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term         1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Baroda Agro Chemicals Limited (BACL) was incorporated in 1996 by
Mr. K.V Rao. BACL is engaged in the manufacture of insecticide,
pesticide and fungicide formulations. The company operates from its
manufacturing facility located at Halol near Vadodara city with an
installed capacity of ~265 KL/per day. BACL enters contract
manufacturing as well as job work with respect to generic pesticide
formulation and can produce formulations in varying forms like
Emulsifiable Concentrates (EC), Dusting Powders (DP), Granules (G),
Wettable Powders (WP), Soluble Powders (SP), Suspension
Concentrates (SC), Flowables Slurries (FS), Water Disbursable
Granules (WDG), Dry Flowables (DF) and Soluble Granules (SG).


DMK PARTICLEBOARD: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating and Short-Term Rating of DMK
Particleboard LLP in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term         0.65      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term–         7.10      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         2.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Established in February 2016, DMK Particleboard LLP is engaged in
manufacturing of wooden plain particleboard and prelaminated
particleboard in the dimension of 8"x4" and 8"x3" used in the
furniture. The commercial operations of the firm began in April
2017 at its manufacturing facility located in Morbi (Gujarat). The
firm currently has an installed capacity of manufacturing 6,00,000
sheets per annum. The partners are also associated with Nidhi
Minerals (engaged in trading of ceramic raw material), Amardeep
Industries (engaged in manufacturing sanitary wares) and Umiya
Electricals (engaged in trading of electrical goods).


EARTHCON DEVELOPERS: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term ratings of Earthcon Developers Pvt.
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

EDPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private Limited,
with respective stakes of 50.002% and 49.998%. It is developing a
residential project, 'Rajpur Greens', in Dehradun, Uttarakhand. The
project comprises saleable area of 1,01,246 (96,720 earlier) square
feet and consists of 42 two BHK and 24 three BHK flats spread over
two towers of six floors each. The construction started in January,
2014 and the total project cost is estimated at INR47.27 crore (Rs
31.78 crore earlier), with INR16.0 crore (INR12.0 crore sanctioned
and INR4.0 crore of proposed enhancement) being funded through bank
loans, INR16.25 crore through promoter's contribution and the
remaining INR15.02 crore through customer advances.


EKAM AGRO: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Ekam Agro
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         4.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/CC                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term–        11.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based/TL                 Rating Continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Long-term/         3.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                    COOPERATING; Rating Continues to
   Unallocated                   remain under 'Issuer Not
                                 Cooperating' Category

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

The company was incorporated in November 2013 by the Kalra Family
and is operating as a refinery for crude rice bran oil. The plant
is located in Mukstar, Punjab with an installed capacity of 100
tonnes per day. The operations of the company commenced from
February 2015. The total project cost incurred was INR17.51 crore
and was funded through promoter's contribution of around INR4
crores, unsecured loans of INR0.37 crore, term debt of INR11 crores
and INR2.14 crore of advances to suppliers.


EVEREST ORGANICS: ICRA Reaffirms B+ Rating on INR17.10cr Loan
-------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Everest
Organics Limited (EOL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        16.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund based                    COOPERATING; reaffirmed
   Cash Credit                  

   Long-term–        17.10       [ICRA]B+ (Stable); ISSUER NOT
   Fund based                    COOPERATING; reaffirmed
   Term Loans                  

   Short-term–
   Non-fund based     6.00       [ICRA] A4; reaffirmed

   Long-term/
   Short-term–
   Fund-based         7.00       [ICRA]B+ (Stable)/[ICRA]A4;
                                 Reaffirmed

   Long-term–
   Unallocated        0.90       [ICRA] B+ (Stable); reaffirmed

Rationale

The rating factors in EOL's modest scale of operations with
revenues of INR189.3 crore in FY2023 and INR42.7 crore in Q1 FY2024
in the competitive Active Pharmaceutical Ingredients (API) and
intermediaries segments. The company's revenues declined in FY2023
as it curtailed its production due to unfavourable raw material
costs. In Q1 FY2024, EOL's revenues declined by ~1% on YoY basis
owing to subdued demand. However, realisations of two of its key
products improved in Q2 FY2024, which coupled with expected ramp-up
in sales volumes of eight new products is expected to result in low
single digit growth in FY2024. The operating margin (OPM) declined
to 1.2% in FY2023 from 4.0% in FY2022 owing to unfavourable raw
material costs, which could not be passed on to its customers owing
to high competition. However, the OPM improved to ~6% in the last
two quarters with softening raw material costs. Increased
realisations and better product mix is expected to support
improvement in the company's margins in FY2024. ICRA also notes the
statutory auditor's qualifications in the recently published
quarterly results concerning EOL's non-compliance with accounting
standards and below par corporate governance practices. ICRA will
continue to monitor the same.

The ratings also consider EOL's high revenue dependence on the
mature anti-ulcerative therapeutic segment. The company's liquidity
also remains stretched with a significant build-up of inventory and
high receivables, and its working capital requirements are partly
funded by stretching its creditors. Moreover, the company is
expected to incur a debt-funded capex of INR15.0 crore in FY2024,
which would impact its liquidity position and debt metrics. The
ratings are also constrained by the vulnerability of its profits to
fluctuating raw material and finished goods prices owing to stiff
competition in the API industry.

The ratings, however, draw comfort from the company's established
track record and customer relationships in the pharmaceutical
industry, resulting in repeat orders and healthy capacity
utilisation levels.

