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

                     A S I A   P A C I F I C

          Thursday, September 28, 2023, Vol. 26, No. 195

                           Headlines



A U S T R A L I A

BOND HOMES: Suppliers Owed Up to AUD700,000 Likely to Go Unpaid
FIRSTMAC ASSET 1: Moody's Upgrades Rating on Class F Notes to Ba3
FLEXICOMMERCIAL ABS 2021-2: Moody's Ups Rating on F Notes from Ba1
FLYING BUILDER: Second Creditors' Meeting Set for Oct. 3
GEARLINX PTY: First Creditors' Meeting Set for Oct. 9

GENESIS CARE: No Decline in Patient Care at EFM, PCO Report Says
GENESIS CARE: No Decline in Patient Care at WFCM, PCO Report Says
LACORHAR PTY: First Creditors' Meeting Set for Oct. 3
MARINE HOTEL: Second Creditors' Meeting Set for Oct. 3
MINERAL RESOURCES: Moody's Rates New $850MM Unsecured Notes 'Ba3'

SYRAH PTY: First Creditors' Meeting Set for Oct. 3


B A N G L A D E S H

BANGLADESH: Fitch Affirms 'BB-' Foreign Curr. IDR, Outlook Now Neg.


C H I N A

CHINA EVERGRANDE: Some Creditors Plan to Join Winding-Up Petition
CHINA GRAND: Fitch Lowers LongTerm Issuer Default Rating to 'CCC-'
CIFI HOLDINGS: Slumps by Record After Trading Resumes
COUNTRY GARDEN: Faces Dollar, Ringgit Bond Interest Deadlines
XINHU ZHONGBAO: S&P Affirms 'B' Long-Term ICR, Outlook Negative



H O N G   K O N G

ORIENT OVERSEAS: Egan-Jones Retains BB+ Senior Unsecured Ratings


I N D I A

BALLARPUR INDUSTRIES: Ind-Ra Keeps D Rating in Non-Cooperating
BYJU'S: New India CEO Arjun Mohan to Cut More Than 4,000 Jobs
FIBERWEB LIMITED: Ind-Ra Cuts Rating to BB+, Outlook Stable
GUJARAT HYDROCARBONS: NCLT Approves Zaveri & Co. Acquisition Deal
JANANI EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating

JUGENDRA SINGH: CARE Keeps B- Debt Ratings in Not Cooperating
K.R. PATEL: CARE Keeps B- Debt Rating in Not Cooperating
LAKSHMI VENKATADRI: CARE Lowers Rating on INR6.80cr Loan to B+
LALCHAND BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
MAHAKALI COLD: CARE Keeps B- Debt Rating in Not Cooperating

MAHAVIR ROLL-TECH: CARE Keeps B- Debt Ratings in Not Cooperating
MSRM ORGANICS: CARE Keeps B- Debt Rating in Not Cooperating
MYTRAH UJJVAL: Ind-Ra Corrects September 12, 2023 Rating Release
NAGAR NIGAM HARIDWAR: Ind-Ra Gives BB Rating, Outlook Stable
NAGAR NIGAM: Ind-Ra Gives B+ LT Issuer Rating, Outlook Stable

NALLI TRUST: CARE Lowers Rating on INR99.87cr Loan to B
PKS TECHNOBUILD: CARE Keeps B+ Debt Rating in Not Cooperating
PLASMA METAL: CARE Keeps D Debt Rating in Not Cooperating Category
R. P. STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
R. R. PIPES: CARE Keeps D Debt Rating in Not Cooperating Category

RAYEN STEELS: CARE Keeps B- Debt Rating in Not Cooperating
RITZY POLYMERS: CARE Keeps B-/A4 Debt Rating in Not Cooperating
ROUT INFRASTRUCTURE: CARE Keeps B+ Debt Rating in Not Cooperating
RUPAMATA POWER: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable
SAVITRI SWADESHI: CARE Keeps B- Debt Rating in Not Cooperating

SCG EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category
SEJAL PROPERTIES: Ind-Ra Corrects September 1, 2023 Rating Release
SHAMBHU TEXTILES: CARE Lowers Rating on INR18.75cr Loan to C
SHASHTI CAR: CARE Keeps B+ Debt Rating in Not Cooperating
SHREEJI CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating

SHREERAKSHYAN INFRACON: Ind-Ra Gives BB Rating, Outlook Stable
SSIPL LIFESTYLE: CARE Lowers Rating on INR71.80cr Loan to B+
SSIPL RETAIL: CARE Lowers Rating on INR72.50cr Loan to B+
THREE STAR: CARE Keeps C Debt Rating in Not Cooperating Category
VIMAL PLATINUM: CARE Keeps B+ Debt Rating in Not Cooperating

YADAV TRACTOR: CARE Keeps B- Debt Rating in Not Cooperating


J A P A N

J. FRONT: Egan-Jones Retains 'B' Senior Unsecured Ratings
TOBU RAILWAY: Egan-Jones Hikes Senior Unsecured Ratings to BB


N E W   Z E A L A N D

FUTURE FORESTRY: Creditors' Proofs of Debt Due on Dec. 29
GORGE LIMITED: Creditors' Proofs of Debt Due on Oct. 29
MARS CAP: Court to Hear Wind-Up Petition on Sept. 29
MEDIAR LIMITED: Creditors' Proofs of Debt Due on Nov. 10
TLC CONTRACTORS: Court to Hear Wind-Up Petition on Oct. 13



P H I L I P P I N E S

PHOENIX PETROLEUM: Dennis Uy Plans Layoffs to Prevent More Losses


S I N G A P O R E

GUOCO ASSETS: Commences Wind-Up Proceedings
JMS MANUFACTURING: Court Enters Wind-Up Order
LOMOTIF PRIVATE: Court to Hear Wind-Up Petition on Oct. 6
NO SIGNBOARD: Court Withdraws Gugong's IP Injunction Application
RAYCOM ENGINEERING: Creditors' Meeting Set for Oct. 3

STEEL JUNCTION: Court to Hear Wind-Up Petition on Oct. 20

                           - - - - -


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

BOND HOMES: Suppliers Owed Up to AUD700,000 Likely to Go Unpaid
---------------------------------------------------------------
ABC News reports that up to AUD700,000 of debt owed to building
suppliers is likely to go unpaid, according to liquidators of
Ballarat-based residential builder Bond Homes.

The ABC relates that administrators overseeing the closure of the
failed company are selling off assets, including a display home, in
an attempt to pay the company's bills.

But they said the recuperated funds fall well short of accrued
debt.  

Bond Homes entered voluntary administration in late July after
nearly 30 years of trading, and creditors voted to liquidate the
company in early September.

The company, which built transportable homes in its Ballarat yard,
employed 20 full-time staff and had 21 home builds underway.

According to the ABC, Bond Homes' display home sold for AUD236,000
at auction on Sept. 22.

The original build cost of the home was just over AUD200,000, the
ABC discloses citing to liquidator Nathan Deppeler from insolvency
firm Worrells.

The sale of remaining assets, including vehicles and equipment, was
expected to bring asset value to about AUD300,000, but there had
been about AUD2.5 million lodged in creditor claims.

The ABC relates that Mr. Deppeler said up to AUD700,000 owed to
suppliers was likely to remain unpaid.

"I think any debt is relatively significant and impacts those
businesses that are owed money, regardless of whether it is a small
or large debt," the report quotes Mr. Deppeler as saying.

The creditors report reveals a Ballarat window supplier is owed
almost AUD115,000, the ABC discloses.

A Ballarat plaster company is owed more than AUD40,000, while about
AUD36,000 will likely remain unpaid to a Ballarat plumbing centre.

According to the report, Mr. Deppeler said Bond Homes' 20
employees, who were collectively owed AUD420,000, were in the
process of finalising their outstanding payments with the
government's fair entitlements guarantee scheme.

He said company assets would be used to cover that cost as a
priority.

He said home owners had claimed about AUD800,000 in losses, and
were likely to receive some compensation through insurance.

He said many were searching for other builders to finish their
homes, adds the report.


FIRSTMAC ASSET 1: Moody's Upgrades Rating on Class F Notes to Ba3
-----------------------------------------------------------------
Moody's Investors Service has upgraded ratings on five classes of
notes issued by Firstmac Asset Funding Trust No. 1 Series Auto No.
1.

Issuer: Firstmac Asset Funding Trust No. 1 Series Auto No. 1

Class B Notes, Upgraded to Aa1 (sf); previously on Dec 8, 2022
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Dec 8, 2022
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Dec 8, 2022
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Dec 8, 2022
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Dec 8, 2022
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

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

Following the August 2023 payment date, the credit enhancement
available for the Class B, Class C, Class D, Class E and Class F
Notes has increased to 15.4%, 11.1%, 9.2%, 6.6% and 3.8%,
respectively, from 10.7%, 7.7%, 6.3%, 4.5% and 2.7% at closing.

As of end-July 2023, 0.4% of the outstanding pool was 30-plus day
delinquent, and 0.1% was 90-plus day delinquent. The deal has
incurred 0.1% of gross losses to date, which have been covered by
excess spread.

Based on the observed performance to date and loan attributes,
Moody's has maintained its expected default assumption of 3% of the
current pool balance from closing. Moody's has also maintained the
Aaa portfolio credit enhancement of 13.5%. Moody's has considered
sensitivity scenarios with higher expected default rates, higher
CPRs and a different default timing.

Firstmac Asset Funding Trust No.1 Series Auto No.1 is a static cash
securitisation of consumer auto loans receivables extended to prime
borrowers in Australia by Firstmac Limited.

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

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

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

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

FLEXICOMMERCIAL ABS 2021-2: Moody's Ups Rating on F Notes from Ba1
------------------------------------------------------------------
Moody's Investors Service has upgraded ratings on five classes of
notes issued by flexicommercial ABS Trust 2021-1 and five classes
of notes issued by flexicommercial ABS Trust 2021-2.

The affected ratings are as follows:

Issuer: flexicommercial ABS Trust 2021-1

Class B Notes, Upgraded to Aaa (sf); previously on Jan 13, 2022
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Mar 30, 2023
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Mar 30, 2023
Upgraded to A2 (sf)

Class E Notes, Upgraded to A3 (sf); previously on Mar 30, 2023
Upgraded to Baa1 (sf)

Class F Notes, Upgraded to Baa2 (sf); previously on Mar 30, 2023
Upgraded to Baa3 (sf)

Issuer: flexicommercial ABS Trust 2021-2

Class B Notes, Upgraded to Aaa (sf); previously on Sep 2, 2022
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Mar 30, 2023
Upgraded to Aa2 (sf)

Class D Notes, Upgraded to Aa3 (sf); previously on Mar 30, 2023
Upgraded to A1 (sf)

Class E Notes, Upgraded to A3 (sf); previously on Mar 30, 2023
Upgraded to Baa2 (sf)

Class F Notes, Upgraded to Baa2 (sf); previously on Mar 30, 2023
Upgraded to Ba1 (sf)

RATINGS RATIONALE

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

flexicommercial ABS Trust 2021-1

Following the September 2023 payment, credit enhancement available
for the Class C, Class D, Class E and Class F Notes has increased
to 28.9%, 24.3%, 17.1%, and 15.5% respectively, from 27.7%, 23.2%,
16%, and 14.2% at the time of the last rating action for these
notes in March 2023. Credit enhancement available for the Class B
Notes has increased to 36.3% from 31.8% at the time of the last
rating action for these notes in January 2022.

