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

                     A S I A   P A C I F I C

          Monday, September 25, 2023, Vol. 26, No. 192

                           Headlines



A U S T R A L I A

COMPUTERTRANS GROUP: First Creditors' Meeting Set for Sept. 28
CONQUEST 2023-2: S&P Assigns Prelim BB(sf) Rating to Class E Notes
CUSTOM MOVES: Second Creditors' Meeting Set for Sept. 27
JUDO CAPITAL 2023-1: Moody's Gives B2 Rating to AUD25.5MM F Notes
LEAN PERFORMANCE: First Creditors' Meeting Set for Sept. 27

MORTGAGE HOUSE 2021-2: S&P Raises Class F Notes Rating to B+ (sf)
POSSUMS FOR MOTHERS: Second Creditors' Meeting Set for Oct. 3
SEAFARING PTY: Second Creditors' Meeting Set for Sept. 29


C H I N A

CHINA EVERGRANDE: Defers Scheme Meeting; Reassess Restructuring
CHINA: Pandemic Spending Put Local Governments $548BB in the Red
GREENTOWN CHINA: Moody's Affirms 'Ba3' CFR, Alters Outlook to Neg.
LESHI INTERNET: Ordered to Pay Investors US$274 Million in Damages
YANKUANG ENERGY: Fitch Affirms BB+ Foreign Curr IDR, Outlook Stable

YUYAO SHUNCAI: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable


I N D I A

BHUTAN VENTURES: ICRA Reaffirms B+ Rating on INR30cr Term Loan
CAPITOL HILL: CRISIL Keeps D Debt Ratings in Not Cooperating
COOCHBEHAR AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating
ECO SAND: CRISIL Keeps D Debt Ratings in Not Cooperating Category
EXIM LOGISTICS: CRISIL Keeps D Debt Ratings in Not Cooperating

GLOBAL INTERNATIONAL: ICRA Lowers Rating on INR10cr Loan to D
GLOBAL INTERNATIONAL: ICRA Lowers Rating on INR26cr Loan to D
GO FIRST: Says Revival Could Be Derailed by Lessors' Demands
GVRMP WHAGDHARI: CRISIL Keeps D Debt Ratings in Not Cooperating
HASIMARA INDUSTRIES: ICRA Moves B+ Ratings to Not Cooperating

HIMAVASINI MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
IB COMMERCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
JAGDAMBA LIQUIFIED: CRISIL Moves D Ratings to Not Cooperating
MILSHA AGRO: ICRA Reaffirms D Rating on INR4.25cr LT/ST Loan
MUTHOOT FINANCE: Fitch Corrects September 4 Ratings Release

MYTRAH VAYU SABARMATI: ICRA Withdraws D Rating on INR1,452cr Loan
MYTRAH VAYU: ICRA Withdraws B+ Rating on INR623.61cr Term Loan
PRJC GROUP: CRISIL Keeps D Ratings in Not Cooperating Category
PROMPT PULP: CRISIL Keeps C Debt Ratings in Not Cooperating
SHANTI NIKETAN: CRISIL Keeps D Debt Ratings in Not Cooperating

SUNSHINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
V. P. M. SANKAR: CRISIL Keeps D Debt Rating in Not Cooperating
ZETEK CASTINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating


M A L A Y S I A

1MDB: Goldman Sachs in Talks with Malaysia to Resolve Latest Clash


N E W   Z E A L A N D

CARDINAL WEST: Creditors' Proofs of Debt Due on Oct. 20
COGITO LIMITED: Court to Hear Wind-Up Petition on Sept. 28
FORTE CIVIL: Creditors' Proofs of Debt Due on Oct. 18
HAPPY VALLEY: Creditors Approve Deed of Company Arrangement
MARKETPLACE MEDIA: Court to Hear Wind-Up Petition on Oct. 26

THAI HOLDINGS: Creditors' Proofs of Debt Due on Oct. 16


P H I L I P P I N E S

DITO CME: Secures US$3.9 Billion Financing Deal to Reduce Debt


S I N G A P O R E

GRIDDLER & GRINDER: Court Enters Wind-Up Order
LHN LOGISTICS: Unit Gets Demand Letter for Arbitral Award Payment
SAMCO CIVIL: Court Enters Wind-Up Order
SPHAERA PHARMA: Commences Wind-Up Proceedings
TOKYO SHINJU: Creditors' Meeting Set for Sept. 29

VODOKE PTE: Court Enters Wind-Up Order


V I E T N A M

BIM LAND: Moody's Withdraws 'B3' Corporate Family Rating

                           - - - - -


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

COMPUTERTRANS GROUP: First Creditors' Meeting Set for Sept. 28
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Computertrans Group Pty Ltd will be held on Sept. 28, 2023, at 1:30
p.m. at Meeting Room BM.01, Parramatta PHIVE, 5 Parramatta Square
in Parramatta and via online/electronic means.

Ernie Chou and Trent McMillen of MaC Insolvency were appointed as
administrators of the company on Sept. 18, 2023.


CONQUEST 2023-2: S&P Assigns Prelim BB(sf) Rating to Class E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six classes
of prime residential mortgage-backed securities (RMBS) to be issued
by Perpetual Trustee Co. Ltd. as trustee of ConQuest 2023-2 Trust.
ConQuest 2023-2 Trust is a securitization of prime residential
mortgage loans originated by MyState Bank Ltd.

The preliminary ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises note
subordination for all rated notes, excess spread, and mortgage
insurance covering 19.3% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve, principal draws mechanism, and an amortizing liquidity
facility equal to 1.00% of the invested amount of all notes are
sufficient under our stress assumptions to ensure timely payment of
interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by MyState Bank, available to meet extraordinary expenses.

-- The reserve will be topped up via excess spread if drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by ING Bank N.V. to hedge the mismatch between receipts
from any fixed-rate mortgage loans and the variable-rate RMBS.

  Preliminary Ratings Assigned

  ConQuest 2023-2 Trust

  Class A1, A$460.00 million: AAA (sf)
  Class AB, A$19.75 million: AAA (sf)
  Class B, A$7.00 million: AA (sf)
  Class C, A$5.75 million: A (sf)
  Class D, A$3.50 million: BBB (sf)
  Class E, A$1.55 million: BB (sf)
  Class F, A$2.45 million: Not rated


CUSTOM MOVES: Second Creditors' Meeting Set for Sept. 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of Custom Moves
Pty Ltd has been set for Sept. 27, 2023 at 10:00 a.m. 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. 26, 2023 at 5:00 p.m.

Simon Cathro and Declan Lane of Cathro & Partners were appointed as
administrators of the company on Aug. 23, 2023.


JUDO CAPITAL 2023-1: Moody's Gives B2 Rating to AUD25.5MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by AMAL Trustees Pty Limited, as trustee of Judo Capital
Markets Trust 2023-1.

Issuer: Judo Capital Markets Trust 2023-1

AUD372.0 million Class A Notes, Assigned Aaa (sf)

AUD33.0 million Class B Notes, Assigned Aa2 (sf)

AUD22.0 million Class C Notes, Assigned A2 (sf)

AUD13.5 million Class D Notes, Assigned Baa2 (sf)

AUD13.5 million Class E Notes, Assigned Ba1 (sf)

AUD25.5 million Class F Notes, Assigned B2 (sf)

The AUD20.5 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of term loans,
line of credit facilities, and equipment leases to Australian
small- and medium-sized enterprises ("SME"). The transaction
portfolio also contains a small portion of home loans to
individuals related to the portfolio's SME obligors. Of the
portfolio balance, 57.8% benefits from security over real estate.
All portfolio receivables were originated by Judo Bank Pty Ltd
("Judo Bank", unrated). This is Judo Bank's first public asset-
backed securities (ABS) transaction.

Judo Bank is an Australian challenger bank providing business loans
to Australian SMEs. Judo Bank started originating business loans in
late 2018. The bank competes directly with other major Australian
banking groups with a comparable SME product offering and pricing.
The bank pursues a multi-channel distribution model using
commercial brokers and direct channels. Judo Bank has a loan book
of AUD8.9 billion as at June 30, 2023.

RATINGS RATIONALE

The ratings take into account, among other factors, (1) Moody's
evaluation of the underlying receivables and their expected
performance; (2) evaluation of the capital structure and credit
enhancement provided to the rated notes; (3) availability of excess
spread over the transaction's life; (4) the liquidity reserve in
the amount of 1.5% of all notes; (5) the legal structure; (6)
experience of Judo Bank as servicer; and (7) presence of AMAL Asset
Management Limited as the back-up servicer.

In Moody's view, the credit strengths of this transaction include,
among others:

-- The strong obligor credit quality as demonstrated by the very
low levels of historical portfolio losses and arrears. As of June
30, 2023, 1.6% of Judo Bank's portfolio is 30+ days in arrears. As
at June 30, 2023 Judo bank has written off loans totaling AUD7.2
million which represents less than 0.06% of approximately AUD12.0
billion of origination.

-- All loans are secured by one or more of the following forms of
collateral: general security agreements ("GSA"), real estate,
equipment or standard guarantees from individuals or legal
entities. Of the portfolio balance, 55.5% benefits from security
over real estate.

-- A loss reserve equal to the greater of 0.75% of the invested
amount of the notes and AUD750,000 will be funded at settlement.
The reserve is available to cover losses not covered by excess
spread or the retention amount ledger.

However, the transaction has several challenging features, such
as:

-- Judo Bank's limited origination and servicing track record with
loan originations starting in late 2018. This risk is partly
mitigated by the fact that Judo Bank has an experienced management
and operational team with a substantial track record in Australian
business banking. Judo Bank also received its full Australian
banking license from the Australian Prudential Regulation Authority
("APRA") in April 2019 which helps embed strong standards of
governance over its operational and credit risk functions. Moody's
has also been able to assess the likely losses stemming from Judo's
portfolio against local banks and global benchmark SME portfolios.

-- Portfolio granularity: The number of obligors, 492 individual
borrower groups, is relatively low compared to other SME
securitisations. The lack of granularity is however partly
mitigated by no significant over exposure to individual obligors
and diversity at geographical and industry levels. The largest
obligor exposure is about 1.0% of the portfolio and the top 10
obligors account for less than 8.9%. The largest industry exposure
is 7.6% and the top 5 industry exposures account for less than
15.9%

-- A relatively high proportion of bullet loans comprising 30.3%
of the portfolio. Moody's stressed the default probability of these
loans to account for the refinance risk related to bullet
maturities.

-- The pro-rata amortisation of the subordinate classes of notes
(including Class G) will lead to reduced credit enhancement of the
senior notes in absolute terms. This exposes the senior notes to
the risk of loss in the tail end of the transaction, particularly
should the timing of defaults prove to be backloaded.

