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

                     A S I A   P A C I F I C

          Wednesday, September 20, 2023, Vol. 26, No. 189

                           Headlines



A U S T R A L I A

LEAN PERFORMANCE: Roger and Carson Appointed as Administrator
LEEUWIN OCEAN: Second Creditors' Meeting Set for Sept. 26
MARINE PRODUCE: Placed Into Voluntary Liquidation
METRO FINANCE 2022-2: Moody's Hikes Rating on Class F Notes to Ba3
MINERAL SOLUTIONS: Hall Chadwick Appointed as Liquidators

NEWCASTLE COAL: S&P Ups Junior Debt Rating to 'BB', Outlook Stable
PINT CLUB: Second Creditors' Meeting Set for Sept. 25
SOCIETYONE PL 2021-1: Moody's Ups Rating on Class F Notes from Ba1
TORINO GROUP: SVP Appointed as Liquidator


C H I N A

AIWAYS: Stops Making NEVs as Links to Ex-Chair Drag Firm Under
CHINA EVERGRANDE: Secretive Group of Creditors is Key to Co's Fate
COUNTRY GARDEN: Moody's Withdraws 'Ba1' Corporate Family Rating
COUNTRY GARDEN: Wins Approval to Extend Another Onshore Bond
SUNAC CHINA: Files for Chapter 15 Bankruptcy Protection

SUNAC CHINA: Wins Creditors' OK of Offshore Debt Restructuring Plan


H O N G   K O N G

CATHAY PACIFIC: Egan-Jones Retains CC Senior Unsecured Ratings


I N D I A

ABLE & WEAL: Ind-Ra Affirms B- NonConvertible Debt Rating
AKIRA PROPERTIES: Ind-Ra Affirms B- NonConvertible Debt Rating
ANKIT DIAMONDS: ICRA Keeps D Debt Ratings in Not Cooperating
ANLON HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
ARRS SILKS: CARE Keeps B- Debt Rating in Not Cooperating

AXIS GARMENT: ICRA Keeps D Debt Ratings in Not Cooperating
BALDOVINO: ICRA Keeps D Debt Ratings in Not Cooperating Category
CAPACITE INFRAPROJECTS: Ind-Ra Corrects August 25 Rating Release
CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating
ENEM NOSTRUM: Ind-Ra Assigns D Bank Loan Rating

GD DYESTUFF: Ind-Ra Cuts LT Issuer Rating to BB, Outlook Stable
GIG MOTORS: CARE Keeps B+ Debt Rating in Not Cooperating Category
GODHANI IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
GUPTA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
HEAVEN: CARE Keeps B- Debt Rating in Not Cooperating Category

HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
INDIAN SUCROSE: CARE Lowers Rating on INR150cr LT Loan to D
JAI SHRI: CARE Keeps B- Debt Rating in Not Cooperating Category
KOYILI HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating
LANCOR HOLDINGS: CARE Lowers Rating on INR14.93cr LT Loan to C

MAGMA AUTOLINKS: ICRA Keeps D Debt Ratings in Not Cooperating
MAHAVIR CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
MARIGOLD TRUST: Ind-Ra Cuts Bank Loan Rating to D, Outlook Stable
ND'S ART: SC Junks Plea by Late Nitin Desai's Wife vs NCLAT Order
NEXTGEN FIBRES: Ind-Ra Assigns BB- Bank Rating, Outlook Stable

NILE OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
OM COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category
PARAMOUNT WHEELS: ICRA Keeps D Debt Ratings in Not Cooperating
PAUL & COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
RAAM4WHEELERS LLP: Ind-Ra Affirms BB+ Bank Loan Rating

RAM CHARITABLE: CARE Keeps B- Debt Rating in Not Cooperating
RIDLEY LIFE-SCIENCE: ICRA Keeps B+ Debt Rating in Not Cooperating
S. S. OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
SHRINIVAS (GUJARAT): ICRA Keeps B+ Ratings in Not Cooperating
SKYLA HOSPITALITY: ICRA Keeps B+ Debt Ratings in Not Cooperating

SUN PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
TCS AND ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
WADI SURGICALS: Ind-Ra Affirms BB+ Bank Rating, Outlook Positive


J A P A N

MITSUI O.S.K: Egan-Jones Retains BB+ Senior Unsecured Ratings


M O N G O L I A

MONGOLIAN MINING: Fitch Affirms B Foreign Curr IDR, Outlook Stable
MONGOLIAN MINING: Moody's Confirms 'B3' CFR, Outlook Stable


N E W   Z E A L A N D

ASBESTOS SURVEYING: Court to Hear Wind-Up Petition on Sept. 25
BLACK STAG: Creditors' Proofs of Debt Due on Oct. 12
CAPITAL INVESTMENTS: Court to Hear Wind-Up Petition on Sept. 29
CLEAR ENERGY: Commences Wind-Up Proceedings
EDISON ARCHITECTURAL: Court to Hear Wind-Up Petition on Sept. 22

GORGE H: Liquidations 'Completely Unrelated' to Timaru projects
WAYNE CONNOR: Creditors' Proofs of Debt Due on Oct. 27


S I N G A P O R E

NU-FORTUNE GOLD: Creditors' Meeting Set for Sept. 26
TEK AN: Court to Hear Wind-Up Petition on Oct. 6

                           - - - - -


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

LEAN PERFORMANCE: Roger and Carson Appointed as Administrator
-------------------------------------------------------------
Nicarson Natkunarajah of Roger and Carson on Sept. 15, 2023, was
appointed as administrator of Lean Performance Pty Ltd.

LEEUWIN OCEAN: Second Creditors' Meeting Set for Sept. 26
---------------------------------------------------------
A second meeting of creditors in the proceedings of Leeuwin Ocean
Adventure Foundation Limited has been set for Sept. 26, 2023, at
2:00 p.m. at the offices of KordaMentha, Level 10, 40 St Georges
Terrace, in Perth and via virtual meeting facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 25, 2023, at 4:30 p.m.

John Bumbak and Richard Tucker of Kordamentha were appointed as
administrators of the company on Aug. 21, 2023.


MARINE PRODUCE: Placed Into Voluntary Liquidation
-------------------------------------------------
Intrafish.com reports that Marine Produce Australia, the holding
company for Singapore-based Barramundi Group's Australian
operations, has been placed into voluntary liquidation following
the sale of its subsidiaries to Tasmanian salmon and shrimp farmer
Tassal Group.

Cooke-owned Tassal announced at the end of July it would be
acquiring Barramundi Group's Australian operations, Marine Produce
Australia (MPA), after it entered voluntary administration in May
following the failed sale of the farm, Intrafish.com recalls.

MPA operates Australia's only ocean-based barramundi farm at Cone
Bay in Western Australia. The facility is currently producing
around 1,600 metric tons of fish per year, Intrafish.com notes.

Rob Kirman and Rob Brauer of McGrathNicol were appointed as
Voluntary Administrators of MPA and its two subsidiaries, MPA Fish
Farms Pty Ltd and MPA Marketing Pty Ltd on May 24, 2023.


METRO FINANCE 2022-2: Moody's Hikes Rating on Class F Notes to Ba3
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by Metro Finance 2022-2 Trust.

Issuer: Metro Finance 2022-2 Trust

Class B Notes, Upgraded to Aa1 (sf); previously on Nov 24, 2022
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Nov 24, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Nov 24, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Nov 24, 2022
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Nov 24, 2022
Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the good collateral
performance 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 11.8%, 9.2%, 7.0%, 4.6%, and 3.9%
respectively, from 9.2% and 7.2%, 5.5%, 3.6%, and 3.0% at closing.

As of end-July, 0.3% of the outstanding pool was 30-plus day
delinquent, and 0.1% was 90-plus day delinquent. The portfolio has
incurred gross and net losses of 0.03% and 0.01% (as a percentage
of the original pool balance) to date, all of which have been
covered by excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption at 2.25% as
a percentage of the current pool balance (equivalent to 1.77% as a
percentage of original pool balance, compared to 2.25% at deal
close).

Moody's has maintained the Aaa portfolio credit enhancement at
15%.

Moody's analysis has also considered various scenarios involving
different mean default rate and default timing to evaluate the
resiliency of the note ratings.

The transaction is a cash securitisation of auto loans and leases
originated by Metro Finance Pty Limited and extended to prime
commercial obligors located in Australia.

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.

MINERAL SOLUTIONS: Hall Chadwick Appointed as Liquidators
---------------------------------------------------------
Cameron Shaw and Aaron Dominish of Hall Chadwick on Sept. 18, 2023,
were appointed as liquidators of Mineral Solutions Australia
Limited.

NEWCASTLE COAL: S&P Ups Junior Debt Rating to 'BB', Outlook Stable
------------------------------------------------------------------
S&P Global Ratings raised its rating on Australia-based Newcastle
Coal Infrastructure Group Pty Ltd.'s (NCIG) junior debt to 'BB'
from 'BB-', while affirming its 'BBB+' rating on the senior debt.

The stable outlook on both the senior and junior debt indicates
stable operations with predictable cash flows.

Newcastle Coal Infrastructure Group Pty Ltd. (NCIG) operates a 66
million metric tons per annum (mtpa) capacity coal export terminal
in the Port of Newcastle on the central coast of New South Wales.
It is fully contracted under ten-year, evergreen ship-or-pay
contracts. NCIG is 100% mutually owned by most of its shippers.

As of June 30, 2023, NCIG had approximately US$1.68 billion of
drawn senior secured debt. Its parent, NCIG Holdings Pty Ltd.
(NCIGH), had approximately US$460 million of junior debt.

-- Stable cash flow with full operational cost passthrough and
capped financial cost passthrough to shippers.

-- One of two coal export terminals in the Port of Newcastle with
limited re-contracting risk.

-- Accelerated amortization with coal-linked additional payments
and BHP mine closure to benefit debt service coverage ratios
(DSCRs).

-- Refinance risk on senior debt instruments.

-- Long-term exposure to coal sector.

The rating actions factor in the continued receipts of the coal
price-linked accelerated amortization (CPLAA) payments and the
improvement in our downside resiliency assessment for the junior
debt.

Given the high coal prices over the last 12-15 months, NCIG will
collect additional payments of about US$250 million by Sept. 30,
2023, under the CPLAA. This will be utilized for amortization of
this senior debt, which in turn, will lead to increased cash flow
available for junior debt, thereby improving its downside
resiliency assessment in S&P's view.

S&P said, "We have also increased our market risk exposure to a
revenue stress of 20% from 15% previously. This is primarily driven
by our longer-term view of the coal sector, particularly in the
context of a thermal coal-linked infrastructure asset. Despite
this, the debt service coverage ratios for both senior and junior
debt remain strong.

"For our assessment we continue to factor in only the actual CPLAA
additional payments in our forecasts, given that although these are
agreed with the shippers, they are not legally binding. Therefore,
continued receipts of payments under CPLAA could see senior debt
amortize faster than expected--by 2032 (as per management
expectations) as against our base case of 2035 currently. To that
extent future CPLAA can benefit the ratings outcomes.

"In addition, we continue to factor in refinance margins of 4.5% in
the base case, and 6% in the downside case. We will continue to
keep a close watch on the investor interest and participation for
refinancing in this sector and may decide to revise the margins
upward, depending on our view of the future cost for this sector."

In addition, Hunter Valley Energy Coal Pty Ltd. (HVEC; a subsidiary
of BHP) has commenced payment of its portion (i.e., 22.89%) of the
senior and junior debt, with the first tranche received in May
2023. S&P continues to factor in equal payments until 2030.
Although the senior debt will amortize as and when payments from
HVEC are received, the junior debt amortization starts only from
2027 onwards once the make-whole conditions on those instruments
fall away; until which time the funds are parked in a reserve
account.

The stable outlook on both the senior and junior debt reflects our
view that the NCIG terminal will operate with steady predictable
cash flows at a contracted capacity of 66 mtpa for the foreseeable
future. This factors in the contracted accelerated payments from
closure of HVEC mines and actual additional charges linked to
higher coal prices.

The ratings could come under pressure if:

-- Contracted volumes drop or if the fundamental competitiveness
of the Hunter Valley coal market, including demand and price,
materially declines. Such conditions may lead S&P to reduce its
expected maximum toll charge;

-- S&P considers that shippers can't be easily replaced;

-- There is material revision to the mandatory amortization of
senior debt facilities, thereby increasing exposure to the variable
coal-price linked charges; or

-- If NCIG fails to appropriately manage its refinance exposure
well ahead of time or if S&P believes that the future cost of
refinancing has significantly increased for the sector.

For the senior debt, a minimum senior DSCR declining below 1.75x
with no prospect of timely recovery above that level could result
in S&P lowering the rating.

S&P said, "For the junior debt, a minimum DSCR of below 1.30x or a
weaker resiliency assessment in our stress case, could result in us
lowering our rating.

"For the senior debt, we believe that uncertainty about the
longer-term demand for thermal coal and financial costs may
constrain further rating uplifts. Nonetheless, a significant
deleveraging such that the minimum DSCR improving to over 2.5x may
improve the rating outcome.

"For the junior debt, we could lift the rating if the deleveraging
of senior debt is faster than we expect, such that there is
increased cash flow to meet the junior debt service. This primarily
could stem from an increase in our resiliency assessment due to
additional cashflows. A precursor to an upgrade will be our view on
whether this further strengthens the junior debt's ability to
withstand any adverse shift in market demand for thermal coal over
the longer term."


PINT CLUB: Second Creditors' Meeting Set for Sept. 25
-----------------------------------------------------
A second meeting of creditors in the proceedings of Pint Club
Incorporated, trading as Pint Club Inc, has been set for Sept. 25,
2023, at 10:30 a.m. via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 24, 2023, at 5:00 p.m.

S G Reid and S R Sellahewa of Rodgers Reidy NT were appointed as
administrators of the company on July 13, 2023.