As of August 2023, 1.2% of the outstanding pool was 30-plus day
delinquent and 0.2% was 90-plus day delinquent. The deal has
incurred 1.4% of loss to date, which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 5.4% of the
outstanding portfolio balance (equivalent to 2.8% of the original
portfolio balance), compared with 7% of the outstanding portfolio
balance (equivalent to 3.7% of the original portfolio balance) at
the time of the last rating action in March 2023. Moody's has also
lowered the Aaa portfolio credit enhancement to 31% from 35% at the
last rating action.

flexicommercial ABS Trust 2021-2

Following the September 2023 payment, credit enhancement available
for the Class C, Class D, Class E and Class F Notes has increased
to 26.9%, 22.3%, 15.1% and 13.2% respectively, from 25.2%, 20.5%,
13.2% and 11% at the time of the last rating action for these notes
in March 2023. Credit enhancement available for the Class B Notes
has increased to 33.7% from 29.6% at the time of the last rating
action for these notes in September 2022.

As of August 2023, 0.5% of the outstanding pool was 30-plus day
delinquent and 0.04% was 90-plus day delinquent. The deal has
incurred 1.1% of loss to date, which have been covered by excess
spread.

Based on the observed performance to date and loan attributes,
Moody's has lowered its expected loss assumption to 5.4% of the
outstanding portfolio balance (equivalent to 3.5% of the original
portfolio balance), compared with 7% of the outstanding portfolio
balance (equivalent to 5% of the original portfolio balance) at the
time of the last rating action in March 2023. Moody's has also
lowered the Aaa portfolio credit enhancement to 31% from 35% at the
last rating action.

The transactions are securitisation of a portfolio of equipment and
commercial auto loans and leases originated by Flexirent Capital
Pty Limited and serviced by flexicommercial Pty Ltd, each a wholly
owned subsidiary of Humm Group Limited.

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

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

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

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

FLYING BUILDER: Second Creditors' Meeting Set for Oct. 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of The Flying
Builder Pty Ltd, formerly trading as "LIV HOMES" and "TFB
Constructions", has been set for Oct. 3, 2023 at 11:00 via Zoom
virtual meeting.

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 Oct. 2, 2023 at 4:00 p.m.

Chad Rapsey and Mitchell Griffiths of Rapsey Griffiths Turnaround +
Advisory were appointed as administrators of the company on June
28, 2023.


GEARLINX PTY: First Creditors' Meeting Set for Oct. 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Gearlinx Pty
Ltd will be held on Oct. 9, 2023, at 10:00 a.m. at the offices of
Mcleods Accounting at Level 9, 300 Adelaide Street in Brisbane and
via electronic facilities.

Bill Karageozis of Mcleods Accounting was appointed as
administrator of the company on Sept. 26, 2023.


GENESIS CARE: No Decline in Patient Care at EFM, PCO Report Says
----------------------------------------------------------------
Susan Goodman, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Southern District of Texas
her first interim report regarding the quality of patient care
provided at Genesis Care Pty Limited and its affiliates' various
locations described as the East Florida Market.

Prior to and during the PCO's site visits, various locations
experienced patient transportation service interruptions that were
attributed to the bankruptcy filing. Pre-petition services were
reported as coming through two vendors, with one vendor providing
services for ambulatory clients and the other providing services
for clients needing either stretcher or wheelchair transport. Both
services experienced initial post-petition interruptions.

At the time of the PCO's initial site visit, the transportation
issue was the number one concern expressed by clinic staff. At the
time of report filing, the ambulatory transport vendor services
were reported as fully resumed, and the challenges associated with
stretcher/wheelchair vendor services was described as "sorting out"
such that alternative vendor choices or other patient transport
arrangements were being put in place.

Two of the 10 locations visited during the PCO's initial site
visits also experienced temporary utility shut offs. Both incidents
were rapidly rectified by operational leadership and patient impact
was avoided. The companies' counsel reported active engagement with
the third-party vendor responsible for utility management to
improve information flow to avoid any further instances. At the
time of this report filing, EAST operational leadership denied
experiencing any further utility shut offs.

The other notable operational challenge during the PCO's initial
EAST site visits was HVAC/air conditioning challenges that, in
three instances, led to water accumulation in the clinics.
Fortunately, the challenges that occurred during the PCO's visits
were outside of the clinic treatment areas or were managed in such
a way that avoided patient treatment interruption.

The PCO did not observe substantive decline in patient care
provided to the companies' EAST patients as contemplated under
Section 333 of the Bankruptcy Code.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=nbRY1a from Kroll Restructuring
Administration, LLC, claims agent.  

The ombudsman may be reached at:

     Susan N. Goodman
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Ph: 520.744.7061
     Fax: 520.575.4075
     Email: sgoodman@pivothealthaz.com

                         About GenesisCare

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

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

Judge David R. Jones oversees the case.

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

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

Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.

GENESIS CARE: No Decline in Patient Care at WFCM, PCO Report Says
-----------------------------------------------------------------
Susan Goodman, the court-appointed patient care ombudsman, filed
with the U.S. Bankruptcy Court for the Southern District of Texas
her first interim report regarding the quality of patient care
provided at Genesis Care Pty Limited and its affiliates' various
locations described as the West Florida/Central Market.

The PCO visited the Pan Handle and West Florida locations during
her initial site visit along with the corporate office, the
pharmacy, and the lab. At the time of the PCO's site visit, the
corporate office and the on-site pharmacy were getting ready to
relocate. The pharmacy was moving to a space in the Bonita Springs,
Florida radiation oncology center.

Since the PCO's visit, the Fluorescence In Situ Hybridization
microscope equipment went down. While the lab had additional FISH
equipment, it had been out of commission prior to the bankruptcy.
To avoid biopsy result delays, the lab engaged a third-party
vendor. the PCO will remain engaged with the Lab Manager regarding
efforts to bring the equipment back online.

In addition to the pharmacy and lab site visits, the PCO visited
seven clinic locations, interacting with clinic staff, physicists,
dosimetrists, and clinicians. One physicist reported challenges
shipping calibration equipment necessary for required quality
assurance monitoring. Because this issue was also initially
reported in East Florida and resolved, the PCO was able to refer
the team member to the individual in charge of the alternate
process. Patient impacts were denied.

Similarly, facility maintenance challenges were also muted for the
WFCM relative to those experienced in East Florida. The PCO
incidentally observed a replacement HVAC system installation and an
HVAC system repair while visiting WFCM locations.

The PCO did not observe substantive decline in patient care
provided to the companies' WFCM patients as contemplated under
Section 333 of the Bankruptcy Code.

A copy of the ombudsman report is available for free at
https://urlcurt.com/u?l=a3VnpT from Kroll Restructuring
Administration, LLC, claims agent.

The ombudsman may be reached at:

     Susan N. Goodman
     Pivot Health Law, LLC
     P.O. Box 69734
     Oro Valley, AZ 85737
     Ph: 520.744.7061
     Fax: 520.575.4075
     Email: sgoodman@pivothealthaz.com

                         About GenesisCare

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

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

Judge David R. Jones oversees the case.

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

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

Susan N. Goodman is the patient care ombudsman appointed in the
Debtors' Chapter 11 cases.

LACORHAR PTY: First Creditors' Meeting Set for Oct. 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Lacorhar Pty
Ltd will be held on Oct. 3, 2023, at 3:00 p.m. via Microsoft
Teams.

Anthony Phillip Wright and Michael James Billingsley of Olvera
Advisors were appointed as administrators of the company on Sept.
20, 2023.


MARINE HOTEL: Second Creditors' Meeting Set for Oct. 3
------------------------------------------------------
A second meeting of creditors in the proceedings of Marine Hotel
Pty Ltd has been set for Oct. 3, 2023 at 11:00 a.m. via virtual
meeting only.

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 Oct. 2, 2023 at 11:00 a.m. b

Michael Korda and Leanne Chesser of Kordamentha were appointed as
administrators of the company on Aug. 28, 2023.


MINERAL RESOURCES: Moody's Rates New $850MM Unsecured Notes 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Mineral
Resources Limited's (MinRes) proposed USD850 million senior
unsecured notes issuance. At the same time, Moody's has also
affirmed MinRes's Ba3 corporate family rating and senior unsecured
notes rating. The outlook is maintained at stable.

The proposed USD850 million senior unsecured notes mature in 2028
and will rank pari passu with MinRes's existing 2027, and 2030
senior unsecured notes.  Proceeds from the notes will be used for
general corporate purposes, including capital expenditures.

RATINGS RATIONALE

The Ba3 rating on the proposed notes is at the same level as
MinRes's CFR and existing senior unsecured notes rating.

MinRes has a significant growth spending pipeline which will result
in higher debt to fund capex over the next 12-18 months.  The
rating affirmation reflects Moody's view that MinRes's credit
profile will remain supported during this time by material earnings
from the Onslow iron ore project, in addition to solid earnings
from the lithium business and mining service business, which will
offset the increase in debt to fund capex. The rating agency
estimates MinRes's leverage (as measured by Moody's adjusted
debt/EBITDA) will remain below Moody's rating down driver of 3.5x
over the period. Moody's uses price estimates for spodumene
concentrate of around USD1,700 – 2,675 dmt, and for lithium
hydroxide of around USD18,000 – 23,750 dmt for its base case.

Moody's expects MinRes will manage its capital spending in a
prudent manner, maintain an adequate liquidity buffer, and address
any additional funding needs before sanctioning projects, and will
continue to operate with a conservative financial policy.

MinRes's liquidity is good. Moody's expects MinRes's elevated
capital expenditures under its base forecasts will lead to negative
free cashflow generation over the next 12-18 months. However this
is well covered by the company's sources of liquidity, including
its AUD1.4 billion cash balance and AUD400 million undrawn revolver
as of June 2023, and the proceeds from the proposed USD850 million
senior unsecured notes issuance, as well as proceeds of USD400
million from the Albermarle JV restructure.

MinRes's growth spending pipeline includes the Onslow iron ore
project, which is committed capex.  It is a greenfield project in
which MinRes holds a 60.3% stake.  The project reached its Final
Investment Decision in August 2022, with construction commencing
over the first half of 2023.  Moody's expects the project's
execution risks should be relatively contained given the low
complexity of the project, as well as MinRes's experience and track
record in developing mining projects including iron ore mines in
the Pilbara. The project is expected to deliver significant
earnings from FY2024, as it is expected to produce around 35
million tonnes of iron ore per annum.  The project is estimated to
have a reserve life of more than 30 years.

