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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

          Thursday, September 21, 2023, Vol. 26, No. 190

                           Headlines



A U S T R A L I A

161 COLLINS: Second Creditors' Meeting Set for Sept. 26
ALLIED CREDIT 2023-2: Moody's Gives B2 Rating to AUD4.5MM F Notes
ATARI ENTERPRISES: Second Creditors' Meeting Set for Sept. 27
FORTESCUE METALS: Moody's Affirms Ba1 CFR, Outlook Remains Stable
GENESIS CARE: Class 5A Unsecureds Unimpaired in Plan

GENESIS CARE: Targeting November Hearing on Plan
MARBLING PTY: Second Creditors' Meeting Set for Sept. 27
ODEUM PRODUCE: Administrators Place Business Up for Urgent Sale
ODEUM PRODUCE: First Creditors' Meeting Set for Sept. 29
PERTH SECURITY: Exits Administration Following Deal with Investor

RIGHTSIZE TECHNOLOGY: Second Creditors' Meeting Set for Sept. 27


C H I N A

COUNTRY GARDEN: Wins Approval to Roll Over Nine Onshore Bonds
STEMIRNA THERAPEUTICS: Faces Lawsuits After Covid-19 Vaccine Boom
SUNAC CHINA: Chapter 15 Case Summary


I N D I A

AADITYA FOAM: CRISIL Keeps B Debt Rating in Not Cooperating
ABC TRANSFORMERS: CRISIL Keeps B Debt Ratings in Not Cooperating
ACP INDUSTRIES: CRISIL Keeps B- Debt Ratings in Not Cooperating
ANNAI FLOUR: CARE Lowers Rating INR15cr LT Loan to B
ANUNAY FAB: CRISIL Lowers Rating on LT/ST Debts to D

ARADHAN CHEMTECH: CARE Keeps B- Debt Rating in Not Cooperating
AURA HOTELS: CRISIL Reaffirms B+ Rating on INR40cr Term Loan
CHAITANYA HI-TECH: CARE Keeps B Debt Rating in Not Cooperating
CREDENCE ECOFIBRE: CRISIL Assigns B+ Rating to INR80cr Term Loan
DIGIFLIC CONTROLS: CARE Keeps B Debt Rating in Not Cooperating

ETO MOTORS: CRISIL Assigns B Rating to INR30.55cr LT Loan
FP INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
G. SHANKAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GHANSHYAM ANJANA: CARE Keeps B- Debt Ratings in Not Cooperating
GMR HYDERABAD: S&P Alters Outlook to Positive, Affirms 'BB-' ICR

GRAMEEN VIKAS: CRISIL Keeps B Debt Rating in Not Cooperating
IRC NATURAL: CRISIL Withdraws B Rating on INR26cr Term Loan
JHAWAR INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
JYOTI ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
KAMALA BOARD: CARE Keeps B- Debt Rating in Not Cooperating

KAY KAY: CARE Keeps B- Debt Rating in Not Cooperating Category
OVERNITE EXPRESS: NCLT Enters Liquidation Order
PALM HEIGHTS: CARE Keeps D Debt Rating in Not Cooperating Category
PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating Category
RAHUL WIRE: CARE Keeps C Debt Rating in Not Cooperating Category

RAJSHREE CONSTRUCTION: CARE Lowers Rating on INR5.14cr Loan to B-
RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating
RMJ MOTORS: CARE Keeps B- Debt Rating in Not Cooperating Category
S E TRANSSTADIA: CARE Keeps D Debt Rating in Not Cooperating
SAI BALAJI: CARE Keeps C Debt Rating in Not Cooperating Category

SAI POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category
SHRIVALLABH PITTIE: CARE Keeps D Debt Rating in Not Cooperating
UNITED TELECOMS: NCLAT Dismisses Insolvency Plea against Company
V. R. NACHIMUTHU: CARE Keeps B- Debt Rating in Not Cooperating


N E W   Z E A L A N D

BUCKLAND INVESTMENTS: Creditors' Proofs of Debt Due on Oct. 14
FOOD NATION: Plant-Based Meal Company to Close Doors
GIZZYTRU LIMITED: Court to Hear Wind-Up Petition on Oct. 6
SOCIAL BLONDE: Court to Hear Wind-Up Petition on Sept. 28
SPOT X: Creditors' Proofs of Debt Due on Oct. 20

VALHALLA INTERIOR: Creditors' Proofs of Debt Due on Nov. 20


S I N G A P O R E

CHOPSTICKS AND BIBS: Court Enters Wind-Up Order
HUMAN CAPITAL: Court Enters Wind-Up Order
WILMAR CHOCOLATE: Creditors' Proofs of Debt Due on Oct. 20


S R I   L A N K A

SRI LANKA: S&P Cuts Local Currency Sovereign Credit Rating to 'SD'

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A U S T R A L I A
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161 COLLINS: Second Creditors' Meeting Set for Sept. 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of 161 Collins
Street Pty Ltd has been set for Sept. 26, 2023 at 3:00 p.m. at 2
Riverside Quay in Southbank and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 25, 2023 at 4:00 p.m.

Martin Ford and Andrew Scott of PricewaterhouseCoopers were
appointed as administrators of the company on Aug. 22, 2023.


ALLIED CREDIT 2023-2: Moody's Gives B2 Rating to AUD4.5MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by AMAL Trustees Pty Ltd as trustee of
Allied Credit ABS Trust 2023-2.

Issuer: Allied Credit ABS Trust 2023-2

AUD397.0 million Class A Notes, Assigned Aaa (sf)

AUD12.5 million Class A-X Notes, Assigned Aaa (sf)

AUD36.5 million Class B Notes, Assigned Aa2 (sf)

AUD18.5 million Class C Notes, Assigned A2 (sf)

AUD8.5 million Class D Notes, Assigned Baa2 (sf)

AUD19.5 million Class E Notes, Assigned Ba2 (sf)

AUD4.5 million Class F Notes, Assigned B2 (sf)

The AUD7.0 million Class G1 and AUD8.5 million Class G2 Notes
(together, the Class G Notes) are not rated by Moody's.

Allied Credit ABS Trust 2023-2 is a cash securitisation of loans
backed by auto, motorcycle, marine or other assets by Allied Credit
Pty Ltd (Allied Credit, unrated). This is Allied Credit's fifth
term ABS transaction.

The loans are to either consumer (67.9%) or commercial (32.1%)
borrowers based in Australia. The loans are backed by motor
vehicles (90.0%), motorcycles (9.0%), marine assets (0.5%) or
recreational vehicles (0.5%).

The receivables were originated by entities either 100% owned by
Allied Credit or 50% owned by Allied Credit together with a joint
venture partner. All receivables were underwritten by Allied
Credit. The receivables are serviced by Allied Retail Finance Pty
Ltd (ARF, unrated), a wholly owned subsidiary of Allied Credit.

Allied Credit, a privately owned company, was established in 2010
with a primary focus on financing of motorcycle and marine consumer
loans. In 2019, Allied expanded into financing of auto loans.

Allied Credit's total loan book was around AUD2.6 billion as of
June 30, 2023. Allied Credit's origination volumes of retail auto
loans grew significantly over 2022, following its acquisition of
the auto dealer finance portfolio in December 2021 from Macquarie
Leasing Pty Limited (Macquarie Leasing), a wholly owned subsidiary
of Macquarie Bank Limited (A1/P-1/Aa3(cr)/P-1(cr)).

RATINGS RATIONALE

The ratings take into account, among other factors, evaluation of
the underlying receivables and their expected performance,
evaluation of the capital structure and credit enhancement provided
to the notes, availability of excess spread over the life of the
transaction, the liquidity facility in the amount of 2.0% of the
rated notes balance, the legal structure, the experience of ARF as
servicer and presence of AMAL Asset Management Limited (AMAL) as a
back-up servicer.

According to Moody's, the transaction benefits from granular
composition of the pool with good geographic diversification.

The key challenge is the presence of the Class A-X Notes. These
notes are not collateralised and repaid senior in the waterfall
from the available income, which reduces the excess spread
available to cover losses.

Another challenge is the limited historical performance data
available for motor vehicle loans. With just over three and a half
years of performance data available, the future performance of
these loans could be subject to greater variability than the
current data indicates.

Key transactional features are as follows:

-- Once step-down conditions are satisfied, all notes, including
Class G Notes, will receive their pro-rata share of principal.
Step-down conditions include, among others, 27% subordination to
the Class A Notes and no unreimbursed charge-offs.

-- National Australia Bank Limited (Aa3/P-1/Aa2(cr)/P-1(cr)),
Macquarie Bank Limited (A1/P-1/Aa3(cr)/P-1(cr)) and Westpac Banking
Corporation (Aa3/P-1/Aa2(cr)/P-1(cr)) will provide interest rate
swaps in the transaction, hedging the interest rate mismatch
between the assets bearing a fixed rate of interest, and floating
rate liabilities. The swap notional will follow a schedule based on
the amortisation rate of the underlying receivable assuming a
certain prepayment rate.

-- AMAL Asset Management Limited is the back-up servicer. If ARF
is terminated as servicer, AMAL will take over the servicing role
in accordance with the standby servicing deed and its back-up
servicing plan.

Key model and portfolio assumptions:

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recessionary scenario — is 21%. Moody's mean default for
this transaction is 4.7%. The assumed recovery rate is 33%.
Expected defaults, recoveries and PCE are parameters used by
Moody's to calibrate its lognormal portfolio loss distribution
curve and to associate a probability with each potential future
loss scenario in Moody's cash flow model to rate consumer ABS.

Key pool features are as follows:

-- The pool consists of 67.9% consumer loans and 32.1% of
commercial loans.

-- Interest rates in the portfolio range from 4% to 19.5%, with a
weighted average interest rate of 10.4%.

-- Loans with balloon payments at the end of the term represent
around 13.2% of the pool. Most of these loans are secured by auto.

-- The weighted average seasoning of the portfolio is 7.5 months,
while the weighted average remaining term of the portfolio is 56.3
months.

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:

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

ATARI ENTERPRISES: Second Creditors' Meeting Set for Sept. 27
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Atari
Enterprises Trading Company Pty Ltd has been set for Sept. 27, 2023
at 11:00 a.m. at Quest East Perth, 176 Adelaide Terrace in East
Perth and via Zoom virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 26, 2023 at 5:00 p.m.

Cameron Shaw, Aaron Dominish, and Richard Albarran of Hall Chadwick
were appointed as administrators of the company on Aug. 22, 2023.


FORTESCUE METALS: Moody's Affirms Ba1 CFR, Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of Fortescue Metals Group Ltd (Fortescue) and maintained the
stable outlook. At the same time Moody's has affirmed the Ba1
backed senior unsecured ratings of FMG Resources (August 2006) Pty
Ltd, a wholly owned financing subsidiary, and maintained the stable
outlook.                

RATINGS RATIONALE

Fortescue's Ba1 ratings continue to be supported by the company's
(1) large scale operations with low unit costs, which are in line
with those of other major global producers, (2) large base of
mineral resources and ore reserves supporting a long mine life and
(3) long track record of maintaining conservative financial and
liquidity profiles.

At the same time, Fortescue's credit profile remains constrained by
(1) its limited operational, geographic and product
diversification, (2) its single commodity exposure, with dependence
on volatile iron ore prices and downside risk for discounts
received for the lower grade ore it produces, (3) and ongoing
uncertainty around the scale, funding strategy and timing of
potential growth projects undertaken by its Fortescue Energy
division.

The rating incorporates the likely increase in debt levels
resulting from increased investment spending over the next several
years as the company proceeds with its ambitious initiatives to
decarbonise its mining operations and advance renewable energy and
green hydrogen projects. Fortescue may also look to increase
spending in higher risk mining jurisdictions, such as its potential
Balinga iron ore project in Gabon (Caa1 negative).

Fortescue, through its Fortescue Energy division, is targeting to
reach final investment decision ('FID') on five green energy
projects before the end of calendar 2023. The ultimate projects
selected, as well as the scale and funding requirements for the
projects remains uncertain, however, Moody's expects that these
projects could materially increase the company's capital
expenditure requirements and increase debt levels over the next
several years. While the company has publicly stated that it is
targeting the sell down of equity and prioritising non-recourse
project financing, Moody's may consider proportional or full
consolidation of the projects if the agency views them as
strategically important and/or considers there is material economic
incentive for Fortescue to support the projects.

Despite lower realised iron ore prices leading to declining
earnings in the fiscal year ended June 2023, higher volumes and
still low unit costs meant Fortescue generated around $10 billion
of EBITDA in the period, which is the third highest level in
company history. This strong level of earnings combined with still
low debt levels, net debt reduced to around $1 billion, allowed the
company to register very strong credit metrics.

Fortescue registered debt/EBITDA of 0.5x in fiscal 2023 and under
Moody's base case assumptions the agency expects debt/EBITDA to
remain between 0.6-1.0x over the next 12-18 months. This is well
below Moody's 3.0x tolerance level for Fortescue's rating and
creates significant headroom to absorb potential further increases
to capital spending and/or downside risk to iron ore prices from
slower growth in China.

