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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 11, 2023, Vol. 26, No. 182

                           Headlines



A U S T R A L I A

ANGLE ASSET 2023-2P: Moody's Gives (P)B2 Rating to Class G Notes
BELLA ROSE: Second Creditors' Meeting Set for Sept. 14
FENTON & FENTON: Berkowitz Furniture Acquires Company
LIGHT TRUST 2023-1: S&P Assigns BB(sf) Rating on Class E Notes
MANRAGS HOLDINGS: First Creditors' Meeting Set for Sept. 14

OG EMPLOYEES: Second Creditors' Meeting Set for Sept. 14
PEPPER RESIDENTIAL 38: Moody's Assigns B2 Rating to Class F Notes
PORT OF NEWCASTLE: S&P Lowers ICR to 'BB+' on Weaker Financials
PROJECT FITOUT: Second Creditors' Meeting Set for Sept. 14
RESIMAC TRIOMPHE 2023-1: S&P Assigns B+(sf) Rating on Cl. F Notes

SARVELLO FINE: First Creditors' Meeting Set for Sept. 14
SOUND BREWING: Goes Into Administration
SUN CABLE: Singapore Solar Project is Viable, Cannon-Brookes Says


C H I N A

CHENGDU AEROTROPOLIS: Fitch Alters Outlook on 'BB+' IDR to Stable
CHENGDU AIRPORT: Fitch Alters Outlook on 'BB+' Rating to Stable
CHINA EVERGRANDE: Delays Decision on Offshore Debt Restructuring
COUNTRY GARDEN: Upcoming Debt Payments Stir Worries to Creditors
HENAN ZHONGYUAN: Fitch Affirms 'BB+LongTerm IDRs, Outlook Stable

WEST CHINA CEMENT: Fitch Lowers LongTerm IDR to 'BB-', Outlook Neg.


I N D I A

AIRCEL CELLULAR: ICRA Keeps D Debt Ratings in Not Cooperating
AIRCEL LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
AIRCEL SMART: ICRA Keeps D Debt Ratings in Not Cooperating
ANAND DISTILLERIES: Liquidation Process Case Summary
BUILDMET PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating

CANDID MERCANTILE: Voluntary Liquidation Process Case Summary
CHIRAG AGROFINS: ICRA Keeps D Debt Rating in Not Cooperating
COFFEE DAY: IDBI Trusteeship Files Insolvency Proceedings vs. Firm
CORNERSTONE SECURITIES: Voluntary Liquidation Process Case Summary
CYBERWALK TECH: ICRA Keeps D Rating in Not Cooperating Category

DBL KIDSKART: Voluntary Liquidation Process Case Summary
DUSMER TOOLS: ICRA Keeps C+ Rating in Not Cooperating Category
EROSE RETAIL: Voluntary Liquidation Process Case Summary
GEMINI ARTS: Liquidation Process Case Summary
J.K. PRIME INVESTMENT: Voluntary Liquidation Process Case Summary

JAGDAMBA INDUSTRIES: Insolvency Resolution Process Case Summary
JAMMU AND KASHMIR: Insolvency Resolution Process Case Summary
KARNA INTERNATIONAL: ICRA Moves B Debt Rating to Not Cooperating
KERALA INFRASTRUCTURE: Fitch Alters Outlook on 'BB' IDR to Stable
MANAPPURAM FINANCE: Fitch Affirms BB- LongTerm IDRs, Outlook Stable

MANIDHARI STAINLESS: Insolvency Resolution Process Case Summary
MAXPRO HOMECARE: Insolvency Resolution Process Case Summary
MURUGAN FLOUR: ICRA Keeps D Debt Rating in Not Cooperating
MUTHOOT FINANCE: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
NANDLAL KAMAL: Liquidation Process Case Summary

NIRANKAR COTTEX: ICRA Withdraws B+ Rating on INR12.76cr LT Loan
OCEAN CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
PANDHE INFRACONS: Liquidation Process Case Summary
PAVANSUT PAPER: ICRA Lowers Rating on INR8.50cr LT Loan to D
PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating Category

REGAL FINANCE: Voluntary Liquidation Process Case Summary
RELIANCE BIG: Insolvency Resolution Process Case Summary
RGTL INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
RSA MINING: Insolvency Resolution Process Case Summary
SABARI TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating

SHRIRAM FINANCE: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
THREE LEAF: Insolvency Resolution Process Case Summary
TIJARIA POLYPIPES: ICRA Lowers Rating on INR56.27cr Loan to D
TOPAKI MEDIA: Insolvency Resolution Process Case Summary
TRIUMPH WIRES: ICRA Lowers Rating on INR5cr LT Loan to D

UTTARAYAN FOODS: ICRA Keeps C+ Debt Ratings in Not Cooperating
VERIFONE INDIA: Voluntary Liquidation Process Case Summary
VIKHYAT HOLDINGS: Voluntary Liquidation Process Case Summary
VINAYAK VINIYOG: Voluntary Liquidation Process Case Summary


J A P A N

RAKUTEN GROUP: S&P Affirms 'BB' LongTerm ICR, Outlook Negative


M O N G O L I A

GOLOMT BANK: Moody's Affirms 'B3' Issuer & Deposit Ratings


N E W   Z E A L A N D

AVEC WHOLESALERS: Creditors' Proofs of Debt Due on Oct. 16
CUSTOM CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 29
EXCELERATE BUSINESS: Court to Hear Wind-Up Petition on Sept. 22
R MANINANG: Court to Hear Wind-Up Petition on Sept. 14
RUAPEHU ALPINE: RSSA Submits New Proposal to Restore Ski Operator

WILLIAM SLATER: Thomas Lee Rodewald Appointed as Receivers


S I N G A P O R E

GS OF A SINGAPORE: Creditors' Proofs of Debt Due on Oct. 9
HANSIN TIMBER: Commences Wind-Up Proceedings
MR GREEN: Court to Hear Wind-Up Petition on Sept. 22
PARKSON RETAIL: Unit Served with Amended Claims
SAIL INTERNATIONAL: Creditors' Meetings Set for Sept. 27

TIONG AIK: Creditors' Meetings Set for Sept. 22
YONGNAM ENGINEERING: Unit Gets Letter of Demand for Three Loan


V I E T N A M

BIM LAND: Moody's Cuts CFR to B3 & Senior Unsecured Notes to Caa1
BINH SON REFINING: Fitch Gives 'BB' FirstTime IDR, Outlook Positive
VIETNAM ELECTRICITY: Fitch Affirms 'BB' Foreign Currency IDR


X X X X X X X X

SUPERTHARRM ENGINEERS: Liquidation Process Case Summary

                           - - - - -


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

ANGLE ASSET 2023-2P: Moody's Gives (P)B2 Rating to Class G Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to ABS notes to be issued by Perpetual Corporate Trust
Limited as trustee of Angle Asset Finance - Radian Trust 2023-2P.

Issuer: Perpetual Corporate Trust Limited as trustee of Angle Asset
Finance - Radian Trust 2023-2P

AUD196.0 million Class A Notes, Assigned (P)Aaa (sf)

AUD17.5 million Class B Notes, Assigned (P)Aa2 (sf)

AUD10.0 million Class C Notes, Assigned (P)A2 (sf)

AUD6.75 million Class D Notes, Assigned (P)Baa2 (sf)

AUD7.25 million Class E Notes, Assigned (P)Ba1 (sf)

AUD3.0 million Class F Notes, Assigned (P)B1 (sf)

AUD2.5 million Class G Notes, Assigned (P)B2 (sf)

The AUD7.0 million Seller Notes are not rated by Moody's.

Angle Asset Finance - Radian Trust 2023-2P is a securitisation of
auto and equipment loans and operating leases originated by A.C.N
603 303 126 Pty Ltd trading as Angle Asset Finance (unrated, Angle
Asset Finance). The obligors in the pool are mainly
small-to-medium-sized enterprises (SME), and also include
corporates and government entities, all domiciled in Australia. The
underlying assets relating to the receivables include, among
others, motor vehicles (48.9%), wheeled equipment (29.4%) and other
specialised equipment (14.8%).

Angle Asset Finance originated all the receivables in this
portfolio, with 90.9% and 9.1% originated via broker and vendor
channels, respectively. All receivables are serviced by Garrison
Lending Operations Pty Limited (unrated), a wholly owned subsidiary
of Angle Asset Finance.

Angle Asset Finance is a non-bank lender providing asset financing
to SMEs, corporates and government entities via brokers and vendor
relationships. Angle Asset Finance has been in operation since
October 2019, and started originating auto and equipment loans to
SMEs via brokers in significant volumes from October 2020. As of
June 30, 2023, its assets under management totalled around AUD1.4
billion. Angle Asset Finance is privately owned by Cerberus Capital
Management LLC (Cerberus) as a majority shareholder.

RATINGS RATIONALE

The provisional ratings take into account, among other factors, (1)
Moody's evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity facility in
the amount of 1.4% of all notes excluding the Seller Notes; (5) the
legal structure; (6) experience of Garrison Lending Operations Pty
Limited as servicer; and (7) the presence of Perpetual Corporate
Trust Limited as the back-up servicer.

According to Moody's, the transaction benefits from high level of
excess spread. The portfolio yield of 9.6% - relative to the
transaction expenses - results in a high level of excess spread
available to cover losses arising from the portfolio.

The key weakness in the transaction is the limited availability of
historical data. Angle Asset Finance started its originations via
brokers in January 2020, with significant volumes only beginning in
October 2020. Its originations via vendors started in August 2021.
As such, the performance of this portfolio could be subject to
greater variability in the future than the historical performance
to date indicates.

TRANSACTION STRUCTURE AND POOL CHARACTERISTICS

Key transactional features are as follows:

-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date, all notes, excluding the Seller Notes, will receive
their pro-rata share of principal, provided step-down conditions
are satisfied. These include, among others, no unreimbursed
charge-offs and payment date occurring prior to the call option
date. If step-down conditions are no longer met, the repayment of
principal will revert to sequential.  The call option date will
occur on the earlier of payment date in September 2026 and the
invested amount of the notes falling below, or equal to, 10% of the
initial invested amount of the notes.

-- National Australia Bank Limited  (Aa3/P-1/Aa2(cr)/P-1(cr)) will
provide a fixed rate swap in the transaction. The swap will hedge
the interest rate mismatch between the assets bearing a fixed rate
of interest, and floating rate liabilities. As at closing, the
total swap notional will correspond to all notes, other than the
Seller notes. The balance of the swap will follow a schedule based
on amortisation of the assets assuming a certain prepayment rate.

Key pool features are as follows:

-- The pool has a weighted average seasoning of 6.5 months.

-- The proportion of loans with a balloon payment is 29.7%.

-- Interest rates in the portfolio range from 1.4% to 17.9%, with
a weighted average interest rate of 9.6%.

MAIN MODEL ASSUMPTIONS

Moody's portfolio credit enhancement ("PCE") is 24%. Moody's
expected default rate for this transaction is 5% and expected
recovery is 24%, resulting in an expected loss of around 3.8%.

The expected loss captures Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario. The expected default rate, recovery and
PCE are parameters used by Moody's to calibrate its lognormal
portfolio loss distribution curve and to associate a probability
with each potential future loss scenario in Moody's cash flow
model.

Moody's have estimated expected default rate, recovery and PCE for
this deal on the basis of limited historical write-off data
available to us and performance of comparable receivables in the
market. Moody's asset assumptions also reflect qualitative analysis
including portfolio characteristics, the limited operational track
record of Angle Asset Finance as an originator and servicer and the
current economic environment in Australia.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Equipment
Lease and Loan Securitizations Methodology" published in September
2022.

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

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

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


BELLA ROSE: Second Creditors' Meeting Set for Sept. 14
------------------------------------------------------
A second meeting of creditors in the proceedings of Bella Rose Kare
Pty Ltd has been set for Sept. 14, 2023 at 11:00 a.m. at Level 29,
360 Collins Street in Melbourne and via virtual meeting
technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 12, 2023 at 5:00 p.m.

Daniel Peter Juratowitch of Cor Cordis was appointed as
administrator of the company on Aug. 10, 2023.


FENTON & FENTON: Berkowitz Furniture Acquires Company
-----------------------------------------------------
News.com.au report that a failed Australian furniture retailer has
been saved at the last minute in a white knight rescue that will
see customer orders honoured.

Last month, news.com.au reported that Fenton & Fenton, a
Melbourne-based homewares boutique, had entered into liquidation.

News of its collapse sparked concern from customers who were
worried they wouldn't receive the furniture they had already paid
thousands of dollars for.

But on Sept. 8, another major furniture seller has announced that
they are taking over the business, news.com.au relates.

According to news.com.au, the owner of another Melbourne-based
homewares brand, Berkowitz Furniture, Peter Berkowitz, said that
his family group will acquire Fenton & Fenton.

The business will continue to operate, with Berkowitz Furniture
acting as the parent company.

News.com.au relates that the Berkowitz family said they were
"committed to supporting current Fenton & Fenton customers" and
that they would do so by fulfilling orders "where possible" and
honouring gift cards "with some conditions".

"I'm shocked! Awaiting my order . . . not sure I'll see it now,"
one customer posted on social media when Fenton & Fenton first went
into liquidation, while another asked "Just wondering if you will
be honouring outstanding credit notes now that you have gone into
liquidation?"

Anyone with an order can contact hello@fentonandfenton.com.au for
more information.

According to news.com.au, Lucy Fenton, the eponymous founder of
Fenton & Fenton, is being kept on at the new furniture business in
a creative director role "to maintain brand integrity".

However, a Berkowitz Furniture spokesperson would not confirm if
other staff would be retained.

"The Berkowitz team will be establishing a team to run Fenton &
Fenton," they told news.com.au.

"There are positions that may be filled by former Fenton & Fenton
staff, but no decisions have been made at this stage."

They also would not confirm if they had absorbed all the debts of
the failed retailer, and said this was a matter for the liquidators
at EY to comment on further, news.com.au relates.

"We are delighted to be able to continue the Fenton & Fenton story,
given how much support this interior design icon has in Melbourne,
and across the country," news.com.au quotes Peter Berkowitz as
saying in a statement.

"We bring five generations of experience to this new partnership,
along with the trust we have earned here in Melbourne over more
than a century."

Berkowitz Furniture has been in business since 1912 when its
founder Samuel Berkowitz started a small cabinetmaking business in
London before migrating to Australia.


LIGHT TRUST 2023-1: S&P Assigns BB(sf) Rating on Class E Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven classes
of prime residential mortgage-backed securities (RMBS) issued by
Perpetual Corporate Trust Ltd. as trustee for Light Trust 2023-1.
Light Trust 2023-1 is a securitization of prime residential
mortgages originated by Heritage and People's Choice Ltd. (trading
as Heritage Bank and People's Choice Credit Union; HPC).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support for the rated notes
comprises note subordination and lenders' mortgage insurance on
20.36% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available excess spread (subject to conditions),
principal draws, and a liquidity facility equal to 1.00% of the
outstanding note balance are sufficient under its stress
assumptions to ensure timely payment of interest.

-- The benefit of a standby fixed- to floating-rate interest-rate
swap to be provided by Westpac Banking Corp. to hedge the mismatch
between receipts from any fixed-rate mortgage loans and the
variable-rate RMBS.

-- The legal structure of the trust, which is established as a
special-purpose entity, and meets S&P's criteria for insolvency
remoteness.

  Ratings Assigned

  Light Trust 2023-1

  Class A, A$920.00 million: AAA (sf)
  Class AB, A$40.00 million: AAA (sf)
  Class B, A$17.0 million: AA (sf)
  Class C, A$11.5 million: A (sf)
  Class D, A$5.00 million: BBB (sf)
  Class E, A$3.00 million: BB (sf)
  Class F, A$3.50 million: Not rated


MANRAGS HOLDINGS: First Creditors' Meeting Set for Sept. 14
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Manrags
Holdings Ltd. will be held on Sept. 14, 2023, at 3:00 p.m. via
teleconference only.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Sept. 4, 2023.


OG EMPLOYEES: Second Creditors' Meeting Set for Sept. 14
--------------------------------------------------------
A second meeting of creditors in the proceedings of OG Employees
Nsw Pty Ltd has been set for Sept. 14, 2023 at 11:00 a.m. at the
offices of Vincents at Level 14, 25 Martin Place in Sydney and via
Zoom.

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. 13, 2023 at 4:00 p.m.

Henry McKenna and Nick Combis of Vincents were appointed as
administrators of the company on Aug. 10, 2023.


PEPPER RESIDENTIAL 38: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes to be issued by Permanent Custodians Limited as
trustee of Pepper Residential Securities Trust No. 38.

Issuer: Permanent Custodians Limited as trustee of Pepper
Residential Securities Trust No. 38

AUD637.50 million Class A1 Notes, Assigned Aaa (sf)

AUD110.50 million Class A2 Notes, Assigned Aaa (sf)

AUD56.95 million Class B Notes, Assigned Aa2 (sf)

AUD5.10 million Class C Notes, Assigned A2 (sf)

AUD14.45 million Class D Notes, Assigned Baa2 (sf)

AUD7.65 million Class E Notes, Assigned Ba2 (sf)

AUD11.05 million Class F Notes, Assigned B2 (sf)

The AUD6.80 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of residential mortgage loans
originated by Pepper Homeloans Pty Limited (Pepper Homeloans,
unrated) and serviced by Pepper Money Limited (Pepper, unrated).
Pepper is an Australian non-bank lender, traditionally specializing
in non-conforming residential lending, with a broad geographical
presence and a national distribution network.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

-- Evaluation of the underlying receivables and their expected
performance;

-- Evaluation of the capital structure and credit enhancement
provided to the notes;

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

-- The liquidity facility in the amount of 1.5% of the notes
balance with a floor of AUD1,275,000;

-- The experience of Pepper as the servicer; and

-- The back-up servicer available in this transaction (BNY Trust
Company of Australia Limited).

According to Moody's, transaction benefits from credit strengths
such as relatively high subordination to the senior notes,
retention mechanism and a yield enhancement reserve. However,
Moody's notes that the transaction features some credit weaknesses
such as a portion of the portfolio extended to borrowers with prior
credit impairment (21.8%), loans granted to self-employed borrowers
(47.4%) and loans underwritten on an alternative documentation
basis (39.9%).

Moody's Individual Loan Analysis (MILAN) stressed loss for the
collateral pool — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 7.5%. Moody's median expected loss for this transaction is 1.3%,
which represents a stressed, through-the-cycle loss relative to
Australian historical data.

The key transactional features are as follows:

-- Junior notes provide 25.0% initial subordination to the Class
A1 Notes, and 12% initial subordination to the Class A2 Notes. The
subordination in excess of the MILAN stressed loss provides
additional credit support in the event that portfolio performance
is worse than expected.

-- Principal collections will be distributed on a sequential basis
at first with A1 and A2 Notes paid on a pro-rata basis prior to the
call option date, and fully sequential on or after the call option
date. Starting from the second anniversary from closing, all notes
(other than the Class G Notes) may participate in proportional
principal collections distribution, subject to the step-down
criteria being satisfied. The step-down criteria include, among
others, no charge-offs that remain unreimbursed on any of the notes
and at least double the initial subordination to the Class A2
Notes. While any of the other notes are outstanding, the Class G
Notes' share of principal will be allocated in reverse sequential
order starting from the Class F Notes.