MinRes's other growth projects – which are not yet committed
capex – include adding an additional train to the Wodgina
Spodumene Concentrate project, costs related to the proposed Bald
Hill lithium mine acquisition, as well as the Lockyer Deep Gas
project.

Constraining MinRes's rating is its direct and indirect exposure to
movements in commodity prices. In particular, MinRes's earnings
from its current iron ore operations are materially exposed to
weaker iron ore prices due to the high unit costs and breakeven
levels at the mines.

MinRes reported fiscal 2023 (ended June 30, 2023) results on August
29, 2023, with reported revenue increasing by 40% to AUD4.8 billion
compared with fiscal 2022. The company's reported EBITDA also
improved by 71% to AUD1.8 billion, mainly reflecting strong
earnings from both the Mt Marion and Wodgina lithium projects.
MinRes's iron ore segment was hampered by impairments relating to
the re-estimation of ore available to be mined at increased
operating expenses, despite higher achieved iron prices.

OUTLOOK

The stable outlook reflects that while MinRes's debt and capex will
likely increase materially over the next 12-18 months, credit
metrics will remain appropriate for the rating supported by
significant earnings growth. The stable outlook is also based on
Moody's expectation that MinRes will manage its investments
prudently and maintain an adequate liquidity buffer.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance poses moderately negative risks. While capex and debt
are increasing considerably, the company has to date demonstrated
prudent financial management. The governance score also considers
the company's concentrated ownership by its founder and managing
director.

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

An upgrade is unlikely over the near term given MinRes's elevated
capex profile and increased debt. Over time, positive rating action
could be considered if MinRes successfully completes its growth
pipeline including the Onslow project, and establishes a track
record of production, while operating with a conservative financial
policy.

The ratings could be downgraded if MinRes faces material
operational challenges at its mines, commodity prices underperform
Moody's expectations for a protracted period, and/or there are
material mining service contract losses. Ratings could also be
downgraded if MinRes commits to multiple growth projects that
increase funding needs to a level inconsistent with its current
financial policy.

Specifically, Moody's could downgrade the ratings if: (1)
debt/EBITDA is sustained above 3.5x; (2) there is prolonged
negative free cashflow and/or its liquidity (cash and committed
undrawn credit facilities) deteriorates below AUD200 million.

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

PROFILE

Mineral Resources Limited (ASX: MIN) is an ASX-listed company
operating across mining services, as well as mining of iron ore and
lithium minerals.

SYRAH PTY: First Creditors' Meeting Set for Oct. 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Syrah Pty
Ltd will be held on Oct. 3, 2023, at 3:00 p.m. via virtual meeting
by Zoom.

Gavin Moss of Chifley Advisory was appointed as administrator of
the company on Sept. 20, 2023.




===================
B A N G L A D E S H
===================

BANGLADESH: Fitch Affirms 'BB-' Foreign Curr. IDR, Outlook Now Neg.
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Bangladesh's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Negative from
Stable, and affirmed the IDR at 'BB-'.

KEY RATING DRIVERS

Vulnerability to Shocks: The Negative Outlook reflects a
deterioration in external buffers, which has increased
vulnerability to shocks. It also reflects its view that the
country's incremental policy response, including exchange-rate
system changes, and continued support from external official
creditors, has been insufficient to stem the fall in foreign
reserves and resolve domestic US-dollar liquidity strains.

However, ratings are affirmed, reflecting Bangladesh's manageable
external-debt repayment profile, still-favourable growth prospects
and government debt that is below that of peers. This is balanced
by low government revenue and per capita income as well as a weak
banking sector and deficient governance indicators.

Increased Foreign-Exchange Pressure: Fitch forecasts
foreign-exchange reserves to stay under pressure, driven by rising
imports and foreign-currency (FX) intervention by the central bank.
Fitch estimates that gross reserves fell by 19% in 9M23 to USD27.3
billion, or USD21.5 billion excluding the portion allocated to the
Export Development Fund and Bangladesh Investment Development Fund,
in line with the IMF's BPM6 standard. Fitch estimates end-2023 FX
reserve coverage of current external payments at 3.0 months,
against a 'BB' median of 4.4 months, based on the reserves reported
under BPM6.

FX Challenges: The foreign-exchange reserve outlook is challenging,
amid a still-managed exchange rate, elevated oil prices and a
further relaxation of import restrictions, which will widen the
current-account deficit through to 2025. It remains uncertain
whether the shift to a single exchange-rate mechanism from multiple
rates will stem the decline in reserves due to implementation
challenges, while high inflation might prevent greater
exchange-rate flexibility. Fitch expects reserve coverage of
current external payments at about 2.6 months over 2024-2025. The
IMF's June-end FX reserve target was not met.

Manageable External Debt Service: Bangladesh should be able to meet
its external debt obligations over 2024-2025, even with lower
external buffers. External debt service is low relative to peers,
averaging at about 5% of current external receipts over 2023-2025,
against a 'BB' median of 11%. External refinancing risk is further
reduced by the external creditor composition - at 59% multilateral
and 41% bilateral. Fitch expects funding from these sources to
continue. An IMF programme, agreed in January 2023, should support
the external position, although this depends on meeting programme
targets.

Low Revenue: Gross general government revenue/GDP is far below the
'BB' median. The IMF requires Bangladesh to improve its revenue/GDP
ratio, and projects a ratio of 8.8% in the financial year ending
June 2023 (FY23) and 10.3% in FY26. However, this is challenged by
large tax exemptions, evasion and weak tax administration. The
IMF's June-end revenue target was not met. The FY24 budget targets
a deficit of 5.2% of GDP and a revenue/GDP ratio of 10%, from 9.8%
in FY23. Fitch expects a deficit of 5.3%, given its lower growth
forecast of 6.5%, against the budget's 7.5%, and little revenue
reform progress.

Government Debt Below Peer Median: The government debt/GDP ratio
remains below that of the 'BB' median. Its baseline assumption
forecasts government debt to increase moderately to 37.2% of GDP by
FY25, from 33.8% in FY22. This is significantly below the projected
51.7% of the 'BB' median. Fiscal risks include sustained fiscal
slippage, the extension of forbearance measures to the banking
sector and potential contingent liabilities owing to the debt of
state-owned enterprises and the banking sector.

Strong Growth Prospects: Fitch expects economic activity to stay
strong, and forecast GDP growth of 6.5% in FY24 and 7.1% in FY25.
Growth is likely to remain broad based; supported by private
consumption with the aid of remittances, government spending,
investment and continued resilience of ready-made garment exports.
The sector's exports were up by 8.1% in FY23. Remittance inflows
until August 2023 have remained resilient relative to the previous
year.

Weak Banking-Sector Governance: Fitch regards the health of the
banking sector and its governance standards as weak, especially
among public-sector banks. Official data reveals a high system
gross non-performing loan (NPL) ratio of 8.8% at end-March 2023.
The NPL ratio of state-owned commercial banks, at about 20.0%, is
much higher than the 6.0% of private-sector banks and could rise
further once forbearance measures are withdrawn. Bank
capitalisation is thin relative to prevailing market risks and
Fitch believes the banking sector could be a source of contingent
liability for the sovereign if credit stress intensifies.

Weak Structural Indicators: Bangladesh is in the 23rd percentile of
the World Bank's composite governance score, against 49th for the
'BB' median. Foreign direct investment is hampered by large
infrastructure gaps, although some government projects in the
pipeline could bode well for investment over time. The next
election is due in January 2024. Protests, led by the opposition
Bangladesh Nationalist Party, demand that the Awami League resigns
and a caretaker government is installed prior to the next election
to ensure it is conducted fairly. Major reform progress prior to
the election is low.

ESG - Governance: Bangladesh has an ESG Relevance Score of '5' for
both Political Stability and Rights and the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGIs) have in its proprietary Sovereign Rating Model.
Bangladesh has a low WBGI ranking in the 23rd percentile,
reflecting weak rights for participation in the political process
and institutional capacity, uneven application of the rule of law
and a high level of corruption.

RATING SENSITIVITIES

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

- External Finances: Increased external vulnerability, for
instance, because of a lack of a coherent exchange-rate policy or a
sustained widening of the current account deficit that leads to
further falls in foreign-exchange reserves or other liquidity
buffers.

- Public Finances: Higher deficits or financing needs that are
driven, for example, by a further increase in the interest/revenue
ratio or an inability to increase the government's revenue intake.

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

- External Finances: A reduction in external vulnerabilities, for
example, due to a more credible exchange-rate framework that leads
to a sustained build-up of foreign-exchange reserves or other
liquidity buffers.

- Public Finances: A structural increase in fiscal revenue
collection that supports fiscal consolidation and improves the
interest/revenue ratio.

- Structural: A significant improvement in institutional capacity
and the implementation of measures to address economic
vulnerabilities, including weaknesses in the banking sector.

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

Fitch's proprietary SRM assigns Bangladesh a score equivalent to a
rating of 'BB-' on the Long-Term Foreign-Currency IDR scale.

In accordance with its rating criteria, Fitch's sovereign rating
committee decided not to adopt the score indicated by the SRM as
the starting point for its analysis, because the SRM output has
migrated to 'BB-', from 'BB', but Fitch's view is that this is a
temporary worsening. Consequently, the committee decided to adopt
'BB' as the starting point for its analysis, unchanged from the
prior committee.

Fitch's sovereign rating committee adjusted the output from the
adopted SRM score to arrive at the Long-Term Foreign-Currency IDR
by applying its QO, relative to SRM data and output, as follows:

Structural: -1 notch to reflect weak institutional capacity and
limited progress in addressing fiscal and broader economic issues,
including long-standing vulnerabilities in the banking sector in
terms of governance, asset quality and capitalisation.

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

COUNTRY CEILING

Bangladesh's Country Ceiling is in line with its Long-Term
Foreign-Currency IDR. This reflects no material constraints or
incentives, relative to the IDR, against capital or exchange
controls being imposed that would prevent or significantly impede
the private sector from converting local currency into foreign
currency and transferring the proceeds to non-resident creditors to
service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
zero notches above the IDR. Fitch's rating committee did not apply
a qualitative adjustment to the model result.

ESG CONSIDERATIONS

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

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

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

Bangladesh has an ESG Relevance Score of '4' [+] for Creditor
Rights, as willingness to service and repay debt is relevant to the
rating and is a rating driver for Bangladesh, as for all
sovereigns. As Bangladesh has 20 plus year record without a
restructuring of public debt - as captured in its SRM variable -
this has a positive impact on the credit profile.