MAIN MODEL ASSUMPTIONS

-- Mean default rate: Moody's assumed a mean default rate of 8.3%
over a weighted average life of 4.1 years (equivalent to a Ba2
proxy rating). The default rate assumption was based on (1) the
historical performance data of Judo Bank's portfolios; (2)
benchmarking to comparable portfolios, including other Australian
bank SME portfolio performance data. In evaluating comparable
portfolios, Moody's took into consideration that the large majority
of Judo Bank's customers were either refinanced from, had prior, or
have continuing banking relationships with major Australian banks;
(3) the high proportion of bullet loans and the corresponding
impact on the assumed default rate and (4) the characteristics of
the loan-by-loan portfolio information.

-- Default rate volatility: Moody's assumed a coefficient of
variation (i.e. the ratio of standard deviation over the mean
default rate explained) of 52.2%, as a result of the analysis of
the portfolio concentrations in terms of single obligors and
industry sectors.

-- Recovery rate: Moody's assumed a 60% stochastic recovery rate
with a standard deviation of 35.2%. The recovery rate assumption is
primarily based on the characteristics of the collateral-specific
loan-by-loan portfolio information. In particular, approximately
57.8% of the portfolio is secured by real estate collateral on
which third-party valuation has been obtained. Moody's also took
into consideration the recovery rates observed on comparable bank
SME portfolios.

-- Portfolio credit enhancement: Considering the above assumptions
the Aaa portfolio credit enhancement was set at 25.8%.

PORTFOLIO CHARACTERISTICS

The initial portfolio balance was AUD492,498,191, composed of 866
contracts to 492 borrower groups. The average outstanding loan
balance was AUD568,705 and the average borrower group exposure was
AUD1,001,013. The portfolio consists of business loan (76.0%), home
loans (7.5%), lines of credit (7.3%) and equipment loans (9.2%).
The top obligor exposure is 1.0% and the top ten obligors
constitute 8.9% of the portfolio. The top three industry exposures
are real estate services (7.6%), Accommodation (4.1%) and Pubs,
Taverns and Bars (3.0%).

The weighted average portfolio yield was 8.37%.

KEY TRANSACTION STRUCTURAL FEATURES

-- The notes will be repaid on a sequential basis initially. On
and after the payment date occurring twelve months after the deal
closing date, all notes will receive their pro-rata share of
principal, provided step-down conditions are satisfied. These
include, among others, no unreimbursed charge-offs and payment date
occurring prior to the call option date. If step-down conditions
are no longer met, the repayment of principal will revert to
sequential. The call option date will occur on or after the date on
which the aggregate outstanding amount of the trust receivables is
less than or equal to 10% of the aggregate outstanding amount of
the trust receivables as at settlement date.

The transaction benefits from a funded liquidity reserve that is
sized at 1.5% of the aggregate invested amount of notes, subject to
a floor of AUD715,000, and is sufficient to cover 2.6 months of
required payments.

A loss reserve sized at 0.75% of the invested notes will be
available to cover losses remaining after application of excess
spread. It will be replenished through the interest waterfall, if
required, and is subject to a floor of AUD750,000.

Methodology Underlying the Rating Action

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

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

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Additionally, Moody's
could downgrade the ratings in case of poor servicing, error on the
part of transaction parties, a deterioration in the credit quality
of transaction counterparties, or lack of transactional governance
and fraud.

LEAN PERFORMANCE: First Creditors' Meeting Set for Sept. 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Lean
Performance Pty Ltd will be held on Sept. 27, 2023, at 11:00 a.m.
at the offices of Roger and Carson Pty. Limited at C2.5/135
Victoria Road in Drummoyne.

Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of the company on Sept. 27, 2023.


MORTGAGE HOUSE 2021-2: S&P Raises Class F Notes Rating to B+ (sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee for Mortgage House
Capital Mortgage Trust No.1 in respect of the Mortgage House RMBS
Series 2021-2. At the same time, S&P affirmed our ratings on three
classes of notes.

S&P said, "The rating actions reflect our view of the credit risk
of the underlying collateral portfolio. The asset pool has
continued to amortize and has a pool factor of around 33.6% as of
Aug. 31, 2023. Loans more than 30 days in arrears make up 1.70% of
the current balance and there have been no losses to date.
Furthermore, the portfolio has strengthened, with a
weighted-average current loan-to-value ratio of 59.1% and
weighted-average seasoning of 34 months."

While the transaction has recently converted to a pro rata payment
structure, there has been a significant buildup of subordination,
and credit support provided to each class of notes is commensurate
with the ratings assigned. Credit support is provided by
subordination and excess spread.

Under the pro rata payment structure, the class G allocated
principal is paid to the class F notes until the class F notes are
fully repaid, followed by the remaining subordinated notes. The
class F notes therefore will continue to benefit from an increase
in the percentage of credit support provided as the pool amortizes
under a pro rata structure, while the percentage of credit support
will remain static for the remaining rated notes.

A constraining factor on the degree of upgrades is a continuation
of a high prepayment rate, which may reduce the level of excess
spread generated and lead to a deterioration in the credit quality
of the remaining pool if the stronger credit quality borrowers were
to prepay. Additionally, there is increasing risk of borrower
concentration as the pool continues to amortize. The largest 10
borrowers make up 7.67% of the pool. S&P views that the lower-rated
notes are more susceptible to this increasing borrower
concentration risk.

S&P has also considered in its analysis the effects of the current
increasing interest-rate environment and cost of living pressure.

These qualitative factors constrain our ratings beyond quantitative
factors alone.

  Ratings Raised

  Mortgage House Capital Mortgage Trust No.1 in respect of the
  
  Mortgage House RMBS Series 2021-2

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

  Ratings Affirmed

  Mortgage House Capital Mortgage Trust No.1 in respect of the
  
  Mortgage House RMBS Series 2021-2

  Class A1: AAA (sf)
  Class A2: AAA (sf)
  Class AB: AAA (sf)


POSSUMS FOR MOTHERS: Second Creditors' Meeting Set for Oct. 3
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Possums For
Mothers And Babies Limited has been set for Oct. 3, 2023 at 11:00
a.m. via virtual meeting on Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 28, 2023 at 4:00 p.m.

David Lewis Clout and Scott Matthew Clout of David Clout &
Associates were appointed as administrators of the company on Aug.
30, 2023.


SEAFARING PTY: Second Creditors' Meeting Set for Sept. 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of Seafaring Pty
Ltd has been set for Sept. 29, 2023 at 12:00 p.m. at the offices of
GTS Advisory at Level 2, 68 St George Terrace in Perth and via
virtual conference facility.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 28, 2023 at 4:00 p.m.

David Hurst, Domenic Calabretta and Mathieu Tribut of Mackay
Goodwin were appointed as administrators of the company on Aug. 25,
2023.




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

CHINA EVERGRANDE: Defers Scheme Meeting; Reassess Restructuring
---------------------------------------------------------------
Reuters reports that China Evergrande said on Sept. 22 it would not
be conducting the scheme meeting scheduled on Sept. 25 and Sept. 26
as the embattled property developer considers it necessary to
reassess the terms of the proposed restructuring.

Evergrande on March 22 announced plans for the restructuring of its
$22.7 billion in offshore debt. But since then, sales of the group
has not been as expected by the company, it said.

"Based on the company's current situation and consultations with
its advisors and creditors, the company considers it necessary to
reassess the terms of the proposed restructuring to meet the
company's objective situation and the demand of the creditors," it
said in a filing, Reuters relays.

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

With more than $300 billion in total liabilities, including
offshore debt, Evergrande has been at the centre of a property debt
crisis, in which multiple Chinese developers defaulted over the
past year, forcing many to enter debt restructuring talks.

                       About China Evergrande

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

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

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

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

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

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

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

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

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


CHINA: Pandemic Spending Put Local Governments $548BB in the Red
----------------------------------------------------------------
Caixin Global reports that local governments in China went CNY4
trillion (US$548 billion) into the red during the three-year
pandemic, and the central government needs to issue special bonds
to help them pay off debts owed to businesses, according to a
well-known Chinese economist.

Accounts payable to businesses by local governments have
mushroomed, hurting the ability of enterprises to invest, said Bai
Chongen, dean of the School of Economics and Management at
Beijing's prestigious Tsinghua University, at a fiscal policy forum
on Sept. 21 in Beijing, Caixin relates.


GREENTOWN CHINA: Moody's Affirms 'Ba3' CFR, Alters Outlook to Neg.
------------------------------------------------------------------
Moody's Investors Service has affirmed Greentown China Holdings
Limited's Ba3 corporate family rating and senior unsecured rating,
and changed the rating outlook to negative from stable.

"The negative outlook reflects the uncertainties over Greentown's
ability to achieve stable operating performance and credit metrics,
in view of the challenging property market in China, as reflected
in Moody's negative outlook for the sector," says Daniel Zhou, a
Moody's Analyst.

Moody's has recently revised its outlook for China's property
sector to negative from stable, amid weaker economic growth
prospects and homebuyers' concerns over timely project completion
and delivery, which dampen property sales despite government
support measures.

"The rating affirmation reflects Moody's expectation that Greentown
will maintain its strong market position and outperform the broader
market thanks to its established brand, good land bank quality, and
state-owned enterprise background," adds Zhou, who is also Moody's
lead analyst for Greentown.

RATINGS RATIONALE

Greentown's Ba3 CFR incorporates its standalone credit strength and
a two-notch uplift based on Moody's expectation that the company
will receive extraordinary financial support from China
Communications Construction Group Limited (CCCG) in times of
financial distress.

Greentown's standalone credit strength reflects its
well-established market position and long operating record in
property development in Yangtze River Delta, good brand name,
high-quality products, and adequate liquidity.

The company's standalone credit strength is constrained by its high
debt leverage and significant although declining exposure to joint
ventures (JV).

The two-notch uplift incorporates Moody's assessment that CCCG will
extend extraordinary support to Greentown when needed, given
Greentown's operational and financial significance to CCCG, as well
as CCCG's strong influence over and track record of providing
financial support to Greentown. This view also factors in CCCG's
strong ability to provide support, underpinned by its status as a
large scale SOE, strong business and financial profiles, and good
access to funding.

Moody's expects Greentown's annual contracted sales to remain at
around RMB210 billion in 2023-24, despite the decline in recent
months. This is supported by Greentown's strong market position and
land bank in Tier-1 and Tier-2 cities, where the company plans to
launch more new projects in the next 6-12 months.

Moody's expects Greentown's leverage, as measured by adjusted
debt/EBITDA, to rise to 8.5x-8.7x over the next 12-18 months from
7.4x for the 12 months ended June 30, 2023. Softening revenue
recognition due to a sales decline over the past 1-2 years, and
declining profitability from high land costs and pricing pressure,
will drive EBITDA reduction.