SOCIETYONE PL 2021-1: Moody's Ups Rating on Class F Notes from Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by SocietyOne PL 2021-1 Trust.

Issuer: SocietyOne PL 2021-1 Trust:

Class B Notes, Upgraded to Aaa (sf); previously on Aug 9, 2022
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Feb 28, 2023
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Feb 28, 2023
Upgraded to A2 (sf)

Class E Notes, Upgraded to A2 (sf); previously on Feb 28, 2023
Upgraded to Baa1 (sf)

Class F Notes, Upgraded to Baa1 (sf); previously on Feb 28, 2023
Upgraded to Ba1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes, and the performance of the
underlying portfolio to date.

Following the August 2023 payment date, the note subordination
available for the Class B has increased to 40.6% from 34.6% since
the last rating action for these notes in August 2022. Note
subordination for the Class C, Class D, Class E and Class F Notes
has increased to 33.5%, 27.0%, 21.6%, and 16.2% respectively, from
29.7%, 22.9%, 17.2% and 11.5% since the last rating action for
these notes in February 2023.

As of end-July 2023, 4.8% of the outstanding pool was 30-plus day
delinquent and 2.2% was 90-plus day delinquent. The portfolio has
incurred 3.0% and 2.6% of gross and net losses to date, all of
which have been covered by excess spread.

Based on the observed performance to date, loan attributes and the
economic environment, Moody's has maintained its default assumption
of 8.5% of the current balance and the Aaa portfolio credit
enhancement assumption at 36%.

Moody's analysis has also considered various scenarios involving
different mean default rate and default timing to evaluate the
resiliency of the note ratings.

The transaction is a cash securitization of unsecured personal loan
receivables originated by SocietyOne Australia Pty Ltd.

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

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

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

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

TORINO GROUP: SVP Appointed as Liquidator
-----------------------------------------
Jason Lloyd Porter of SVP on Sept. 15, 2023, was appointed as
liquidator of The Torino Group Pty Ltd.



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

AIWAYS: Stops Making NEVs as Links to Ex-Chair Drag Firm Under
--------------------------------------------------------------
Yicai Global reports that Aiways, a Chinese new energy vehicle
maker backed by internet giant Tencent Holdings, has halted
production due to difficulties in raising new finance thanks to its
connection to a debt-laden former chairman.

Aiways' plant shut down last month, Yicai learned from a person
familiar with the matter.

Aiways, which once raised over CNY10 billion (USD1.4 billion) from
Contemporary Amperex Technology, Didi Chuxing and other big
companies, was unable to get loans from banks due to its
association with former Chairman Chen Xuanlin who has had assets
frozen by the courts, a source told Yicai.

Aiways had only CNY54.6 million (USD7.5 million) in cash and had
racked up debts of CNY3.4 billion (USD466 million) as of the end of
December 2021, Yicai discloses.

Chen became chairman of Aiways in 2022 after his company Shanghai
Dongbai Industrial Group poured CNY2.5 billion (USD342.8 million)
into the struggling automaker as a lifeline. But only CNY2.3
billion of the CNY2.5 billion promised was actually invested in
Aiways, according to Yicai research.

Chen, who resigned as chairman last November, has had CNY2.4
billion of equity that he owns in different firms frozen by the
courts, Yicai recalls. And investors in Dongbai Industrial
complained in November last year that they were not paid the
principal and interest on some financial products on schedule due
to personal reasons of Chen.

Soon after the cash injection, Aiways said it will recruit 1,000
employees and develop new products, Yicai relates. It also unveiled
plans to list on the US stock market through a reverse takeover
with China Liberal Education Holdings. But the educational services
provider pulled out in May.

Airways was set up in 2017 by Fu Qiang, a former senior executive
at Mercedes-Benz, Audi and Volvo. Since its formation, it has only
released two car models. Mainly focused on the European market, the
company has missed out on the growth opportunities brought by the
fast development of the Chinese market.

But the Shanghai-based firm is still fighting, Yicai notes. "Aiways
has more than 100,000 undelivered orders from overseas and will
have a chance to survive if it can get money in the future though
the firm is in trouble now," Yicai quotes another source as
saying.

Aiways formed an interim working group on shareholder governance in
July headed by Fu and with Zhu Xiaohua as the representative of the
firm's investors, to get the firm back into production.

AIWAYS Holdings Limited designs and manufactures electric
vehicles.


CHINA EVERGRANDE: Secretive Group of Creditors is Key to Co's Fate
------------------------------------------------------------------
Bloomberg News reports that a large but secretive group of
creditors is emerging as one of the last major roadblocks to a
historic restructuring of China Evergrande Group.

Identified only as "Class C" creditors by Evergrande, the group is
the second-biggest of its kind with $15 billion of claims - and
among the only two that didn't provide sufficient backing for the
troubled developer's debt plan based on its last public disclosure,
according to Bloomberg. Evergrande, which has about $328 billion of
liabilities, will have to win them over at key creditor meetings on
Sept. 25-26 as it tries to avoid a liquidation, Bloomberg notes.

Still at the epicentre of China's property crisis, Evergrande is
under pressure to finalise a blueprint for what is set to be one of
the country's most complex debt restructurings. Bloomberg relates
that the Class C creditors pose a particular challenge, with their
wide variety of borrowings and the prevalence of private debt
making it hard for outsiders to identify the members and assess
their attitudes.

"Failing to gather enough support for the Class C might drag the
whole restructuring process," Bloomberg quotes Zerlina Zeng, senior
credit analyst with CreditSights, as saying. "We expect the debt
restructuring of Chinese developers with a large amount of
unfinished home projects such as Evergrande to be lengthy and with
large uncertainties."

Evergrande, the world's most indebted developer, has left investors
in the dark about the support level from Class C creditors since
April, when it disclosed that those holding more than 30% of that
category of debt have endorsed the debt plan, according to people
familiar with the matter who requested anonymity discussing private
information, Bloomberg relays.

That figure is far below the 75% needed from each creditor class to
implement restructuring through what's known as a scheme of
arrangement.

Class C support is crucial as it's one of two classes under China
Evergrande Group's own scheme - the dominant part of the overall
debt plan. The other one, labelled class A and accounting for US$17
billion of claims, already delivered a support level of over 77% as
of the April filing, Bloomberg notes.

Bloomberg adds that the company's restructuring also includes two
other schemes which cover debt owed by units Scenery Journey and
Tianji Holding, Evergrande's group-level scheme can go ahead
without creditor approval for the units, according to people
familiar with the matter.

The two units' own schemes, however, are dependent on each other's
success in securing creditor approval, they added, asking not to be
identified speaking on private discussions.

                       About China Evergrande

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

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

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

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

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

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

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

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

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

COUNTRY GARDEN: Moody's Withdraws 'Ba1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Country Garden Services
Holdings Company Ltd's (CGS) Ba1 corporate family rating.

The outlook prior to the withdrawal was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

COMPANY PROFILE

CGS is one of China's largest property management service providers
with a market capitalization of HKD33.2 billion as of September 13,
2023. The company was listed on the Hong Kong Stock Exchange in
2018. In 2022, CGS' total revenue grew 43% year over year to RMB41
billion; 55% of total revenue came from its property management
services, whereas the rest came from other business segments,
including community value-added services, value-added services to
non-property owners, three supplies and property management, city
services and commercial operational services. As of the end of June
2023, the company had revenue-bearing gross floor area (GFA) of 916
million square meters (sqm).

As of the end of July 2023, its key shareholder, Yang Hui Yan,
directly and indirectly controlled 36.12% voting rights in the
company. Country Garden Holdings Company Limited is CGS' sister
company and was 52.6% owned by the same shareholder as of the same
date.

COUNTRY GARDEN: Wins Approval to Extend Another Onshore Bond
------------------------------------------------------------
Reuters reports that Country Garden has won approval from creditors
to extend repayment on another onshore bond, the last in the batch
of eight bonds it has been seeking extensions for, two sources
familiar with the matter said.

Reuters relates that the CNY492 million (US$67 million) onshore
bond was issued by a subsidiary of Country Garden, and the company
had delayed voting on this bond three times before creditors on
Sept. 18 voted in favor to extend the maturity, the sources said.

The maturity of the bond has been extended by three years, said the
sources, who declined to be named as they were not authorised to
speak with the media, Reuters relays.

Under the terms of the agreement, the issuer, Guangdong Giant Leap
Construction Co would provide no less than CNY200 million as a
pledged guarantee for the bond, the two sources added.

Country Garden, whose financial woes have hit the Chinese property
sector outlook, earlier proposed to extend maturities of eight
onshore bonds worth CNY10.8 billion by three years. Creditor
approved the plans for seven bonds last week.

                        About Country Garden

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

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

The TCR-AP also reported that Fitch Ratings has downgraded Country
Garden Services Holdings Company Limited's (CGS) Long-Term Issuer
Default Rating (IDR) to 'BB+' from 'BBB-' and placed the rating on
Rating Watch Negative (RWN).

SUNAC CHINA: Files for Chapter 15 Bankruptcy Protection
-------------------------------------------------------
Bloomberg News reports that Sunac China Holdings Ltd. sought
Chapter 15 bankruptcy protection in New York as the defaulted
developer moved to protect assets while its offshore debt
restructuring nears conclusion.

Bloomberg says international debt restructurings sometimes require
a Chapter 15 petition in the course of finalizing a transaction.
Peer China Evergrande Group, which is also working to overhaul
international borrowings, last month made its own such filing.
Evergrande, whose 2021 default accelerated the country's property
debt crisis, called the move "normal procedure" since its dollar
bonds are governed by New York law.

                          About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.


SUNAC CHINA: Wins Creditors' OK of Offshore Debt Restructuring Plan
-------------------------------------------------------------------
Reuters reports that creditors of Sunac China Holdings Ltd have
approved its $9 billion offshore debt restructuring plan, the
company said on Sept. 18, marking the first approval of such debt
overhaul by a major Chinese property developer.

Sunac is among a string of Chinese property developers that have
defaulted on their offshore debt payment obligations since the
sector was hit by a liquidity crisis in 2021, roiling global
markets, according to Reuters.

Reuters relates that the agreement comes as investors closely
monitor whether a raft of property easing measures introduced by
Beijing could revive the sector.

Creditors holding 98.3% of the total value of the bonds who took
part in the vote have approved Sunac's restructuring plan proposed
earlier this year, according the company's filing with the Hong
Kong Stock Exchange.

According to Reuters, Sunac said that following the creditors'
approval it would proceed to seek the approval of the plan by a
Hong Kong court at a hearing scheduled for Oct. 5.

The developer reached an agreement with a group of offshore
creditors in March to restructure $9 billion of its debt, under
which a part of its debt would be exchanged into convertible bonds
backed by its Hong Kong-listed shares along with new notes with
maturities of between two and nine years.

Sunac said in an earlier filing the plan had won support from
holders of 87% of outstanding offshore debt by July, but the
announcement marks the plan's formal final approval, Reuters
notes.

In a separate filing on Sept. 18, Sunac said it had decided to
raise the cap on mandatory convertible bonds to $2.75 billion, up
from $2.2 billion in the original plan, to cater to "an
overwhelming interest" by the scheme creditors, Reuters reports.

Sunac's revenue in the first six months rose 20.5% to CNY58.47
billion ($8.02 billion), its interim results showed. Losses
declined 18.1% to CNY15.37 billion, Reuters discloses.

China has rolled out support measures to help revive the property
sector, which accounts for roughly a quarter of its economy and has
faced a liquidity crunch since 2021, but analysts say more is
needed to help it recover.

Unlike Sunac, many fellow developers have yet to reach agreements
with offshore creditors.

Sunac said last month it believed a successful offshore debt
restructuring would greatly reduce cash flow pressure over the next
two years, though "material uncertainties" existed regarding
whether it could be able to implement steps to restore cash flow.

Sunac's Hong Kong shares have fallen 38.9% so far this year.

                          About Sunac China

Sunac China Holdings Limited (SEHK:1918) --
http://www.sunac.com.cn/-- engages in the sales of properties in
the People's Republic of China. The Company operates its business
through two segments: Property Development and Property Management
and Others. The Company's subsidiaries include Sunac Real Estate
Investment Holdings Ltd., Qiwei Real Estate Investment Holdings
Ltd. and Yingzi Real Estate Investment Holdings Ltd.



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

CATHAY PACIFIC: Egan-Jones Retains CC Senior Unsecured Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company on September 5, 2023, maintained its
'CC' foreign currency and local currency senior unsecured ratings
on debt issued by Cathay Pacific Airways Limited. EJR also
withdraws rating on commercial paper issued by the Company.

Headquartered in Hong Kong, Cathay Pacific Airways Limited operates
scheduled airline services.





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

ABLE & WEAL: Ind-Ra Affirms B- NonConvertible Debt Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Able & Weal Private Limited (A&W):

-- INR300 mil. (reduced from INR1.20 bil.) NCDs* affirmed with
     IND B-/Negative rating; and

-- Unsupported rating assigned with IND B-/Negative rating.

*Details in Annexure

The NCDs are backed by a pledge over the shares held by the
promoter group in unlisted securities and a charge over the
identified immovable properties as agreed with the lenders.

Analytical Approach: To arrive at the ratings, Ind-Ra has taken a
consolidated view A&W's group companies Akira Properties Private
Limited (Akira; NCDs rated at IND B-/Negative), Siddharth Partners
(SP), and Aspireville Private Limited (Aspireville) on account of
strong operational and financial linkages among them, since all the
companies/firms operate in a similar line of business and have a
common management. All these entities together referred to as the
Family Office of Medlife International Private Limited's Promoters
(promoter group). The promoters hold majority of the group's
investments through a couple of trusts namely Prasid Uno Family
Trust, apart from the above entities.