The Stable outlook on the rating reflects ICRA's opinion that EOL's
earnings would improve with the launch of new products and improved
realisations, continuing to benefit from its long association with
its customers.

Key rating drivers and their description

Credit strengths

* Extensive experience in pharmaceutical industry: The promoters
have an established track record in the pharmaceutical industry,
which enabled the company to have established relationships with
various reputed formulation companies, resulting in repeat orders
over the years.

* Favourable demand prospects for API manufacturing: The plant
capacity utilisation remains high at more than 90%, especially for
the top two products—Omeprazole and Esomeprazole. Given the high
utilisation levels, the company plans to expand the capacity of
Esomeprazole, Pantoprazole and Benzimidazole, as well as newly
added products in FY2024.

Credit challenges

* Moderate scale of operations: The company's scale of operations
is moderate with revenues declining to INR184.3 crore in FY2023
against INR201.7 crore in FY2022 owing to decreased production due
to unfavorable margins, while raw material costs remained high,
growth in realisations remained muted. In Q1 FY2024, the company's
revenues declined by ~1% YoY, owing to subdued demand. However,
realisations of two of its key products improved in Q2 FY2024,
which coupled with expected ramp-up in sales volumes of eight new
products is expected to result in low, single-digit growth for EOL
in FY2024.

* Significant moderation in margins impacting debt protection
metrics: The company's operating margin declined to 1.2% in FY2023
from 12.9% in FY2021 owing to unfavourable raw material costs that
could not be passed on to its customers due to high competition.
However, its margin improved to ~6% in Q1 FY2024 with correction in
raw material costs. Increase in realisations of key products in Q2
FY2024 and expected ramp-up in sales volumes of its new products
resulting in better product mix, are expected to support the
company's margins to ~6-7% in FY2024 from 1.2% in FY2023.

* Non-adherence to accounting policies and pollution control
guidelines: The company's auditor has provided qualified opinion in
the quarterly results published for Q1 FY2024 and the audited
results for FY2023. Thisincluded production exceeding approved
thresholds that could impact the going concern, overstatement of
accruals and profit because of the revenue recognition policy,
which is not in line with IND-AS 115, and the absence of actuarial
assessment for gratuity liability. ICRA notes that the company has
addressed a few qualifications highlighted by the auditor in the
past; however, continued nonadherence to accounting policies and/or
production beyond approved limits could impact EOL's business
operations.

* High exposure to mature anti-ulcerative segment: The company is
focused on the matured anti-ulcerative segment with the entire
revenue over the years being generated by APIs and intermediates.
Sales are mainly driven by Omeprazole and Esomeprazole, accounting
for ~60% of EOL's revenues in FY2023. However, the proposed launch
of new products and rampup in sales volumes of recently launched
products could reduce this risk to an extent.

* Stretched liquidity position and high dependence on creditors for
working capital requirements: The company's liquidity position
stood stretched owing to high debtors and inventory as it offers a
credit period of 2-3 months to its customers and also maintains an
average inventory of 60-90 days. Also, the creditors remained high
in Q1 FY2024 while the working capital requirements are mainly
funded by creditors, resulting in high TOL/TNW of 3.2 times as on
June 30, 2023. The company receives high credit period from
domestic suppliers, who account for ~70-80% of its raw material
procurement, on the back of its established relationships.

* Exposed to intense competition in API industry: The
pharmaceutical industry is intensely competitive with various
established manufacturers in the field, resulting in limited
pricing power and profitability.

Environmental and social risks

* Environmental considerations: The company remains exposed to
tightening environmental regulations with regard to breach of the
waste and pollution norms, which can lead to an increase in
operating costs and new capacity instalment costs. This can also
require capital investments to upgrade its effluent treatment
infrastructure to reduce the carbon footprint and waste generation.
The company has been exceeding its production levels without
necessary approvals from the Telangana State Pollution Control
Board (TSPCB), as highlighted by the auditors. Such non-compliance
would disrupt the company's operations and lead to the closure of
its plant as witnessed in the past. While the company has stated
that it is in the process of receiving approvals to operate at
enhanced production levels, timely compliance with the TSPCB
guidelines remains critical.

* Social considerations: The company faces high industry-wide
social risks related to product safety and the associated
litigation risks, access to qualified personnel for R&D and process
engineering, and maintenance of high manufacturing compliance
standards. Further, Government intervention related to price
caps/control also remains a social risk faced by entities in the
pharmaceutical industry.

Liquidity position: Stretched

The company's liquidity position is stretched with zero buffer in
the working capital limits and low cash and bank balances of Rs.
0.3 crore as on June 30, 2023. The company is expected to generate
retained cash flows of INR6-10 crore against repayment obligations
of INR5.0–7.0 crore in FY2024. Moreover, the company has sizeable
debt-funded capex plans, a part of which needs to be funded from
internal accruals.

Rating sensitivities

Positive factors – ICRA could upgrade the ratings if the company
demonstrates recovery in the operating margins and improvement in
liquidity position while recording healthy growth in its scale of
operations, leading to improved debt metrics.

Negative factors – Negative pressure on EOL's rating could arise
if there is a significant decline in revenues, or if there is no
material improvement in earnings, or if the working capital cycle
deteriorates, impacting its liquidity position further. Also, the
company's inability to comply with regulatory norms or accounting
policies will be a key monitorable.