Likewise, Greentown's adjusted EBIT/interest will moderate to 2.4x
over the next 12-18 months from 2.8x for the 12 months ended June
30, 2023. The projected financial metrics will continue to support
the company's standalone credit profile. That said, such
expectation entails uncertainties, in view of the challenging
operating environment in China's property sector and the country's
slowing economic growth. Any signs of deviation from Moody's
expectation would pressure the ratings.

Moody's is also concerned that the fundamental shift in the
property sector with much lower sales growth prospects and
declining profitability will post challenges for Greentown and
derail its efforts to maintain stable performance.

Greentown's liquidity remains adequate, as Moody's expects its cash
holdings, together with its operating cash flow, to cover its
maturing debt, committed land premiums and dividends over the next
12-18 months. Greentown maintains access to different types of
onshore funding, strengthened by its ownership by CCCG as a
state-owned enterprise.

Greentown's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. Despite
Greentown's status as a holding company, Moody's expects support
from CCCG to Greentown to flow through the holding company rather
than directly to its main operating companies, mitigating potential
differences in expected losses that could arise from structural
subordination.

In terms of environmental, social and governance (ESG)
considerations, Moody's has considered the company's high leverage;
the presence of strong shareholders; the disclosure of significant
related-party transactions as required by the Corporate Governance
Code for companies listed on the Hong Kong Exchange; and the
presence of four independent nonexecutive directors on its
12-member board of directors as well as three special committees
(including audit, remuneration, and nomination committees) that are
chaired by independent nonexecutive directors.

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

Greentown's rating is unlikely to be upgraded given the negative
outlook.

Moody's could revise Greentown's outlook to stable if (1) the
company's credit metrics improve, with its adjusted debt/EBITDA
below 7.0x-7.5x and EBIT interest coverage above 2.0x-2.5x, both on
a sustained basis, or substantially lower usage of JVs, and (2) it
maintains its strong strategic and economic importance to CCCG.

On the other hand, Moody's could downgrade the ratings if
Greentown's sales decline or it aggressively grows its business,
such that its credit metrics and liquidity weaken, with its
EBIT/interest coverage falling below 1.5x; or its liquidity
deteriorates, as reflected by its unrestricted cash/short-term debt
falling below 1.0x.

Any sign of weakening support from or reduced ownership by CCCG
will be negative for Greentown's ratings. Moody's could also
downgrade the rating if the company substantially increases its
investment in new JV projects.

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

Greentown is one of China's main property developers, focused on
Hangzhou city and Zhejiang province. As of June 30, 2023, the
company had 200 projects with a total gross floor area of 44.6
million square meters (sqm), with 26.6 million sqm attributable to
the company.

Greentown listed on the Hong Kong Stock Exchange in July 2006. CCCG
is the company's largest shareholder, with a 28.42% equity stake as
of June 30, 2023, followed by Wharf (Holdings) Limited with a
22.06% stake. Song Weiping, Greentown's founder, owned 8.57% of the
company as of June 30, 2023.

LESHI INTERNET: Ordered to Pay Investors US$274 Million in Damages
------------------------------------------------------------------
Yicai Global reports that a Chinese court has ruled that Leshi
Internet Information & Technology Beijing, a struggling internet
firm once known as 'China's Netflix,' must compensate investors to
the tune of CNY2 billion (US$274 million) for losses they incurred
as a result of its false financial statements.

Leshi must remunerate the plaintiffs for losses on their
investments, commission, and stamp duty within 10 days of the
verdict, according to media reports that cited a lawyer who
referred to a first-instance ruling made by the Beijing Financial
Court earlier last week, Yicai relates.

Leshi, also known as LeEco, was founded in 2004 by businessman Jia
Yueting. After initially focusing on online video streaming
services, it became mired in debt by the end of 2016 after Jia
borrowed heavily to expand into other areas, including smartphones,
smart televisions, and electric vehicles, Yicai notes.

Jia fled to the United States in 2017 to escape the mounting debt
crisis and focus on developing EV startup Faraday Future. He still
has not returned.

In March 2021, Leshi was found guilty of cooking the books of every
annual financial report from 2007 to 2016 and was fined CNY240
million (US$32.9 million) by regulators, equivalent to 5 percent of
the amount raised in its initial public offering and the country's
biggest-ever financial penalty for stock fraud, Yicai recalls.

Jia is also required to shoulder joint indemnity, the Beijing
Financial Court said. Ping'an Securities, which underwrote Leshi's
IPO, must bear proportionate liability within a scope of 10
percent, and five accounting firms must also share liability
ranging from 0.5 percent to 1.5 percent.

According to Yicai, the CNY2 billion penalty is less than half of
the CNY4.6 billion in compensation that Shanghai Junying Asset
Management and 1,999 other entities were claiming in a civil
indictment filed against Leshi and 21 related firms in January last
year. Shanxi Securities reported the case at the time, citing the
court document seen by its owner Zhong De Securities

Leshi, which had liabilities of CNY20.9 billion (US$2.8 billion) as
of Sept. 30, 2020, was kicked off the Shenzhen bourse in May 2020
due to its failure to regain a positive net worth, Yicai recalls.
The firm still has over 400 employees and its income mainly comes
from online video subscriptions, adverts and office rent, according
to its microblogging Weibo account.

The Beijing Financial Court, set up in January 2021, is a
specializes in handling financial and economic cases.

                       About Leshi Internet

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and distribution
businesses in China.

Leshi Internet has been mired in massive debt woes since its parent
LeEco was hit with a cash crunch after years of aggressive
expansion, according to Caixin Global. Founder Jia Yueting fled
China to the U.S. and has not returned since the summer of 2017,
leaving behind CNY11.9 billion (US$1.7 billion) of debts. Mr. Jia
was blacklisted as a debt defaulter by a Chinese court. In October,
Mr. Jia filed for bankruptcy in the U.S.


YANKUANG ENERGY: Fitch Affirms BB+ Foreign Curr IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed Yankuang Energy Group Company Limited's
Long-Term Foreign-Currency Issuer Default Rating and senior
unsecured rating at 'BB+'. The Outlook is Stable.

Yankuang Energy's ratings are closely aligned with Fitch's internal
assessment of the creditworthiness of its 54.81% parent, Shandong
Energy Group Co., Ltd., due to the parent's 'High' strategic and
operational incentives to support the subsidiary under the "strong
parent, weak subsidiary" path of Fitch's Parent and Subsidiary
Linkage (PSL) Rating Criteria.

Fitch assesses the parent's credit profile using a bottom-up
approach with a multiple-notch uplift from the ultimate parent,
Shandong State-owned Assets Supervision and Administration
Commission (SASAC). This reflects a moderate likelihood of
government support under Fitch's Government-Related Entities (GRE)
Rating Criteria.

KEY RATING DRIVERS

Parent's 'Strong' Linkage with State: Fitch assesses Shandong
Energy's status, ownership and control as 'Strong', due to its full
provincial government ownership; it is 70% owned by Shandong SASAC,
20% by Shandong Guohui Investment Holding Group Co., Ltd.
(BBB+/Stable) and 10% by the Shandong Provincial Council for Social
Security Fund. SASAC directly appoints the company's board and
management, and supervises its strategy and operations.

Fitch assesses Shandong Energy's support record as 'Moderate'. The
company was established from a state-initiated merger between the
old Shandong Energy and the old Yankuang Group, with the Shandong
provincial government providing tangible support to both entities,
including asset and land injections as well as subsidies. However,
the support was insufficient to boost the combined entity's
standalone financial position to a stronger level.

Parent's 'Strong' Financial Impact of Default: Shandong Energy is
the largest provincial GRE in Shandong by revenue and the
second-largest by assets. It is also the largest bond issuer among
Shandong's provincial GREs.

Parent's 'Weak' Socio-Political Impact of Default: Most of
Shandong's coal demand is met by supply from other provinces. In
addition, more than half of Shandong Energy's coal production is
outside the province. Fitch expects Shandong Energy to assume
responsibility of optimising Shandong's energy mix by investing in
renewable power, but the scale of its power business remains small
compared with its coal mining business.

Parent's 'High' Incentive to Support: Fitch assesses Shandong
Energy's strategic and operational incentives to support Yankuang
Energy as 'High'. Yankuang Energy contributed 63% of group EBITDA
and accounted for 46% of the group's coal sales volume in 2022.
Yankuang Energy purchases assets from Shandong Energy and pays
large dividends to the parent. The two companies share the same
chairperson and another two of Yankuang Energy's board members and
three board of supervisor members hold positions in Shandong
Energy.

Fitch assesses Shandong Energy's legal incentives to support
Yankuang Energy as 'Medium'. Shandong Energy also guarantees some
of Yankuang Energy's debt and there are cross-default clauses in
Shandong Energy's offshore bonds, which Fitch expects to have some
permanency given its size and record of refinancing with similar
terms.

Asset Injections Lift Leverage: Yankuang Energy plans to acquire
51% of Luxi Mining and Xinjiang Nenghua from the parent, which
Fitch estimates will lift its EBITDA net leverage by 0.4x-1.0x in
2024-2026. The two target companies combined produced 31.8 million
tonnes (mt) of coal and generated 6.4 billion in net profit in
2022. Fitch expects the deal to be completed by end-2023 without
the need for more regulatory approvals.

The assets are valued at CNY26.4 billion and Fitch expects 60% to
be paid soon after the transaction in 2023 and the rest in 2024.
The two companies bore CNY26.1 billion in debt at end-1H23, which
will be consolidated into Yankuang Energy's balance sheet post the
acquisition.

Mining Margin Trending Down: Fitch expects gross profit to decline
to CNY448/tonne (t) in 2023, from CNY518/t in 1H23 and CNY808/t in
2022, due to normalised coal prices. Meanwhile, mining costs
increased to CNY417/t in 1H23, from CNY360/t in 2022, further
squeezing margins. Fitch expects a slightly lower unit cost due to
cost control and the recovery of production. Fitch forecasts sales
volume to rebound to 50.7mt in 2H23, from 44.4mt in 1H23, with
incremental volume mainly coming from the recovery in Australian
mines and higher production from the Yingpanhao Mine.

Standalone Credit Profile at 'bb': Fitch has revised Yankuang
Energy's Standalone Credit Profile (SCP) to 'bb', from 'bb+, due to
weaker financial metrics. Fitch forecasts net debt to almost double
to CNY108 billion by end-2023, after the payment of CNY21.3 billion
in dividends, CNY13.5 billion forecast capex and the impact from
asset injections. Meanwhile, EBITDA is likely to almost halve due
to a lower margin. This will see EBITDA net leverage rise to 3.0x
in 2023 (2022: 0.9x). Fitch expects EBITDA net leverage to rise to
3.9x in 2024-2026, following further acquisition payment and a
lower coal price.