The Negative Outlook reflects the stretched liquidity of the
promoter group with a likely markdown in the value of investments
and high repayments scheduled in the near term.

Key Rating Drivers

Liquidity Indicator - Poor: The promoter group had cash balances
and fixed deposit investments of INR16.83 million at FYE23 (FY22:
INR416.3 million). A&W, SP, Akira and Aspireville are the key
investment firms of the promoter group.

A&W and the other three entities in the group do not have any
working capital facilities. However, A&W has raised listed, secured
zero coupon NCDs worth INR300 million in September 2022 with a
tenor of three years and a bullet repayment at the end of tenure
along with a redemption premium.

Aspireville has also raised unlisted, unrated redeemable NCDs worth
INR1,000 million in December 2022 with a tenor of two years and
interest payable in every nine months till maturity. Akira has
raised unlisted, secured, rated, zero coupon rate NCDs worth
INR2,000 million in February 2023 with a tenor of two years to
repay the former zero-coupon debentures. These NCDs have a bullet
maturity repayment along with a redemption premium. Akira has also
raised unsecured loans from directors and Aspireville to the tune
of INR481 million at FYE23. The proceeds from the NCDs raised by
A&W, Akira and Aspireville have been invested in SP to repay the
existing loans and investments in new assets. SP has raised term
loans from non-banking financial institutions with annual debt
repayment of INR553 million in FY24 and INR1,017 million in FY25.
All the four entities in the group do not have any operational
revenue and debt servicing on these loans were supported by regular
infusions by partners and sale of investments. The debt repayments
will rely highly on refinancing or liquidation-based events such as
sale of securities in security market or through an offer for sale
in initial public offer/pre-initial public offer amid the limited
visibility on the revenue income.  FY23 numbers are provisional.

High Refinancing Risk: The promoter group has raised term loans and
NCDs which have significant repayments in the near term (FY24:
INR695 million, FY25: INR3,849 million) as against limited
visibility on the sources of repayments. The promoter group thus is
exposed to a high refinancing risk. The ratings continue to be
constrained by delays in the ability to raise funds during periods
of financial distress. Ind-Ra however takes comfort form regular
fund infusions from the promoters and sale of investments which
have been able to cover the obligations in the past.

No Operational Cashflows; Limited Income Sources: Akira, SP, A&W
and Aspireville do not have any operational cashflows and are
significantly reliant on the sale of investments/regular infusions
from the promoters/partners.

Illiquid Nature of Investments: Majority of the portfolio of the
promoter group is unlisted entities such as API Holdings Limited,
Entero Healthcare Solutions Pvt. Ltd. (INR BBB/Stable), AMPA
Orthodontics Pvt. Ltd., and ANI Technologies Limited which are in
growth phase and require regular funds. Also, promoter group has
only minority stakes in these entities, leaving low scope of
influencing dividend policy and limited headroom for dividend
upstreaming. Since these investments are unlisted in nature, Ind-Ra
expects promoter group to face delay and difficulty to monetize in
case of financial distress or market dislocations.

Successful Track Record of Promoters: A&W and Akira are promoted by
the family office of former Medlife promoters Tushar Kumar and
Prashant Singh. Both have more than a decade of experience in the
healthcare and pharma space and a successful track record of
creating and scaling up Medlife and monetizing their investments
through sales to API Holdings Limited. The promoters come from a
strong lineage from the founders of Alkem Laboratories Limited (IND
A1+).

Rating Sensitivities

Outlook Revision to Stable: Any improvement in the liquidity
position by way of timely tie-up of new debt or monetization of
investments and/or support from the promoters would result in an
Outlook revision to Stable.

Negative: Future developments that could lead to a negative rating
action:

-- A substantial markdown in the value of investments while the
promoter group's indebtedness remaining the same, and/or

-- any deterioration in liquidity by way of delays in the
monetization of investments, and/or

-- any delay in support from the promoters.

ESG Issues

ESG Factors Minimally Relevant to Rating: Unless otherwise
disclosed in this section, the ESG issues are credit neutral or
have only a minimal credit impact on A&W, due to either their
nature or the way in which they are being managed by the entity.

Company Profile

Incorporated in FY22, A&W is a special purpose vehicle equally
owned by Prashant Singh and Tushar Kumar, former promoters of
Medlife International Private Limited. It is an investment holding
company of the promoter group.


AKIRA PROPERTIES: Ind-Ra Affirms B- NonConvertible Debt Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Akira Properties
Private Limited's (Akira) non-convertible debentures (NCDs) at 'IND
B-' with a Negative Outlook.

The detailed rating action is:

-- INR2.0 bil. NCDs* affirmed with IND B-/Negative rating.

*Details in Annexure

The NCDs are backed by a pledge over the shares held by the
promoter group in unlisted securities and a charge over the
identified immovable properties as agreed with the lenders.

Analytical Approach: To arrive at the ratings, Ind-Ra has taken a
consolidated view Akira's group companies Able & Weal Private
Limited (A&W, NCDs rated at IND B-/Negative) Siddhanth Partners
(SP), and Aspireville Private Limited (Aspireville) on account of
the strong operational and financial linkages among them, since all
the companies/firms operate in a similar line of business and have
a common management. All these entities together are referred to as
the Family Office of Medlife International Private Limited's
Promoters (Medlife; promoter group). The promoters hold the
majority of the group's investments through a couple of trusts
namely Prasid Uno Family Trust, apart from the above entities.

The Negative Outlook reflects the stretched liquidity of the
promoter group in FY23 with a likely markdown in the value of
investments and the high repayments scheduled over the near term.

Key Rating Drivers

Liquidity Indicator - Poor: The promoter group had cash balances
and fixed deposit investments of INR16.83 million at FYE23 (FY22:
INR416.3 million). A&W, SP, Akira and Aspireville are the key
investment firms of the promoter group.

Akira and the other three entities in the group do not have any
working capital facilities. However, Akira had raised unlisted,
unrated zero-coupon debentures (ZCDs) worth INR1,020 million in
FY22 and ZCDs worth INR980 million in April 2022 used for the
repayment of the existing loans and investment in new assets by SP.
Subsequently, Akira raised additional NCDs worth INR2,000 million
in February 2023 to repay these former ZCDs. The existing NCDs are
unlisted, secured, rated with zero-coupon rate and have a tenor of
two years. The NCDs have a bullet maturity repayment along with the
redemption premium. Akira had also raised unsecured loans from
directors and Aspireville to the tune of INR481 million at FYE23.

A&W had raised listed, secured zero coupon NCDs worth INR 300
million in September, 2022 with a tenor of three years and a bullet
repayment at the end of tenure along with a redemption premium.
Aspireville has also raised unlisted, unrated redeemable NCDs worth
INR1,000 million in December 2022 with a tenor of two years and
interest payable in every nine months till maturity. The proceeds
from these NCDs have been invested in SP to repay the  existing
loans and investments in new assets. SP has raised term loans from
non-banking financial institutions with annual debt repayment of
INR553 million in FY24 and INR1,017 million in FY25. All the four
entities in the group do not have any operational revenue and debt
servicing on these loans were supported by regular infusions by
partners and sale of investments. The debt repayments will rely
highly on the refinancing or liquidation-based events such as the
sale of securities in security market or through an offer for sale
in an initial public offer/pre-initial public offer amid the
limited visibility on the revenue income.  FY23 numbers are
provisional.

High Refinancing Risk: The promoter group has raised term loans and
NCDs which have significant repayments in the near term (FY24:
INR695 million, FY25: INR3,849 million) as against the limited
visibility on the sources of repayments. The promoter group is thus
exposed to a high refinancing risk. The ratings continue to be
constrained by delays in the ability to raise funds during periods
of financial distress. Ind-Ra, however, takes comfort from the
regular fund infusions from the promoters and the sale of
investments, which have been able to cover the obligations in the
past.

No Operational Cashflows; Limited Income Sources: Akira, SP, A&W
and Aspireville do not have any operational cashflows and rely
significantly on the sale of investments/regular infusions from the
promoters/partners.

Illiquid Nature of Investments: A majority of the portfolio of the
promoter group is unlisted entities such as API Holdings Limited,
Entero Healthcare Solutions Pvt. Ltd. (IND BBB/Stable), AMPA
Orthodontics Pvt. Ltd., and ANI Technologies Limited, which are in
growth phase and require regular funds. Also, the promoter group
has only minority stakes in these entities, leaving low scope of
influencing dividend policy and limited headroom for dividend
upstreaming. Since these investments are unlisted in nature, Ind-Ra
expects the promoter group to face delay and difficulty to monetize
in case of financial distress or market dislocations.

Successful Track Record of Promoters: A&W and Akira are promoted by
the family office of former Medlife promoters Tushar Kumar and
Prashant Singh. Both have more than a decade of experience in the
healthcare and pharma space and a successful track record of
creating and scaling up Medlife and monetizing their investments
through sales to API Holdings Limited. The promoters come from a
strong lineage from the founders of Alkem Laboratories Limited (CP
rated at IND A1+).

Rating Sensitivities

Outlook Revision to Stable: Any improvement in the liquidity
position by way of timely tie-up of new debt or monetization of
investments and/or support from the promoters would result in an
Outlook revision to Stable.

Negative: Future developments that could lead to a negative rating
action:

-- a substantial markdown in the value of investments with the
promoter group's indebtedness remaining the same, and/or

-- any deterioration in liquidity by way of delays in the
monetization of investments, and/or

-- any delay in support from the promoters.

Company Profile

Incorporated in FY19, Akira is a special purpose vehicle equally
owned by Prashant Singh and Tushar Kumar, former promoters of
Medlife International Private Limited. It is an investment holding
company of the promoter group.



ANKIT DIAMONDS: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Short-term rating of Ankit Diamonds in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short-term–        50.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short Term-       (25.50)    [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Ankit Diamonds was established as a partnership firm in 1983 by Mr.
Kirit Shah and his four brothers. They split up their business in
2002. The firm is currently run by Mr. Kirit Shah and his son Mr.
Rikin Shah. The firm manufactures and trades in cut and polished
diamonds (CPD). The firm has its registered office in Mumbai,
marketing office at Hong Kong and manufacturing facility in Surat.


ANLON HEALTHCARE: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Anlon
Healthcare Private Limited (AHPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           3.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 3, 2022,
placed the rating(s) of AHPL under the 'issuer non-cooperating'
category as AHPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AHPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 19, 2023, June 29, 2023, July 9, 2023.

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

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

Rajkot (Gujarat)-based, AHPL was incorporated in March 20, 2014 by
three directors namely Mr. Punit Rasadia, Mr. Vaibhav Ramani and
Mr. Meet Vachhani. The company is setting up a unit for
manufacturing of pharma intermediates and ingredients. The company
will operate with an installed capacity of 11 metric tonne per
month of pharma intermediates and ingredients which will find its
application in preparation of medicines. Anlon Healthcare Private
Limited belongs to Anlon group with group entity named Anlon
Chemical Research Organization.


ARRS SILKS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of ARRS Silks
(AS) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      70.18       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 29,
2022, placed the rating(s) of AS under the 'issuer non-cooperating'
category as AS had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AS continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 15, 2023, July 25, 2023, August 4, 2023.

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

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

ARRS Silks (Erstwhile A.R.R Srinivasan & Sons), a part of the
Salem, Tamil Nadu (TN) based 'ARRS group' was founded by Late Sri.
AR Rangaswamy Chettiar along with his son, Sri. R. Srinivasan
during 1960s. The firm was established by Sri R Srinivasan and his
two sons Sri S Ramanathan and Sri. S Ravichandran during June 1997
and is engaged in retail trading of apparels and baby care
products. As on December 31, 2017, the firm has two showrooms in
Salem, one showroom in Namakkal and one showroom in Hosur under
'ARRS Silks' having a combined retail space of more than 1 lac sq.
ft. With effect from 31st March 2017, the firm has been taken over
by Mr. S. Ravichandran and his son, Mr. Karthick Balaji. The nature
and place of business of ARR Srinivasan & Sons remains the same and
is now being carried on under the name "ARRS Silks" (ARRSS).


AXIS GARMENT: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term rating of Axis Garment Designer in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

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

Axis Garment Designer is a partnership firm that was established in
2012. The firm is promoted by Mr. Avinash Gaikwad, Ms. Rashmi Gupta
and Mr. Rajendra Manjrekar. It is primarily engaged in
manufacturing texturized yarn and fabrics. It also manufactures
readymade garments (RMG) on a small scale, mainly women's wear and
children's wear.


BALDOVINO: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Short-term rating of Baldovino in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]D; ISSUER NOT
COOPERATING.

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

   Short Term-        (6.00)    [ICRA]D; ISSUER NOT COOPERATING;
   Interchangeable              Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Baldovino was established as a proprietorship firm in 2010 by Mr.
Rikin Shah. The firm deals in manufacture and trading of cut and
polished diamonds (CPDs). It has its registered office in Mumbai.
It operates in the manufacturing facility of its group concern
(Ankit Diamonds) located in Surat. Apart from manufacture and
trading of CPD, the firm is also involved in trading of watches
imported from Hong Kong.