Everest Organics Limited was established in 1993 by Dr. Srihari
Raju. It is currently managed by his daughter, Dr. Sirisha
Kakarlapudi, who is the new CEO of EOL. Initially incorporated as a
private limited company, it went public and was listed on the BSE
in 1995. The company manufactures APIs and intermediates such as
Omeprazole, Esomeprazole, Pantoprazole, Chloro compound and
Benzimadizole. Its manufacturing facility is at Aroor village, in
the Medak district of Telangana, with an installed production
capacity of 820 MTPA. The company is ISO 9001-2008 certified, while
the plant is WHO-GMP certified. The manufacturing facility also
received US FDA approval in June 2017.


EVERSHINE SOLVEX: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Evershine Solvex Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Evershine Solvex Private Limited was incorporated in 1984 by Mr.
Harish Kalra. The company is also promoted by the Kalra family. The
company is engaged in the extraction of crude rice bran oil from
rice bran at its manufacturing facility in Mukstar, Punjab. The
plant has a total installed capacity of 300 metric tonnes per day.
The company procures rice bran from millers in the nearby regions
of Haryana and Punjab.

FERROMET STEELS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Ferromet
Steels Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         3.55      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        25.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term          0.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short-term         4.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Short Term-       (4.00)     [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Ferromet Steels Private Limited (FSPL) is engaged in the
manufacturing of structural steel products such as Mild Steel (MS)
Flat, MS Angle, MS Round, MS Square, MS Channels. The company
started its manufacturing operations with a capacity of 19,200 TPA
in 2008 and later added additional capacity by setting up another
rolling mill with a capacity of 21,600 TPA, which
commenced operations during April 2012 (total installed capacity of
40,800 TPA). Apart from manufacturing structural steels, FSPL also
engages in trading of structural steels to cater to customer
orders, which are not produced in house. FSPL was initially
incorporated under the name of S. R. M. C. Exports Limited in the
year 1995 and was subsequently renamed in 2008. FSPL is promoted
and managed by Mr. Manmohan Mittal and Mr. Ashok Kumar Goel,
current directors of the company.

HANUMAN TRUST: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-Term rating of Shree Hanuman Trust in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        59.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 1982, Shree Hanuman Trust (SHT) is engaged in
leasing of the 3rd floor of Mittal Court developed by the Mittal
Group with an area of 22,111 sq. ft. at 244, Nariman Point, Mumbai
to The Income Tax Department, Government of India. The trust is a
part of the Mittal Group, which is engaged in real estate
development since 1952.


JET AIRWAYS: Founder to Remain in Custody Until Sept. 11
--------------------------------------------------------
Reuters reports that an Indian court on Sept. 2 decided that Jet
Airways founder Naresh Goyal will remain in India's financial crime
agency's custody until Sept. 11, the agency said in a press
statement.

According to Reuters, the Enforcement Directorate (ED), which
investigates financial crimes in India, arrested Goyal late on
Sept. 1.

Reuters relates that the case relates to an alleged INR5.38 billion
(US$65.06 million) bank fraud case filed by state lender Canara
Bank. The losses to a consortium of nine lenders is much larger, at
INR59.6 billion (US$720.78 million), ED said.

The bank had filed a complaint in May against the airline, Goyal,
his wife and a former airline director for "causing wrongful loss"
to the lender, Reuters notes.

Goyal founded Jet Airways in 1992 but shut down operations in April
2019 after running out of cash, recalls Reuters. The airline was
the second largest carrier in India by market share.

In its statement, the agency said that under Goyal's leadership the
airline siphoned off funds to overseas entities in Dubai, Ireland
and other tax havens including the British Virgin Islands.

"(The) ED investigation revealed that in the garb of professional
and consultancy fees, funds to the tune of INR10 billion (US$120.94
million) went towards the personal expenses of Naresh Goyal and his
family members," the statement, as cited by Reuters, said.

                         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.


KALEESWARA GINNING: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of Sri
Kaleeswara Ginning Mills in the 'Issuer Not Cooperating'
category.The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term/         1.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

Sri Kaleeswara Ginning Mills is a proprietorship concern started in
the year 2002 by Mrs. Kokilavani. The concern operates a cotton
ginning, pressing unit in Coimbatore, Tamil Nadu. SKGM is engaged
in separating cotton fibre (lint) from cotton kappas. The cotton
are then packed in bales and sold to customers. The concern
procures BT variety of cotton and DCH variety of cotton from its
suppliers. SKGM operates in two shifts and has 10 employees on
permanent rolls and 20 employees on contractual basis. Mr.
Shanmugam, husband of the proprietor takes care of the overall
operations of the concern.

KSK MINERAL: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term ratings of Ksk Mineral Resources
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        451.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

KMRPL is a special purpose vehicle (SPV) promoted by the Hyderabad
based KSK Group for development of captive coal and lignite mines
for fuel supply to power projects promoted by the group. KMRPL
developed 22 million-ton (MT) Gurha East lignite mine located in
the Bikaner district of Rajasthan, with lignite from the mine being
supplied to 135 MW power project of the group in Rajasthan. This
mine has now been transferred to a different group company. The
company was also involved in the development of the Gare Pelma III
coal mine in Chhattisgarh, before its deallocation by the Supreme
Court order in September 2014.

LAXMI OIL: ICRA Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-term ratings of Laxmi Oil and Vanaspati
Private Limited and Vanaspati Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        30.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 2003 by the Gupta family, LOVPL was taken over by
the current management in June 2011. The company is primarily
engaged in the production of refined rice bran oil, in addition to
blended oil and refined palm oil at its refining unit situated in
Kanpur, Uttar Pradesh. The company has an installed refining
capacity of 30,000 TPA. LOVPL also trades in various edible oils;
however, the scale of the same remains small.