-- A yield enhancement reserve account will be funded by trapping
excess spread at a rate of 0.3% per annum of the outstanding
principal balance of the portfolio, subject to a maximum balance of
AUD1.7 million. While the Class A1, Class A2 and Class B Notes are
outstanding, the reserve is available to meet the required
payments.
The key portfolio characteristics are as follows:

-- The portfolio has a weighted average scheduled loan-to-value
(LTV) ratio of 68.8%, and a relatively high proportion of loans
(24.2%) with scheduled LTV above 80%.

-- The portfolio has a weighted-average seasoning of 17.8 months.

-- Based on Moody's classification, investment loans represent
32.6% of the portfolio.

-- Loans with an interest only term of up to 5 years represent
18.4% of the portfolio.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations methodology" published in July
2023.

This methodology relates to Australian transactions.

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

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. The Australian jobs
market and housing market are major drivers of performance. Other
reasons for worse performance than Moody's expects include poor
servicing, error on the part of transaction parties, deterioration
in credit quality of transaction counterparties, fraud and lack of
transactional governance.


PORT OF NEWCASTLE: S&P Lowers ICR to 'BB+' on Weaker Financials
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
rating on Port of Newcastle Investments (Financing) Pty Ltd. (PONF)
to 'BB+' from 'BBB-'. S&P has assigned a recovery rating of '3'
(average recovery) to the company's senior secured debt. PONF is
the financing vehicle of the PON group.

The stable outlook reflects a recovery in coal volumes from fiscal
2024, relatively flat interest costs in the next two years, and
ceasing returns to shareholders that will help maintain the ratio
of FFO to debt at close to 6% at least.

S&P said, "The downgrade reflects PON's high debt levels relative
to our earnings projections for the next few years. We now see a
very low probability of previously planned equity support to reduce
debt at the company due to divergent views of the two shareholders.
In our view, China Merchants Ports Holdings (CMPH) is likely to
provide equity support only on a project-to-project basis rather
than debt reduction. The other 50% shareholder, The Infrastructure
Fund (TIF), is more flexible to support PON. We estimate PONF's
debt will remain steady at A$850 million-A$860 million until fiscal
2025 (ending December 31).

"Further, cash flow in fiscals 2023-2025 will be weaker due to
significantly higher interest costs and lower coal volumes than we
previously expected. Despite moderation of capital expenditure
(capex) and cessation of any form of shareholder returns for the
next two years, debt should remain stable. This will see the
company's ratio of FFO to debt at 5.5%-6.5% over fiscals
2023-2025."

Elevated interest costs will weigh on PON's financial profile in
the next three to five years. This risk was known after the
refinancing in November 2022 and the company expected to manage
this by reducing debt via equity support, which is unlikely now.
Cash interest paid on senior secured debt in fiscal 2022 was A$44.5
million, and we forecast this will rise by 50% in fiscal 2023 and
by 70% in fiscal 2024. The increase is due to higher base rates, a
lower average level of interest-rate hedging until recently, and
higher margin/swap costs after recent refinancing. The rise in
interest costs will outweigh the modest growth in EBITDA (A$100
million in fiscal 2023 growing to A$125 million by 2025) and weigh
on the company's financial metrics.

PON did not pay any interest on its shareholder loans or make
distributions to shareholders in fiscal 2022 due to weaker
earnings. Management has confirmed that this restraint will
continue in fiscals 2023 and 2024, with partial resumption of
shareholder returns in fiscal 2025, subject to the level of
earnings, capex, and management's leverage targets.

PON is looking at other ways to improve earnings, but these are yet
to be proven. We will assess these developments once they are
implemented and in the context of future capex and approach to
shareholder returns. Port tariffs can change due to variation in
coal volumes and rising operating costs, but such changes could
take time to implement due to consultation with port users. Other
avenues are improving the non-coal trade by attracting smaller
container ships or vehicle carriers through the recently enhanced
facilities at the Mayfield multipurpose berth. The benefit to PON's
financial profile will depend on the uplift to earnings, its
sustainability, capex, and level of debt reduction.

While PON has a captive coal export trade from the Hunter Valley
region, its balance sheet has limited capacity to withstand
material variation in coal volumes. Coal trade accounts for about
60% of revenue, and the bulk of this income comes from ship
navigation charges. Ship calls and size vary with coal volumes.
Extreme rain events over much of fiscal 2022 restricted coal
volumes to about 140 million tons per annum (mtpa), lower than
historic highs of more than 160 mtpa. Coal volumes are forecast at
140 mtpa in fiscal 2023 and 155 mtpa in fiscal 2024. PON expect
volumes at 150 mtpa-155 mtpa over the next five years, and this
could see a slow decline over the next decade as Asian countries
reduce reliance on coal-fired power generation. As a result, PON
may have to reduce its debt sooner rather than later.

Capex delays have hit PON's direction and pace of trade
diversification. Trade diversification is important to gradually
reduce reliance on coal and have continued access to cost-effective
capital. PON curtailed its capex in fiscals 2022 and 2023 due to
weaker cash flow. While some enhancements were made at the Mayfield
berth in 2022, PON believes it needs significant berth extensions
to meaningfully increase container and other bulk trade over time
to reduce reliance on coal. Cash flow through organic growth in
coal and other trade may not be adequate to undertake substantial
capex to position the port for long-term growth without affecting
the port's financial metrics.

Alignment of shareholder objectives and support will be important
to PON's medium- to long-term business risk profile. In S&P's view,
the port has good infrastructure and rail links to transition away
from coal through timely investment and to consolidate its business
risk profile. The port is nominated as an "Energy Precinct" under
the federal government's energy transition plan, but this will
likely need a reasonable level investment by the port alongside
potential government grants.

In addition, the recent lifting of restrictions under the Port
Commitment Deed by the New South Wales government paves the way for
growing container volumes through PON, provided any compensation
required to be paid to the state is fulfilled. The compensation
estimate will be provided by an independent expert sometime in 2024
and will most likely require equity support should the option be
taken up by PON.

The stable outlook on PONF is based on coal volumes staying within
our forecast range (140 mtpa-150 mtpa) to support earnings, and
interest costs remaining stable over the next few years. In
addition, we expect the company to tightly manage its capex and
keep shareholder returns suspended, including interest on
shareholder loans over the next two years, to maintain steady debt
levels. These measures should see the company's ratio of FFO to
debt at 5.5%-6.5% until fiscal 2025.

Potential measures to improve cash flow are not currently factored
into our assessment and we will consider them once they are
implemented, alongside revised capex and shareholder return
expectations, if any.

S&P will lower the rating on PONF if its ratio of FFO to debt were
to drop below 5% on a sustained basis and no tangible measures are
taken to support the balance sheet, such as equity injection.
Financial metrics could come under pressure if:

-- Coal volumes were to decline steadily, and lost earnings are
not offset by other avenues such as tariff adjustments;

-- Operational expenditure or capex were to increase faster than
income to improve trade diversification; or

-- Unexpected changes to shareholder distributions or tax
increases relative to S&P's forecasts.

S&P said, "We would upgrade PONF if appropriate actions were taken
to lift the ratio of FFO to debt to above 7.5% with some buffer,
and there is a commitment to maintain the metrics at that level on
an ongoing basis. An upgrade would also be contingent on a sound
strategy to significantly improve cash flow to fund capex (to
support trade diversification) on an ongoing basis and reduce
debt."

ESG factors are moderately negative to PON's credit quality due to
its significant exposure to the coal sector.

Environmental factors are most pertinent due to the company's
commodity concentration in coal. Demand for thermal coal could
present a challenge if Asian countries transition more quickly than
S&P expects from coal-based electricity generation to other forms
of generation. If this occurs, it will have negative knock-on
effects on coal volumes.

PON is also exposed to the impact of weather events on the coal
mines it serves. An example of this is the widespread flooding in
the Hunter Valley region in 2022 and 2023, which hit the region's
coal producers and resulted in lower export volumes.

As a landlord port, PON is less exposed to social factors than
operating ports because it is not responsible for landside
operations. This means the port has far more limited exposure to
potential industrial action than operating ports. S&P assesses the
company's governance as satisfactory.


PROJECT FITOUT: Second Creditors' Meeting Set for Sept. 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of Project Fitout
Melbourne Pty Ltd has been set for Sept. 14, 2023 at 10:30 a.m. via
electronic means.

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. 13, 2023 at 4:00 p.m.

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


RESIMAC TRIOMPHE 2023-1: S&P Assigns B+(sf) Rating on Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2023-1. RESIMAC Triomphe Trust - RESIMAC Premier
Series 2023-1 is a securitization of prime residential mortgage
loans originated by RESIMAC Ltd. (RESIMAC).

The credit risk of the underlying collateral portfolio and the
credit support provided to each rated class of notes are
commensurate with the ratings assigned. Subordination and lenders'
mortgage insurance (LMI) cover provide credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account RESIMAC's underwriting standards and
approval process, which are consistent with industrywide practices;
the strong servicing quality of RESIMAC; and the support provided
by the LMI policies on 18.3% of the portfolio.

The rated notes can meet timely payment of interest, and ultimate
payment of principal under the rating stresses.

Key rating factors are the level of subordination provided, the LMI
cover, the cross-currency swap, the liquidity facility, the
principal draw function, and the provision of an extraordinary
expense reserve. S&P's analysis is on the basis that the notes are
fully redeemed by their legal final maturity date and it does not
assume the notes are called at or beyond the call date.

S&P's ratings also take into account the counterparty exposure to
Sumitomo Mitsui Banking Corp. as cross-currency swap provider and
liquidity facility provider as well as Westpac Banking Corp. as
bank account provider.

A cross-currency swap is provided to hedge the Australian dollar
receipts from the underlying assets and the yen payments on the
class A1 notes. The transaction documents for the cross-currency
swap and liquidity facility include downgrade language consistent
with S&P Global Ratings' counterparty criteria. S&P has also
factored into its ratings the legal structure of the trust, which
is established as a special-purpose entity and meets its criteria
for insolvency remoteness.

  Ratings Assigned

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2023-1

  Class A1, JPY14,100.000 million: AAA (sf)
  Class A2, A$525.000 million: AAA (sf)
  Class AB, A$37.500 million: AAA (sf)
  Class B, A$23.100 million: AA (sf)
  Class C, A$6.900 million: A (sf)
  Class D, A$2.000 million: BBB (sf)
  Class E, A$2.500 million: BB (sf)
  Class F, A$1.000 million: B+ (sf)
  Class G, A$2.000 million: Not rated


SARVELLO FINE: First Creditors' Meeting Set for Sept. 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Sarvello
Fine Foods Pty Ltd will be held on Sept. 14, 2023, at 11:00 a.m.
via a Zoom videoconferencing facility

Mitchell Ball and David Hurst of Mackay Goodwin were appointed as
administrators of the company on Sept. 4, 2023.


SOUND BREWING: Goes Into Administration
---------------------------------------
7News.com.au reports that a gastropub in Perth's southern suburbs
has hit financial trouble, with administrators appointed last week.
The future of Sound Brewing Co is uncertain after the business
went into administration on Sept. 6, a notice shared by ASIC
revealed.

The brewery, taphouse and restaurant only opened at the Rockingham
Centre precinct in 2022.

According to 7News.com.au, administrators Greg Mathew Prout and
Jimmy Trpcevski of WA Insolvency Solutions took control last week
following an internal review of the company's financial position.

7News.com.au says the pair was unavailable for comment but Sound
Brewing Co has remained active on social media where they promote
their range of beverages and specials.

When questioned by one follower about the development on Facebook,
the venue said "we'll be trading as normal until further notice".


SUN CABLE: Singapore Solar Project is Viable, Cannon-Brookes Says
-----------------------------------------------------------------
Reuters reports that Australian billionaire Mike Cannon-Brookes on
Sept. 7 stood by the economics of a plan to ship energy from a
giant solar farm in the country's north to Singapore via undersea
cable as he took possession of the AUD20 billion (USD2.73 billion)
project.

Reuters relates that Mr. Cannon-Brookes, the co-founder of tech
firm Atlassian turned environmental activist, said he continued to
believe outside investors would be drawn to the Sun Cable project,
adding it already had demand for more energy than it could
produce.

"We have spent a lot of time with customers and are pretty clear on
the unit economics," Mr. Cannon-Brookes told reporters after his
business Grok Ventures' purchase of the project for an undisclosed
sum was completed on Sept. 17.

"We believe that there's enough margin . . . to make it an
investable project," he added.

Sun Cable under Mr. Cannon-Brookes' control will be split into two
business units, focusing on Australia and Singapore, which may
broaden its appeal to investors, Mr. Cannon-Brookes said.

Sun Cable was owned by the private firms of Cannon-Brookes and
Fortescue Metals billionaire founder Andrew Forrest. But it was put
into voluntary administration, Australia's closest equivalent to
Chapter 11 bankruptcy, in January after the two parties failed to
agree on future funding.

Mr. Forrest had said he was unconvinced of the commercial viability
of sending power via undersea cable, Reuters relays.

According to Reuters, Mr. Cannon-Brookes said the company would
apply for a licence with Singapore's Energy Market Authority this
month with hopes of meeting that country's objective of importing
at least 4 gigawatts (GW) from low-carbon sources by 2035.

The company was also in talks with the Indonesian government about
building the cable in its waters, he added.

Reuters says the proposed Australia-Asia PowerLink would send power
from a 20 GW solar farm with the world's biggest battery in
Australia through a 4,200 km (2,610 miles) undersea cable to
Singapore.

Christopher Hill, David McGrath and John Park of FTI Consulting
were appointed as voluntary administrators of Sun Cable Pty Ltd in
January 2023.

The administrators have not been appointed to any of the Company's
subsidiaries.




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

CHENGDU AEROTROPOLIS: Fitch Alters Outlook on 'BB+' IDR to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Chengdu Aerotropolis City
Development Group Co., Ltd's (ACDG) Long-Term Local- and
Foreign-Currency Issuer Default Ratings (IDRs) to Stable, from
Positive, and has affirmed the ratings at 'BB+'.

The Outlook revision reflects faster debt accumulation during the
Covid-19 pandemic by the government sponsor, Chengdu Shuangliu
district, relative to Fitch's expectation. The structural increase
in government debt weighs on the prospect of upgrading its internal
assessment of the district, which is located in Chengdu, the
capital of Sichuan province.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

ACDG is established under commercial law, which does not entail
liability transfer implications for the Chengdu Shuangliu district
government. The district government exerts tight control over the
company through the Chengdu Shuangliu District State-owned Assets
Supervision, Administration and Financial Bureau by appointing
senior management, approving major investment and financing plans,
and closely monitoring operating and financial performance. It
appoints all of the board members, except for the employee
representative.

The district government transferred 10% of the company's shares in
November 2021 to the Sichuan Provincial Finance Department, an
upper-tier government department, reducing its ownership to 90%.
However, this does not change the district government's control of
ACDG because Fitch expects Sichuan province to have limited
involvement in the company.

Support Track Record: 'Strong'

ACDG is strategically important to the district with a record of
continuous government financial support. It received annual
government subsidies of about CNY360 million on average during
2018-2022, representing 103% of its EBITDA in the period, mainly as
compensation for its loss-making public transportation service. It
also received large cash and asset injections of about CNY11
billion in the past five years. The injections strengthened its
balance sheet and company profile, and enlarged its capital base to
CNY29 billion by end-2022. The support provided is material
relative to its balance sheet.

Socio-Political Implications of Default: 'Strong'

The integrated transportation service provided by ACDG to improve
connectivity for the airport and the district has high priority, as
the Shuangliu airport is one of the busiest in China. Shuangliu is
the getaway destination for Chengdu and southwest China. ACDG's
policy mandate to develop the Chengdu International Airport
Business District is a top agenda of the local government. The
company is also mandated to run a human resource service for the
local government bureau, increasing the socio-political
implications should ACDG default.

Financial Implications of Default: 'Very Strong'

ACDG is one of two core government-related entities (GREs) under
the Chengdu Shuangliu government, with total assets of CNY68.2
billion at end-2022. Fitch considers it an important investment arm
of the government to implement policy mandates, especially in
transportation. The company receives multilateral funding from
Chinese banks, of which about 45% of the credit facilities are from
Chinese policy and state banks rated in the 'A' category.

ACDG also has solid access to both onshore and offshore bond
markets, with issued debts representing about 40% of total debt.
Fitch believes a default by ACDG would have a severe impact on the
district's credibility and other regional GREs' financing
activities.

Standalone Credit Profile

Revenue Defensibility 'Midrange'

The 'Midrange' assessment is driven by the sustained demand for
transportation infrastructure in Shuangliu district, considering
the strong population inflow to the region as well as the location
and high passenger volumes of Shuangliu International Airport.
However, the local government remains the ultimate revenue source
for ACDG's services, and this concentration constrains its
assessment.

Operating Risk 'Midrange'

Its assessment of 'Midrange' operating risk reflects the
well-identified cost drivers with moderate volatility. The company
has a good performance record of obtaining adequate supplies of
both labour and raw materials for its public infrastructure and
services, on account of its monopoly status in the local
transportation sector.

Financial Profile 'Weaker'

Fitch expects ACDG's net leverage, measured by net
debt/Fitch-calculated EBITDA, to rise to around 100x by end-2027,
given the company's investment plan, supporting the 'Weaker'
assessment. Nevertheless, Fitch expects the financing risk
associated with the high leverage to be mitigated by its solid
funding access, leading to a 'b' Standalone Credit Profile.

Derivation Summary

ACDG's rating is derived from the four factors under Fitch's
Government-Related Entities Rating Criteria, combined with the 'b'
Standalone Credit Profile under its Public Sector,
Revenue-Supported Entities Rating Criteria.

Liquidity and Debt Structure

The company has an adequate liquidity profile, as it has maintained
strong banking relationships with state-owned and policy banks with
ample undrawn credit facilities.

The level of short-term debt is moderate, with debt maturing within
a year accounting for about 25% of total debt at end-2022 on a
consolidated basis. Foreign exchange risk is manageable as
foreign-currency debts only accounted for about 8% of total debt.

Issuer Profile

ACDG is a core GRE in Chengdu Shuangliu district that is
responsible for transportation infrastructure development and
public transportation in the district.

RATING SENSITIVITIES

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

- A lowering of Fitch's credit view of the Chengdu Shuangliu
district's ability to provide subsidies, grants or other legitimate
resources allowed under China's policies and regulations.

- A significant weakening of the socio-political or financial
implications of a default, its assessment of the government's
support record, or a dilution of the government's shareholding or
control.

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

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

ESG Considerations

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

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Chengdu Aerotropolis
City Development
Group Co., Ltd.      LT IDR     BB+  Affirmed   BB+

                     LC LT IDR  BB+  Affirmed   BB+


CHENGDU AIRPORT: Fitch Alters Outlook on 'BB+' Rating to Stable
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Chengdu Airport Xingcheng
Investment Group Co., Ltd.'s (CAXIG) Long-Term Local- and
Foreign-Currency Issuer Default Ratings (IDRs) to Stable, from
Positive, and has affirmed the ratings at 'BB+'.

