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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 18, 2023, Vol. 26, No. 187

                           Headlines



A U S T R A L I A

ANGLE ASSET 2023-2P: Moody's Assigns B2 Rating to AUD2.5MM G Notes
BOOTY BUILDER: First Creditors' Meeting Set for Sept. 25
PIZZERIA PACIFIC: First Creditors' Meeting Set for Sept. 20
ROYAL DEVELOPMENT: First Creditors' Meeting Set for Sept. 20
SPRAYER BARN: First Creditors' Meeting Set for Sept. 21

TANZEE HOLDINGS: First Creditors' Meeting Set for Sept. 25
TAURUS 2022-1 TRUST: Moody's Hikes Rating on Class F Notes to Ba1
UFC GYM: Creditors to Receive One Cent for Every Dollar Payout


C H I N A

CHINA EVERGRANDE: New State-Owned Insurer Takes Over Insurance Arm
CHINA SCE: Moody's Lowers CFR to Caa1 & Sr. Unsecured Debt to Caa2
RADIANCE HOLDINGS: Moody's Cuts CFR to Caa1 & Unsec. Debt to Caa2
SINO-OCEAN: Halts Debt Repayments Until Restructuring Implemented
ZHONGRONG INT'L: Gets Help From Two China State Giants



H O N G   K O N G

HOPSON DEVELOPMENT: S&P Affirms 'B' Long-Term ICR, Outlook Stable


I N D I A

ADITYA MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
ANANT INTERCONTINENTAL: CRISIL Keeps B Ratings in Not Cooperating
ARAN MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
ARIHANT COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
ASHISH ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating

BAJWA DEVELOPERS: CRISIL Keeps B Debt Rating in Not Cooperating
BHOMIA BUTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
BLUE STAR: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
CELEBRITY CORPORATE: CRISIL Keeps D Ratings in Not Cooperating
DATT MEDIPRODUCTS: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable

DOLPHIN PROMOTERS: CRISIL Keeps D Debt Rating in Not Cooperating
FOUR STAR INTERNATIONAL: Ind-Ra Gives BB Rating, Outlook Stable
FOUR STAR: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
FREEZE ENGINEERING: CRISIL Keeps C Ratings in Not Cooperating
FRUMAR MARKETING: CRISIL Keeps B Debt Ratings in Not Cooperating

GAJANAN SOLVEX: CRISIL Keeps D Debt Ratings in Not Cooperating
GALAXY EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating
GHSPL JEYPORE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GLOBAL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
GOLDSTAR COTTEX: Ind-Ra Assigns BB Loan Rating, Outlook Stable

GOMATHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
GOOD MEDIA: CRISIL Keeps B Debt Ratings in Not Cooperating
GUPTA INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
INCI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
KARTYA TEXTILES: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating

KUNJ ROLLER: Ind-Ra Corrects June 5, 2023 Rating Release
LAGAN ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
LUXOR WRITING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MUKTI GOLD: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
MURUGAR SPINNING: Ind-Ra Affirms BB+ LongTerm Issuer Rating

NAGARJUNA HOSPITALS: CRISIL Keeps B Ratings in Not Cooperating
NAGARSHETH SHIPBREAKERS: CRISIL Keeps D Ratings in Not Coop.
ORIGO COMMODITIES: Ind-Ra Assigns BB LongTerm Issuer Rating
PATEL MOTORS: Ind-Ra Corrects May 24, 2023 Rating Release
PIYUSH INFRATECH: Ind-Ra Assigns BB Bank Rating, Outlook Stable

POGGENAMP NAGARSHETH: Ind-Ra Moves D Rating to Non-Cooperating
RAJURI STEELS: Ind-Ra Cuts Bank Loan Rating to BB, Outlook Stable
SADBHAV ENGINEERING: Ind-Ra Affirms D LongTerm Issuer Rating
SADBHAV INFRASTRUCTURE: Ind-Ra Affirms C LongTerm Issuer Rating
SHANTI ISPAT: CRISIL Keeps B- Debt Ratings in Not Cooperating

SHIV METTALICKS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
SHIVOM COTSPIN: CRISIL Keeps B Debt Ratings in Not Cooperating
SINGHAL AGENCIES: Ind-Ra Hikes LongTerm Issuer Rating to BB+
SLEDGEHAMMER OIL: CRISIL Lowers Rating on INR10cr Loan to D
SONA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating

SPRING MERCHANDISERS: CRISIL Keeps D Ratings in Not Cooperating
VAISHNO FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating
VIL INTERNATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
VISHNU COTTON: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable


J A P A N

TOSHIBA CORP: Top Shareholder to Sell Stake in JIP Offer


M A L A Y S I A

PHARMANIAGA BHD: Duopharma Not at Risk from Co's PN17 Predicament


N E W   Z E A L A N D

APIFORCE LIMITED: Court to Hear Wind-Up Petition on Sept. 29
CUSTOM HOMES: Creditors' Proofs of Debt Due on Oct. 13
DRAINENG NZ: Court to Hear Wind-Up Petition on Sept. 28
LOUVRE COMPANY: Creditors' Proofs of Debt Due on Oct. 9
MOKE-MARKS & SONS: Creditors' Proofs of Debt Due on Oct. 10



S I N G A P O R E

ARTISON INTERIOR: Creditors' First Meeting Set for Sept. 29
GLADDEN SOLUTIONS: Court Enters Wind-Up Order
PST INVESTMENTS: Court Enters Wind-Up Order
SATURDAY STUDIO: Court Enters Wind-Up Order
VAULD: Kroll Facilitates Approval of Scheme of Arrangement

VIRESCO SINGAPORE: Court to Hear Wind-Up Petition on Sept. 29


S R I   L A N K A

SRI LANKA: Economy Shrinks by 3.1% in April-June Qtr
SRI LANKA: Fitch Lowers Local Currency IDR to 'RD', Later Withdrawn

                           - - - - -


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A U S T R A L I A
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ANGLE ASSET 2023-2P: Moody's Assigns B2 Rating to AUD2.5MM G Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to ABS notes 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 Aaa (sf)

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

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

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

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

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

AUD2.5 million Class G Notes, Assigned 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 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.

BOOTY BUILDER: First Creditors' Meeting Set for Sept. 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Booty
Builder Australia NZ Pty Ltd will be held on Sept. 25, 2023, at
9:00 a.m. at Unit 1, 78 Logan Road at Woolloongabba and via virtual
meeting technology.

William Roland Robson of Robson Cotter Insolvency Group was
appointed as administrator of the company on Sept. 13, 2023.



PIZZERIA PACIFIC: First Creditors' Meeting Set for Sept. 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Pizzeria
Pacific Fair Pty Ltd will be held on Sept. 20, 2023, at 11:00 a.m.
at the offices of SV Partners at 22 Market Street in Brisbane and
via virtual meeting technology.

Anne Meagher and Matthew John Bookless of SV Partners were
appointed as administrators of the company on Sept. 8, 2023.


ROYAL DEVELOPMENT: First Creditors' Meeting Set for Sept. 20
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Royal
Development Group Pty Ltd will be held on Sept. 20, 2023, at 11:30
a.m. at the offices of O'Brien Palmer, Level 9, 66 Clarence Street
in Sydney and via virtual meeting technology.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of the company on Sept. 8, 2023.



SPRAYER BARN: First Creditors' Meeting Set for Sept. 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Sprayer Barn
Moree Pty Limited will be held on Sept. 21, 2023, at 10:30 a.m. at
the offices of Worrells at Level 2 AMP Building, 1 Hobart Place in
Canberra and via virtual meeting technology.

Stephen John Hundy of Worrells was appointed as administrator of
the company on Sept. 11, 2023.


TANZEE HOLDINGS: First Creditors' Meeting Set for Sept. 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Tanzee
Holdings Pty Ltd will be held on Sept. 25, 2023, at 4:00 p.m. via
Zoom teleconference.

Richard Rohrt of Kennedy Ryan Advisory was appointed as
administrator of the company on Sept. 13, 2023.



TAURUS 2022-1 TRUST: Moody's Hikes Rating on Class F Notes to Ba1
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Taurus 2022-1 Trust.

The affected ratings are as follows:

Issuer: Taurus 2022-1 Trust

Class B Notes, Upgraded to Aa1 (sf); previously on Sep 20, 2022
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Sep 20, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Sep 20, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Sep 20, 2022
Definitive Rating Assigned Baa3 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Sep 20, 2022
Definitive Rating Assigned Ba2 (sf)

RATINGS RATIONALE

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

Following the August 2023 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 15%, 10.6%, 8.5%, 7.2% and 4.3%,
respectively, from 10.4%, 7.3%, 5.9%, 5% and 3% at closing.

As of end-July 2023, 0.6% of the outstanding pool was 30-plus day
delinquent, and 0.1% was 90-plus day delinquent. The deal has
incurred 0.1% of gross losses to date, which have been covered by
excess spread.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected default assumption to 3.5% of the
current pool balance (equivalent to 2.5% of the closing pool
balance) from 3.75% at closing. Moody's has maintained the Aaa
portfolio credit enhancement of 18%. Moody's has also considered
sensitivity scenarios with higher expected default rate and
different default timing.

The transaction is a cash securitization of consumer and commercial
auto loan receivables extended to prime borrowers in Australia by
Taurus Finance Holdings Pty Limited (unrated).

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

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

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

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

UFC GYM: Creditors to Receive One Cent for Every Dollar Payout
--------------------------------------------------------------
News.com.au reports that creditors of a collapsed gym franchise
have been left fuming after learning they will only receive one
cent for every dollar they are owed.

News.com.au previously reported that mixed martial arts gym chain
UFC Gym Australia had gone into administration after becoming
embroiled in a messy AUD5.8 million court case with three
disgruntled franchisee owners.

Things have taken a new turn as several creditors are battling to
replace the administrator and are now exploring their legal options
as they are unhappy with the "pathetic" amount of money they will
recover, news.com.au relates.

The revelations emerged at a creditor's meeting at the end of last
month but the minutes were only made available to attendees on
Sept. 14.

According to a meeting transcript obtained by news.com.au,
creditors voted on a deed of company arrangement (DOCA) proposal,
which is where the directors offer a payment to satisfy creditors
and then take back control of the company rather than placing the
business into liquidation.

The approved DOCA was proposed by a related entity called Train
Different Pty Ltd and there is a total of 62 creditors cumulatively
owed AUD15.6 million.

Karim Girgis, the owner of UFC Balcatta in Perth and one of the
three companies that took the gym chain to court and won, told
news.com.au the small 1.06c return was "pathetic".

UFC Gym Australia owes Mr. Girgis' company AUD1.236 million,
according to proof of debt documents accepted by the administrator,
which means he will only get back roughly AUD13,000.

In May, Justice Tom Thawley from the Federal Court of Australia
ruled in favour of the three disgruntled franchisees - Balcatta in
Perth, and Castle Hill and Blacktown in Sydney - after a four-year
legal battle against the master franchise holder of UFC Gym
Australia and New Zealand, recalls news.com.au.

He ordered Ultimate Franchising Group Pty Ltd and Ultimate
Franchising Group Properties, the parent companies of UFC Gym
Australia, to pay AUD5.8 million to the franchisees, finding that
the company and its directors had "engaged in misleading and
deceptive conduct" during the process of selling said franchises to
them.

One of Ultimate Franchising Group's directors, Mr. Husseini, is in
the process of trying to appeal this, the report relates.

"The administrators considered that if the group were to execute a
DOCA, it would see a return of 1.06c/AUD for participating
unsecured creditors and potentially an additional AUD200,000 return
to the litigant franchisees," the meeting transcript, as cited by
news.com.au, read. "This is estimated to be greater than the
projected liquidation scenario which is estimated to be a nil
return."

However, the additional AUD200,000 will only be paid out to the
"litigant franchisees" if UFC Gym Australia is able to generate a
net profit of at least 15 per cent within the first year of its
operations. Otherwise, they won't receive anything extra.

The franchisees also must sign a non-disparagement agreement,
news.com.au adds.



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C H I N A
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CHINA EVERGRANDE: New State-Owned Insurer Takes Over Insurance Arm
------------------------------------------------------------------
Caixin Global reports that China's financial regulator on Sept. 15
approved the takeover of the insurance arm of embattled property
giant China Evergrande Group by a newly created state-owned
insurer.

Haigang Life Insurance Co. Ltd. will assume all of the assets and
liabilities of Evergrande Life Assurance Co., the National
Administration of Financial Regulation (NAFR) said Sept. 15 in a
statement, Caixin relates.

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.

CHINA SCE: Moody's Lowers CFR to Caa1 & Sr. Unsecured Debt to Caa2
------------------------------------------------------------------
Moody's Investors Service has downgraded China SCE Group Holdings
Limited's corporate family rating to Caa1 from B3, and the
company's senior unsecured rating to Caa2 from Caa1. The rating
outlook remains negative.

"The downgrade reflects China SCE's heightened refinancing risks
due to its weakened liquidity with constrained access to funding
and its sizable debt maturities over the next 6-12 months," says
Alfred Hui, a Moody's Analyst.          

"The negative outlook reflects uncertainties over the company's
ability to raise new funding, through new borrowing or asset
disposals, to manage its refinancing needs and replenish its
balance-sheet liquidity over the next six to 12 months," adds Hui.


RATINGS RATIONALE

China SCE's liquidity remains weak. Moody's estimates that the
company's total cash of RMB12.4 billion as of end of June 2023,
together with its operating cash flow, will be insufficient to
cover all of its maturing debt obligations over the next 6-12
months.

Specifically, China SCE has a USD500 million offshore bond due in
April 2024 and USD450 million offshore bond due in September 2024,
as well as some offshore bank loans over the next 6-12 months.

Although China SCE has recently raised some new financings, the
size is relatively small compared to its debt maturities. It is
also uncertain whether China SCE can maintain its access to funding
to address the large refinancing needs in view of the volatile
market conditions.

In July and August 2023, China SCE obtained a 15-month offshore
bank loan facility (USD122 million-equivalent) and issued a RMB700
million onshore bond for refinancing with a guarantee from China
Bond Insurance Co., Ltd..

China SCE's total cash and reported debt declined to RMB12.4
billion and RMB38.0 billion, respectively, as of the end of June
2023 from RMB15.0 billion and RMB44.2 billion respectively as of
the end of 2022, as the company repaid a large portion of maturing
debt using its internal cash source while contracted sales
continued to weaken.

Moody's expects China SCE's contracted sales to drop around 40%
year on year to around RMB35 billion in 2023 and a further 20% in
2024 to around RMB28 billion, because of the uncertain recovery
prospects for China's property market and increased risk aversion
of homebuyers to financially weak privately-owned property
developers. For the first 8 months of 2023, China SCE's contracted
sales fell 43% year on year to RMB23.6 billon.

Moody's also forecasts China SCE's credit metrics will remain weak
over the next 12-18 months, due to lower revenue recognition and
low gross margins from its sluggish sales performance. In
particular, China SCE's debt leverage, as measured by debt/EBITDA,
will remain elevated at 14x-16x over the next 12-18 months,
compared with 22x for the twelve months ended June 2023. Similarly,
its interest servicing ability, as measured by EBIT interest
coverage, will remain weak at around 1.0x, from 0.6x over the same
period.

China SCE's Caa2 senior unsecured debt rating is one notch lower
than the company's CFR due to structural subordination risk. This
risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over China SCE's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

China SCE's Credit Impact Score of CIS-5 is driven by governance
risks. This considers China SCE's high debt leverage and weak
liquidity management that have led to the company's elevated
refinancing risks. Moody's has also considered the company's
concentrated ownership by its controlling shareholder, Mr. Wong
Chiu Yeung, who held a 50.2% stake as of July 4, 2023.

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

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could emerge if China SCE
improves its liquidity and access to funding, and strengthens its
sales, profitability and credit metrics over the next 12-18
months.

On the other hand, Moody's could downgrade China SCE's ratings if
its liquidity deteriorates further.

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

Founded in 1996, China SCE Group Holdings Limited listed on the
Hong Kong Stock Exchange in February 2010. As of June 30, 2023, the
company had a total land bank of around 31.64 million square meters
in terms of gross floor area, with nationwide coverage across
various geographical regions in China.

RADIANCE HOLDINGS: Moody's Cuts CFR to Caa1 & Unsec. Debt to Caa2
-----------------------------------------------------------------
Moody's Investors Service has downgraded Radiance Holdings (Group)
Co. Ltd.'s corporate family rating to Caa1 from B3, and the
company's senior unsecured rating to Caa2 from Caa1. The rating
outlook remains negative.