MADHUCON PROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term and short-term rating of Madhucon
Projects Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        425.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         52.05     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         648.00     [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long Term-       194.75      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
   Limits                       'Issuer Not Cooperating'
                                Category

   Short-term        80.20      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Originally incorporated in 1990 as Madhu Continental Constructions
Private Limited and subsequently converted into a listed public
limited company in March 1995, Madhucon Projects Limited (MPL) is
primarily engaged in the road construction and irrigation projects
business. MPL was promoted by Mr. N Seethaiah and Mr. N Krishnaiah.
It is currently engaged predominantly
in construction of roads and irrigation projects.

NAGABHUSHANAM & CO: CARE Assigns C Rating to INR7cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Nagabhushanam & Co (NCC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE C; Stable; Assigned
   Facilities                      

   Long Term/
   Short Term
   Bank Facilities     22.50       CARE C; Stable/CARE A4 Assigned


Rationale and key rating drivers

The rating assigned to the bank facilities of Nagabhushanam & Co
(NCC) is constrained by slow moving orderbook with sectorial and
geographical concentration, declining scale of operation during
period of FY18-FY23 [FY refers to the period April 01 to March 31],
leveraged debt coverage metrics, fragmented nature of construction
sector with tender-based nature of operations and execution
challenges and stretched liquidity position. However, the rating
derives the strength from experience of management in construction
business, inbuilt escalation clause for all the outstanding orders,
comfortable capital structure and stable industry outlook.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Achieving operating income of INR50 crore with operating margin
of 12%

* Ability to effectively manage working capital utilization

Negative factors

* Significant elongation in working capital cycle resulting into
high working capital utilization and thereby exerting pressure
on the liquidity

* Decline in operating margin below 12%

Analytical approach: Standalone

Outlook: Stable

CARE Ratings believes that the entity will continue to benefit from
the extensive experience of the promoters and management in the
industry and that the entity will continue to benefit from its
established relationship with the customers/suppliers.

Detailed description of the key rating drivers:

Key weaknesses

* Slow moving orderbook: As on August 17,2023, NCC has an
outstanding orderbook of INR279.57 crore which translates to 17.43x
gross billing of FY23 (UA), which translates to long term revenue
visibility. However, the entire orderbook is delayed due to delay
in completion of irrigation structure falling in the road
stretches, due to delay in payments from AP Government, delay
in land acquisition and other reasons. The payment from AP
government is expected to be received in Q3FY24.

* Sectorial and Geographical Concentration: All the projects
executed by NCC are concentrated towards roads and bridges work.
About INR199.95 crore (71.25%) of the outstanding orderbook is from
single project in Karnataka. Balance orders are concentrated
towards Andhra Pradesh of INR73.53 crore (26.30%) and Telangana of
INR6.09 crore (2.18%).

* Declining scale of operation during period of FY18-FY23 with
satisfactory profitability: The total operating income (TOI) of NCC
has been in the declining trend to INR16.04 crore in FY23 (UA) from
INR72.67 crore in FY18 is primarily due to delay in execution of
project because of various reasons. Simultaneously, the operating
margin was declined to INR4.51 crore as against INR8.85 crore in
FY18 and Profit After Tax (PAT) is declined to INR0.67 crore in
FY23 (UA) from INR2.97 crore in FY18.

* Leveraged debt coverage metrics: Leveraged debt coverage metrics
are characterized by total debt to GCA of 8.40x as on March 31,
2023 as against 6.44x as on March 31,2019 and PBILDT Interest
coverage ratio of 1.40x in FY23 against 1.82x in FY19.

* Fragmented nature of construction sector with tender-based nature
of operations and execution challenges: The infrastructure sector
in India is highly fragmented and competitive with many small and
mid-sized players. This coupled with tendering process in order
procurement results in intense competition within the industry,
fluctuating revenues, and restrictions in profitability.
Additionally, continued increase in execution challenges including
delays in land acquisition, regulatory clearances, aggressive
bidding, interest rate risk and delays in project due to
environmental clearance are other external factors that affect the
credit profile of industry players. All these are tender- based and
the revenues are dependent on the ability of the company
to bid successfully for these tenders. Profitability margins come
under pressure because of competitive nature of the industry.
However, the promoter's long industry experience of nearly five
decades mitigates this risk to some extent.

Key strengths

* Experienced Management: NCC is operated by two partners Mr. V.
Nagabhushana Rao (Managing Partner) and Mr. V. Visweswara Rao
(Executive Partner). Mr. V. Nagabhushana Rao looks after overall
finance and administration of the firm whereas Mr. V. Visweswara
Rao takes care of daily operations of the firm. Both the partners
are highly qualified with having more than 25 years of experience
in construction business.

* Escalation clause for input prices in contracts: Steel, cement,
concrete, diesel, bitumen, etc, are the major inputs for any
construction entity, the prices of which are volatile. However, NCC
has a price escalation clause in all civil construction projects,
wherein, the burden of price increase is marked-up in the billing
to the client.

* Comfortable capital structure: Debt profile of NCC comprises of
Mobilization advance, term loan and cash credit facility.
Comfortable capital structure is marked by overall gearing of 0.73x
as on March 31,2023 as against 0.99x as on March 31,2019.