CAPACITE INFRAPROJECTS: Ind-Ra Corrects August 25 Rating Release
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Capacite
Infraprojects' rating release published on August 25, 2023 to
correct the amount for non-fund-based limits and proposed
non-fund-based limits.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has affirmed Capacite
Infraprojects Limited's (CIL) Long-Term Issuer Rating at 'IND BB+'
while resolving the Rating Watch with Negative Implications. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR857.2 mil. (reduced from INR1.0 bil.) Non-convertible
     debentures (NCDs)ISIN INE264T07011 coupon rate 12.50% issued
     on March 28, 2022 due on March 31, 2025 affirmed; off Rating
     Watch with Negative Implications with BB+/Stable rating;

-- INR1,647.6 bil. Fund-based Limits affirmed; off Rating Watch
     with Negative Implications with IND BB+/Stable/IND A4+
     rating;

-- INR250 mil. Proposed fund-based working capital limit
     affirmed; off Rating Watch with Negative Implications with
     IND BB+/Stable/IND A4+ rating;

-- INR2.4 mil. Proposed fund-based working capital limit assigned

     with IND BB+/Stable/IND A4+ rating;

-- INR1.950 bil. Proposed non-fund-based capital limits affirmed;

     off Rating Watch with Negative Implications with IND
     BB+/Stable/IND A4+ rating;

-- INR352.8 mil. Proposed non-fund-based capital limits assigned
     with IND BB+/Stable/IND A4+ rating;

-- INR11,957.2 bil. (reduced from INR12.820 bil.) Non-fund-based
     limits affirmed; off Rating Watch with Negative Implications
     with IND BB+/Stable/IND A4+ rating;

-- INR802.16 mil. Term loan due on March 31, 2027 affirmed; off  
     Rating Watch with Negative Implications with IND BB+/Stable
     rating;

-- INR39.14 mil. Term Loans due on March 31, 2027 assigned with
     IND BB+/Stable rating;

-- INR850 mil. Proposed term loans affirmed; off Rating Watch
     with Negative Implications with IND BB+/Stable rating; and

-- INR150 mil. Proposed term loans assigned with IND BB+/Stable
     rating.

ANALYTICAL APPROACH:  Ind-Ra continues to take a consolidated view
of CIL and its 100% subsidiary CIPL-PPSL-Yongnam Joint Venture
Constructions Private Limited, along with its joint ventures and
associates including a Maharashtra Housing and Area Development
Authority (MHADA) project (together referred to as CIL), owing to
the strong operational and strategic ties among them. The joint
ventures and associates have been included in financials using the
equity method of accounting.

Ind-Ra has resolved the Rating Watch with Negative Implications and
affirmed the ratings in view of the tying up of a portion of the
enhancements required in the working capital limits from State Bank
of India (IND AAA/Stable), equity infusion of INR963 million in
July 2023, and debtor recovery, which would support the company's
liquidity position.  

Key Rating Drivers

Liquidity Indicator – Stretched:  At FYE23, CIL had unencumbered
cash balances of around INR471 million against a scheduled
repayment obligation of INR758 million in FY24 and INR811million in
FY25 (average monthly repayment obligation of INR63 million in FY24
and INR67.5 million in FY25). The average maximum utilization of
its fund-based limits remained around 98% over the 12 months ended
July 2023, while that of its non-fund-based limits was around 87%
during the same period. The company has different project-specific
limits for three large public sector projects, which provide a
buffer for the execution of such projects. CIL also had an average
balance of around INR76million in project-specific escrow accounts
over the 12 months ended July 2023. CIL has been able to secure an
enhancement of INR500 million in its non-fund-based consortium
limits from State Bank of India and has also been able to secure
approval to use INR1,000 million of City and Industrial Development
Corporation of Maharashtra's (CIDCO) project's bank guarantee (BG)
limits of INR2,015 million for retention money BG along with the
already specified purposes of performance BG and advance BG to the
extent of reduction of BG from the present level. As per the
management, CIL will be able to generate liquidity to the tune of
INR1,525million from CIDCO's INR1000 million retention BG limit by
substitution of the consortium BG limits that are currently being
used for CIDCO's project with project-specific limits. Furthermore,
CIL is looking for enhancements of around INR3400 million. These
additional tie-ups will help in improving the liquidity buffer and
in sustaining the execution run-rate. As per the management, the
tie-ups are likely to be in place by 3QFY24. Ind-Ra will continue
to monitor the company's liquidity position.

CIL's gross working capital cycle remained stretched in FY23 due to
the accumulation of unbilled revenues (FY23: INR9.3 billion,
FY22:INR5.7 billion) but it  improved to 93% of the revenue (FY22:
101%), largely on account of a  pick-up in execution and also
because of  some recoveries in debtors and retention money and
certain write-offs (FY23: INR662 million, FY22: INR90.1 million).
In the trailing 10 months ending July 2023, CIL recorded recoveries
of INR2,330 million in receivables. Its net working capital cycle
remains elevated and increased to 40.3% of the revenues in FY23
(FY22:31.6%) from the levels of 24.8% in FY19. However, the equity
infusion of INR963million in July 2023 would provide comfort to the
company's project execution. CIL also plans to come up with a
qualified institutional placement in FY24, through  which it plans
to raise INR2,000 million. Also, in FY24, the company has been able
to tie up contracts wherein it does not need to submit BGs for
securing mobilization advances or for performance. Effective use of
the existing non-fund-based limits along with ongoing efforts for
the recovery of stuck receivables will provide further liquidity
comfort in the short term. However, Ind-Ra expects the net working
capital cycle to remain stretched over the medium term until the
enhancement in non-fund-based limits are secured.

Concentrated Order Book: Public sector orders accounted for 70% of
the order book in FY23, with the balance coming from private
players. However, the order book is highly concentrated in terms of
geography, as majority of the projects to be executed are in the
Mumbai Metropolitan Region. Also, the top 10 projects of the
company comprise around 81% of the total order book. CIDCO
contributes around 40% to the overall order book, followed by
Maharashtra Housing and Area Development Authority project at 12%.


Growth in Revenue and Profitability; Strong Revenue Visibility: In
FY23, CIL's revenue grew by a strong 34% yoy to INR17.98 billion,
reaching pre-covid levels (FY22: INR13.34 billion, FY21: INR8.8
billion, FY20: INR15.3 billion). The revenue growth was driven by
factors such as new launches by large developers, strong execution
skills leading to a healthy sales momentum, and large developers
shifting their preference to organized players, such as CIL, from
unorganized ones for awarding contracts for building work. At
end-March 2023, CIL had an unexecuted order book of INR95 billion,
providing revenue visibility of 5.3x of FY23 revenue. CIL secured
orders of INR33.13 billion in FY23 and INR11.5 billion in 1QFY24
(FY22: INR6.16 billion), taking the order book to INR102.45 billion
at 1QFYE24.The consolidated EBITDA margin increased to 19.5% for
FY23 (FY22: 16%), partly due to a reduction in  expenditure on
construction materials,  CIL has been relying on material provided
by its customers for most of its orders from the private sector,
and also because of the increase in the scale of operations. In
1QFY24, CIL's revenue dropped 10% yoy to INR4.3 billion due to
monsoon-related execution challenges. Consequently, the EBITDA
margins dropped to 16.5% in 1QFY24 (1QFY23: 21%).

Improvement in Credit Metrics: CIL's credit profile remained
comfortable in FY23, with its adjusted net leverage (debt less
unrestricted cash/EBITDA) falling to 0.9x (FY22: 1.4x) and its
gross interest coverage (gross interest expense/EBITDA) increasing
to 3.9x (1.9x), due to an improvement in the EBITDA to
INR3,514million (INR2,185million). While its total outstanding
liabilities (TOL)/EBITDA improved to 4.4x in FY23 (FY22: 6.48x),
its TOL/CFO remain elevated at 56.4x (not meaningful). The interest
coverage declined to 2.9x in 1QFY24 (1QFY23: 4.9x) due to the drop
in EBITDA.

Rating Sensitivities

Negative: Any significant delay in the execution of awarded orders,
leading to a lower-than-Ind-Ra-expected profitability, with the NWC
remaining above 40% of the revenues, impacting its liquidity
profile, might be negative for the ratings.

Positive: Improvement in financial flexibility through tying up
adequate working capital limits and an improvement in the working
capital cycle and liquidity position might be positive for the
ratings.

Company Profile

Incorporated in August 2012, CIL provides engineering, procurement
and construction/turnkey solutions for housing, high rises, super
high rises, specialty buildings and urban infrastructure. The
company has recently forayed into development of projects for the
public sector.



CHOUDHARY GUM: ICRA Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term of Choudhary Gum and Derivatives in the
'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        14.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 2013, CGD is a partnership firm involved in the
processing of guar seeds to obtain guar gum refined splits and
by-products such as churi and korma. The firm operates from its
facility at Saudulsahar in Rajasthan, with an installed guar gum
seeds-processing capacity of 75,000 metric tonne per annum (MTPA).
It is primarily a family-run concern with Mr. Om Prakash and Mr.
Amandeep as partners. The firm sells its products in the domestic
market with its sales fully concentrated in Rajasthan.


ENEM NOSTRUM: Ind-Ra Assigns D Bank Loan Rating
-----------------------------------------------
India Rating and Research (Ind-Ra) has rated Enem Nostrum Remedies
Pvt. Ltd.'s bank facilities as follows:

-- INR139.00 mil. Fund-based working capital limit (Long-term/
     Short-term) assigned with IND D rating; and

-- INR191.61 mil. Term loan (Long-term) due on June 2027 assigned
     with IND D rating.

Key Rating Drivers

The ratings reflect Enem Nostrum Remedies' delay in debt servicing,
due to a failure in research and development and the subsequent
launch of a product. The term loan was provided by New Millennium
Indian Technology Leadership Initiative Planning and Performance
Division of Council of Scientific and Industrial research (the
department of Scientific & industrial Research).  

Liquidity Indicator – Poor:  Emen Nostrum Remedies has defaulted
in debt servicing at the month ended August 2023 and the liquidity
is poor.

Rating Sensitivities

Positive: Timely debt servicing for at least three consecutive
months will lead to a positive rating action.

Company Profile

Enem Nostrum Remedies was incorporated on January 1, 2001. The
company is a contract research organization which provides research
and development services to healthcare companies specializing in
generics globally. The company has its corporate office and
research center at Mumbai.


GD DYESTUFF: Ind-Ra Cuts LT Issuer Rating to BB, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GD Dyestuff
Industries Limited's (GDDIL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. (reduced from INR250 mil.) Fund-based limits Long-
     term downgraded short-term affirmed with IND BB/Stable/IND
     A4+ rating;

-- INR53 mil. Non-fund-based limits affirmed with IND A4+ rating;

     and

-- INR23.8 mil. (reduced from INR41.5 mil.) Term loan due on
     March 2027 downgraded with IND BB/Stable rating.

The downgrade reflects deterioration in GDDIL's credit metrics in
FY23, due to an increase in its debt for meeting the ongoing capex
of INR160 million for the construction of a guesthouse.

Key Rating Drivers

GDDIL's credit metrics deteriorated in FY23 with its gross interest
coverage (operating EBITDA/gross interest expense) reducing to
2.38x (FY22: 3.26x) and its net leverage, excluding unsecured loans
(adjusted net debt/operating EBITDAR) increasing to 5.86x (3.55x).
The total debt increased to INR628 million in FY23 (FY22: INR442
million) due to the capex executed for the construction of a guest
house of INR160 million for which bank loans of INR89 million and
unsecured loans of INR58.6 million were availed during the year.
FY23 numbers are provisional.

The ratings also factor in GDDIL's medium scale of operations, with
its revenue declining to INR929.6 million in FY23 (FY22: INR1,038.8
million), due to the shutting down of its Vitamin B12 division,
which historically contributed roughly 20% to the top-line. Ind-Ra
expects revenue growth to remain stagnant in FY24 as the company is
operating at 95% capacity with no additional capex planned in
FY24.

The ratings reflect GDDIL's modest EBITDA margins of 5.53% in FY23
(FY22: 4.36%), with a return over capital employed of 4.4% (4%). In
FY23, the margins increased yoy, due to an improvement in the
market conditions of acetic anhydride, especially in the European
nations (majorly Turkey) and a reduction in the prices of acetic
acid, which is a major raw material for the company. Ind-Ra expects
the margins to remain at similar levels in FY24 due to the similar
nature of orders received.

Liquidity Indicator - Stretched: GDDIL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. The average maximum utilization of
GDDIL's fund-based limits was 94.01% during the 12 months ended
June 2023. Ind-Ra expects the utilization to have remained at
similar levels in July and August 2023. The net working capital
cycle elongated to 76 days in FY23 (FY21: 59 days), due to an
increase in the debtor days to 87 (78). Consequently, the cash flow
from operations turned  negative at INR45.76 million in FY23 (FY22:
INR107.42 million) . At FYE23, GDDIL had cash and cash equivalents
of INR11.85 million (FYE22: INR25.74 million). The company has
repayment obligations of INR6.9 million for FY24 and INR25.1
million for FY25.

However, the ratings are supported by the promoters' over
two-decades of experience in the chemicals business, leading to
established relationships with customers and suppliers.

Rating Sensitivities

Positive: A significant improvement in the scale of operations,
leading to an improvement in the credit metrics and liquidity, on a
sustained basis, will be positive for the ratings.

Negative: A decline in the scale of operations, leading to
deterioration in the liquidity and the credit metrics with the
interest coverage falling below 2.0x, on a sustained basis, will be
negative for the ratings.

Company Profile

Established in 1987, GDDIL manufactures acetic anhydride at its
Dahej unit in Gujarat with an annual capacity of 7,200 metric
tons.


GIG MOTORS: CARE Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of GIG Motors
(GM) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.77       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 8, 2022,
placed the rating(s) of GM under the 'issuer non-cooperating'
category as GM had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 24, 2023, July 4, 2023,
July 14, 2023.

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

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

The ratings assigned to the bank facilities of GM have been revised
on account of non-availability of requisite information.

GIG Motors was established in year 2017 with an objective to enter
four-wheeler dealership business. The entity is authorized dealer
of Maruti Suzuki India Limited (four-wheeler division) with its
showroom located at Sairang Road, Edenthar, Aizawl–796007,
Mizoram. The entity started its operation from August 2017 with
Maruti Suzuki (Arena Division). Later the entity has
entered dealership of Maruti Suzuki (Nexa Division) from April
2019. Currently, the firm is operating with two showrooms in Aizawl
region. The day-to-day activities are looked after by the
proprietor who is having overall experience of around four years in
the automobile industry along with a team of experienced
professionals


GODHANI IMPEX: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Godhani
Impex (GI) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of GI under the 'issuer non-cooperating'
category as GI had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. GI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 31, 2023, August 10, 2023, August 20, 2023.