"The downgrade reflects Radiance's heightened refinancing risks due
to its weakened liquidity from weak contracted sales and sizable
debt maturities over the next 6-12 months," says Alfred Hui, a
Moody's Analyst.          

"The negative outlook reflects uncertainties over the company's
ability to generate sufficient operating cash flow and raise new
funding to manage its refinancing needs and replenish its
balance-sheet liquidity over the next six to 12 months," adds Hui.

RATINGS RATIONALE

Radiance's liquidity is weak. Moody's estimates that the company's
total cash of RMB11 billion as of the end of June 2023, together
with the operating cash flow, will be insufficient to cover all of
its maturing debt obligations over the next 12 to 18 months,
including a USD300 million offshore bond due in March 2024.

Moody's expects Radiance's contracted sales to fall to RMB24
billion in 2023 and further to RMB20 billion in 2024, in view of
the uncertain recovery prospects for China's property market,
particularly in lower-tier cities and cities in less-affluent
regions.

Although Radiance issued a RMB800 million onshore bond with a
guarantee from China Bond Insurance Co., Ltd. in August 2023, the
amount is still relatively small compared to its debt maturities.

Radiance has a large exposure to tier 2 cities and tier 3 cities
that will constrain its contracted sales. Moody's also believes the
government's latest supportive policies will have limited benefit
to lower-tier cities, and accordingly, to Radiance's future
contracted sales.

Furthermore, homebuyers will likely be more risk averse to
financially weak privately-owned property developers given their
weaker funding ability and higher risk of project non-completion.

Moody's forecasts Radiance's credit metrics will weaken materially
over the next 12-18 months, driven mainly by reduced revenue
recognition and low profit margins.

Specifically, Radiance's debt leverage, as measured by debt/EBITDA,
will deteriorate to around 11x in 2024, from 6.2x for the twelve
months ended June 2023, as revenue will decline to RMB19 billion
from RMB35 billion over the same period, due to weak contracted
sales over the past two years. Similarly, its interest servicing
ability, as measured by EBIT interest coverage, will deteriorate to
1.3x from 2.1x over the same period.

Radiance's Caa2 senior unsecured debt rating is one notch lower
than the company's CFR due to structural subordination risk. This
risk reflects the fact that the majority of claims are at the
operating subsidiaries and have priority over Radiance's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

Radiance's Credit Impact Score of CIS-5 is driven by governance
risks. This considers Radiance's high debt leverage and weak
liquidity management that have led to its heightened refinancing
risks. The score also considers Radiance's weakened corporate
transparency along with its suspension of reporting monthly
contracted sales since October 2022. In addition, Moody's has
considered Radiance's concentrated ownership, given that its key
shareholder, Mr. Lam, and his spouse ultimately held an 84.05%
stake in the company as of the end of 2022.

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

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could emerge if Radiance improves
its liquidity and access to funding, and strengthens its sales,
profitability and credit metrics over the next 12-18 months.

On the other hand, Moody's could downgrade Radiance's ratings if
its liquidity deteriorates further.

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

Established in 1996, Radiance Holdings (Group) Co. Ltd. is a
Chinese property developer with more than 25 years of experience in
property development. As of June 30, 2023, it had a total land bank
of 24.4 million square meters with coverage of different regions in
China.

SINO-OCEAN: Halts Debt Repayments Until Restructuring Implemented
-----------------------------------------------------------------
Reuters reports that Sino-Ocean Group Holding Ltd said on Sept. 15
it was halting repayments for all offshore debt until a
restructuring is implemented and suspended trading of its U.S.
dollar securities in Hong Kong.

According to Reuters, the Beijing-based developer said it expected
liquidity challenges to persist in the short-to-medium term and it
believes a "holistic restructuring" of its offshore debt is the
best way forward.

"The group will continue to proactively negotiate with the relevant
stakeholders of the group, including banks, noteholders and
financial institutions, to extend the maturity of and/or
restructure the relevant offshore debts," it said in a filing to
the Hong Kong bourse.

In response to the repayment halt, credit rating agency Moody's on
Sept. 15 downgraded Sino-Ocean's debt to "Ca" from "Caa2", with a
negative outlook.

Reuters relates that the suspension of payments reflects the
company's weak liquidity and constrained financial flexibility, and
could also trigger a default and accelerate the repayment of its
other debt obligations, Moody's said.

The rating agency expects the recovery prospects for Sino-Ocean's
offshore bondholders to be low in a bankruptcy scenario, given its
high debt leverage and a large amount of financing at the operating
subsidiary level.

In addition to the repayment halt, Sino-Ocean said that trading of
all the offshore U.S. dollar securities guaranteed by the company
on the Hong Kong bourse would be suspended until further notice
with effect from Sept. 15, Reuters reports.

Sino-Ocean's debt problems are the latest in a deepening debt
crisis that has beset China's beleaguered property sector and
rattled global markets.

In August, Sino-Ocean said its proposal to extend the repayment of
a CNY2 billion ($278 million) onshore bond was voted down by
creditors, but they had agreed to provide a one-month grace period
for the payment, Reuters recalls.

On Sept. 15, it also said it is working to ensure delivery of
completed properties pursuant to pre-sale arrangements, the
continuation of business operations, and delivery of current
projects to protect the interests of home buyers, partners and all
stakeholders.

"The group respectfully requests that creditors allow the group
some time to resolve the current liquidity issue and work with its
advisers to formulate a plan," the developer added.

                      About Sino-Ocean Group

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


ZHONGRONG INT'L: Gets Help From Two China State Giants
------------------------------------------------------
Jacob Gu at Bloomberg News reports that an embattled Chinese shadow
bank has taken a step closer to receiving potential state-led
assistance, entering a partnership agreement with two of the
nation's biggest financial firms.

About a month after Zhongrong International Trust Co. missed
payments on scores of investment products, roiling markets, it's
now signed an agreement with Citic Trust Co., a unit of
conglomerate Citic Group Corp., and CCB Trust Co., backed by China
Construction Bank Corp., the firm said in a statement on Sept. 15,
Bloomberg relates.

According to Bloomberg, the agreement provides so-called entrusted
management services, Zhongrong said, and is aimed to "improve
efficiency." There was no specific mention of any financial terms
or other types of assistance.

China's government specifically asked Citic Trust and CCB Trust to
examine Zhongrong's books and lead the effort to stabilize its
operations, Bloomberg News reported last month.

Publicly acknowledging its troubles, Zhongrong, said on Sept. 15
that it's been unable to make payments as scheduled on some
products. It blamed unspecified "multiple internal and external
factors," Bloomberg relays.

According to Bloomberg, Zhongrong and closely linked wealth firm
Zhongzhi Enterprise Group spurred volatility in financial markets
after halting payments on scores of investment products sold to
wealthy individuals and companies. The crisis even sparked rare
protests in Beijing.

Prior to the troubles becoming public, the National Administration
of Financial Regulation established a working group in July to
examine risks at Zhongrong, people familiar with the matter said
earlier. Almost half of the funds raised by Zhongrong were funneled
to its parent or affiliated units, one of the people said,
Bloomberg relays.

China's trust industry is a key alternative funding source for
weaker borrowers unable to get regular bank loans such as real
estate developers and local government financing vehicles,
Bloomberg notes. Trusts pool money from clients and invest them
into a variety of instruments and projects.

The sector - which has been severely affected by China's property
downturn - could face losses of the equivalent of $38 billion,
according to a Goldman Sachs Group Inc. estimate.

Sept. 15's statement said that Zhongrong's debt relationships and
legal relationships in relation to trust products won't be changed
by the new pact with the two state-owned firms, Bloomberg relays.

The company will continue to assume trustee responsibilities of the
trust products according to relavent laws and contract clauses,
Zhongrong said.

Citic Trust had CNY1.5 trillion ($206 billion) of assets under
management while CCB Trust oversaw about CNY1.4 trillion, Bloomberg
discloses citing recent data.

The accord takes effect Sept. 15 and lasts for one year, but the
companies can negotiate an extension or early termination,
according to the statement.

                   About Zhongrong International

Zhongrong International Trust Co Ltd provides financial services.
The Company offers financial investment products screening, asset
allocation, domestic and overseas investment, and other services.
Zhongrong International Trust offers services in China.

As reported in the Troubled Company Reporter-Asia Pacific in early
June 2023, S&P Global Ratings withdrew its 'BB+/B' issuer credit
rating on Zhongrong International Trust Co. Ltd. (Zhongrong Trust)
and 'BB-/B' issuer credit rating on Zhongrong Trust's subsidiary,
Zhongrong International Holdings Ltd. (ZRH), at the company's
request.

At the time of withdrawal, the outlook on the long-term issuer
credit rating on Zhongrong Trust was stable. This reflected S&P's
expectation that the China-based trust company will maintain its
good market position and low leverage over the next 12-24 months.
The ratings further reflect its contingent liabilities from
implicit support of trust products.

The outlook on the long-term issuer credit rating on ZRH was
negative at the time of withdrawal. This reflected S&P's
expectation of heightened investment risk and persistently weak
liquidity for the company, and the possibility that its strategic
link with its parent could weaken further.



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

HOPSON DEVELOPMENT: S&P Affirms 'B' Long-Term ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Hopson Development Holdings Ltd.

The stable rating outlook reflects our expectation that Hopson will
maintain its liquidity position from satisfactory sales and sound
banking relationships over the next 12 months.

S&P affirmed its rating on Hopson because it believes the company's
high exposure to tier-one cities will support sales growth.
Increased sales will stabilize Hopson's tight liquidity over the
next 12 months.

Hopson's contracted sales could increase by 5%-10% to HK$38
billion-HK$40 billion in 2023. The company achieved HK$18 billion
sales in the first eight months of 2023. S&P said, "We believe
Hopson could generate satisfactory sales from project launches in
the rest of 2023, and meet our full-year forecast. In particular, a
sizable project in Shanghai may contribute HK$13 billion in sales.
We estimate saleable resources for other projects to be launched
during the second half of 2023 are HK$40 billion-HK$45 billion."

Hopson has sufficient accessible cash that tempers liquidity risks
over the next 12 months. The company had short-term debt of HK$29.1
billion as of June 30, 2023, versus our estimate of about HK$14
billion in accessible cash (excluding cash from escrow accounts).
This implies cash to short-term debt coverage of 48%.

S&P said, "We believe Hopson will tap its internal resources and
unrestricted sales proceeds to repay its U.S. dollar bond and
syndicated loan maturities of HK$5.65 billion over the next 12
months.

"Refinancing risk for bank borrowings appears manageable. This is
due to Hopson's solid banking relationships. About 82% of the
company's reported debt was made up of bank loans as of June 30,
2023. We expect Hopson to maintain solid access to bank
financing."

Hopson refinanced a commercial mortgage-backed security (CMBS) loan
of Chinese renminbi (RMB) 663 million puttable in September 2023 as
a working capital loan in August 2023 with Industrial Bank Co. Ltd.
The company earlier refinanced a RMB6.5 billion working capital
loan with Postal Savings Bank of China Co. Ltd. in December 2022.
The loan was originally due in April 2023.

Hopson also signed strategic cooperation agreements with Bank of
China Ltd., China Construction Bank Corp., and Postal Savings Bank
of China in late 2022.

Investment properties and financial investments can provide
additional funding. Hopson had pledged about HK$52 billion of
investment properties for HK$22.5 billion of loans by June 30,
2023. This translates to a loan-to-value ratio (LTV) of 43%. S&P
believes Hopson could increase the LTV ratio to about 50%.

In addition, Hopson had HK$5.7 billion of financial investments. Of
these, HK$1.6 billion were Hong Kong-listed or U.S.-listed equity
securities. Although S&P does not consider them as sources of
liquidity in our calculations, they can potentially provide funding
to the company during times of need, in its view.

Hopson's leverage will improve from lower debt and a margin
recovery.We estimate the company's adjusted debt will decline to
HK$88 billion-HK$93 billion in 2023-2024 from HK$102 billion in
2022. This partly reflects solid operating cash flow.

Hopson's property development margins may also recover toward 40%
in 2023-2024, from 34.7% in 2022 when the company recognized
lower-margin and inventory projects. S&P expects Hopson's leverage
(ratio of debt to EBITDA) to improve to 7.4x-8.9x in 2023-2024,
from 12.3x in 2022.

S&P said, "The stable rating outlook reflects our view that Hopson
will maintain a stable liquidity buffer over the next 12 months.
This is due to an improving sales outlook for the company. Its
leverage could also improve amid rising sales and margins.

"We may lower the ratings if Hopson's liquidity weakens. This could
stem from: (1) weaker sales than we expect; and (2) narrowing
refinancing channels.

"We could also downgrade Hopson if its ratio of debt to EBITDA
rises well above our base case and EBITDA interest coverage falls
below 1.5x without signs of improving.

"We may upgrade Hopson if the company: (1) significantly
deleverages such that its ratio of adjusted debt to EBITDA improves
toward 6x and EBITDA interest coverage stays above 2x; or (2)
improves its market position such that sales and revenue increase
substantially beyond our expectations, while it maintains high
profitability and prudent leverage."




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

ADITYA MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aditya Motors
(AM) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.6        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Inventory Funding     5.0        CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with AM for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

AM, set up by Mr. Ajay Singh Chattrasingh Chudsama and Mr. Harvijay
Singh Chattrasingh Chudsama in 2015, is an authorised dealer of
TML's passenger cars in Jamnagar with a 3S (showroom, spares, and
services) facility. It is setting up a showroom in Jamnagar, which
is expected to commence operations in April 2016.


ANANT INTERCONTINENTAL: CRISIL Keeps B Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anant
Intercontinental Private Limited (AIPL) continue to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Export Packing        6         CRISIL B/Stable (Issuer Not
   Credit                          Cooperating)

   Export Packing        4         CRISIL B/Stable (Issuer Not
   Credit                          Cooperating)

CRISIL Ratings has been consistently following up with AIPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2012, AIPL exports basmati and non-basmati rice, to
Singapore and Middle East. The company began commercial operations
from August 2014 and is based in Raipur (Chhattisgarh). The
operations are managed by promoters, Mr Umesh Jain and Mr Mukesh
Jain.


ARAN MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aran Motors
(AM) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          11.3        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan        1          CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AM for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2010 as a proprietorship concern by Mr P A Paranthaman,
AM is a dealer for M&M's passenger and commercial vehicles.


ARIHANT COAL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arihant Coal
Sales India Private Limited (ACSIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           35         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      25         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      90         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ACSIPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

ACSIPL was incorporated in 2003 by Mr. Anil Jain in Bhopal (Madhya
Pradesh). It trades in imported and domestically procured coal.


ASHISH ENTERPRISES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ashish
Enterprises (AE) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          9          CRISIL A4 (Issuer Not
                                      Cooperating)

   Overdraft Facility      5          CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with AE for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of AE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AE is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AE
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Set up in 2006, AE is a partnership firm set up by Mr. Ashish Kumar
Singh, Mr. Pramod Singh, Mr. Rajeev Singh and Mr. Ramashankar Singh
in Parichha, Jhansi district (Uttar Pradesh). The firm constructs
ash dykes, roads, and buildings primarily in Uttar Pradesh.


BAJWA DEVELOPERS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Bajwa
Developers Limited (BDL) continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit/          18         CRISIL B/Stable (Issuer Not
   Overdraft                        Cooperating)
   facility              

CRISIL Ratings has been consistently following up with BDL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

BDL, a Kharar (Punjab) based company, incorporated in 2001 as a
private limited company, is a real estate developer approved by
Punjab Urban Planning and Development Authority. It develops
housing colonies/townships in Punjab. Mr Jarnail Singh Bajwa, Mr
Sukhwinder Mohan Lal, and Mr Baldev Singh are the directors of the
company.



BHOMIA BUTTONS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bhomia
Buttons Private Limited (BBPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           12         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         3         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BBPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2002, BBPL is promoted by Mr Sandeep Jain. The
company, based in Bahadurgarh, Haryana, manufactures standard and
customised buttons, hangers and labels.


BLUE STAR: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Blue Star Malleable
Private Limited's (BSMPL) bank facilities as follows:

-- INR270 mil. Fund-based working capital limit assigned with IND

     BB+/Stable/IND A4+ rating;

-- INR180 mil. Non-fund-based working capital limit assigned with

     IND A4+ rating; and

-- INR37.53 mil. Term loan due on January 1, 2027 assigned with
     IND BB+/Stable rating.