Greenhouse Gas Emissions and Air Quality: The company faces
pressure due to its revenue concentration in thermal coal, as Fitch
expects demand for thermal coal to decline in the medium-term
because of its high carbon footprint. However, the near-term impact
on Yankuang Energy's rating is limited, because the decline is
likely be a slow process, especially in Asia. Financing for the
coal mining segment in China is not constrained like in some other
countries.

DERIVATION SUMMARY

Yankuang Energy's ratings are closely aligned with Fitch's internal
assessment of the credit worthiness of its parent, Shandong Energy,
due to the parent's 'High' strategic and operational incentives and
'Medium' legal incentive to support the subsidiary under the
"strong parent, weak subsidiary" path of Fitch's PSL Rating
Criteria.

KEY ASSUMPTIONS

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

- Average selling price of produced coal at CNY832/t in 2023,
CNY630/t in 2024, CNY594/t in 2025 and CNY556/t in 2026

- Unit coal production cost of CNY384/t in 2023 then mildly
trending down together with coal prices

- Sales volume of produced coal of 95 million t in 2023, before
rising in 2024-2026 due to production recovery and asset
injections

- Capex of CNY13.5 billion in 2023, then gradually declining to
CNY10.4 billion in 2026

RATING SENSITIVITIES

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

- Shandong Energy's EBITDA net leverage sustained below 6.5x

- Stronger likelihood of support from the Shandong government to
Shandong Energy

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

- Fitch lowering its internal assessment of Shandong Energy's
credit profile, which could occur if the company's EBITDA interest
coverage stays below 1.5x, if Shandong Energy's funding capability
- excluding Yankuang Energy - deteriorates significantly, or if the
likelihood of support from the Shandong government to Shandong
Energy weakens.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity for Debt Servicing: Yankuang Energy had
readily available cash of CNY47.1 billion at end-1H23, enough to
cover debt maturing within one year of CNY23.6 billion and its
forecast negative free cash flow of CNY10.2 billion in 2023 after a
large dividend payment of CNY21.3 billion in 2H23. It had total
undrawn bank credit facilities of CNY113.8 billion at end-2022
(end-2021: CNY96.7 billion). Fitch expects some additional debt
financing to complete the announced CNY26.4 billion acquisition of
Luxi Mining and Xinjiang Nenghua from the parent, CNY15.9 billion
of which will likely be paid this year.

ISSUER PROFILE

Yankuang Energy is a major coal-mining company in China, with coal
production of 100 million t in 2022. It also has other businesses,
such as coal chemical production, transportation and power
generation.

SUMMARY OF FINANCIAL ADJUSTMENTS

Shandong Energy and its subsidiaries, other than Yankuang Energy,
had CNY11.2 billion in deposits with the finance company owned by
Yankuang Energy and borrowed CNY6.4 billion from the finance
company in 2022. Fitch deducted the balance of CNY4.8 billion from
Yankuang Energy's cash to derive the readily available cash balance
at end-2022.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Yankuang Energy's rating is aligned with its parent, based on its
assessment of the parent's 'High' strategic and operational
incentives to support the subsidiary under the "strong parent, weak
subsidiary" path of Fitch's PSL Criteria.

ESG CONSIDERATIONS

Fitch revised Yankuang Energy's ESG Relevance Score for GHG
Emissions & Air Quality to '4', from '3', due to its revenue
concentration in thermal coal, which faces the risk of declining
demand in the medium term due to its high carbon footprint. This
has a negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

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

   Entity/Debt             Rating         Prior
   -----------             ------         -----
Yankuang Energy
Group Company
Limited             LT IDR BB+  Affirmed    BB+

   senior  
   unsecured        LT     BB+  Affirmed    BB+

YUYAO SHUNCAI: Fitch Affirms LongTerm IDR at 'BB+', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed China-based Yuyao Shuncai Investment
Holding Co., Ltd.'s (YSIH) Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB+' with a Stable Outlook. At
the same time, Fitch has withdrawn all the ratings on YSIH.

Fitch has also affirmed YSIH's guaranteed US dollar notes at 'BB+'
and withdrawn the rating. The notes are issued by Yuyao Economic
Development Zone Construction Investment and Development Co., Ltd,
which is wholly owned by YSIH.

Fitch has chosen to withdraw the ratings for commercial reasons.
Accordingly, Fitch will no longer provide ratings or analytical
coverage for YSIH.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

The Yuyao government's direct 90% ownership and 'Very Strong'
control of YSIH's financials and operation reinforce its
expectation of extraordinary support. The direct control is given
more weight under its assessment, and is in line with urban
developers with similar control levels. The Yuyao State-owned
Assets Supervision and Administrative Commission (SASAC) oversees
YSIH's board and management appointments as well as strategic
planning, and monitors key performance indicators, while the city
government approves all major financing decisions.

Support Track Record: 'Strong'

Fitch believes the government's past financial support indicates a
strong commitment to support the company. The Yuyao government has
injected most of its state-owned assets into YSIH, making it the
biggest government-related entity (GRE) in the city. YSIH received
total subsidies of CNY3.6 billion between 2018 and 2022, against a
net profit before tax of CNY2.9 billion over the same period. Its
assessment is not higher as the size of the support is insufficient
to ensure a stronger financial profile.

Socio-Political Implications of Default: 'Moderate'

YSIH is an important platform as it manages state assets such as
urban development and certain public services. Fitch believes the
political implications of a default by the company are moderate, as
it could change the ownership of the city's major state assets.
However, YSIH conducts utility services such as water, gas and
transportation via subsidiaries. This means a financial default may
not affect the provision of such services, lessening the social
impact.

Financial Implications of Default: 'Very Strong'

Fitch believes a default could have a significant impact, as YSIH
accounts for over 70% of assets under Yuyao SASAC's administrative
control and has a close operational and contractual relationship
with the government sponsor. A failure to provide timely support to
the company could damage the city's credibility and imply that the
government is less willing to support GREs, which could affect the
availability and cost of financing options for other GREs.

Standalone Credit Profile

Fitch assesses YSIH's Standalone Credit Profile (SCP) at 'b',
reflecting a combination of 'Weaker' revenue defensibility,
'Midrange' operating risk and 'Weaker' financial profile. The SCP
is driven by the company's high leverage, in line with urban
development peers, but Fitch believes its liquidity should mitigate
refinancing risk, counteracting a lower SCP assessment.

Revenue Defensibility 'Weaker'

YSIH's policy operations tend to be stable and tied to the economic
development of Yuyao. The company's core policy businesses,
including primary land development, infrastructure and social
housing construction, as well as other utility services, are mainly
contracted with the government. This is likely to limit its pricing
power.

Operating Risk 'Midrange'

YSIH's overall operating risk factors into its 'Midrange'
assessment for operating costs and resource management, and
'Neutral' assessment for capital planning and management.

Financial Profile 'Weaker'

YSIH's high leverage is a key factor in its financial profile
assessment, although it is in line with that of other urban
developers with a similar SCP. Fitch expects YSIH's net debt/EBITDA
to remain elevated, averaging at over 40x through to 2027. This is
similar to the 2022 level. Consequently, the company's financial
flexibility against stresses is limited, but this is mitigated by
adequate liquidity.

Derivation Summary

Fitch assesses YSIH under its GRE rating criteria. The rating
approach factors in the Yuyao government's direct ownership and
control, the government's support record, and the socio-political
and financial impact on the government from a default by YSIH.

Its assessment of YSIH's SCP is based on its Public Sector,
Revenue-Supported Entities Rating Criteria.

Debt Ratings

YSIH has two outstanding US dollar bonds, including a USD100
million 2.5% bond due December 2024 and a USD100 million 3.9% bond
due April 2025. Both bonds were issued by YSIH's wholly-owned
subsidiary, Yuyao Economic Development Zone Construction
Investment, and are unconditionally and irrevocably guaranteed by
YSIH. Hence, the bonds are rated at the same level as YSIH's IDR.

Issuer Profile

YSIH was established in 2015 as a state-owned investment holding
platform to consolidate key municipal assets controlled by Yuyao
SASAC. The company's subsidiary operations are mainly in urban
infrastructure development, social housing, primary land
development, water and gas, as well as public transportation.

RATING SENSITIVITIES

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

Not applicable, as the ratings have been withdrawn.

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

Not applicable, as the ratings have been withdrawn.

ESG Considerations

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

   Entity/Debt               Rating         Prior
   -----------               ------         -----
Yuyao Shuncai
Investment
Holding Co.,
Ltd.                LT IDR    BB+ Affirmed    BB+
                    LT IDR    WD  Withdrawn   BB+
                    LC LT IDR BB+ Affirmed    BB+
                    LC LT IDR WD  Withdrawn   BB+

Yuyao Economic
Development Zone
Construction
Investment and
Development Co.,
Ltd

   senior
   unsecured        LT        BB+ Affirmed    BB+

   senior
   unsecured        LT        WD  Withdrawn   BB+



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

BHUTAN VENTURES: ICRA Reaffirms B+ Rating on INR30cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Bhutan
Ventures Hospitality Private Limited (BVHPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term–
   Term loan          30.00       [ICRA]B+ (Stable); reaffirmed

Rationale

The reaffirmation of rating for the bank lines of BVHPL factors in
the recovery in its cash accruals in the last few months and
further improvement anticipated in the same going forward with
healthy demand outlook, favourable location of the properties and
BVHPL's management tie-up with Sustainable Luxury Management
(Thailand) Limited (SLML) belonging to InterContinental Hotels
Group (IHG), under the 'Six Senses' brand. The company's properties
had been closed since April 2020 until September 2022 following the
Covid-19 restrictions in Bhutan.

While operations have ramped up since the re-opening of properties
in October 2022, the recovery has been relatively gradual with
BVHPL reporting relatively modest revenues of INR38.2 crore in H1
CY2023. Although the demand outlook is favourable, with healthy
pickup in travel globally and the recent reduction in Sustainable
Development fees (SDF) from US$200 to US$100 per person per day,
the pace of improvement in operating metrics and revenues over the
next few months remains to be seen. By virtue of sub-optimal
revenues, the company reported only minimal cash profits in H1
CY2023 as well, despite sustenance of the cost-optimisation
measures undertaken during the Covid-19 period. The accumulated
losses from the historical years have resulted in relatively low
net worth of INR20.6 crore as on Dec 31, 2022, and stretched
coverage metrics. The liquidity position also remains stretched,
given the relatively high repayment obligations over the medium
term. However, SLML (operator) has supported the company through
interest-free unsecured loans in the last 3-4 years (Rs. 85.9 crore
outstanding as on June 30, 2023), and the operator/promoters are
expected to extend timely and adequate financial support to BVHPL
going forward as well for meeting its operational and financial
commitments, on need basis.