* Stable demand outlook due to the thrust of the government on
infrastructure development: Growth in infrastructure is critical
for the development of the economy and hence, the construction
sector assumes a significant role. The sector was marred by varied
challenges during the last few years on account of economic
slowdown, regulatory changes and policy paralysis which had
adversely impacted the financial and liquidity profile of players
in the industry coupled with the Covid-19 pandemic.  The Government
of India has been undertaking several steps for boosting
infrastructure development and reviving the investment cycle in the
segment, which was facing a slowdown for the past couple of years.
The same is expected to drive growth opportunities, subject to the
availability of adequate working capital. Thrust of the government
on infrastructure development is expected to augur well for
construction players with low leverage and demonstrated execution
capabilities, in the medium term. The government initiatives in
road construction such as a build-up of new rural roads and
gradation of existing rural roads, broadening of national highways
and providing connectivity to tribal areas, has offered various
opportunities for construction companies. The India Infrastructure
Sector Market is anticipated to register a CAGR of more than 8.2%
over the next five years. Further, as per the budget for 2023-24,
there has been an increase in capital expenditure on infrastructure
investment by INR33 crore i.e., INR10 lakh crore for 2023-24, which
is 3.3% of GDP.

Liquidity: Stretched

Stretched liquidity of NCC is marked by 100% utilization of cash
credit (CC) facility for past 12 months ended July-2023 with few
instance of over utilization of CC facility due to miss-match in
the cash flow. However, the generation of gross cash accruals (GCA)
of INR2.27 crore as against the repayment of INR1.91 crore.

Nagabhushanam & Co. (NCC) was incorporated as partnership firm in
2001. NCC is managed and promoted by Mr. V. Nagabhushanam Rao
(Managing Partner) and V. Visweswara Rao (Executive Partner). The
firm is engaged into civil contracting and infrastructure
development activities. The firm has expertise in marine
structures, bridges across major rivers and flyovers. The firm is
categorized as "Special Class Civil Contractors" with Govt of AP,
Telangana and Karnataka.


PACIFIC GARMENTS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Pacific
Garments Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         4.72      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         0.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term–        3.75      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 1995 by Mrs. Madhushree Gupta, PGPL is a private
limited company engaged in manufacturing and exporting of women's
garments. The firm's manufacturing unit is in Noida.

PLUTO PLAZA: ICRA Withdraws D Rating on INR35cr Term Loan
---------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Pluto Plaza Private Limited at the request of the company and based
on the No Objection Certificate/Closure Certificate received from
the banker. However, ICRA does not have information to suggest that
the credit risk has changed since the time the rating was last
reviewed. The Key Rating Drivers, Liquidity Position, Rating
Sensitivities.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        35.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Withdrawn
   Term Loan                     

Incorporated in August 2005 as a private limited company, Pluto
Plaza Private Limited (PPPL) is developing a shopping mall
'Plutone' over 3.88 acres of land at Chhend, which is adjacent to
the Ring Road in Rourkela, Odisha. The proposed shopping mall is
likely to host a multiplex, restaurants, food court, shops and an
anchor store. The mall will be partially sold out and the balance
part will be put on rent. The proposed shopping mall-cum-multiplex
is scheduled to start operations from April 2019.


RLJ CONCAST: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the long-term and short-term ratings of RLJ Concast
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        31.01      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        15.60      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category


   Short-term        14.79      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

RLJ processes sponge iron and MS Ingots/billets. Its manufacturing
facility, with an installed capacity of 60,000 tonnes per annum
(TPA), islocated at village Baragaon, Chunar area, District
Mirzapur (Uttar Pradesh). RLJ is promoted by Mr. Arun Kumar Jain,
who has also promoted S.A Iron & Alloys Private Limited, a 90,000
TPA sponge iron unit in Jeevnathpur, Chandauli (Uttar Pradesh). RLJ
has recently set-up an induction furnace with a capacity of 28,800
TPA and a 6MW power generation plant. The projects started
commercial production in October 2016.


S A IRON: ICRA Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has retained the long-term and short-term ratings of S A Iron
& Alloys Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        39.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–        19.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         3.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

SAI is engaged in the processing of sponge iron with an installed
capacity of 90,000 tonnes per annum (TPA) at village Jeevantpur,
Ramngar Industrial Area, District Chanduali (Uttar Pradesh). SAI is
promoted by Mr. Arun Kumar Jain, who has also promoted RLJ Concast
Private Limited (RLJ), a 60,000 TPA sponge iron unit in Baragaon,
District Mirzapur (Uttar Pradesh).


STAGE DOOR: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Stage Door
(SD) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2022, placed the rating(s) of SD under the 'issuer non-cooperating'
category as SD had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SD continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2023, July 20, 2023, July 30, 2023.

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

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

Stage Door (SDR) was established as a society in 1975 under
Societies Registration Act 1860. The society was established with
the aim of promoting arts and culture.

VELAMMAL EDUCATIONAL: ICRA Cuts Rating on INR377.39cr Loan to D
---------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Velammal Educational Trust, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–       105.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long Term        122.39       [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                   Rating downgraded from
                                 [ICRA]B (Stable) and continues
                                 To remain under 'Issuer Not
                                 Cooperating' category

   Long-term–       377.39       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category


Rationale

Material event
The rating downgrade reflects Delay in Debt Repayment as mentioned
in the publicly available sources.