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

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

Analytical approach: Standalone

Outlook: Not Applicable

Godhani Impex (GI) was established on March 11, 2005 as a
partnership firm by three brothers from the Odhavjibhai Godhani
family. The partners of GI were earlier partners in M/s Godhani
Gems (subsequently reconstituted to Godhani Gems Pvt Ltd; which was
managed jointly by Shri Virjibhai Godhani and Shri Odhavjibhai
Godhani. Due to certain differences, Shri Odhavjibhai Godhani left
GG and formed GI. All partners at GI have experience in the Gems
and Jewellery business for over a period of 27 years. The firm is
engaged into cutting and polishing of rough diamonds at its Surat
workshop and exports the polished diamonds.


GUPTA AGRO: CARE Keeps B- Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Gupta Agro
Products (GAP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 13,
2022, placed the rating(s) of GAP under the 'issuer
non-cooperating' category as GAP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. GAP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 30, 2023, August 9, 2023, September 7,
2023.

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

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

Gupta Agro Products (GAP) was established in 2013 as a partnership
firm. The firm is being currently managed by Mr. Puneet Gupta and
Ms. Tanvi Gupta as its partners. GAP has setup Integrated cold
chain with Individual Quick Freezing (IQF) and with installed
capacity of 4 MT/hr of Multi Vegetable Processing Line, 4 MT/hr of
Individual Quick Freezing and 3,000 MT per annum of Frozen Cold
Storage Facility. The aim of GAP is to establish direct linkages
from farm to processing and to consumer market, through network of
collection centres and supported by backward linkages with
farmers.


HEAVEN: CARE Keeps B- Debt Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of The Heaven
(TH) continue to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 1, 2022,
placed the rating(s) of TH under the 'issuer non-cooperating'
category as TH had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. TH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 17, 2023, June 27, 2023, July 8, 2023.

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

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

Rajkot based (Gujarat) HVN was established in September 2017 by Mr.
Ketan Raiyani and Mr. Rasik Raiyani along with Mr. Kalpesh Gajera,
Mr. Bhavin Gajera and Mr. Punit Dobariya. HVN had took up a water
park project known as 'The Heaven' (HVN) located on Jetpur Road
near Gondal, Rajkot which will include different water rides along
with twelve cottages, restaurant and few other amenities. The total
cost of the envisaged project remained at INR9.75 crore which was
proposed to be funded via debt equity mix of 3.00 times. The
project was commenced in March, 2018, while full-fledged commercial
operations were expected to commence by March, 2019.


HIGH TECH: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating of High Tech Fablon Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.87      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         3.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Incorporated in the year 2010, High Tech Fablon Private Limited is
engaged in manufacturing of grey fabric made from polyester yarns.
The company is promoted by Mr. Ajay Agrawal and other family
members who have been in the textile business for over a decade.
The manufacturing unit of the company is located a Kim, Surat.


INDIAN SUCROSE: CARE Lowers Rating on INR150cr LT Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Indian Sucrose Limited (ISL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      150.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE BB-; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated May 30, 2023,
placed the rating(s) of ISL under the 'issuer non-cooperating'
category as ISL had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. ISL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 11, 2023.

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

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

The ratings have been revised on account of non-availability of
requisite information. Further it also considers delay in debt
servicing as recognized from publicly available information i.e.,
auditor's comments in the FY23 annual report available from stock
exchange filings.

Indian Sucrose Limited (ISL) (ISIN: INE557C01017), incorporated on
12th December 1990, was originally promoted by Oswal Group as Oswal
Sugars Limited with an initial installed capacity of 2500 TCD (Ton
canes per day). The present management, Yadu Corporation, took
control of the company in the year 2000. The Managing Director of
the company, Mr. Kunal Yadav, has an MBA degree from LBS (UK) & an
experience of over 15 years in the sugar & beverage industries. At
present, ISL is engaged in the manufacturing of white crystal sugar
& its by-products such as molasses & bagasse, with a cane crushing
capacity of 9000 TCD. The company also co-generates power with
current aggregate capacity of 19.5 MW, out of which surplus of
approx. 6 MW is supplied to Punjab State Power Corporation Limited
(PSPCL).

JAI SHRI: CARE Keeps B- Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jai Shri
Balaji Infracon Private Limited (JSBIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 1, 2022,
placed the rating(s) of JSBIPL under the 'issuer non-cooperating'
category as JSBIPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JSBIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 17, 2023, June 27, 2023, July 8, 2023.

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

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

Dewas (Madhya Pradesh) based Jai Shri Balaji Infracon Private
Limited (JSBIPL) was formed in 2011 as a private limited company by
Mr. Arpit Agrawal and Ms. Isha Agrawal. The company is engaged in
the business of trading of agro commodities like wheat, soybean,
bardan, etc.

KOYILI HOSPITAL: CARE Keeps B- Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Koyili
Hospital (KH) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.82       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 26,
2022, placed the rating(s) of KH under the 'issuer non-cooperating'
category as KH had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KH continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 12, 2023, July 22, 2023, August 1, 2023.

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

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

Koyili Hospital (Koyili) established in 1980 is one of the oldest
and largest hospitals in Kannur, Kerala. As on March 31, 2016, the
hospital had about 287 operational beds, 8 operation theatres with
65 doctors and 294 nursing staff.


LANCOR HOLDINGS: CARE Lowers Rating on INR14.93cr LT Loan to C
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Lancor Holdings Limited (Lancor), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      14.93       CARE C Revised from CARE BB;
   Facilities                      Stable

   Long Term Bank       6.16       CARE C Revised from CARE BB;
   Facilities                      Stable

   Long Term Bank      24.04       CARE D Revised from CARE BB;
   Facilities                      Stable

   Short Term Bank
   Facilities           5.00       CARE A4 Reaffirmed

Rationale and key rating drivers

The revision in ratings assigned to the bank facilities of Lancor
takes into account the delay in debt servicing of the company to
few of its lenders and its tight liquidity position.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Satisfactory track record of timely repayment and servicing of
debt obligation for a continuous period of 90 days.
* Improvement in liquidity position of the company

Negative factors

* Any further deterioration in the liquidity profile of the
company

Analytical approach: Standalone

Detailed description of the key rating drivers:

Key weaknesses

* Delay in debt servicing: The company has delays in servicing of a
few of its loans.

* Project implementation risk: As on December 31, 2022, about 56%
of the project cost on the ongoing projects has been incurred. The
remaining cost required to complete the ongoing project was INR146
crore, which shall be largely funded from Customer advances and
Unsecured loans from promoters with moderate debt borrowings.
Further, there is an arbitration proceeding going on in the two of
the ongoing projects namely 'Harmonia' and 'Town and Country'. This
arbitration and sizable portion of the remaining cost on the
projects exposes Lancor to implementation risk.

* Exposure to intense competition in the real estate industry:
Chennai is home to quite a few IT/ ITES, manufacturing and
logistics companies and has been the preferred destination for
these industries since the last few years. This has led to a growth
in the residential market in Chennai. Nevertheless, the project
returns are exposed to current slowdown in the overall real estate
market, the tight credit market for real estate funding, the high
interest rate environment and the project profitability vulnerable
to fluctuations in construction material and labour costs. The real
estate market in Chennai is highly fragmented with a large number
of developers. The projects completed in the past and ongoing
projects are situated in the Chennai region. This exposes Lancor to
the regional concentration risk.

Key rating strength

* Long standing experience of the promoter: Lancor was incorporated
in the year 1985 and has over 30 years of operations in the Chennai
market. Lancor is promoted by RV Sekhar who has more than 40 years
of experience spanning FMCG, IT & Real estate. The company has
completed 73 projects with a total area of 49.13 lakh square feet
(lsf).

The company has delays in servicing of a few of its loans.

Lancor Holdings Limited, incorporated in 1985, is engaged in real
estate development of residential/commercial properties in Chennai.
The company is primarily promoted by RV Sekhar and as on March 31,
2023, the promoters held 62.08% of the shareholding of the
company.


MAGMA AUTOLINKS: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Magma Autolinks Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING.

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

   Long-term–         1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in November 2013, Magma Autolinks Private Limited
(MAPL) is an authorised dealer for passenger vehicles of Honda Cars
India Limited (HCIL). The company is promoted by the Sharma family,
with Mr. Tushar Sharma and Ms. Shveta Sharma serving as the
directors.


MAHAVIR CASHEW: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mahavir
Cashew Industries (MCI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      20.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of MCI under the 'issuer
non-cooperating' category as MCI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. MCI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 31, 2023, August 10, 2023, August 20,
2023.

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

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

Analytical approach: Standalone

Outlook: Stable

Mahavir Cashew Industries (MCI) was established in 2015, as a
partnership firm by Mr. Nilesh Savla, Mr. Piyush Gogri and Mrs.
Bharati Savla who have reasonable experience in cashew processing
and trading business. MCI is engaged in the processing of cashew.


MARIGOLD TRUST: Ind-Ra Cuts Bank Loan Rating to D, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Marigold Trust's
(MT) bank facilities to 'IND D' from 'IND B'. The Outlook was
Stable.

The detailed rating action is:

-- INR245 mil. Bank loans downgraded with IND D rating.

The downgrade reflects MT's ongoing delays in debt servicing during
the past three months due to its stretched liquidity position.

Key Rating Drivers

Liquidity Indicator - Poor: The trust's liquidity profile is poor
due to its nascent stage of operations. The small scale of
operations limits the trust's ability to absorb any shocks to the
liquidity position. The cash and bank balance declined to INR11.55
million in FY23 from INR43.82 million in FY22 as the funds were
deployed to create assets and to meet expenditure.

Rating Sensitivities

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

Company Profile

MT was formed in 2018 by Ujwala Nagaraja Rao Jagdale. The trust
manages the Marigold International School in Bangalore. Marigold
International School, a CBSE school, started in FY21 and offers
education to K-10 students.


ND'S ART: SC Junks Plea by Late Nitin Desai's Wife vs NCLAT Order
-----------------------------------------------------------------
The Indian Express reports that the Supreme Court has rejected an
appeal filed by Naina Desai, the wife of late art director Nitin
Desai, against the National Company Law Appellate Tribunal (NCLAT)
order dismissing her appeal against the National Company Law
Tribunal (NCLT) order.

On July 25, the NCLT's Mumbai bench had initiated a corporate
insolvency resolution process (CIRP) against ND's Art World Private
Limited in view of an outstanding debt of INR252.48 crore, and
appointed Jitender Kothari as the insolvency resolution
professional (IRP). The NCLAT on August 1 had dismissed Desai's
appeal against the NCLT order, the report recalls.

However, following Nitin's death, Naina challenged the NCLAT order
before the Supreme Court; and an apex court bench comprising
Justices Sanjiv Khanna and S V N Bhatti on September 11 rejected
Naina's appeal and noted, "We could not find a good ground and
reason to interfere with the impugned judgment, and hence,
dismissed the appeal," the Indian Express relays.

Nitin - a national award-winning art director - was found dead in
his studio on August 2. In an audio note recovered from his studio,
Nitin had allegedly blamed Bansal, Shah, and three others for his
financial condition, police had said. Based on a complaint filed by
Nitin's wife with the Raigad police, an FIR was registered against
five persons under Indian Penal Code sections 306 (abetment of
suicide) and 34 (when a criminal act is done by several persons in
furtherance of the common intention of all
. . .) at the Khalapur police station on August 4.

The Indian Express says police had booked Edelweiss Financial
Services chairman Rashesh Shah, Edelweiss Asset Reconstruction
Company Limited CEO Raj Kumar Bansal along with its official Keyur
Mehta, and IRP Jitendra Kothari in the case.

During the plea hearing, Edelweiss Group officials had told the
Bombay High Court that Nitin repaid his loan from 2016 onwards on
time, but allegedly delayed the repayment schedule from 2018-end.
According to the accused, they had "merely followed the official
and legal processes of loan recovery, and sought to quash an FIR
registered against them," the report relays.

On August 11, the HC had issued notices to the respondent
authorities, seeking their response and deferred the plea hearing
from time to time. The court has also not decided on their plea for
interim protection from arrest yet.

The Indian Express adds that the NCLT's Mumbai bench on August 28
allowed an application by Kothari, requesting that he be permitted
to continue with the CIRP against ND's Art World Private Limited
"only after normalcy is restored".

ND's Art World had been engaged in the business of organizing and
maintaining operating replicas of historical monuments and
providing facilities and services related to hotels, theme
restaurants, shopping malls and recreation centres.


NEXTGEN FIBRES: Ind-Ra Assigns BB- Bank Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Nextgen Fibres
Private Limited's (NFPL) bank facilities as follows:

-- INR100 mil. Fund-based limits assigned with IND BB-/Stable/IND

     A4+ rating;

-- INR100 mil. Proposed fund-based limits assigned with IND BB-/
     Stable/IND A4+ rating;

-- INR13.88 mil. Term loan due on December 2026 assigned with IND

     BB-/Stable rating; and

-- INR355 mil. Proposed term loan assigned with IND BB-/Stable
     rating.

Key Rating Drivers

The ratings reflect NFPL's small scale of operations even as its
revenue grew 8.79% yoy to INR428.51 million in FY23, due to a 1.5%
yoy increase in the volume production following improved market
conditions and a marginal increase in the prices of polyester
staple fiber (PSF). The company booked a revenue of INR71.4 million
in 4MFY24. Ind-Ra expects the revenue to remain at the same level
in FY24 but increase significantly in FY25 due to an increase in
the volume of sales with a sustained demand and capex executed to
an increase capacity to 23,475 metric tons per annum (existing
capacity: 5,475 metric tons). FY23 numbers are provisional.