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

   Entity/Debt                    Rating         Prior
   -----------                    ------         -----
Bangladesh         LT IDR          BB-  Affirmed   BB-
                   ST IDR          B    Affirmed    B
                   LC LT IDR       BB-  Affirmed   BB-
                   LC ST IDR       B    Affirmed    B
                   Country Ceiling BB-  Affirmed   BB-



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

CHINA EVERGRANDE: Some Creditors Plan to Join Winding-Up Petition
-----------------------------------------------------------------
Reuters reports that a major group of offshore creditors of China
Evergrande Group is planning to join a court petition to liquidate
the cash-strapped developer if it doesn't submit a new debt revamp
plan by next month, two sources familiar with the matter said.

According to Reuters, the creditor group holds a large portion of
Evergrande offshore bonds and, if it decides to join, would add
more weight to the petition filed against the developer by an
investor in a Hong Kong court.

Evergrande's offshore debt restructuring plan, unveiled in March,
has been thrown into uncertainty after the developer said on Sept.
24 it was unable to issue new debt due to an ongoing regulatory
investigation into its main unit in China, Reuters says.

Deepening turmoil in China's debt-laden property sector is
threatening to undermine Beijing's efforts to get the sputtering
economy back on more solid footing, and raising fears among
investors of a spillover into the country's banking system.

Reuters notes that Evergrande has been in the process of seeking
creditors' approval for its proposals to restructure offshore debt
worth $31.7 billion, which includes bonds, collateral, and
repurchase obligations.

Under the plan, Evergrande, the poster child of China's property
sector crisis, had proposed various options to offshore creditors,
including swapping some of their debt holdings into new bonds with
maturities of 10 to 12 years, Reuters notes.

A group of Evergrande bondholders were surprised by the firm's
weekend announcement which said it was unable to issue new notes,
and have been seeking meetings with the developer to seek more
information, said the two sources, Reuters relays.

If Evergrande fails to submit a new debt restructuring plan by Oct.
30, that bondholders' group will support a winding-up petition --
or petition to liquidate -- already filed against the developer,
said the sources, declining to be identified due to the sensitivity
of the matter.

The group has been in favour of finding a restructuring resolution
for Evergrande's debt, but the developer's weekend announcement has
reduced hopes that would eventually happen, the sources, as cited
by Reuters, added.

Top Shine Global, an investor in Evergrande unit Fangchebao, in
June 2022 filed a petition to liquidate in Hong Kong because it
said the developer had not honoured an agreement to repurchase
shares the investor bought in the unit, according to Reuters.

In July, the hearing for that winding-up petition against
Evergrande was adjourned to Oct. 30, in order to wait for the
result from the developer's meeting with creditors to vote on its
debt restructuring plan, recalls Reuters.

Evergrande needs approval from more than 75% of the holders of each
debt class to approve the plan.

That meeting is scheduled for mid-October. However, the latest
disclosure by Evergrande puts the meeting, as well as its outcome,
in doubt and it's not clear if the meeting with offshore creditors
will go ahead as planned, Reuters states.

Evergrande did not immediately respond to Reuters request for
comment.

According to Reuters, the liquidation petition against Evergrande
is one of the many such proceedings launched against Chinese
developers as the firms failed to meet debt payment obligations
after an unprecedented liquidity crunch hit the sector in 2021.

Reuters relates that Evergrande cited an analysis commissioned from
consultancy Deloitte during a Hong Kong court hearing in July to
say the recovery rate from its proposed debt restructuring plan
would be around 22.5%, compared with 3.4% if the developer is
liquidated.

"At this stage, the offshore creditors are getting desperate,
knowing none or little would be left for them," Reuters quotes KT
Capital Group senior researcher Fern Wang, who publishes on
Smartkarma, as saying.

Reuters says the liquidity crunch was triggered in part by
government efforts to clamp down on high debt levels in the
property sector and rein in speculation.

Many of the defaulted developers have been scrambling to get their
offshore creditors' approval for debt restructuring plans to avoid
collapse or being forced into liquidation proceedings, adds
Reuters.

                       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 GRAND: Fitch Lowers LongTerm Issuer Default Rating to 'CCC-'
------------------------------------------------------------------
Fitch Ratings has downgraded China-based auto dealer China Grand
Automotive Services Group Co., Ltd.'s (CGA) Long-Term Issuer
Default Rating (IDR) to 'CCC-', from 'CCC+', and senior unsecured
rating to 'CCC-', from 'CCC+', with a Recovery Rating of 'RR4'.

The downgrade reflects CGA's lower liquidity headroom after its
operating results were weaker than Fitch expected. The revenue and
profitability recovery was not as robust as Fitch had anticipated,
and further cash burn in 1H23 has made the execution of refinancing
plans critical for its upcoming capital-market debt maturities due
in 1Q24.

The company requires a successful operational turnaround to
deleverage meaningfully even if the refinancing is completed. This
has inherent execution risk and relies on market dynamics becoming
more favourable. Fitch believes there is uncertainty in timing,
given the weak performance of some mass-market joint venture (JV)
brands and a structural decline in demand for traditional internal
combustion engine vehicles in China.

KEY RATING DRIVERS

Deterioration in Liquidity: CGA's liquidity position worsened in
1H23 due to its weaker-than-expected business recovery and
continued cash outflow for financing. Its readily available cash
balance (excluding deposits against bank borrowings) deteriorated
further to CNY2.4 billion by end-June 2023, from CNY3.6 billion at
end-December 2022. An inability to reduce its cash burn or the need
to use available cash for debt repayment could result in a lower
margin of safety against ongoing operational expenses and working
capital funding requirements, such as new vehicle purchases.

Increasing Refinancing Risk: Fitch expects the worsening liquidity
to increase CGA's reliance on refinancing for its upcoming debt
maturities, particularly for capital-market debt. The company has
CNY1.15 billion of onshore corporate bonds maturing in 4Q23 and
CNY1 billion in 1Q24, and a USD232 million bond that will become
due in January 2024. CGA has become increasingly dependent on
short-term debt since 2020, and Fitch expects limited availability
of funding channels although it has unencumbered assets that could
provide support.

Difficulty in Deleveraging: Fitch believes CGA will have difficulty
deleveraging meaningfully even past the immediate capital-market
debt maturities. The company aims to shift its vehicle mix towards
electric vehicles (EVs) and premium brands, but this transition
will take time as China's market is highly fragmented and
competitive. Cost-cutting may have limited impact against the low
gross margin for new vehicle sales. Such challenges may limit free
cash flow generation and delay the replenishment of available
liquidity.

Difficult Operational Turnaround: Fitch anticipates weak demand for
traditional internal combustion engine vehicles in China to
persist, given the challenges presented by electrification and weak
consumer sentiment, especially falling demand for mass-market JV
branded vehicles. CGA recorded a 1% decline in new-vehicle sales
volume in 1H23 despite the removal of Covid-related restrictions
and improved logistics. Its gross margin for vehicle sales and
after-sales services both declined in 1H23 compared with the same
period last year.

Fitch believes it is currently difficult for CGA to implement
strategies to restore operating cash flow. Lower liquidity would
inhibit its ability to keep pace with industry shifts, as it
requires capital to transition to better-performing luxury brands
or new-energy vehicles. The weaker retail sales environment could
mean that the sale of new vehicles, especially underperforming
mass-market JV brands with slower EV penetration rates, could face
delays or require higher discounts in a price-competitive market,
therefore negatively affecting profitability.

DERIVATION SUMMARY

CGA's ratings are driven by its tight liquidity and risks to the
refinancing of its upcoming capital-market maturities.

KEY ASSUMPTIONS

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

- Revenue to grow by low single digits in 2023 (2022: -16%) and
decline by low single digits over 2024-2026;

- CGA's EBITDA margin to recover slowly, averaging 4% in 2023-2026
(2022: 1.2%);

- Capex intensity (inclusive of M&A) to stay at 1.6% over 2023-2026
(2022: 1.5%);

- No dividend pay-outs in the medium term.

Recovery Rating Assumptions:

Its recovery analysis assumes that CGA would be liquidated in a
bankruptcy. The liquidation estimate reflects Fitch's view of the
value of balance-sheet assets that can be realised in a sale or
liquidation process conducted during bankruptcy or insolvency
proceedings and distributed to creditors. Fitch has assumed a 10%
administrative claim, in line with its Recovery Ratings criteria.

- Advance rate of 74% to cash, as this amount is specifically
pledged against bank loans and bank payables.

- Advance rate of 80% to account receivables, including prepayments
and rebate receivables.

- Advance rate of 80% to inventory, as CGA's inventory is composed
mainly of new vehicles.

- Advance rate of 60% to net property, plant and equipment.

The allocation of value in the liability waterfall results in
recovery corresponding to an 'RR4' Recovery Rating for senior
unsecured debt.

RATING SENSITIVITIES

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

- Successful repayment of upcoming capital-market debt maturities
over the next two quarters;

- Improvement in liquidity through higher operating cash flow;

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

- Lack of progress in addressing upcoming capital-market debt
maturities

LIQUIDITY AND DEBT STRUCTURE

Tight liquidity: CGA had unrestricted cash of CNY7 billion at
end-June 2023, including deposits against bank borrowings and
deconsolidated cash from subsidiary Huitong Xincheng, against
CNY43.1 billion in short-term borrowings. The short-term borrowings
include perpetual securities that are callable every six months, in
line with Fitch's criteria. However, CGA exercises the call option
at its discretion, and Fitch does not assume the securities will be
called in its liquidity analysis. The company redeemed part of the
perpetual securities in July 2021, and USD261 million remains
outstanding.

ISSUER PROFILE

CGA is one of the largest auto dealerships in China, with more than
780 outlets across China covering more than 50 brands as of
end-June 2023. CGA is listed on the Shanghai Stock Exchange.

ESG CONSIDERATIONS

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

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
China Grand
Automotive Services
Group Co., Ltd.         LT IDR CCC-  Downgrade             CCC+

   senior
   unsecured            LT     CCC-  Downgrade    RR4      CCC+

China Grand
Automotive Services
Limited

   senior
   unsecured            LT     CCC-  Downgrade    RR4      CCC+

Baoxin Auto Finance
I Limited

   senior
   unsecured            LT     CC    Downgrade    RR4      CCC

CIFI HOLDINGS: Slumps by Record After Trading Resumes
-----------------------------------------------------
John Cheng at Bloomberg News reports that CIFI Holdings Group Co.'s
shares plunged by a record after trading resumed upon the release
of its earnings, which underscored the hit from a prolonged
property downturn.

The stock fell as much as 55% in Hong Kong, the biggest drag on a
Bloomberg gauge of Chinese builder shares. The index, headed for a
third day of losses, is close to erasing all gains notched during
last year's reopening rally.

According to Bloomberg, the slide comes after the builder reported
a net loss of almost CNY9 billion (US$1.2 billion) in the first
half of the year. Trading of its shares had been halted since
end-March as the firm failed to release earnings on time, adding to
a wave of suspensions by fellow troubled developers.

"Similar to most other distressed developers, we believe CIFI's
liquidity stress is unlikely to be resolved anytime soon," JPMorgan
Chase & Co. analysts including Karl Chan wrote in a note, citing a
lack of funding access and weak sales, Bloomberg relays.