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated in June 2022. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Established in 1986 by Mr. MV Muthuramalingam, Velammal group of
trusts operate over 50 educational institutions including schools,
engineering colleges medical college and hospital and has total
student strength of over 1,00,000. The schools and colleges of the
trust are spread across Tamil Nadu in various districts including
Thiruvallur, Kancheepuram, Sivagangai,
Madurai, Theni & Karur marking a strong foothold in TN in the
education space. Currently, the educational institutions are run
under seven trusts and one private limited company – Velammal
Educational Trust (VET), Velammal Chennai Educational Trust (VCET),
Velammal Madurai Educational Trust (VMET), Veeramakali Memorial
Welfare Trust (VMWT), Ramana Educational Trust (RET), Vallimuthu
Educational Trust, Muthuramalingam Kuncharavalli Educational Trust
(MKET), Learnvel Private Limited.


ZEE ENTERTAINMENT: NCLAT Admits IDBI's Insolvency Plea vs. Company
------------------------------------------------------------------
The Hindu Business Line reports that the National Company Law
Appellate Tribunal (NCLAT) on Aug. 31 issued notice to Zee
Entertainment Enterprises Ltd (ZEEL) in a plea by IDBI Bank to
initiate insolvency proceedings against the company.

Hindu Business Line relates that IDBI Bank, in its plea, said it
was unable to recover unpaid dues of around INR150 crore from Zee.
The tribunal instructed both parties to submit replies and
rejoinders, setting the next hearing for the matter on October 11.


Many banks, including IndusInd, Standard Chartered, Axis Bank and
IDBI, have initiated insolvency proceedings against Zee ahead of
its merger with Sony. So far, Zee has reached a settlement with
IndusInd and Standard Chartered.

IDBI Bank contested the decision of the National Company Law
Tribunal (NCLT) Mumbai Bench, on May 19, after NCLT had denied
IDBI's request to commence insolvency proceedings against Zee, the
report says.

Hindu Business Line, citing the NCLT Mumbai Bench order, says Zee,
the corporate guarantor for a loan taken by Siti Networks (the
principal borrower of IDBI Bank), had defaulted within the
specified period under Section 10A.

However, IDBI Bank contended that the default occurred before the
Section 10A period, thus contesting the NCLT order.

This is one of the many cases against Essel Group, the report
notes. Earlier this month, Punit Goenka, the former MD & CEO of Zee
Entertainment Enterprises Ltd, moved the Securities Appellate
Tribunal (SAT) to challenge a recent confirmatory order issued by
the Securities and Exchange Board of India (SEBI).

In the hearing on Aug. 30, SAT expressed dissatisfaction with
SEBI's order that prohibited Punit Goenka from holding key
managerial positions within Zee group companies.

Based in Mumbai, India, Zee Entertainment Enterprises Limited,
together with its subsidiaries, engages in broadcasting satellite
television channels.




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

HIMALAYAN TRIBAL: Creditors' Proofs of Debt Due on Oct. 3
---------------------------------------------------------
Creditors of The Himalayan Tribal Limited are required to file
their proofs of debt by Oct. 3, 2023, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Geoff Falloon
          Biz Rescue Limited
          Business Recovery and Insolvency Specialists
          PO Box 27
          Nelson 7040


MOKE-MARKS & SONS: Court to Hear Wind-Up Petition on Sept. 12
-------------------------------------------------------------
A petition to wind up the operations of Moke-Marks & Sons Limited
will be heard before the High Court at Rotorua on Sept. 12, 2023,
at 10:00 a.m.

Carters Building Supplies Limited filed the petition against the
company on July 13, 2023.

The Petitioner's solicitor is:

          Philip John Morris
          Stace Hammond Lawyers
          KPMG Building, Level 7
          85 Alexandra Street
          Hamilton 3240


SPADE & SHOVEL: Court to Hear Wind-Up Petition on Sept. 22
----------------------------------------------------------
A petition to wind up the operations of Spade & Shovel Landscaping
Limited will be heard before the High Court at Auckland on Sept.
22, 2023, at 10:00 a.m.

Carters Building Supplies Limited filed the petition against the
company on Aug. 7, 2023.

The Petitioner's solicitor is:

          Philip John Morris
          Stace Hammond Lawyers
          KPMG Building, Level 7
          85 Alexandra Street
          Hamilton 3240


SUMMIT CRANES: Creditors' Proofs of Debt Due on Sept. 29
--------------------------------------------------------
Creditors of Summit Cranes & Industries Limited are required to
file their proofs of debt by Sept. 29, 2023, to be included in the
company's dividend distribution.

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

The company's liquidators are:


          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140




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

CHOPSTICKS AND BIBS: Court to Hear Wind-Up Petition on Sept. 15
---------------------------------------------------------------
A petition to wind up the operations of Chopsticks and Bibs Pte Ltd
will be heard before the High Court of Singapore on Sept. 15, 2023,
at 10:00 a.m.

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

The Petitioner's solicitors are:

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


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

Greenmark Construction Pte Ltd. filed the petition against the
company on Aug. 15, 2023.

The Petitioner's solicitors are:

          Messrs LIMN Law Corporation
          77 High Street
          #07-07 High Street Plaza
          Singapore 179433


HYFLUX CONSUMER: Creditors' Proofs of Debt Due on Oct. 2
--------------------------------------------------------
Creditors of Hyflux Consumer Products Pte. Ltd. are required to
file their proofs of debt by Oct. 2, 2023, to be included in the
company's dividend distribution.