Key Rating Drivers

Liquidity Indicator - Stretched: BSMPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. BSMPL's average maximum utilization
of the fund-based and non-fund-based limits was around 92% and 79%,
respectively, during the 12 months ended August 2023. The net
working capital cycle remained elongated but improved to 118 days
in FY23 (FY22: 213 days), mainly on account of a decline in the
inventory holding period to 69 days (272 days). The cash flow from
operations turned negative to INR125.39 million in FY23 (FY22:
INR29.81 million) due to increased working capital requirements
with the rise in scale. This, along with capex incurred for
capacity expansion caused the free cash flow to turn negative to
INR135 million in FY23 (FY22: INR1.62 million). The company had
cash and cash equivalents of INR2.33 million at FYE23 (FYE22:
INR0.65 million), against scheduled debt repayments of INR4.47
million and INR12.51 million for FY24 and FY25, respectively. FY23
financials are provisional.

The ratings also factor in BSMPL's medium scale of operations as
indicated by revenue of INR2,027.42 million in FY23 (FY22:
INR996.49 million). The growth in revenue was due to an increase in
the overall sales volume, led by a rising demand of grinding media
balls and liners, and further supported by significantly increased
realization per metric ton (mt). The growth in volumes was
supported by an increase in the installed capacity to 24,000 metric
tons per annum (mtpa) in FY23 from 18,000mtpa. Considering the
increasing demand, the company plans to further increase the
installed capacity to 30,000mtpa during FY24. The company achieved
revenue of INR834.2 million till August 2023 and has an unexecuted
order book of around INR681 million, to be executed by December
2023. In FY24, Ind-Ra expects the revenue to improve further, led
by the rising demand which would be supported by a likely rise in
production.

The ratings further reflect  BSMPL's  modest EBITDA margin of 5.52%
in FY23 (FY22: 6.99%) with a return  on capital employed of 11.2%
(7.7%). The EBITDA margin declined due to a significant increase in
the cost of material consumed. The EBITDA margins are highly
susceptible to volatility in raw material prices. In FY24, Ind-Ra
expects the margins to remain modest owing to fluctuations in input
prices.

However, the ratings are supported by BSMPL's comfortable credit
metrics with the interest coverage (operating EBITDA/gross interest
expenses) of 3.70x in FY23 (FY22: 3.18x) and net leverage (total
adjusted net debt/operating EBITDAR)  of 3.20x (3.50x). The
improvement in credit metrics was owing to a significant increase
in the EBITDA to INR111.83 million (INR69.61 million). During FY24,
BSMPL plans to incur  capex of INR50 million for capacity
expansion,  which is likely to be funded by debt (70%) and the
remaining through internal accruals. Consequently, Ind-Ra expects
the credit metrics to slightly deteriorate, yet remain comfortable,
in FY24.

The ratings also benefit from the promoters' more than 30 years of
experience in the industry, resulting in strong relationships with
its customers as well as suppliers.

Rating Sensitivities

Positive: An increase in the scale of operations, leading to an
improvement in the credit metrics along with an improvement in the
liquidity profile, all on a sustained basis, could lead to a
positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the credit metrics with the net leverage exceeding
4.0x and/or deterioration in the liquidity profile, all on a
sustained basis, could lead to a negative rating action.

Company Profile

Incorporated in December 2007, BSMPL manufactures grinding media
balls and liners mainly used by  power, engineering, cement, steel
and mining sectors, at its unit in Adityapur, Jharkhand. The
company is promoted by Binod Singh.

CELEBRITY CORPORATE: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Celebrity
Corporate Club (CCC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         7         CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility     1         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CCC for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2010 by Mr Kangeyan, CCC runs a club in Chennai which has
three branches in Tamil Nadu.


DATT MEDIPRODUCTS: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Datt Mediproducts
Private Limited's (DMPL) bank facilities as follows:

-- INR290 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/ IND A4+ rating.

Key Rating Drivers

Liquidity Indicator - Stretched: DMPL does not have any capital
market exposure and relies on a single bank to meet its funding
requirements. The company has scheduled repayments of INR6.77
million for FY24 and INR6.41 million for FY25. The net working
capital cycle remained stretched but reduced to 191 days in FY23
(FY22: 200; FY21: 228), due to higher inventory days of 191 (199).
DMPL's average monthly peak utilization of the fund-based facility
and non-fund based-facility was about 56.05% and 47.45%,
respectively, during the 12 months ended July 2023.  Its cash flow
from operations improved to INR104.20 million in FY23 (FY22:
INR8.47 million; FY21: INR36 million), mainly on account of
favorable changes in its working capital.  The fund flow from
operations increased to INR113.76 million in FY23 (FY22: INR29.69
million; FY21: INR26.13 million), on account of an improvement in
its operating EBITDA.  The unencumbered cash and cash equivalents
stood at INR60.50 million at FYE23 (FYE22: INR10.94 million; FYE21:
INR21.43 million).

DMPL has a small scale of operations, with its revenue increasing
to INR1,368.07 million in FY23 (FY22: INR958.79 million; FY21:
INR764.28 million), due to the overall recovery in its business
post-COVID-19, an increase in demand and capacity utilization, and
higher realization prices. Till 2MFY24, the company booked revenue
of INR235.75 million. Exports contributed 55% to its revenue in
FY23 (FY22: 50%) with its customers being spread across Europe and
the US. Ind-Ra expects the revenue to remain at the similar level
in FY24, on account of the similar level of capacity utilization.
Its FY23 numbers are provisional in nature.

The rating also reflects comfortable credit metrics, with its net
leverage (total adjusted net debt/operating EBITDAR) reducing to
1.14x in FY23 (FY22: 4.12x; FY21: 4.99x) and the gross interest
coverage (operating EBITDA/gross interest expenses) improving to
6.49x (2.48x; 1.77x), due to an increase in the absolute EBITDA to
INR122.76 million (INR 47.47 million; INR39.25million). Ind-Ra
expects the credit metrics to improve in FY24, due to the lack of
any major debt-funded capex plan in the near-term and scheduled
repayment of its term loans.

DMPL's EBITDA margins remained healthy and increased to 8.97% in
FY23 (FY22: 4.95%; FY21: 5.14%), due to better absorption of fixed
expenses such as employee costs and increased price realization,
despite intense competition in the business and fluctuations in raw
material prices. Its return over capital employed stood at 16.5% in
FY23 (FY22: 4.9%). However, the company's revenue and profitability
are vulnerable to currency fluctuations.  Till March 2023, DMPL
achieved an EBITDA of INR121.29 million. Furthermore, Ind-Ra
expects the margins to remain volatile in the near- to medium-term,
on account of the price fluctuations.

The rating is also supported by the promoter's three-decade
experience in the manufacturing and exporting of pharmaceutical
supplies.

Rating Sensitivities

Negative: Any significant decline in the scale of operations,
leading to deterioration in the credit metrics and liquidity
position, all on sustained basis, will be negative for the ratings.


Positive: Substantial growth in the scale of operations, along with
an improvement in the operating EBITDA margin, leading to a
sustained improvement in the credit metrics and liquidity position,
on a sustained basis, will be positive for the ratings.

Company Profile

Incorporated in 1995 in Delhi and promoted by Dr. Rajan Datt and
his family, DMPL manufactures and exports bleached absorbent
cotton, surgical cotton, medical devices and pharmaceutical
products.



DOLPHIN PROMOTERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dolphin
Promoters and Builders (DPB) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        19         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DPB for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

DPB is a partnership firm, established in August 2003. It
undertakes real estate development for residential and commercial
projects in Raipur, Chhattisgarh. The firm is currently developing
two residential projects with aggregate saleable area of about 6
lakh square feet.


FOUR STAR INTERNATIONAL: Ind-Ra Gives BB Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Four Star
International's (FSI) debt as follows:

-- INR410 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR10 mil. Non-fund-based limits assigned with IND A4+ rating.

ANALYTICAL APPROACH: FSI is a part of Four Star group of companies.
To arrive at the ratings, Ind-Ra factors in the possibility of
support coming from other Four Star group companies, which include
FSI, Four Star International Limited, Gold Star Cottex and Vishnu
Cotton Mills Limited. The promoters have informed the agency that
the promoters/other group entities will provide financial support
to any of the group entities, if required. The group is engaged in
the trading of raw cotton, and trading and manufacturing of a
variety of yarns, knitted fabrics and dyes & chemicals. The group
is also engaged in job work and printing and dyeing yarn and
fabrics. The group caters to the domestic market and exports to
Bangladesh.

Key Rating Drivers

The ratings reflect FSI's moderate credit metrics, as reflected by
its interest coverage (operating EBITDA/gross interest expenses) of
0.73x (FY22: 2.36x; FY21: 0.53x) and net leverage (total adjusted
net debt/operating EBITDAR) of 20.26x (5.84x; 29.08x). The credit
metrics deteriorated in FY23 due to a decline in the absolute
EBITDA and an increase in the long-term debt due to the ongoing
capex for a power loom project. FSI is implementing a power loom
project to set up a total of 96 looms by FY24; out of which 48
looms are already operational. Ind-Ra expects the credit metrics to
improve over the medium term due to the expected increase in
revenue and thus profitability along with scheduled repayments of
the long-term debt. FY23 numbers are provisional in nature.

The ratings also reflect FSI's modest EBITDA margin of 2.02% in
FY23 (FY22: 2.97%; FY21: 2.82%) with a return on capital employed
of 4.2% (13%; 3.0%). The margins declined in FY23 due to a higher
exchange loss. Ind-Ra expects the EBITDA margin to improve over the
medium term, as the company has started 48 looms and will add more
by end-FY24, which will add higher margin products in the
portfolio.

The ratings factor in FSI's medium scale of operations, with a
decline in the revenue to INR1,193.246 million in FY23 (FY22:
INR2,219.86 million; FY21: INR484.50 million) amid a muted demand
from Bangladesh and the decline in cotton prices in the domestic
market. The entity generates around  65% of its revenue from the
domestic market and the remaining 35% from exports to Bangladesh.
The company's management expects to achieve the revenue of about
INR1,200 million in FY24. In 1QFY24, FSI achieved revenue of
INR166.83 million. Ind-Ra also expects the total revenue to grow on
a yoy basis in FY24, based on the addition of power looms. However,
it expects textile exports from India to witness downward pressure
over the medium term due to macroeconomic headwinds in the major
export markets.

Liquidity Indicator - Stretched: FSI's average maximum utilization
of the fund-based limits was high at 80.56% and that of the
non-fund-based limits was 31.6% during the 12 months ended June
2023. Ind-Ra expects the utilization to be in similar lines for
July and August. Also, the cash flow from operations declined to
INR30.23 million in FY23 (FY22: INR43.91 million; FY21: negative
INR73.83 million). Furthermore, the free cash flow stood at
negative INR89.81 million (FY22: INR43.91 million; FY21: negative
INR73.83 million) due to the capital expenditure incurred for  the
power loom project. The total cost of the project is INR189.7
million, out of which INR113.5 million was financed through term
loans, INR31.6 million through government subsidy and the balance
through internal accruals and promoters fund. Out of the total
cost, INR119.3 million was incurred in FY23 and the remaining capex
is expected by the management to be completed by FY24.

Moreover, the net working capital cycle (FY23: 1 day; FY22: nil;
FY21: negative 130 days) keeps fluctuating, depending upon the
market conditions and the availability and prices of raw materials.
100% of export debtors are backed by letters of credit. FSI has a
repayment obligation of INR21.2 million and INR31.9 million in FY24
and FY25, respectively, against which it had unencumbered cash and
cash equivalents of INR3.63 million (FY22: INR7.87 million; FY21:
INR6.92 million) and fixed deposits kept as margin money, amounting
to  INR203.56 million in FY23 (FY22: INR 84.5 million; FY21:
INR46.8 million). Furthermore, FSI does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements.

The ratings however are supported by the promoters' over three
decades of operating experience in the textile industry. This has
facilitated the company to establish strong relationships with
customers as well as the suppliers leading to continuous orders and
a regular supply of raw materials.

Rating Sensitivities

Positive: A substantial increase in the scale of operations, along
with an improvement in the credit metrics with interest coverage
above 2x, and/or an improvement in the liquidity profile, all on a
sustained basis, will be positive for the ratings.

Negative:  A decline in the scale of operations, resulting in
deterioration in the credit metrics with interest coverage
remaining below 1.5x and /or a substantial decline in the liquidity
position, all on a sustained basis, could lead to a negative rating
action.

Company Profile

Established in 1997, FSI is a partnership firm between Ashish Saha
and  Samir Saha. It is engaged in the trading of raw cotton,
variety of yarns, and other commodities. It is also establishing a
power loom with 96 looms in Kolkata.. FSI caters to domestic
markets as well as exports to Bangladesh.


FOUR STAR: Ind-Ra Assigns BB+ Bank Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Four Star
International Limited's (FSIL) bank facilities as follows:

-- INR192.5 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR120 mil. Non-fund-based limits assigned with IND A4+
     rating; and

-- INR280.5 mil. Term loan due on March 2029 assigned with IND
     BB+/Stable rating.

ANALYTICAL APPROACH: FSIL is a part of Four Star group of
companies. To arrive at the ratings, Ind-Ra factors in the
possibility of support coming from other Four Star group companies,
which include FSIL, Four Star International ('IND BB'/Stable), Gold
Star Cottex and Vishnu Cotton Mills Limited. The promoters have
informed the agency that the promoters/other group entities will
provide financial support to any of the group entities, if
required. The group is engaged in the trading of raw cotton, and
trading and manufacturing of a variety of yarns, knitted fabrics
and dyes & chemicals. The group is also engaged in job work and
printing and dyeing yarn and fabrics. The group caters to the
domestic market and exports to Bangladesh.

Key Rating Drivers

The ratings reflect FSIL's medium scale of operations as indicated
by revenue of INR1,934.19 million in FY23 (FY22: INR2,444.0
million, FY21: INR946.67 million). The decline in revenue in FY23
was attributed to muted export demand from Bangladesh as a result
of curtailed discretionary spending, along with a correction in the
raw cotton and yarn prices in the domestic market. In 1QFY24, FSIL
achieved revenue of INR402.24 million. Management expects the
revenue to increase in the coming quarters considering the
seasonality of raw cotton. FSIL earned 67.63% of the revenue from
trading of fabric in FY23 (FY22: 74.51%) and 32.37% (25.49%) from
manufacturing of knitted fabric, and dyeing and printing of yarn
and fabric. FY23 numbers are provisional.

FSIL has four manufacturing divisions - knitting division, fabric
dyeing division, yarn dyeing division and the recently established
printing division. FSIL is focusing on providing value-added
products to meet its customer requirements. About 20% of the
revenue is generated through exports to Bangladesh and the
remaining through domestic sales. In FY24, the management expects
to achieve revenue of INR2,000 million-2,100 million. Although,
Ind-Ra expects textile exports from India to witness a downward
pressure due to macroeconomic headwinds in the major export market,
leading to fabric manufacturers facing pressure in FY24. However,
the total revenue is likely to grow on a yoy basis as the company
has started with the printing unit, which is likely to generate
additional revenue.

The ratings also reflect FSIL's average EBITDA margin of 6.92% in
FY23 (FY22: 6.74%, FY21: 11.59%) with a return on capital employed
of 13.7% (19.6%, 10.2%). The margins are vulnerable to the
unprecedented fluctuations in prices and availability of raw
material (raw cotton). However, Ind-Ra expects the margins to
stabilize over the medium term; any fluctuations in the EBITDA
margin and overall profitability would be a key rating monitorable.


The ratings also factor in FSIL's modest credit metrics as
reflected by interest coverage (operating EBITDA/gross interest
expenses) of 3.3x in FY23 (FY22: 5.33x, FY21: 3.61x) and net
leverage (total adjusted net debt/operating EBITDAR) of 4.41x
(3.04x, 4.52x). The credit metrics deteriorated due to a decline in
the absolute EBITDA to INR133.74 million in FY23 (FY22: INR164.8
million), along with an increase in the long-term debt to INR213.83
million (INR108.15 million) due to the ongoing capex for setting up
the new printing unit. Over the medium term, Ind-Ra expects the
credit metrics to improve due to the likely increase in revenue as
well as scheduled repayment of long-term debt.