The Outlook revision reflects faster debt accumulation during the
Covid-19 pandemic by the government sponsor, Chengdu Shuangliu
district, relative to Fitch's expectation. The structural increase
in government debt weighs on the prospect of upgrading its internal
assessment of the district, which is located in Chengdu, the
capital of Sichuan province.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

CAXIG is established under commercial law, which does not entail
liability transfer implications for the Chengdu Shuangliu district
government. The district government exerts strong control over
CAXIG through the Chengdu Shuangliu District State-owned Assets
Supervision, Administration and Financial Bureau (Chengdu Shuangliu
SASAFB) by appointing senior management, approving major investment
and financing plans, and closely monitoring the company's operating
and financial performance.

In August 2022, the district government transferred 10% of the
shares to the Sichuan Provincial Finance Department, the upper-tier
government, reducing Chengdu Shuangliu SASAFB's ownership to 90%.
However, this does not change the district government's control of
CAXIG because Fitch expects Sichuan province's involvement in CAXIG
to be limited.

Support Track Record: 'Strong'

CAXIG is the largest government-related entity (GRE) in Shuangliu
district with a strong government support record. The district
government has granted continuous financial support to CAXIG in the
form of operating subsidies and asset injections. The company
received during 2018-2022 annual government subsidies of CNY230
million, on average, or about 30% of EBITDA.

It has also received sizeable cash and asset injections from the
government to strengthen its balance sheet and to enhance its
company profile. The cash and asset injections totalled CNY41
billion in the past five years, enhancing its capital base to
CNY56.5 billion by end-2022. The level of support provided is
material relative to the company's balance sheet.

Socio-Political Implications of Default: 'Strong'

The large population inflow to the district means the services
CAXIG provides to improve local households' living standards as
well as the region's economic and employment prospects have been
strategically important. Fitch believes a default by CAXIG would
have strong socio-political implications, due to its high level of
integration with the district government.

Financial Implications of Default: 'Very Strong'

CAXIG accounts for more than 50% of the total assets of the
district's GREs. The company's high policy intensity means it
receives multilateral funding from Chinese banks, of which about
half of the credit facilities are from China's policy and state
banks rated in the 'A' category. It has also issued multiple bonds
in domestic and offshore markets. Most of its debt is raised to
finance local urban-infrastructure projects that serve the public.
Fitch believes a default would severely damage the district
government's reputation and constrain other regional GREs'
financing capability.

Standalone Credit Profile

Revenue Defensibility 'Midrange'

The 'Midrange' assessment for revenue defensibility reflects
sustained demand for urban development in Shuangliu district, given
the solid economic prospects and strong population inflow. The
dominant market position of CAIXG in urban development also
supports its revenue prospects; however, the customer concentration
of the business constrains the assessment at 'Midrange'.

Operating Risk 'Midrange'

The assessment for operating risk is 'Midrange', reflecting
well-identified cost drivers and its expectation that the potential
risk of resource reduction can be mitigated by its exclusive access
to key construction materials in the district. The urban
development projects of CAXIG, which has a long operating history
of over 18 years, have been paced under the district government's
plan.

Financial Profile 'Weaker'

Fitch views CAXIG's financial profile as 'Weaker' because of the
high leverage. Fitch expects the company's net leverage - measured
by net debt/ Fitch-calculated EBITDA - to rise to around 60x by
end-2027, from about 50x at end-2022, given the investment plan.
However, the financing pressure associated with the high leverage
should be mitigated by CAXIG's solid funding and liquidity, which
underpins the 'b' Standalone Credit Profile (SCP).

Derivation Summary

CAXIG's rating is derived from the four factors under Fitch's
Government-Related Entities Rating Criteria, combined with the 'b'
SCP under its Public Sector, Revenue-Supported Entities Rating
Criteria.

Liquidity and Debt Structure

The company has an adequate liquidity profile, as it has maintained
strong banking relationships with state-owned and policy banks with
ample undrawn credit facilities.

The level of short-term debt is moderate, with debt maturing within
a year accounting for about 25% of total debt at end-2022 on a
consolidated basis. Foreign exchange risk is manageable as
foreign-currency debts only accounted for about 6% of total debt.

Issuer Profile

CAXIG is the largest GRE in Chengdu Shuangliu district, with total
assets of CNY113 billion as of end-2022.

RATING SENSITIVITIES

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

- A lowering of Fitch's credit view of the Chengdu Shuangliu
  district's ability to provide subsidies, grants or other
  legitimate resources allowed under China's policies and
  regulations.

- A significant weakening of the socio-political or financial
  implications of a default, its assessment of the government's
  support record or a dilution of the government's shareholding
  or control.

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

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

ESG Considerations

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

   Entity/Debt                  Rating            Prior
   -----------                  ------            -----
Chengdu Airport
Xingcheng Investment
Group Co., Ltd.      LT     IDR    BB+  Affirmed    BB+

                     LC LT  IDR    BB+  Affirmed    BB+


CHINA EVERGRANDE: Delays Decision on Offshore Debt Restructuring
----------------------------------------------------------------
Reuters reports that China Evergrande Group said on Sept. 8 it has
delayed making a decision on offshore debt restructuring from
September to next month.

According to Reuters, the company delayed the decision to allow
Hong Kong CEG class holders of debt more time to consider its fresh
restructuring plan.

The meetings for CEG class A and class C debt holders were earlier
scheduled for Sept. 26. They will now be held on October 16 and 17,
Evergrande said in an exchange filing, Reuters relays.

Reuters notes that Evergrande is at the centre of a crisis in
China's property sector that has seen a string of debt defaults
since late 2021. Trading in the company's stock was suspended for
17 months till Aug. 28.

Evergrande needs approval from more than 75% of the holders of each
debt class to approve the plan, which offers creditors a basket of
options to swap debt for new bonds and equity-linked instruments
backed by its stocks and those of its Hong Kong-listed units,
Reuters says.

                       About China Evergrande

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

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

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

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

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

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

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

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

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


COUNTRY GARDEN: Upcoming Debt Payments Stir Worries to Creditors
----------------------------------------------------------------
Reuters reports that creditors of Country Garden Holdings are
doubtful the Chinese developer will be in a position to service
debt that will come due later this year without liquidity support,
after it averted a catastrophic default last week at the last
minute.

With its financial situation precarious and prospects of China's
property sector remaining grim, the offshore creditors expect the
country's largest private developer to get liquidity support soon
or for it to undergo a debt revamp, Reuters relates.

According to Reuters, Country Garden's financial woes have become
the latest to hit China's property sector, which was once a pillar
of growth for the world's second-largest economy but has become its
biggest drag since 2021 amid an unprecedented liquidity crisis.

Reuters relates that the company paid $22.5 million in dollar bond
coupons on Tuesday hours ahead of a grace period deadline, pulling
back from the brink of default for the second time in four days and
bringing relief to the property sector.

"Historically, external creditors have really not done well in
restructurings coming out of China," Edward Al-Hussainy, senior
currency and rates analyst and head of emerging market fixed income
Research at Columbia Threadneedle, which holds some of Country
Garden's dollar bonds.

"The fact that they paid this coupon tells me that there's some
conversation happening at the company management level and very
likely between company management and government at this stage,
that liquidity, or some form of liquidity support, is becoming more
likely.

"Otherwise, servicing this debt under today's circumstances makes
no sense."

Country Garden, one of the few large Chinese developers that have
not defaulted on debt obligations, has been facing liquidity
pressure with reduced available funds as sales plunged, its interim
financial statements show.

It posted a CNY48.9 billion (US$6.68 billion) first-half loss, a
record for the developer, Reuters discloses.

Its net gearing ratio, which measures financial leverage, rose to
50.1% in the first half from 40% at the end of 2022. It has around
$14.8 billion worth of debt due within 12 months, while its cash
levels are around $13.8 billion. The company's total liabilities
were around $191 billion, unchanged from end-2022.

Reutes says Country Garden has at least five coupon payments due
this month, including two relatively sizable dollar bond coupons
worth $15 million due on Sept. 17, and $40 million on Sept. 27,
each with a 30-day grace period.

Reuters notes that the developer may delay the upcoming coupon
payments, use the grace period to come up with a restructuring
plan, and try to convince investors to accept it, said a portfolio
manager with a U.S. asset manager, which owns some Country Garden
bonds.

Given the company's cash flow will remain tight as property sales
recovery is expected to be sluggish, it would be a tough balancing
act for the company in the absence of "meaningful" liquidity
support, said the portfolio manager, Reuters relays.

The portfolio manager declined to be named as they were not
supposed to speak to the media, 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,
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 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).


HENAN ZHONGYUAN: Fitch Affirms 'BB+LongTerm IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed China-based Henan Zhongyuan Financial
Holding Co., Ltd.'s (HZFH) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDR) at 'BB+'. The Outlook is Stable.

The affirmation is based on its unchanged rating approach. HZFH's
Standalone Credit Profile (SCP) assessment remains unchanged at
'b+' and Fitch rates the company using a bottom-up approach.
However, Fitch has revised its assessment of status, ownership and
control to 'Strong', from 'Moderate', leading to a higher
government-related entity (GRE) support score of 17.5, with a
bottom-up +3 notch uplift from the Standalone Credit Profile.

KEY RATING DRIVERS

Status, Ownership and Control: 'Strong'

Fitch has revised its assessment to 'Strong', from 'Moderate',
because Zhengzhou government raised its stake in HZFH to 70%, from
40%. The government holds its 70% stake through its fully owned
subsidiary, Zhengzhou Development and Investment Group Co., Ltd.
(ZDIG), and a GRE under the Zhengdong New District government. The
government had previously appointed two of HZFH's five directors,
but after the ownership change, it will appoint three of HZFH's
five directors. The government also HZFH's operating and financing
activities.

Support Track Record: 'Moderate'

The government has made equity injections to support HZFH's
development since inception in 2016. However, the company conducts
business mainly via market-oriented activities. Its businesses are
profitable and HZFH does not rely heavily on government financial
support. In the past two years, capital injections and subsidies
provided by the government were limited relative to the company's
total assets and revenue, which drives its 'Moderate' assessment of
the support record.

Socio-Political Implications of Default: 'Moderate'

Fitch believes HZFH plays an important role in Zhengzhou's economic
and industrial development. However, it is not involved in the
provision of public services and other GREs in Zhengzhou can
replace HZFH. A default by the company would not endanger the
provision of public services and it would have a moderate
socio-political impact on the municipal government.

Financial Implications of Default: 'Moderate'

The company is a major GRE in Zhengzhou. A financial default by the
company would damage the government's reputation and affect funding
for other enterprises owned by the government. However, the
attribute is not given a higher assessment because HZFH's
businesses are mainly commercially driven. Fitch believes the
government has less incentive to provide support to its
commercially driven businesses. The assessment is also constrained
by the company's limited debt compared with the municipality's
overall debt.

Standalone Credit Profile

The company's 'b+' SCP is derived from its 'Weaker' revenue
defensibility, 'Midrange' operating risk and 'Weaker' financial
profile, based on Fitch's Public Sector, Revenue-Supported Entities
Rating Criteria.

Revenue Defensibility 'Weaker'

Fitch has reassessed revenue defensibility to 'Weaker', from
'Midrange', after reassessing demand characteristics to 'Weaker',
from 'Midrange'. Around 80% of the company's revenue comes from
investment income and its investment portfolio is highly
concentrated. Revenue has declined in the past two years. The
'Weaker' assessment for revenue defensibility is in line with most
Fitch-rated financial holding companies.

Operating Risk 'Midrange'

Fitch assesses operating risk as 'Midrange', because the company
has well-identified cost drivers, an adequate supply of resource
and labour, and satisfactory mechanisms for capital planning and
management.

Financial Profile 'Weaker'

Fitch assesses the financial profile at 'Weaker', considering the
company's high leverage, with net debt/EBITDA of around 15x at
end-2022. However, Fitch expects leverage to decline to around 6x
in the next five years, driven by returns from HZFH's investments
in equities and debt in the next three to five years.

Derivation Summary

HZFH's SCP is assessed under Fitch's Public Sector,
Revenue-Supported Entities Rating Criteria. Fitch applies a
three-notch uplift from the SCP to derive the final IDR, based on
its Government-Related Entities Rating Criteria.

Liquidity and Debt Structure

The company had total debt of around CNY5.7 billion at end-2022,
around 56% of which was short-term debt. It had cash of around
CNY522 million and relies on refinancing to repay debt. However,
the company has good relationship with state-owned and local banks
and Fitch believes its refinancing risk is limited.

Issuer Profile

The company was established in 2016 and it is an important GRE to
support economic and industrial development in Zhengzhou. HZFH
undertakes financial leasing and factoring, and has an investment
portfolio that includes debt and equity instruments.

RATING SENSITIVITIES

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

- A weakening of the socio-political or financial implications of a
default, a weaker government support record or a dilution of the
government's shareholding or control.

- A weaker SCP

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

- A stronger assessment of the government's status, ownership and
control or support record, or an upward revision in the
socio-political and financial implications of a default.

- A stronger SCP

ESG Considerations

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

   Entity/Debt               Rating            Prior
   -----------               ------            -----
Henan Zhongyuan
Financial Holding
Co., Ltd.            LT IDR     BB+   Affirmed    BB+
                     LC LT IDR  BB+   Affirmed    BB+


WEST CHINA CEMENT: Fitch Lowers LongTerm IDR to 'BB-', Outlook Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded West China Cement Limited's (WCC)
Long-Term Issuer Default Rating (IDR) and senior unsecured debt
rating to 'BB-' from 'BB'. The Outlook on the IDR is Negative.
Fitch has also downgraded the rating on WCC's USD600 million senior
unsecured notes due July 2026 to 'BB-' from 'BB'. The Recovery
Rating on the senior notes is 'RR4'.

The rating action is driven by WCC's aggressive capex, primarily
outside China, which has resulted in higher leverage and
persistently negative free cash flow (FCF).

The Negative Outlook reflects increased business risk, due to the
company's unwillingness to curb capex, particularly during an
industry downcycle in its core markets in China.

KEY RATING DRIVERS

Aggressive Capex Drives Leverage: WCC has been investing heavily
since 2021 with a focus in overseas markets. WCC's total capex in
2022 was CNY3 billion, of which 84% was for its overseas
operations. Fitch expects the company's total capex to remain high
at CNY2.5 billion in 2023 and CNY2.7 billion in 2024, with almost
all of it to be used in overseas markets.

Fitch expects WCC's persistently negative FCF generation due to the
high capex to continue in 2023 and 2024. The high capex has also
caused its leverage to increase rapidly, reaching 3.2x in 2022 from
2.2x in 2021, and Fitch forecasts it to remain around 3.0x in 2023
and 2024.

Higher Operating Environment Risk: WCC's increasing exposure in
overseas markets provides diversification benefits such as higher
margins in the long term. Even so, Fitch sees execution risks
because of its rapid investments in new markets, many of which have
significantly higher operating environment risks than in China.
Fitch expects WCC's overseas business to generate CNY1.3 billion in
EBITDA in 2023 and CNY1.6 billion in 2024, or 40% and 46%,
respectively, of its total EBITDA, if the company ramps up in line
with its schedule.

Liquidity Pressure: Most of WCC's capex since 2022 was funded by
its USD600 million senior notes issued in July 2021 as well as its
cash generated from operations. Its cash balance decreased to
CNY1.2 billion by end-June 2023, from CNY3.5 billion at end-2021,
and its cash weakened to 32% of short-term debt by end-June 2023
from 108% at end-2021. The weakening cash generation from its
operations in China means Fitch expects WCC to rely on long-term
financing to fund the gap between its overseas operating cash flow
and overseas capex to prevent further weakening of liquidity.

Weaker Margins in China: WCC's business in China suffered from
average selling price (ASP) and volume reduction in 1H23 on weak
demand sentiment amid persistent weakness in the property market.
Its gross profit weakened to CNY57/tonne by end-1H23, from
CNY71/tonne in 2022. Fitch expects gross profit to recover to
CNY64/tonne for full-year 2023 and 2024 on lower coal input costs.
This will allow the domestic cement business to generate EBITDA of
around CNY1.4 billion a year in 2023-2024, much lower than its
average CNY2.4 billion a year over 2019-2021.

Strong Regional Market Position: WCC maintains a strong position in
Shaanxi, with a market share of around 25%, the highest in the
province. In particular, it has a dominant position in southern
Shaanxi, with around a 75% market share, and a 30%-40% market share
in central Shaanxi. Fitch does not expect its dominant market
position in the region to weaken because of restrictions in China
on adding cement capacity.

DERIVATION SUMMARY

WCC has a similar financial profile as CEMEX, S.A.B. de C.V.
(BB+/Positive), a leading cement producer in Mexico and one of the
top producers in the US, but with smaller scale and less
geographical diversification. The Negative Outlook reflects WCC's
expansive overseas strategy, with a lack of discipline in capex
during industry downcycles in its core markets in China,
representing a business risk.

WCC has much lower revenue than a Chinese stainless steel producer
Guangyang Antai Holdings Limited (B/Stable), but a wider EBITDA
margin, as well as greater geographical diversification and more
diversified funding channels.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer:

- Revenue to increase by 3% in 2023, 14% in 2024 and 15% in 2025
(2022: 6%);

- EBITDA margin at around 36% over 2023-2025 (2022: 33%);

- Capex of CNY2.5 billion in 2023, CNY2.7 billion in 2024 and
CNY3.1 billion in 2025 (2022: CNY3.0 billion).

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to a
downgrade:

- Continued aggressive capex that is not funded through internal
cash generation and/or longer-term financing;

- Net EBITDA leverage above 3.0x on a sustained basis.

Factors that could, individually or collectively, lead to the
Outlook being revised to Stable:

- Evidence of capex reduction on a sustained basis;

- FCF trending toward neutral by end-2024.

LIQUIDITY AND DEBT STRUCTURE

No Large, Immediate Maturities: WCC had total available cash of
CNY1.2 billion and unused banking facilities of CNY1.7 billion as
of end-June 2023. Fitch believes WCC has adequate cash sources to
pay back its short-term debt of CNY3.9 billion, as around CNY2.0
billion of the short-term debt is a working-capital loan, which
Fitch expects to be rolled over.

ISSUER PROFILE

WCC principally manufactures and sells cement and cement products.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
West China
Cement Limited       LT IDR BB-  Downgrade               BB

   senior
   unsecured         LT     BB-  Downgrade     RR4       BB




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

AIRCEL CELLULAR: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings of Aircel Cellular Limited in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term         3,750      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term–       13,729      [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.

Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.


AIRCEL LIMITED: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the long-term rating of Aircel Limited in the 'Issuer
Not Cooperating' category. The rating is denoted as [ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        13,729     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term          3,750     [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.

Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited was incorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.


AIRCEL SMART: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term ratings of Aircel Smart Money Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING"

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        13,729     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term          3,750     [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.

Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, was a telecom service provider with a
pan India presence. Aircel Smart Money Limited, another wholly
owned subsidiary of Aircel Limited, provided mobile banking
services. Aircel Limited wasincorporated in December 1994 as
Srinivas Cellcom Limited and started by offering services in the
Tamil Nadu circle in April 1999. Over the years, it won licences
and launched services in all the 22 telecom circles in the country.
Later in 2006, Maxis Communications Berhad, Malaysia (Maxis),
acquired majority stake in the company. Maxis, through Global
Communication Services Holdings Ltd and Deccan Digital Networks
Private Limited, effectively has approximately 73.99% equity
interest in Aircel Limited. The balance equity is held by the
Sindya Securities & Investments Private Limited. Maxis also has a
substantial shareholding in Maxis Berhad, the leading
telecommunication operator in Malaysia.