NFPL is undergoing capex to install a new PSF production unit that
is likely to be operational by March 2024. This unit will aid
higher quality PSF production and increase the company's total
capacity to 23,475 metric tons per annum (existing capacity:  5,475
metric tons). The total cost of the project is INR532.5 million, of
which INR355 million would be funded through bank loans, INR15
million through promoter equity and INR162.5 million through
unsecured loans from promoters. However, the loan is yet to be
sanctioned and the capex completed until July 2023 was INR55
million.

Liquidity Indicator - Stretched: The average maximum utilization of
the fund-based limits was 91.89% during the 12 months ended July
2023. The unencumbered cash and cash equivalents were INR0.23
million at FYE23 (FYE22: INR0.31 million). Furthermore, the company
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements. The net
working capital cycle remained elongated despite improving to 165
days in FY23 (FY22: 180 days), due to a decrease in the debtor days
to 24 (54). The cash flow from operations increased to INR24.96
million in FY23 (FY22: INR4.27 million), due to an improvement in
the working capital cycle. NFPL has around INR9.63 million and
INR4.92 million of scheduled debt repayments in FY24 and FY25,
respectively, which would be serviced through internal accruals.

The ratings also factor in NFPL's modest EBITDA margins of 8.59% in
FY23 (FY22: 6.68%) with a return on capital employed of 5.8%
(5.4%). The margins improved yoy in FY23, due to a decline in the
cost of plastic bottles and other scrap material, which form the
raw material for the production of PSF. Ind-Ra expects the margins
to remain at similar levels in FY24 due to the similar nature of
business but improve in FY25 due to the better quality of PSFs
produced once the new unit is operational.

The ratings also reflect NFPL's modest credit metrics with a gross
interest coverage (operating EBITDA/gross interest expense) of
2.47x in FY23 (FY22: 1.91x) and a net leverage of (adjusted net
debt/operating EBITDAR) of 6.18x (8.64x). The yoy improvement in
the credit metrics was driven by an increase in the EBITDA to
INR36.8 million in FY23 (FY22: INR26.32 million). However, Ind-Ra
expects the credit metrics to deteriorate yoy in FY24 due to an
increase in the debt levels in lieu of major capex of INR523
million planned over FY24 and FY25, for which INR355 million of
bank loans, along with INR162.5 million of unsecured debt, will be
availed.

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

Rating Sensitivities

Positive: The timely commencement of operations of the new unit
without any cost overruns, leading to an increase in the scale of
operations along with an improvement in the liquidity profile and
credit metrics with the net leverage reducing below 4.5x, on a
sustained basis, will be positive for the ratings.

Negative: Any delays or cost overruns in the commencement of
operations of the new unit, leading to deterioration in the
liquidity and credit metrics, all on a sustained basis will be
negative for the ratings.

Company Profile

Incorporated in 2013, NFPL is involved in the production of
polyester staple fiber used as stuffing material with a capacity of
5,475 metric tons per annum in Mumbai, Maharashtra. The company is
in process of increasing its capacity to 23,475 metric tons per
annum and produce higher quality PSF, which can be used in the
manufacturing of fabric.



NILE OVERSEAS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Nile
Overseas (NO) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 13,
2022, placed the rating(s) of NO under the 'issuer non-cooperating'
category as NO had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NO continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 30, 2023, August 9, 2023, August 19, 2023.

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

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

Panipat-based (Haryana) Nile Overseas (Nile) was established in
2014 as partnership firm by Mr Jasbir Singh and Mrs Jyoti Jaglan.
Nile is engaged in manufacturing of mink blankets like double bed,
single bed and baby blankets. Nile's manufacturing facility is
located at Panipat (Haryana).

OM COTTON: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term rating of Om Cotton & Oil Industries in
the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         0.01      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-         1.24      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Established in 2012, Om Cotton & Oil Industries (OCOI) is involved
in cotton ginning and pressing business. The manufacturing facility
of the firm is located in Hirapar District Morbi, Gujarat and is
currently equipped with 24 ginning machines and one fully automatic
pressing machine, with a capacity to manufacture 230 bales per day
(24 hours operations). The firm is owned and managed by Mr.
Harjivan Jivani and Mr. Sanjay Jivani along with two other
partners.

PARAMOUNT WHEELS: ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-term rating of Paramount Wheels Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         7.25      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term–        18.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Paramount Wheels Private Limited (PWPL) is an authorized dealer for
Maruti Suzuki India Limited. The company was incorporated in 2010
and began its operations in March 2011. Currently, the company has
one showroom, one workshop and one body shop in Mira Road, one
showroom and a workshop in Wada, one workshop in Goregaon and one
true value outlet in Dahisar, and one Nexa showroom coming up. The
company has 120 employees including a sales team of 28.


PAUL & COMPANY: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Paul &
Company (PC) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      11.34       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 9, 2022,
placed the rating(s) of PC under the 'issuer non-cooperating'
category as PC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. PC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 25, 2023, July 5, 2023, July 15, 2023.

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

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

Paul & Company (PC) was established in 1978 by Mr. Narayan Paul,
Ms. Atrayee Paul and Mrs. Mina Paul. Since its establishment the
firm is engaged in the business of manufacturing of auto parts at
East Singhbhum, Jharkhand.


RAAM4WHEELERS LLP: Ind-Ra Affirms BB+ Bank Loan Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on RAAM4Wheelers LLP's (RAAM4W) bank loans:

-- INR1.440 bil. Fund-based working capital limits* affirmed with

     IND BB+/Stable/IND A4+ rating;

-- INR60 mil. Term loan due on FY26 affirmed with IND BB+/Stable
     rating;

-- INR270 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR30 mil. Term loan due on FY26 assigned with IND BB+/Stable
     rating.

*Proposed working capital limits/ term loan of INR90 during the
last review has been sanctioned during FY23 in the form of
fund-based working capital limits.

Key Rating Drivers

RAAM4W has a moderate scale of operations with its revenue growing
36.5% yoy to INR6,471 million in FY23 (FY22: 13.6%), supported by
robust sales of MG Motor Private Ltd.'s (MG Motor) models and
increased sales of spare parts and accessories. Ind-Ra expects the
revenue to remain at INR9 billion-9.5 billion in FY24, led by
increased sales volumes of its existing models and a couple of its
new model launches in FY24 and increased revenue from its sales of
spare parts and services. Its FY23 numbers are provisional.

RAAM4W and MG Motor entered into a dealership agreement for sale of
Morris Garages vehicles in Hyderabad on October 11, 2018,
subsequently the former extended its services to entire Telangana.
RAAM4W started operations in FY20, with MG vehicle sales in India.
It operates from its nine outlets across Telangana:  One exclusive
workshop, three exclusive sales outlets and five sale
outlet-cum-workshops.

The company's EBITDA margins remained modest at 2%-3% over
FY20-FY23, primarily on the account of the dealership model and the
revenue being concentrated in the sales of vehicles. Typically,
services and spare parts are higher margin products for dealers, as
RAAM4W is yet to scale up these segments and likely to do it over
the medium term. Until then, its EBITDA margins are likely to
remain stable.

RAAM4W's credit metrics remained moderate, due to an increase in
its net debt to INR1,287 million in FY23 (FY22: INR707 million)
given the increased working capital utilization. Its net leverage
(net debt/EBITDA) increased to 6.6x in FY23 (FY22: 2.6x). However,
it was moderately offset by an improved EBITDA generation to INR163
million in FY23 (FY22: INR117 million). The gross interest coverage
(EBITDA/gross interest expenses) improved to 1.5x in FY23 (FY22:
1.2x), owing to the improved EBITDA, which was partially offset by
high interest costs. The agency expects the credit metrics to
remain weak-to-moderate over the near term, owing to low EBITDA
generation and moderate growth in its scale of operations.

The ratings are constrained by its concentrated operations and
competition from other OEMs. As an exclusive dealer of MG Motor,
RAAM4W's revenue is entirely dependent on demand of MG vehicles,
MG's ability to launch new models and garner a higher market share
in the domestic market. Although the sales of spare parts would
provide some diversification, the scale is much lower at present.
The company's operations are concentrated entirely on Telangana,
exposing it to changes in demand within the state.  Moreover, the
company is exposed to the risk of OEM inducting other dealers to
scale up its operations in India.

Furthermore, any adverse events that damage the brand reputation
and deferred growth strategy of MG Motor in India could impact the
operations of RAAM4W. However, Ind-Ra takes comfort from the brand
reputation of MG Motor across the world with strong parent SAIC
Motor Corporation Limited, world's seventh largest automobile
company. This remain key rating monitorable.

Liquidity Indicator - Adequate: RAAM4W utilized 94% of its
sanctioned fund-based working capital of INR1,580 million in the
form of inventory funding in the 12 months ended August 2023. The
company had an unencumbered cash and cash equivalents of INR156.9
million at FYE23 (FYE22: INR69 million). While the liquidity of
RAAM4W remains comfortable, the partners may infuse money timely in
the business as and when required to support the business. The
management expects to receive around INR40 million-50 million from
the partners in FY24.

During FY23, RAAM4W's net working capital cycle increased to 56
days (FY22: 8 days), due to an increase in its inventory days to 59
(22 days), following increased sales and a change in inventory
keeping terms from the original equipment manufacturer (OEM). The
cash flow from operations is likely to turn negative in FY23 (FY22:
INR192.9 million), owing to lower EBITDA and higher interest
expenses coupled with an unfavorable working capital movement.
Furthermore, the company had incurred capex of around INR40 million
in FY23 (FY22: INR58.6 million) towards new showroom works from its
internal accruals. Its cash flow from operations is likely to
remain negative in FY24 and marginally positive to negative in
FY25-FY26, while the free cash flow would remain negative, owing to
modest capex plans of INR15million-20 million in FY24-FY25.
RAAM4W's total debt stood INR1,287 million at FYE23 (FYE22: INR707
million), with a term debt of INR107 million (INR149 million) and
remaining in the form of inventory funding. The company has
repayment obligations of around INR50.73 million and INR34.72
million for FY24 and FY25, respectively. Its debt service coverage
ratio stands at 1.1x and 1.4x, respectively, for FY24 and FY25.

The ratings are also supported by the company's experienced
promoter group. RAAM4W is a part of the RAAM Group, headed by Amith
Reddy Nalla, who has more than two decades of experience in
dealership operations. Nalla is hailing from a family in the
automobile dealership business for more than three decades. Ind-Ra
believes that the group and promoter's experience in dealership
operations will aid RAAM4Ws in expanding its operations in a
sustainable manner.

The group is also associated with Mercedes Benz, Hyundai and Honda
Motorcycle and Scooters India for dealership operations, through
different companies RAAM Autobahn India Pvt Ltd, RAAM Four Wheelers
India Pvt. Ltd. and RAAM Two Wheelers India Pvt Ltd, respectively.
Although the group entities under the RAAM group operates
independently, considering the related party transactions, any
support to the group entities would remain a key monitorable and
can be negative for the ratings. There were outstanding trade
payables worth INR0.22 million to RAAM Autobahn India Pvt Ltd and
INR12.1 million as receivables from the same entity at FYE22.

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 2.0x while maintaining adequate
liquidity, all on a sustained basis, could lead to a positive
rating action.

Negative: A decline in profitability, leading to deterioration in
the overall credit metrics with the gross interest coverage falling
below 1.5x and or/any deterioration in the liquidity position, all
on sustained basis, could lead to a negative rating action.

Company Profile

RAAM4W, which is a partnership firm incorporated in 2019, is one of
the authorized dealers of MG Motor vehicles in Telangana. The
company has its nine outlets in Telengana. It is part of the RAAM
group of companies headed by Amith Reddy Nalla.


RAM CHARITABLE: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shri Ram
Charitable Trust (SRCT) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.63       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 12,
2022, placed the rating(s) of SRCT under the 'issuer
non-cooperating' category as SRCT had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRCT
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 29, 2023, August 8, 2023, August 18, 2023.

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

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

The ratings assigned to bank facilities of SRCT have been revised
on account of non–availability of requisite information.

SRCT was established in 2003 with an objective to provide education
services. The trust has six institutes offering graduation and
post-graduation courses in various disciplines like engineering,
management, law, polytechnic, architecture, journalism & mass
communication, etc. Currently, Mr S. C. Kulshreshtha is the
chairman of the trust who has an experience of around four decades
in the education industry. The various courses offered by SRCT are
affiliated to Uttar Pradesh Board of Technical Education (UPBTE),
Chaudhary Charan Singh (C.C.S) University, Meerut and Mahamaya
Technical University (MTU), Uttar Pradesh.


RIDLEY LIFE-SCIENCE: ICRA Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Ridley
Life-Science Pvt Ltd in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Short Term-        2.00      [ICRA]A4 ISSUER NOT
   Non Fund Based               COOPERATING; Rating continues
   Others                       to remain under 'Issuer Not
                                Cooperating' category

   Long Term-         5.50      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                  COOPERATING; Rating continues
   Cash Credit                  to remain under 'Issuer Not
                                Cooperating' category
  
ICRA has been trying to seek information from the entity so as to
monitor its performance. Further, ICRA has been sending repeated
reminders to the entity for payment of surveillance fee that became
due but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Established in 1995, Ridely Life Science was initially a
partnership firm run by Mr. Rajesh Bansal and family. In 2009, it
was converted into a private limited company and renamed Ridely
Life-Science Private Limited (RLPL). Its current directors are Mr.
Rajesh Bansal and Mr. Rakesh Bansal. The company manufactures
pharmaceutical formulations such as antibiotics, antacids,
painkillers, syrups, creams, ointments, veterinary injections and
tablets and other types of medicines at its manufacturing
facilities at Narela on the outskirts of Delhi.