Liquidity Indicator - Stretched: The cash flow from operations
improved to INR155.57 million in FY23 (FY22: INR52.7 million, FY21:
INR17.57 million) due to an increase in other current liabilities.
However, the free cash flow declined to negative INR76.64 million
(FY22: negative INR6.10 million, FY21: INR10.23 million) due to
capex of INR232.21 million pertaining to the new printing unit. The
net working capital cycle stood at 48 days in FY23 (FY22:  28 days,
FY21: 39 days). The working capital cycle days keeps on fluctuating
depending upon the market conditions, and the availability and
prices of raw material. All of the export debtors are backed by
letters of credit. FSIL has debt repayment obligations of INR37.3
million and INR82.3 million for FY24 and FY25, respectively.
Further, FSIL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements.

The unencumbered cash and cash equivalents stood at INR6.36 million
at FYE23 (FYE22: INR4.5 million, FY21: INR1.79 million). FSIL also
had fixed deposits, kept as margin money with the banks, amounting
to INR27.46 million at FYE23 (FYE22: INR38.1 million, FYE21:
INR38.6 million). FSIL’s average month-end utilization of the
fund-based limits was 81.65% and the non-fund-based limits was
61.71% during the 12 months ended June 2023. Ind-Ra expects the
utilization to be in similar lines for July and August 2023.

FSIL is establishing a new printing division. The total project
cost is INR350 million, which is likely to be funded through term
loan of INR228 million , and promoter's fund and internal accruals
of INR122 million. Of INR350 million, INR232.2 million has already
been incurred in FY23 and the remaining capex is likely to be
completed in FY24. The printing unit is partially operational and
is likely to become fully operational by FY24.

However, the ratings are supported by the promoters' more than
three decades of experience in the textile industry. This has
facilitated the company to establish strong relationships with
customers as well as the suppliers, leading to continuous orders
and regular supply of raw material.

Rating Sensitivities

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics, with maintaining the
interest coverage above 3.0x and an improvement in liquidity
profile, on a sustained basis, could lead to a positive rating
action.

Negative: A decline in the scale of operations, along with
deterioration in the overall credit metrics, with the interest
coverage below 2.5x and/or pressure on the liquidity position, all
on a sustained basis, could lead to a negative rating action.

Company Profile

Incorporated in 2005, FSIL is engaged in the manufacturing and
trading of knitted fabrics. The company is also engaged in printing
and dyeing of yarns and fabrics. FSIL caters to the domestic market
and also exports to Bangladesh.

FREEZE ENGINEERING: CRISIL Keeps C Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Freeze
Engineering Industries Private Limited (FEIPL) continue to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bill Discounting       2.5        CRISIL A4 (Issuer Not
                                     Cooperating)

   Export Packing         6          CRISIL C (Issuer Not
   Credit                            Cooperating)

   Proposed Long Term     1.5        CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with FEIPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of FEIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on FEIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
FEIPL continues to be 'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

FEIPL was set up at Kollam (Kerala) in 1980. The company processes
and exports sea fish such as cuttlefish, mackerels, leatherjacket
fish, cods, tuna and shrimps.


FRUMAR MARKETING: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Frumar
Marketing Private Limited (FMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Export Packing         2.5         CRISIL B/Stable (Issuer Not
   Credit                             Cooperating)

   Foreign Bill           1.5         CRISIL B/Stable (Issuer Not
   Discounting                        Cooperating)

   Proposed Long Term     2.0         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with FMPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

FMPL, set up in 2004, is a Hyderabad based company engaged in
trading of rice and groceries such as snacks, pickles, tea, coffee
etc. and is promoted by Mrs M Pragathi. The company has an FDA
approved packaging facility in Hyderabad.


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

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

   Cash Credit           15         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           20         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             16         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GSL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

                          About the Group

Gajanan Oil Pvt Ltd (GOPL) is a part of the Gajanan group and is
promoted by Mr Nitin Jadhav and his family. The company extracts
soya and wash cotton seed oil, and refines soya, cotton and palm
oils. GOPL was incorporated in December 2015 to undertake expansion
of the brown field project acquired from Bhaskar Foods Pvt Ltd of
the Dainik Bhaskar group.

GSL is a closely held public-limited company set up in 2010. It
extracts oil from cotton seeds and soya and also sells the
by-products, husk, DOC and lint to varied industries. The company
has its plant in Buldhana.

Gajanan Industries Limited (GIL) is a closely held public-limited
company set up in 2007. It refines cotton and soya oil into edible
oil in its facility in Buldhana. NOAL is a traditional oil mill
that manufactures edible oil.

Gajanan Gangamai Industries LLP (GGIL) is a partnership concern
incorporated in 2014 that extracts oil from soya seed and sells
by-product, DOC, to varied industries. GGIL has its plant at
Hingoli.

The group is managed by Mr Nitin Jadhav and his family.


GALAXY EXPORTS: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Galaxy
Exports Private Limited (GEPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit           1.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-        2.98       CRISIL B/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with GEPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GEPL, incorporated in 1992, manufactures mild-steel (MS) ingots.
The company was acquired by Jharkhand-based Kansal family in June
2009 as a sick unit.


GHSPL JEYPORE: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GHSPL Jeypore
Healthcare LLP (Jeypore, part of the Glocal group) continue to be
'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       2.01        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan       5.60        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-       2.39        CRISIL B+/Stable (Issuer Not
   Based Bank Limits                Cooperating)

CRISIL Ratings has been consistently following up with Jeypore for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in July 2010, Glocal is the flagship company of the
Glocal group promoted by Dr Syed Sabahat Azim and Mr Meleveetil
Damodaran to provide basic secondary healthcare services to the
suburban and rural populations of the country. Glocal runs 8
(including 6 as special purpose vehicles) basic secondary hospitals
of 100 beds each. Incorporated in 2013, Jeypore is a secondary care
hospital in in Jeypore, Odisha.


GLOBAL STEEL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Global Steel
Company (GSC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit       2         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan         3         CRISIL D (Issuer Not
                                    Cooperating)

   Overdraft Facility    10         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GSC for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

GSC, set up as a proprietorship firm in 2009 by Mr. Rishi Agarwal,
manufactures pre-engineered structures for the infrastructure
industry. It is based in Hyderabad.


GOLDSTAR COTTEX: Ind-Ra Assigns BB Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Goldstar Cottex
Limited's (GCL) bank facilities 'IND BB'. The Outlook is Stable.

The detailed rating action is:

-- INR200 mil. Fund-based working capital limits assigned with
     IND BB/Stable/ IND A4+ rating.

ANALYTICAL APPROACH: GCL is a part of the Four Star group of
companies. To arrive at the ratings, Ind-Ra factors in the
possibility of support to be provided by other Four Star group
companies, which include GCL, Four Star International, Four Star
International Limited and Vishnu Cotton Mills Limited. The
promoters/other group entities will provide financial support to
any of the group entities, if required, as per the promoters. The
group engages in trading of raw cotton, and trading and
manufacturing of variety of yarns, knitted fabrics and dyes and
chemicals. The group, which also provides job work and printing and
dyeing the yarn and fabrics, caters to the domestic market and
exports to Bangladesh.

Key Rating Drivers

Liquidity Indicator - Stretched:  GCL's cash flow from operations
declined to INR0.88 million in FY23 (FY22: INR36.4 million; FY21:
negative INR42.86 million), due to a decline in its absolute EBITDA
to INR13.94 million (INR38.18 million). Furthermore, the free cash
flow declined to INR0.78 million in FY23 (FY22: INR36.4 million;
FY21: negative INR39.55 million). GCL has repayment obligations of
INR10.73 million and INR3.58 million in FY24 and FY25,
respectively. GCL's average maximum monthly utilization of the
fund-based limits was 56.57% and that of the non-fund-based limits
was 36.13% during the 12 months ended June 2023. Ind-Ra expects the
utilization to be in the similar lines in July and August 2023. The
net working capital cycle declined to negative 25 days in FY23
(FY22: 12 days; FY21: negative 17 days), due to a significant
decline in its debtor days to 1 (14). The cash and cash equivalents
stood at INR0.26 million at FYE22 (FYE21: INR0.88 million). GCL
held fixed deposits worth INR77.7 million as margin money in FY23
(FY22: INR84.5 million; FY21: INR46.8 million). GCL does not have
any capital market exposure and relies on a single bank to meet its
funding requirements. GCL's FY23 figures are provisional in nature.


GCL has a small scale of operations with its revenue declining
43.46% to INR639.04 million in FY23 (FY22: INR1,130.18 million;
FY21: INR209.7 million), due to muted demand from Bangladesh and a
correction in raw cotton and yarn prices in the domestic market.
For Q1FY24, GCL booked revenue of INR130.38 million. In FY23, its
exports to Bangladesh contributed approximately 26% to its total
revenue. In FY24, the management expects to achieve the revenue of
approximately INR750 million, led by an increase in the domestic
demand. However, Ind-Ra expects Indias textile exports to witness
downward pressure due to macroeconomic headwinds in major export
markets, leading to pressure on export revenue in FY24. However,
the demand is likely to grow on a yoy basis in FY24.

GCL's EBITDA margin remained modest and declined to 2.18% in FY23
(FY22: 3.38%; FY21: 9.28%), due to an increase in the exchange
loss. The return on capital employed declined to 6% in FY23 (FY22:
17%; FY21:10%). Over the medium term, Ind-Ra expects the EBITDA
margin to remain at the similar level due to the similar nature of
operations.

GCL's credit metrics remained modest with its gross interest
coverage (operating EBITDA/gross interest expenses) falling to
1.18x in FY23 (FY22: INR2.74x; FY21: 1.81x) and the net leverage
(total adjusted net debt/operating EBITDAR) increasing to 8.9x
(FY22: 3.45x; FY21:6.71x), due to the decline in the EBITDA. Over
the medium term, Ind-Ra expects the credit metrics to improve, due
to an improvement in the revenue, leading to an increase its
profitability, and the absence of any debt-funded capex plan.

However, the rating is supported by the promoters' more than three
decades of experience in the textile industry, leading to
established relationships with its customers as well as suppliers.

Rating Sensitivities

Positive: A substantial increase in the scale of operations, along
with an improvement in the credit metrics, with the interest
coverage remaining above 2x, on a sustained basis, will be positive
for the ratings.

Negative: A decline in the scale of operations, resulting in
deterioration in the credit metrics with the interest coverage
falling below 1.5x and /or a substantial decline in the liquidity
position, all on a sustained basis, could lead to a negative rating
action.

Company Profile

Incorporated in 2007, GCL is engaged in trading of raw cotton,
yarn, fabric, dyes and chemicals. GCL caters to the domestic market
and also exports to Bangladesh.


GOMATHI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gomathi
Steels (GS) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Bill Discounting      3          CRISIL D (Issuer Not
                                    Cooperating)

   Bill Discounting      1.5        CRISIL D (Issuer Not
   under Letter                     Cooperating)  
   of Credit             
                                    
   Cash Credit          14          CRISIL D (Issuer Not
                                    Cooperating)

   Intraday Limit        0.1        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             2          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GS for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GS is a proprietorship concern of Mr. Govindasamy established in
2003. The firm manufactures various steel products such as nails,
bolts, couplers, and mild steel wires, and also trades in steel
wire rods. Its manufacturing units are near Chennai (Tamil Nadu)


GOOD MEDIA: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Good Media
News Private Limited (GMN) continue to be 'CRISIL B/Stable Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Rupee Term Loan       5          CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GMN for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

GMN was formed in 2001 to carry out the operations of a multi
system operator in Himachal; the company was set up by Mr. Mukesh
Malhotra. GMN's registered office is in Himachal. The company has
around 150 local offices across Himachal Pradesh.


GUPTA INFOTECH: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Gupta
Infotech (GI) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bill Discounting        9          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             3          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit/            2          CRISIL D (Issuer Not
   Overdraft facility                 Cooperating)

   Import Letter           3          CRISIL D (Issuer Not
   of Credit Limit                    Cooperating)

   Letter of Credit        0.05       CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      6.95       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

CRISIL Ratings has been consistently following up with GI for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

A proprietorship firm set up in 2003 by Mr Saurabh Gupta, GI
manufactures compact fluorescent lamps (CFLs). It recently
diversified into the light-emitting diodes (LED) segment.


INCI CONSTRUCTION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of INCI
Construction and Interiors Private Limited (ICIPL) continue to be
'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit          10          CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with ICIPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2006, ICIPL undertakes interior designing projects
and construction projects. It is also engaged in manufacturing of
furniture. The company is based out of Chennai and is promoted by
Mr. T Sarvanan.


KARTYA TEXTILES: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kartya Textiles
Private Limited's  Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR100 mil. Proposed fund-based working capital limit migrated

     to non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING) / IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR400 mil. Proposed term loan migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The rating was last reviewed on
August 2, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

Company Profile

Kartya Textiles Spinners was incorporated in October 2021 with the
objective of manufacturing cotton yarn of 20 and 30 count.

KUNJ ROLLER: Ind-Ra Corrects June 5, 2023 Rating Release
--------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Kunj Roller Flour
Mills' rating release published on June 5, 2023 to include the
Long-term Issuer Rating.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has affirmed Kunj Roller Flour
Mills Pvt. Ltd.'s (KRFM) Long-term Issuer Rating at ‘IND BB+’
with a Stable Outlook.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable rating; and

-- INR10 mil. Proposed fund-based working capital limits affirmed

     with IND BB+/Stable rating.

Key Rating Drivers

The affirmation reflects KRFM's continued medium scale of
operations, where the revenue grew to INR1,464.22 million in FY22
(FY21: INR1,276.64 million). The growth in revenue was owing to an
increase in wheat prices, resulting higher sales realizations.

According to the numbers provided by the management, the company
recorded a revenue of INR1,980 million in FY23. Ind-Ra however
expects the revenue to decline in FY24, owning to fluctuations in
wheat prices and capacity utilization remaining at a similar level.


The ratings further reflect KRFM's continued modest EBITDA margins
of 1.93% in FY22 (FY21: 2.39%), which had declined due to an
increase in operational expenses. The return on capital employed
was 6.2% in FY22 (FY21: 7.1%).  Till 9MFY23, the EBITDA margins
remained modest at 1.93% (INR27 million). Ind-Ra expects the
margins to have remained at a similar level in FY23, and the trend
to continue in FY24 due to fluctuations in wheat prices.

The ratings are constrained by the continued weak credit metrics.
The  gross interest coverage (operating EBITDA/gross interest
expense) fell to 1.83x in FY22 (FY21: 1.95x) and the net leverage
(adjusted net debt/operating EBITDAR) increased to 7.51x (6.4x),
due to an increase in the total debt level to INR214.31 million
(INR198.27 million) and a decrease in the absolute EBITDA to
INR28.31 million (INR30.55 million). Ind-Ra expects the net
leverage to have improved in FY23, basis a higher EBITDA of INR
27.40 million till  9MFY23. The agency further expects the metrics
to remain stable in FY24 as well on the back of scheduled debt
repayments and no further major capex plan in near term.

Liquidity Indicator - Stretched: KRFM's average utilization of the
fund-based limits was 94.09% during the 12 months ended April 2023.
The net working capital cycle remains stretched at 70 days in FY22
(FY21: 66 days) due to an increase in inventory days to 48 (46) and
debtor days to 35 (33). The cash flow from operations turned
negative INR12.07 million in FY22 (FY21:  INR62.86 million) due to
an increase in the working capital requirements. In FY22, KRFM had
cash and cash equivalents of INR1.64 million (FY21: INR2.09
million). The company does not have any major debt-led capex plans
in the near term, but has scheduled debt obligations of INR13.90
million and INR12 million for FY24 and FY25, respectively.
Furthermore, the company does not have any capital market exposure
and relies on banks and financial institutions to meet its funding
requirements.  

The ratings are, however, supported by the promoters' experience of
more than three decades in the wheat processing business.
Furthermore, the promoters have an experience in other agro-based
businesses (such as solvent extraction and refining), cables and
conductors, power and infrastructure, among others.

Rating Sensitivities

Negative: Deterioration in the profitability and liquidity, leading
to the gross interest coverage reducing and staying below 1.5x will
be negative for the ratings.

Positive: A substantial increase in the scale of operations, along
with an improvement in the liquidity and the gross interest
coverage exceeding 2.5x, on a sustained basis, will be positive for
the ratings.

Company Profile

Incorporated on May 7, 1997, KRFM operates a flour mill with an
installed capacity of 200MT/day. The company sells flour in the
eastern part of India under the Rishta Food brand. The mill is
located in Bhubaneswar, Odisha while the registered office is in
Kolkata.