Governance risks were also a consideration in this rating action.
Moody's considers elevated turnover at the executive levels over
the past several years as credit negative, with the potential to
impact strategy and operations, which may have implications on the
group's balance sheet, financing and capital structure. However,
the company has also maintained a strong financial and operating
profile, most recently evident in record iron ore shipments in
fiscal 2023. Moody's assessment of the company's financial strategy
and risk management also reflects the company's publicly
articulated minimum Ba1 credit rating target.

OUTLOOK

The stable outlook reflects Moody's expectation for continued
strong earnings and cash flow in the current iron ore price
environment, and that credit metrics will be maintained comfortably
within tolerance levels for the rating over the next 12-18 months,
even as Fortescue funds its various growth initiatives.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

ESG considerations are currently not impacting Fortescue's ratings
but have the potential to do so in the future (CIS-3). Balancing
these considerations are Fortescue's historically conservative
financial profile, low production costs and industry leading
emissions targets, with tangible new projects identified.

Fortescue's environmental risk consideration largely reflects (1)
the inherent natural capital risk stemming from its large mining
operations and, (2) physical climate risks given the concentration
of its operations in the Pilbara, which is prone to cyclonic
activity. Fortescue is taking strong mitigating actions to address
carbon transition risk including, targeting absolute zero scope 1
and 2 carbon emissions from its mining operation by 2030, as well
as advancing major projects to increase renewable energy
generation, and potential projects in green hydrogen and iron.

Social risk considerations largely reflect responsible production
risks stemming from indigenous community relations. Ongoing federal
court proceedings brought by the Yindjibarndi Aboriginal
Corporation may result in payment of compensation by the company
for mining operations on traditional land in the Pilbara.

Fortescue's governance risk considerations reflect its conservative
financial strategies. Though, the company now publicly targets a
Ba1 minimum rating, it has historically maintained a strong
financial profile, generally meets or exceeds guidance targets, and
maintains a balanced approach between debt reduction and
shareholder returns. However, its board structure and concentrated
ownership by its chairman (approximately 37%) increase governance
risks.

LIQUIDITY

Fortescue's liquidity is very good. The group had available
liquidity of $5.8 billion as at June 30, 2023, comprising $4.3
billion of cash on hand, approximately $1 billion available under
its revolving credit facility and $0.5 billion on the undrawn
syndicated term loan.

Moody's expect operating cash flow of around $5.5 billion over the
next 12 months, based on a USD100/t price assumption for 62% Fe
price benchmark and approximately 86% price realization.

Together, these sources of liquidity provide very good coverage of
expected liquidity uses and positions the company well to be able
to absorb increased spending on potential green energy projects.
Moody's expect primary liquidity uses over the next 12 months to
include: (1) capex of around $3.4 billion; and (2) dividend
distributions of around $2.8 billion. Moody's will consider the
impact of green energy projects on the company's overall liquidity
profile once they are sanctioned and the funding requirements are
known.

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

Upward ratings momentum would require Fortescue to continue to
demonstrate a consistent track record of strong operating
performance and continued traction towards increasing higher grade
production. A potential rating upgrade would also consider the
company's future strategic intentions around growth and
diversification and its funding approach. Moody's would also expect
Fortescue to continue to maintain a strong financial profile.

The ratings could be downgraded if realised iron ore prices fall
below Moody's base sensitivity assumptions on a sustained basis
and/or the company's cash costs and breakeven levels increase
materially.

Financial metrics that Moody's would consider for a downgrade
include EBIT/Interest expense below 4.0x, (operating cashflow minus
dividends)/ debt below 20%, and/or debt/EBITDA above 3.0x on a
consistent basis. The rating could also be downgraded if
Fortescue's liquidity deteriorates materially from its current
level for a protracted period.

In addition, the rating could also face negative pressure if
Moody's views Fortescue's growth initiatives as materially changing
its operating risk profile and/or significantly increasing
execution risk for the company.

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

PROFILE

Fortescue Metals Group Ltd, headquartered in Perth Australia is an
iron ore producer engaged in the exploration and mining of iron ore
for export, mainly to China.

It currently operates two key segments: Fortescue Metals and
Fortescue Energy. Fortescue Metals segment comprises the groups
iron ore operations which involves the exploration, development,
production, processing, sale and transportation of iron ore, and
the exploration for other minerals.

Fortescue Energy comprises Fortescue Future Industries (FFI),
Fortescue Hydrogen Systems and Fortescue WAE, and focuses on
producing commercial scale green energy and green hydrogen,
including derivatives such as green ammonia.

GENESIS CARE: Class 5A Unsecureds Unimpaired in Plan
----------------------------------------------------
Genesis Care Pty Limited, et al., submitted a Joint Plan of
Reorganization and a Disclosure Statement.

To assist in exploring alternatives to meet its liquidity needs
and, ultimately, preparing for these chapter 11 cases, the Company
retained Kirkland & Ellis LLP ("K&E") as counsel, PJT Partners
("PJT") as investment banker, and Alvarez & Marsal North America,
LLC ("A&M" and, together with K&E and PJT, the "Advisors") as
restructuring advisor in February 2023. The Advisors worked with
the Company to evaluate alternatives and determine the best path
ahead.

In the months leading up to the commencement of the Chapter 11
cases, the Company's liquidity reached low levels -- most recently
due in significant part to four out of thirteen of its prepetition
lenders not funding draw-down requests the Company was entitled to
draw under its Revolving Credit Facilities, resulting in
approximately AUD $76 million of the Revolving Credit Facilities
left undrawn. In light of the Defaulting Banks' failure to fund,
the Company had to consider other options to obtain alternative
sources of liquidity, including engaging with its stakeholders and
third parties and preparing to commence these Chapter 11 cases.
Ultimately, the Company was unable to obtain out-of-court
financing, and the Company sought access to a debtor-in-possession
financing to (a) continue to operate its business in the near term,
(b) rescue the global cost base of the company, (c) run a sale
process for the GC U.S. business, and (d) maximize the value of the
Company.

Forced to quickly pivot following the decision of certain lenders
under the Revolving Credit Facilities not to honor the Company's
draw request, the Company and its advisors spent weeks leading up
to the commencement of these chapter 11 cases engaging with the
Company's existing lenders, including an Ad Hoc Term Lender Group
of lenders under the Senior Facilities Agreement represented by
Akin Gump Strauss Hauer & Feld LLP and Houlihan Lokey Capital, Inc.
(the "Ad Hoc Term Lender Group") regarding various potential
financing transactions in an effort to raise additional liquidity.
It became clear, however, that no out-of-court transactions would
yield the needed cash infusion quickly and without implementation
risk.

To maximize their ability to obtain a financing, the Debtors and
their Advisors removed restrictions on trading under the Senior
Facility Agreement, provided management presentations and hosted
multiple all-lender meetings. As a result, the Company determined
that the best course of action was to commence these Chapter 11
cases on an emergency basis to obtain access to critical
debtor-in-possession financing to allow the Company to continue
operations.

With the protections afforded by the Chapter 11 process, the Ad Hoc
Term Lender Group agreed to provide debtor-in-possession financing
to the Debtors. Specifically, an ad hoc group of lenders under the
Senior Facilities Agreement (such members, the "Backstop Parties")
which agreed to backstop the DIP Commitments (as defined in the DIP
Motion) and a subset of Consenting Lenders (as defined in the DIP
Motion) under the Senior Facilities Agreement agreed to provide an
$800 million super-priority, multiple draw debtor-in-possession
term loan credit facility (the "DIP Facility"), consisting of (i)
$200 million of new money loans (the "DIP New Money Loans") and
(ii) a "roll up" of obligations under the Senior Facilities
Agreement in the amount of approximately $600 million (the "DIP
Roll Up Loans"). On June 2, 2023, the Court approved, on an interim
basis, the DIP New Money Loans and the DIP Roll Up Loans in the
amount of approximately $90 million in accordance with the Interim
DIP Order. On July 19, 2023, the Court approved the remaining
amount of the DIP Roll Up Loans and the DIP Facility on a final
basis. Among other things, the loans under the DIP Facility have
stabilized the Debtors' operations, funded payments to certain of
the Company's critical vendors (including non-US vendors), allowed
the Debtors to run a fulsome marketing process and evaluate other
strategic alternative for GC U.S., and allowed the Debtors to
administer these chapter 11 cases. The Debtors' engagement with,
and continued support from, the Ad Hoc Term Lender Group, has been
critical to the Debtors' efforts to preserve value and maintain a
high standard of patient care.

Since the commencement of the chapter 11 cases, the Debtors have
stabilized their business with the liquidity provided by the DIP
Facility, developed a post-emergence business plan for the ROW
Debtors, engaged in productive conversations with the official
committee of unsecured creditors (the "Committee") since its
appointment on June 15, 2023, continued to pursue the robust
marketing process for the business of GC U.S., and formulated what
they believe to be a value-maximizing plan structure that
implements the sale of GC U.S. and reorganizes around Reorganized
ROW TopCo.

Specifically, the Plan places Claims and Interests into various
Classes and specifies the treatment of each Class under the Plan:

    * Class 1 (Other Secured Claims): Except to the extent that a
Holder of an Allowed Other Secured Claim against the Debtors agrees
in writing to less favorable treatment, in exchange for the full
and final satisfaction, settlement, release, and discharge of its
Other Secured Claim, each Holder of an Allowed Other Secured Claim
against the Debtors shall receive, at the option of the applicable
Debtor with the consent of the Required Lenders: (i) payment in
full in Cash; (ii) Reinstatement of such Claim; or (iii) such other
treatment rendering such Claim Unimpaired.

   * Class 2 (Other Priority Claims): Except to the extent that a
Holder of an Allowed Other Priority Claim against the Debtors
agrees in writing to less favorable treatment, in exchange for the
full and final satisfaction, settlement, release, and discharge of
its Other Priority Claim, each Holder of an Allowed Other Priority
Claim against the Debtors shall receive, at the option of the
applicable Debtor with the consent of the Required Lenders: (i)
payment in full in Cash; or (ii) such other treatment rendering
such Claim Unimpaired.

    * Class 3 (SFA Claims): Except to the extent that a Holder of
an Allowed SFA Claim agrees in writing to less favorable treatment,
in exchange for the full and final satisfaction, settlement,
release, and discharge of its SFA Claim, each Holder of an Allowed
SFA Claim shall receive its Pro Rata share of (i) the New Warrants
and (ii) Distributable Cash allocated to the SFA Claim, if any,
pursuant to the Waterfall Recovery.

    * Class 4 (Shareholder Loan Claims): Subject to section
1129(a)(7)(A)(ii) of the Bankruptcy Code, on the Effective Date
each Shareholder Loan Claim shall be discharged and released, and
each Holder of a Shareholder Loan Claim shall not receive or retain
any distribution, property, or other value on account of such
Shareholder Loan Claim.

   * Class 5A (General Unsecured Claims Against the ROW Debtors):

     - Reinstatement of such Allowed General Unsecured Claim
pursuant to section 1124 of the Bankruptcy Code; or

     - Payment in full in Cash on (a) the Effective Date, or (b)
the date due in the ordinary course of business in accordance with
the terms and conditions of the particular transaction giving rise
to such Allowed General Unsecured Claim.

* Class 5B (General Unsecured Claims Against the GC U.S. Debtors):
Subject to section 1129(a)(7)(A)(ii) of the Bankruptcy Code, on the
Effective Date each General Unsecured Claim against the GC U.S.
Debtors shall be discharged and released, and each Holder of a
General Unsecured Claim against the GC U.S. Debtors shall not
receive or retain any distribution, property, or other value on
account of such General Unsecured Claim against the GC U.S.
Debtors.

   * Class 6 (Intercompany Claims): Subject to the Restructuring
Transactions Memorandum, each Allowed Intercompany Claim against
the Debtors shall be Reinstated, converted to equity, distributed,
contributed, set off, settled, cancelled and released, or otherwise
addressed at the option of the applicable Debtors with the consent
of the Required Lenders.

   * Class 7A (Intercompany Interests in the ROW Debtors): Subject
to the Restructuring Transactions Memorandum, each Intercompany
Interest in the ROW Debtors shall be Reinstated, distributed,
contributed, set off, settled, cancelled and released, or otherwise
addressed at the option of the applicable ROW Debtors with the
consent of the Required Lenders.

   * Class 7B (Intercompany Interests in the GC U.S. Debtors):

     - If the U.S. Equitization Restructuring occurs, on the
Effective Date, each Intercompany Interest in the GC U.S. Debtors
shall be Reinstated, distributed, contributed, set off, settled,
cancelled and released, or otherwise addressed at the option of the
applicable GC U.S. Debtors with the consent of the Plan Sponsor;
or

     - If the Sale Transaction Restructuring occurs, each
Intercompany Interest in the GC U.S. Debtors shall (A) be sold
pursuant to the applicable Sale Transaction Documents, and as set
forth in the Plan Supplement, or (B) shall be Reinstated,
distributed, contributed, set off, settled, cancelled, and
released, or otherwise addressed at the option of the applicable GC
U.S. Debtors and the Required Lenders.