Key rating drivers and their description

Credit strengths

* Favourable location of the properties; management tie-up with
reputed international hospitality group: BVHPL owns five luxury
resorts in Bhutan (in Thimphu, Paro, Punkakha, Gangtey and
Bumthang). The company has entered into a management contract with
Sustainable Luxury Management (Thailand) Limited (SLML), under the
reputed 'Six Senses' brand, for management of all five properties.
The operator currently manages 24 hotels/luxury resorts across
Europe, Africa, West Asia and Asia Pacific. BVHPL is expected to
benefit from the global marketing and network of IHG.

* Commitment from operator to extend timely and adequate financial
support going forward; promoters also to extend support if
required: Sustainable Luxury Management (Thailand) Limited (SLML)
has supported the company through interestfree unsecured loans in
the last 3-4 years (INR85.9 crore outstanding as on June 30, 2023),
as the hotels were non-operational until September 2022 and have
been only gradually recovering post the reopening. SLML is expected
to extend timely and adequate financial support for meeting
operational and financial commitments going forward as well on need
basis. Also, the promoters are committed to extending timely and
adequate financial support to ensure timely debt servicing, should
there be a need. Further, the company is expected to benefit from
its business cash flows going forward.

Credit challenges

* Relatively weak demand recovery in Q4 CY2022 and H1 CY2023:
BVHPL's properties remained non-operational until September 2022,
since the outbreak of the pandemic in April 2020, due to
restrictions on travel imposed by the Government of Bhutan.
As a result, the company had not generated any revenues from
operations since Q2 CY2020 until Q3 CY2022. While operations have
ramped up since the re-opening of properties in October 2022, the
recovery has been relatively gradual with BVHPL reporting
relatively modest revenues of INR38.2 crore in H1 CY2023 and
INR22.2 crore in CY2022. Further, although the demand outlook is
favourable, with healthy pickup in travel globally and the recent
reduction in Sustainable Development fees from US$ 200 to US$ 100
per person per day, the pace of improvement in operating metrics
and revenues over the next few months remains to be seen.

* Continued losses; relatively low net worth and stretched
liquidity position: By virtue of sub-optimal revenues, the company
reported only minimal cash profits in H1 CY2023 as well, despite
sustenance of the cost-optimisation measures undertaken
during the Covid-19 period. The accumulated losses from the
historical years have resulted in relatively low net worth of Rs.
20.6 crore as on Dec 31, 2022, and stretched coverage metrics. The
liquidity position also remains stretched, given the
relatively high repayment obligations over the medium term.

* Vulnerability of revenues to inherent industry cyclicality,
economic cycles, and exogenous events: Akin to other players in
the industry, BVHPL's revenues are exposed to industry cyclicality
and seasonality, macro-economic downturns, and exogenous factors
(geo-political tensions, terrorist attacks, disease outbreaks,
etc). This was witnessed in CY2020, CY2021 and a large part of
CY2022, when BVHPL's performance was significantly impacted by the
pandemic.

Liquidity position: Stretched

BVHPL's properties have opened for tourists only since October
2022, once travel restrictions were lifted by the Government of
Bhutan. Further, the demand recovery has been relatively gradual.
This has constrained the company's cash flows. While it is likely
to improve going forward, the extent of improvement remains to be
seen. BVHPL had cash and bank balances of ~INR13.9 crore as on June
30, 2023. Also, the operator/promoters are expected to extend
timely and adequate financial support to BVHPL for meeting its
operational and financial commitments going forward on need basis.
The company has debt servicing obligations (principal + interest)
of ~INR20.5 crore in H2 CY2023, ~INR40.3 crore in CY2024 and ~
INR39.3 crore in CY2025, on its existing loans. BVHPL does not
envisage any significant capex over the medium term.

Rating sensitivities

Positive factors – The rating can be upgraded if the company is
able to ramp up occupancy and RevPAR significantly and report
a sustained and significant improvement in profit margins,
liquidity and overall credit metrics.

Negative factors – Negative pressure on BVHPL's rating could
arise if the company witnesses pressure on earnings, leading to
sustenance of the stretched liquidity position. Further, absence of
timely and adequate financial support from the promoters/operator
in case of inadequate cash flows from the business for meeting
operational and financial requirements in a timely manner could
exert pressure on the rating.

Incorporated in May 2013, Bhutan Ventures (BVHPL) is a joint
venture between three promoters, Mr. Dasho Sangay Wangchuk (related
to the Royal family of Bhutan), Mr. Chalermchai Mahagitsiri from
Thailand, and Sunny Orient Investments Limited, a wholly-owned
subsidiary of Cordoba Homes Limited. The company owns five luxury
resorts in Bhutan—viz., Thimphu, Paro, Punkakha, Gangtey and
Bumthang. BVHPL has entered into a management contract with
Sustainable Luxury Management (Thailand) Limited, under its Six
Senses brand for managing its properties. The resorts commenced
operations in CY2019 and CY2020. However, they remained
non-operational from April 2020 till September 2022, and reopened
subsequently following the Covid-19 pandemic restrictions in
Bhutan.

CAPITOL HILL: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Capitol Hill
Hotels Private Limited (CHHPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              20        CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan              25        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CHHPL 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 CHHPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on CHHPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
CHHPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2012, CHHPL is developing a four-star deluxe hotel
in Bistupur, Jamshedpur (Jharkhand). The company is promoted by Mr.
Ashwani Bhatia and Mr. Sanjay Bhatia.


COOCHBEHAR AGRO: ICRA Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of
Coochbehar Agro Tea Estates Pvt. Ltd. in the 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          2.33       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          9.25       [ICRA]B- (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/          0.98       [ICRA]B- (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating Continues to remain
                                  under issuer not cooperating
                                  category

   Short Term-         0.75       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2012, Coochbehar Agro Tea Estates Pvt. Ltd, is
engaged in the production of black tea of CTC variety. The company
is being managed by Agarwal and Bansal family based in Kolkata who
are in the tea industry for a long time. The company has one tea
garden and a factory in the district of Coochbehar, West Bengal.
The company has seven CTC lines with an annual installed capacity
to produce 2.5 million kgs of black tea. The company markets tea
under the brand name of 'Teen Bigha'.


ECO SAND: CRISIL Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Eco Sand (ES)
continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Secured Overdraft      3.56        CRISIL D (Issuer Not
   Facility                           Cooperating)

   Term Loan              8.94        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with ES 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 ES, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ES is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of ES
continues to be 'CRISIL D Issuer Not Cooperating'.

ES was established in 2014 as a partnership firm, promoted by Ms
Sunitha Raghuveer and six others. The firm manufactures sand and
aggregates and has a crushing unit at Chikkaballapur, Karnataka.


EXIM LOGISTICS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Exim
Logistics Private Limited (ELPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Proposed Long Term       2         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Standby Line             1         CRISIL D (Issuer Not
   of Credit                          Cooperating)

   Working Capital          9         CRISIL D (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with ELPL 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.'

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 ELPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ELPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
ELPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

ELPL was set up in 2006 by Mr Himadri Pattnayak. The company
provides logistics services, mainly road transport, and also acts
as a custom-house agent.


GLOBAL INTERNATIONAL: ICRA Lowers Rating on INR10cr Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Global
International Imex Private Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–         2.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term–       10.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from
                                 [ICRA]A4 and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category
Rationale

Material event

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

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated on June 28, 2023. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Global International Imex Private Limited was established as a sole
proprietorship concern under the name Global Marketing & Associates
in 2001 and was reconstituted as a private limited company in 2010.
The company is engaged in trading of various agricultural
commodities and food items. Apart from this, it is also involved in
goat farming and trading of livestock. Its product portfolio
comprises of various perishable and non-perishable items like rice,
sunflower oil, fruits, vegetables, pulses, livestock and
confectionary items. The company has its registered office in
Mumbai and warehouse, packaging units in Navi Mumbai. It has two
group concerns - Mijan Imex International Private Limited and
Skypoint Multitrade Private Limited which are also engaged in
trading of agricultural commodities.

GLOBAL INTERNATIONAL: ICRA Lowers Rating on INR26cr Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Global
International Imex Private Limited, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term–        26.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long-term–         1.93       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Term Loan                     [ICRA]B+ (Stable) and continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Short-term–        3.50       [ICRA]D; ISSUER NOT
COOPERATING;
   Non Fund based                Rating downgraded from
   Others                        [ICRA]A4 and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Short-term–        6.00       [ICRA]D; ISSUER NOT
COOPERATING;
   Fund based                    Rating downgraded from
   Cash Credit                   [ICRA]A4 and continues to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Long Term/         7.57       [ICRA]D/[ICRA]D; ISSUER NOT  
   Short Term-                   COOPERATING; Rating downgraded
   Unallocated                   from [ICRA]B+ (Stable)/[ICRA]A4
                                 and continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

Rationale

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

Impact of material event
The rating is based on limited information on the entity's
performance since the time it was last rated on July 22, 2022. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

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

Global International Imex Private Limited was established as a sole
proprietorship concern under the name Global Marketing & Associates
in 2001 and was reconstituted as a private limited company in 2010.
The company is engaged in trading of various agricultural
commodities and food items. Apart from this, it is also involved in
goat farming and trading of livestock. Its product portfolio
comprises of various perishable and non-perishable items like rice,
sunflower oil, fruits, vegetables, pulses, livestock and
confectionary items. The company has its registered office in
Mumbai and warehouse, packaging units in Navi Mumbai. It has two
group concerns - Mijan Imex International Private Limited and
Skypoint Multitrade Private Limited which are also engaged in
trading of agricultural commodities.


GO FIRST: Says Revival Could Be Derailed by Lessors' Demands
------------------------------------------------------------
Reuters reports that grounded Indian airline Go First's revival
could be derailed if a court agrees to demands of aircraft lessors,
who are seeking certain records after jet parts went missing or
faced deterioration, according to legal filings from the carrier.

According to Reuters, foreign lessors have been locked in a legal
tussle to repossess their aircraft after Go First was granted
bankruptcy protection in May, which, as per Indian law, imposed a
block on the recovery of 50-plus grounded Airbus planes.

Reuters says Dubai Aerospace Enterprise (DAE) Capital and ACG
Aircraft Leasing recently sought a Delhi court's intervention by
complaining some parts had been allegedly "robbed" or the jets were
corroding.

The lessors, which are only allowed an occasional inspection of the
grounded leased planes, asked the court to force Go First to supply
maintenance and aircraft preservation records for their jets, says
the report.