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

The company's liquidators are:

          Cosimo Borrelli
          Jason Aleksander Kardachi
          c/o Kroll Pte Limited
          One Raffles Place, Tower 2
          #10-62, Singapore 048616


THANYAPURA DIGITAL: Creditors' Proofs of Debt Due on Sept. 31
-------------------------------------------------------------
Creditors of Thanyapura Digital Pte. Ltd.,  T Hubs Pte. Ltd.,
Thanyapura Resorts Pte. Ltd., Oceanic Energy Pte. Ltd., and Promax
Offshore Pte. Ltd. are required to file their proofs of debt by
Sept. 31, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Aug. 25, 2023.

The company's liquidators are:

          Mr. Don M Ho
          Mr. David Ho Chjuen Meng
          c/o DHA+ pac
          63 Market Street
          #05-01A Bank of Singapore Centre
          Singapore 048942




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

[*] KOREA: 14 Troubled Public Firms to Cut KRW42T of debt by 2026
-----------------------------------------------------------------
Yonhap News Agency reports that the finance ministry said Sept. 1
it will push to reduce KRW42 trillion (US$31.83 billion) of debt
incurred by 14 financially troubled public companies combined by
2026 through asset sales and organization restructuring in an
effort to improve the fiscal health of the public sector.

Under the financial management plan, the ministry revised up the
target debt amount to be slashed by Korea Electric Power Corp.
(KEPCO) and 13 other troubled state-run firms by 2026 to KRW42.2
trillion from last year's goal of KRW34.1 trillion, according to
the finance ministry, Yonhap relays.

The companies include Korea Railroad Corp., the state power firm
KEPCO's five power-generating affiliates, Korea National Oil Corp.,
Korea Gas Corp. and state housing developer Korea Land Housing
Corp, Yonhap discloses.

In detail, the companies plan to sell non-core assets worth KRW7.5
trillion, beef up capital of KRW10.7 trillion and take other steps
for improvement until 2026.

The measures are expected to bring down the 14 firms debt ratio
from this year's 214.3 percent to 188.8 percent in 2027, the
ministry said.

Yonhap notes that concerns have grown over the further
deterioration of the financial health in the public sector and its
negative impact on the country's overall economy.

According to Yonhap, KEPCO suffered a record high operating loss of
KRW32.63 trillion last year due to higher fuel costs and limited
electricity rate hikes. It has promised a series of self-rescue
measures, including the restructuring of overseas businesses,
property sales and other cost-cutting moves.

Led mostly by KEPCO, 344 Korean state-run firms saw their debt rise
15 percent on-year to KRW670 trillion in 2022, government data
showed.




===============
T H A I L A N D
===============

JKN GLOBAL: Allays Concerns Over Liquidity, Bond Payments
---------------------------------------------------------
Bangkok Post reports that JKN Global Group Plc (JKN) insists its
finances and liquidity remain sound, saying none of the next bond
interest payments will be missed and the company is on track to
meet its revenue target of more than THB3 billion this year.

"The bond payment rescheduling was mainly caused by a liquidity
mismatch and a lack of funding sources," chief executive and
managing director Jakkaphong Jakrajutatip told a briefing on Sept.
1, referring to the announcement on Aug. 31 that JKN cannot fully
pay THB609 million worth of debentures due on Sept. 1.

In a filing to the Stock Exchange of Thailand (SET), the owner of
the Miss Universe Organization (MUO) said it would pay THB156.6
million, consisting of THB146.62 million of principal and 9.98
million in interest, on Sept. 1, Bangkok Post relates.

The payment accounts for 26% of the total, leaving an outstanding
balance of THB443 million on the JKN239A debentures.

"We have cash of THB156.6 million for the bond payment. For those
who will be paid later, they will receive interest for the delay
and Asia Plus Securities, the bondholder representative, will
contact them by Sept 11 for more details," the report quotes Ms
Jakkaphong as saying.

JKN239A is the first tranche of JKN's seven series of bonds worth a
combined THB3.36 billion.

Bangkok Post says the next interest payment is due on Sept. 11,
followed by Oct. 20 and Nov. 10, 13, 15 and 24.

The other six tranches of bonds are worth THB300 million, THB578.6
million, THB400 million, THB800 million, THB525 million and
THB156.6 million, with maturity dates in 2024 and 2025.

"All of the next bond interest payments remain intact. We are
looking at various sources of funding, with backup plans in place,"
said Ms Jakkaphong.

Hosting the 72nd Miss Universe pageant in the fourth quarter should
allow JKN to achieve its 2023 revenue target, she said.

According to Bangkok Post, the content distributor and media buying
company posted revenue of THB1.5 billion in the first six months of
this year, up 51% year-on-year, with net profit growing 33% to
THB102 million.

"In the second half, we expect a significant growth of revenue
thanks to the expansion of our MUO business of related products and
services," said Ms. Jakkaphong.

JKN is introducing drinks as well as skincare and spa products. The
company also diversified to the tour business, which is expected to
launch in the fourth quarter. According to the report, Yuanta
Securities said JKN's revenue in the first half was below its
forecast, prompting Yuanta to downgrade its 2023 target.

Moreover, expansion of the MUO business and diversification
requires a significant amount of money, potentially affecting JKN's
liquidity, said the brokerage.

JKN expects to gain more revenue from the pageant business in El
Salvador, projected at THB566 million in the second half, up from
THB230 million in the first six months, Bangkok Post adds.