   * Class 8A (Existing TopCo Interests): On the Effective Date,
and without the need for any further corporate or limited liability
company action or approval of any board of directors, board of
managers, members, shareholders or officers of any Debtor, all
Existing TopCo Interests shall be cancelled, released, and
extinguished without any distribution, and will be of no further
force or effect, and each Holder of an Existing TopCo Interest
shall not receive or retain any distribution, property, or other
value on account of such Existing TopCo Interest.

   * Class 8B (Existing U.S. TopCo Interests):

     - If the U.S. Equitization Restructuring occurs, on the
Effective Date, without the need for any further corporate or
limited liability company action or approval of any board of
directors, board of managers, members, shareholders or officers of
any Debtor, all Existing Interests in U.S. TopCo shall be
cancelled, released, and extinguished without any distribution, and
will be of no further force or effect, and each Holder of an
Existing Interest in U.S. TopCo shall not receive or retain any
distribution, property, or other value on account of such Existing
Interest in U.S. TopCo; or

     - If the Sale Transaction Restructuring occurs, each Existing
Interest in U.S. TopCo shall be Reinstated, distributed,
contributed, set off, settled, cancelled and released, or otherwise
addressed with the consent of the Required Lenders.

   * Class 9 (Section 510(b) Claims): On the Effective Date, all
Section 510(b) Claims against the Debtors shall be discharged and
released, and each Holder of a Section 510(b) Claim against the
Debtors shall not receive or retain any distribution, property, or
other value on account of its Section 510(b) Claim.

After the commencement of these chapter 11 cases, the U.S. Trustee,
on July 7, 2023, appointed a patient care ombudsman to monitor the
quality of care provided to the Debtors' patients and file periodic
reports with the Bankruptcy Court regarding the same.

On July 19, 2023, the Bankruptcy Court entered an order approving
bidding procedures for the marketing and sale of GC U.S.'s assets.
Since then, the Debtors, with the assistance of their Advisors,
have been conducting an active and comprehensive marketing and sale
process for GC U.S., which remains ongoing as of today.

The Debtors believe that the Plan and the Restructuring
Transactions contemplated thereby provide Holders of Claims and
Holders of Interests with the best available recovery and are
essential to ensure continuity of quality patient care at the
Company's healthcare facilities. Accordingly, the Debtors strongly
recommend that Holders of Claims entitled to vote to accept or
reject the Plan vote to accept the Plan.

Under the Plan, Class 5A General Unsecured Claims against the ROW
Debtors are unimpaired and will recover 100% of their claims. Each
Holder of an Allowed General Unsecured Claim against the ROW
Debtors will receive either:

   (i) Reinstatement of such Allowed General Unsecured Claim
pursuant to section 1124 of the Bankruptcy Code; or

  (ii) Payment in full in Cash on (a) the Effective Date, or (b)
the date due in the ordinary course of business in accordance with
the terms and conditions of the particular transaction giving rise
to such Allowed General Unsecured Claim.

Class 5B General Unsecured Claims against the GC U.S. Debtors are
impaired and will recover 0% of their claims.  Subject to Section
1129(a)(7)(A)(ii) of the Bankruptcy Code, on the Effective Date
each General Unsecured Claim against the GC U.S. Debtors shall be
discharged and released, and each Holder of a General Unsecured
Claim against the GC U.S. Debtors shall not receive or retain any
distribution, property, or other value on account of such General
Unsecured Claim against the GC U.S. Debtors.

If the U.S. Equitization Restructuring occurs with respect to the
GC U.S. Debtors, the Debtors will fund distributions under the
Plan, as applicable, with: (1) the proceeds from the New Money Exit
Facilities and Takeback Facilities; (2) the New Equity Investment;
(3) the issuance of ROW New Equity Interests, AUS Holdco New Equity
Interests, EUR Holdco New Equity Interests, and GC U.S. New Equity
Interests; and (4) the Rights Offering (if any).

If the Sale Transaction Restructuring occurs, the Debtors will fund
distributions under the Plan, as applicable, with: (1) the proceeds
from the New Money Exit Facilities and Takeback Facilities; (2)
Cash on hand; (3) the issuance of ROW New Equity Interests, AUS
Holdco New Equity Interests, and EUR Holdco New Equity Interests;
and (4) the issuance of New Warrants.

Co-Counsel to the Debtors:

     Matthew D. Cavenaugh, Esq.
     Jennifer F. Wertz, Esq.
     Genevieve M. Graham, Esq.
     JACKSON WALKER LLP
     1401 McKinney Street, Suite 1900
     Houston, TX 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     E-mail: mcavenaugh@jw.com
             jwertz@jw.com
             ggraham@jw.com

Co-Counsel to the Debtors:

     Joshua A. Sussberg, P.C.
     Steven N. Serajeddini, P.C.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, NY 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     E-mail: joshua.sussberg@kirkland.com
             steven.serajeddini@kirkland.com

          - and -

     Jaimie Fedell, Esq.
     300 North LaSalle
     Chicago, IL 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200
     E-mail: jaimie.fedell@kirkland.com

A copy of the Disclosure Statement dated September 8, 2023, is
available at https://tinyurl.ph/xVeyH from Stretto, the claims
agent.

                       About GenesisCare

One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.

Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.

Judge David R. Jones oversees the case.

The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel.  Kroll
Restructuring Administration, LLC is the notice and claims agent.

On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.


GENESIS CARE: Targeting November Hearing on Plan
------------------------------------------------
Genesis Care Pty Limited, et al., filed a motion for entry of an
order (i) conditionally approving the adequacy of the disclosure
statement, (ii) approving the solicitation and notice procedures
with respect to confirmation of the debtors' proposed joint plan of
reorganization, (iii) approving the form of ballot and notices in
connection therewith, and (iv) scheduling certain dates with
respect thereto.

The Debtors commenced Chapter 11 cases to reorganize around the
Debtors' business outside of the United States ("ROW") and
implement a marketing and sale strategy with respect to the
Debtors' United States business ("GC U.S."). Since entering Chapter
11, the Debtors have formulated a new business plan that will allow
the ROW business to continue to provide market-leading patient care
with a right-sized geographical footprint while conducting a robust
marketing process for GC U.S. pursuant to court-approved bidding
procedures. With the business plan in hand and the Debtors' bid
deadline for GC U.S. fast approaching, the Debtors filed the Plan
and Disclosure Statement contemporaneously with this motion to
begin in earnest moving forward towards emergence from Chapter 11.

The Plan provides a pathway for the Debtors' ROW business to
recapitalize and maintain critical relationships with employees,
vendors, and other stakeholders. For the GC U.S. business, the Plan
contemplates either a (i) Sale Transaction Restructuring, through
one or more sales of all, substantially all, or a material portion
of the Debtors' assets, either through the Plan or one or more
section 363 sales or (ii) U.S. Equitization Restructuring, pursuant
to which a plan sponsor will receive 100% of the GC U.S. New Common
Stock.

The Plan contemplates pursuing a robust and thorough marketing
process for all or substantially all of GC U.S. pursuant to bidding
procedures, which were formalized through the Order (I) Approving
the Bidding Procedures, (II) Approving Bid Protections, (III)
Establishing Related Dates and Deadlines, (IV) Approving the Form
and Manner of Notice Thereof, (V) Approving Contract Assumption and
Assignment Procedures, and (VI) Granting Related Relief  (the
"Bidding Procedures"). The Bidding Procedures are designed to
maximize value for all stakeholders and to comply with certain
Milestones (as defined in the DIP Order) the Debtors negotiated
with the DIP Lenders, as required by the Final Order (I)
Authorizing the Debtors to (A) Obtain Postpetition Financing, and
(B) Use Cash Collateral; (II) Granting Liens and Providing
Superpriority Administrative Expenses Claims; (III) Granting
Adequate Protection to the Prepetition Secured Parties; (IV)
Modifying the Automatic Stay; and (V) Granting Related Relief (the
"DIP Order").

Moving the chapter 11 cases forward expeditiously is of critical
importance due to the nature of the Debtors'
business—providing high quality and accessible healthcare
and treatment to thousands of patients across the globe.
Accordingly, by this motion, the Debtors seek to obtain conditional
approval of the adequacy of the Disclosure Statement in order to
commence solicitation of votes on the Plan and establish dates and
deadlines related thereto in order to bring these chapter 11 cases
to conclusion, bringing certainty to the Debtors' many patients,
doctors, employees, and vendors who are critical to the Debtors'
business.

Establishing the following dates and deadlines with respect to
final approval of the Disclosure Statement and Confirmation of the
Plan, subject to modification as necessary:

   * The Voting Record Date will be on September 22, 2023.

   * The Disclosure Statement Hearing will be on October 2, 2023 at
11:00 a.m., prevailing Central Time, or such other date as may be
scheduled by the Court.

   * The Solicitation Deadline will be on the later of: (i) October
5, 2023 and (ii) the date that is three business days following the
entry of the Order, or as soon as reasonably practicable
thereafter.

   * The Publication Deadline will be on the later of: (i) October
9, 2023 and (ii) the date that is five business days following the
entry of the Order, or as soon as reasonably practicable
thereafter.

   * The Plan Supplement Deadline will be on October 16, 2023, at
4:00 p.m., prevailing Central Time.

   * The Voting Deadline will be on October 23, 2023, at 4:00 p.m.,
prevailing Central Time.

   * The Plan and Disclosure Statement Objection Deadline will be
on November 2, 2023, at 4:00 p.m., prevailing Central Time.

   * The Deadline to File Voting Report will be on November 6,
2023.

   * The Confirmation Brief Deadline will be on November 6, 2023,
at 5:00 p.m., prevailing Central Time.

   * The Combined Hearing Date will be on November 7, 2023, or such
other date as may be scheduled by the Court.

The Disclosure Statement provides "adequate information" to allow
holders of Claims in the Voting Class to make an informed decision
about whether to vote to accept or reject the Plan.

Additionally, Section P of the Procedures for Complex Chapter 11
Cases in the Southern District of Texas (the "Complex Case
Procedures") provides that the Bankruptcy Court may consider
motions seeking conditional approval of a disclosure statement so
long as such motions include a proposed order that: (a) finally
approves the balloting and voting procedures to be utilized; (b)
finally approves the form of notice to be provided to creditors and
holders of interests in the debtors; (c) finally approves the form
of ballot which will be provided to creditors and interest holders
entitled to vote on the proposed plan; (d) establishes a record
date; and (e) establishes a voting deadline. This motion and the
proposed Order comply with these requirements of the Complex Case
Procedures and the other requirements of the Bankruptcy Rules and
Bankruptcy Local Rules.

Article VIII of the Plan describes in detail the entities subject
to an injunction under the Plan and the acts that they are enjoined
from pursuing. The language in Article VIII of the Plan is in bold,
making it conspicuous to anyone who reads it. Article VIII.B,
Article VIII.C, and Article VIII.D of the Plan describe in detail
the entities subject to or providing a release under the Plan, and
the Claims and Causes of Action so released, Article VIII.E of the
Plan describes in detail the entities entitled to exculpation under
the Plan, and Article VIII.F of the Plan sets forth the terms of
the injunction.

The Disclosure Statement provides notice of the injunction,
release, and exculpation provisions of the Plan. Article III.V and
Article III.W of the Disclosure Statement describes in detail
entities subject to or providing a release under the Plan and the
Claims and Causes of Action so released, and the entities entitled
to exculpation under the Plan, also in conspicuous, bold typeface.
Further, Article III.W of the Disclosure Statement sets forth, in
bold typeface, the injunction provisions provided by the Plan.

Finally, the Ballot and the Combined Hearing Notice describe in
detail and in conspicuous, bold typeface the entities that are
subject to or providing a release under the Plan and the Claims and
Causes of Action that are so released under the Plan. Each of the
Disclosure Statement, Ballot, and Combined Hearing Notice
conspicuously states that any party who does not specifically opt
out or object to its inclusion as a Releasing Party will be bound
by the Plan's release provisions.