Go First has contested lessors demands in its first response in
court in the matter, saying it would be a time-consuming process
that would hit its revival, Reuters relates citing legal filings by
its bankruptcy officer, Shailendra Ajmera.

Such requests "have far reaching implications on the day-to-day
affairs of Go Air and will have a direct bearing on the going
concern status of Go Air," Ajmera said in court filings, asking for
the lessors' pleas to be rejected.

Getting such records is a "time taking exercise and would
significantly divert the resources" of Go First, "from resumption
of operations . . . to provision/inspection of documents/records to
the lessors," he added.

The filings, submitted to the court on Sept. 8 and Sept. 17, are
not public and are being reported by Reuters for the first time.

Reuters notes that the world's second-largest aircraft lessor,
SMBC, which also has some leased planes to Go, warned in May that
India's decision to block leasing firms from reclaiming the
airline's planes would jolt the market and spark a confidence
crisis.

                          About Go First

Go First, formerly known as GoAir, was an Indian ultra-low-cost
airline based in Mumbai, Maharashtra.  Go First was incorporated in
April 2004 as GoAir and commenced flight operations in November the
following year. Its inaugural flight was from Mumbai to Ahmedabad.
The airline is owned by the Wadia Group.

Go First filed an application for voluntary insolvency resolution
proceedings before National Company Law Tribunal (NCLT) on May 2,
2023.

The company said the filing with the NCLT comes after Pratt &
Whitney, the exclusive engine supplier for the airline's Airbus
A320neo aircraft fleet, refused to comply with an order to release
engines to the airline that would have allowed it return to full
operations.

Go First owes INR6,521 crore to its financial creditors, Bank of
Baroda, IDBI Bank, and Deutsche Bank. The airline has a total
liability of about INR11,463 crore to banks, other creditors,
vendors, and others.

On May 10, 2023, the NCLT accepted Go First's voluntary insolvency
petition.  The NCLT bench appointed Abhilash Lal as the interim
resolution professional to look after the affairs of Go First and
also suspended its board as part of the insolvency resolution
process.

GVRMP WHAGDHARI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GVRMP
Whagdhari Ribbanpally Tollway Private Limited (GVRMP) continue to
be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Long Term Loan         70.5        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         47          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         14          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         47          CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan         23.5        CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with GVRMP 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 GVRMP, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GVRMP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GVRMP continues to be 'CRISIL D Issuer Not Cooperating'.

GVRMP is a special purpose vehicle (SPV) set up as a joint venture
in 2010 by GVR Infra Projects Ltd, RMN Infrastructures Ltd, and the
Prathyusha group (51:25:24) to improve and widen a 141.2-kilometre
stretch (from Maharashtra border to Andhra Pradesh
[Whagdhari-Ribbanpally]) of State Highway-10 on
build-operate-transfer toll basis. Commercial operations began in
September 2012.


HASIMARA INDUSTRIES: ICRA Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings of Hasimara Industries Limited to the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         10.25        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Cash Credit                     the 'Issuer Not Cooperating'
                                   Category

   Long Term-          2.35        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                     COOPERATING; Rating Moved to
   Term Loans                      the 'Issuer Not Cooperating'
                                   Category

   Short-term          1.50        [ICRA]A4 ISSUER NOT
   Non Fund based                  COOPERATING; Rating Moved to
   Bank Guarantee                  the 'Issuer Not Cooperating'
                                   category
  
As a part of its process and in accordance with its rating
agreement with Hasimara Industries Limited, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee
that became due. Despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite cooperation and in line with the aforesaid policy of
ICRA, the rating has been moved to the "Issuer Not Cooperating"
category.

Hasimara Industries Limited (HIL), incorporated in 1904, owns a tea
garden in the Alipurduar district of West Bengal. The tea estate is
spread over an area of around 1,061 hectares, of which around 894
hectares is under tea cultivation. The company produces CTC variety
of black tea, which it sells in the domestic market through auction
and private sales. It is not involved in bought leaf operations.


HIMAVASINI MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Himavasini
Motors Private Limited (HMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.16      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan              1.84      CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with HMPL 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 HMPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HMPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
HMPL continues to be 'CRISIL D Issuer Not Cooperating'.

HMPL was a founded in Krishnagiri (Tamil Nadu) in 2010. The company
is promoted by Mr. Suresh Kumar and his family members, and runs a
commercial vehicle showroom in the district. HMPL is an authorised
dealer for commercial vehicles of Tata Motors Ltd.


IB COMMERCIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of IB Commercial
Private Limited (IBCPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      0.16       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital        57.84       CRISIL D (Issuer Not
   Demand Loan                        Cooperating)

CRISIL Ratings has been consistently following up with IBCPL 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 IBCPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IBCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IBCPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2007 in Mumbai and promoted by Mr. Zuber Jaka, Mr.
Abdul Karim Jaka, Mr. Sajid Jaka, and Mr.Salim Jaka, IBCPL has
stockyards in Darukhana, Mumbai; Alang, Gujarat; and Kolkata.


JAGDAMBA LIQUIFIED: CRISIL Moves D Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Jagdamba Liquified Steels Limited (JLSL) to 'CRISIL D/CRISIL D
Issuer not cooperating' from 'CRISIL D /CRISIL D'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Bank Guarantee          3.25     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit/           16.25     CRISIL D (ISSUER NOT
   Overdraft                        COOPERATING; Rating Migrated)
   Facility               
                                    
   Proposed Long Term      0.14     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               0.83     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital         1.53     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with JLSL for
obtaining information through letter and email dated August 7, 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 JLSL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on JLSL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of JLSL to 'CRISIL D/CRISIL D Issuer not
cooperating' from 'CRISIL D /CRISIL D'.

JLSL, incorporated in 1993, is managed by Ms Usha Lohia, Mr Lokesh
Lohia, Mr Hari Mohan Lohia and Mr Young Singh Bahadur. The company
manufactures safety components such as specialty steel castings.


MILSHA AGRO: ICRA Reaffirms D Rating on INR4.25cr LT/ST Loan
------------------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of Milsha
Agro Exports Private Limited's (MAEPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term            3.31      [ICRA]D; reaffirmed
   Fund-based–
   Term Loans           

   Long-term/           4.25      [ICRA]D/[ICRA]D; reaffirmed
   Short-term
   Fund based
   Packing Credit       

Rationale

The ratings reaffirmation of MAEPL's factors in the continuing
irregularity in its debt servicing due to poor liquidity position,
on the back of high inventory holding and a substantial decline in
the export sales. The ratings are also constrained by MAPEL's weak
financial risk profile, which is characterised by a low net worth
base, leveraged capital structure and weak coverage indicators. The
company also remains vulnerable to any adverse change in the export
incentives in India and the foreign trade policies of importing
nations. Any significant reduction in incentive by the Government
or any adverse changes in the foreign trade policies of the
importing nations, may affect the business profiles of all domestic
players in the shrimp processing business, including MAEPL. MAEPL
also remains exposed to forex risks with no formal hedging policy
in place. The ratings are also impacted by the fragmented nature of
the industry, which limits MAEPL's pricing flexibility, thereby
exerting pressure on its margins. Further, the company is
susceptible to inherent industry risks such as disease outbreaks
and climate changes, which affect the quality of the shrimps
farmed.

The ratings, however, favorably factor in the long experience of
the promoters and location-specific advantages enjoyed by MAEPL as
its processing facilities are located in proximity to the major
aquaculture belt of West Bengal.

Key rating drivers and their description

Credit strengths

* Long experience of the management: The promoters of MAEPL have a
long experience in the seafoods industry. This mitigates
operational risk to an extent.

* Location-specific advantages: The company's facilities are in
proximity to the major aquaculture belt of West Bengal, which meets
the major portion of its raw material requirements, resulting in
regular availability of the same at a low landed cost.

Credit challenges

* Irregularity in debt servicing: There are irregularities in debt
servicing by MAEPL, on the back of a substantial decline in
revenues and earnings and substantial increase in the inventory
holding, negatively impacting its liquidity position. MAEPL's
revenues declined by ~37% on a YoY basis in F2023, owing to lower
export sales, partially offset by higher job-work income. The
revenues are expected to decline further in the current fiscal.

* Weak financial risk profile characterised by low net worth,
leveraged capital structure and weak coverage indicators: MAEPL's
net worth has remained low over the years owing to the modest scale
of operations and low accretion to reserves. The capital structure
remains leveraged characterised by TOL/TNW of 2.5 times as on March
31, 2023 (provisional; 3.3 times as on March 31, 2022). However,
the capital structure is expected to improve, going forward. The
coverage indicators remain weak with DSCR and Total Debt/OPBDITA of
0.9 times and ~3 times in FY2023 (provisional), respectively.

* Vulnerability to any adverse changes in export incentives,
international trade policies and forex risk: MAEPL derived ~50% of
its FY2023 sales from export markets and its profitability is
supported by the export incentives received from the Government of
India (GoI). Any significant reduction in incentives given by the
GoI or adverse changes in the foreign trade policies of the
importing nations may impact the business profiles of all domestic
shrimp processors, including MAEPL. The company is also exposed to
forex risks as it does not have any formal hedging policy.

* Fragmented nature of the industry and exposure to inherent
industry risks: The Indian shrimp export industry is highly
fragmented with a few large players and several small processors.
In addition to intense competition in the domestic market, Indian
exporters face competition from countries like Ecuador, Indonesia
and Vietnam, which are major global producers of shrimps. Stiff
competition and low value-added nature of the products limit
MAEPL's bargaining power and pricing flexibility, putting the
margins under check. Adverse agro-climatic conditions and virus
contamination can affect the quality of shrimps and consequently
affect the sales.

Liquidity position: Poor

MAEPL's liquidity remains poor, reflected by delays in servicing
the debt obligations by the company.

Rating sensitivities

Positive factors – Improved liquidity position, leading to
regularisation of debt servicing on a sustained basis, may result
in a rating upgrade.

Negative factors – Not applicable.

Milsha Agro Exports Pvt. Ltd. (MAEPL), incorporated in 2009, is
involved in processing and export of shrimps. Its processing unit
is in Kolkata with an installed processing capacity of 30 tonnes
per day and a storage capacity of 180 tonnes. The company also does
job work for entities involved in the same line of business. The
business was started by Mr. Ram Milan Singh in the 1970s through a
partnership firm, Veejay Impex.


MUTHOOT FINANCE: Fitch Corrects September 4 Ratings Release
-----------------------------------------------------------
This is a correction of a release published 4 September 2023 to
remove the reference to senior secured debt, which had matured.