S. S. OIL: CARE Keeps B- Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S. S. Oil
Refinery (SSOR) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of SSOR under the 'issuer
non-cooperating' category as SSOR had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SSOR
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 31, 2023, August 10, 2023, August 20,
2023.

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

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

S. S. Oil Refinery (SSOR), a partnership firm, was established in
the year 1999 and was promoted by Mr. Sarfaraz Chini and Mr. Salim
Chini. SSOR engaged in the business of extraction and refining of
cotton seed oil and soya bean solvent oil (crude oil).


SHRINIVAS (GUJARAT): ICRA Keeps B+ Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term rating of Shrinivas (Gujarat)
Laboratories Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as [ICRA]B+(Stable); ISSUER NOT
COOPERATING.

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

   Long Term-         35.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1990, SGLPL is involved in the manufacturing and
marketing of branded formulations in the domestic market. The
company has two manufacturing units, located at Baddi, Himachal
Pradesh and Dibrugarh, Assam. The manufacturing facilities of the
company are Good Manufacturing Practices (GMP) approved. The
company has capacities to manufacture tablets, dry syrup, liquid
orals, capsules, ointments and dry injectables. The produced
formulations mainly belong to the therapeutic segments namely
anti-filarial, anti-tuberculosis, haematinic, analgesic &
anti-pyretic, eye care products, cardiovascular, anti-bacterials,
anti-infective and multivitamins/enzymes among others. The major
portion of formulations of SGLPL is produced in-house, while the
remaining products are outsourced to the contract manufacturers.
SGLPL also markets a few ayurvedic/herbal medicines manufactured by
its sister concern (LGS Formulation). The company has 14 branch
offices located in various states. The company markets its products
under the brand name of 'SHRINIVAS'.


SKYLA HOSPITALITY: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Skyla
Hospitality Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          0.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          7.39       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          2.11       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

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

Skyla Hospitality Private Limited (SHPL) was established in the
year 2008 as a partnership firm M/s. Skyla Homes. It is
subsequently converted on 10th May 2010 to private limited company
in the name of M/s. Skyla Hospitality Private Limited. SHPL is a
provider of serviced apartments in the city of Hyderabad with 100+
corporate clients such as Tata Capital Financial Services Ltd,
Bharti AXA Life Insurance Limited, KPMG, ADP India Private Limited,
ACT Limited, ITC Limited, PWC, NSE Limited, Honda cars India
Limited, Thought works Technologies India Private Limited etc.


SUN PACKAGING: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sun
Packaging (Daman) (SP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 4, 2022,
placed the rating(s) of SP under the 'issuer non-cooperating'
category as SP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 20, 2023, June 30, 2023, July 10, 2023.

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

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

Analytical approach: Standalone

Outlook: Stable

About the Firm SP was incorporated in July, 2015 to setup
manufacturing capacity of 150 tonnes of blown films and 100 tonne
of moulded plastic articles (containers) per month. SP's revenue
mix would entail manufacturing and trading of extruder plastic
articles (blown films) and injection moulding plastic articles
(containers), to be used in areas such as packaging of food grade
items and as plastic containers.

TCS AND ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term of TCS and Associates Private Limited
in the 'Issuer Not Cooperating' category. The rating is denoted as
[ICRA]B+(Stable); ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         39.29       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.71       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

TCS & Associates Private Limited (TCSA) was incorporated in 2002
and commenced with the dealership of Hyundai Motors India Limited.
During 2008, the company received letter of intent for the
dealership of Maruti Suzuki India Limited (MSIL) for Faridabad
district and the dealership operations for the same started during
Q2 FY10. The company runs one showroom and one workshop in
Faridabad. TCSA's workshop was recently awarded by MSIL for having
the best workshop infrastructure in Northern India. The company is
run by Mr. Sanjeev Saluja who is in the line of business since past
40 years.


WADI SURGICALS: Ind-Ra Affirms BB+ Bank Rating, Outlook Positive
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Wadi Surgicals
Private Limited's (WSPL) bank facilities at 'IND BB+'. The Outlook
is Positive.

The instrument-wise rating actions are:

-- INR320.7 mil. Term loan due on FY30 affirmed with IND BB+/
     Positive rating; and

-- INR100 mil. Fund-based working capital limits affirmed with
     IND BB+/Positive/IND A4+ rating.

The Positive Outlook reflects the likelihood of a ramp-up in
operations, leading to an improvement in the credit profile over
the near-term.

Key Rating Drivers

Small Scale of Operations: WSPL has received a letter of intent
from Apollo Hospitals Enterprise Limited (AHEL; 'IND AA+'/Stable)
for procuring 70,000-75,000 units of nitrile examination gloves'
boxes per month as import substitution. WSPL booked sales of
INR25.51 million over May-August 2023 and has been receiving
continuous orders and witnessed capacity utilization of 65%. Apollo
Hospitals is now purchasing 100% of its requirement from WSPL. In
addition, the management plans to expand its business-to-business
client base globally. The gloves are also being used in other
industries such as, pharmaceuticals, cosmetics, food processing,
electronic, food and beverages and hygiene hospitality. As per the
management, WSPL expects to enter international markets from
November 2023, as the company has received approvals and cleared
quality tests. With only two suppliers for the product in the
domestic market, the competition may be low. The ramp up of
operations seems to be elongated due to the inventory pile up by
the end customers, due to bulk purchase. However, the operations
may grow steadily over the medium term.

WSPL is looking to add two more production lines in FY24-25, with
lower cost than earlier envisaged; while most of the civil is
completed, the majority of the machineries may be sourced from the
domestic market and some of the key machinery will be imported.
Also, the management expects its fixed cost to remain low with no
addition in employees. The company has already started purchasing
its main raw material, nitrile butadiene rubber, from the domestic
market, which comprises 70% of the total cost. The management
expects to achieve sales of INR250 million in FY24 and INR450-500
million in FY25, through a single line of manufacturing. This will
enable the company to bring domestic and export clientele on board.
The nitrile glove market has received a boost from the government's
ban on importing poor-quality gloves and move to manufacture good
quality medical gloves as part of the Make in India initiative with
the Bureau of Indian Standards certification.

Ind-Ra expects the company's EBITDA margins to remain average in
the medium term, considering volatility in the raw material prices,
intense competition in the domestic and international markets.
However, the management expects better absorption of fixed costs
despite the addition of new lines in the medium term.

Credit Metrics Likely to Remain Moderate: FY25 will be the first
full year of operations for the company. Ind-Ra expects the credit
metrics to be moderate on account of its initial years of
operations; however, the leverage (total adjusted net
debt/operating EBITDA) is likely to improve from FY26. The
interest-free unsecured loans and CCDs are subordinated to its bank
loan. Ind-Ra has classified the CCDs as 50% debt and 50% equity for
FY23, as per its criteria, Treatment and Notching of Hybrids in
Nonfinancial Corporates. The glove prices remained volatile due to
price fluctuations of its key raw material. If the management
passes on the price movement to its customers, the company can keep
the profitability intact.

Revision in Operation Commencement Date: The commencement of WSPL's
operations was postponed, due to the unexpected processing delay in
financial closure and loan disbursements and unavailability of
vessels for the shipment, leading to the commencement of operations
having been postponed to May 1, 2023 from September 2022. The delay
increased its total capex cost (mainly related to pre-operative
expenses & interest during construction) of setting up WSPL's
nitrile gloves manufacturing facility to INR513.33 million till
April 2023 (June 2022: INR490.33 million), which was funded by the
promoters.  The overall promoters' contribution was infused in the
form of equity capital, compulsorily convertible debentures (CCDs),
share warrants and interest-free unsecured loans.

The delay in commencing operations also led to an extension in its
first instalment of the principal repayment to July 2024 (September
2023). The terms of the debt include setting up a debt service
reserve account equivalent to one quarter of principal and interest
servicing by April 2024 (June 2023).

Liquidity Indicator – Stretched: WSPL's liquidity is stretched
given the limited cash flows currently. The liquidity buffer is
available in the form of unused limits against interest obligation
of about INR30 million in FY24. WSPL's average maximum fund-based
limit utilization stood at 60%-80% during the past four months
ended August 2023. The unutilized limits were INR32.5 million as on
31 August 2023. The principal repayment of its term loan will start
from July 2024. The company has principal repayment obligations of
INR36.8 million and INR50.5 million for FY25 and FY26. Liquidity is
further supported by the financial flexibility of the promoters
with a sizeable net worth and liquid investments of shares in AHEL.
The promoters have undertaken to extend their funding support as
and when required.

Financial Flexibility from Promoter Group: The key promoter,
Anindith Reddy, is a relative of Dr. Sangita Reddy, joint managing
director of AHEL. He holds 0.23 million unencumbered shares of AHEL
which had a market value of about INR1,152.68 million as on 6
September 2023. The company has added new director to its board,
who is related to a reputed pharmaceuticals company. The financial
flexibility of the promoters helps the project receive additional
funding. Also, the promoters have a track record supporting its
group companies such as Everest Infra Ventures (India) Private
Limited ('IND BB'/Stable), Medvarsity Online Limited ('IND
BB+'/Stable) to meet its debt operational and debt repayment
obligations.

Rating Sensitivities

Positive: A successful ramp-up of operations, leading to its EBITDA
generation above INR120 million and an improved liquidity position,
could be positive for the ratings.

Negative: A delay in the ramp-up and/or weaker-than-expected
profitability and credit metrics, and /or reduced financial
flexibility of the promoters, and sustained stretched liquidity
profile will lead to the Outlook revised to Stable.

Company Profile

Incorporated in 2020, WSPL has a manufacturing plant of nitrile
examination gloves in Nadupuru, Andhra MedTec Zone, Visakhapatnam.
The facility has an installed capacity of 0.8 million gloves per
day. The promoters are Anindith Reddy Konda, Ishaan Dodhiwala and
Shaaz Mehmood.




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

MITSUI O.S.K: Egan-Jones Retains BB+ Senior Unsecured Ratings
-------------------------------------------------------------
Egan-Jones Ratings Company on September 5, 2023, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Mitsui O.S.K. Lines, Ltd.

Headquartered in Minato City, Tokyo, Japan, Mitsui O.S.K. Lines
(Japan),Ltd. was founded in 1971. The Company's line of business
includes the arranging of transportation of freight and cargo.




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

MONGOLIAN MINING: Fitch Affirms B Foreign Curr IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Mongolian coal producer Mongolian Mining
Corporation's (MMC) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'B'. The Outlook is Stable. Fitch also assigned a
'B' final rating to the US dollar senior exchange notes due
September 2026, with a Recovery Rating of 'RR4'. The notes are
jointly and severally issued by MMC and its wholly owned
subsidiary, Energy Resources LLC.

The ratings were removed from Rating Watch Negative (RWN), on which
they were placed on 28 August 2023, as MMC completed the exchange
offer, improving its liquidity and debt maturity profile.

MMC's IDR is constrained by its customer concentration, limited
scale and volatility of mining regulations in Mongolia.

KEY RATING DRIVERS

Refinancing Risk Removed: MMC's refinancing risk is mitigated after
completing the exchange offer, with a larger cash buffer enhancing
liquidity and more spread-out debt maturities. After the exchange
offer and new note issuance, MMC's maturity profile improved
significantly with USD84 million of notes maturing in 2024 and
USD180 million in 2026, compared with USD350 million in 2024
previously. Fitch expects MMC's cash balance at end-2023 to be
slightly under USD150 million, which is sufficient to cover USD84
million due in April 2024 and provides a sufficient cash buffer to
maintain operations.

Regional Customer Concentration: MMC's sole customer base is in
northern China, limiting its operational flexibility. MMC's heavy
reliance on Chinese customers caused major business disruptions
during Covid-19-related border closures between Mongolia and China.
Border throughput decreased to 100-200 trucks a day, on average,
with periods of complete closure, from around 700 trucks a day
pre-Covid. Sales volume dropped to 1.6 million tonnes (mt) in 2021
from an average of 5mt historically.

Transportation costs are another factor for MMC's customer base
concentration. MMC's cash costs, including royalties, are in the
second quartile of the global coking-coal cost curve, but its cost
advantage is only in northern China due to the proximity of its
mines to steel mills in the area. Land transportation costs to
Chinese customers averaged about USD13/tonne in 1H23 (2022:
USD30/tonne), putting it in the higher quartile of the global cost
curve.

Volatile Mining Regulatory Environment: Volatility in Mongolian
mining regulations can have significant impact on MMC's financials.
This was the case during Covid when the Mongolian government
increased the royalty reference rate, raising the effective royalty
rate from 5%-8% to over 20%. Pre-Covid, the realised average
selling price (ASP) and reference price used for the royalty
calculation were similar with the minimal price gap. The price gap
rose from 2Q21 and only started narrowing in 2H22, and in this
period the ASP was around USD150-160/tonne while reference price
was over USD300/tonne.

Robust Operational Improvements: MMC's coking-coal operation has
normalised, with Covid-related disruptions at the border with China
easing in 1Q23. Average daily throughput rose to about 800 trucks
in 1H23, surpassing pre-pandemic levels and the 1H22 level of
around 240 trucks. MMC ramped up processing volume to 6.8mt in
1H23, from 900,000 tonnes in 1H22, beating its expectations.
Meanwhile, the ASP for hard coking coal exceeded USD160/tonne,
against USD147/tonne in 2022.

Fitch expects the ASP to fall in 2H23, but for the full-year ASP to
remain above the 2022 level. Fitch also expects washed hard
coking-coal sales volume to reach 5.5mt (2022: 3.5mt). As a result,
Fitch forecasts EBITDA margin to improve to over 40%, from around
24% in 2022, with greater free cash flow (FCF) from the higher
volume, stronger pricing assumptions and lower costs. Fitch also
forecasts net leverage to drop to below 1.0x (2022: 3.0x),
supported by a strong ASP and margin expansion.