ANAND DISTILLERIES: Liquidation Process Case Summary
----------------------------------------------------
Debtor: Anand Distilleries Private Limited
Recent Registered Address
        1st Floor, Above Dominos Outlet,
        Opposite Dashera Maidan,
        Badnera Road, Amravati, MH-444 601

        Old Registered Address
Bapat Chowk, Amravati 444 601

        Factory Address
        147, Kekatpur Davargaon, - Mozri Road,
        Amravati District, Maharashtra - 444 901

Liquidation Commencement Date:  August 17, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: CA. Atul Rajwadkar
     Plot No. 47, Hindusthan Colony,
            Wardha Road, Nagpur-440 015
            Email: vervecapital@gmail.com
            Email: adpl.liqdn@gmail.com

Last date for
submission of claims: September 10, 2023


BUILDMET PRIVATE: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Buildmet
Private Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Long-term–         4.72      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short Term-        8.78      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short-term        24.50      [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.

BPL was established in 1974 as a private limited company by a group
of civil engineers. The company is a civil constructor and is also
a registered Class-I contractor for PWD, Karnataka. The company was
taken over by Ayoki Fabricon Private Limited, a Pune-based company
in May 2015. The company does civil construction work for
cement-manufacturing units, power production units,
sugarcane-manufacturing units, roads etc.

CANDID MERCANTILE: Voluntary Liquidation Process Case Summary
-------------------------------------------------------------
Debtor: Candid Mercantile & Credit Pvt. Ltd
4 B B D Bag (East) 10 Stephen House
        Kolkata 700001, West Bengal

Liquidation Commencement Date:  August 8, 2023

Court: National Company Law Tribunal, Kolkata Bench

Liquidator: CMA Birendra Kumar Tripathi
     60/2/1, Haripada Dutta Lane, Golf View Apartment,
            Flat No. -7, 3rd Floor, Kolkata - 700033
            Email: bkt9000@gmail.com
            Tel No: 9433602746

Last date for
submission of claims: September 7, 2023


CHIRAG AGROFINS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-Term rating of Chirag Agrofins 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–        20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Incorporated in 1991, Chirag Agrofins Private Limited (CAPL or the
company) is involved in real estate development. Currently, the
company is executing one project in Malad, Mumbai, where it is
constructing a commercial-cum residential complex. CAPL is a part
of the Bhagat Group promoted by Mr. Suraj Prakash Bhagat and his
family. Apart from real estate development, the Bhagat Group is
also involved in brewing and distilleries. The group has executed
twelve real estate projects in Mumbai.


COFFEE DAY: IDBI Trusteeship Files Insolvency Proceedings vs. Firm
------------------------------------------------------------------
Hindustan Times reports that Coffee Day Enterprises Ltd, the
company which operates Cafe Coffee Day outlets, said on Sept. 8
that the IDBI Trusteeship Services had filed an application before
the National Company Law Tribunal (NCLT) for insolvency
proceedings.

According to Hindustan Times, the application filed by IDBI
Trusteeship Services has been filed under Section 7 of the
Insolvency and Bankruptcy Code, 2016 before the NCLT in connection
with alleged dues of over INR228 crore.

Hindustan Times relates that the company in its letter to the
National Stock Exchange and Bombay Stock Exchange said it is
seeking 'appropriate legal advice' and will take all appropriate
steps to protect its interest.

This comes nearly a month after the National Company Law Appellate
Tribunal (NCLAT) had stayed an order of the NCLT that had directed
initiation of insolvency proceedings against the firm.

The two-member tribunal had issued notices to the Interim
Resolution professional and its financial creditor IndusInd Bank
and stayed the operations of the order passed by the Bengaluru
Bench of the NCLT, PTI reported.

Hindustan Times relates that the NCLAT said it has "found that
there are arguable points involved in this appeal, therefore, we
issue a formal notice to the Respondents who are already on caveat,
enabling it to file its reply."

The NCLAT directed IRP and IndusInd Bank to file a reply within two
weeks up to Aug. 25, 2023, and a rejoinder, if any, be filed by
CDGL within two weeks and directed to list the matter for hearing
on Sept. 20, 2023, according to Hindustan Times.

The order was passed over a plea filed by Malavika Hegde, the
suspended Director of Cafe Day Global Limited and wife of late VG
Siddhartha.

Hindustan Times says the Bengaluru bench of the NCLT passed an
order over a plea filed by IndusInd Bank, a financial creditor of
the company, claiming dues of INR94 crore.

Hindustan Times adds that the NCLT also appointed Shailendra Ajmera
as the interim resolution professional after suspending the board.

Coffee Day Enterprises Limited is an India-based company, which is
engaged in the trading of coffee beans. The Company is engaged in
business in multiple sectors, such as coffee-retail and exports,
leasing of commercial office space, financial services, integrated
multimodal logistics, hospitality and information technology
(IT)/information technology enabled services (ITeS). The Company's
segments include Coffee and related businesses, Integrated
multimodal logistics, Hospitality services and Investment and other
corporate operations. The Company retails coffee and other products
through its chain of outlets under the Cafe and Xpress kiosks
formats, under the brand name Coffee Day. The Company's flagship
cafe chain brand Cafe Coffee Day (CCD) owns approximately 495 cafes
in 158 cities and 285 CCD Value Express kiosks. There are 38,810
vending machines that dispense coffee in corporate workplaces and
hotels under the brand.


CORNERSTONE SECURITIES: Voluntary Liquidation Process Case Summary
------------------------------------------------------------------
Debtor: Cornerstone Securities Limited
C-18 Green Park Main New Delhi-110016

Liquidation Commencement Date:  August 7, 2023

Court: National Company Law Tribunal New Delhi Bench

Liquidator: Jitender Arora
     Office No. 209-211A, 2nd Floor H-17/18,
            Laxmi Palace,
            Laxmi Nagar, Vikas Marg,
            Delhi - 110092(Near Metro Pillar No. 35)
            Email: csl.liquidation@gmail.com
            Tel No: 9811505059

Last date for
submission of claims: September 5, 2023


CYBERWALK TECH: ICRA Keeps D Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Cyberwalk Tech Park 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–        60.55      [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.

CTPL (erstwhile Sofed Retailer Private Limited) was promoted as a
special purpose vehicle to set up an IT park at Manesar, Gurgaon.
At present, the shareholders are Aarone Promoters Private Limited
(owned by the Aarone Group) with a 35.66% stake, Mrs. Asha Arora
with a 49.69% shareholding followed by two other promoter groups
from Chandigarh with a 7.33% stake each. The IT park is titled
Cyberwalk and is being developed in two phases, with a total
leasable/saleable area of 11.28 lakh sq ft. While 8.8 lakh sq ft
has been developed in phase one, the company is yet to commence
work on phase two.


DBL KIDSKART: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: DBL Kidskart Online Private Limited
204, GroundF/F Okhla In-dl, Estate Ph-III New Delhi,
        South Delhi-110020 India

Liquidation Commencement Date:  August 14, 2023

Court: National Company Law Tribunal New Delhi

Liquidator: Sanjay Agrawal
     Plot No. 39, Pocket-1, Jasola, New Delhi-110025
            Email: ska9001@gmail.com
            Email: ip.dblkidskart@gmail.com
            Mobile No: 9810376790

Last date for
submission of claims: September 13, 2023

DUSMER TOOLS: ICRA Keeps C+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Dusmer Tools
Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–        3.00       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-       3.00       [ICRA]A4 ISSUER NOT
   Non Fund Based               COOPERATING; Rating continues
   Others                       to remain under 'Issuer Not
                                Cooperating' category

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

Incorporated in 1991, Dusmer Tools Private Limited (DTPL) is
promoted by the Kolkata-based Chakravarti family. It is involved in
assembling of tyre dismantling machines and trading of hydraulic
torque wrenches, laser proximity warning systems and portable oil
filtration machines. It started with a dealership of Hytorc, U.S.
for selling hydraulic torque wrench to mining
companies, oil companies, Indian Railways, etc. Over the years, the
company has diversified its product line and has started assembling
and trading of various products.


EROSE RETAIL: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Erose Retail Private Limited
204, GroundF/F Okhla Indl.
        Estate Ph-III New Delhi,
        South Delhi - 110020 India

Liquidation Commencement Date:  August 14, 2023

Court: National Company Law Tribunal New Delhi

Liquidator: Sanjay Agrawal
     Plot No. 39, Pocket-1, Jasola,
            New Delhi-110025
            Email: ska9001@gmail.com
            Email: ip.erosretail@gmail.com
            Mobile No: 9810376790
            Mobile No: 9811076790

Last date for
submission of claims: September 13, 2023

GEMINI ARTS: Liquidation Process Case Summary
---------------------------------------------
Debtor: M/s. Gemini Arts Private Limited
121, Mount Road, Chennai - 600006, Tamil Nadu

Liquidation Commencement Date:  August 11, 2023

Court: National Company Law Tribunal Division Bench-II

Liquidator: Sripriya Kumar
     224 A (New 346/1) (Next To National Public School)
            Avvai Shanmugam Salai,
            Gopalapuram, Chennai - 600086
            Email: sripriya@spka.in,gapl.liq@gmail.com

Last date for
submission of claims: September 10, 2023


J.K. PRIME INVESTMENT: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------------
Debtor: J.K. Prime Investment and Leasing (India) Limited
        Partap Garh Kanak Mandi, Jammu J&K - 180001

Liquidation Commencement Date:  August 16, 2023

Court: National Company Law Tribunal Chandigarh Bench

Liquidator: Vishawajeet Gupta
     #51, Adarsh Enclave, Dhakoli; Near Zirakpur,
            Distt. Mohali (Punjab) - 160104
            Email: vishawjeetgupta@gmail.com
            Contact:+91-98152 84474 (M)

Last date for
submission of claims: September 15, 2023


JAGDAMBA INDUSTRIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Jagdamba Industries Limited
8/C M D Road 4th Floor, Suit No 15 Kolkata 700007

Insolvency Commencement Date: August 22, 2023

Estimated date of closure of
insolvency resolution process: February 18, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Aditya Kumar Tibrewa
              7C, Kiran Shankar Roy Road, Hasting Chamber,
              Basement, Kolkata - 700 001
              Email: adityatibre@gmail.com
              Email :  jil.cirp@gmail.com

Last date for
submission of claims: August 5, 2023


JAMMU AND KASHMIR: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Jammu and Kashmir Cements Limited
Nawai-I-Subh Building Zerobridge
        Srinagar Jammu AndKasmir Srinagar JK 19001

Insolvency Commencement Date: August 22, 2023

Estimated date of closure of
insolvency resolution process: February 18, 2024

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Harman Jit Singh
       #332, Phase-1, Near Singala Clinic,
              Sahibzada Ajit Singh Nagar,Punjab - 160055
              Email: ipcaharmanghai@gmail.com

             303, 3rd Floor, Plot No. D-190 Sector-74,
             Phase 8B, Mohali - 160071
             Email: ipjkcements@gmail.com

Last date for
submission of claims: September 5, 2023


KARNA INTERNATIONAL: ICRA Moves B Debt Rating to Not Cooperating
----------------------------------------------------------------
ICRA has moved the rating for the bank facilities of Karna
International (KI) to the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long Term–       12.50       [ICRA]B (Stable); ISSUER NOT
   Fund-based                   COOPERATING; Rating moved to the
                                'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity to monitor
its performance but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. The current rating action
has been taken by ICRA basis the best available information on the
company's performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as it 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.

KI was established in 1992 as a partnership concern with Mr.
Karnajit Lamba and Ms. Monica Lamba as partners. The firm is a
Government of India-recognised export house and an ISO 9001:2008
certified unit. The firm manufactures cold and hot forged bolts,
nuts, washers, fasteners, anchors, brackets and other equipment,
which are used in hardware item manufacturing, and
architectural and construction activities. Its manufacturing
facility is located in the Ludhiana district of Punjab. The firm
derives most of its revenues from export sales, primarily in the
UK.


KERALA INFRASTRUCTURE: Fitch Alters Outlook on 'BB' IDR to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on India's Kerala
Infrastructure Investment Fund Board (KIIFB) to Stable from
Negative, and affirmed the Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB'.

The revision of the Outlook to Stable follows the same action on
the State of Kerala on August 25, 2023.

Fitch has also affirmed the 'BB' ratings on KIIFB's INR50.0 billion
medium-term note (MTN) programme and the INR21.5 billion 9.723%
senior secured notes due 2024 under the programme. The notes,
issued by KIIFB directly, are unconditionally and irrevocably
guaranteed by the State of Kerala (BB/Stable) acting through the
Finance Department of Kerala.

The rating affirmations are based on KIIFB's unchanged role as the
state's infrastructure funding vehicle and the government's full
guarantee for KIIFB's debt obligations.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

KIIFB is a statutory body established under the Kerala
Infrastructure Investment Fund Act 1999 and wholly owned by the
government of Kerala. The enabling Act provides KIIFB with a
special legal status and requires the state to guarantee its full
debt obligations.

KIIFB performs a critical role within the state to fund and
implement key long-term public infrastructure projects. Projects
financed are approved by the KIIFB board, which is chaired by the
Chief Minister of the State of Kerala and consists of other
existing and former government officials as well as independent
members. The fund is overseen by a trustee - the Fund Trustee and
Advisory Commission - consisting of eminent external experts,
including the former comptroller and auditor general of India and
former executive director of the Reserve Bank of India, to ensure
the fund is administered in accordance with the provisions of the
enabling Act.

Support Track Record: 'Very Strong'

The state government statutorily guarantees the payment of
principal and interest on all of KIIFB's debt obligations. The
government also allocates all petroleum cess receipts and 50% of
motor-vehicle tax collected to a ring-fenced fund dedicated to
KIIFB's debt servicing. These allocations amounted to INR24.7
billion in the fiscal year ended 31 March 2023. Any shortfalls in
KIIFB's debt servicing are met by the government under its
statutory obligations. There are no legal, regulatory or policy
restrictions on government support and Fitch expects timely
financial support from the state will continue.

Socio-Political Implications of Default: 'Strong'

KIIFB is the nodal financing agency of the state for large-scale
and critical infrastructure projects. The projects cover a number
of key sectors, including transportation and urban infrastructure
development, power generation, agriculture, education and
healthcare. The development of these sectors is crucial to support
Kerala's living standards and for its sustainable economic growth.

KIIFB's critical role in developing strategic state infrastructure
makes the entity difficult to substitute in the short-to-medium
term. Fitch believes a default by KIIFB would threaten key state
policies and objectives with significant socio-political
implications for the government.

Financial Implications of Default: 'Very Strong'

KIIFB acts as a proxy financing platform of the state government to
fund large and capital-intensive state projects. KIIFB had approved
projects exceeding INR800 billion as of end-March 2023 and had
total debt of INR177.7 billion, comprising bank and non-bank loans
and bonds on issue. Fitch regards the state government's credit
profile as directly linked to that of KIIFB, considering the
government guarantee embedded in the Kerala Infrastructure
Investment Fund Act. A default by KIIFB would reflect the state
government's inability to honour its financial obligations and lead
to severe financial repercussions.

Derivation Summary

Fitch classifies KIIFB as a government-related entity (GRE) linked
to the State of Kerala under its GRE rating criteria and equalises
its ratings to those of the state. The equalisation is based on a
GRE support score of 50, reflecting a combination of 'Very Strong'
assessments for status, ownership and control, support record and
financial implications of default, and a 'Strong' assessment for
socio-political implications of default. In addition, KIIFB's debt
is fully guaranteed by the state, which leads to its ratings being
equalised irrespective of the assessment of support factors.

Fitch does not assess KIIFB's Standalone Credit Profile (SCP) as
Fitch believes the SCP is not meaningful to the IDRs. KIIFB's IDRs
are derived from the tight linkage and expectation of credit
support from its sponsor, the State of Kerala.

Issuer Profile

KIIFB was founded in 1999 under the Kerala Infrastructure
Investment Fund Act to facilitate the funding of critical
infrastructure throughout the State of Kerala. A modification to
the Act in 2016 empowered KIIFB to raise money through financial
instruments approved by the Securities and Exchange Board of India
and the Reserve Bank of India to accelerate infrastructure
development.

RATING SENSITIVITIES

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

- A significant weakening of KIIFB's strategic importance to the
State of Kerala, dilution of the state's ownership and/or reduced
government support may result in a downgrade.

- KIIFB may also be downgraded in the event of negative rating
action on the State of Kerala.

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

- Positive rating action on the State of Kerala may result in the
same action on KIIFB's ratings provided there is no weakening in
its view of state support.

Any rating action on KIIFB's IDRs would result in the same action
on the MTN programme and issuance under the programme.

ESG Considerations

Fitch does not provide separate ESG relevance scores for KIIFB as
its ratings and ESG profile are derived from its parent.

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Kerala Infrastructure
Investment Fund Board     

                     LT IDR      BB    Affirmed   BB

                     LC LT IDR   BB    Affirmed   BB

   senior secured    LT          BB    Affirmed   BB


MANAPPURAM FINANCE: Fitch Affirms BB- LongTerm IDRs, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed India-based Manappuram Finance Limited's
(MFIN) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) at 'BB-'. The Outlook is Stable.

KEY RATING DRIVERS

Standalone Profile Drives Ratings: MFIN's ratings reflect its
moderate franchise in semi-urban and rural consumer lending,
particularly in gold-backed loans, which constitute 56% of the
consolidated portfolio. The ratings also reflect steady asset
quality from the liquid collateral and generally stable funding
access. This is balanced by a shifting business mix that reflects a
high risk appetite and a history of regulatory compliance
findings.

Improved Sector Risk Operating Environment (SROE): Fitch has
revised the SROE score for Indian finance and leasing companies
(FLCs) to 'bb+', from 'bb', reflecting improved governance, risk
and liquidity management frameworks, due partly to regulatory
strengthening in the past few years, and the easing of Covid-19 and
commodity shocks on medium-term growth prospects, despite lingering
global growth and inflation risks. Fitch expects resilient GDP
expansion (financial year ending March 2024 (FY24): 6.3%, FY25:
6.5%) to provide adequate headroom for FLCs to expand profitably in
the medium term.

Moderate Franchise: MFIN has a moderate franchise in financing
against gold jewellery, with a pan-India branch network and
reasonable penetration in the interior rural markets. MFIN has not
been able to benefit from its long presence in the gold loan
business, with low gold assets under management to branch ratio
compared with the industry leader. The business model is evolving,
with the non-gold loan segments expanding at a faster pace than
core gold loans.

Developing Governance: MFIN's history of compliance lapses relating
to customer practices suggest greater governance risk relative to
higher-rated peers. This is reflected in the company's ESG
Relevance Scores for Customer Welfare and Governance Structure.
Further regulatory findings could damage the company's reputation
and see it lose its business franchise and funding access. However,
the company is taking steps to improve governance and operational
practices under board oversight, which should reduce these risks.

MFIN's credit profile is also weighed down by key-person risk,
although it has recently implemented a succession plan relating to
the founding shareholder, who is also the managing director.