LAGAN ENGINEERING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lagan
Engineering Company Limited (LECL) continue to be 'CRISIL D/CRISIL
D Issuer Not Cooperating'.

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

   Cash Credit           5.5        CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      0.5        CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    4.58       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             7.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with LECL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

LECL (formerly, The Lagan Jute Machinery Company Ltd) was acquired
by the Kajaria family in 2000 following divestment by the
Government of India. LECL is among a handful of jute mill machine
manufacturers in the organised sector. Its product profile includes
spreaders, carding and drawing machines, and spinning and twisting
frames. Its manufacturing facilities are in Hooghly and it supplies
largely to jute mills in West Bengal and Bangladesh.


LUXOR WRITING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Luxor Writing
Instruments Private Limited (LWIPL; a part of the Luxor group)
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           55         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Term Loan    26.31      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan             33.69      CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with LWIPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of LWIPL and Luxor
International Pvt Ltd (LIPL), together referred to as the Luxor
group, as both the companies have a common management. LWIPL and
LIPL cater to the domestic and export markets, respectively, and
sell products under the common brand, Luxor.

                          About the Group

LIPL was established in 1980 by the late Mr D K Jain. The company
manufactures writing instruments, including ball, fountain, roller
and gel pens, highlighters, markers and colouring material, exports
products under its own brand 'Luxor' and undertakes contract
manufacturing for several brands worldwide.

LWIPL was set up in 1996 by the late Mr DK Jain, as a joint venture
between Luxor Pen Co and The Gillette Co USA; the latter's share
were brought by promoters and reconstituted as an independent
company in 2000. The company has a similar product portfolio as
LIPL and sells products under the

Luxor brand, in the domestic market. LWIPL is also licensed to
manufacture and distribute writing instruments for international
brands such as Parker, Pilot, and Waterman in India.

The group is currently managed by Ms. Pooja Jain, and manufacturing
facilities are located at Noida, Gurugram and Haridwar.


MUKTI GOLD: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M/s Mukti Gold
Private Limited's (MGPL) Long-Term Issuer Rating in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR180 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite repeated requests by the agency, and has not provided
information pertaining to interim financials, sanctioned bank
facilities and utilization levels, business plan and projections
for the next three years, information on corporate governance, and
management certificate. This is in accordance with Ind-Ra's policy
of 'Guidelines on What Constitutes Non-cooperation'.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate for withdrawal of the
rating from the rated facilities' lender. This is consistent with
the Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no longer
provide analytical and rating coverage for MGPL.

Company Profile

Incorporated on March 30, 2012, MGPL is engaged in the
manufacturing and trading of jewelry. Mahendra Jain and Dinesh Jain
are the promoters. The company is located in Mumbai.

MURUGAR SPINNING: Ind-Ra Affirms BB+ LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Sri Murugar
Spinning Mills' (SMSM) Outlook to Negative from Stable while
affirming the Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR294.7 mil. Fund-based working capital limit Outlook revised

     to Negative from Stable; affirmed with IND BB+/Negative/IND
     A4+ rating;

-- INR32.2 mil. Fund-based working capital limit assigned with
     IND BB+/Negative/IND A4+ rating;

-- INR24.7 mil. Non-fund-based working capital limit affirmed
     with IND A4+ rating;

-- INR102.25 mil. Term loan due on April 28, 2031 Outlook revised

     to Negative from Stable; affirmed with IND BB+/Negative
     rating; and

-- INR35.35 mil. Term loan  due on April 28, 2031 assigned with
     IND BB+/Negative rating.

The Negative Outlook reflects SMSM's stretched liquidity position,
and the likelihood of deterioration in its credit metrics over
FY24-FY25 due to the significant capex being carried out.

Key Rating Drivers

Liquidity Indicator - Stretched:  SMSM's average maximum
utilization of the fund-based limits was 97.82% during the 12
months ended July 2023. The cash flow from operations deteriorated
to negative INR1.81 million in FY23 (FY22: INR78.01 million) due to
an increase in the working capital requirements. Furthermore, the
free cash flow deteriorated to negative INR96.29 million (FY22:
negative INR15.75 million) due to the capex incurred for the
purchase of a spinning mill. The net working capital cycle remained
elongated, despite improving to 51 days in FY23 (FY22: 67 days) due
to a reduction in the debtor days to 16 (27). Moreover, the cash
and cash equivalents remained low, despite improving to INR4.73
million at FYE23 (FYE22: INR1.55 million). Additionally, SMSM does
not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. It has
scheduled debt repayments of INR34.3 in FY24 and INR27.06 million
in FY25. FY23 numbers are provisional in nature.

The ratings further reflect SMSM's average credit metrics with the
gross interest coverage (operating EBITDA/gross interest expense)
reducing to 2.78x in FY23 (FY22: 3.55x) and the net financial
leverage (adjusted net debt/operating EBITDA) increasing to 4.05x
(3.15x), due to an increase in the interest expenses to INR45.26
million (INR34.86 million) on account of higher utilization of cash
credit limits and an increase in the long-term debt to INR139.7
million (INR115.8 million), respectively. Ind-Ra expects the credit
metrics to deteriorate in FY24 due to planned debt-led capex. SMSM
is incurring around INR120 million capex in FY24 (80% being funded
through a proposed term loan and the rest being equity) for the
completion of its new 2.5MW solar plant. SMSM plans to expand its
production capacity to 57,000 spindles (addition of 12,000
spindles) in FY25 through capex of INR144 million which will be
funded entirely using  equity and internal accruals. Any liquidity
cushion available will be utilized for the capex.

The affirmation reflects SMSM's continued modest EBITDA margin
which deteriorated to 3.45% in FY23 (FY22: 5.32 %) due to an
increase in the cost of raw materials to 70% of the revenue (68.1%)
and job work charges to 19.89% (16.89%). The return on capital
employed improved to 11.2% in FY23 (FY22: 9.3%). Ind-Ra expects the
EBITDA margin to improve in FY24, on account of a reduction in the
electricity expenses due to the start of its 2.5MW solar plant from
December 2023.

The ratings further reflect SMSM's medium scale of operations with
the revenue increasing to INR3,639.73 million in FY23 (FY22:
INR2,327.49 million) due to an increase in the sales volume on
account of an increase in the production capacity to 41,000
spindles from 33,000 spindles. SMSM purchased a spinning mill of
8,000 spindles capacity and plans to expand it by 16,000 spindles;
out of which 4,000 spindles have already been added in FY24. The
mill was purchased at a cost of INR95 million which was funded
through a debt of INR52 million and the rest using equity,
unsecured loans. SMSM achieved a revenue of INR878.337 million in
1QFY24 and had an order book of INR549.25 million as of July 2023,
to be executed by October2023.  Ind-Ra expects the revenue to
remain at a similar level in FY24 as the cotton yarn prices are
likely to decline while the textile demand is likely to remain
stable.

The ratings, however, continue to be supported by SMSM's promoters'
over three decades of experience in the textile industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

Positive: Successful completion of capex while achieving financial
closure, an improvement in the liquidity position while maintaining
the scale of operations, profitability and credit metrics with the
net leverage remaining below 4.5x, on a sustained basis, could lead
to an Outlook revision to Stable.  

Negative: A decline in the scale of operations, liquidity and
profitability, leading to deterioration in the credit metrics with
the net leverage exceeding 4.5x on a sustained basis will be
negative for the ratings.

Company Profile

Established in 1997, SMSM is a partnership firm involved in the
manufacturing of cotton, polyester and blended yarn with a capacity
of 45,000 spindles. Their registered office is in Coimbatore, Tamil
Nadu. The promoters are Naresh Kumar and Parathayani Varadharajan.


NAGARJUNA HOSPITALS: CRISIL Keeps B Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nagarjuna
Hospitals Limited (NHL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       13.2        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Secured Overdraft     1.0        CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with NHL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 1987, Vijayawada (AP) based NHL runs 2 hospitals.
NHL is promoted and managed by Dr. Kodali Jagan Mohan Rao.


NAGARSHETH SHIPBREAKERS: CRISIL Keeps D Ratings in Not Coop.
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nagarsheth
Shipbreakers (NS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Line of Credit        60         CRISIL D (Issuer Not
                                    Cooperating)

   Line of Credit        25         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with NS for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

NS was set up in 1983 and is engaged in ship-breaking in Alang,
Gujarat. The firm's operations are managed by Mr. Mukund Nagarsheth
and his son, Mr. Devang Nagarsheth.


ORIGO COMMODITIES: Ind-Ra Assigns BB LongTerm Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Origo Commodities
India Private Limited (OCIPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is stable.

Key Rating Drivers

Liquidity Indicator: Stretched: OCIPL cash flow from operations
remained at negative INR374.22 million in FY23 (FY22: INR250.54
million), due to unfavorable working capital changes and a
significant reduction in absolute EBITDA to INR18.45 million
(INR351.94 million). Furthermore, the company's cash accruals are
likely to remain meager in the near- to medium-term due to
repayment obligations for its term debt and non-convertible
debentures of INR603 million for FY24 and INR230 million in FY25,
which would be funded through unutilized working capital limits,
free cash and cash equivalents and proposed equity fund infusion in
FY24. The company has also been servicing its debt through raising
funds from investors and availing loans at higher interest rates.
The company's maximum average monthly utilization of the fund-based
limits remained at 60% for the 12 months ended July 2023. Its cash
and cash equivalents stood at INR263 million at FYE23 (FYE22:
INR178 million). It had fixed deposits worth INR286 million at
FYE23 (FY22: INR349 million), which is lien marked against bank
borrowings. In 4MFY24, the company raised funds from investors in
the form of compulsory convertible debenture of INR237 million,
providing a cushion to its liquidity. Hence, the timely infusion of
the proposed equity investment remains critical.

Deteriorated Profitability and Weak Credit Metrics: OCIPL's revenue
increased to INR12,808.29 million in FY23 (FY22: INR5,107.57
million), led by an increase in the contribution from supply-chain
business; however, its EBITDA margin fell to 0.14% (6.89%), due to
an increase in the commodity prices and a decline in the
procurement by the government globally affecting the company's
warehousing business. As a result, the company posted a net loss in
FY23 (FY22: INR93.75 million), due to its increased interest
payment obligation, following interest rate hikes and its inability
to pass it on to its end-consumers. Ind-Ra expects the margins to
remain subdued in FY24 but will improve in FY25, mainly on account
of OCIPL taking measures to improve the operating efficiency of the
business through reducing its fixed costs, as per management,
leading to an improvement in its EBITDA.

With a significant decrease in its absolute EBITDA to INR18.45
million in FY23 (FY22: INR351.94 million) due to high interest
costs led by high cost of borrowings, the company's credit metrics
remained weak. The gross interest coverage (operating EBITDA/gross
interest expenses) reduced to 0.06x in FY23 (FY22: 1.68x) while the
net leverage (total adjusted net debt/operating EBITDAR) surged to
88.07x (3.76x). The agency expects the credit metrics to remain
weak in the near term, given the high reliance on external debt and
lower EBITDA.

Working Capital Intensive Nature of Operations: The company's net
working capital cycle remained high over the years because of
stretched receivables and large inventory requirements. However,
the net working capital cycle reduced considerably to 62 days in
FY23 (FY22: 164 days) on account of a reduction in the inventory
holding period to 34 days (116 days) with a significant increase in
the scale of operations. The collection period reduced to 52 days
in FY23 (FY22: 95 days) on account of the provisioning of bad and
doubtful debts, resulting in improved debtors' turnover days. Out
of total debtors outstanding as of March 31, 2023, Punjab State
Grains Procurement Corporation Limited, the nodal agency appointed
by the Food Corporation of India for managing warehouses in Punjab,
accounted for about 40% of total pending receivables. The company
have been receiving partial ad-hoc payments against its invoices
and is following up for the recovery of its dues. Receivables,
which have been pending and accumulated since 2009, stood at INR728
million (net of bad debts) as of March 31, 2023. The company has
initiated arbitration proceedings against Punjab State Grains
Procurement Corporation as per the terms of the contract for
recovery of dues.

Growing Scale of Operations:  OCIPL's revenue has grown during the
past three years ended FY23 with the revenue. Nevertheless, due to
unfavorable external environment, such as the ongoing
Russia-Ukraine war, demand for the warehousing segment declined,
resulting in a reduction in revenue from the segment to INR1,042.26
million in FY23 (FY22: INR1396.86 million). However, the decline
has been compensated by a significant increase in the revenue from
the supply chain segment, which comprised of trade facilitation and
procurement finance, and contributed INR11,765.994 million in FY23
(FY22: INR3,710.21 million). Furthermore, the company reported
revenue of INR1,754 million during 1QFY24. Ind-Ra expects the
revenue to decline during FY24 on account of a moderation of
overall volume-based business along with subdued performance from
the warehousing segment.

Multiple Services Provider for Agri Commodities: OCIPL is a
one-stop supply chain solutions for agri commodities, providing
trade facilitation services, warehousing services and allied
services across private and government customers. Thus, OCIPL
serves as a multi-model single window supply-chain solutions
provider and bridges the supply chain gap between farmers and
commodity buyers.  The company has a track record of more than a
decade, leading to established relationships with customers across
the business segments, ensuring steady business. It has worked with
more than 200 clients and suppliers in its supply chain business.

Rating Sensitivities

Positive: The following developments, individually or collectively,
could lead to a positive rating action:

-- an improvement in operating performance with the company
improving its profitability leading to an improvement in the credit
metrics, on a sustained basis.

-- the timely equity infusion by the promoter resulting in an
improvement in liquidity.

Negative: The inability to improve the profitability and the
liquidity profile, due to an elongated working capital cycle and
increased dependence on debt, resulting in further weakening of the
credit metrics, all on a sustained basis, would be negative for the
ratings.

Company Profile

Incorporated in 2011, OCIPL is promoted by Mayank Dhanuka and
Sunoor Kaul. The company provides agri-commodities supply chain
solutions, warehousing management including trade facilitation and
procurement finance of agri commodities. The company also provides
value-added solutions including storage and preservation for agri
commodities. The company has two subsidiaries: Origo Finance
Private Limited and Origo Marketing Private Limited. Origo
Marketing is a wholly owned subsidiary and engaged in growing,
harvesting, supplying, packing, trading, transporting of all types
of agriculture products, whereas Origo Finance provides financing
solution and a 97.56% subsidiary of OCIPL.


PATEL MOTORS: Ind-Ra Corrects May 24, 2023 Rating Release
---------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Patel Motors'
(Indore) rating release published on May 24, 2023 to mention the
liquidity indicator and disclosure of non-cooperation with previous
rating agency.

The amended version is:

India Ratings and Research (Ind-Ra) has affirmed Patel Motors
(Indore) Private Limited's (PMPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limit affirmed with IND BB+/Stable
     rating; and

-- INR210 mil. Proposed fund-based limit affirmed with IND BB+/
     Stable rating.

Key Rating Drivers

The ratings are constrained by the geographical concentration PMPL
faces as its operations are based only in Madhya Pradesh, making it
vulnerable to any unfavorable changes in demand within the state.
Moreover, PMPL is an exclusive dealer of Maruti Suzuki India
Limited and Tractors and Farm Equipment Limited and hence, its
performance is directly linked to the performance of these two
companies. Although the sales of spares, after sale service provide
some diversification, their contribution to the revenue is low.
The ratings also factor in the cyclical nature of the auto industry
and its susceptibility to macro-economic factors. Furthermore, the
dealership business is intensely competitive.  

The ratings are, however, supported by PMPL's revenue that improved
to INR6,253.88 million in FY22 (FY21: INR5,307.57 million), due to
a recovery in the operations after the Covid downfall and the
improved demand in the automobile industry. Also, the rise in
revenue was higher than Ind-Ra's expectations of FY22 due to the
increased sales in 4QFY22 on account of the festive season. In
FY23, as per the management, the revenue increased to INR7,970
million, due to an improved demand from customers in the luxury
cars segment. However, Ind-Ra expects the revenue to have been
stable in FY23 and to continue to do so in FY24 on account of the
similar nature of the company's operations. The scale of operations
remains large.

PMPL's gross interest coverage (operating EBITDAR/gross interest
expense + rent) improved to 2.79x in FY22 (FY21: 1.90x) and its net
financial leverage (adjusted net debt/operating EBITDAR) to 3.62x
(3.64x), owing to its increased absolute EBITDA on account of the
revenue rise. Ind-Ra expects the credit metrics to have improved
further in FY23 and to continue to do so in FY24 due to an increase
in the absolute EBITDA and a fall in the total debt.