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

KEY RATING DRIVERS

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

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

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

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

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

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

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

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

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

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

RATING SENSITIVITIES

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

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

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

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

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

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

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

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

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The rating on MFL's US dollar MTN programme is sensitive to its
Long-Term Foreign-Currency IDR. Any action on the Long-Term
Foreign-Currency IDR will drive similar action on the MTN
programme's rating.

ADJUSTMENTS

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

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

ESG CONSIDERATIONS

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

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

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

   senior secured     LT        BB  Affirmed

MYTRAH VAYU SABARMATI: ICRA Withdraws D Rating on INR1,452cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Mytrah Vayu (Sabarmati) Private Limited at the request of the
company and based on the no-dues certificate received from the
banker. The key rating drivers, liquidity position, rating
sensitivities and key financial indicators have not been captured
as the rated instruments are being withdrawn.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term-          1,452       [ICRA]D; ISSUER NOT
   Fund based-                     COOPERATING; withdrawn
   Term loan         
                                   
MVSPL, incorporated in March 2017, is a special purpose vehicle
(SPV) promoted by Mytrah Energy (India) Private Limited (MEIPL).
MVSPL is operating a 252-MW wind power capacity at Maniyachi in
Tamil Nadu. The company won this project through a tariff-based
competitive bidding conducted by Solar Energy Corporation of India
(SECI) in February 2017, under the 1,000-MW inter-state
transmission system (ISTS) connected wind scheme of the Ministry of
New and Renewable Energy (MNRE). The project was developed by
MEIPL, with GE India Industrial Private Limited (GEIPL) supplying
and installing the WTGs, while the remaining plant work (including
land acquisition) was done by other promoter group entities. The
company has signed a PPA with PTC India Limited at a bid tariff
rate of INR3.46 per unit for the entire capacity. The appraised
project cost for MVSPL is INR1,936 crore. MEIPL, incorporated in
November 2009, is a leading wind power IPP in India with
operational wind and solar power capacity of 1.7 GW across eight
states under various SPVs. In March 2023, MVSPL has been acquired
by JSW Energy Limited.


MYTRAH VAYU: ICRA Withdraws B+ Rating on INR623.61cr Term Loan
--------------------------------------------------------------
ICRA has withdrawn the rating assigned to the bank facilities of
Mytrah Vayu (Godavari) Private Limited at the request of the
company and based on the no-dues certificates received from the
banker. The key rating drivers, liquidity position, rating
sensitivities and key financial indicators have not been captured
as the rated instruments are being withdrawn.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         623.61      [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; withdrawn
   Term Loan                       

   Long Term-         80.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; withdrawn
   Cash Credit                    

   Unallocated        28.39       [ICRA]B+(Stable); ISSUER NOT
                                  COOPERATING; withdrawn

MVGPL, incorporated in February 2014, is a special purpose vehicle
(SPV) promoted by Mytrah Energy (India) Private Limited (MEIPL).
MVGPL is operating a 100.8-MW wind power capacity at Nazeerabad in
Telangana. Of the 100.8 MW, the company commissioned 77.7 MW by
March 31, 2016, 21 MW by August 31, 2016, and 2.1 MW in March 2017.
The project was developed by MEIPL using Suzlon S97 machine with a
capacity of 2.1 MW, hub height of 120 metres and rotor diameter of
97 metres. The project has signed a long-term PPA with TSSPDCL for
the entire project capacity at the approved feedin tariff rate of
INR4.70 per unit. MEIPL, incorporated in November 2009, is a
leading wind power IPP in India with operational wind and solar
power capacity of 1.7 GW across eight states under various SPVs. In
March 2023, the company was acquired by JSW Energy Limited.


PRJC GROUP: CRISIL Keeps D Ratings in Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prjc Group Of
Industries (PRJC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL D (Issuer Not
                                    Cooperating)  

   Cash Credit/          8          CRISIL D (Issuer Not
   Overdraft facility               Cooperating)

CRISIL Ratings has been consistently following up with PRJC 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 PRJC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PRJC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PRJC continues to be 'CRISIL D Issuer Not Cooperating'.

PRJC was established in 2017 as a proprietorship firm by Mr Chikaru
Brahma. The firm crushes stone at its facility in Chirang, Assam.


PROMPT PULP: CRISIL Keeps C Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Prompt Pulp
And Fibers Private Limited (PPFPL) continue to be 'CRISIL C Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          2.25        CRISIL C (Issuer Not
                                    Cooperating)

   Long Term Bank       5.25        CRISIL C (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with PPFPL 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 PPFPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PPFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PPFPL continues to be 'CRISIL C Issuer Not Cooperating'.

PPFPL was set up in 2006 by Mr. Anand Dayama, Mrs. Renu Agarwal,
Mr. Vijay Agarwal, and their family members. The company
manufactures tissue, napkin, and poster papers. It commenced
operations in 2014 at its plant in Medak district, Telangana.


SHANTI NIKETAN: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shanti
Niketan Trust (SNT) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Overdraft Facility      0.65        CRISIL D (Issuer Not
                                       Cooperating)

   Term Loan               6.53        CRISIL D (Issuer Not
                                       Cooperating)

CRISIL Ratings has been consistently following up with SNT 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 SNT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNT
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNT continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SNT was set up in 2008 in Meerut and offers courses in engineering,
MBA, Post Graduate Diploma in Management (PGDM), and polytechnic.
The trust has sanctioned capacity of 1000 students (360 in bachelor
of technology, 120 in PGDM, 120 in MBA, 300 in polytechnic, and 100
in bachelor of education) and is affiliated to Mahamaya Technical
University.


SUNSHINE INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sunshine
Infra Engineers India Private Limited (SIPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          15         CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee          15         CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee          40         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     105         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Secured Overdraft        5         CRISIL D (Issuer Not
   Facility                           Cooperating)

   Secured Overdraft       25         CRISIL D (Issuer Not
   Facility                           Cooperating)

   Secured Overdraft        5         CRISIL D (Issuer Not
   Facility                           Cooperating)

CRISIL Ratings has been consistently following up with SIPL 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 SIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SIPL continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

SIPL was set up in 2010 by Smt. Lalitha Kumari and her business
associates. The company undertakes integrated projects for
construction of concrete and asphalt roads, including installation
of streetlights. It also undertakes projects involving resurfacing
of roads. The company is based in Hyderabad (Telangana), and caters
to state government entities in South India.


V. P. M. SANKAR: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of V. P. M.
Sankar and Son (VPMS) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with VPMS 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 VPMS, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on VPMS
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
VPMS continues to be 'CRISIL D Issuer Not Cooperating'.

VPMS was set up in 2008 by the proprietor, Mr Thangaprabhu. The
firm sells gold and silver jewellery (contributing 85% and 15%,
respectively, to revenue). VPMS has two showrooms in Tamil Nadu --
one each in Srivilliputur and Rajapalayam -- with combined area of
about 7,700 square feet.


ZETEK CASTINGS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the Long-term and Short-term ratings of Zetek
Castings Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          6.48       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          1.37       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-         1.50       [ICRA]A4 ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category


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

Zetek Castings Pvt. Ltd. (Zetek Castings/the company) was
established in 2003 with Mr. K.Venkateswaran and Mr. R.E.
Chandrasekar as directors. The company was formed to deliver
Pressure Die Casting (PDC) machined components to
automobile/aerospace industries and venture into die development
activities. Both the directors are engineers and have longstanding
experience of more than two decades in die-casting  industry and in
the field of CNC machining of auto ancillary and aerospace
components.




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

1MDB: Goldman Sachs in Talks with Malaysia to Resolve Latest Clash
------------------------------------------------------------------
Bloomberg News reports that three years after the Goldman Sachs
Group agreed to fork out more than US$5 billion for its role in the
plundering of Malaysia's 1Malaysia Development Berhad (1MDB)
investment fund, the Wall Street giant has struggled to put the
scandal to bed.

Now, the New York-based bank and the South-east Asian nation are
taking a fresh stab at resolving one of the most embarrassing
episodes in the bank's history, Bloomberg says.

Behind the scenes, Goldman Sachs executives have made fresh
overtures, Malaysian Prime Minister Anwar Ibrahim told Bloomberg
News, during his visit to New York for the United Nations General
Assembly.

He struck a more conciliatory tone after recently saying he may
consider taking Goldman to court over disagreements tied to the
deal sealed by the previous government.

A settlement is "possible because we are not unreasonable, we ask
what is reasonable, and I even refused to state the quantum because
. . . we should allow for some flexibility to discuss", Bloomberg
quotes Datuk Seri Anwar as saying. "I don't think it is fair to
suggest that the entire deal has got to be relooked into, but there
are specific areas where there is a flaw. Maybe we just focus on
that."

The investment fund 1MDB became the centre of a
multi-billion-dollar scandal that spawned probes across
continents.

Months after striking the initial agreement in 2020 – and staging
an unusual and amusing photo op with Malaysian government officials
to celebrate it – Goldman admitted to its role in the biggest
foreign bribery case in US enforcement history, according to
Reuters.

The bank reached multiple international settlements exceeding US$5
billion for its part in raising funds for 1MDB.

Bloomberg says Malaysia is also pursuing efforts to bring back
former Goldman banker Roger Ng, who has been sentenced in the US to
10 years in prison over his role in the scandal.

"He was quite instrumental, he would know a lot and would be of
immense assistance in our investigations," Mr Anwar said, notes the
report.

As part of the 2020 settlement, Goldman made an initial US$2.5
billion payment while guaranteeing the return of US$1.4 billion of
1MDB assets seized by the authorities around the world, in exchange
for Malaysia dropping charges against the bank.

Bloomberg relates that Goldman was also required to make an interim
payment of US$250 million if Malaysia did not receive at least
US$500 million in assets and proceeds by August 2022, according to
the bank. The two sides have been locked in a disagreement over
that, the bank has spelled out in public filings.

The latest talks concern only the asset valuation dispute, a
Goldman spokesman said, Bloomberg relays.  

While the two sides will try for an amicable resolution, Mr. Anwar
cautioned Goldman against assuming the lawsuit threat is a bluff.

"They are taking us for granted, they think that we'll not proceed"
with a lawsuit, Mr. Anwar, as cited by Bloomberg, said. "There is
nothing for us to lose except for the legal fees, which a
government can manage. But it is also the integrity of Goldman
Sachs that is in question."

According to Bloomberg, the Malaysian government is unhappy on two
key counts with the existing deal and how Goldman is approaching
it.

"The flaw is firstly the quantum and the interpretation of some of
the clauses," he said.

Bloomberg adds that Mr. Anwar said he could get personally
involved, but he does not see the need for it. He added that
Malaysia has a competent team to handle the matter, but if needed,
he can "meet them for just casual tea or cheesecake".