High Risk Appetite: MFIN has a high risk appetite, as evidenced by
its rapid growth outside its core segment, along with elevated
operational risk from its decentralised branch-led operation. MFIN
has pursued higher growth in recent years in riskier non-gold rural
segments - microfinance, auto loans and small business loans. This
was also spurred by rising market competition in gold loans. The
company plans to reduce the share of gold loans in the consolidated
portfolio to 50% in the medium term.

Resilient Economy Supports Asset Quality: Gold loans underpin
MFIN's steady asset quality due to the security of liquid gold
collateral, which can be auctioned fairly reliably. A regulatory
loan/value ceiling of 75%, standardised jewellery valuation based
on pure gold content and real-time monitoring of gold collateral
value mitigate the risk of under-recovery due to gold price
declines.

The asset quality of the non-gold portfolio has benefited from an
improved economic environment. MFIN's gross non-performing loan
ratio fell to 1.9% by end-June 2023, against 2.8% at FYE22. While
the rising proportion of non-gold loans could increase asset
quality volatility in the long term, Fitch expects asset quality to
remain stable in the near to medium term.

High Yields Support Profitability: MFIN's business model benefits
from high yields. This is characteristic of lenders with a mostly
rural or semi-urban borrower profile. The improved net interest
margin of 14.2% in 1QFY24 underpins the lender's healthy pre-tax
profit of 6.8% of assets in 1QFY24 (FY23: 5.6%). A rising mix of
non-gold loans could lift credit costs, but higher yields from
products such as microfinance should mitigate the impact of higher
credit costs.

Moderate Leverage: Debt/tangible equity of 2.9x at end-June 2023
(FYE23: 3.0x) benefits from adequate internal capital generation.
Leverage is likely to rise modestly in the medium-term along with
loan growth, although Fitch expects it to remain generally
commensurate with the current rating over the next two years.

Steady Funding: MFIN is wholesale funded, but has adequate
borrowings access, as lenders gain confidence from its granular
lending portfolio. Bank loans reached 69% of FY23 borrowings (FY22:
50%), due to fewer capital market issuances in a rising
interest-rate environment, along with the maturity of its
dollar-denominated bonds, which comprised 10% of borrowings at
FYE22. MFIN's asset-liability profile is adequately matched,
supported by short-tenor gold loans. This could change amid faster
growth in long-tenor products, but MFIN plans to maintain its
well-matched asset and liability profile.

RATING SENSITIVITIES

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

The rating may be downgraded in the event of a material increase in
MFIN's risk appetite, possibly from aggressive growth in its
non-gold loan segments. A sustained rise in debt/tangible equity
beyond 4.5x or higher losses from reputational, compliance or
operational risks than Fitch expects would also be negative for the
ratings.

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

There is limited near-term upside, but an upgrade may be possible
in the longer-term if the company demonstrates robust regulatory
compliance, a strengthened business profile - indicated by higher
gold-loan growth relative to non-gold loan segments - along with
sustained healthy asset-quality in non-gold segments. This is
provided that other credit indicators remain consistent with a
higher rating.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The rating on MFIN's US-dollar medium-term note (MTN) programme is
at the same level as its Long-Term Foreign-Currency IDR.

The borrowings of Indian non-bank financial institutions (NBFI) are
typically secured, and Fitch believes that non-payment of senior
secured debt would best reflect the uncured failure of an entity.
NBFIs can issue unsecured debt in the overseas market, but such
debt is likely to constitute a small portion of funding and thus
cannot be viewed as a primary financial obligation.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The rating on the MTN programme is sensitive to MFIN's Long-Term
Foreign-Currency IDR. Any change in the Long-Term Foreign-Currency
IDR will drive similar rating action on the MTN programme.

ADJUSTMENTS

Standalone Credit Profile Adjustments

The 'bb+' sector risk operating environment score is above the 'b'
implied score due to the following reasons: size and structure of
economy (positive) and economic performance (positive).

The 'bb+' earnings and profitability score is below the 'bbb'
implied score due to the following reason: portfolio risk
(negative).

The 'bb-' funding, liquidity and coverage score is above the 'ccc'
implied score due to the following reason: funding flexibility
(positive).

ESG CONSIDERATIONS

MFIN has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy and Data Security, due to a history of
customer-related business practices that did not fully comply with
regulatory norms. The score reflects its assessment that
customer-related practices appear weaker than at rated peers,
raising regulatory and reputational risk for MFIN. This has a
negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

MFIN has an ESG Relevance Score of '4' for Governance Structure,
due to its history of customer-related business practices that did
not fully comply with regulatory norms, which implies that the
company has gaps in its governance structure. The score reflects
its assessment that governance practices appear weaker than at
rated peers, raising regulatory and reputational risk for MFIN.
This has a negative impact on the credit profile and is relevant to
the ratings in conjunction with other factors.

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

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Manappuram
Finance Limited     LT IDR    BB-  Affirmed    BB-

                    LC LT IDR BB-  Affirmed    BB-

   senior secured   LT        BB-  Affirmed    BB-


MANIDHARI STAINLESS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Manidhari Stainless Wire Private Limited
Plot No. 137 & 138,I.D.A. Jeedimetla,
        Hyderabad,Telengana-500033

Insolvency Commencement Date: August 17, 2023

Estimated date of closure of
insolvency resolution process: February 17, 2024 (180 Days)

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Mr. Dinesh Gopal Mundada
              403, Fortune House,
              Baner Pashan Link Road, Pune - 411045
              Email: mundada2007@gmail.com
              Email: cirp.manidhari@gmail.com

Last date for
submission of claims: September 4, 2023


MAXPRO HOMECARE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Maxpro Homecare Products Private Limited
G No. 465, Badalwadi, Tal-Maval Dist. Pune 410507

Insolvency Commencement Date: July 25, 2023

Estimated date of closure of
insolvency resolution process: January 23, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Girish Siriram Juneja
       22, Dignity Apartments, Bon Bon Lane,
              7 Bungalows, Versova Andheri (West)
              Mumbai - 400053
              Email: junejagirish31@gmail.com

              1221, Maker Chamber V, Nariman Point,
              Mumbai-400021
              Email: ip.maxprohome@gmail.com

Last date for
submission of claims: August 10, 2023


MURUGAN FLOUR: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has retained the Long-term ratings of Shree Murugan Flour
Mills (P) Ltd 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;
   Cash Credit                   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 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.

Shree Murugan Flour Mills Private Limited was established in 1986
by Mr. G Balasubramanian. The manufacturing facility of SMFM is
located in Coimbatore and has an installed capacity to grind 70 MT
of wheat per day. SMFM manufactures various wheat products
including maida, wheat flour (atta) and sooji, among others. The
products are sold under the brand name 'Bell'. Besides, the company
also engages in trading of wheat and sale of by-products including
bran, bran flakes and dust.


MUTHOOT FINANCE: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based Muthoot Finance Ltd's (MFL)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs)
at 'BB'. The Outlook is Stable.

KEY RATING DRIVERS

Standalone Profile Drives Ratings: MFL's IDRs reflect its
leadership in gold jewellery-backed loans with a presence across
rural and semi-urban markets in India. The liquid gold collateral
underpins its healthy asset quality and the short tenor of loans
supports its liquidity. This is moderately counter-balanced by
rising competition in the gold loans segment, putting pressure on
its lending yields in recent quarters.

Improved Sector Risk Operating Environment (SROE): Fitch has
revised the SROE score for Indian finance and leasing companies
(FLCs) to 'bb+', from 'bb', reflecting improved governance, risk
and liquidity management frameworks, due partly to regulatory
strengthening in the past few years, and the easing of Covid-19 and
commodity shocks on medium-term growth prospects despite lingering
global growth and inflation risks. Fitch expects resilient GDP
expansion (FY24: 6.3%, FY25: 6.5%) to provide adequate headroom for
FLCs to expand profitably in the medium term.

Competition in Gold Loans: Competition in gold-backed lending has
increased in the past two years. MFL has maintained its leading
albeit niche market share due to its long-standing operations,
pan-Indian presence and customer engagement, but competition has
resulted in a decline in its lending yields.

Interest income to average loans declined to 18% in the financial
year ended March 2023 (FY23), from 22% in FY21, but yields are
still higher than other secured small tenor loans. MFL does not
expect further downside to yields as it navigates through
competitive pressures. Execution on successfully maintaining
business franchise and yields amid rising competition remains a
sensitivity.

Higher Operational Risks: Operational risks are high in gold-backed
financing due to the branch-led business model, physical handling
of gold collateral and cash, collateral safe keeping as well as
risks of lending against stolen or spurious gold. Various checks
and balances, regular inspections and the company's decentralised
operations mitigate the operational risk.

Liquid Collateral Limits Losses: Gold-backed loans formed a
dominant proportion of its consolidated loans (88% at end-June
2023), which underpins its stable asset quality. The fairly
reliable auction procedures ensure MFL's credit losses are minimal
(0.3% in FY23), despite higher gross non-performing loan ratio
(3.6% at end-March 2023).

Gold prices can be volatile, but a regulatory loan/value ceiling of
75%, standardised valuation and monitoring real-time gold price
movement provide a buffer against falls in gold prices. MFL's
non-gold loans - microfinance, low-cost housing and auto loans -
form the remainder of the loan book. These loans could create more
risk, but gold loans are likely to remain the dominant business in
the medium term.

Healthy Earnings: MFL's net interest margin declined to 10.2% in
FY23 (FY22: 11.4%, FY21: 12.5%) due to falling loan yields.
However, gold loans still remain among the widest-margin products
within NBFIs. MFL's controlled operating and credit costs resulted
in healthy pretax earnings at 6.6% of average assets in FY23.

Moderate Leverage: MFL's healthy internal capital generation helped
to maintain its debt/tangible equity ratio of 2.6x at end-June
2023, providing an acceptable buffer against asset-quality shocks.
MFL's granular and geographically diversified loan book limits
capital vulnerability to asset quality risks. Fitch does not expect
leverage to increase significantly, as profitability should remain
sufficient to support near-term growth.

Adequate Funding: Fitch expects the funding and liquidity profile
to remain broadly stable. MFL benefits from fairly diversified
funding sources, including loans from banks and wide access to
capital market instruments, such as bonds and commercial paper.
Liquidity is also supported by short asset tenors, with a positive
short-term asset-liability maturity profile.

RATING SENSITIVITIES

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

The ratings may be downgraded if competition materially affects
MFL's gold loans' franchise and business prospects, or if
aggressive expansion in non-gold loans segments leads Fitch to
assess MFL's risk appetite and asset quality less favourably, or if
gold collateral values weaken sharply and materially diminish MFL's
profitability and capitalisation.

The ratings may also be downgraded in case of excessive operational
risk losses, or if debt/tangible equity were to exceed 4.5x for a
prolonged period, or if liquidity coverage or funding access
deteriorates significantly.

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

MFL's ratings are at the higher end of rated local peers. An
upgrade would hinge on a steady record of expansion in MFL's
franchise beyond the gold-loan market. This is provided that it
maintains its segment market share and profitability in gold loans
amid rising competition, satisfactory asset quality, and
balance-sheet metrics commensurate with a stronger rating as it
expands.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The ratings on MFL's US dollar medium-term note (MTN) programme and
foreign-currency senior debt are at the same level as its Long-Term
Foreign-Currency IDR.

The borrowings of Indian non-bank financial institutions are
typically secured and Fitch believes non-payment of senior secured
debt would best reflect the uncured failure of the entity. Non-bank
financial institutions can issue unsecured debt in the overseas
market, but such debt is likely to constitute a small portion of
their funding and thus cannot be viewed as their primary financial
obligation.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The rating on MFL's US dollar MTN programme and senior secured debt
rating are sensitive to its Long-Term Foreign-Currency IDR. Any
action on the Long-Term Foreign-Currency IDR will drive similar
action on the ratings on the MTN programme and senior secured debt
rating.

ADJUSTMENTS

The 'bb+' sector risk operating environment score is above the 'b'
implied score for the following reasons: size and structure of
economy (positive) and economic performance (positive).

The 'bb' funding, liquidity and coverage score is above the 'ccc'
implied score for the following reason: funding flexibility
(positive).

ESG CONSIDERATIONS

MFL has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance company
sector. This reflects its retail-focused operations, which expose
it to risks around fair lending practices, pricing transparency,
repossession, foreclosure and collection practices, whereby
aggressive practices in these areas may subject the company to
legal or regulatory and reputational risk that may damage its
credit profile. The score of '3' for this factor reflects its view
that such risks are adequately managed and have a low impact on the
company's credit profile.

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

   Entity/Debt                 Rating           Prior
   -----------                 ------           -----
Muthoot Finance Ltd  LT IDR     BB   Affirmed    BB

                     LC LT IDR  BB   Affirmed    BB

   senior secured    LT         BB   Affirmed    BB


NANDLAL KAMAL: Liquidation Process Case Summary
-----------------------------------------------
Debtor: Nandlal Kamal Kishore Vyapaar Private Limited
Akrur Datta Lane, Kolkata-700012 West Bengal

Liquidation Commencement Date:  August 10, 2023

Court: National Company Law Tribunal Kolkata Bench

Liquidator: Mr. Soumendra Podder
     1/427 Gariahat Road (South), 4th Floor
            Kolkata 700 048
            Email: soumenpodder@hotmail.com

            Sumedha Management Solutions Private Limited
            Geetanjali Apartments 8B,
            Middleton Street, Flat 2B Kolkata-700071
            Email: ip.nkkvpl@gmail.com

Last date for
submission of claims: September 9, 2023


NIRANKAR COTTEX: ICRA Withdraws B+ Rating on INR12.76cr LT Loan
---------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Nirankar Cottex at the request of the firm and based on the No
Objection Certificate (NOC) received from the banker, and in
accordance with ICRA's policy on withdrawal. However, ICRA does not
have information to suggest that the credit risk has changed since
the time the rating was last reviewed. The key rating drivers,
liquidity position, and rating sensitivities have not been captured
as the rated instruments are being withdrawn.  

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term          12.76      [ICRA]B+ (Stable); withdrawn
   fund-based–
   Term    

   Long-term
   fund-based–
   Cash Credit        40.00      [ICRA]B+ (Stable); withdrawn

   Long-term–
   Unallocated         1.46      [ICRA]B+ (Stable); withdrawn

NC was established as a partnership firm in 2014 and started its
operations in January 2015. The firm is involved in ginning and
pressing of raw cotton and extraction of oil and cake from cotton
seeds. The firm's registered office and ginning unit is in Wardha,
Maharashtra. It has an installed capacity to process 1,200 quintals
of cotton per day, along with an oil extraction
capacity of 200 tonnes per day in two shift of 10 hours each.

OCEAN CONSTRUCTIONS: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term rating of Ocean Constructions (India)
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–        12.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         6.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         16.50      [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.

Ocean Constructions, a proprietorship firm set up in 2006 and owned
by Mr. Sharfuddin Ali Mulki was taken over by Ocean Constructions
India Private Limited (OCIPL, incorporated in 2008) in April 2013.
OCIPL, promoted by Mr. Sharfuddin Ali and his brothers Mr. Inayath
Ali and Mr. Abid Ali undertakes civil contracts involving
irrigation canals, aqueducts, site grading & levelling and road
works in Karnataka mainly for government clients including
Karnataka Neeravari Nigam Limited (KNNL), Krishna Bhagya Jala Nigam
Ltd (KBJNL), Public Works Department (PWD) Karnataka, National
Highway Authority of India (NHAI), Visvesvaraya Jala Nigam Ltd
(VJNL), National Mineral Development Corporation (NMDC) and
Mangalore City Corporation (MCC). Ocean Constructions previously
undertook sub-contracting works for private companies including
Shapoorji Pallonji and company Ltd and AMR India Ltd. Mr. Inayath
Ali was previously the national secretary of National Students'
Union of India (NSUI) and general secretary of Karnataka Pradesh
Youth Congress Committee (KPYCC) and has good relationship with
governmental agencies awarding the contracts.


PANDHE INFRACONS: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Pandhe Infracons Private Limited
157, Railway Lines, Solapur, Maharashtra 413001

Liquidation Commencement Date:  August 11, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Mr. Brijendra Kumar Mishra
            Flat No. 202, 2nd floor, Bhoj Bhavan,
            Plot No.18-D, Shivpuri, Sion-Trombay Road,
            Chembur (East), Mumbai, 400071
            Email: mishrabk1959@gmail.com

            I-21/22, Paragon Centre,
            Pandurang Budhkar Marg,
            Worli, Mumbai 400013
            Email: Pandheinfracons.cirp@gmail.com

Last date for
submission of claims: September 13, 2023


PAVANSUT PAPER: ICRA Lowers Rating on INR8.50cr LT Loan to D
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Pavansut Paper Mill Pvt. Ltd. (Pavansut), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         8.50       [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–         4.04       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term–        0.70       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from
   Others                        [ICRA]A4 and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Long Term/         2.96       [ICRA]D/[ICRA]D; ISSUER NOT  
   Short Term-                   COOPERATING; Rating downgraded
   Unallocated                   from [ICRA]B+ (Stable)/[ICRA]A4
                                 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 December 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.

Incorporated in October 2015 as a private limited company, Pavansut
Paper Mill Pvt. Ltd. (Pavansut) manufactures kraft paper in varying
BF sizes from 12 to 22, which is used for manufacturing corrugated
boxes. The company's plant is in Morbi, Gujarat and has a
manufacturing capacity of 100 tonne/day. The operations are managed
by members of the Patel family, who have extensive experience in
the paper industry by virtue of their erstwhile association in a
related business.


PV KNIT: ICRA Keeps D Debt Ratings in Not Cooperating Category
--------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of PV Knit
Fashions 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–         0.09      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         7.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         3.58      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Short Term         0.15      [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 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.

PV Knit Fashions, incorporated in the year 1989 by Mr Ramasamy, is
engaged in manufacturing and export of garments, primarily to
European markets. The firm manufactures knitted garments like
T-shirts, polo shirts, sweatshirts, nightwear, pyjamas, shorts,
skirts, trousers etc. It has in-house facilities for knitting,
printing, embroidering, cutting, stitching, and packaging, and
outsources dyeing and bleaching to sister concerns. PVKF has 10
knitting machines with a capacity to produce 1,600 kg of fabric per
day and 250 sewing units to manufacture up-to 10,000 pieces of
garments (basic style).