The ratings are supported by PMPL's healthy EBITDAR margins of
3.95% in FY22 (FY20: 3.98%) with a return on capital employed of
17.8% (16.5%). The agency expects the EBITDA margins to have
remained at similar levels in FY23, owing to the nature of the
dealership business where no major variance is noticed in the
margins.

Liquidity Indicator - Adequate: PMPL's average maximum utilization
of the fund-based limits was 65.37% during the 12 months ended
April 2023. The cash flow from operations turned negative at
INR59.65 million in FY22 (FY21: INR97.45 million) mainly due to
unfavorable changes in the working capital. Consequently, the free
cash flow turned negative at INR102.06 million in FY22 (FY21:
INR76.97 million). The cash and cash equivalents stood at INR58.17
million at FYE22 (FYE21: INR23.56 million). PMPL does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. The company had a
comfortable net working capital cycle of 44 days in FY22 (FY21: 34
days) since majority of its sales are on a cash basis. The
scheduled debt repayments for FY24 and FY25 are INR74.9 million and
INR23.7 million, respectively.

The company has 32 showrooms and 25 workshops in Madhya Pradesh,
and runs a driving school in Indore. The promoters had more than
three decades of experience in the dealership business with
renowned original equipment manufacturers such as Maruti Suzuki
India, Eicher Motors Limited and Tractors and Farm Equipment.

Rating Sensitivities

Positive: A sustained improvement in the scale of operations,
leading to an improvement in the overall credit metrics with the
interest coverage remaining above 3.0x while maintaining adequate
liquidity, all on a sustained basis, could lead to a positive
rating action.

Negative: A decline in the scale of operations or the interest
coverage reducing below 2.5x or pressure on the liquidity position,
could lead to a negative rating action.

Company Profile

PMPL was incorporated in 1985 as a partnership firm. In 1993, the
firm was reconstituted as a private limited company. The company
has 32 showrooms and 25 workshops in Madhya Pradesh, and runs a
driving school in Indore. It has authorized dealership of Tractors
and Farm Equipment for tractors, VE Commercial Vehicles Ltd. for
Eicher trucks and buses, and commercial and passenger vehicles of
Maruti Suzuki India.


PIYUSH INFRATECH: Ind-Ra Assigns BB Bank Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Piyush Infratech
Private Limited's (PIPL) bank facilities a rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limit assigned with
     IND BB/Stable /IND A4+ rating; and

-- INR200 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

Key Rating Drivers

Liquidity Indicator - Poor: PIPL's average maximum utilization of
the fund-based limits was 82.12% and non-fund-based limits was
45.73% during the 12 months ended July 2023, with two instances of
overutilization up to two days in May and June 2023. PIPL has a
satisfactory track record of debt servicing on all bank facilities
in the past 90 days. The cash flow from operations turned to
positive INR50.86 million in FY23 (FY22: negative INR26.07
million), due to lower working capital requirements. Furthermore,
the free cash flow stood at INR41.91 million in FY23 (FY22:
INR55.75 million). The net working capital cycle remained elongated
at 198 days in FY23 (FY22: 151), due to an increase in the
inventory days to 136 (93). The cash and cash equivalents stood at
INR1.12 million at FYE23 (FYE22: INR0.96 million). However, PIPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The
company has scheduled repayments on long-term loans of INR2.8
million and INR5.3 million in FY24 and FY25, respectively.

The rating reflects PIPL's small scale of operations with its
revenue declining to INR718.79 million in FY23 (FY22: INR889.74
million), due to a slowdown in execution of work orders on account
of land acquisition and changes in design. Till 4MFY24, PIPL booked
revenue of INR79.54 million and had an order book of INR3184.7
million as of August 2023, to be executed in the next three years.
In FY24, Ind-Ra and the management expect the revenue to remain at
the similar level, due to the company's dependence on external
factors such as approvals from governments, weather, timely release
of funds, and land acquisition for the project execution.
Furthermore, Maharashtra accounted for 100% of the company's
current order book.

PIPL's EBITDA margin remained modest and slightly improved to
12.92% in FY23 (FY22: 12.64%), due to a decline in the cost of raw
materials. The return on capital employed reduced to 8.6% in FY23
(FY22: 10.9%). In FY24, Ind-Ra expects the EBITDA margin to remain
at the similar levels in the short term, given the nature of the
operations.

PIPL has healthy credit metrics with its gross interest coverage
(operating EBITDA/gross interest expenses) reducing to 4.04x in
FY23 (FY22: 5.19x), due to a contraction in absolute EBITDA to
INR92.88 (INR112.50 million), and the net leverage (total adjusted
net debt/operating EBITDAR) falling to 1.51x (1.52x), due to a
reduction in its total debt on account of lower utilization of cash
credit limits and the repayment of long-term debt. In FY24, Ind-Ra
expects the credit metrics to improve, due to the repayment of its
debt and the absence of any debt-funded capex.

The rating is also supported by the promoters' nearly three decades
of experience in the construction industry, leading to established
relationships with customers as well as suppliers.

Rating Sensitivities

Positive: An improvement in the scale of operations while
maintaining the credit metrics and an improvement in liquidity, on
a sustained basis, will be positive for the rating.

Negative: Any decline in the scale of operations, leading to
deterioration in the credit metrics and/or deterioration of the
liquidity profile, all on a sustained basis, will be negative for
the rating.

Company Profile

Incorporated in 1999, PIPL undertakes construction tenders for
irrigation projects, dams, storage tanks, roads and bridges,
earthwork of railway BG lines. The company's registered office is
in Aurangabad, Maharashtra.  Pralhad Hariram Panhale, Mandakini
Prahlad, Piyush Pralhad and Arvind Venkatrao are the promoters.


POGGENAMP NAGARSHETH: Ind-Ra Moves D Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Poggenamp
Nagarsheth Powertronics Private Limited's Long-Term Issuer Rating
to the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- Fund-based working capital limit (Long-term/Short-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR220 mil. Non-fund-based working capital limits (Short-term)

     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR57.3 mil. Term loan (Long-term) due on March 2023 migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The rating was last reviewed on
July 12, 2022. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the rating.

Company Profile

Poggenamp Nagarsheth Powertronics is a company established in 1982
and promoted by Gauttam Nagarsheth and Gaurang Nagarsheth. The
company manufactures electrical motor components such as motor
stampings and laminations, rotors and stators among others, and has
an installed capacity of 15,000 metric ton per annum at Kheda
(Ahmedabad).

RAJURI STEELS: Ind-Ra Cuts Bank Loan Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded ratings of
Rajuri Steels and TMT Bars Private Limited's (RSTPL) bank
facilities to 'IND BB' from 'IND BB+' and has simultaneously
withdrawn it. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limits* Long-term
     rating downgraded & withdrawn; short-term rating affirmed &
     withdrawn;

-- INR400 mil. Non-Fund-based working capital limits** affirmed &

     withdrawn;

-- INR200 mil. Term loan*** due on March 2027 downgraded &
     withdrawn;

-- INR400 mil. Proposed fund-based working capital limits* Long-
     term rating downgraded & withdrawn; short-term rating
     affirmed & withdrawn (The company did not proceed with the
     instrument as envisaged); and

-- INR600 mil. Proposed term loan*** downgraded & withdrawn (The
     company did not proceed with the instrument as envisaged).

*Long-term rating downgraded to 'IND BB'/Stable' from  IND BB+'/
Stable'  before being withdrawn and short-term rating affirmed at
'IND A4+' before being withdrawn

**Affirmed at 'IND A4+' before being withdrawn

*** Downgraded to 'IND BB'/Stable from 'IND BB+'/Stable  before
being withdrawn

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

The downgrade reflects RSTPL's EBITDA losses in FY23 resulting in
deterioration in its credit metrics and an uncertainty in
improvement in its profitability in FY24.

Key Rating Drivers

EBITDA Losses in FY23  despite Improving Revenue: As per FY23
provisional financials, the company reported EBITDA losses of
INR78.05 million (FY22: INR16.94 million, FY21: INR129.44 million)
as it sold raw material at a lower price to fund its capex. This
was despite the revenue increasing to INR9,164.28 million in FY23
(FY22: INR7,318.06 million, FY21: INR4,619.10 million). The scale
of operations remains medium. Ind-Ra believes the improvement in
margins in FY24 is subject to the successful conversion of its
capex to revenue visibility.

Deteriorating Credit Metrics: The credit metrics continued to
deteriorate as the company reported EBITDA losses in FY23. The
gross interest coverage (operating EBITDAR/gross interest expense)
was 0.36x in  FY22 (FY21: 2.83x) and the net leverage including
unsecured loans (total adjusted net debt/operating EBITDAR) was
65.90x (6.68x). The net leverage excluding unsecured loans (total
adjusted net debt/operating EBITDAR) was 22.85x in FY22 (FY21:
2.59x).

Liquidity Indicator- Stretched: RSTPL's average utilization of the
fund-based and non-fund-based limits was 84.51% and 38.46%,
respectively, for the 12 months ended July 2023. In December 2022,
the company had planned to enhance its fund-based limits by INR400
million and borrow a term loan of INR600 million; however, the same
were not sanctioned. At FYE23, the company had cash and cash
equivalents of INR58.59 million (FYE22: INR30.67 million). The net
working capital cycle reduced to 5 days in FY23 (FY22: 22 days) due
to a decrease in the inventory holding period to 10 days (23 days)
and increase in the payable period to 30 days (28 days). The
company has scheduled repayments of INR98.8 million in FY24.

Partially Integrated Manufacturing Facility: RSTPL manufactures
thermo-mechanically treated (TMT) bars with a total installed
capacity of 1,50,000 metric tons per annum (MTPA) as of December
2022 and billets with a total installed capacity of 84,000MTPA,
leading to an efficient cost-structure. Billets are captively
consumed for the production of TMT bars. The company's plant at
Daregaon in Jalna (Maharashtra), operated at 100% capacity for
billets and 65% capacity for TMT bars in FY23.

Capex Plans: RSTPL is expanding its capacity by setting up a plant
adjacent to its exiting TMT unit, thereby enhancing its overall
billet capacity to 2,84,000MTPA from 84,000MTPA and TMT capacity to
3,30,000 MTPA from 1,50,000 MTPA.  The overall project cost was
estimated to be around INR1,600 million. Of the total project cost,
the company had earlier proposed to fund around INR600 million by
term loans and the balance by internal accruals, unsecured loans
and share application money. However,  the company failed to
receive a term loan sanction and the management had to opt for
unsecured loans and sale of raw materials to fund its capex. As per
the management, the capex was completed in August 2023 and the
operations will commence from October FY23.

Income Tax Search and Seizure: As per the audit report of FY22, a
search was conducted by the income tax department in September
2021, wherein an excess scrap of INR97.58 million was declared as
unaccounted income in FY22. As per management, this is yet to be
resolved.

Inherent Industry Risk: The steel sector is characterized by highly
cyclical demand, and volatility in input prices and product
realizations. The company's profitability and internal accruals are
characterized by the volatility in raw material prices, partially
offset by the management's proper purchase planning.

Established Business Operations and Distribution Network: RSTPL has
more than 18 year of operating experience with an established
network of more than 1,200 dealers in Maharashtra (45%), Karnataka
(35%) and the balance in Gujarat, Madhya Pradesh, Andhra Pradesh
and Rajasthan. The company sells around 85% of its products to its
dealers/distributors and the remaining to infrastructure projects.


Company Profile

Incorporated in 2004, RSTPL (formerly Saptashrungi Alloy Private
Limited), manufactures TMT bars under the brand name Rajuri TMT Bar
and billets which is captively used for manufacturing TMT bars.
The company has a manufacturing plant at Jalna, Maharashtra.

SADBHAV ENGINEERING: Ind-Ra Affirms D LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) had affirmed Sadbhav
Engineering Limited's (SEL)  Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR5.810 bil. Fund-based working capital limit (Long-
     term/Short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating;

-- INR20.0 bil. Non-fund-based working capital limit(Long-term/
     Short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR1.277 bil. Term loan (Long-term) due on September 2022
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR413 mil. Proposed fund-based limits (Long-term/Short-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

Key Rating Drivers

The affirmation reflects SEL's continued delays in debt servicing
during FY23, as mentioned in the auditor's report for the year, due
to delays in the receipt of monetization proceeds as well as
stretched working capital.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

Company Profile

Incorporated in 1988, SEL is an Ahmedabad-based construction
contractor and developer, primarily engaged in road construction,
mining and irrigation.



SADBHAV INFRASTRUCTURE: Ind-Ra Affirms C LongTerm Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sadbhav
Infrastructure project Ltd.'s (SIPL) Long-Term Issuer Rating at
'IND C (ISSUER NOT COOPERATING)'. The issuer did not participate in
the rating exercise despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating will
continue to appear as 'IND C (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR3.90 bil. Non-convertible debentures (NCDs)* affirmed with
     IND C (ISSUER NOT COOPERATING) rating; and

-- INR3.0 bil. Non-fund-based working capital limit affirmed with

     IND C (ISSUER NOT COOPERATING) / IND A4 (ISSUER NOT
     COOPERATING) rating.

*Details in annexure table

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information

Analytical Approach: Ind-Ra continues to take a consolidated view
of SIPL and 67% parent Sadbhav Engineering Limited (SEL; 'IND D
(ISSUER NOT COOPERATING)', collectively known as Sadbhav, owing to
the strong legal and operational linkages between them. Ind-Ra has
also adjusted the financials for the equity required to be infused
by SEL in its under-construction hybrid annuity model (HAM)
projects along with the shortfall support envisaged for the
operational build-operate-transfer and HAM assets. Ind-Ra has not
consolidated the debt of the projects, wherever it is on a
non-recourse basis. However, it has included the corporate
guarantee provided by the company for its HAM projects.

SIPL had announced a scheme of merger with SEL in 3QFY20. The
merger is pending for completion, subject to the receipt of various
statutory and regulatory approvals.

Key Rating Drivers

The ratings reflect continued delays in debt servicing by SEL as
highlighted by the auditor in the independent audit report for
FY23. The delays in the implementation of asset monetization plans
have deteriorated Sadbhav's liquidity position, thereby resulting
in delays in debt servicing.

Ind-Ra has affirmed the ratings in the non-cooperating category as
SIPL has not provided the agency the complete information such as
utilization reports, detailed financials and other key details
required for the rating process. However, the agency received
no-default statements from SIPL as per the Securities and Exchange
Board of India's requirement (circular number
SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71 dated August 10, 2021), on a
regular basis over the 12 months ended August 2023.

Liquidity Indicator – Poor; Poor Credit Metrics: At FYE23, SEL
and SIPL together had an unencumbered cash balances of INR146
million (FY22: INR815 million) as against the debt outstanding of
INR19,049 million. Despite an improvement in the revenue in 1QFY24
to INR4,178 million (1QFY23: INR2,939 million) coupled with an
EBITDA margin of 7.9% (6.5%), the interest coverage stood at 0.5x
(FY23: negative 0.8x; FY22: 0.6x) at the consolidated level.

Rating Sensitivities

Positive: Asset monetization and receipt of proceeds, resulting in
deleveraging of the balance sheet debt and improved liquidity and
credit profile coupled with an upgrade of SEL's credit rating could
lead to a positive rating action.

Negative: Any event hampering the timely debt servicing can result
in a rating downgrade.

Company Profile

SIPL was incorporated as an asset holding company by SEL for its
road and other infrastructure build-operate-transfer projects in
2007.  


SHANTI ISPAT: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shanti Ispat
Limited (SIL) continue to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan            10          CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Term Loan             1.45       CRISIL B-/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SIL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.  
'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

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

SIL was incorporated by Mr. Rakesh Batra and his brother Mr. Pawan
Batra in 1988. However, operations were stated in June 1990. It is
engaged in the fabrication of sheet metal components for two
wheelers and four wheeler vehicles. The company has its
manufacturing facility located in Gurgaon.

SHIV METTALICKS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shiv Mettalicks
Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- Issuer rating* maintained in the non-cooperating category and
     withdrawn;

-- INR160 mil. Fund-based working capital limit* maintained in
     the non-cooperating category and withdrawn;

-- INR5.9 mil. Non-fund-based working capital limit** maintained
     in the non-cooperating category and withdrawn; and

-- INR32.5 mil. Term loan* due on December 2026 maintained in the

     non-cooperating category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information.

*Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite repeated requests by the agency, and has not provided
information about interim, sanctioned bank facilities and
utilization, business plan, and projections for next three years,
information on corporate governance, and management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

Established in 2004, Shiv Mettalicks manufactures sponge iron and
has an installed capacity of 60,000 metric tons per annum. The
registered office is in Odisha.


SHIVOM COTSPIN: CRISIL Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shivom
Cotspin Limited (SCL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            7.5         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Long Term     6.5         CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan             12           CRISIL B/Stable (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SCL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007 and promoted by Mr. Satish Bansal, SCL
manufactures yarn. Its plant in Himachal Pradesh receives tax
exemption and is equipped with 18,000 spindles, with processing
capacity of 9 tonne per day (tpd). In 2010-11 (refers to financial
year, April 1 to March 31), the company installed an open-ended
yarn machine with a capacity of 4 tpd, which subsequently increased
to around 8 tpd in 2011-12. In 2013-14, SCL converted all its
openended yarn manufacturing capacities to ring-frame yarn of
similar capacity by adding new machinery or replacing the old
machineries.

SINGHAL AGENCIES: Ind-Ra Hikes LongTerm Issuer Rating to BB+
------------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Singhal Agencies'
(SA) Long-Term Issuer Rating to 'IND BB+' from 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits Long-term
     upgraded; short-term affirmed with IND BB+/Stable/IND A4+
     rating;

-- INR90 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR90 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating;

-- INR3.6 mil. (reduced from INR7.73 mil.) Term loan due on
     September 2024 upgraded with IND BB+/Stable rating;

-- INR14.7 mil. Term loan due on February 2028 assigned with IND
     BB+/Stable rating; and

-- INR240 mil. (reduced from INR340 mil.) Working capital demand
     loan upgraded with IND BB+/Stable rating.

The upgrade reflects an increase in revenue booking by SA in FY23
due to it winning a large order.

Key Rating Drivers

SA's revenue jumped to INR1,470.87 million in FY23 (FY22: INR178
million), due to a large order from the Uttar Pradesh state
government for publishing of books for academic year 2022-23 and
2023-24. The scale of operations is medium. During 3MFY24, SA's
revenue came in at INR536.82 million; it had an order book of INR40
million at end-August 2023, to be executed by September 2023. The
firm expects to win another huge order from the Uttar Pradesh state
government for academic year 2024-25 wherein the tender will be
filled in September 2023. In FY24, Ind-Ra expects the revenue
likely to decline considering the risk of getting the order from
tendering process.

The ratings also factor in SA's continued healthy EBITDA margin
even as it deteriorated to 7.43% in FY23 (FY22: 20.08%) due to
paper price volatility. The return on capital employed was 23.7% in
FY23 (FY22: 35.1%). The EBITDA improved to INR109.25 million in
FY23 (FY22: INR44.04 million). In FY24, Ind-Ra expects the EBITDA
margin to improve due to a reduction in paper prices; however, the
EBITDA is expected to fall yoy because of a fall in the revenue.

The ratings continue to be supported by SA's promoters' over four
decades of experience in the in publication and distribution of
books. This has facilitated the company to establish strong
relationships with customers as well as suppliers.

The ratings are constraint by SA's modest credit metrics with a
gross interest coverage (operating EBITDA/gross interest expense)
deteriorating to 2.18x in FY23 (FY22: 7.44x) and net financial
leverage (adjusted net debt/operating EBITDA) to 6.08x (negative
0.64x) due to an increase in the external borrowing and the
associated interest cost. The cash credit utilization and unsecured
loan increased from 2QFY23 with the increase in order execution. In
FY24, Ind-Ra expects the interest coverage to decline due to an
increased interest cost as interest is charged for the whole year,
coupled with a decline in the EBITDA. However, the net financial
coverage is likely to improve due to a reduction in debt in FY24.

The firm is working with Uttar Pradesh state government since 2001
without any gap. The firm also apply for the orders in the state of
Jharkhand, Bihar, Uttarakhand based on the availability of
capacity.  

Liquidity Indicator – Stretched: SA does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The firm's average maximum
utilization of the fund-based limits was 97.37% and that of the
non-fund-based limits was 97.19% during the 12 months ended July
2023 with one instance of over utilization in  March 2023 for six
days. The firm has a repayment obligation of INR2.6 million in FY24
and INR3.0 million in FY25. The cash flow from operations turned
negative at INR685.57 million in FY23 (FY22: INR54.93 million) due
to increased working capital requirements. Furthermore, the free
cash flow  turned negative at INR686.01 million in FY23 (FY22:
INR35.95 million). The already long net working capital cycle
elongated 183 days in FY23 (FY22: 114 days) due to an increase in
the debtor days to 213 (69). The debtor days increased because the
tender for academic year 2022-23 got delay by the government and
the tendering for academic year 2023-24 was on time. The cash and
cash equivalents stood at INR0.01 million at FYE23 (FYE22: INR35.74
million).

Rating Sensitivities

Negative: Deterioration in the liquidity position, a decline in the
revenue or operating EBITDA, leading to deterioration in the credit
metrics with the gross interest coverage reducing below 1.6x, on a
sustained basis, will lead to the Outlook revision to Stable.

Positive: An improvement in the liquidity position, a substantial
improvement in the revenue and operating EBITDA, leading to an
improvement in the credit metrics with the gross interest coverage
increasing and sustaining above 2.5x will be positive for the
ratings.

Company Profile

Formed in 1984, SA is engaged in publication and distribution of
books, for Uttar Pradesh state government. The partners of the firm
are Saroj Rani Agarwal and Kumkum Agarwal. The firm publishes
textbooks for Class 1 to 8. The firm is based out of Lucknow, Uttar
Pradesh.


SLEDGEHAMMER OIL: CRISIL Lowers Rating on INR10cr Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings of SledgeHammer Oil Tools
Private Limited (SOPL) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        10         CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Downgraded from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Export Packing         5         CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Downgraded from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Export Packing        20         CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Downgraded from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been following up with SOPL for obtaining
information through letters and emails among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SOPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SOPL
is consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, CRISIL Ratings has
downgraded the ratings to 'CRISIL D Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'. As per delay reported
in the audited financials for fiscal 2022 and clarity about the
same from the management and bankers is continuing to remain
awaited.

CRISIL Ratings also highlights that the management of SOPL
misrepresented facts at the time of previous rating exercise
including representation and warranties shared with CRISIL with
respect to timeliness in servicing debts.

Analytical Approach

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of SOTPL, Sledgehammer America
Inc, Sledgehammer Gulf LLC, and Sledgehammer Oil Tools
International. This is because all these entities, together
referred to as SOTPL, are under a common management and have
financial fungibility.

Sledgehammer (SOPL), established in 1974 and has been involved in
activities like steel castings, sheet metal, heavy engineering
products etc. In 2006, the company has started manufacturing
Cementing product. The equipment includes cementing unit, batch
mixer, bulk plant, centralizers and stop collars (price range
INR200- INR8 lacs). SledgeHammer is one of the few API 10D, 5CT,
API Q1, ISO 9001:2008, 14001 (EMS) & 18001 (OHSAS) certified
manufacturer of cementing products which is used oil drilling.
SledgeHammer is the only company in India & Asia which has
manufacturing facility for both Bow Spring Centralizer and Solid
Body Centralizer and Float Equipment's as per API 10F. Mr. Pardeep
Mohanty and his friend Mr. Ankur Kaushik is running the business.
SOPL facility and products are certified by Baker Hughes, Kuwait
Oil Co. and Halliburton.


SONA CHANDI: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sona Chandi
Agro Processors (SCAP) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           35         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           10         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SCAP for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in year 1985, SCAP, promoted by the Arora family, mills
and processes par-boiled basmati rice (Pusa 1121 quality). It has a
processing unit at Tarn Taran in Amritsar (Punjab), with milling
capacity of 8 tonne per hour. It commenced commercial production in
October 2004.


SPRING MERCHANDISERS: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Spring
Merchandisers Private Limited (SMPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          4.5         CRISIL D (Issuer Not
                                    Cooperating)
    
   Inland/Import        6.5         CRISIL D (Issuer Not
   Letter of Credit                 Cooperating)

CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

SMPL, incorporated in 1995, manufactures brass, zinc, copper, and
aluminium ingots and trades in non-ferrous scrap. The operations
are managed by Mr. Ajay Garg and his sons, Mr. Gaurav Garg and Mr.
Anirudh Garg. The company is based in Mumbai and has a
manufacturing unit in Daman.



VAISHNO FLOUR: CRISIL Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Vaishno
Flour Mills (SVFM) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     1         CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SVFM for
obtaining information through letter and email dated August 23,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of SVFM continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated January 06, 2023.

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

Detailed Rationale

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

SVFM was set up in 1999 as a partnership firm in Jammu. It
processes wheat products such as atta, suji, maida and bran.


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

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

   Letter of Credit      9.25       CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      0.75       CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VIL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

VIL, based in Chennai, trades in timber and medium-density fibre
boards. It was set up by Mr. Venkat Immanni and Mr. Satya Rao in
2001.


VISHNU COTTON: Ind-Ra Assigns BB Bank Loan Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Vishnu Cotton Mills
Limited's (VCML) debt as follows:

-- INR125.5 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating; and

-- INR24.5 mil. Non-fund-based limits assigned with IND A4+
     rating.

Analytical Approach: VCML is a part of Four Star group of
companies. To arrive at the ratings, Ind-Ra factors in the
possibility of support coming from other Four Star group companies,
which include VCML, Four Star International, Four Star
International Limited, and Gold Star Cottex. The promoters have
informed the agency that the promoters/other group entities will
provide financial support to any of the group entities, if
required. The group is engaged in the trading of raw cotton, and
trading and manufacturing of variety of yarns, knitted fabrics and
dyes & chemicals. The group is also engaged in job work and
printing and dyeing yarn and fabrics. The group caters to the
domestic market and exports to Bangladesh.

Key Rating Drivers

The ratings reflect VCML's modest EBITDA margin of 2.05% in FY23
(FY22: 7.76%; FY21: 5.54%) with a return on capital employed of 8%
(48.3%; 14.1%). The margins fell in FY23 due to a decline in the
yarn prices which led to lower realization. The margins are also
vulnerable to fluctuations in the  prices and availability of raw
material. The cost of raw material accounts for 75%-80% of the
total manufacturing cost as a percentage of sales. Ind-Ra expects
the margins to stabilize over the medium term, basis a correction
in raw material prices; however, any fluctuation in the EBITDA
margin and overall profitability would be a key rating monitorable.
FY23 numbers are provisional.

The ratings factor in VCML's moderate credit metrics, as reflected
by its interest coverage (operating EBITDA/gross interest expenses)
of 1.39x (FY22: 7.92x; FY21: 1.87x) and net leverage (total
adjusted net debt/operating EBITDAR) of 4.8x (1.14x; 4.41x). The
credit metrics deteriorated in FY23 due to a decline in the
absolute EBITDA and an increase in the short-term debt. Ind-Ra
expects the credit metrics to improve over the medium term, based
on a higher EBITDA and absence of any debt funded capex plans.

The ratings further reflect VCML's medium scale of operations, with
a decline in the revenue to INR1,710.37 million in FY23 (FY22:
INR1,728.6 million; FY21: INR670.16 million) amid a muted export
demand from Bangladesh and a correction in the raw cotton and yarn
prices in the domestic market. In 1QFY24, VCML earned revenue of
INR280 million. VCML derives around 80% of its revenue from
domestic market and the remaining 20% from exports to Bangladesh.
The management expects the entity to achieve revenue in the range
of INR1,720 million-1,750 million in FY24 on an expected increase
in the domestic demand. Ind-Ra expects textile exports from India
to witness downward pressure over the medium term  due to
macroeconomic headwinds. However, the total revenue is likely to
grow slightly on a yoy basis based on an expected increase in the
demand.

Liquidity Indicator - Stretched: VCML's average month end
utilization of the fund-based limits was high 90.1% and that of the
non-fund-based limits was 54.5% during the 12 months ended July
2023. Also, the cash flow from operations declined to negative
INR11.76 million (FY22: INR21.96 million; FY21: negative INR31.94
million) due to the decline in EBITDA. Furthermore, the free cash
flow declined to negative INR26.33 million (FY22: INR14.31 million;
FY21: negative INR34.8 million). Moreover, the net working capital
cycle stood long at 90 day (FY22: 95 days; FY21: 271 days). 100% of
the export debtors are backed by letters of credit. VCML has debt
repayment obligations of INR7.4 million each for FY24 and FY25,
against which it had unencumbered cash and cash equivalents of
INR0.43 million (FY22: INR0.92 million; FY21: INR0.18 million) and
fixed deposits kept as margin money with the banks, amounting to
INR21.64 million (FY22: INR11.632 million; FY21: INR8.58 million).
Furthermore, VCML does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

The ratings however are supported by the promoters' over three
decades of operating experience in the textile industry. This has
facilitated the company to establish strong relationships with
customers as well as the suppliers leading to continuous orders and
a regular supply of raw materials.

Rating Sensitivities

Positive:  An improvement in the scale of operations and overall
credit metrics with interest coverage exceeding 2x and an
improvement in the liquidity position, all on a sustained basis,
could lead to a positive rating action.

Negative:  A decline in the scale of operations, leading to
deterioration in the overall credit metrics with interest coverage
remaining below 1.5x and/or pressure on the liquidity position, all
on a sustained basis, could lead to a negative rating action.

Company Profile

Incorporated in 1994, taken over by Four star group in 2013, VCML
operates a cotton yarn spinning mill in Parganas, Kolkata with an
installed capacity of 32000 spindles. The company is also involved
in the spinning of  blended yarn and viscose and bleaching and
dyeing of fabrics.




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

TOSHIBA CORP: Top Shareholder to Sell Stake in JIP Offer
--------------------------------------------------------
Reuters reports that Singapore-based Effissimo Capital Management,
Toshiba Corp's largest shareholder, has decided to tender its 9.9%
stake in the US$14 billion takeover offer by Japan Industrial
Partners (JIP), a source said on Sept. 15, raising the odds of the
bid succeeding.

JIP, a private equity firm, launched a 4,620 yen-per-share bid to
take Toshiba private last month, a move that would put the
electronics-to-power stations maker in domestic hands after years
of battles with overseas activist shareholders, Reuters notes.

Reuters relates that the offer, which will end on Sept. 20, needs
at least two-thirds of shareholders to tender their shares for it
to succeed.

Effissimo made the decision to tender its stake "as a result of
dialogue with Toshiba and related parties including the tender
offerer," said the source with knowledge of the matter, who
declined to be identified as news is not public, according to
Reuters.

"We welcome our shareholders to tender shares," Toshiba said in a
statement in response.

Other major shareholders, Elliott Management and Farallon Capital
Management, both have their executives on Toshiba's board which has
unanimously approved the JIP takeover, the report says.

                          About Toshiba Corp

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/--
manufactures and markets electrical and electronic products. The
Company's products include digital products such as PCs and
televisions, NAND flash memories, and system LSIs (large-scale
integrated), as well as social infrastructures such as power
generators, medical equipment, and home appliances.

As reported in the Troubled Company Reporter-Asia Pacific in early
July, S&P Global Ratings has kept its 'BB+' long-term issuer credit
rating on Toshiba Corp. on CreditWatch with negative implications.
S&P also affirmed at 'B' its short-term issuer credit rating and
commercial paper program rating.




===============
M A L A Y S I A
===============

PHARMANIAGA BHD: Duopharma Not at Risk from Co's PN17 Predicament
-----------------------------------------------------------------
Free Malaysia Today reports that pharmaceutical company Duopharma
Biotech Bhd will not face any immediate liquidity risk arising from
its contract with Practice Note 17 (PN17) status-company
Pharmaniaga Bhd, said RHB Research.

Free Malaysia Today relates that the research house said this
following a briefing by Duopharma, which confirmed it had been
receiving payments from Pharmaniaga in relation to the approved
product purchase list (APPL) contract.

"Pharmaniaga has given its written commitment to fulfil its
financial obligation to Duopharma, which has continued to receive
payments from (Pharmaniaga) in relation to the awarded APPL
contract," RHB said in a note on Sept. 15.

Pharmaniaga awarded the APPL contract to Duopharma in 2017 to
supply pharmaceutical or non-pharmaceutical products to government
hospitals and clinics. The contract contributes approximately 20%
of the latter's annual revenue, according to the report.