Co-Counsel to the Debtors:

     Matthew D. Cavenaugh, Esq.
     Jennifer F. Wertz, Esq.
     Genevieve M. Graham, Esq.
     JACKSON WALKER LLP
     1401 McKinney Street, Suite 1900
     Houston, TX 77010
     Telephone: (713) 752-4200
     Facsimile: (713) 752-4221
     E-mail: mcavenaugh@jw.com
             jwertz@jw.com
             ggraham@jw.com

Co-Counsel to the Debtors:

     Joshua A. Sussberg, P.C.
     Steven N. Serajeddini, P.C.
     KIRKLAND & ELLIS LLP
     KIRKLAND & ELLIS INTERNATIONAL LLP
     601 Lexington Avenue
     New York, NY 10022
     Telephone: (212) 446-4800
     Facsimile: (212) 446-4900
     E-mail: joshua.sussberg@kirkland.com
             steven.serajeddini@kirkland.com

          - and -

     Jaimie Fedell, Esq.
     300 North LaSalle
     Chicago, IL 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200
     E-mail: jaimie.fedell@kirkland.com

                       About GenesisCare

One of the world's largest integrated oncology networks,
GenesisCare -- http://www.genesiscare.com-- includes 300+
locations in the U.S., the UK, Australia, and Spain. With
investments in advanced technology and expanded access to clinical
trials, more than 5,500 highly trained GenesisCare physicians and
support staff offer comprehensive, coordinated care in radiation
oncology, medical oncology, hematology, urology, diagnostics, and
surgical oncology.

Genesis Care Pty Ltd. and its affiliated debtors sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead
Case No. 23-90614) on June 1, 2023. In the petition signed by
Richard Briggs, as authorized signatory, Genesis Care disclosed up
to $10 billion in both assets and liabilities.

Judge David R. Jones oversees the case.

The Debtors tapped Kirkland and Ellis, LLP, Kirkland and Ellis
International, LLP and Jackson Walker, LLP as general bankruptcy
counsel; PJT Partners, LP as investment banker; Alvarez and Marsal
North America, LLC as restructuring advisor; Herbert Smith
Freehills, LLP as foreign legal counsel; Teneo as communications
advisor; and Clayton Utz as special investigation counsel.  Kroll
Restructuring Administration, LLC is the notice and claims agent.

On June 15, 2023, the U.S. Trustee for the Southern District of
Texas appointed an official committee of unsecured creditors in
these Chapter 11 cases. The trustee tapped Kramer Levin as its
counsel, Locke Lord LLP as local counsel, and Berkeley Research
Group, LLC as financial advisor.

MARBLING PTY: Second Creditors' Meeting Set for Sept. 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of Marbling Pty
Ltd has been set for Sept. 27, 2023 at 11:00 a.m. via Zoom video
conferencing.

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. 26, 2023 at 4:00 p.m.

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


ODEUM PRODUCE: Administrators Place Business Up for Urgent Sale
---------------------------------------------------------------
The National Indigenous Times reports that administrators have
taken control of one of Western Australia's biggest agribusinesses
that partly owns Indigenous fruit and vegetable company Abundance
Produce Australia.

Urgent expressions of interest are being sought by Hamilton Murphy
Advisory's Stephen Dixon and Brett Orzel to restructure or purchase
Odeum Produce Pty Ltd, NIT relates citing ASIC documents.

While the Abundance entity, of which it owns 49%, was not affected,
shares in the Indigenous business were also for sale.

Odeum was established in 1988 and reportedly now generates annual
revenue upwards of AUD60 million and employs about 100 staff,
although the extent of its debt was still unknown, according to the
report.

It formed a strategic partnership in 2019 with Abundance, a
majority-owned First Nations business headed by ex-West Coast star
Phil Matera.

Abundance operates from a purpose-built 12,000sqm distribution
centre in Canning Vale, supplying fruit and vegetables across WA,
aided by remote sites in the Pilbara and Kimberley, including the
Gorgon project on Barrow Island.

According to NIT, administrators said Odeum Farms was a major
supplier of fruit and vegetables to supermarket chains in WA and
across Australia, with several brands including Rockstar Melons and
Mr. Mushroom.

It has locations in Baldivis and Wanneroo and affiliated farm
partners in Geraldon, Carnarvon and Kununurra.

Assets of the business comprise stock, plant and equipment and
intellectual property, including the business name.

NIT relates that Mr. Dixon and Mr. Orzel said another Odeum
business – Freshcorp Farms (100% owned) - was also not affected
by EOI, but shares in it and Abundance were also for sale.

"An Information Memorandum will be provided to those parties who
execute a Non-Disclosure Agreement and provide a AUD500
non-refundable deposit," they said.

Expressions of interest close at 5:00 p.m. on September 29, the
report notes.


ODEUM PRODUCE: First Creditors' Meeting Set for Sept. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Odeum
Produce Pty Ltd will be held on Sept. 29, 2023, at 11:00 a.m. via
virtual meeting only.

Stephen Dixon and Brett Orzel of Hamilton Murphy Advisory were
appointed as administrators of the company on Sept. 18, 2023.


PERTH SECURITY: Exits Administration Following Deal with Investor
-----------------------------------------------------------------
WA Today reports that after 17 years spearheading his company Perth
Security Services, a snowballing legacy tax debt amid a
pandemic-driven downturn threatened to undo Neville Mader's life's
work.

According to WA Today, Mr. Mader had successfully contested a
superannuation claim levelled by an employee, but the Australian
Taxation Office audit it triggered saw PSS hit with a tax bill of
almost AUD400,000.

WA Today relates that the PSS director said he continued putting a
substantial amount of money aside and resisted accessing ATO's
now-retracted COVID concessions, even amidst the downturn.

But despite his best efforts the debt gathered interest and
ballooned, and the company struggled to keep up.

Mr. Mader said he had no choice but to hand the reins over to
administrators in May, when he was hit with a letter demanding
payment within 21 days.

"In the first few weeks, I didn't really know how this was all
going to play out, and it was really depressing," the report quotes
Mr. Mader as saying.  "I've been in business for 17 years, and we
were at risk of becoming a statistic."

WA Today relates that the administrators managed to ink an
eleventh-hour deal with a Melbourne-based investor willing to
purchase 80% of the company.

But when presented with the deed of company arrangement, Mr. Mader
said the ATO opposed it in favour of placing the company in
liquidation, which would have involved selling off its assets and
dissolving the business as a means of recouping the debt.

"We just couldn't understand why - we still had about 60 employees
who stuck by us through this process," he said.

"The DOCA [deed of company arrangement] stated that everything
would be lodged on time and that our debts would be paid in full .
. . to prefer liquidation to letting us trade out was just
bizarre.

"Yes, we had a sizable debt, but we had paid millions of dollars in
tax over the years."

WA Today notes that Mr. Mader managed to get the deed over line,
with PSS exiting administration earlier this month.

But the threat of being wound up is one facing a growing number of
West Australian businesses as the tax office abandons its
pandemic-era concessions and takes its battle for unpaid debts to
the Federal Court, according to WA Today.

WA Today relates that the ATO relaxed its debt recovery regime
during the pandemic amid fears the virus and the subsequent
lockdowns could wreak havoc on the economy, offering a host of
concessions, payment plans and remitted penalties.

But it now said the leniency led to a change in payment culture,
with more businesses failing to pay tax on time and collectible
debt almost doubling since June 2019 to AUD50 billion - 90% of
which was owed by businesses.

It's a trend deputy commissioner Vivek Chaudhary told the Tax
Institute's Tax Summit was "concerning", "unsustainable" and needed
to be turned around.

An analysis of Western Australia's Federal Court register by WA
Today masthead shows the deputy commissioner of taxation has
instigated 47 actions this year, 21 of which resulted in the
business being wound up.

And there are many more where ATO is listed as the major creditor.

The figure was already almost three times the number launched in
2022, which was itself a sharp increase on the handful mounted
between 2021 and 2020, WA Today notes.


RIGHTSIZE TECHNOLOGY: Second Creditors' Meeting Set for Sept. 27
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Rightsize
Technology (Sydney North Shore) Pty Ltd has been set for Sept. 27,
2023 at 10:00 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. 26, 2023 at 12:00 p.m.

Jarvis Lee Archer of Revive Financial was appointed as
administrator of the company on Aug. 23, 2023.




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

COUNTRY GARDEN: Wins Approval to Roll Over Nine Onshore Bonds
-------------------------------------------------------------
Yicai Global reports that Country Garden Holdings has received
approval from creditors to extend nine domestic bonds worth about
CNY15 billion (USD2.1 billion).

The repayment date of the bonds will be postponed for three years,
market participants told Yicai on Sept. 19. The principal will be
paid in six or seven installments, with a low payment ratio in the
first two years and a higher one in the third, they added.

According to Yicai, Country Garden's H19 03, which pays 4.98
percent on CNY3 billion (USD411.1 million), will be rolled over to
Nov. 20, 2026. The outstanding CNY992.7 million (USD136.1 million)
will be repaid in seven phases. Two percent will be paid in each of
the first three phases, 10 percent in the fourth, 15 percent in the
fifth, 25 percent in the sixth, and 44 percent in the final phase.

To get approval for the extension plan, Country Garden provided
asset packages for each bond as a pledge, including real estate
projects around China, Yicai notes.

Yicai says Country Garden has yet to roll over its overseas bonds,
but given that it will face a modest peak of offshore debt maturity
early next year, the builder will likely begin restructuring work
in the short term.

On Aug. 14, trading of Country Garden's 11 domestic bonds was
suspended.

On Sept. 2, creditors approved the extension of Country Garden's
first onshore private bond, with eight more expected to follow in
the middle of this month and the remaining two to no longer need
extension for different reasons, Yicai notes.

Country Garden had liabilities of CNY1.2 trillion (USD163.5
billion) as of the end of June, with illiquid liabilities of
CNY173.9 billion (USD23.8 billion), the Foshan-based firm said in a
financial report last month. Its debt due in 12 months was CNY108.7
billion, Yicai discloses.

                        About Country Garden

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

As recently reported in the Troubled Company Reporter-Asia Pacific,
Moody's Investors Service has withdrawn Country Garden Services
Holdings Company Ltd's (CGS) Ba1 corporate family rating.  The
outlook prior to the withdrawal was negative.

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

STEMIRNA THERAPEUTICS: Faces Lawsuits After Covid-19 Vaccine Boom
-----------------------------------------------------------------
Yicai Global reports that Stemirna Therapeutics is mired in
litigation after the Chinese developer of innovative mRNA vaccines,
whose factory for Covid-19 jabs has never generated any revenue,
grapples with the demands of investors now that the pandemic has
ended.

In the wake of one lawsuit, a Shanghai court last week named
Stemirna a defaulter and barred Li Hangwen, the startup's chairman
and chief executive, from living a lavish lifestyle by imposing a
high-level consumption ban on him, Yicai relates.

The Shanghai-based firm is embroiled in 50 lawsuits, more than a
third of which are disputes over procurement and sales contracts,
Yicai discloses citing publicly available information. Some are
labor contract disputes. A case involving a property leasing
contract worth up to CNY50 million (USD6.9 million) between
Stemirna and former partner Tianci International Pharmaceutical
will come before a court on Oct. 10.

Both Stemirna's chairman and head of investor relations have yet to
respond to Yicai about the latest court cases and rulings. An
insider at the firm said "the company is still doing its business",
and his "colleagues are still working on it."

As a developer of mRNA Covid-19 shots, Stemirna rode the wave of
surging demand for novel coronavirus vaccines. In June 2021, it
raised CNY1.2 billion (USD164.8 million) from major investors such
as Sequoia Capital China, according to Yicai.

Yicai relates that the funds enabled Stemirna to increase its
headcount to around 460 and to build a factory with an annual
capacity of 400 million doses of mRNA jabs. But the facility has
never made any money as the pandemic has abated and the firm's
Covid-19 vaccine, which was cleared for clinical trials in April
2022, has not been approved to go to market.

Stemirna halted production at the factory in July because of slack
demand and will focus on the research and development of new
products using mRNA technology, it said at the time, Yicai
recalls.

Many Chinese mRNA vaccine developers are in a bind because they
attracted a lot of investment at a time of much hype but now need
to deliver, a medical sector veteran told Yicai. "Most investors
know very little about mRNA technology," he said. "When they
invested in these startups they were blindly following the trend
and were misled by vaccine developers' exaggerations."

Now that the boom in Covid-19 jabs is over, Chinese mRNA tech
developers need to have enough funding and the ability to continue
with R&D, the person said.


SUNAC CHINA: Chapter 15 Case Summary
------------------------------------
Chapter 15 Debtor:        Sunac China Holdings Limited
                          One Nexus Way
                          Camana Bay, Grand Cayman KY1-9005
                          Cayman Islands

Business Description:     Sunac is a Chinese real estate
                          development firm.