REGAL FINANCE: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: Regal Finance Company Private Limited
Fair Deal Filling Station
        National Highway, Gangyal, Jammu J&K - 180010

Liquidation Commencement Date:  August 18, 2023

Court: National Company Law Tribunal Chandigarh Bench

Liquidator: Vishawajeet Gupta
     #51, Adarsh Enclavem Dhakoli,
            Near Zirakpur, Distt, Mohali (Punjab) - 160104
            Email: vishawjeetgupta@gmail.com
            Tel No: +91-98152 84474

Last date for
submission of claims: September 20, 2023


RELIANCE BIG: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Reliance Big Private Limited
        502, Plot No. 91/94 Prabhat Colony,
        Santacruz (East) Mumbai - 400055

Insolvency Commencement Date: August 18, 2023

Estimated date of closure of
insolvency resolution process: February 14, 2024 (180 Days)

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Rohit Mehra
       Tower A-3403, Oberio Woods,
              Oberio Garden City,
              Goregaon East, Mumbai - 400063
              Email: rohitmehra@hotmail.com
              Email: ip.rbpltd@gmail.com

Last date for
submission of claims: September 1, 2023


RGTL INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of RGTL
Industries 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–        125.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         29.32     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-         8.79      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

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

RGTL Industries Limited (RIL, erstwhile Rathi Rajasthan Steel Mills
Limited) is a public limited company engaged in the manufacturing
of Thermo Mechanically Treated (TMT) bars. RIL was promoted in 2004
by Mr. Raj Kumar Rathi and became a 100% subsidiary of Rathi
Graphic Technologies Limited in 2007-08. Rathi Graphic Technologies
Limited now holds 49.18% stake in RIL. Rathi Graphic Technologies
Limited is a public limited listed company engaged in manufacturing
toners and developers which are used in photocopier machines, laser
and ink-jet printers. The promoter Mr. Raj Kumar Rathi belongs to
the Rathi family which has a long track record and established name
in manufacturing of TMT bars. RIL has its manufacturing unit in
Bhiwadi (Rajasthan), wherein the rolling mill capacity has recently
been enhanced to 150000 TPA.


RSA MINING: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: RSA Mining & Equipment Private Limited
E5-239, Parameshwaran Vihar Old No. 28,
        New Delhi No. 67, Arcot Road, Saligramam
       Chennai TN 600093

Insolvency Commencement Date: July 24, 2023

Estimated date of closure of
insolvency resolution process: January 21, 2024

Court: National Company Law Tribunal, Chennai Bench

Insolvency
Professional: Revathi S Raghunathan
       Flat No. 7, 3rd Floor, B, Wing,
              Parsn Manere, 442 Anna Salai
              Chennai - 60006
              Email: revathi@arcoca.com
              Email: rprsamining@gmail.com

Last date for
submission of claims: August 8, 2023


SABARI TEXTILES: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Sabari
Textiles 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–        12.47      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         3.83      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         0.70      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               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 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.

Sabari Textiles Private Limited, incorporated in November 2006, has
its manufacturing facilities located in Coimbatore (Tamil Nadu).
The Company is engaged in manufacturing of blended yarn in its unit
located in the Coimbatore district.


SHRIRAM FINANCE: Fitch Affirms 'BB' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based Shriram Finance Limited's
(SFL) Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) at 'BB'. The Outlook is Stable. SFL was previously known as
Shriram Transport Finance Company Limited.

KEY RATING DRIVERS

Standalone Profile Drives Ratings: SFL's ratings reflect the
company's longstanding franchise in used commercial-vehicle (CV)
financing, experienced management, satisfactory execution record
backed by established underwriting processes and risk controls, and
adequate balance-sheet buffers.

Improved Sector Risk Operating Environment (SROE): Fitch has
revised the SROE score for Indian finance and leasing companies
(FLCs) to 'bb+', from 'bb', reflecting improved governance, risk
and liquidity management frameworks due partly to regulatory
strengthening in the past few years, and the easing of Covid-19 and
commodity shocks on medium-term growth prospects despite lingering
global growth and inflation risks. Fitch expects resilient GDP
expansion (FY24: 6.3%, FY25: 6.5%) to provide adequate headroom for
FLCs to expand profitably in the medium term.

Diversifying Loan Mix: SFL merged with sister company Shriram City
Union Finance Limited (SCUF) in the financial year ended March 2023
(FY23). The merger is unlikely to materially alter SFL's credit
profile. SFL's used-vehicle lending forms the majority of total
loans (73% at end-June 2023) and should remain the main part of the
portfolio in the medium term. Still, SCUF's loan products - small
business, two-wheeler, personal loans, gold loans and rural housing
provided to customers with profiles similar to that of SFL - add
diversity to SFL's portfolio and provide growth prospects.

Merger Execution: Fitch expects the combined management team will
maintain a steady product rollout strategy with consistent
underwriting standards and credit monitoring to avoid asset-quality
setbacks. Fitch expects cross-sell opportunities, which were a key
merger objective, to materialise gradually over the medium term.
SFL has rolled out SCUF's loan products across its branches and is
using SFL branding on SCUF's branches. Aggressive growth as SFL
executes its post-merger strategy could indicate a rise in risk
appetite.

Stable Asset Quality: Fitch expects asset quality to remain stable
in the medium term supported by a steady economy. SFL's high
non-performing loan (NPL) ratio reflects its exposure to sub-prime
borrowers who fall outside banks' typical customer base. Even so,
the NPL ratio declined to 5.8% by end-June 2023, from 7.1% at
end-March 2022, due to improving borrowers' income over the past
few quarters and closer NPL management.

Healthy Profitability: Fitch expects improved credit demand and
controlled operating and credit costs to support earnings in the
medium term. SFL's rural and semi-urban customer base underpins its
high net interest margin (FY22: 6.9%), which has further improved
(1QFY24: 8.4%) with addition of higher yielding SCUF products.
This, along with its carefully-managed operating expense base,
resulted in healthy pretax profitability to assets of 4.3% in
1QFY24.

Controlled Leverage: SFL's debt/tangible equity improved to 4.2x by
end-June 2023 from 4.5x at end-March 2022. Fitch expects the
company to contain leverage within a similar range in the medium
term. Fitch expects internal capital generation to be largely
sufficient to support SFL's loan growth targets.

Stable Funding and Liquidity: SFL has a diversified funding mix
with adequate access to debt capital markets, securitisation
market, offshore markets, banking relationships, and public
deposits. SFL's asset portfolio is generally matched against its
funding portfolio. High liquidity buffers, built against
pandemic-induced contingencies, are been pared down as the company
becomes more confident of the macroeconomic outlook. However, it is
likely to keep its liquidity buffer commensurate with its rating to
cover near-term debt maturities.

RATING SENSITIVITIES

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

SFL's rating could be downgraded in the event of significantly
weaker asset quality and profitability, diminished funding access
or a weakened liquidity profile. Leverage consistently greater than
5.5x or a material increase in risk appetite marked by loosened
underwriting standards or aggressive growth relative to the
industry would also place downward pressure on the rating.

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

A sustained improvement in asset quality and profitability as SFL
executes on its post-merger cross-sell objectives would be positive
for the credit profile and may lead to positive rating action. This
is provided that leverage remains below 4.0x on a sustained basis.
A stronger risk profile assessment may increase SFL's leverage
tolerance over time.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

The ratings on SFL's US dollar medium-term note (MTN) programme and
foreign-currency senior secured debt are at the same level as its
Long-Term Foreign-Currency IDR, in line with Fitch's rating
criteria.

Indian non-bank financial institution (NBFI) borrowings are
typically secured and Fitch believes that non-payment of their
senior secured debt would best reflect uncured failure of the
entity. NBFIs can issue unsecured debt in overseas markets, but
such debt is likely to constitute a small portion of their funding
and thus cannot be viewed as their primary financial obligations.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The ratings on SFL's US dollar MTN programme and foreign-currency
senior secured debt are sensitive to its Long-Term Foreign-Currency
IDR. Any action on the Long-Term Foreign-Currency IDR will drive
similar action on the MTN programme and foreign-currency senior
secured debt ratings.

ADJUSTMENTS

The 'bb+' sector risk operating environment score is above the 'b'
implied score for the following reasons: size and structure of
economy (positive) and economic performance (positive).

The 'bb' asset quality score is above the 'b' implied score for the
following reason: loan charge-offs, depreciation or impairment
policy (positive).

The 'bb' funding, liquidity and coverage score is above the 'ccc'
implied score for the following reason: funding flexibility
(positive).

ESG CONSIDERATIONS

SFL has an ESG Relevance Score of '3' for Customer Welfare,
compared with the standard score of '2' for the finance and leasing
sector. This reflects its retail-focused operations, which exposes
it to risks around fair-lending, pricing-transparency and
repossession, foreclosure and collection practices. Aggressive
practices in these areas may subject the company to legal,
regulatory and reputational risk that may negatively affect its
credit profile. The relevance score of '3' for this factor reflects
Fitch's view that these risks are adequately managed and have a low
impact on SFL's credit profile at present.

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

   Entity/Debt               Rating            Prior
   -----------               ------            -----
Shriram Finance
Limited             LT IDR    BB  Affirmed      BB

                    ST IDR    B   Affirmed      B

                    LC LT IDR BB  Affirmed      BB

   senior secured   LT        BB  Affirmed      BB


THREE LEAF: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Three Leaf Foods Private Limited
Shop No 04, First Floor Tapadia Cine Market, N-1,
        Cicdo Aurangabad MH 431003 India

Insolvency Commencement Date: August 18, 2023

Estimated date of closure of
insolvency resolution process: February 14, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Prajakta Menezes
       106, 1st Floor, Kanakia Atrium 2,
              Cross Road 'A', Chakala MIDC,
              Andheri (East), Mumbai 400093
              Email: prajakta@prmlegal.in
              Email: irp.threeleaf@gmail.com

Last date for
submission of claims: September 1, 2023


TIJARIA POLYPIPES: ICRA Lowers Rating on INR56.27cr Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Tijaria
Polypipes Limited (TPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.00       [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–        56.27       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term–        5.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from
   Others                        [ICRA]A4 and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

Rationale
The rating of TPL is downgraded as the accounts of the entity have
been declared as NPA (Non-Performing Asset) mentioned by the
Auditor of the company. The rating is based on limited information
on the entity's performance since the time it was last rated in
July 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.

Tijaria Polypipes Limited (TPL) was incorporated in 2006 by the
conversion of a partnership firm (named Tijaria Overseas Vinyl)
which was established in 2000. The company manufactures high-grade
HDPE, PVC, MDPE and LDPE plastic pipes and sprinkler systems under
the brand names of Tijaria and Vikas. At present, the company has a
monthly installed manufacturing capacity of 13000 MT of HDPE pipes,
~6500 MT of PVC pipes, 1000 tonnes for yarn and 3000 MT for
blankets. Its products are used in irrigation, telecommunication,
industrial, infrastructure and housing sectors. In addition, the
company also operates a textile division - wherein it manufactures
mink blankets. The manufacturing units of the company is located at
Jaipur, Rajasthan.

TOPAKI MEDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Topaki Media Private Limited
Registered Office as per NCLT Order
        171-C, Floor-17, Plot- 224, C- Wing,
        Mittal Court, Jamnalal Bajaj Marg,
        Nariman Point, Mumbai - 400021

        Principal Office:
        Row House No 5, Behind Akshay Dental Hospital,
        Peer Bazaar Dargah Road, Pratap Nagar,
        Aurangabad - 431005

Insolvency Commencement Date:  August 10, 2023

Estimated date of closure of
insolvency resolution process:  February 6, 2024

Court: National Company Law Tribunal, Mumbai Bench

Insolvency
Professional: Mr. Shyamsunder Purshottamlal Dhanuka
       A-301, Krishna Tower, Atmaram Sawant Marg,
              Kandivali East, Mumbai – 400 001
              Email: sdhanuka@yahoo.com
              Email: cirptopaki@gmail.com

Last date for
submission of claims: August 31, 2023


TRIUMPH WIRES: ICRA Lowers Rating on INR5cr LT Loan to D
--------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Triumph Wires Pvt. Ltd. (TWPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         5.00       [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–        10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from
   Others                        [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 November 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 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 2013 as a private limited company, Triumph Wires
Pvt. ltd. (TWPL) is a trader in steel and aluminium products such
as MS sheet, MS angle, MS plate, aluminium wire, aluminium E.C.
wire rod etc. The major shareholders of the company are Blue Chine
Creation Pvt. Ltd., Eco space Commodities Trade Pvt. Ltd., Saket
Suppliers Pvt. Ltd. and Grihalakshmi Sales Pvt. Ltd. And Mr. Hitesh
R Jain, holding about 99.94% shares of the company. As informed by
the management, the major shareholders of these companies are
friends/relatives of the directors.

UTTARAYAN FOODS: ICRA Keeps C+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Uttarayan
Foods Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-term–        7.00       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        3.39       [ICRA]C+; ISSUER NOT
COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Short-term        0.16       [ICRA]A4 ISSUER NOT
   Non Fund based               COOPERATING; Rating Moved to
   Others                       the '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.

Uttarayan Foods Private Limited (UFPL) incorporated in 2008, is
involved in providing multipurpose cold storage facilities to
farmers and traders on rental basis. Its cold storage facility is
in Nadia, West Bengal with storage capacity of 5,000 MT.


VERIFONE INDIA: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Verifone India Private Limited
#003, Classique Mansion, 6th Cross, HAL 2nd Stage,
        Bangalore, Karnataka - 560008

Liquidation Commencement Date:  August 7, 2023

Court: National Company Law Tribunal Bengaluru Bench

Liquidator: Ms. Srilakshmi Purushottam
     Guru & Jana Chartered Accountants
            No. 41, Patalamma Temple Street,
            Near Southend Circle,
            Basavanagudi, Bangalore 560004
            Email: sri@gurujana.com
            Tel No: 080 42202020

Last date for
submission of claims: September 6, 2023

VIKHYAT HOLDINGS: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: Vikhyat Holdings Pvt Ltd
35 Ahiripukur Road 2nd Floor Kolkata 700019, West Bengal

Liquidation Commencement Date:  August 8, 2023

Court: National Company Law Tribunal Kolkata Bench

Liquidator: CMA Birendra Kumar Tripathi
     60/2/1, Haripada Dutta Lane, Golf View Apartment,
            Flat No.-7, 3rd Floor, Kolkata-700033
            Email: bkt9000@gmail.com
            Tel No: 9433602746

Last date for
submission of claims: September 7, 2023


VINAYAK VINIYOG: Voluntary Liquidation Process Case Summary
-----------------------------------------------------------
Debtor: Vinayak Viniyog Pvt Ltd
35 Ahiripukur Road 2nd Floor Kolkata 700019, West Bengal

Liquidation Commencement Date:  August 8, 2023

Court: National Company Law Tribunal Kolkata Bench

Liquidator: CMA Birendra Kumar Tripathi
     60/2/1, Haripada Dutta Lane, Golf View Apartment,
            Flat No.-7, 3rd Floor, Kolkata-700033
            Email: bkt9000@gmail.com
            Contact: 9433602746

Last date for
submission of claims: September 7, 2023




=========
J A P A N
=========

RAKUTEN GROUP: S&P Affirms 'BB' LongTerm ICR, Outlook Negative
--------------------------------------------------------------
S&P Global Ratings has affirmed its 'BB' long-term issuer credit
and senior unsecured debt ratings on Rakuten Group Inc. S&P has
also affirmed its 'B' issue rating on its subordinated bonds. The
outlook on the long-term issuer credit rating remains negative.

S&P said, "We affirmed the ratings on the Japan-based internet
services company because we expect negative FOCF in its
nonfinancial unit to narrow in the next 12-18 months. We base this
view on gradual improvement in the mobile business' operating
performance and a decrease in the business' capital expenditures.
The affirmation also reflects some progress in nondebt financing
since early 2023."

Negative EBITDA is likely to decrease in Rakuten's mobile business
(including the mobile network operator and communications
infrastructure businesses) in the next year. S&P said, "A new
roaming agreement with KDDI will likely make it easier for the
company to attract customers and reduce capital expenditures, in
our view. We expect the business' EBITDA to turn positive on a
quarterly basis in the first half of fiscal 2024 (ending Dec. 31,
2024). In addition, we assume the company can book positive EBITDA
of about JPY150 billion in its nonfinancial unit in fiscal 2024, up
from a deficit of about JPY50 billion in fiscal 2023."

Negative FOCF in the nonfinancial unit is likely to be smaller too
thanks to the reduced capital expenditures. S&P said, "We expect an
FOCF deficit of slightly less than JPY350 billion in the
nonfinancial unit in fiscal 2023, improved from negative JPY672
billion in fiscal 2022. It will continue improving to about
negative JPY100 billion in fiscal 2024, in our view. The company
has raised a total of about JPY700 billion in funds since early
2023 through bond issuance and nondebt financing. We assume it can
overcome the deficit in FOCF in the next two years."

S&P said, "We consider that the company has not raised enough funds
to redeem bonds due in the next two years. We see liquidity as a
key rating driver for the company in the next one to two years. A
total of more than JPY700 billion worth of bonds are due by June
2025. While FOCF in the nonfinancial unit is likely to recover, it
will remain in deficit in fiscal 2024. We therefore expect Rakuten
to continue relying heavily on asset sales and refinancing to
redeem the bonds. The company will continue to focus on nondebt
financing, including the listing of Rakuten Securities Holdings
Inc., but the timing and amount of funding are unclear.

"We think two factors continue to underpin the nonfinancial unit's
liquidity. One, Rakuten has JPY150 billion in unused committed
credit lines. Two, the company maintains a variety of financing
options and has a record of issuing corporate bonds in domestic and
overseas markets.

"We see a deterioration in the creditworthiness of the financial
unit, which has supported overall group credit quality. In our
view, Rakuten, as the parent, has controlled the financial unit,
which has expanded business strongly. Rakuten could use some of the
stable operating cash flow from the unit to make up for the FOCF
deficit in the nonfinancial unit. However, this would delay capital
accumulation in the financial unit.

"Our long-term issuer credit rating on Rakuten is a weighted
average of the lower credit quality of the highly leveraged
nonfinancial unit (stand-alone credit quality of 'b+') and the
higher credit quality of the financial unit, which has stable
profitability. We reflect deterioration in the credit quality of
the financial unit in our negative outlook on the company."

The negative outlook reflects the nonfinancial unit's insufficient
fundraising for large bond redemptions in 2024 and 2025, despite
recovery in the nonfinancial unit.

S&P may consider a downgrade if it sees a heightened likelihood of
either of the following scenarios:

-- The company's liquidity deteriorating further for the coming 12
months because of difficulties raising funds for bond redemptions
or refinancing them.

-- The nonfinancial unit's EBITDA and FOCF in the next 12 months
becoming substantially weaker than we currently assume, owing to,
for example, slower improvement in the mobile business'
performance.

S&P may consider revising the outlook to stable if it sees a
heightened likelihood of either of the following scenarios:

-- The company having more clarity on raising funds including
nondebt financing for bond redemptions or refinancing in 2024 and
thereafter.

-- FOCF turning positive significantly faster than S&P assumes
thanks to a recovery in the mobile business.




===============
M O N G O L I A
===============

GOLOMT BANK: Moody's Affirms 'B3' Issuer & Deposit Ratings
----------------------------------------------------------
Moody's Investors Service has affirmed Golomt Bank JSC's B3 foreign
currency (FC) and local-currency (LC) long-term (LT) issuer
ratings, B3 FC and LC LT bank deposit ratings, b3 Baseline Credit
Assessment (BCA) and Adjusted BCA, B3 FC LT Counterparty Risk
Ratings (CRR), B2 LC LT CRR, Non-Prime (NP) FC and LC short-term
(ST) CRRs, B2(cr)/NP(cr) LT/ST Counterparty Risk (CR) Assessments.

At the same time, Moody's has maintained the stable outlooks on the
ratings, where applicable.

RATINGS RATIONALE

The rating affirmation reflects Moody's expectation that Golomt
Bank's credit profile will remain stable over the next 12-18
months, underpinned by its steady asset quality and profitability
amid the improving Mongolian (B3 stable) economy, as well as the
bank's sufficient capital buffer.