In the beginning, the contract covered the period from Dec. 1, 2017
to Nov. 30, 2019, which was later extended three times to June 30,
2023.

In May 2023, Duopharma managing director Leonard Ariff Shatar
stated the company is expected to secure an additional six-month
contract extension, likely in late June.

According to the report, RHB said the tendering process for the new
APPL contract has started and it is expected to be completed by Q1
FY2024.

"We are positive with the development as the drug supply contract
has been carried out on a rollover basis (based on 2017 terms),
whereby the contract terms do not reflect the latest exchange
rate," it said.

The research house has lowered its earnings guidance for Duopharma
for the financial year ending Dec. 31, 2023 (FY2023) to FY2024 by
10% to 12%, Free Malaysia Today says. This takes into account
higher financing costs and depreciation charges related to the
commercialisation of its new K3 plant in Selangor.

                         About Pharmaniaga

Pharmaniaga Berhad is an investment holding company. The Company is
principally engaged in the research and development, manufacturing
of generic drugs and medical devices, logistics and distribution,
sales, and marketing, as well as community pharmacy.

It was reported on Feb. 28, 2023, that Pharmaniaga had been
classified as an affected listed issuer under PN17 of the Main
Market Listing Requirements of Bursa Malaysia. The pharmaceutical
company said it had triggered the PN17 criteria pursuant to its
audited consolidated financial statements for the period ended Dec.
31, 2022.




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

APIFORCE LIMITED: Court to Hear Wind-Up Petition on Sept. 29
------------------------------------------------------------
A petition to wind up the operations of Apiforce Limited will be
heard before the High Court at Auckland on Sept. 29, 2023, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 14, 2023.

The Petitioner's solicitor is:

          Hosanna Tanielu
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104


CUSTOM HOMES: Creditors' Proofs of Debt Due on Oct. 13
------------------------------------------------------
Creditors of Custom Homes Taranaki Limited are required to file
their proofs of debt by Oct. 13, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 12, 2023.

The company's liquidator is:

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


DRAINENG NZ: Court to Hear Wind-Up Petition on Sept. 28
-------------------------------------------------------
A petition to wind up the operations of Draineng NZ Limited will be
heard before the High Court at Christchurch on Sept. 28, 2023, at
10:00 a.m.

Harrison Bloy Plumbing & Bathrooms Limited, filed the petition
against the company on Aug. 17, 2023.

The Petitioner's solicitor is:

          Thomas David Bloy
          c/- Evolution Lawyers
          Suite 8, Floor 1
          72 Dominion Road
          Mount Eden
          Auckland 1024



LOUVRE COMPANY: Creditors' Proofs of Debt Due on Oct. 9
-------------------------------------------------------
Creditors of The Louvre Company Limited 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. 8, 2023.

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited, Chartered Accountants
          PO Box 10100
          Dominion Road
          Auckland 1446


MOKE-MARKS & SONS: Creditors' Proofs of Debt Due on Oct. 10
-----------------------------------------------------------
Creditors of Moke-Marks & Sons Limited are required to file their
proofs of debt by Oct. 10, 2023, to be included in the company's
dividend distribution.

The High Court at Rotorua appointed Steven Khov and Kieran Jones of
Khov Jones Limited as liquidators on Sept. 12, 2023.




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

ARTISON INTERIOR: Creditors' First Meeting Set for Sept. 29
-----------------------------------------------------------
Artison Interior Pte Ltd, which is in compulsory liquidation, will
hold a first meeting for its creditors on Sept. 29, 2023, at 2:30
p.m., via electronics means.

Agenda of the meeting includes:

   a. to receive an update from the Liquidator on the conduct of
      the liquidation;

   b. to ratify the appointment of NLC Law Asia LLC as solicitors
      of the Liquidators to assist them in their duties pursuant
      to Section 272 (e) of the Companies Act (Cap. 50);

   c. to approve the former liquidator, Mr Yee Kit Hong's fees of
      SGD17,400.00 and disbursements of SGD771.00;

   d. to approve the Liquidators’ fees of SGD64,000.00 (excluding

      disbursements and GST) and his solicitors’ fees of
      SGD13,500.00 (excluding disbursements and GST);

   e. to approve the payment of a first and final dividend to
      unsecured creditors; and

   f. to consent to the discharge of the Liquidator and
      dissolution of the Company after the payment of the
      dividend.

The liquidator may be reached at:

          Aw Eng Hai
          Foo Kon Tan LLP
          1 Raffles Place #04-61
          One Raffles Place Tower 2
          Singapore 048616


GLADDEN SOLUTIONS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 8, 2023, to
wind up the operations of Gladden Solutions Pte. Ltd.

RHB Bank Berhad filed the petition against the company.

The company's liquidators are:

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


PST INVESTMENTS: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Sept. 8, 2023, to
wind up the operations of PST Investments Pte. Ltd.

Vichit Larbboonsarp filed the petition against the company.

The company's liquidators are:

          Oon Su Sun
          Finova Advisory Pte Ltd
          182 Cecil Street
          #30-01 Frasers Tower
          Singapore 069547


SATURDAY STUDIO: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Sept. 8, 2023, to
wind up the operations of Saturday Studio Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


VAULD: Kroll Facilitates Approval of Scheme of Arrangement
----------------------------------------------------------
Kroll, the leading independent provider of global risk and
financial advisory solutions, has confirmed the successful
completion and sanction by the High Court of the Republic of
Singapore of a Scheme of Arrangement pursuant to section 210 of the
Companies Act for Vauld, a Singapore-based cryptocurrency
("crypto") exchange and lending platform.

This is one of the first successful schemes for a crypto business
and was overwhelmingly approved with more than 90% support from
voting creditors.

Kroll was appointed by Vauld as its restructuring advisor in June
2022.

The restructuring is forecast to provide recoveries of up to 93% on
unsecured claims of USD325 million held by approximately 150,000
global retail creditors with a first distribution of 36% to be paid
by October 2023.

All recoveries will be repaid in crypto, fulfilling majority
creditor wishes to maintain their exposure to the market for the
underlying tokens.

Vauld's restructuring was led by Jason Kardachi and George Gwee of
Kroll's Singapore Restructuring practice.

Cosimo Borrelli, Co-Head, Restructuring, Kroll, commented: "We are
happy to have reached this milestone for Vauld and its largely
retail client base. It is an extremely strong result, and such a
high early distribution really cements this as a gold standard
restructuring. The nature of the crypto industry and the Vauld
business meant that initiating and delivering this restructuring
required thinking outside normal restructuring parameters and
strong levels of trust among all stakeholders. We are very grateful
to have been given the opportunity to help deliver such a great
result."

                             About Vauld

Vauld is a Singapore-based crypto lending and trading platform.
Vauld was founded in 2018 by Darshan Bathija and Sanju Kurian to
enable crypto investors earn and borrow cryptocurrencies using
their own assets.  The start-up is backed by popular investors
including Coinbase Ventures, PayPal co-founder and billionaire
investor Peter Thiel's Valar Ventures, CMT Digital, Gumi Cryptos,
Robert Leshner and Cadenza Capital.

As of July 2022, Vauld had assets worth around $330 million and
liabilities worth $400 million, Moneycontrol disclosed.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
2, 2022, the Singapore High Court granted the parent of troubled
crypto lender Vauld a three-month protection from creditors, giving
the company breathing room as it seeks to sell itself to rival
Nexo.

Justice Aedit Abdullah gave Defi Payments Ltd. a moratorium that
would last until Nov. 7, 2022, half of what the company had asked
for, according to a court hearing in the city-state on Aug. 1.

During this period, the company's 147,000 creditors will be barred
from taking legal action against it.


VIRESCO SINGAPORE: Court to Hear Wind-Up Petition on Sept. 29
-------------------------------------------------------------
A petition to wind up the operations of Viresco Singapore Pte Ltd
will be heard before the High Court of Singapore on Sept. 29, 2023,
at 10:00 a.m.

Omni Machinery Pte. Ltd filed the petition against the company on
Sept. 5, 2023.

The Petitioner's solicitors are:

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




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

SRI LANKA: Economy Shrinks by 3.1% in April-June Qtr
----------------------------------------------------
Reuters reports that Sri Lanka's economy shrank 3.1% in the
April-June quarter, official data showed on Sept. 15, as the
country struggles to claw out of its worst financial crisis in
decades.

The downturn was driven by high inflation, a depreciating currency
and lower purchasing power, the Census and Statistics Department
said in a statement, Reuters relays.

The agriculture sector grew 3.6% from a year earlier, but output
from industries contracted 11.5% and services dropped 0.8%, the
department said.

According to Reuters, Sri Lanka's central bank projects that gross
domestic product (GDP) will shrink by 2% this year, having
contracted 7.8% in 2022, after the island's economy fell into a
severe foreign exchange crisis that decimated growth.

Reuters relates that the economy contracted 11.5% in the first
three months of this year but activity has gradually stabilised
since the government managed to secure a $2.9 billion bailout from
the International Monetary Fund (IMF) in March.

"The contraction is slowing down and we are expecting things to
have bottomed out during the second quarter and then return to
growth from the third quarter," Reuters quotes Dimantha Mathew,
head of research at First Capital, as saying. "The July-September
quarter would be the first time in six quarters that Sri Lanka may
post positive growth."

Growth readings in the third quarter will also be aided by
comparison with a weak 2022, sharply lower inflation and support
measures by Sri Lanka's central bank, which slashed interest rates
by 450 basis points in June and July to foster growth, Reuters
discloses.

"We may see a faster than expected recovery of about 8% growth in
the third quarter because there is an attempt to artificially bring
back a recovery," Mr. Mathew added, notes the report.

An IMF delegation is currently in Sri Lanka for the first review of
the Extended Fund Facility (EFF) program, which will require
progress on restructuring the island's bilateral and bondholder
debt, according to Reuters.

Reuters adds that Sri Lanka's international bondholders said talks
with Colombo are moving forward and expect to reach an agreement in
principle, possibly by next month.

                          About Sri Lanka

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

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

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


SRI LANKA: Fitch Lowers Local Currency IDR to 'RD', Later Withdrawn
-------------------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka's Long-Term Local-Currency
(LTLFC) Issuer Default Rating (IDR) to 'RD' (Restricted Default)
from 'C'. The ratings on its local-currency bonds tendered in the
domestic debt exchange have been downgraded to 'D' from 'C' while
its other four local-currency bonds not tendered in the domestic
debt exchange have been affirmed at 'C'.

The Long-Term Foreign-Currency (LTFC) IDR has been affirmed at
'RD', and the ratings on Sri Lanka's foreign-currency bonds have
been affirmed at 'D'.

All issue ratings have subsequently been withdrawn.

Fitch typically does not assign Outlooks to sovereigns with a
rating of 'CCC+' or below.

Fitch has withdrawn the issue ratings of Sri Lanka's foreign and
local-currency bonds as these are no longer considered to be
relevant to the agency's coverage.

KEY RATING DRIVERS

Distressed Debt Exchange: The downgrade of Sri Lanka's LTLC IDR
reflects the partial completion of an exchange of Sri Lanka's
T-bonds on 14 September as part of a broader domestic debt
optimisation (DDO) launched in July 2023. The DDO also includes
conversion of T-bills held by the Central Bank of Sri Lanka (CBSL)
into treasury bonds (T-bonds), which has not yet been completed.

In Fitch's view, the exchange of T-bonds constitutes a distressed
debt exchange (DDE) under the agency's criteria, given that the
maturity extension of the tendered bonds represents a material
reduction in terms versus the original contractual terms, and given
that the exchange is needed to avoid a traditional payment
default.

Reduction in Terms: Eligible bonds for which tenders were received
and accepted have been exchanged into 12 new instruments of equal
size and the same aggregate principal amount, maturing between 2027
and 2038. Accepted tenders reached about 37% of the outstanding
principal amount of eligible bonds outstanding as of 28 June 2023.
Accepted tenders were predominantly by superannuation funds, which
will face higher tax rates on income from T-bonds if they did not
meet a participation threshold.

Local-Currency Debt Service Continuing: Fitch believes that Sri
Lanka has continued to service the T-bonds throughout the DDO
process, and that T-bonds not tendered in the exchange will
continue to be serviced as per their original terms, including but
not limited to the entirety of the 12 series of T-bonds (out of 61
eligible series) for which no valid tenders were received. Four of
these 12 series were rated by Fitch and were affirmed at 'C' prior
to withdrawal.

Local-Currency Restructuring Incomplete: Under Fitch's rating
criteria, the LTLC IDR will remain in 'RD' until the debt exchange
is completed in its entirety. Fitch deems the process incomplete,
as the exchange of T-bills held by CBSL is still pending. Fitch
regards the T-bills as public debt securities, and they are also
held by private investors.

Foreign-Currency IDR in Default: The sovereign remains in default
on foreign-currency obligations and has initiated a debt
restructuring with official and private external creditors. The
Ministry of Finance had issued a statement on 12 April 2022 that it
had suspended normal debt servicing of several categories of
external debt, including bonds issued in international capital
markets, foreign currency-denominated loans and credit facilities
with commercial banks and institutional lenders.

ESG - Governance: Sri Lanka has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model
(SRM). Sri Lanka has a medium WBGI ranking in the 45th percentile,
reflecting a recent record of peaceful political transitions, a
moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

ESG - Creditor Rights: Sri Lanka has an ESG Relevance Score of '5'
for Creditor Rights, as willingness to service and repay debt is
highly relevant to the rating and is a key rating driver with a
high weight. The affirmation of Sri Lanka's LTFC IDR at 'RD' and
downgrade of LTLC IDR to 'RD' reflect a default event.

RATING SENSITIVITIES

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

- The Long-Term IDRs are at the lowest level, and cannot be
downgraded further

- The Short-Term Local-Currency IDR will be downgraded to 'RD' on
the completion of the exchange of T-bills

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

- Following completion of the debt exchange with CBSL, Fitch will
assign Sri Lanka's LTLC IDR based on a forward-looking assessment
of its willingness and capacity to honour its local-currency debt

- For the LTFC IDR, completion of the foreign-currency commercial
debt restructuring that Fitch judges to have normalised
relationship with private-sector creditors may result in an
upgrade

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with the rating criteria for ratings in the 'CCC'
range and below, Fitch's sovereign rating committee has not used
the SRM and QO to explain the ratings, which are instead guided by
the agency's rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the LTFC IDR, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

COUNTRY CEILING

The Country Ceiling for Sri Lanka is 'B-'. For sovereigns rated
'CCC+' or below, Fitch assumes a starting point of 'CCC+' for
determining the Country Ceiling. Fitch's Country Ceiling Model
produced a starting point uplift of zero notches. Fitch's rating
committee applied a +1 notch qualitative adjustment to this, under
the balance of payments restrictions pillar, reflecting that the
private sector has not been prevented or significantly impeded from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch does not assign Country Ceilings below 'CCC+', and only
assigns a Country Ceiling of 'CCC+' in the event that transfer and
convertibility risk has materialised and is affecting the vast
majority of economic sectors and asset classes.

ESG CONSIDERATIONS

Sri Lanka has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
highly relevant to the rating and a key rating driver with a high
weight. As Sri Lanka has a percentile rank below 50, for the
respective governance indicator, this has a negative impact on the
credit profile.

Sri Lanka has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Sri Lanka has a percentile rank below 50 for the
respective governance indicators, this has a negative impact on the
credit profile.

Sri Lanka has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms, as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Sri Lanka
has a percentile rank below 50 for the respective governance
indicator, this has a negative impact on the credit profile.

Sri Lanka has an ESG Relevance Score of '5' for Creditor Rights as
willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight. Sri Lanka's
LTFC & LTLC IDRs are 'RD' as the sovereign is in default on its
foreign- and local-currency debt obligations.

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
   -----------                ------           -----
Sri Lanka       LT IDR          RD  Affirmed     RD
                ST IDR          C   Affirmed      C
                LC LT IDR       RD  Downgrade     C
                LC ST IDR       C   Affirmed      C
                Country Ceiling B-  Affirmed      B-

   senior
   unsecured    LT              D   Downgrade     C

   senior
   unsecured    LT              WD  Withdrawn     D

   senior
   unsecured    LT              C   Affirmed      C

   senior
   unsecured    LT              D   Affirmed      D

   senior
   unsecured    LT              WD  Withdrawn     D



                           *********


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

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

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

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