Chapter 15 Petition Date: September 19, 2023

Court:                    United States Bankruptcy Court
                          Southern District of New York

Case No.:                 23-11505

Judge:                    Hon. Philip Bentley

Foreign Proceeding:       In the Matter of Sunac China Holdings
                          Limited, concerning a scheme of
                          arrangement between the Debtor and
                          Scheme Creditors pursuant to sections
                          670, 673, and 674 of the Companies
                          Ordinance (Cap. 622 of the Laws of Hong
                          Kong) and currently pending before the
                          Court of First Instance of the High
                          Court of the Hong Kong Special
                          Administrative Region of the People's
                          Republic of China, case number
                          HCMP382/2023

Foreign Representative:   Gao Xi
                          Capitol Mansion, Nos. 195, 195A, 197,
                          199, 201 & 201A
                          Shau Kei Wan Road, Flat A, 12th Floor
                          (Room D)
                          Sai Wan Ho, Eastern District
                          Hong Kong

Foreign
Representative's
Counsel:                  Anthony Grossi, Esq.
                          SIDLEY AUSTIN LLP
                          787 Seventh Ave
                          New York, NY 10019
                          Tel: (212) 839-5300
                          Email: agrossi@sidley.com

Estimated Assets: Unknown

Estimated Debt: Unknown

A full-text copy of the Chapter 15 petition is available for free
at PacerMonitor.com at:

https://www.pacermonitor.com/view/VP2K7TA/Sunac_China_Holdings_Limited_and__nysbke-23-11505__0001.0.pdf?mcid=tGE4TAMA




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

AADITYA FOAM: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aaditya Foam
Industries LLP (AFIL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.25       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit      2          CRISIL A4 (Issuer Not
                                    Cooperating)

   Term Loan             5.75       CRISIL B/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set up in 2015, AFIL manufactures EPE foam rolls and sheets. The
firm is based out of Murbad, Maharashtra, and is promoted by Mr
Sunil Rochlani, Mr Sachin Rochlani, Mr Anant S Bhandari, Mr Kailash
V Jadhwani, and Mr Vikas K Dhameja.


ABC TRANSFORMERS: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ABC
Transformers Private Limited (ATPL continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (Issuer Not  
                                    Cooperating)

   Cash Credit           3.5        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Fund-        0.5        CRISIL B/Stable (Issuer Not
   Based Bank Limits                Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1993 and promoted by Mr. GK Bansal, Mr. NK Goyal,
Mr. SR Gupta, Mr. KK Bansal, and Mr. OP Goyal (the last two joined
the company later), ATPL manufactures and repairs power and
distribution transformers. The company has two plants in Noida.


ACP INDUSTRIES: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of A C P
Industries Limited (ACPI) continue to be 'CRISIL B-/Stable/CRISIL
A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (Issuer Not  
                                    Cooperating)

   Cash Credit           33         CRISIL B-/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term     5         CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1995, ACPI manufactures incense sticks and trades
in agricultural commodities such as rice and maize. Mr Ambica
Prasad, managing director, manages operations.


ANNAI FLOUR: CARE Lowers Rating INR15cr LT Loan to B
----------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Annai Flour Mills Private Limited (AFMPL), as:

                       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 and
                                   Revised from CARE B+; Stable

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 4, 2022,
placed the rating(s) of AFMPL under the 'issuer non-cooperating'
category as AFMPL 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. AFMPL continues to
be noncooperative 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).

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

The ratings further consider decline in operating income, overall
profitability and increase in debt levels during FY22 over FY21.

AFMPL belongs to Annai group and was incorporated in August 1996.
AFMPL is engaged in manufacturing and trading of flour (atta,
maida, sooji and bran) under the brand name "Annai's". The
promoters of the company are Mr. S Suvindran (Managing Director),
Mr. S S Ravindran, Mr. S Mahendran, Mr. V S Sundarlingam and Ms. S
Annarathinammal. The company owns a fully automated mill in
Siruvedal Village, Kancheepuram with a capacity to process about
200 tonnes of wheat per day and presently utilizes about 80% of the
same. AFMPL has its storage capacity of 15,000 tons in the
manufacturing premises. Mr. S Suvindran manages the day to day
operations. AFMPL has two wind mills in Nagarcoil, Tamil Nadu with
an aggregate capacity of 500 KW.


ANUNAY FAB: CRISIL Lowers Rating on LT/ST Debts to D
----------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Anunay Fab Limited (AFL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Short Term Rating     -          CRISIL D (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects poor liquidity profile marked by the delay
in servicing of term debt obligations in February 2023. CRISIL
Ratings is in process to collect further information on debt
servicing and financial performance of AFL.'

The ratings continue to reflect large working-capital requirement
and vulnerability of operating margins to fluctuations raw material
prices and foreign exchange fluctuations. These rating weaknesses
are partially offset by extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in debt servicing: Stretched liquidity has resulted delay
in servicing of debt.

* Vulnerability of operating margins to fluctuations raw material
prices and foreign exchange fluctuations: The textile industry is
marked by low entry barrier which makes it a highly fragmented
industry. Additionally, the firms' margins are highly volatile to
raw material prices specifically cotton, which is a primary
material for manufacturing. Further since the firms majority of the
revenue comes from exports its margins are highly depended in forex
rates, any sharp fluctuations can impact operating margins

* Working capital intensive operations: The operations of the
company are working capital intensive as reflected in the gross
current assets of 272 days as on March 31, 2022. Company has high
debtor and creditor level.

Strength:

* Extensive industry experience of the promoters: The
three-decade-long experience of the promoters in the cotton textile
industry has enabled them to a strong understanding of the market
dynamics.

Liquidity: Poor

Liquidity is poor reflected by delay in servicing of debt. Company
had a modest scale of accruals of INR2.81 crore in fiscal 22 and
current ratio of 1.43 times as on 31st March 22. Working capital
limits are fully utilized.

Rating Sensitivity factors

Upward factor

* Proven track record of timely debt servicing of 90 days or more

* Improvement in working capital cycle strengthening the liquidity
profile

* Sustained improvement in scale of operation and sustenance of
operating margin, leading to higher cash accruals

AFL was incorporated in 1992 by Mr. Radheshyam Agrawal and his
sons, Mr. Purushottam Agrawal and Mr. Anjani Agrawal. The company
is engaged in manufacturing and exporting cotton textile products
like bedsheets, bed-sheet sets, pillow covers, cotton bags, etc.
AFL has manufacturing facility located in Ahmedabad- Gujarat.


ARADHAN CHEMTECH: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Aradhan
Chemtech (AC) 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  

   Short Term Bank      1.00       CARE A4; 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 30,
2022, placed the rating(s) of AC under the 'issuer non-cooperating'
category as AC 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. AC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 16, 2023, July 26, 2023, August 5, 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).

Aradhan Chemtech (AC) was established in 2010 as a partnership firm
managed by Mr. N. Sharat, Mr. K. Thilotham Reddy and Mr. N.
Subbarao (General Manager). Initially, AC was only into trading of
the pharma products; later in 2013, the firm has started
manufacturing of API and pharma polymers. Currently, the firm is
engaged into both trading and manufacturing of Active
Pharmaceutical Ingredients (API) pertaining to antiulcer
therapeutic segment and manufacturing of Pharma Polymers. Products
range of the firm includes Omeprazole, Lansoprazole, Esomeprazole,
Pantaprazole and Polymers like L 30 D and sodium Methoxide.

AURA HOTELS: CRISIL Reaffirms B+ Rating on INR40cr Term Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
bank loan facilities of Aura Hotels and Resorts Private Limited
(Aura).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             40         CRISIL B+/Stable (Reaffirmed)
   Term Loan             15         CRISIL B+/Stable (Reaffirmed)
   Term Loan              5         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect Aura's exposure to risks related to
Intense competition in the Hospitality industry in Shillong and
Susceptibility to cyclicality in the hospitality industry, and to
economic slowdowns. These weaknesses are partially offset by the
Experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Intense competition in the Hospitality industry in Shillong :
Scale of operations will continue to limit the operating
flexibility over the medium term as the company has started with
its operations of INR10.24 cr in Fiscal 23. The key factors to be
monitored will be the timely start of operations, ramping up the
occupancy levels. Shillong being a major tourist spot has led to
opening a lot of properties like Ryi Kinjai, Courtyard by the
Marriot and Hotel Polo tower being the top competitors to Aura .

* Susceptibility to cyclicality in the hospitality industry, and to
economic slowdowns: The hospitality industry remains susceptible to
changes in domestic and international economies. Typically, the
industry follows a six-year cycle. During non-peak periods, revenue
per available room of premium hotels is likely to be constrained
more significantly, than that of mid-scale or economy hotels. On
the other hand, cost of operating premium properties is high, even
during downward shifts in demand; cash flow from these properties
are, therefore, more vulnerable to economic downturns.

Strength:

* Experience of the promoters: Presence of promoters over the years
in the industry has enabled the promoters to develop a strong
understanding of market dynamics and establish healthy
relationships with suppliers and customers.

Liquidity: Stretched

Bank limits are averagely utilised at 61% for the last 12 months
ended July 23. Net cash accruals are expected to be in the range of
INR4-INR9 crore against repayment obligation of INR1.75-INR4.05
crore in the medium term.  Current ratio is low at 0.23 times on
March 31, 2023. The promoters are likely to extend support in the
form of unsecured loans to meet its working capital requirements
and repayment obligations.

Outlook: Stable

CRISIL Ratings believe Aura will benefit from the extensive
experience of its promoters, and established relationships with
customers.

Rating Sensitivity factors

Upward factors:

* Increase in occupancy rate while maintaining ARR and cost,
thereby stabilizing operating profitability leading to net cash
accrual over Rs.5-6 crore.
* Improved financial risk profile.


Downward factors:

* Significant decline in ARR or occupancy rate leading to decline
in revenue or operating margins falling below 20%
* Large, debt funded capital expenditure leading to weakening of
capital structure.

Incorporated in June 2007, Aura is promoted by Mr. Vikas Agarwal
and Mr. Rajiv Agarwal. The company is setting up a four-star hotel
in Shillong, Meghalaya. The hotel construction began in 2018 and
was solely funded by the promoter.


CHAITANYA HI-TECH: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Chaitanya
HI-Tech Engineering Company Private Limited (CHECPL) continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.20       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 CHECPL under the 'issuer non-cooperating'
category as CHECPL 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.  CHECPL 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).

Based out of Bengaluru, Chaitanya Hi-Tech Engineering Private
Limited (CHECPL) was incorporated on April 16, 1997 by Mr. Lalith
Raghav, Ms. Bhavana Ramesh Kumar, Ms. Nalinakshi K.B and Mr. H.L.
Ramesh Kumar for setting up a manufacturing unit of camshafts. Over
the years, the company has started production of other auto-parts
apart from camshaft such as drive shaft, valve housing, plunger
fitting, valve holders, armature shaft, rotor shaft, gear shaft,
adjusting pin and lever shaft. The plants of the company are ISO TS
16949 certified.

CREDENCE ECOFIBRE: CRISIL Assigns B+ Rating to INR80cr Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Credence Ecofibre Pvt Ltd
(CEPL).

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (Assigned)
   Cash Credit           21         CRISIL B+/Stable (Assigned)
   Term Loan             80         CRISIL B+/Stable (Assigned)

The ratings reflect exposure to project risks and expected
leveraged capital structure. These weaknesses are partially offset
by the extensive experience of the promoters in the textile
industry and adoption of latest machinery in a steady industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to project risks: The company is expected to commence
operations in December 2023, which exposes it to implementation
risk owing to unanticipated delays or cost overrun. Demand risk is
likely to persist because of intense competition. Timely completion
of the project and successful stabilisation of operations at the
new unit will be key rating sensitivity factors over the medium
term.

* Expected leveraged capital structure: The capital structure will
be leveraged owing to sizeable debt availed for the project,
leading to expected gearing above 2.8 times and total outside
liabilities to tangible networth ratio over 3 times for FY2024.
Capital structure will improve as the company ramps up its
facility.

Strengths:

* Extensive experience of the promoters: The promoters have
experience of more than 15 years in the textile industry. This has
given them an understanding of market dynamics and will enable them
to establish relationships with suppliers and customers.

* Adoption of latest machinery in steady industry: CEPL is setting
up a new unit for manufacturing recycled polyester staple fibre
from used polyethylene terephthalate (PET) bottles. The unit will
have the latest equipment and technology, which will support the
business risk profile.

Liquidity: Stretched

The company is expected to generate sufficient cash accrual to
cover its debt obligation, however the same will be tightly match
given the nascent stage of operations. The company has availed a
term loan of INR80 crore, repayment of which will begin from
October 2024 and end in September 2031. Timely commencement of
operations and generation of sufficient cash accrual will be key
monitorables. Furthermore, cash credit limit will help cover
working capital requirement.

Outlook: Stable

CRISIL Ratings believes CEPL will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity factors

Upward factors:

* Completion of the project on or before December 2023
* Stabilisation of operations leading to higher revenue and
profitability
* Equity infusion resulting in improved financial risk profile,
with gearing below 2.5 times.

Downward factors:

* Delay in commencement of operations
* Delay in project execution increasing overall gearing to 3.2
times.
* Low cash accrual with cash accrual to debt obligation ratio below
1.2 times

Incorporated in September 2021, CEPL is setting up a unit for
manufacturing recycled polyester staple fibre and PET flakes from
used PET bottles. Its unit is in Mangrol, Gujarat, and is expected
to commence operation from December 2023. The company is promoted
by Mr Kanav Sham Arora, Mr Rajiv Jatinder Kumar Arora and Mr Sizer
Haqbib Lakhani.