Bloomberg says pessimism in the property sector has deepened
recently, with fresh drama unfolding at China Evergrande Group as
its restructuring process came to a halt. Investors are bracing for
further troubles at some distressed builders after policy support
failed to drive a sustainable recovery in home sales. The property
market could take as long as a year to recover, according to a
former central bank adviser, who urged Beijing to do more to
encourage lending to developers.

Earlier this week, the developer stock index slumped by the most in
nine months after China Aoyuan Group dived following a resumption
in trading, Bloomberg notes.

According to Bloomberg, CIFI was one of the first beneficiaries of
a key state-led program in 2022 aimed at helping cash-strapped
builders sell onshore bonds with guarantees amid the property
sector's liquidity crunch. But the company's default on offshore
debt weeks after selling a guaranteed yuan bond tested investor
faith on state aid.

                        About CIFI Holdings

CIFI Holdings (Group) Co. Ltd. is an investment holding company
principally engaged in property businesses. The Company mainly
operates through three segments. Property Development segment is
engaged in the development and sales of office properties,
commercial properties and residential properties in China. Property
Investment segment is engaged in the leasing of investment
properties developed or purchased by the Company for the rental
income and the appreciation of the properties' values. Property
Management, Project Management and Other Property Related Services
segment is engaged in property management and project management in
China.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has downgraded China-based property developer CIFI
Holdings (Group) Co. Ltd.'s Long-Term Foreign- and Local-Currency
Issuer Default Ratings to 'CC' from 'BB-'. Fitch has also
downgraded CIFI's senior unsecured rating and the ratings on the
outstanding notes to 'CC' with a Recovery Rating of 'RR4', from
'BB-'. All the ratings have been removed from Rating Watch
Negative.

The downgrade reflects CIFI's rising liquidity risks, amid market
reports that it failed to make an interest payment for its
convertible bonds (maturing 8 April 2025) that was due in early
October, and that it was also seeking to delay certain principal
and interest payment for other financial obligations.

The TCR-AP also reported on Oct. 19, 2022, that Moody's Investors
Service has downgraded CIFI Holdings (Group) Co. Ltd.'s corporate
family rating to Ca from B3 and senior unsecured rating to C from
Caa1.  The outlook remains negative.

COUNTRY GARDEN: Faces Dollar, Ringgit Bond Interest Deadlines
-------------------------------------------------------------
Bloomberg News reports that Country Garden Holdings faced another
round of debt deadlines on Sept. 27, including one for dollar bond
interest.

Bloomberg says the builder, which has become the face of China's
broader property debt crisis, must pay a US$40 million coupon on a
note maturing in January. It has a 30-day grace period before a
default could be called.

There is also MYR7.81 million (US$1.66 million) of interest due on
a Malaysian note maturing in 2025, according to data compiled by
Bloomberg. The security has a five-day grace period.

Any payment failures could send fresh shockwaves through the
country's property market, which the authorities have been trying
to stabilise amid a years-long debt crisis, Bloomberg notes.

According to Bloomberg, sentiment has already been shaken further
in recent days after a long-awaited debt restructuring by peer
China Evergrande Group screeched to a halt.

While Country Garden has so far avoided defaulting, investors
remain doubtful about its ability to survive China's real estate
crisis, which shows no signs of abating, says Bloomberg.

Last week, the company missed an initial deadline to pay US$15.4
million of interest on another dollar security, and met other
obligations only at the last minute, just as grace periods were
ending.

Most of the company's dollar bonds have slid to deeply distressed
levels of between seven US cents and 11 US cents, after some were
near 80 US cents in June, according to Bloomberg.

The developer's operations are focused in smaller cities, which
expanded faster in good times but have been harder hit by the
housing slump and economic slowdown than top-tier cities such as
Beijing and Shanghai.

"China still has policy tools in reserve to stabilise residential
sales in the country's largest cities," said S&P Global Ratings
analysts Iris Cheng and Edward Chan in a research report published
on Sept. 25, Bloomberg relays. "We do not expect lower-tier cities
will get the same support as in the last big downturn."

Country Garden's contracted sales plunged 72 per cent from a year
earlier in August, worsening after declines in previous months and
after the builder warned about "major uncertainties" regarding its
ability to repay its debt, Bloomberg discloses.

                        About Country Garden

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

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

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


XINHU ZHONGBAO: S&P Affirms 'B' Long-Term ICR, Outlook Negative
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on Xinhu Zhongbao Co. Ltd. S&P also affirmed its 'B-' long-term
issue rating on the company's guaranteed senior unsecured notes.

The negative outlook on Xinhu reflects S&P's view that the
company's liquidity buffer will tighten on the back of debt
repayments in 2023. Sales execution risks amid a prolonged property
market downturn could also weaken the company's liquidity.

Xinhu's liquidity remains tight due to a reduced cash balance. As
of June 30, 2023, the company had a total cash balance of Chinese
renminbi (RMB) 6.4 billion, down from RMB9.5 billion as of
end-2022. Xinhu had cash of RMB2.7 billion at the parent company
level and unrestricted cash of RMB2.0 billion at subsidiaries'
level (excluding cash kept in escrow account). This was far below
short-term debt of RMB13.0 billion (after adjusting for bonds being
put and resold). The cash balance declined due to lower operating
cash inflow from property development and repayment of debt using
internal resources.

Xinhu's unpledged and liquid investment portfolio could support its
liquidity. The company has a record of disposing of its onshore and
offshore investment portfolio for liquidity. In July 2023, Xinhu
disposed of its shares in Wind Information Co. Ltd. for RMB2.27
billion. This helped the company to meet its onshore maturity and
repay the bonds being put, totaling RMB1.0 billion, in
July-September. We estimate the market value of remaining liquid
investments that are ready for sale at RMB3.8 billion. This
excludes the total borrowings pledged by these shares.

Moreover, according to Xinhu's recent announcement on an agreement
with associate company Xinhu Holding Co. Ltd., the latter will
transfer its shares in Xiangcai Co. Ltd. to Xinhu as repayment of
loans. The shares had a market value of about RMB3.4 billion as of
Sept. 26, 2023. The transaction is still pending further approvals.
Once it is completed, Xinhu could either dispose of or pledge the
shares for extra liquidity sources.

Sales execution in a key project remains a risk for Xinhu. The
company's contracted sales and revenue recognition could be
volatile due to its small operating scale. Xinhu's major salable
resources in 2023-2025 would be two urban renewal projects in
Shanghai, both in prime locations. Sales execution of these two
projects would be essential to the company's operating cash inflow
in the next two to three years.

One of the projects is a 50-50 partnership with Sunac China
Holdings Ltd., a developer in distress since early 2022. The
project has about RMB50 billion salable resources and will be
launched for presales in 2024-2026. The presale was delayed from
our previous expectation of 2023 due to slow progress on
construction.

Xinhu and its JV partner's failure to smoothly proceed with the
construction and presales of the project will hurt its contracted
sales and operating cash flow in 2024-2025. Moreover, Xinhu could
face financial contagion risk from the distressed partner if the
project has difficulties in obtaining external borrowings and
requires more shareholder loans.

Introduction of state-owned shareholding could help Xinhu maintain
financing channels and increase business diversity. In late August
2023, Xinhu introduced a 100% state-owned enterprise (SOE) in
Quzhou, Zhejiang province, as the second-largest shareholder
(10.11% interest). The shareholder's SOE background could help
Xinhu maintain its smooth financing channels with banks and other
financial institutions, given the currently unfavorable financing
conditions for pure privately owned enterprises. In our view, it is
essential for Xinhu to maintain its banking relationships to
support its liquidity. As of June 30, 2023, the company's bank
loans due within one year totaled RMB8.65 billion.

In addition, Xinhu will cooperate with the Quzhou government in the
new energy and intelligent manufacturing business. They have
scheduled to build factories in 2023-2024 to manufacture materials
for new energy batteries.

Xinhu has years of experience in investing in hi-tech companies. It
is now transforming its role as a passive indirect equity investor
to an active direct investor. S&P believes this could help the
company to enhance its business diversity. The move is in line with
Xinhu's business strategy of the past few years.

S&P said, "The negative rating outlook reflects our view that
Xinhu's liquidity would remain under pressure over the next 12
months. This is given the company's thin cash buffer and sales
execution risk amid the prolonged property market downturn in
China.

"We could lower the rating if Xinhu's liquidity deteriorates.
Indications of this could be: (1) sluggish sales or delayed project
delivery; (2) an inability to refinance upcoming maturities; or (3)
weakening relationships with banks and creditors.

"We could also lower the rating if Xinhu's land or investment
spending is higher than we expect, such that the debt-to-EBITDA
ratio rises to more than 10x, compared with 9.3x at end-2022.

"We could revise the outlook to stable if Xinhu's liquidity
improves. This could happen if: (1) Xinhu can achieve satisfactory
contracted sales and cash collection; (2) the company's access to
multiple funding channels improves; and (3) the company makes good
progress in monetizing financial assets.

"Governance factors are a negative consideration in our credit
rating analysis of Xinhu. We see deficiencies in internal controls
based on a warning notice issued by China Securities Regulatory
Commission in November 2022, mainly on certain company disclosures
and approval processes.

"Additionally, Xinhu does not have very clear internal controls for
debt growth, in our view. Its leverage, measured by the ratio of
debt to EBITDA, has been high relative to peers' due to material
capital needs for the property development and financial investment
segments. Partly offsetting these risks are the company's
investment portfolio. Xinhu's stakes in financial institutions and
technology startup companies provide dividend income and
capitalization opportunities. The investment portfolio includes
some listed companies that can be monetized to reduce leverage, if
needed.

"Environmental factors are a moderately negative consideration in
our credit rating analysis of Xinhu Zhongbao. The company's
exposures to environmental and social risk are largely in line with
those of sector peers."




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

ORIENT OVERSEAS: Egan-Jones Retains BB+ Senior Unsecured Ratings
----------------------------------------------------------------
Egan-Jones Ratings Company on September 20, 2023, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Orient Overseas International Ltd.

Headquartered in Hong Kong, Orient Overseas International Ltd,
through its subsidiaries, owns and leases ships, operates
terminals, and provides freight forwarding and container
transportation services.




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

BALLARPUR INDUSTRIES: Ind-Ra Keeps D Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ballarpur
Industries Limited's (BILT) Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite follow-ups by the agency through e-mails
and phone calls. Therefore, investors and other users are advised
to take appropriate caution while using these ratings. The rating
will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR840.3 mil. Non-convertible debentures (NCDs) (Long-term)
     INE294A07125 issued on January 28, 2014 coupon rate 11.75%
     due on January 27, 2024 maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating;

-- INR460 mil. Term loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR2,860.7 bil. Fund-based and non-fund-based working capital
     limits (Long-term/Short-term) maintained in non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not co-operate; based on
best available information.