Golomt Bank's B3 ratings are at the same level as the bank's b3
BCA. Moody's assesses the level of government support for Golomt
Bank to be high because of its importance to the domestic economy
as highlighted by its designation as one of the country's five
domestic systemically important banks (D-SIBs). However, this
assumption does not lead to any government support uplift to its
long-term deposit ratings because they are already at the same
level as the Government of Mongolia's issuer ratings.

Golomt Bank's b3 BCA reflects the bank's (1) weak asset quality due
to its moderate loan concentration and high long-run loan-loss
performance; and (2) its modest profitability due to high credit
costs. Mitigating these credit challenges are the bank's improved
capitalization after its issuance of new shares in November 2022;
and the bank's good retail banking franchise that supports its
funding strength and liquidity.

Moody's expects Golomt Bank's asset quality to remain largely
stable over the next 12-18 months, with its problem loan ratio at a
low 10%, considering the declining ratio of new nonperforming loan
(NPL) formation. Golomt Bank's loan concentration to top-20
borrower groups is high, amounting to over 150% of its tangible
common equity (TCE) as of June 30, 2023, and its credit cost to
pre-provision income ratio was also high, averaging at 44% for
2018-22.

The agency forecasts that Golomt Bank will sustain its
profitability at the improved level over the next 12-18 months,
with its net income to tangible assets at a low 1%. Moody's expects
Golomt Bank's net interest margin (NIM) to peak at around 5% in
2023, and narrow in 2024 due to intensifying deposit competition
and the expiry of a temporary regulatory arrangement to apply zero
rates on current accounts and demand deposits by the end of 2022.
Golomt Bank's credit costs will likely remain at a low 1% during
the period based on the agency's expectation of steady asset
quality.

Moody's also expects Golomt Bank to maintain adequate
capitalization of over mid-12% over the next two to three years
reflecting improved internal capital generation and the bank's plan
to grow its loans by mid-10% level.

Golomt bank's funding structure will continue to be supported by
its good deposit franchise as the third-largest commercial bank in
Mongolia. The bank's market funds to tangible banking assets ratio
is currently high at around 24% as of the end of 2022, but
refinancing risk is mitigated by the fact that around a quarter of
the market funds are from the Mongolian government and the Bank of
Mongolia to fund policy loan programs. The agency also expects the
bank to maintain its good liquidity ratio over the 12-18 months
with its liquid banking assets to tangible banking assets ratio
above 35%.

Moody's has not incorporated affiliate support for Golomt Bank, and
therefore, the bank's Adjusted BCA is in line with its BCA of b3.

Mongolia does not have an operational bank resolution regime.
Moody's therefore applies a basic Loss Given Failure (LGF) approach
in rating Mongolian banks. Golomt Bank's long-term CRR of B2/B3 and
long-term CR Assessment of B2(cr) incorporate the bank's b3
Adjusted BCA and Moody's basic LGF analysis, which positions the
preliminary CRRs and CR Assessment one notch above the bank's
Adjusted BCA. Moody's then adds the same uplift of government
support as applied to the bank's long-term issuer rating, subject
to country ceiling by currency.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Golomt Bank's b3 BCA is at the same level as Mongolia's sovereign
rating. Therefore, a rating upgrade is unlikely in the absence of
an upgrade of the sovereign rating.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Moody's could downgrade Golomt Bank's ratings if the sovereign
rating is downgraded.

The bank's BCA could be downgraded if (1) the bank's solvency
weakens meaningfully with asset quality deterioration, such that
its new NPL formation ratio rises above 5%, and its TCE/risk
weighted assets falling below 10%; (2) or if its funding and
liquidity deteriorate significantly.

PRINCIPAL METHODOLOGY

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

Golomt Bank JSC is headquartered in Ulaanbaatar, Mongolia. The bank
reported total assets of MNT9.0 trillion (USD2.6 billion) as of the
end of 2022.




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

AVEC WHOLESALERS: Creditors' Proofs of Debt Due on Oct. 16
----------------------------------------------------------
Creditors of Avec Wholesalers Limited are required to file their
proofs of debt by Oct. 16, 2023, to be included in the company's
dividend distribution.

The High Court at Blenheim appointed Wendy Somerville and Richard
Nacey of PwC Wellington as liquidators on Sept. 1, 2023.


CUSTOM CONSTRUCTION: Creditors' Proofs of Debt Due on Sept. 29
--------------------------------------------------------------
Creditors of Custom Construction NZ 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 Sept. 4, 2023.

The company's liquidator is:

          John Marshall Scutter
          Fervor Limited
          Level 1, 17–19 Seaview Road
          Paraparaumu Beach


EXCELERATE BUSINESS: Court to Hear Wind-Up Petition on Sept. 22
---------------------------------------------------------------
A petition to wind up the operations of Excelerate Business
Solutions Limited will be heard before the High Court at Auckland
on Sept. 22, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 9, 2023.

The Petitioner's solicitor is:

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


R MANINANG: Court to Hear Wind-Up Petition on Sept. 14
------------------------------------------------------
A petition to wind up the operations of R Maninang Fix Stop Paint
Limited will be heard before the High Court at Christchurch on
Sept. 14 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 3, 2023.

The Petitioner's solicitor is:

          Arna McAvoy
          Inland Revenue, Legal Services
          PO Box 1782
          Christchurch 8140


RUAPEHU ALPINE: RSSA Submits New Proposal to Restore Ski Operator
-----------------------------------------------------------------
The Ruapehu Skifield Stakeholders Association (RSSA) have submitted
a new proposal to MBIE and PwC to restore Ruapehu Alpine Lifts out
of Liquidation and into trading under Deed Administration.

Deed Administration is a supervisory period during which a
company's affairs can be independently monitored (by a Deed
Administrator) while the company focuses on improving operational
efficiency, upgrading governance and organisation appropriate
external capitalisation. The Life Pass Holders have volunteered
(through surveys conducted by MBIE and independently by the
Stakeholders Association) to contribute a reactivation fee or
settlement payment that would help stabilise and support the
skifields.

There is considerable work that needs to be completed during the
Deed Administration period to set up the skifields for
intergenerational stability including long-term financial
stability, ropeway and asset planning (including maintenance,
renewals and doing less with more), contingency planning for
disruption (such as volcanic activity and weather variability),
improved operational efficiency, modernised governance with broader
opportunities for stakeholder engagement, and incorporating
relationships with local Iwi deeply into ongoing operational
planning and activity.

            Community Ownership is the Most Robust Model

The de-facto privatisation proposed by MBIE throughout the process
is not fit for purpose for the wider context of the Ruapehu
skifields. The skifields recently enjoyed their seventieth
anniversary and have traded through many years of ups and downs.
The community ownership model has proven durable (until recent
Covid lockdowns and government over lending).

Community ownership is the most appropriate model for the Ruapehu
skifields because it balances the need to respect the mountain and
local community with a passion for long-term survival of the
operations. An evolution of the model may involve a mix of Iwi
ownership, external investment, and modernised ski community
investment (through mechanisms such as equity crowdfunding or an
initial public offering).

A key aspect of ownership participation and investment from across
the ski community is the loyalty and willingness of the ski
community to invest money and resources to support the skifield in
both good times and in bad.

Community ownership and a profit re-investment mandate is
compatible with a long term managed retreat because the ski
community will remain committed to skifield operations at whatever
scale suits the larger context, rather than having a purely profit
driven operator demanding an expanded footprint simply to meet the
demands of generating a return on investment.

                   Local Iwi Have Raised Concerns

RSSA said it understand that Ngāti Tūwharetoa (and potentially
other local Iwi) have recently written to MBIE, DOC, the Treaty
Office and the relevant Ministers expressing concerns about the
liquidation and proposed asset sales. The ski community takes these
concerns very seriously as we are acutely aware that the skifields
are guests on the mountain.

Mt Ruapehu is located within a Dual-World Heritage National Park.
The structure, ownership, and future of the skifields needs to be
carefully considered in the broader context of local Iwi agreements
with the Crown, upcoming Tongariro National Park Negotiations, and
Conservation Operating Concessions.

                           Back to Basics

The Ruapehu Skifield Stakeholders Association represents a broad
mix of life pass holders, ski club members, season pass holders,
local residents, and local tourism operators. The association was
established to preserve and promote alpine sports in the Ruapehu
region. Recently the association has opposed the government-led
privatisation of the skifields into commercial hands because such a
process is not compatible with long-term durability and operational
stability of the skifields.

                         About Ruapehu Alpine

Ruapehu Alpine Lifts Limited (RAL) operates the Whakapapa and Turoa
skifields in the central North Island.

John Fisk and Richard Nacey, of PwC, were appointed voluntary
administrators of RAL on Oct. 11, 2022, following a resolution of
the Directors of the Company.

Ruapehu Alpine Lifts was put into liquidation on June 21, 2023.


WILLIAM SLATER: Thomas Lee Rodewald Appointed as Receivers
----------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting on Sept. 6, 2023, was
appointed as receiver and manager of William Louis Slater.

The receiver and manager may be reached at:

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




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

GS OF A SINGAPORE: Creditors' Proofs of Debt Due on Oct. 9
----------------------------------------------------------
Creditors of GS of A Singapore Pte. Ltd. are required to file their
proofs of debt by Oct. 9, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 1, 2023.

The company's liquidator is:

          Ong Kok Yeong David
          c/o Tricor Singapore  
          80 Robinson Road #02-00
          Singapore 068898


HANSIN TIMBER: Commences Wind-Up Proceedings
--------------------------------------------
Members of Hansin Timber Specialist and Trading Pte Ltd on Sept. 4,
2023, passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Lau Chin Huat
          Yeo Boon Keong
          c/o Technic Inter-Asia Pte Ltd
          50 Havelock Road #02-767
          Singapore 160050


MR GREEN: Court to Hear Wind-Up Petition on Sept. 22
----------------------------------------------------
A petition to wind up the operations of Mr Green Pte Ltd will be
heard before the High Court of Singapore on Sept. 22, 2023, at
10:00 a.m.

Wilmar Distribution Pte Ltd filed the petition against the company
on Aug. 30, 2023.

The Petitioner's solicitors are:

          Tan Kok Quan Partnership
          1 Wallich Street
          #07-02 Guoco Tower
          Singapore 078881


PARKSON RETAIL: Unit Served with Amended Claims
-----------------------------------------------
The Business Times reports that Parkson Corporation, a unit of
Parkson Retail Asia, was served with an amended writ and statement
of claim dated Sept. 3 as part of its ongoing legal proceedings
with PKNS Andaman Development.

In a filing to the Singapore Exchange on Sept. 8, Parkson Retail
warned that its financial position for the financial year ending
Dec. 31 would see an "adverse impact" if the outcome of the legal
proceedings do not ultimately wind up in its unit's favour, and if
the unit is required to settle the amended claims in full,
according to BT.

BT relates that the ongoing legal battle is with respect to the
premises leased by PKNS to Parkson Corporation within Evo shopping
mall.

BT says PKNS had on Sept. 6 served Parkson Corporation with the
amended claims and writ. It offered Parkson Corporation the choice
between two payment structures.

The first option asks for a payment by Parkson Corporation of about
SGD3.2 million to PKNS for the rental from April 2, 2018, to June
2023 and the monthly payment of about SGD53,403 until the
settlement of the rental amount.

The second option – an alternative to the first structure – is
asking for the payment of about SGD3.4 million to PKNS for the
rental period from Feb. 27, 2018, to June 2023, and the monthly
payment of SGD53,403 until the settlement of the outstanding
rental, BT notes.

PKNS also asked Parkson Corporation to settle the outstanding
monthly rental within 14 days of the judgement.

According to BT, Parkson Retail said it maintains its position that
no rental is payable by its unit, as PKNS has failed to satisfy the
precedent as set out in the tenancy agreement.

The precedent pertains to the trigger of rental commencement, and
Parkson Retail said PKNS's act of issuing commencement notice
pursuant to the agreement backdating the commencement date of
rental without satisfying the conditions precedent is unlawful.

BT relates that Parkson Retail said its unit has been advised by
its solicitors that it has a "strong case for maintaining its
position" and has instructed its solicitors to file its defence.

The trial dates are from Nov. 20 to Nov. 24, it said, adding that
it will make further announcements as and when material
developments arise.

                       About Parkson Retail

Parkson Retail Asia Limited is a Singapore-based investment holding
company. The Company and together with its subsidiaries is a
Southeast Asian department store retailer with a network of
approximately 39 department stores across cities in Malaysia and
Vietnam. The Company provides food and beverage outlets to
complement its department store operations. The Company operates
through two segments: operation and management of retail stores and
food and beverage. The Company's geographical segments include
Malaysia, Vietnam, Indonesia, Myanmar and Cambodia.


SAIL INTERNATIONAL: Creditors' Meetings Set for Sept. 27
--------------------------------------------------------
Sail International Marketing Pte Ltd will hold a meeting for its
creditors on Sept. 27, 2023, at 3:00 p.m. via electronic means.

Agenda of the meeting includes:

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

   b. to appoint Liquidators;

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

   d. Any other business.

Ms. Oon Su Sun was appointed as provisional liquidator of the
Company on Sept. 6, 2023.


TIONG AIK: Creditors' Meetings Set for Sept. 22
-----------------------------------------------
Tiong Aik Resources (S) Pte Ltd will hold a meeting for its
creditors on Sept. 22, 2023, at 11:00 a.m., at No. 1, Jalan Berseh,
#03-03, New World Centre, in Singapore.

Agenda of the meeting includes:

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

   b. to confirm the appointment of Mr. Tam Chee Chong as a
      liquidator of the Company for the purpose of the winding
      up;

   c. to appoint a Committee of Inspection of not more than 5
      members;

   d. to resolve that the Liquidator be at liberty to appoint a
      Solicitor to assist him in his duties, if required; and

   e. Any other business.

Mr. Tam Chee Chong was appointed as provisional liquidator of the
Company on Sept. 4, 2023.


YONGNAM ENGINEERING: Unit Gets Letter of Demand for Three Loan
--------------------------------------------------------------
The Business Times reports that Yongnam Engineering & Construction,
a wholly-owned unit of steel fabricator Yongnam Holdings, has
received a letter of demand from the attorney of Malayan Banking
Berhad.

BT relates that the letter of demand is for a total of MYR15.9
million (SGD4.6 million) in relation to outstanding payments due
under three loan facilities.

In a filing to the Singapore bourse on Sept. 7, Yongnam's judicial
managers said the letter of demand was dated Aug. 24, and was
received by the company's unit on Sept. 5.

According to BT, the letter stated that Yongnam Engineering &
Construction had failed, refused or neglected to comply with the
demand as stated in an earlier notice of demand dated June 26.

It also said that Yongnam, as the corporate guarantor, has been
placed in judicial management by the Singapore High Court. As a
result, the unit in question had committed events of default, and
the loan facilities are cancelled and terminated with immediate
effect, the letter, as cited by BT, said.

All principal and advances being outstanding and unpaid with
interest, as well as all other amounts payable to Malayan Banking
Berhad shall become "immediately due and payable", the letter
added.

Yongnam Engineering & Construction specializes in structural
engineering, specialist civil engineering and mechanical
engineering, structural steelwork.




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

BIM LAND: Moody's Cuts CFR to B3 & Senior Unsecured Notes to Caa1
-----------------------------------------------------------------
Moody's Investors Service has downgraded BIM Land Joint Stock
Company's corporate family rating to B3 from B2. At the same time,
Moody's has downgraded the senior unsecured rating on BIM Land's US
dollar notes to Caa1 from B2. The notes are guaranteed by most of
BIM Land's subsidiaries.

The outlook remains negative.

"The downgrade of BIM Land's corporate family rating reflects the
company's weakened financial policies and increased governance
risks following its tender offer exercise, which resulted in
substantial economic losses for noteholders. Moody's deem the
transaction as a distressed exchange, which is a form of default
under Moody's definition," says Yu Sheng Tay, a Moody's Analyst.

"The downgrade of the senior unsecured rating on the remaining US
dollar notes to Caa1 reflects noteholders' exposure to legal
subordination given the large proportion of secured debt in BIM
Land's capital structure and Moody's expectation that the company
will rely on secured borrowings to fund its operations," adds Tay.

RATINGS RATIONALE

BIM Land concluded its tender offer exercise and accepted valid
tenders totaling $99 million for its US dollar notes at an average
price of 63% to par. The size of the transaction, conducted at a
time when the operating environment in Vietnam remains challenging,
was significant as BIM Land bought back nearly half of the $200
million US dollar notes. The company initially targeted to
repurchase no more than $48 million of the US dollar notes.

BIM Land raised a $150 million secured bond from International
Finance Corporation (IFC, Aaa stable). Pro forma for the new IFC
bond and tender offer exercise, the unsecured US dollar notes now
account for less than a third of BIM Land's total debt excluding
lease liabilities as of March 31, 2023.

BIM Land has adequate liquidity. The company had cash and deposits
of VND1.6 trillion as of March 31, 2023. Together with the IFC bond
proceeds and Moody's expectation of operating cash flow generation
of around VND2.7 trillion through December 2024, BIM Land has
sufficient cash sources to fund its cash needs and discretionary
spending including estimated debt repayments of around VND2.9
trillion, estimated capital expenditure of VND2.4 trillion and
projected dividends of VND750 billion.

The B3 CFR continues to reflect BIM Land's (1) established track
record in the development of tourism-led townships, which are
located in Vietnam's fastest-growing tourist destinations; (2)
ownership of a sizable land bank; and (3) exposure to Vietnam's
evolving regulatory environment.

The negative outlook reflects ongoing uncertainties around BIM
Land's cash flow generation amid the challenging operating
environment, as well as the company's funding access following the
distressed exchange transaction.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

Governance consideration was a key driver of the rating action.
Moody's believes BIM Land's willingness to proceed with the tender
offer, which resulted in significant economic losses to US dollar
noteholders, signals a weakness in its financial strategy and risk
management as well as management credibility and track record. At
the same time, Moody's views compliance and reporting to be weaker
given a lack of transparency around funding for the tender offer
exercise.

Consequently, Moody's has changed the governance issuer profile
score to G-5 from G-4 and the ESG credit impact score to CIS-5 from
CIS-4.

BIM Land's exposure to governance risk also incorporates its status
as a privately-held entity that is controlled and managed by the
founding family.

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

Given the negative outlook, an upgrade is unlikely over the next
12-18 months. However, Moody's could change the outlook to stable
if the operating environment recovers, and BIM Land demonstrates an
improvement in cash flow generation. Moody's also expect the
company to maintain adequate liquidity with continued access to
funding.

Moody's could remove the notching on BIM Land's bond rating if the
company demonstrates meaningful access to unsecured borrowings over
time such that its unsecured debt accounts for the majority of
total borrowings.

Moody's could further downgrade BIM Land's rating if the company
fails to implement its business plans; the property market
deteriorates, leading to protracted weakness in the company's
operations and liquidity; or there is evidence of cash leakage from
BIM Land to fund-affiliated companies, for example, through
intercompany loans, aggressive cash dividends or investments in
affiliates.

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

BIM Land Joint Stock Company (BIM Land) is a property developer
focusing on creating tourism-led townships in Vietnam. Its flagship
projects are in areas with high potential for tourism development,
such as Ha Long city in Quang Ninh province and Phu Quoc island in
Kien Giang province. BIM Land is wholly owned by BIM Group, which
in turn is owned by founders Doan Quoc Viet and his wife, Khong Thi
Hien.