DIGIFLIC CONTROLS: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Digiflic
Controls India Private Limited (DCIPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.26       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; 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 DCIPL under the 'issuer non-cooperating'
category as DCIPL 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. DCIPL 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).

Digiflic Controls (India) Private Limited (DCIPL) is an ISO
9001:2008 certified company based at Bengaluru which was
incorporated in the year 2005. The company is engaged in designing,
manufacturing and commissioning of solar based products like Solar
home lighting system, Solar street lighting system, Solar garden
lighting system, Solar power Plant, Building integrated photo
voltaic, Solar water heating system, Nano water purifier and RO
water purifier.

ETO MOTORS: CRISIL Assigns B Rating to INR30.55cr LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Eto Motors Private Limited (EMPL).

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility     30.55       CRISIL B/Stable (Assigned)

   Term Loan               2          CRISIL B/Stable (Assigned)

   Term Loan               5          CRISIL B/Stable (Assigned)

   Term Loan               3.4        CRISIL B/Stable (Assigned)

   Term Loan               4.88       CRISIL B/Stable (Assigned)

   Term Loan               1.17       CRISIL B/Stable (Assigned)

   Term Loan               3          CRISIL B/Stable (Assigned)

The rating reflects the company's modest operating performance
owing to operating losses and large capital requirement for
expansion plans. These weaknesses are partially offset by the high
growth potential of the domestic electric vehicle (EV) industry and
established client base.

Analytical Approach

Unsecured loans (INR28.79 as of March 2023) have been treated as
75% equity and 25% debt as these were infused by the promoters and
affiliates and should be retained in business over the medium term.
However, these bear interest, which could be deferred if required.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest operating performance because of continued operating
losses: Since operations began in fiscal 2020, scale of operations
remains nascent, as reflected in an operational fleet of around 850
electric autos against a total deployed fleet of 1,400 vehicles.
Losses incurred increased to INR26.54 crore in fiscal 2023 from
INR16.94 crore in fiscal 2022. The company expects to break even at
operating profit level in the near term. Also, established
relationships with customers such as Amazon, Flipkart, and
BigBasket in the third-party logistics business and agreements for
2-3 years support business risk profile.

* Large capital requirement for expansion plans over the medium
term: In order to achieve breakeven at operating profitability
levels, EMPL need to deploy more vehicles in the coming years.
Hence, large, debt-funded capital expenditure (capex) is expected
over the medium term. Ability to raise funds (loans, equity or
unsecured loan) will be a key monitorable.

Strengths:

* High growth potential of the EV industry, despite being in early
stages: While the EV industry in India is still in its early
stages, it has shown significant growth in recent times. Revised
FAME 2 guidelines introduced in June 2021 (increasing incentive to
INR15,000 per kilowatt hour from INR10,000 with a cap of 40% on
ex-showroom price for all eligible electric vehicles), along with
greater consumer awareness and favourable total cost of ownership
compared to petrol counterparts have led to a sharp pick-up in
sales since fiscal 2022. The industry faces various headwinds,
including high upfront cost, range anxiety, lack of retail
financing, modest resale value and recent safety concerns. However,
the government has provided strong policy support to the sector to
reduce carbon footprint and oil import bills. Volume penetration
should rise sharply over the medium term, driven by increasing
investments in the segment along with schemes such as
production-linked incentive and emerging technologies such as
battery swapping.

* Established client base: EMPL is working with various
e-commerce/logistics players such as Amazon, Flipkart, BigBasket,
Bluedart, Delhivery, and Gati; along with some metro rail
operators. It also has tie-ups with major ride-sharing companies
such as Ola, Uber, and Rapido.

Liquidity: Stretched

Liquidity is weak because of sizable cash losses in the past and
absence of any working capital limits. However, continuous promoter
funding has supported liquidity. Cash accrual is expected to be
insufficient to meet term debt obligation of INR5-16 crore over the
medium term. The company has received equity and unsecured loans
from the promoters and shareholders, who will continue to extend
need-based support.

Outlook: Stable

The company will continue to benefit from the extensive experience
of its promoters and established relationships with clients.

Rating Sensitivity Factors

Upward factors

* Stabilization of the operations on time and significant revenue
growth and profitability leading to positive cash accrual of above
INR1 crore

* Significant Improvement in financial risk profile leading to
better liquidity

Downward factors

* Delay in deployment of fleet leading to delay in achieving
breakeven at operating profitability level

* Large, debt-funded capex weakening capital structure, with
gearing above 3 times

Incorporated in 20th September 2023, ETO Motors Pvt Ltd (ETOMPL) is
a leading Electric Mobility Solutions provider. It offers fleet
services in both the passenger & logistics segments of the
automotive industry. Its fleets are ready for deployment, manned by
specially trained drivers for last-mile logistics operations or
last-mile connectivity in urban settings. It has tie ups with major
e-commerce players like Amazon, Flipkart & BigBasket to help
facilitate their last-mile deliveries and players like Ola, Uber,
Rapido etc under passenger segment.  Mr. Karthik Ponnapulan,
Director oversees day-to-day operations of the company.


FP INDIA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of FP India
Project Management Consultancy Services Private Limited (FPIPL)
continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       7.5         CRISIL A4 (Issuer Not  
                                    Cooperating)

   Cash Credit          3.5         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Standby Line         0.53        CRISIL B+/Stable (Issuer Not
   of Credit                        Cooperating)

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

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

Detailed Rationale

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

FPIPL incorporated in 1995 by the UK-based Pell Frischmann and
Mumbai-based Mr. Sudhakar Prabhu, is a multidisciplinary
consultancy firm. Operations comprise project management services
such as tender evaluation, quantity surveying, construction
supervision, quality assurance and controls, commissioning, and
operations and maintenance (O&M). The company also undertakes
detailed engineering designs, including feasibility studies,
physical surveys, economic analysis, environmental impact analysis,
cost estimation, and demand forecasting.


G. SHANKAR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G. Shankar
(GS) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        225        CRISIL A4 (Issuer Not  
                                    Cooperating)

   Overdraft Facility     65        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Term Loan              10        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Established in the early 1990s as a proprietorship concern by Mr.
Gundmi Shankar, GS executes civil construction contracts, mainly
irrigation projects. The firm is a registered Class I contractor
with Krishna Bhagya Jala Nigam Ltd, Karnataka Neeravari Nigam Ltd,
and Visvesvaraya Jala Nigam Ltd. GS also operates a convention
centre, Shamili Inn, in Ambalpadi, Karnataka.


GHANSHYAM ANJANA: CARE Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ghanshyam
Anjana (GA) continue to remain in the 'Issuer Not Cooperating'
category.

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

   Long Term/Short      2.50       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 10,
2022, placed the rating(s) of GA under the 'issuer non-cooperating'
category as GA 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. GA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 26, 2023, July 6, 2023, July 16, 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).

Pratapgarh based (Rajasthan) Ghanshyam Anjana (GA) was formed as a
proprietorship concern by Mr. Ghanshyam Anjana in the year 1993. GA
is primarily engaged in the execution of civil construction
contract works with major focus on construction works pertaining to
lying of pipelines, water tank and pumping stations, earth work,
drainage system and minor bridges. The firm is registered as an
"AA" class civil contractor (highest in the scale of AA to E) with
Public Work Department (PWD) and Public Health Engineering
Department (P.H.E.D.) of Rajasthan indicating eligibility to bid
for contracts of any amount. Further the firm is also approved
contractor with India Railways related to construction and
engineering works. GA has long standing association with PWD,
P.H.E.D for whom the firm has been executing projects since its
incorporation.


GMR HYDERABAD: S&P Alters Outlook to Positive, Affirms 'BB-' ICR
----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on GMR Hyderabad
International Airport Ltd. (GHIAL) to positive from stable. At the
same time, S&P affirmed its 'BB-' long-term issuer credit rating on
GHIAL and the 'BB-' long-term issue rating on the company's senior
secured notes.

The positive outlook indicates that S&P may raise the ratings over
the next six to 12 months if we expect GHIAL's ratio of OCF to debt
to sustainably increase toward 8%. A solid passenger traffic
recovery and higher tariffs will support this.

A robust passenger traffic recovery will strengthen GHIAL's
financial metrics. S&P forecast GHIAL's OCF-to-debt ratio to
improve to 7.5%-10% over the fiscal years 2025 (year ending March
31, 2025) and 2026, from its estimate of 4.5% in fiscal 2024. A
strong recovery in passenger traffic will support this, and S&P
expects total traffic in fiscal 2024 could surpass pre-pandemic
levels at 115%.

Domestic passenger volume at GHIAL surpassed pre-pandemic levels in
the first quarter of fiscal 2024 at about 5.2 million passengers.
Resilient domestic demand and increases in airline capacity will
continue to drive the recovery in passenger volume. S&P estimates
domestic traffic will increase to 20 million-21 million passengers
in fiscal 2024, registering close to 18% growth.

International traffic rebounded strongly and has fully recovered to
pre-pandemic levels in the first quarter of fiscal 2024. S&P
expects international passenger traffic in fiscal 2024 to surpass
pre-pandemic levels at 115%, reaching about 4.5 million passengers.
An increasing number of international routes and fleet capacity by
airlines, and a strong propensity to travel will likely boost
international traffic.

Rising tariffs over the next two years also drive higher cash flow.
GHIAL's earnings will benefit from a tariff hike under the current
control period 3 (CP3; April 1, 2021, to March 31, 2026). The
tariff (aeronautical revenue per passenger excluding cargo, ground
handling and fuel farm) will increase to Indian rupee (INR) 460 per
passenger in fiscal 2024 and INR509 in fiscal 2025, from about
INR300 in fiscal 2023. This supports doubling of EBITDA to about
INR15.5 billion in fiscal 2025 from fiscal 2023.

GHIAL's profitability will improve on higher non-aeronautical
revenue. S&P forecasts the company's adjusted EBITDA margin to
recover to 44%-48% over fiscal years 2024 and 2025, from 40% in
fiscal 2023. The solid traffic recovery and upcoming terminal
expansion will lift non-aeronautical revenue, particularly in the
retail and duty-free segments. Higher non-aeronautical revenue of
about INR10.7 billion in fiscal 2024 and INR13.0 billion in fiscal
2025 will boost cash flow and margins. Moreover, GHIAL's operating
cost profile will likely stabilize following the completion of its
terminal expansion by the fourth quarter of fiscal 2024. About 94%
of expansion work has been completed and commissioned in phases as
of Aug. 31, 2023.

The positive outlook on GHIAL over the next six to 12 months
reflects S&P's expectation that the company's OCF-to-debt ratio
could increase toward 8%. A solid passenger traffic recovery and
higher tariffs will support this.

S&P could raise the rating on GHIAL if the company's OCF-to-debt
ratio increases toward 8% on a sustainable basis. This could happen
if:

-- Passenger traffic volumes stay close to our expectations; and
GHIAL's EBITDA margin improves toward 45%-50% following the
completion of its terminal expansion.

-- S&P could revise the outlook on GHIAL to stable if the
company's OCF-to-debt ratio is unlikely to improve toward 8% on a
sustainable basis. This could happen if passenger traffic is
materially weaker than we expect, or dividend payout is higher than
anticipated.

Environmental, Social, And Governance

Social factors are a moderately negative consideration in our
credit rating analysis of GHIAL. This is because the
pandemic-related drop in passenger traffic strained the company's
financials and profitability over fiscals 2021 and 2022.

However, a strong rebound in both domestic and international
traffic will support a steady recovery in cash flow. Catalysts for
this include lifting of travel restrictions, an increase in
airlines' capacity, and resilient passenger demand. We expect GHIAL
to handle about 25 million passengers in fiscal 2024, surpassing
pre-COVID levels at 115%. Domestic traffic, which contributes about
80% of GHIAL's traffic mix, is likely to register 20 million-21
million passengers in fiscal 2024.

That said, the company is less exposed to potential operating
restrictions to reduce noise and congestion than peers, given the
Hyderabad airport is away from central business and residential
districts.

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Health and safety


GRAMEEN VIKAS: CRISIL Keeps B Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Grameen Vikas
Sanstha (GVS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       2        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

GVS is a Meerut, Uttar Pradesh-based not-for-profit society set up
in 1989, and managed by the secretary, Mr. Prem Pal Singh Tomer.
The society operates several educational, vocational, and training
institutes under state and central government schemes for the under
privileged.


IRC NATURAL: CRISIL Withdraws B Rating on INR26cr Term Loan
-----------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
IRC Natural Resources Private Limited (IRC) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              26        CRISIL B/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with IRC for
obtaining information through letters and emails dated March 28,
2022 and May 24, 2022, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

IRC, established in 2002, is promoted by the Indian Roadways
Corporation group. The Kolkata based company started with trading
in minerals and diversified into contract mining. IRC also provides
excavators on rent for mining and has further diversified into
cargo handling business which started operations from December
2017. Mr Anil Gupta and Mr Aditya Gupta are the promoters


JHAWAR INTERNATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jhawar
International (JI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.93       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     40.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 2, 2022,
placed the rating(s) of JI under the 'issuer non-cooperating'
category as JI 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. JI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2023, June 28, 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).