                           About JKN Global

JKN Global Group PCL (BKK:JKN) -- https://jknglobalgroup.com/--
together with its subsidiaries, engages in content distribution
business in Thailand. It operates through five segments: Sales of
Program Rights, Advertising Services, Sale of Products, Miss
Universe License Management Business, and Other Business. The
company is involved in the distribution of contents of the movies,
series, and documentaries; and production and distribution of
non-alcoholic beverages. It also provides advertising services;
offers television stations; engages in the manufacture and
distribution of health, beauty, and consumer products; and produces
and distributes television programs that granting the copyright to
the Miss Universe pageant and relating to the Miss Universe
pageant's activities. In addition, the company offers studio
leasing, costume rental, and artist management services, as well as
organizes events; and retail sale through mail order, television,
radio, and telephone. It also exports its products. The company was
formerly known as JKN Global Media Public Company Limited and
changed its name to JKN Global Group Public Company Limited in May
2022.


JKN GLOBAL: Partially Pay Interest, Principal for Bonds Due Sept 1
------------------------------------------------------------------
JKN Global Group Public Company Limited announced on Aug. 31 that
according to the Debentures of JKN Global Group Public Company
Limited No. 2/2563 Due B.E. 2023 ("JKN239A Debentures"), the
maturity date of the JKN239A Debenture is on September 1, 2023,
having the total amount of principal and interest of
THB609,981,369.86. However, the Company has in encountered
challenges effecting the full repayment of the principal and
interest to the debenture holderson the prescribed maturity date as
the financial liquidity management of the Company is not in line
with the expected forecast. In this light, the Company has
considered various sources of funding, however, the negotiations
with relevant partners have failed to reach outcomes in line with
Company's expectations. The negotiations reached a negative
conclusion during a period which occurred in proximity to the
maturity date of the JKN239A Debentures, causing the Company to
reevaluate the repayment plan and the management of the Company's
financial liquidity for the benefit of the Company and all involved
parties.

However, the Company is prepared to effect a partial repayment
consisting of THB148,050,000 in principal and THB9,981,369.86in
interest, totaling THB158,031,369.86on the maturity date (September
1, 2023). This transaction will leave an outstanding balance of
THB451,950,000. Therefore, this event diverges from the terms and
conditions of the rights and obligations of the debenture issuer
and debenture holders for the Debentures of JKN Global Media Public
Company Limited No. 2/2563 Due B.E. 2023, in which the debenture
issuer has the right to redeem before maturity pursuant to the
Medium Term Note Program 2020. The maximum for the debenture's loan
is at THB2,500,000,000 on a revolving basis (which includes the
increase in the offering amount (if any) as further disclosed in
69-SupplementForm) ("Terms of Rights).

In this regard, the abovementioned event has not obliged the
Company to immediately pay debts under the JKN239A Debentures. The
Terms of Rights prescribes that, in the event of default of debt
repayment under such debentures, the procedure shall be executed in
accordance with the Terms of Rights including; (1) the exercise of
discretion by the debenture holders' representative to demand
repayment of debts under JKN239A Debentures by the Company; (2) the
written petition from one or multiple debenture holder(s) holding
debenture or collectively hold debentures of not less than 50
percent of the total unredeemed debentures, as received by
debenture holders' representative; or (3) the receipt of resolution
of the meeting of debenture holders, formally declaring the Company
in default and requiring the immediate maturity of the debentures,
as received by debenture holders' representative.

To redress this situation, the Company has prepared a debt
repayment plan for JKN239A Debentures which shall be presented to
the meeting of JKN239A Debenturesholders, which the Company has
scheduled for September 29, 2023, for approval to: (1) the
debenture principal and interest repayment plan, the amendment to
the Terms of Rights, including the amendment of any other relevant
documents; and (2) a formal request for a waiver to regarding the
prevailing default in principal and interest repayment as an
exception to the event of default under the purview of the Terms of
Rights,and a proposal of conditions requisite to forestall the
immediate debenture repayment (Call Default). In the event of
approval by the meeting of debenture holders, the Company is within
firm believe in its capacity to uphold the repayment plan
pertaining to principal and interest obligations according to the
prospective plan.

The Company does not adopt a lax stance in relation to the default
pertaining to the repayment of principal, and the Company confirms
and reiterates its commitment underpinned by unwavering trust, to
the irrevocable intention of effecting the complete repayment of
both principal and interest attached to the JKN239A Debenture,
alongside any other debentures issued by the Company. The Company
is considering all terms and conditions of the rights and
obligations of the debenture issuer and debenture holders,
including the terms under the financial agreement or any other
relevant agreements. The Company is committed to subsequently
notifying you of the resolution of JKN239A debenture holders'
meeting, including the evaluation of the consequential implications
of the aforementioned resolution.

                           About JKN Global

JKN Global Group PCL (BKK:JKN) -- https://jknglobalgroup.com/--
together with its subsidiaries, engages in content distribution
business in Thailand. It operates through five segments: Sales of
Program Rights, Advertising Services, Sale of Products, Miss
Universe License Management Business, and Other Business. The
company is involved in the distribution of contents of the movies,
series, and documentaries; and production and distribution of
non-alcoholic beverages. It also provides advertising services;
offers television stations; engages in the manufacture and
distribution of health, beauty, and consumer products; and produces
and distributes television programs that granting the copyright to
the Miss Universe pageant and relating to the Miss Universe
pageant's activities. In addition, the company offers studio
leasing, costume rental, and artist management services, as well as
organizes events; and retail sale through mail order, television,
radio, and telephone. It also exports its products. The company was
formerly known as JKN Global Media Public Company Limited and
changed its name to JKN Global Group Public Company Limited in May
2022.



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***