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) is an insolvent
Malaysian strategic development company, wholly owned by the
Malaysian Minister of Finance.  1MDB was established in 2009 to
foster long-term economic development for the country by forging
global partnerships, particularly in energy, real estate, tourism,
and agribusiness.

The Company was founded shortly after Dato Sri Najib Razak became
Prime Minister of Malaysia in July 2009.  Najib said the
establishment of 1MDB into a federal entity was to benefit a
majority of Malaysians.

1MDB is said to have raised billions of dollars in bonds, for
investment projects and joint ventures, between 2009 and 2013.
Among those projects are the Tun Razak Exchange, Tun Razak
Exchange's sister project Bandar Malaysia, and the acquisition of
three independent power producers.

The Company came into heavy scrutiny in 2015 for suspicious money
transactions and evidence pointing to money laundering, fraud and
theft.  The corruption scandal in 1MDB has implicated high-level
officials, including Prime Minister Najib Razak, as wells as banks
and financial institutions around the world.  

In 2016, the U.S. Department of Justice filed a lawsuit, alleging
that at least US$3.5 billion has been stolen from 1MDB.  In
September 2020, the alleged amount stolen had been raised to US$4.5
billion and a Malaysian government report listed 1MDB's outstanding
debts to be US$7.8 billion.

Malaysia has been filing lawsuits over the years in an effort to
recover the missing billions of dollars.  Among others, in May
2021, Malaysia filed 22 civil suits against entities and people
involved in the corruption scandal, including units of Deutsche
Bank and JP Morgan.

Malaysia said in September 2020 it has so far recovered about
US$3.24 billion in assets linked to the 1MDB matter.  This amount
includes about US$600 million cash and assets returned by U.S.
authorities; about US$2.5 billion paid by Goldman Sachs as
settlement; as well as US$780 million in settlement amounts from
Malaysian banking group AmBank and audit firm Deloitte.



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

CARDINAL WEST: Creditors' Proofs of Debt Due on Oct. 20
-------------------------------------------------------
Creditors of Cardinal West Limited 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. 18, 2023.

The company's liquidators are:

          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


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

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

The Petitioner's solicitor is:

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


FORTE CIVIL: Creditors' Proofs of Debt Due on Oct. 18
-----------------------------------------------------
Creditors of Forte Civil Limited are required to file their proofs
of debt by Oct. 18, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on June 15, 2023.

The company's liquidators are:

          Tony Leonard Maginness
          Jared Waiata Booth
          Baker Tilly Staples Rodway Auckland Limited
          PO Box 3899
          Auckland 1140


HAPPY VALLEY: Creditors Approve Deed of Company Arrangement
-----------------------------------------------------------
BusinessDesk reports that Happy Valley Nutrition's creditors have
given the administrators permission to execute a deed of company
arrangement in order to try to save the embattled milk processor.

In August, the company's creditors had given administrators an
extra month to see if there was any substance in potential deals
that could come to Happy Valley's rescue, BusinessDesk recalls.

BusinessDesk says the Australian stock exchange-listed company
planned to build a dairy factory in the Waikato town of Otorohanga
but ran out of capital.  

According to Farmers Weekly, those owed money by Happy Valley
gathered last month to vote on whether to tip it into liquidation.

Farmer Weekly relates that McGarthNicol's Andrew Grenfell and Kare
Johnstone, who were appointed administrators in July, had
recommended liquidating the company because no Deed of Company
Arrangement (DoCA) had been proposed.

However, in the days before their administrators' report was
released, the pair received two expressions of interest to
potentially recapitalise the business, which could have resulted in
a DoCA.

At the latest meeting in early August, creditors voted to adjourn
the meeting for 30 working days to give the administrators time to
work through the potential deals, Farmers Weekly says.

Mr. Grenfell reportedly said on Aug. 14 that he couldn't disclose
who the expressions of interest were from.

However, the extension was the maximum under the legislation, and
during that time, they'd be working with the parties to try to
progress their expression of interest and come up with something
"more certain", he said.


MARKETPLACE MEDIA: Court to Hear Wind-Up Petition on Oct. 26
------------------------------------------------------------
A petition to wind up the operations of Marketplace Media Limited
will be heard before the High Court at Auckland on Oct. 26, 2023,
at 10:00 a.m.

Great Eagle Hotels (Auckland) Limited filed the petition against
the company on Sept. 8, 2023.

The Petitioner's solicitor is:

          Jacques Upton
          Simpson Grierson
          Solicitors
          Level 27, 88 Shortland Street
          Auckland


THAI HOLDINGS: Creditors' Proofs of Debt Due on Oct. 16
-------------------------------------------------------
Creditors of Thai Holdings Limited are required to file their
proofs of debt by Oct. 16, 2023, to be included in the company's
dividend distribution.

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

The company's liquidators are:

          Liquidation Management Limited
          PO Box 50683
          Porirua 5240




=====================
P H I L I P P I N E S
=====================

DITO CME: Secures US$3.9 Billion Financing Deal to Reduce Debt
--------------------------------------------------------------
Bilyonaryo.com reports that DITO CME Holdings Corp., led by
businessman Dennis Uy, has successfully secured a US$3.9 billion
long-term facility from a consortium of leading banks.

This 15-year financing arrangement serves a dual purpose: retiring
outstanding debts and supporting the expansion endeavors of its
subsidiary, DITO Telecommunity Corp.

Notably, this facility marks a significant milestone in Philippine
corporate financing history, as it ranks among the largest
long-term debt transactions ever orchestrated and syndicated by a
consortium of multinational banks for a domestic corporation.

According to Bilyonaryo.com, the fresh capital will be used to to
retire short-term bridge loan facilities totaling $1.3 billion,
with the remaining funds earmarked for meeting contractual
obligations and accelerating the rollout of DITO Telecommunity's
network infrastructure.

This infusion is poised to elevate service quality, enhance the
user experience, and expedite the adoption of its fixed wireless
access (FWA) 5G and mobile postpaid product offerings.

"This project finance facility epitomizes a resounding vote of
trust and confidence in the Company's vision to play a pivotal role
in catalyzing digital services across the Philippines," the report
quotes Ernesto R. Alberto, president of DITO CME, as saying.

"In conjunction with recent equity investments at the DITO CME
level, this long-term debt facility equips DITO Telecommunity with
the resources and certainty needed to progress expeditiously toward
the realization of its business plan objectives," the company said,
notes the reoirt.

                           About DITO CME

Headquartered in Taguig, Philippines, DITO CME Holdings Corp.
engages in the provision of telecommunications, multimedia, and
information technology services.

As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2023, the independent auditors of Dennis Uy's Dito CME raised
concerns on the company's ability to make enough money to stay
afloat for the foreseeable future, given its massive liabilities.

According to Rappler.com, Punongbayan & Araullo Grant Thornton
(P&A) underscored Dito CME's liabilities in 2022, including
exceeding its current assets by PHP196.6 billion, comprehensive
losses reaching PHP25.6 billion, and capital deficiency hitting
PHP27.9 billion, as conditions which indicate the "existence of a
material uncertainty that may cast significant doubt on the ability
of the Group to continue as a going concern."

As of December 2022, Dito Tel had spent PHP230.5 billion for its
capital expenditures.



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

GRIDDLER & GRINDER: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Sept. 15, 2023, to
wind up the operations of Griddler & Grinder Pte. Ltd.

Maybank Singapore Limited filed the petition against the company.

The company's liquidators are:

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


LHN LOGISTICS: Unit Gets Demand Letter for Arbitral Award Payment
-----------------------------------------------------------------
The Business Times reports that HLA Container Services (HLACS) has
received a letter of demand from the lawyer representing logistics
provider Pacific GSSA in relation to a final award of arbitration,
the group said on Sept. 22.

HLACS is a subsidiary of LHN Logistics.

In the letter of demand, Pacific GSSA is demanding payment of the
awarded amount, costs of the proceedings and disbursement, as well
as its share of tribunal fees and expenses amounting to SGD993,853,
according to BT.

If payment of the total amount is not made within 21 days from the
date of the letter of demand, Pacific GSSA may commence winding-up
proceedings against HLACS, the group said, BT relays.

LHN Logistics added that its management "is in the midst of
consulting and discussing with its legal advisers" on the contents
of the letter of demand and the said final award.

BT relates that the group also set out the financial effects of its
payment to Pacific GSSA in a table, based on its latest financial
results ended Sept. 30, 2022.

Following the payment of the total amount owed to Pacific GSSA, the
group's net tangible asset per share would drop to SGD6.90 from
SGD7.25, while its loss per share would widen to SGD3.07 from
SGD2.69.

It stressed that these financial effects were "purely for
illustrative purposes" and "are neither indicative of, nor do they
represent, the actual future financial situation or any projection"
of the group's financial performance or position, BT adds.

LHN Logistics Limited is a Singapore-based investment holding
company. The Company and its subsidiaries are principally engaged
in the transportation business and the container depot services
business.


SAMCO CIVIL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Sept. 15, 2023, to
wind up the operations of Samco Civil Engineering Pte. Ltd.

RHB Bank Berhad filed the petition against the company.

The company's liquidators are:

          Lim Loo Khoon
          Tan Wei Cheong
          6 Shenton Way
          OUE Downtown 2, #33-00
          Singapore 068809


SPHAERA PHARMA: Commences Wind-Up Proceedings
---------------------------------------------
Members of Sphaera Pharma Pte Ltd, on Sept. 14, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Tan Eng Soon
          c/o 7500A Beach Road
          #05-303/304 The Plaza
          Singapore 199591


TOKYO SHINJU: Creditors' Meeting Set for Sept. 29
-------------------------------------------------
Tokyo Shinju Singapore Pte Ltd will hold a meeting for its
creditors on Sept. 29, 2023, at 10:30 a.m., at 180 Cecil Street
#12-01, in Singapore.

Agenda of the meeting includes:

   a. to nominate liquidator(s) or confirm member's nomination of
      liquidator(s);

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

   c. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of such winding up; and

   d. to consider any other matters which may properly be brought
      before the meeting.


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

TM Technology Services Sdn Bhd (successor-in-business to Telekom
Malaysia Berhad) filed the petition against the company.

The company's liquidators are:

          Cameron Lindsay Duncan
          David Dong-Won Kim
          KordaMentha Pte Ltd
          16 Collyer Quay
          #30-01
          Singapore 049318





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

BIM LAND: Moody's Withdraws 'B3' Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has withdrawn BIM Land Joint Stock
Company's B3 corporate family rating.

At the same time, Moody's has withdrawn the Caa1 senior unsecured
rating on BIM Land's US dollar notes.

Prior to the withdrawal, the rating outlook on BIM Land was
negative.

RATINGS RATIONALE

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

COMPANY PROFILE

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


                           *********


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

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

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

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

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



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