The ratings were last reviewed on August 23, 2021. Ind-Ra is unable
to provide an update, as the agency does not have adequate
information to review the ratings.

As per exchange filings, BILT has intimated that the National
Company Law Tribunal has approved the Resolution Plan submitted by
M/s Finquest Financial Solutions Pvt Ltd.

Company Profile

BILT, on a consolidated basis, has one production facility in
Malaysia and six production facilities across India, of which
Ballarpur, Bhigwan, Sewa and Ashti units are under BILT Graphic
Paper Products, while Kamalapuram and Shree Gopal units are under
BILT. The company has total paper capacity of around 1 million
metric tons and pulp capacity of around 0.8 million metric tons
including rayon grade pulp capacity.



BYJU'S: New India CEO Arjun Mohan to Cut More Than 4,000 Jobs
-------------------------------------------------------------
The Economic Times reports that Arjun Mohan, who took charge as the
new chief executive of the India business at Byju's on Sept. 20, is
set to unveil a series of changes at the financially troubled
edtech firm, including cutting the headcount by a third or about
4,000-4,500 people to further tighten costs, people aware of the
matter said.

ET relates that Mohan, in his second stint at Byju's after heading
edtech rival Upgrad's India business, has briefed senior company
executives that he will be merging several business verticals as
part of the changes that are expected to be rolled out later this
week or early next week.

According to ET, the job cuts would cover both permanent and
contractual staffers at Think & Learn - the parent of Byju's - and
are not linked to any of its subsidiaries, the people cited above
said. However, a significant number of senior roles would be made
redundant at the firm.

The final size of the India workforce at Byju's may still vary as
various teams will be assessing the impact of the latest changes.

The job cuts would be conducted only in the India unit and
subsidiaries like Aakash and overseas businesses won't be affected,
at least for now.

Byju's still has over 35,000 employees. At the peak of 2021, the
number stood at around 52,000. The crisis-hit company has been
slashing jobs multiple times in an ongoing process for more than a
year.

Based in Bengaluru, Karnataka, India, Byju's operates an online
learning platform intended to deliver engaging and accessible
education. The company's platform makes use of original content,
watch-and-learn videos, animations, and interactive simulations
that make learning contextual, visual, and practical, enabling
students to receive a personalized educational experience.

FIBERWEB LIMITED: Ind-Ra Cuts Rating to BB+, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the  following rating
actions on Fiberweb (India) Limited's (FIL) instruments:

-- INR150 mil. Fund-based facilities downgraded with IND BB+/
     Stable rating;

-- INR10 mil. (reduced from INR50 mil.) Non-fund-based facilities

     downgraded with IND A4+ rating;

-- INR698 mil. Long-term loans* downgraded with IND BB+/Stable
     rating; and

-- INR40 mil. Fund-based working capital limit assigned with
     IND BB+/Stable rating.

*Proposed long-term loans

The downgrade reflects the significant decline in revenue,
deterioration in operating profitability and weakening of credit
metrics in FY23. Furthermore, Ind-Ra expects the profitability to
remain vulnerable in the near term due to volatility in crude
prices.

Key Rating Drivers

Significant Fall in Revenue: FIL's revenue declined 30.70% yoy to
INR661.14 million in FY23 owing to lower sales volumes, due to the
economic slowdown, continued high freight costs and crude oil
prices. As FIL is an export-oriented unit, its performance was also
impacted by global inflationary headwinds in FY23. Furthermore, in
4QFY23, the revenue declined significantly due to the suspension of
operations of the spun-bond non-woven fabrics unit during 15
February-28 March 2023 owing to technical issues. However, Ind-Ra
expects the revenue to increase on a yoy basis in FY24, led by
improved market demand and product diversification.

Sharp Decline in EBITDA Margin: FIL's EBITDA margin declined
significantly to a modest 3.19% in FY23 (FY22: 15.69%), on account
of high volatility in input costs, led by fluctuations in crude oil
prices, and increased freight rates.  Furthermore, Ind-Ra expects
the margin to remain under pressure in the near term due to
continued susceptibility to fluctuations in raw material prices.
However, the margins are likely to gradually improve over the
medium term due to a likely stabilization of the crude oil prices.

Debt-Led Capex: FIL has undertaken total capex of INR1,500 million
for setting up two new manufacturing units over FY25-FY26, INR1,200
million to set up a flat bond unit and INR300 million to set up a
spun bond poly propylene (SBPP) unit. The total project is being
funded by 53% debt and the balance through internal accruals. Out
of the total estimated internal accruals of INR700 million towards
this project, the company had incurred expenditure of INR390
million until March 31, 2023, while term debt of INR800 million has
not yet been tied up. The SBPP unit will commence commercial
operations from 1 April 2024 and the flat bond unit is likely to
start operations from 1 April 2025. Both the units are coming up
adjacent to the existing unit at Daman. With completion of the
ongoing capex, the total production capacity will increase to
23,500 metric tons (MT) from 6,500MT. Timely tie-up of debt and
completion of the two projects along with optimum utilization of
the said capacities remain critical.

Liquidity Indicator- Stretched: The average maximum utilization of
FIL's fund-based limits was 26.62% over the 12 months ended July
2023. FIL had cash and cash equivalents amounting to INR46.37
million at FYE23 (FYE22: INR62.03 million). The cash flow from
operations continued to be positive in FY23 and increased to
INR171.48 million (FY22: INR87.76 million), due to favorable
changes in the working capital cycle. The free cash flow of the
company continued to be negative at INR99.77 million in FY23 (FY22:
negative INR12.42 million) due to the ongoing capex. The working
capital cycle of the company remained stretched but improved to 188
days in FY23 (FY22: 205 days), mainly due to a decline in
receivables days to 45 (91) and an increase in creditor days to 47
(28). FIL has nil repayment obligations till FY24, and with the
planned debt-funded capex, the company's scheduled debt repayment
obligations during FY25 and FY26 are estimated to remain between
INR40 million-160 million.

Comfortable Credit Metrics:  FIL's credit metrics deteriorated yoy
in FY23 owing to a decline in the absolute EBITDA to INR21.06
million (FY22: INR149.64 million).  The interest coverage
(operating EBITDA/gross interest expense) was 3.44x in FY23 (FY22:
nil interest expenses) and the net financial leverage (adjusted net
debt/operating EBITDA) was 0.81x (not meaningful). The credit
metrics are likely to remain comfortable over the near-to-medium
term but are likely to deteriorate due to the proposed availing of
long-term loans for capex.

Strong Counterparties; Promoter Experience: The ratings benefit
from FIL's strong customer base and promoter experience. FIL's
products are exported mainly to the US, Europe and the UK.
Furthermore, the company's customers primarily consist of US-based
Fortune 500 companies. In the domestic market, FIL's customers
include Johnson & Johnson Private Limited and Unicharm India
Private Limited. Moreover, the company's promoters have experience
of more than three decades in the polymer processing industry.

Rating Sensitivities

Positive: A substantial increase in the scale of operations, and
significant improvement in the profitability and credit, metrics on
a sustained basis, would be positive for the ratings.

Negative: Decline in the scale of operations or liquidity or credit
metrics or significant debt-led capex, leading to the net leverage
exceeding 2.5x, will lead to a negative rating action.

Company Profile

FIL, which was established in 1985, is engaged in the manufacturing
and exports of spun-bond and melt-blown non-woven fabrics from
polypropylene. The company serves hygiene, agriculture crop cover,
and medical and industrial clothing industries. The company is a
100% export-oriented unit. It has a total installed capacity of
6,500MTPA.

GUJARAT HYDROCARBONS: NCLT Approves Zaveri & Co. Acquisition Deal
-----------------------------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Tribunal (NCLT) has approved the acquisition of the insolvent
Gujarat Hydrocarbons and Power SEZ Ltd by Zaveri & Co on Sept. 19,
2023.

Gujarat Hydrocarbons and Power SEZ Ltd was established on Aug. 17,
2007, with the objective of managing SEZs. It had an authorised
share capital of INR20 crore and a paid-up share capital of INR9.8
crore.

SREI Infrastructure Finance Ltd filed for insolvency against
Gujarat Hydrocarbons and Power SEZ Ltd in November 2020. This led
to a freeze on financial activities, and Rakesh Kumar Agarwal was
appointed as an Interim Resolution Professional (IRP).

Following this, Zaveri & Co submitted two resolution plans in April
and August 2021 for the Gujarat Hydrocarbons bid, BusinessLine
relates. These plans were approved by the Committee of Creditors
(CoC) during their 11th meeting in August 2021 with unanimous
support. The CoC determined that these plans were feasible and
viable for resolving the financial issues of the corporate debtor.

As per the resolution plan, SREI Infrastructure Finance Ltd will
receive a total payment of INR125 crore as a full settlement for
their verified and accepted claims, which were initially worth
INR1,885.08 crore.

The resolution plan doesn't allocate any payment to the only
unsecured financial creditor, Assam Company India Ltd, the holding
company of Gujarat Hydrocarbons and Power SEZ Ltd. This is because
the company's liquidation value is much lower than what's owed to
secure financial creditors.

Gujarat Hydrocarbons and Power SEZ Limited's liquidation worth is
INR 206 crore, while its anticipated fair value is INR306 crore.

Meanwhile, Zaveri & Co and their nominee want to invest INR2 crore
by buying 20,000 fully paid-up equity shares worth INR1,000 each
from Gujarat Hydrocarbons.

Additionally, they aim to provide the company with an interest-free
unsecured loan of up to INR18 crore on the effective date.


JANANI EXPORTS: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Janani
Exports (JE) continue to remain in the 'Issuer Not Cooperating'
category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 19,
2022, placed the rating(s) of JE under the 'issuer non-cooperating'
category as JE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. JE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 5, 2023, August 15, 2023, August 25, 2023.

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

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

Janani Exports was established as partnership in 2002, is engaged
in processing and trading of rough, cut and polished diamonds
ranging from 1 cent to 10 carat. JE has its processing plant
located at Surat and registered office in Bandra, Mumbai.


JUGENDRA SINGH: CARE Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Jugendra
Singh and Co (JSC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

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

   Short Term Bank      5.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 13,
2022, placed the rating(s) of JSC under the 'issuer
non-cooperating' category as JSC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JSC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 30, 2023, August 9, 2023, August 19, 2023.

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

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

Etah, Uttar Pradesh based Jugendra Singh and Co (JSC) was
established in the year 1995 as a partnership firm. The current
partners of the firm are namely; Mrs. Dhoopkali, Mrs. Ram Murti
Devi, Mrs. Rekha Yadav, Mrs. Rajbala, Mrs. Amita Yadav and Mrs.
Rashmi Yadav. The firm is "Class A" contractor and is engaged in
civil construction works such as construction of roads, canals, RCC
boundary walls, limited height subways, etc. and its related
development & maintenance works mainly for government departments
like Public Works Department, Uttar Pradesh, North Central Railways
(NCR), North Eastern Railways (NER) and other local government
bodies.