Surat-based (Gujarat) JIN was formed in 1996 as a partnership firm
in the name of Jhawar International by Jhawar family. JIN is into
the business of manufacturing of Printed fabrics, dye fabrics and
fancy work. JIN is operating from its sole manufacturing plant
located in Surat with an installed capacity of manufacturing 16.8
tonne of narrow fabrics and 1200 tonne of dyed multiple. The
products manufactured by the company find its application in the
textile industry. The promoters also run another entity Supreme
(India) Impex Limited (SIIL) which undertakes value-added work such
as embroidery, sequencing, zari and handwork on synthetic fabrics.



JYOTI ENTERPRISES: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jyoti
Enterprises - Delhi (JED) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of JED under the 'issuer
non-cooperating' category as JED 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. JED
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).

Delhi based Jyoti Enterprises (JED) was established in the year
2000 as a proprietorship firm. The firm is currently managed by Mr.
Sanjay Agarwal. The firm is "Class-I" contractor and is engaged in
the construction of buildings, designing, supply, installation,
testing, commissioning and maintenance of fire protection systems,
internal water supply, drainage, roads & pavement, internal
electrification & related development works, etc. for buildings.


KAMALA BOARD: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kamala
Board Box Private Limited (KBBPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.30       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      0.21       CARE A4; 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 18,
2022, placed the rating(s) of KBBPL under the 'issuer
non-cooperating' category as KBBPL 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. KBBPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 4, 2023, July 14, 2023,
July 24, 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).

KBBPL was initially set up as a proprietorship firm 'Kamala Board
Box' in the year 1984 by Mr. Subrata Das and Mrs. Ipsita Das.
Subsequently, it was converted into private limited company with
effect from February 23, 2006 and the name of the company changed
to its present name. The company has been engaged in manufacturing
of corrugated board boxes, used for packaging products. The
manufacturing facility of the company is located at Kolkata, West
Bengal.

KAY KAY: CARE Keeps B- Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Kay Kay
Scaffolding Private Limited (KKSPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.36       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank     10.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2022, placed the rating(s) of KKSPL under the 'issuer
non-cooperating' category as KKSPL 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. KKSPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 10, 2023, July 20, 2023,
July 30, 2023.

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

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

The ratings assigned to the bank facilities of KKSPL have been
revised on account of non-availability of requisite information.
The ratings also consider reported net loss during FY22.

Valsad (Gujarat), based KKSPL was incorporated in 2004 as a private
limited company by Mr. Kinnar Bhandutia, Mr. Biren Champaneri, Mr.
Kantilal Champaneri and Ms. Kirti Kinnar Bhandutia. Initially Mr.
Kinnar Bhandutia and Mr. Kantilal (relative of director) had
started partnership firm as Kay Kay Equipment in 1984 which was
subsequently closed down in 2004. At present, Mr. Liladhar Sharda,
Mr. Kinnar Bhandutia and Ms. Kirti Bhandutia holds directorship in
KKSPL. It is into the business of manufacturing of scaffold
products, shuttering material and crash barrier. KKSPL has
manufacturing facility at Valsad, Gujarat with installed capacity
of 8000 Metric Tons Per Annum for manufacturing of Scaffolding and
shuttering material.

OVERNITE EXPRESS: NCLT Enters Liquidation Order
-----------------------------------------------
Business Standard reports that the the National Company Law
Tribunal (NCLT) on Sept. 18 ordered the liquidation of Overnite
Express after admitting the plea of its lender Deutsche Bank AG
against a resolution plan submitted by a member of the debt-ridden
company's suspended board.

While the Insolvency and Bankruptcy Code (IBC) bars promoters of a
corporate debtor from submitting a resolution plan under the CIRP,
there is relaxation for MSMEs, the report notes.

The resolution plan was submitted citing that the company is an
MSME under the Corporate Insolvency Resolution Process.

According to Business Standard, a two-member bench of the NCLT
ordered the liquidation of corporate debtor Overnite Express "with
immediate effect" as a time frame of more than 330 days of the
Corporate Insolvency Resolution Process (CIRP) has already
elapsed.

It also appointed Tarun Jain as liquidator of the corporate debtor
to carry on the liquidation process as per the relevant provision
of the IBC 2016, Business Standard relates.

A resolution plan was submitted on behalf of a member of the
suspended board of Overnite Express, claiming that the corporate
debtor falls under the MSME category in terms of the central
government's notification dated June 1, 2020.

The total admitted claims of the secured financial creditors are
INR10.82 crore against which they are offered a meagre amount of
INR3.24 crore, which is approximately 30 per cent of the admitted
claims, Business Standard discloses.

Deutsche Bank AG's claim is INR6 crore and was offered 30% of the
admitted claim. The said offer was without considering the
valuation of the security held by the applicant, which is valued at
more than INR12 crore as of date.

It was alleged by the bank that the resolution professional is in
hand in glove with the suspended board of directors, who is the
successful resolution applicant also, Business Standard says.

It also alleged that RP has not conducted any forensic or
transactional audit of the corporate debtor in order to find
whether any defrauding of the assets of the corporate debtor has
been carried out by the suspended board of directors or by any
third party.

Moreover, RP received MSME certification during CIRP and submitted
the resolution plan.

Section 29A of IBC forbids the promoters to submit a bid, however,
section 240 A provides an exception for MSMEs.

It says section 29A shall not apply to the resolution applicant in
respect of CIRP of any micro, small and medium enterprises.

Business Standard relates that the NCLT agreed with the submission
of the bank and said: "Under the garb of fixing the criteria for
the intending Prospective Resolution Applicants, the RP cannot
assume the role of a 'Facilitator' to enable the Defaulter
Promoter(s)/ Suspended Board of Director(s)/Ex-Management to submit
the EOI/Resolution Plan by abusing the provisions contained under
Section 240A of IBC 2016".

NCLT said IBC does not empower the RP or the CoC to obtain an MSME
certificate to enable the back door entry of the defaulting
promoters into the corporate debtor.

"We conclude that neither the Promoters/Ex-Directors nor the RP/COC
are empowered under the IBC 2016 to obtain an MSME Certificate
post-commencement of CIRP with the sole purpose of opening or
enabling a back door entry to the defaulting promoters, who are
otherwise barred under Section 29A of IBC, 2016 to submit the
EOI/Resolution Plan," it said.

Business Standard adds that NCLT further said: "Accordingly, the
prayer (b) of . . . is allowed and the Resolution Plan filed is
rejected".


PALM HEIGHTS: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Palm
Heights Private Limited (PHPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 6,
2022, placed the rating(s) of PHPL under the 'issuer
non-cooperating' category as PHPL 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. PHPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 23, 2023, August 2, 2023, August 12, 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).

Palm Heights Private Limited (PHPL) was incorporated in 2013 and is
currently being managed by Mr. Daljit Dogra Singh, Mr. Harjinder
Singh Rangi and Mr. Ankit Sidana. The project was being developed
in the form of seven towers with a total of 164 flats. The project
is expected to be completed by October 2020. As on August 10, 2017,
62 flats have been sold out of 164 flats. CARE does not have any
update on the latest developments in this regard.

PUSHP PREM: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Pushp Prem
Constructions (PPC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.40       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           6.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of PPC under the 'issuer
non-cooperating' category as PPC 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. PPC
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).

Agra, Uttar Pradesh based Pushp Prem Constructions (PPC) was
established in the year 2012 as a proprietorship firm and started
its commercial operations from 2013. The firm is currently managed
by Mr. Prem Prakash Gupta. The firm is "Class A" contractor and is
engaged in construction works such as construction of R.C.C.
overhead water tanks, pump house, rising main & drainage system,
etc.

RAHUL WIRE: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rahul Wire
Ropes (RWR) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.39       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of RWR under the 'issuer
non-cooperating' category as RWR 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. RWR
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).

Bhiwadi, Rajasthan based RWR is a partnership firm established in
2011. The firm was initially established as a proprietorship firm
"Rahul Wire Ropes" in 1999 and later on, the constitution was
changed to partnership in 2011, The partners of the firm are Mr
Krishan Kumar Gandhi and his son Mr Rahul Gandhi. The firm
manufactures various types of automotive control cables such as
accelerator cables, clutch cable, gear cables, speedometer and
other cables for two wheelers and four wheelers. The firm is tier-2
vendor for various renowned automobile brands,


RAJSHREE CONSTRUCTION: CARE Lowers Rating on INR5.14cr Loan to B-
-----------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Rajshree Construction (RC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.14       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      3.75       CARE A4; 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 2, 2022,
placed the rating(s) of RC under the 'issuer non-cooperating'
category as RC 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. RC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2023, June 28, 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).

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

Dahod-based (Gujarat), Rajshree Construction (RC) is a partnership
firm constituted in 2005 by Mr. Deepsingh Hada, Mr. Hitendrakumar
Hada, Mr. Jasvantsinh Hada and Mrs. Kokilaben Hada. RC is engaged
in executing civil construction projects for construction of roads
and bridges. The firm also has a class 'A' contractor certificate
from the Road & Building department (R&B), Government of Gujarat
(GoG) which makes the firm eligible for tendering for the works of
roads and building department, irrigation department and public
health engineering department in the Gujarat state. The entity
generates significant portion of its revenue through road work such
as new road construction, patch work, resurfacing executed in the
state of Gujarat. RC secures all its government contracts through
open bidding process of R&B department of Gujarat. Orders received
by RC generally get executed within 6-12 months. The firm sub-lets
around 10% of its work orders to other local subcontractors.


RAMAKRISHNA ELECTRONICS: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Ramakrishna Electronics (Kurnool) (RE) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      30.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 30,
2022, placed the rating(s) of RE under the 'issuer non-cooperating'
category as RE 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. RE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 16, 2023, July 26, 2023, August 5, 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).

Ramakrishna Electronics (RE), is a partnership firm established in
April, 2000by Mr. V. Raghavenrdra, Mr. V. Ravi Kumar, Mrs. V.
Rajeshwari, Mrs. V. Neelima, Mr. V Ananthakrishna, Mr. G. Ramaiah,
Mr. G. Seshamma and Mrs. V. Nagarekha. The firm is engaged in
distribution and trading (retail and wholesale) of consumer
electronic products and home appliances. It operates with a total 9
showrooms. The firm has its registered office and show room located
at Municipal Shopping Complex, Park Road, Kurnool with other retail
show rooms located at Anathapur, Nadhyala, Madhanapally,
Thandapathi, Kadiri and Guntakal in Andhra Pradesh. The firm
distributes consumer durables of some major brands which include
Sony and LG electronics goods in and around two districts of Andhra
Pradesh.


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.55       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 2, 2022,
placed the rating(s) of RMPL under the 'issuer non-cooperating'
category as RMPL 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. RMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 18, 2023, June 28, 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).

Incorporated in October 2008, RMPL is promoted by the Bhopal-based
RM group. RMPL is engaged in sales and services of passenger cars
of Maruti Suzuki India Limited (MSIL). RMPL is an authorized dealer
for passenger vehicles of MSIL in Bhopal (Madhya Pradesh) and
operates through three showrooms and three workshops located in the
region.


S E TRANSSTADIA: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S E
Transstadia Private Limited (SETPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      335.65      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 8, 2022,
placed the rating(s) of SETPL under the 'issuer non-cooperating'
category as SETPL 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. SETPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 24, 2023, June 3, 2023, June 13, 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 E TransStadia Pvt Ltd (SETPL) belongs to 'Setco group' and has
developed multipurpose convertible (indoor & outdoor) stadium along
with sports facility in the vicinity of Kankaria Lake, Maninagar,
Ahmedabad. The multipurpose sports arena consists of about 14.50
lakh sq. ft. build-up area with 2 basement, 1 ground and 6 floors.

SAI BALAJI: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sai Balaji
Constructions (SBC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.00       CARE A4; 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 18,
2022, placed the rating(s) of SBC under the 'issuer
non-cooperating' category as SBC 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. SBC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 4, 2023, July 14, 2023, July 24, 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).

Andhra Pradesh based, Sai Balaji Constructions (SBC) was
established as a partnership firm in the year 2007 and promoted by
Mr. Maramreddy Satish Reddy and Mrs. Maramreddy Hymavathamma. The
firm is engaged in civil constructions works like construction of
roads for state government of Andhra Pradesh and private
organizations also. The firm receives the work order from
government organization by participating in the tenders. The firm
purchases the raw materials like metal, cement and bitumen among
others from local traders of Andhra Pradesh.

SAI POULTRY: CARE Keeps B- Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sai
Poultry Farm (SPF) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.30       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 30,
2022, placed the rating(s) of SPF under the 'issuer
non-cooperating' category as SPF 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. SPF
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 16, 2023, July 26, 2023, August 5, 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).