BINH SON REFINING: Fitch Gives 'BB' FirstTime IDR, Outlook Positive
-------------------------------------------------------------------
Fitch Ratings has assigned Vietnam-based Binh Son Refining and
Petrochemical Joint Stock Company (BSR) an Issuer Default Rating
(IDR) of 'BB'. The Outlook is Positive.

Fitch equalises BSR's rating with that of its parent, Vietnam Oil
and Gas Group (PVN, BB/Positive), based on the agency's Parent and
Subsidiary Linkage (PSL) Rating Criteria. This reflects its
assessment of 'High' strategic and operational incentives for PVN
to support BSR, while legal incentives are 'Weak'.

BSR Standalone Credit Profile (SCP) of 'bb-' considers its robust
market position and strong financial profile with a net cash
position even during periods of high capex, which are partly offset
by the below-average complexity of its sole refinery, Dung Quat Oil
Refinery (DQR).

KEY RATING DRIVERS

Energy Security Drives Strategic Incentive: BSR plays a critical
role by assisting PVN in maintaining Vietnam's energy security. BSR
is the only Vietnamese refinery that is majority state-owned,
although indirectly, supplying 35% of the country's transportation
fuel needs. BSR's importance was highlighted by the operational
challenges of Vietnam's second refinery, in which PVN has a
minority stake with no operational control, as BSR had to increase
its production to partly cover the shortfall to limit higher
imports.

Fitch thinks its strategic importance is also evident from PVN's
support in leaving BSR with most of its cash to fund its planned
capex. BSR paid only VND1.3 trillion to PVN in 2022 (2021: VND502
billion; 1H23: nil) despite a record net income of VND6.7 trillion
in 2021 (2020: VND2.8 trillion net loss). Fitch expects no material
change in BSR's financial contribution to PVN after the planned
expansion of its refinery. The contribution, typically 10%-20% of
PVN's total EBITDA, will remain volatile given the cyclicality of
its business.

'High' Operational, 'Weak' Legal Incentives: BSR is the PVN group's
only refinery, providing downstream integration. BSR off-takes
around 45% of PVN's crude production and is a key supplier to PVN's
fuel marketing company, PetroVietnam Oil (PVOIL). PVN, with the
majority stake in BSR, exerts significant control over BSR's
operations, and approves its annual budgets and the appointment of
its board and key executives, including the chairman and CEO.
Absence of guaranteed debt at BSR and a cross-default provision in
PVN's debt result in the 'Weak' legal incentive assessment.

Leading Market Position: Fitch believes BSR faces low demand risk
given its strong market position, accounting for 43% of installed
refinery capacity and nearly 35% of domestic fuel demand in 2022 in
an energy-deficit market. This is reflected in DQR's utilisation
rate remaining above 100%, even during the Covid-19 pandemic when
utilisation rates plunged at most regional peers. BSR sells above
95% of output under term contracts at market-linked prices. It has
multiple off-takers and 70% of the output is sold to
government-related entities, including 20% to PVOIL.

Net Cash Despite Expansion: Fitch expects BSR to remain net cash
over the next four-five years, based on its oil price assumptions,
despite large capex of USD1.26 billion (VND31.2 trillion) for its
refinery's upgrade and capacity expansion. BSR's capacity will rise
to 171,000 barrels per day (bpd) from 148,000 bpd currently by 2028
after the expansion, and improve refinery complexity.

The expansion will mainly add new processing units to existing
facilities. BSR plans annual cash outlay of above VND6 trillion
from 2024 for the expansion, with capex peaking during 2025-2026.
The company plans to use debt to fund 60% of the budgeted capex.

Below-Average NCI: DQR has below-average refinery complexity, with
a Nelson Complexity Index (NCI) of 6.27, which results in lower
gross refining margins (GRMs) than similarly rated regional peers.
The company expects DQR's NCI to improve to over 8 after the
expansion in 2028, driven by greater flexibility in the crude mix
and product slate optimisation. DQR currently relies on domestic
crude - sweet crude oil with declining production - for around 80%
of its feedstock.

GRM to Moderate: Fitch expects BSR's GRM to narrow to over
USD5/barrel of oil in 2023 from a record high of over USD13 per
barrel, based on its estimates, in 2022, as industry conditions
ease and global economic growth slows, although remaining stronger
than mid-cycle levels due to relatively strong product spreads.
Fitch expects its GRM to drop to mid-cycle levels from 2024 with a
gradual normalisation in industry conditions.

Favourable Demand Growth: Fitch expects BSR to benefit from stable
demand growth for petroleum products in Vietnam over the medium
term and the country's position as a net importer of petroleum
products. Medium-term product demand growth will be supported by
Fitch's expectation of 5.5%-6.5% GDP growth for Vietnam and a
pick-up in industrial activity.

DERIVATION SUMMARY

Its approach of equalising BSR's rating to parent PVN's is similar
to that for Hindustan Petroleum Corporation Limited (HPCL;
BBB-/Stable), whose rating is also equalised to that of its largest
shareholder, Oil and Natural Gas Corporation Limited (ONGC,
BBB-/Stable), under its PSL rating criteria.

ONGC owns 55% of HPCL and its inclusion makes ONGC India's
third-largest refining and fuel marketing company. HPCL enhances
ONGC's downstream integration, reducing cash flow volatility
against pure upstream peers. Fitch believes there is a high
likelihood of exceptional support from ONGC to HPCL should the
subsidiary face financial difficulties given its high strategic
importance that arises from its role in importing crude oil to meet
India's energy needs.

KEY ASSUMPTIONS

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

- Brent crude oil prices of USD80 a barrel in 2023, USD75 in 2024,
  USD70 in 2025 and USD65 in 2026.

- GRMs of above USD5 per barrel in 2023 and USD3.5 thereafter.

- Refinery utilisation rate of above 100%, except for around 90%
  in 2024 based on a planned maintenance shutdown.

- Capex of over VND28 trillion until 2026, with most of the
  spending on its refinery's upgrade and expansion.

- Average dividend payout ratio of 18% of previous year's net
  income.

RATING SENSITIVITIES

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

- An upgrade in PVN's IDR, provided PVN's incentives to support
  BSR remain intact.

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

- A downgrade in PVN's IDR;

- Any weakening of PVN's incentives to support BSR

For PVN's rating, the following sensitivities were outlined by
Fitch in a rating action commentary on September 21, 2022:

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

- Positive rating action on the sovereign

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

- Negative rating action on the sovereign

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: BSR had cash balance of around VND19.8 trillion
as of June 2023 against total debt of VND2.3 trillion, which are
primarily short-term working-capital loans. Fitch thinks BSR's
liquidity benefits from low debt-related liabilities and high
accumulated cash, which, along with expected cash flow from
operations, should comfortably cover most of the budgeted capex
without adding much new debt over the medium term. In its view, BSR
has sound financial access due to its ownership by PVN and
indirectly by the state.

ISSUER PROFILE

BSR is one of two refineries in Vietnam and the only refinery that
is majority owned by the government indirectly through PVN. BSR's
current refining capacity is 148,000 bpd.

ESG CONSIDERATIONS

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


VIETNAM ELECTRICITY: Fitch Affirms 'BB' Foreign Currency IDR
------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Electricity's (EVN) Long-Term
Foreign-Currency Issuer Default Rating at 'BB' with a Positive
Outlook. Fitch has also affirmed EVN's senior unsecured rating of
'BB'.

EVN's ratings reflect its Standalone Credit Profile (SCP) of 'bb',
which is at the same level as the Vietnamese sovereign rating
(BB/Positive). Under Fitch's Government-Related Entities (GRE)
Rating Criteria, EVN's ratings will be equalised to that of the
sovereign in the case of any weakening in the SCP, provided the
likelihood of support remains intact. The Positive Outlook reflects
that of the sovereign.

EVN's SCP reflects its position as the owner and operator of
Vietnam's electricity transmission and distribution network, and
its 38% share of Vietnam's power generation capacity as of
end-2022. Fitch expects EVN's financial profile to be stronger than
commensurate for its SCP assessment. The SCP is constrained by the
limited record of Vietnam's cost pass-through regulatory
framework.

KEY RATING DRIVERS

Strong State Linkages: Fitch assesses EVN's status, ownership and
control by the state as 'Very Strong'. The state fully owns EVN,
appoints its board and senior management, directs investments and
approves tariff hikes in excess of 5%. The support record for EVN
is 'Strong', as it has received guarantees, step-down loans, loans
from state-owned banks at preferential rates, project subsidies and
tax incentives. Fitch expects support to be available, if needed,
even as the government intends to gradually lower debt guarantees
to state-owned enterprises.

Strong State Incentive to Support: Fitch believes the
socio-political implications of a potential EVN default are
'Strong', as a default would lead to service disruption in light of
the company's entrenched position across the electricity-sector
value chain. Fitch sees the financial implications of a potential
default by EVN as 'Very Strong', as this would significantly affect
the availability and cost of domestic and foreign financing options
for the state and other GREs because EVN is one of Vietnam's key
borrowers.

Power Shortage Affected Demand: Vietnam's electricity demand rose
modestly by 1.6% yoy in 1H23 (1H22: 4.6%), as poor hydrological
conditions affected hydropower generation, resulting in power
shortages in Vietnam. Consequently, Fitch expects electricity
demand growth in 2023 to slow to 3% (2022: 7.7%). Fitch expects
electricity demand to rebound to 6% in 2024 and 7% in 2025 before
averaging around 8% a year from 2026, underpinned by strong
economic growth.

Leverage to Moderate; Sufficient Headroom: Fitch expects EVN's
EBITDA net leverage to lower slightly to 3.4x in 2023 (2022: 3.8x)
due to lower cost of fuels and modest tariff hike of 3% in May
2023. Fitch expects EVN's EBITDA net leverage to remain above 3.0x
in 2024-2026 on its large investment plans. EVN's EBITDA net
leverage spiked to 3.8x in 2022 (2021: 2.6x) as it absorbed the
higher cost of fuel while tariffs remained unchanged. Fitch expects
EVN's SCP headroom to remain healthy despite the impact on its
financial profile from the delay in and inadequate tariff hikes.

Tariff Rise Insufficient: Fitch believes the 3% tariff increase in
early May 2023 is insufficient to cover EVN's higher fuel costs
despite softening commodity prices. Any further tariff rises during
the year remains uncertain, in Fitch’s view. EVN's EBITDA
declined to VND57.9 trillion in 2022 (2021: VND82.7 trillion) in
the absence of any tariff hikes that year amid rising fuel costs.
The state kept the tariffs unchanged to support the economic
recovery in 2022 amid inflationary pressures, after the Covid-19
pandemic. Regular implementation of regulatory tariff framework
remains key for positive revision in EVN's SCP.

EVN can raise electricity tariffs every six months, in line with
rising production costs, under the current regulatory framework.
EVN's automatic tariff rises are limited to 3%-5% while any tariff
increases of 5%-10% require Ministry of Industry and Trade
approval. Tariff hikes above 10% require the Prime Minister's
approval. The ministry is considering a proposal to revise the
tariff adjustment period to three months from six months and
covering other costs not covered under previous revisions. Fitch
believes the government's socio-political considerations will
continue to influence power tariff adjustments.

Energy Transition Drives Higher Capex: Fitch expects EVN's capex to
rise to around VND60 trillion in 2023 (2022: VND49 trillion) and
around VND70 trillion to 80 trillion a year up to 2025. The
government's Power Development Plan 8, released in May, requires
EVN to prioritise enhancing its transmission and distribution
infrastructure to accommodate new capacity additions from renewable
segments over the next few years.

Fitch expects independent power producers to drive the majority of
renewable capacity additions. According to EVN, its new capacity
addition pipeline for generation will mainly focus on gas, hydro,
pumped storage and offshore wind, in line with the government's
direction towards carbon neutrality by 2050. Fitch expects EVN to
have flexibility in adjusting investments in the face of softer
demand growth.

SCP of 'bb': Fitch expects the company to generate VND50 trillion
to VND80 trillion in operational cash flow a year over 2023-2025.
However, it is likely to generate negative free cash flow due to
its high capex plans. The company will fund the capex through a mix
of internal accruals and additional borrowings. Fitch estimates
that EVN's EBITDA net leverage will average around 3.0x from 2023
to 2025 (2022: 3.8x), still stronger than required for its SCP.

An upward revision of EVN's SCP is contingent on consistent
application of electricity regulatory reforms, including a longer
record of tariff adjustments that reflect cost changes, while
EBITDA net leverage remains below 5.0x. EVN's financial profile can
deteriorate more rapidly than peers' without timely tariff
revisions, as it relies on volatile hydropower and high
foreign-currency debt. EVN does not hedge foreign-currency risk due
to a lack of hedging instruments. The regulatory mechanism also
allows the pass through of foreign-exchange fluctuations, subject
to timely tariff adjustments.

DERIVATION SUMMARY

EVN's ratings will remain equalised to that of Vietnam even if its
SCP falls, up to three notches, below the sovereign rating based on
very strong likelihood of government support. EVN is similar to
Vietnam Oil and Gas Group (PVN, BB/Positive) and PT Perusahaan
Listrik Negara (Persero) (PLN, BBB/Stable), which have comparable
state linkages.

The three companies have 'Very Strong' assessments for status,
ownership and control, and the financial implications of default,
as they are wholly government-owned entities. However, EVN's and
PVN's support record is 'Strong', compared with PLN's 'Very
Strong', because government support for EVN and PVN is not as
consistent and significant due to their better financial profiles.
Vietnam's government also intends to reduce support progressively
by lowering debt guarantees to GREs. PLN relies on the Indonesian
government (BBB/Stable) for subsidies and compensation income to
remain profitable.

EVN's socio-political impact of default is assessed as 'Strong',
against PVN's and PLN's 'Very Strong'. PVN's 'Very Strong'
assessment is because any disruptions to its operations will affect
the entire energy value chain in Vietnam. EVN's 'Strong' assessment
reflects the presence of other entities that can step in to produce
power if EVN is in financial distress, and feedstock for power
generation is procured mostly from other state-owned enterprises.
PLN has a monopoly in Indonesia's electricity transmission and
distribution sectors and owns and operates the majority of
installed power-generation capacity; therefore, a default would
have a severe effect on the country's power supply.

The financial implications of default for EVN, PVN and PLN are
'Very Strong', as a default would significantly affect the
availability and cost of domestic and foreign financing options for
the state and its GREs, as all three companies are key borrowers in
their countries.

EVN's 'bb' SCP is one notch below that of PLN, mainly reflecting
the more established regulatory regime in Indonesia despite PLN's
much higher leverage expectations (2023F: 4.6x) than EVN's (2023F:
3.4X). PLN's stronger business profile is driven by Indonesia's
well established cost-plus regulatory regime and the state's
subsidy and compensation income, resulting in stable revenues and
profitability. Quarterly payment of compensation income by the
state since 2022 has further improved PLN's cash flow stability.

KEY ASSUMPTIONS

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

- Installed generation capacity in Vietnam to increase to 83GW by
  end-2023, from 78GW in 2022, led by private enterprises;

- System losses of around 6.2% (2022: 6.2%);

- Electricity sales volume to increase by 3% in 2023, 6% in 2024
  and increase gradually to average of 8% from 2026 (2022: 7.7%);

- Average electricity tariffs to increase by 2% to VND1,915/kWh
  in 2023, 3% in 2024 and remain almost flat subsequently;

- Capex of VND60 trillion in 2023 and then VND70 million-80
  trillion a year (2022: VND49 trillion);

- Average dividends paid to increase gradually to around VND7
  trillion by 2025 (2022: VND4.5 trillion).

RATING SENSITIVITIES

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

- Positive rating action on the sovereign, provided the
  likelihood of state support does not deteriorate significantly.

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

- Negative rating action on the sovereign;

- Deterioration in EVN's SCP, along with significant weakening
  in the likelihood of state support. Fitch sees this as a
  remote prospect in the medium term.

For the sovereign rating of Vietnam, the following sensitivities
were outlined by Fitch in its rating action commentary of 31 May
2023:

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

- Public Finances: Crystallisation of contingent liabilities on
  the sovereign's balance sheet or a sustained period of higher
  fiscal deficits, which would lead to a failure to stabilise
  government debt over the medium term.

- External Finances: A sustained decline in foreign-exchange
  reserves associated with pressure on the exchange rate that
  would contribute to a weaker net external creditor position.

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

- Macroeconomic Policy and Performance: Sustained high growth
  that reduces the GDP per capita gap vis-a-vis Vietnam's peers
  and supports stabilisation of government debt while
  maintaining macroeconomic stability.

- Public Finances: Improvement in the government's revenue base
  or a reduction in contingent liabilities that support
  sustainable fiscal consolidation over the medium term.

- Macroeconomic Policy and Performance: Greater confidence in
  the ability of the macro policy framework to respond to
  policy challenges, in part driven by enhanced transparency

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: EVN had VND102 trillion of cash at end-2022,
against current debt maturities of VND48 trillion. Fitch estimates
EVN will generate an average of VND60 trillion of operational cash
flow a year from 2023 (2022: VND52 trillion). Fitch expects EVN's
cash generation to be sufficient to manage its debt maturities,
which will not exceed VND50 trillion a year over the next three
years.

However, Fitch expects free cash flow to be negative due to high
capex plans over the next three years. EVN is likely to use a mix
of internal funds and external borrowings to fund its capex. Fitch
believes the company can secure adequate funding because of its
close linkages to the sovereign.

ISSUER PROFILE

EVN is a monopoly in the electricity transmission, distribution and
supply sectors, owning 38% of Vietnam's electricity generating
capacity as of end-2022. Its electricity transmission business is
via fully owned subsidiary National Power Transmission Corporation
(BB/Positive, SCP: bb+). It distributes power via five wholly
owned, 'BB'/Positive rated distributions companies with the same
SCP.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The ratings of EVN are directly linked to the credit quality of its
parent, the sovereign. A change in Fitch's assessment of the credit
quality of the parent will result in a change in the rating on
EVN.

ESG CONSIDERATIONS

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

   Entity/Debt           Rating           Prior
   -----------           ------           -----
Vietnam
Electricity        LT IDR BB  Affirmed      BB

   senior
   unsecured       LT     BB  Affirmed      BB




===============
X X X X X X X X
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SUPERTHARRM ENGINEERS: Liquidation Process Case Summary
-------------------------------------------------------
Debtor: Supertharrm Engineers Private Limited
Galt No: 172/2, Village Salumbre, Tal;
        Maval,Telegaon, Pune 410506 Maharashtra India

Liquidation Commencement Date:  August 7, 2023

Court: National Company Law Tribunal Mumbai Bench

Liquidator: Sunil Gajanan Nanal
     Flat No. 8, Pinyanjali Lane No. 6,
            Dahanukar Colony,
            Kothrud, Pune - 411036
            Email: sunil.nanal@kanjcs.com

            KANJ & Co. LLP
            3-4 Aishwarya Sankul, 17 G.A,
            Kulkami Path,
            Opp. Joshi's Railway Museum,
            Kothrud, Pune - 411038
            Email: supertharrmliquidation@gmail.com

Last date for
submission of claims: September 17, 2023



                           *********


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

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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

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

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