K.R. PATEL: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of K.R. Patel
& Co (KC) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      5.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      9.80       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 16,
2022, placed the rating(s) of KC under the 'issuer non-cooperating'
category as KC had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. KC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August  2, 2023, August12, 2023, August 22, 2023.

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

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

Latur (Maharashtra) based KC is a proprietorship firm established
by Mr. Khetabhai Ratansi Patel in the year 1982. The firm is
engaged in business of trading of timber logs. The firm procures
timber from the suppliers located in Singapore and sells the
product in domestic market.


LAKSHMI VENKATADRI: CARE Lowers Rating on INR6.80cr Loan to B+
--------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Sri Lakshmi Venkatadri Agri Food Industries (SLVAFI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            6.80       CARE B+; Stable Revised from
   Bank Facilities                 CARE BB-; Stable

Rationale and key rating drivers

The revision in the rating assigned to the bank facility of SLVAFI
factors in high upcoming debt repayments vis-à-vis its cash
accrual generations translating into stressed debt service coverage
ratio. The rating also takes into account its small scale of
operations with thin profitability margins, leveraged capital
structure, firm's presence in a highly fragmented and competitive
rice milling business, working capital intensive nature of
operations and agro climatic risk.

The rating, however, derives strength from the experience of the
promoters for more than a decade in the industry and easy access to
raw material.

Rating sensitivities: Factors likely to lead to rating actions

Positive factors

* Sustenance of scale of operations above INR35 Cr while
maintaining PBILDT margin greater than 1.50x
* Improvement in overall gearing below 2.00x

Negative factors

* Decline in PBILDT margin below 3.50x
* Any significant increase in debt levels will result in
deterioration of overall gearing beyond 3.0x.

Analytical approach: Standalone

Outlook: Stable

CARE rating believes that the SLVAFI will continue to sustain scale
of operation aided by stable demand in rice industry and
longstanding experience of its promoters in the business.

Detailed description of the key rating drivers:

Key weaknesses

* Modest scale of operation with thin profitability margin: The
scale of operations of the firm has been improved marginally from
INR34.9 Cr in FY22 to INR35.7 Cr in FY23 (Prov.) on account of
increased demand from existing customers of Karnataka and Tamil
Nadu. However, PBILDT margins stood at 1.19% in FY23 (Prov.) as
against earlier level of 1.69% due to increased cost of domestic
paddy in Karnataka and inherent nature of business which involves
lower value addition. Further anticipated low profitability margin
may impact gross cash accrual against debt repayment of INR0.60 Cr
in FY24.

* Leveraged capital structure: Though overall gearing improved
during the year and stood at 2.52x as on March 31, 2023, when
compared to 3.10x as on March 21, 2022, but the capital structure
continues to be remained leverage owing to higher dependence on
working capital limits. The debt coverage indicators marked by also
total debt/GCA, and interest coverage ratio remained weak during
the year and stood at 26.08x and 1.51x as of March 31, 2023
(Prov.), as against 20.85x as of March 31, 2022, due to
deterioration in cash accruals and PBILDT in absolute terms.

* Presence in highly fragmented and competitive industry: The
Indian rice mill industry is highly fragmented and is characterized
by presence of many unorganized players in the market. Rice and
paddy can further categorise into various quality of products which
creates a competitive landscape owing to the presence of many
small-scale companies. Also, presence of some prominent players
holding major market share in staple food segment has the power to
dictates price to the rice millers.

* Constitution of the entity as a partnership firm: SLVAFI is a
partnership concern with low net worth base which restricts its
financial flexibility in terms of limited access to external funds
for any future expansion plans. At the same time, firm is exposed
to inherent risk of the partners' capital being withdrawn at time
of personal contingency and firm being dissolved upon the death of
partners.

* Susceptible margin due to raw material vulnerability to climate
change and Government Regulations: Firm's raw material paddy is
highly vulnerable to climate change and requires adequate weather
condition for proper harvesting. Weak monsoon impact paddy as it is
a highly water intensive crop, delay in monsoon discourages sowing
which leads to price hike. Also, access monsoon impedes the crop
and cut yields which causes drawdown in state inventories which
results in increased price of paddy in the market. Further
government regulations like minimum support price, quota on sales
of rice limits the bargaining power of the firm.

Key strengths

* Location advantage with easy availability of raw material: The
rice milling unit of SLVAFI is located at Koppal district which is
the one of the major districts for producing rice in Karnataka. The
manufacturing unit is located near the rice producing region of
Koppal region in Karnataka which ensures easy raw material access
and smooth supply of raw materials at lower logistic expenditure.

* Resourceful and Experience partners of the firm: SLVAFI was
promoted by Mr. N. Rajgopal (Managing Partner) and his family
members. He has more than decade of experience in rice processing
industry. Through his experience in the rice processing industry,
the firm has established healthy relationship with key local
suppliers and customers as well. The firm has also been receiving
adequate support from the partners in terms of fund infusion as
demonstrated in the past.

Liquidity: Stretched

Liquidity of the company is constrained by its modest networth base
and partnership nature of entity. The firm is anticipated to
generate low gross cash accrual (GCA) against debt repayment of
INR0.60 Cr in FY24. Working capital utilization of the company also
stood high at 90% for the period last 12 months ending August 31,
2023.

Karnataka based, SLVAFI was established in 2008 as a partnership
firm by Mr. N Rajagopal, Mr. D Bheemesh, Mrs. N Vijayalakhsmi &
Mrs. D Manjula. The firm is engaged in milling and processing of
rice. The manufacturing unit of the firm is located at Koppal,
Karnataka with installed capacity of 5 tons per day.


LALCHAND BUILDERS: CARE Keeps B- Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lalchand
Builders Private Limited (LBPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.44       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

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

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

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

LBPL incorporated in December, 1996, was promoted by the Hans
family of Bhubaneswar, Odisha for leasing out commercial space. The
company, after remaining dormant till March 2013, started
developing a mid-scale shopping mall at Vani Vihar, Bhubaneswar
(Odisha). The company has developed the shopping mall at a total
cost of INR24.12 crore, funded at debt equity of 1.64x and the mall
became operation from March 2016. The shopping mall is spread over
0.5 acre of land and comprises of G+3 building. The total leasable
area of the shopping mall is 45,900 square feet. The company has
leased out its entire commercial space to the Future Lifestyle
Fashion Limited (FLFL). The company had entered into lease out
agreement with FLFL for a period of 9 years effective from the date
of commencement of the shopping mall (i.e. March 2016).


MAHAKALI COLD: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Mahakali
Cold Storage Private Limited (MCSPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.20       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 23,
2022, placed the rating(s) of MCSPL under the 'issuer
non-cooperating' category as MCSPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. MCSPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 9, 2023, July 19, 2023,
July 29, 2023.

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

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

Mahakali Cold Storage Private Limited. (MCSPL), incorporated in the
year 1988, is a Burdwan (West Bengal) based company, promoted by
the Kundu family. It is engaged in the business of providing cold
storage services to potato growing farmers and potato traders,
having an installed storage capacity of 271,769 quintals in Burdwan
district of West Bengal. Mr. Naba Kumar Kundu (Director) looks
after overall management of the company. Mr. Naba Kumar Kundu has
more than two decades of experience in cold storage business and is
supported by a team of experienced professionals who have rich
experience in the same line of business.


MAHAVIR ROLL-TECH: CARE Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shree
Mahavir Roll-Tech Limited (SMRL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.29       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/Short      5.00       CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      0.40       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

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

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

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

Surat-based (Gujarat) Shree Mahavir Roll Tech Limited (SMRL) is a
closely held public limited company incorporated in December, 2010
by Mr. Vipul M. Shah and Mr. Pradeep K. Biravat which was later
joined by Mr. Gopalsinh B. Rathod as a director in 2012. SMRL is
engaged into manufacturing of Compacted Graphite Iron (CGI)
Castings, Aluminum Castings and Steel Castings Machineries. Its
manufacturing unit is located at Surat, with an installed capacity
of 300 Metric Tonne Per Month (MTPM) as on March 31, 2017.


MSRM ORGANICS: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of MSRM
Organics Private Limited (MOPL) continue to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      1.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

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

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

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

MSRM Organics Private Limited (MSRMOPL) was established in April,
2017 by Mr Ravinder Rao Polsani and Mr. Sai Shashank Pabbathi to
manufacture bio fertilizers at its plant located at SPSR Nellore
district in Andhra Pradesh. The organic agri inputs along with
nutrients that are extensively used by the farmers in their crops
for increasing the crop productivity would be manufactured by the
company in three different forms: liquid, granules and powders. The
installed capacity of the plant for liquid, powders and granules is
1500,000 litres, 90,000 Kgs and 5000,000 Kgs per annum
respectively.


MYTRAH UJJVAL: Ind-Ra Corrects September 12, 2023 Rating Release
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Mytrah Ujjval Power
Private Limited (MUPPL) rating release published on September 12,
2023.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has maintained Mytrah Ujjval
Power Private Limited's (MUPPL) Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency through e-mails and phone calls. Thus, the rating is based
on the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR8.20 bil. Non-convertible debentures (Long term) ISIN
     INE572X07019 issued on September 15, 2017 ranges 0-9 due on
     September 2023 - September 2024 maintained in non-cooperating

     category with IND D (ISSUER NOT COOPERATING) rating.

ISSUER NOT COOPERATING: Issuer did not cooperate; based on the
best-available information. The rating was last  reviewed on
September 20, 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review.

Company Profile

MUPPL is 49% held by Bindu Vayu Mauritius Limited, which holds 100%
equity in Mytrah Energy (India) Private Limited IND D (ISSUER NOT
COOPERATING)). MEIPL is a holding-cum-operating company for various
wind and solar power projects, and a leading independent renewable
energy producer in India. It implements and operates various wind
and solar power projects in India through subsidiaries and
generates revenue from the engineering, procurement and
construction business.



NAGAR NIGAM HARIDWAR: Ind-Ra Gives BB Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagar Nigam
Haridwar (NNH) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.  

The rating reflects the operational and financial profile of the
urban local body (ULB).

Key Rating Drivers

The rating primarily reflects NNH's heavy dependence on grants to
fund its operations. During FY19-FY23, on an average, grants
accounted for 72.7% of its total revenue income, while tax and
non-tax revenue on average constituted 20% of the same during
FY19-FY23. The total revenue income grew at a CAGR of 8% during
FY19-FY23 to INR573.74 million; however, the small own revenue base
and reliance on grants limits the ULB's financial flexibility.    

The rating also reflects revenue concentration. Tax revenue
comprises general property tax, while non-tax revenue comprises
largely rental income from municipal properties, and to a smaller
extent, fees and user charges. The ULB does not collect water
supply and sewerage charges, as these civic services are provided
by the state agency, Uttarakhand Jal Sansthan. The total number of
assessed properties in the ULB area grew at a CAGR of 5.4% to
35,873 during FY17-FY22. The COVID-19 pandemic adversely impacted
current demand property tax collection efficiency, which declined
to below 50% in FY21 (FY19: 75.5%). In FY22, the efficiency
improved but remained below pre-pandemic levels at around 52%.