SPF is a partnership firm incorporated in the year 1983 by Mr. R
Chinnapa Gounder and his son Dr C K Samy. Currently, the firm has
four active partners namely Mr R Chinnapa Gounder, Dr C K Samy, Dr
S Senthil kumar (son of Dr C K Samy) and Dr S Shornalatha (wife of
Dr S Senthil kumara). The firm is engaged in the sale of eggs and
cull birds. As on January 31, 2017, SPF has around 7 lakh hens at
its four farms spread across 28 acres in Chittode, TamilNadu (TN).
SPF sells around 4 lakh eggs per day.


SHRIVALLABH PITTIE: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of
Shrivallabh Pittie South West Industries Limited (SPSWIL) continue
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      415.53      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 8, 2022,
placed the rating(s) of SPSWIL under the 'issuer non-cooperating'
category as SPSWIL 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. SPSWIL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated May 24, 2023, June 3, 2023, June 13, 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).

Shrivallabh Pittie South West Industries Limited (Formerly Platinum
Textiles Limited) is a flagship company of Shri Vallabh Pittie
group. The company was incorporated in September 1993 under the
name of Neha Furnishings Pvt Ltd. Subsequently, it was renamed as
PTL with effect from December 31, 2009. PTL is engaged in the
business of manufacturing of cotton, polyester and polyester &
cotton blended yarn.


UNITED TELECOMS: NCLAT Dismisses Insolvency Plea against Company
----------------------------------------------------------------
The Times of India reports that the Insolvency & Bankruptcy Code is
"not a recovery mechanism", observed the National Company Law
Appellate Tribunal (NCLAT), while dismissing a plea against United
Telecoms Ltd filed by one of its operational creditors.

This is the second such observation from the Chennai bench of the
insolvency appellate tribunal this month, after declining to
entertain the petition from operational creditors, TOI notes.

Earlier, it had refused to entertain an insolvency petition against
Wipro Ltd after observing that the bankruptcy law cannot be used as
a means to recover debt against solvent companies.

Again, while rejecting a plea against United Telecoms last week, a
two-member bench comprising justices M Venugopal and Shreesha Merla
said: "Time and again, the apex court in a catena of judgments held
that the IBC is not a 'recovery mechanism,' TOI relays.

According to TOI, the appellate tribunal upheld the order by the
Bengaluru bench of the National Company Law Tribunal (NCLT), which
had dismissed the plea moved by an operational creditor claiming a
default of INR8.46 crore against United Telecoms Ltd, which is an
ICT and social infrastructure company.

According to the petitioner, it had entered into a settlement
agreement with the company on its request and had signed an MoU
(memorandum of understanding). Some amount was paid, however, a
larger payment was due.

TOI relates that counsel for the appellant vehemently contended
that the MoU was duly signed by the parties and therefore United
Telecoms is bound by the terms of the 'settlement agreement'.

He further submitted that the amounts which are balanced and due
and payable fall within the definition of 'Operational Debt' and
therefore NCLT has erred in dismissing its plea.

However, United Telecoms had categorically denied any agreement
entered into and evidenced that there was a pre-existing dispute
prior to the issuance of the 'demand notice,' TOI relays.

After going through the pleadings, NCLAT said: "The first MoU is
dated Sept. 10, 2005 and any amount due and payable under it is
barred by limitation. The 'Settlement Agreement' dated Jan. 1, 2018
cannot be taken into consideration for establishing any debt due
and payable as it is anti-dated." It is evident that the petition
filed in respect of claims arising under the aforementioned
settlement agreement does not come within the definition of
'operational debt', it said.

"For all the aforenoted reasons, this 'appeal' fails at the
threshold and is accordingly dismissed," it said.


V. R. NACHIMUTHU: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of V. R.
Nachimuthu (VRN) 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 August 30,
2022, placed the rating(s) of VRN under the 'issuer
non-cooperating' category as VRN 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. VRN
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 16, 2023, July 26, 2023, August 5, 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).

V. R. Nachimuthu (VRN) is a partnership firm established in the
year 1962 by Mr. V. R. Nachimuthu. After the demise of the latter
in the year 2008, the business was taken over by Mr. V.N.
Subramanian, Son of Mr. V. R. Nachimuthu along with the other
partners. After several reconstitutions in the partnership, the
present partners are Mr. V. N. Subramanian, his wife Mrs. S.
Jayanthi and his sons Mr. V.S. Saravanan, Mr. V.S. Gokul, and Mr.
T.M. Logakumaresan, relative. All the partners share the profit and
loss equally except T.M. Logakumaresan. Mrs. S. Jayanthi and T. M.
Logakumaresan who are dormant partners. Till 2000, the firm was
engaged in undertaking civil construction projects for both
government as well as private sector companies. The firm has
executed state government projects such as urban development
project, construction of overhead tanks and underground reservoirs,
building [Low-Income Groups (LIG), Middle-Income Groups (MIG) and
High-income Groups (HIG)] in favour of Tamil Nadu Housing Board,
construction of flats to Erode Housing Unit, Coimbatore housing
units, Tamil Nadu Water Supply and Drainage Board etc. The entity
is presently engaged in business of real estate property
development, housing projects, and other civil constructions such
as laying pipes, Base Transceiver Station (BTS) towers, etc.




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

BUCKLAND INVESTMENTS: Creditors' Proofs of Debt Due on Oct. 14
--------------------------------------------------------------
Creditors of Buckland Investments Limited are required to file
their proofs of debt by Oct. 14, 2023, to be included in the
company's dividend distribution.

The High Court at Auckland appointed Janet Sprosen and Leon Francis
Bowker of KPMG as liquidators on Sept. 14. 2023.


FOOD NATION: Plant-Based Meal Company to Close Doors
----------------------------------------------------
Stuff.co.nz reports that Food Nation, the award-winning plant-based
meal company, is closing after deciding the extra investment needed
to develop the company wouldn't deliver the necessary returns.

The Auckland-based company was founded by sisters Miranda Burdon
and Josie Lambert in 2019, with a mission to get more plants on
more plates for the good of the people and the planet.

Daughters of former cabinet minister Philip Burdon, who co-founded
Meadow Mushrooms, the duo put mushrooms at the heart of their
range, focusing on centre plate options including super sausies,
amaze balls, happy patties and magic mince in colourful,
eye-catching packaging.

In an email to customers headed "Time to say Goodbye and Thank
You", the sisters said they had decided to cease production, and
would be making their final batches this week, with the last orders
going out on Sept. 20, according to Stuff.

The company launched its first product, Magic Mince, in the middle
of the Covid-19 pandemic in April 2020.

"Since then the world has changed in ways we couldn't have imagined
and we have seen quite a shift in the needs and wants of our
consumers. In response to these changes, we spent the first half of
this year working with partners in NZ and the US to challenge our
thinking and better understand the market and product
opportunities," they said in the email, Stuff relays. "This process
has resulted in the view that in the current business environment,
the investment required to continue to develop a world-class
plant-based protein alternative is greater than the return we
believe we can realise from the category in the necessary
timeframe."

New Zealand was the company's biggest market, although it had
expanded to Asia and was eyeing the US market with a focus on
California.

In their email, the sisters said it had been "an amazing four
years", noting they had driven "joy and deliciousness" into a very
traditional "boring" category, Stuff relates.

"We're finishing on a high after a good last few months trading
despite tough market conditions," they said.

Food Nation's strategy celebrated plants rather than fake meat, and
the company sourced New Zealand grown food such as buckwheat,
beetroot, hemp, mushrooms, chickpeas and quinoa.

It reduced waste by using fully recyclable packaging and mushrooms
that didn't make the grade for supermarkets.


GIZZYTRU LIMITED: Court to Hear Wind-Up Petition on Oct. 6
----------------------------------------------------------
A petition to wind up the operations of Gizzytru Limited will be
heard before the High Court at Auckland on Oct. 6, 2023, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 22, 2023.

The Petitioner's solicitor is:

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


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

Bizcap NZ Limited filed the petition against the company on July 5,
2023.

The Petitioner's solicitor is:

          J. R. F. Cochrane
          Lane Neave
          Level 8, Vero Centre
          48 Shortland Street
          Auckland 1010


SPOT X: Creditors' Proofs of Debt Due on Oct. 20
------------------------------------------------
Creditors of Spot X Limited are required to file their proofs of
debt by Oct. 20, 2023, to be included in the company's dividend
distribution.

The High Court at Auckland appointed Simon Dalton of Gerry Rea
Partners as liquidators on Sept. 1, 2023.


VALHALLA INTERIOR: Creditors' Proofs of Debt Due on Nov. 20
-----------------------------------------------------------
Creditors of Valhalla Interior Limited are required to file their
proofs of debt by Nov. 20, 2023, to be included in the company's
dividend distribution.

The High Court at Auckland appointed Iain Bruce Shephard and
Jessica Jane Kellow of BDO Wellington as liquidators on Sept. 15,
2023.





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

CHOPSTICKS AND BIBS: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Sept. 15, 2023, to
wind up the operations of Chopsticks and Bibs Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

          Leow Quek Shiong
          Gary Loh Weng Fatt
          BDO Advisory
          600 North Bridge Road
          #23-01 Parkview Square
          Singapore 188778


HUMAN CAPITAL: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 8, 2023, to
wind up the operations of Human Capital Alpha Pte. Ltd. (formerly
known as Funds Partnership (Asia) Pte. Ltd.)

New Excellent Investment Limited filed the petition against the
company.

The company's liquidators are:

          Saw Meng Tee
          Ong Shyue Wen
          EA Consulting Pte Ltd (a subsidiary of EisnerAmper PAC)
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


WILMAR CHOCOLATE: Creditors' Proofs of Debt Due on Oct. 20
----------------------------------------------------------
Creditors of Wilmar Chocolate Pte. Ltd. are required to file their
proofs of debt by Oct. 20, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 19, 2023.

The company's liquidator is:

          Mr. Liew Khee Soon
          60 Paya Lebar Road
          #04-51, Paya Lebar Square
          Singapore 409051





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

SRI LANKA: S&P Cuts Local Currency Sovereign Credit Rating to 'SD'
------------------------------------------------------------------
On Sept. 19, 2023, S&P Global Ratings lowered its long- and
short-term local currency sovereign credit ratings on Sri Lanka to
'SD' from 'CC/C'. At the same time, S&P affirmed the other ratings
on Sri Lanka, including the 'SD' long-term foreign currency rating.
In addition, S&P lowered to 'D' its issue rating on Sri Lanka's
local currency bond maturing October 2023.

Outlook

S&P said, "We do not assign outlooks to 'SD' ratings because they
express a condition and not a forward-looking opinion of default
probability. Our post-restructuring long-term sovereign ratings
tend to be in the 'CCC' or low 'B' categories, depending on the
sovereign's new debt structure and capacity to support that debt."

Rationale

S&P said, "We lowered our local currency long-term rating on Sri
Lanka to 'SD' following the government's confirmation of a domestic
debt restructuring exercise to support the restoration of its
public financial position. We view Sri Lanka's debt restructuring
as distressed rather than opportunistic due to the government's
very high interest burden and local currency debt stock. In our
opinion, the restructuring results in lenders receiving less than
originally promised."

Creditors participated in the restructuring of approximately 37% of
bonds eligible for the transaction, amounting to Sri Lankan rupees
(LKR) 3.2 trillion, or US$10 billion.

Bondholders involved in the restructuring were domestic
superannuation funds. S&P said, "Our sovereign ratings do not
reflect the government's capacity and willingness to service
financial obligations to public sector enterprises or similar
official creditors. However, we believe some of the superannuation
funds that participated in the exchange offer are commercial
creditors."

Affected treasury bonds held by superannuation funds have been
converted at face value, entailing no haircut on the principal of
the notes. Participating investors would have received an equally
weighted basket of new bonds, which will help to smooth the
government's maturity profile. They will also be eligible for a
continuation of the current tax rate for superannuation funds on
income from investments in treasury bonds, which is 14%, compared
with a new rate of 30% for nonparticipants.

The new notes will carry a step down in interest rate, from 12%
through 2025, to 9% thereafter, and an implied extension of
maturity in receiving the basket of new maturities. In our view,
these changes caused investors in the affected notes to receive
less than the original promise on the existing obligations.

S&P also lowered the rating on Sri Lanka's October 2023 local
currency bond to 'D' because this bond was included in the
exercise.

Following the debt restructuring, S&P will likely raise its local
currency sovereign ratings on Sri Lanka to reflect its
post-restructuring creditworthiness.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List
  
  DOWNGRADED  
                              TO       FROM
  SRI LANKA

  Sovereign Credit Rating

   Local Currency            SD/SD    CC/Negative/C

  DOWNGRADED  

                              TO       FROM
  SRI LANKA

   Senior Unsecured           D        CC

  RATINGS AFFIRMED  

  SRI LANKA

  Sovereign Credit Rating

   Foreign Currency                   SD/--/SD

  Transfer & Convertibility Assessment   CC

  SRI LANKA

   Senior Unsecured                      D

  SRILANKAN AIRLINES LTD.

   Senior Unsecured                      D




                           *********


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

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

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

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