Small Scale, Single Product: MMC is small by revenue compared with
Fitch-rated coal miners globally. Washed coking coal products
accounted for over 98% of its total revenue in 2022. Its latest
coal reserve statements show total marketable coal reserves of just
under 400mt, or a reserve life of around 35 years. MMC's small
scale and product concentration constrain its business profile to
the 'b' category. MMC is looking to diversify away from coking
coal, but Fitch believes it will remain its dominant revenue
contributor in the short to medium term.

DERIVATION SUMMARY

MMC has a smaller revenue scale than rated peers, such as Guangyang
Antai Holdings Limited (B/Stable), PT Indika Energy Tbk
(BB-/Stable) and PT Golden Energy Mines Tbk (GEMS, BB-/Stable).

Guangyang Antai's revenue is more than 10x times that of MMC, while
Indika's revenue scale is more than 7x larger and GEMS's 5x. Even
so, MMC's margin is much higher than that of Guangyang Antai and
similar to that of Indika and GEM. MMC is a single-product coal
miner, similar to the peers. Its operational profile in terms of
mine life is over 30 years compared with slightly under 20 years
for GEMS and around 16 years for Indika. However, MMC's
concentrated customer base and the volatilities in Mongolia's
mining regulations compare unfavorably to its rated peers

MMC's leverage and financial flexibility profile is weaker than
that of GEMS. GEMS has more stable FCF generation, much lower
leverage and wider financing channels. Both MMC and Indika have had
choppy FCF generation in the past few years. Still, Indika has
better interest coverage and much lower leverage. Fitch expects
lower leverage at MMC compared with Guangyang Antai, but both
companies have had weak FCF generation in the past few years.

KEY ASSUMPTIONS

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

- Hard coking coal ASP of over USD150/tonne in 2023 and
USD140/tonne in 2024, consistent with trend in Fitch's price deck
assumptions;

- Total sales volume over 8.5mt in 2023, before dropping to just
under 7mt from 2024;

- EBITDA margin to improve to an average of over 40% in 2023-2025,
supported by volume improvement, strong ASP and normalised costs;

- Capex to average around 10% of revenue during 2023-2025;

- No dividend payments in 2022-2025.

RATING SENSITIVITIES

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

- Positive rating action is not envisaged in light of MMC's limited
diversification in end customers and the volatility of Mongolian
mining regulations.

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

- Negative FCF for a sustained period;

- EBITDA net leverage above 3.5x for a sustained period;

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects MMC to have cash on hand of just
under USD150 million at end-2023, which is sufficient to cover the
USD84 million of notes due in April 2024. Fitch forecasts MMC to
generate over USD200 million in FCF in 2024 and 2025, and
therefore, it will have sufficient cash to redeem the USD180
million of notes due in 2026 without the need for refinancing.

ISSUER PROFILE

MMC is the largest producer and exporter of high-quality hard
coking coal in Mongolia. It owns and operates the Ukhaa Khudag and
Baruun Naran open-pit coking coal mines in South Gobi province. MMC
processed 6.6mt of run-of-mine coal in 2022, which yielded around
3.0mt of washed coking coal as a primary product and 1.2mt of
washed thermal coal as a secondary product.

ESG CONSIDERATIONS

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

   Entity/Debt              Rating        Recovery   Prior
   -----------              ------        --------   -----
Mongolian Mining
Corporation           LT IDR B  Affirmed               B

   senior
   unsecured          LT     B  New Rating   RR4    B(EXP)

   senior
   unsecured          LT     B  Affirmed     RR4       B

Energy Resources
LLC

   senior
   unsecured          LT     B  New Rating   RR4    B(EXP)

   senior
   unsecured          LT     B  Affirmed     RR4       B

MONGOLIAN MINING: Moody's Confirms 'B3' CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has confirmed the B3 corporate family
rating of Mongolian Mining Corporation (MMC), with a stable
outlook. Previously, the rating was on review for downgrade.
Moody's has also confirmed the B3 senior unsecured rating of the
senior notes issued by MMC and its subsidiary, Energy Resources
LLC, and guaranteed by other key subsidiaries.

This rating action concludes the review for downgrade that Moody's
initiated on June 7, 2023.

"The rating confirmation with a stable outlook reflects Moody's
expectation that, with MMC's recent completion of the exchange
offer for the majority of its 2024 bond and the new money issuance,
the company's liquidity profile has improved with buffers to
address its cash needs over the next 12-18 months," says Shawn
Xiong, a Moody's Vice President and Senior Analyst.

"Moody's also expects the company's integrated coal operations to
remain solid amid price volatility," adds Xiong.

RATINGS RATIONALE

On September 14, MMC announced the completion of the at par
exchange offer of its existing 2024 notes and the issuance of new
notes due in 2026.  Moody's estimates that the principal amount of
MMC's outstanding 2024 notes has been reduced to $84 million from
$350 million as of end-June 2023.

MMC's liquidity is good after completion of the exchange offer and
new money issuance.

Moody's estimates that the company's US$208 million cash on account
as of the end of June 2023, together with the projected operational
cash flows and committed facilities, will be sufficient with
buffers to cover its cash needs over the next 18 months. These
include the cash payment from the exchange offer, expected capital
expenditures and payment for its gold project, as well as the
repayment of its remaining $84 million notes due in April 2024.

MMC's B3 CFR is underpinned by the company's integrated coking coal
operations with long reserves, competitive cost position, improving
operations and debt leverage, as well as its good liquidity. These
strengths are counterbalanced by its small scale with high
concentration, emerging market risks and exposure to carbon
transition risks.

MMC delivered a strong operational performance in the first half of
2023. It sold a total of 4.9 million tonnes of coal with total
revenue of US$517 million, a year-over-year growth of 385%. Moody's
expects the company to continue its steady production and sales
performance as an integrated coking coal operator, which would
mitigate the impact from softening coal prices. MMC's total debt
level will decrease post the exchange offer too. As a result,
Moody's expects MMC's leverage, measured by adjusted debt/EBITDA,
will likely fall below 1.0x over the next 12 to 18 months, compared
with 3.2x in 2022. Such credit metrics together with a good
liquidity support its rating.

MMC's rating also reflects the company's exposure to environmental
and social risks stemming from its coal mining operations.  MMC's
governance risk assessment reflects its financial policy that has
led to historically high leverage and volatile credit metrics. On
the other hand, it has recently been focusing on cash flow
generation and debt reduction. As a public company, MMC also
provides regular and timely financial disclosures.

MMC's B3 senior unsecured rating of the senior notes is not subject
to structural subordination risks because it is guaranteed on a
senior unsecured basis by MMC and its other key subsidiaries.

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

The stable outlook reflects Moody's expectation the company's
coking coal production will remain stable and its credit metrics
will stay solid over the next 12 to 18 months. In addition, Moody's
expects the company will adhere to prudent financial management and
maintain adequate liquidity.

Upgrade pressure is unlikely in the medium term, given MMC's small
scale, high concentration risks, and historically aggressive
financial policy. Moody's could upgrade MMC's rating over time if
the company maintains strong liquidity through the cycles, enhances
its business scale and diversification, improves its financial
profile over a sustained period and demonstrates a track record of
prudent financial management.

Conversely, Moody's could downgrade MMC's rating if the company's
liquidity weakens, or its mining production deteriorates leading to
a weakening in its financial profile, and/or it fails to adhere to
a conservative financial strategy. Given that all of MMC's mining
operations are in Mongolia, any downgrade of the rating of the
Government of Mongolia (B3 stable) could also pressure MMC's
rating.

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

With its operations commencing since 2009, Mongolian Mining
Corporation is the largest producer and exporter of high-quality
washed hard coking coal in Mongolia (B3 stable). It has fully
integrated coking coal operations, comprising mining, processing,
transportation, and sales and marketing of coking coal and other
coal products. In the first half of 2023, the company's total
run-of-mine coal production was 8.0 million tonnes.

Listed on the Stock Exchange of Hong Kong (HKEX) in 2010, MMC owns
and operates two open-pit coking coal mines in the Gobi Desert –
the main Ukhaa Khudag mine and the Baruun Naran mine. All of the
company's coal operations are located in Mongolia, while most of
its coal products are sold to industrial end-users in China.



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

ASBESTOS SURVEYING: Court to Hear Wind-Up Petition on Sept. 25
--------------------------------------------------------------
A petition to wind up the operations of Asbestos Surveying
Solutions Limited will be heard before the High Court at Tauranga
on Sept. 25, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 10, 2023.

The Petitioner's solicitor is:

          Timothy Saunders
          Inland Revenue, Legal Services
          21 Home Straight (PO Box 432)
          Hamilton


BLACK STAG: Creditors' Proofs of Debt Due on Oct. 12
----------------------------------------------------
Creditors of Black Stag Developments Limited are required to file
their proofs of debt by Oct. 12, 2023, to be included in the
company's dividend distribution.

Steven Khov and Kieran Jones were appointed joint and several
liquidators of the company by the High Court at Christchurch on
Sept. 14, 2023


CAPITAL INVESTMENTS: Court to Hear Wind-Up Petition on Sept. 29
---------------------------------------------------------------
A petition to wind up the operations of Capital Investments Trust
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. 16, 2023.

The Petitioner's solicitor is:

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


CLEAR ENERGY: Commences Wind-Up Proceedings
-------------------------------------------
Members of Clear Energy Limited on Sept. 14, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Grant Reynolds
          Reynolds & Associates Limited
          PO Box 259059
          Botany, Auckland 2163


EDISON ARCHITECTURAL: Court to Hear Wind-Up Petition on Sept. 22
----------------------------------------------------------------
A petition to wind up the operations of Edison Architectural Design
Limited will be heard before the High Court at Auckland on Sept.
22, 2023, at 10:00 a.m.

Naweed Ibram filed the petition against the company on July 25,
2023.

The Petitioner's solicitor is:

          Christina Keil
          c/- Merran Keil, Barrister
          Regent Chambers
          Level 4, 68 Shortland Street
          Auckland


GORGE H: Liquidations 'Completely Unrelated' to Timaru projects
---------------------------------------------------------------
Stuff.co.nz reports that the man behind two of Timaru's biggest
developments said the liquidation of three of his companies will
not impact on work at The Showgrounds, or a business park proposed
for the town's north end.

Tony Gapes is listed as the sole director and shareholder of Gorge
H Development Ltd, East Link Ltd, and Mico Development Ltd - all of
which have been put in liquidation in the past seven months.

Mr. Gapes is the developer of Timaru's The Showgrounds retail
complex on State Highway 1/Evans St, and The Showgrounds Business
Park at 3-7 Eversley St.

Stuff, citing Stephen Lawrence's six-monthly liquidator's report,
dated September 13, discloses that Mico Development owes
NZD368,932.78 to secured, preferential and unsecured creditors, as
well as NZD531,905.38 to the applicant creditor Acium
Construction.

Following the liquidation of Acium on February 9, 2021, liquidators
sought to recover certain voidable transactions from Mico
Development of NZD505,813.02 plus interest and costs, the report,
as cited by Stuff, said.

Due to non-payment of the debt, Acium liquidators filed liquidation
proceedings in the High Court, "which we understand were initially
defended, but ultimately on February 17, 2023, the High Court in
Auckland ordered that the company [Mico] be put into liquidation",
Mr. Lawrence's report said.

Included in a list of 27 creditors were ACC, the Otago Regional
Council, the Queenstown Lakes District Council, and the Inland
Revenue Department (IRD).

Mr. Lawrence estimated the liquidation would be completed within
the next 12 months, Stuff relates.

Meanwhile, Simon Dalton was appointed liquidator of both Gorge H
Development and East Link, with both companies put into liquidation
on Aug. 3, 2023, according to Stuff.

In his reports for each company, both dated September 6, Mr. Dalton
said it was not practical to estimate the date of completion of
each liquidation.

Mr. Dalton's report for East Link showed of the five creditors
listed, it was so far only known that NZD59,756 was owed to
unsecured creditors, Stuff discloses.

Creditors included Buchan Group NZ, IRD and the Auckland Council,
adds Stuff.


WAYNE CONNOR: Creditors' Proofs of Debt Due on Oct. 27
------------------------------------------------------
Creditors of Wayne Connor Transport Limited, Neoteric Building
Supplies Limited and Canopy Xperts Limited are required to file
their proofs of debt by Oct. 27, 2023, to be included in the
company's dividend distribution.

Wayne Connor Transport commenced wind-up proceedings on Sept. 11,
2023.

Neoteric Building Supplies and Canopy Xperts Limited commenced
wind-up proceedings on Sept. 13, 2023.

The company's liquidators are:

          Paul Vlasic
          Rodgers Reidy (NZ) Limited
          PO Box 45220
          Te Atatu, Auckland 0651




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

NU-FORTUNE GOLD: Creditors' Meeting Set for Sept. 26
----------------------------------------------------
Nu-Fortune Gold Group Pte Ltd will hold a meeting for its creditors
on Sept. 26, 2023, at 2:00 p.m., via electronic means.

Agenda of the meeting includes:

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

   b. to appoint Liquidator(s) or confirm member’s appointment of

      Liquidator(s);

   c. to fix the remuneration of the Liquidator(s) based on
      his/their nominal scale of fees in carrying out the
      assignment plus disbursements; and

   d. consider and if thought fit, appoint a Committee of
      Inspection for the purpose of winding up the Company.

Luke Anthony Furler of Quantuma (Singapore) was appointed as
provisional liquidator of the company on Sept. 4, 2023.


TEK AN: Court to Hear Wind-Up Petition on Oct. 6
------------------------------------------------
A petition to wind up the operations of Tek An Pte Ltd will be
heard before the High Court of Singapore on Oct. 6, 2023, at 10:00
a.m.

RHB Bank Berhad filed the petition against the company on Sept. 12,
2023.

The Petitioner's solicitors are:

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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