The rating is constrained by very high establishment expenditure.
NNH's establishment expenditure as a share of total revenue
expenditure averaged around 92% during FY19-FY23. Its own income
was not adequate to cover establishment expenditure during this
period. The operating ratio (revenue expenditure/revenue income)
increased to 102% in FY23 (FY22: 95%). NNH's revenue balance
position showed volatility during FY19-FY23. After having been in
deficit during FY19-FY20, the revenue account had turned into
surplus during FY21-FY22, but it once again moved into a deficit of
INR13.7 million in FY23, as the growth in revenue expenditure (29%
yoy) surpassed that in revenue income (19% yoy). Ind-Ra expects the
ULB to meet its operating expenditure in the medium term, mainly
supported by grants from upper tiers of the government.

The rating is supported by robust growth in NNH's capital
expenditure. NNH's capital expenditure grew at a CAGR of 19.7% to
INR295.28 million during FY19-FY23. The share of capital
expenditure in total expenditure averaged 28% during FY19-FY23,
although it improved to 44% in FY22 from a low of 15.4% in FY20.

The rating is also supported by NNH's capital utilization ratio
(capital expenditure/capital income), which has remained above 1x,
except in FY20 and FY21, when pace of capital works was impacted
due to the pandemic. The capital utilization ratio improved to
around 2x in FY23 (FY22: 1.07x). The capital utilization ratio of
over 1x indicates NNH's ability to utilize funds to finance capex
and thereby improve civic infrastructure in the ULB area.
Sanitation, sewerage and drainage, internal roads, garbage
collection centers and health were the key areas of capital
expenditure during FY19-FY23.

The rating draws support from gradual improvement in the delivery
of basic civic services. Haridwar is well known for its various
pilgrimage sites and it attracts tourists and pilgrims from all
parts of India. Given the heavy inflow of tourists, the city has
been facing challenges with respect to solid waste and sewerage
management. Nevertheless, the ULB witnessed an improvement in the
delivery of sewerage and solid waste management services during
FY18-FY22. The extent of coverage of sewerage and sanitation
network was 85% in FY22 (FY18: 80%; benchmark: 100%). The
household level coverage of solid waste management services was 78%
in FY22 (FY18: 68%), against the benchmark level of 100%. Solid
waste is collected door-to-door and the efficiency in collection of
municipal solid waste was 100% in FY22 (FY18: 80%).

Liquidity Indicator - Adequate: The ULB has not availed any
borrowings. Capital works are funded primarily through capital
grants. The ULB funded its capex through a combination of
cash/liquidity buffers and capital grants in years when the revenue
account clocked a deficit. Cash and bank balances stood at
INR458.36 million at FYE23 (FYE22: INR423.35 million). Since the
ULB does not have any borrowing plans in the near-to-medium term,
Ind-Ra expects the liquidity position to remain adequate.

Rating Sensitivities

Positive:  A sustained increase in own revenue sources, lower
dependence on grants and decrease in the share of establishment
expenditure would be positive for the rating.

Negative: A sustained deterioration in share of own revenue,
further worsening in the operating ratio and weak capitalization
ratio could lead to a negative rating action.

Company Profile

The district of Haridwar is situated in the south-west part of the
state of Uttarakhand. For administrative purposes, the district is
divided into three tehsils – Roorkee, Haridwar and Laksar. The
Nagar Nigam Haridwar is the civic body that governs the city of
Haridwar in Uttarakhand. The city is located around 41km from
Dehradun, the capital of Uttarakhand. The city serves as a gateway
to several prominent places of worship: the Char Dham (the four
main centers of pilgrimage in Uttarakhand viz, Badrinath,
Kedarnath, Gangotri, and Yamunotri).

Hardwar Municipal Board was created in the year 1873. The city was
upgraded to a Nagar Nigam or Municipal Corporation on 21 July 2011.
The corporation has jurisdiction over an area of 25sq.km with a
current population of 2,51,197. The municipal corporation, which
consists of democratically elected members, is headed by a mayor
and administers the city's infrastructure and public services.


NAGAR NIGAM: Ind-Ra Gives B+ LT Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagar Nigam
Kanavnagri Kotdwar (NNKK) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.

The rating reflects the operational and financial profile of the
nagar nigam.

Key Rating Drivers

The rating primarily reflects NNKKs inability to generate revenue
income from own sources and heavy dependence on grants to fund its
operations. Grants averaged 94.7% of the total revenue income
during FY18-FY22 and its share was 91.2% in FY23 (Budget Estimate:
BE). NNKK's own income to total revenue income ratio ranged
2.7%-7.1% during this period. Ind-Ra expects the urban local body
(ULB) to remain largely grants dependent in the medium term.

The rating also reflects the ULB's small size. The total revenue
income grew at a CAGR of 24% to INR237.54 million during FY18-FY22.
Ind-Ra believes the small and undiversified nature of NNKK's own
revenue base limits its financial flexibility. Tax revenue
comprises primarily general property tax, while non-tax revenue
comprises rental income from municipal properties, fees and user
charges. The share of tax revenue was a minimal 1.1% of the revenue
receipts in FY22 (FY21: 0.6%). The ULB does not collect water
supply and sewerage charges as these civic services are provided by
the state agency Uttarakhand Jal Sansthan. The ULB is trying to
augment non-tax revenue through increased assessment and
initiatives such as parking scheme and improvement in user charges
from door-to-door collection of solid waste. The non-tax revenue
improved to INR41.53 million in FY23 (FY22: INR3.88 million),
higher than the budgeted INR9.4 million, based on the information
from the ULB.

The rating is constrained by NNKK's high establishment expenditure
and volatile operating margin. Establishment expenditure as a share
of total revenue expenditure averaged 60% and grew at a CAGR of
15.65% during FY18-FY22. The ULB's tax and non-tax revenue
receipts, combined, were not adequate to cover the establishment
expenditure during this period. With Kotdwar becoming a municipal
corporation in April 2018, the area under the ULB's jurisdiction
increased due to which additional employees were hired for
administering the newly merged areas. Its operating ratio (revenue
expenditure as a percent of revenue income) to 105.4% in FY22
(FY21: 34.4%) due to a sharp uptick in establishment expenditure in
FY22.

The ULB generated surpluses in the revenue account during
FY18-FY21; however, this was primarily due to a large receipt of
grants from the upper tiers of the government. The operating margin
had peaked at 65% in FY21 (FY18: 28%), but turned negative in FY22
with a deficit of INR12.78 million in the revenue account due to a
sizeable outgo on establishment, operations and maintenance
expenditure and a decline in the revenue receipts. Ind-Ra expects
the ULB to meet its operating expenditure in the medium term,
mainly supported by grants.

The rating is supported by robust growth in NNK's capital
expenditure, which grew at a CAGR of 53.07% to INR84.45 million
during FY18-FY22. The share of capital expenditure in the total
expenditure averaged 28.68% during this period.

The rating is further supported by NNKK's strong performance on the
delivery of solid waste management services. NNKK is responsible
for the collection, segregation and disposal of all solid waste
generated in the city. Solid waste is collected door-to-door and
the household level coverage of solid waste management service
network was 100% in FY22 (benchmark: 100%). The collection
efficiency of municipal solid waste improved to 96% (benchmark:
100%) in FY22 from 85% in FY19.

Liquidity Indicator – Adequate: The ULB has not availed any
borrowings. Capital works are funded primarily through grants. Cash
and bank balances were INR202.61 million in FY22 (FY21: INR269.25
million). Considering the ULB's limited own revenue resources and
heavy dependence on grants to meet its operating expenses, the
corporation remains vulnerable to exigencies that could deplete its
modest cash buffers. However, the corporation has no borrowing
plans in the near-to-medium term. In the absence of any debt
liabilities in the near-to-medium term, the liquidity position is
considered as adequate.

Rating Sensitivities

Positive: A sustained increase in the own revenue sources, lower
dependence on grants and stable operating margins would be positive
for the rating.

Negative: Sustained deterioration in revenue balance position due
to a sharp worsening in the operating ratio could lead to a
negative rating action.

Company Profile

Kotdwar is a tehsil in Pauri Garhwal district in the state of
Uttarakhand. The tehsil is located on the bank of river Khoh and is
situated in the south-western part of the state. The Nagar Nigam
Kanavnagri Kotdwar is the civic body that governs the city of
Kotdwar. The Nagar Palika Parishad of Kotdwar was established in
1949. It was upgraded to a nagar nigam or municipal corporation on
6 April 2018.   

The corporation has jurisdiction over an area of 54.59 sq km with a
current population of 1,35,934. The municipal corporation consists
of democratically elected members, is headed by a mayor, and
administers the city's infrastructure and public services.


NALLI TRUST: CARE Lowers Rating on INR99.87cr Loan to B
-------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Nalli Trust (NT), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      99.87       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   and Revised from CARE B+;
                                   Stable  

Rationale & Key Rating Drivers

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

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

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

The ratings assigned to the bank facilities of NT have been revised
on account of non-availability of requisite information. The
ratings further consider decline in operating income and net
profitability during FY22.

M/s Nalli Trust (NT), a Chennai based family run private trust
belonging to the 'Nalli' group, was engaged in retailing of silk
sarees, cloth and piece-goods, women's apparels, ready-to-wear
menswear, jewellery, accessories. NT was constituted as a Trust
(Association of Persons) in the year 1991, in order to expand the
geographical presence of the well renowned brand image of 'Nalli'
in markets other than that of Chennai and South India. As on
January 31, 2018, NT operates 25 textile retail showrooms and one
jewellery showroom, spread across 11 cities (Delhi, Mumbai,
Bangalore, Chennai, Hyderabad, Coimbatore, Kolkata, Kanchipuram,
Ahmedabad, Kochi, and Puducherry).

PKS TECHNOBUILD: CARE Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of PKS
Technobuild Private Limited (PTPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 6,
2022, placed the rating(s) of PTPL under the 'issuer
non-cooperating' category as PTPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. PTPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 23, 2023, August 2, 2023, August 12, 2023.

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

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

Mehsana, Gujarat based PKS Technobuild Private Limited (PKSTPL),
erstwhile P.K. & Sons, was established in 2007 as proprietary firm
by Mr. Krunal Patel and subsequently got converted into private
limited company on March 23, 2017. PKSTPL undertakes road projects,
railway projects, canal work, mining work, coal handling and other
construction work for government agencies and local authorities
purely on tendering basis.


PLASMA METAL: CARE Keeps D Debt Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Plasma
Metal Processing Private Limited (PMPPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      31.72       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 6,
2022, placed the rating(s) of PMPPL under the 'issuer
non-cooperating' category as PMPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. PMPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 23, 2023, August 2, 2023,
August 12, 2023.

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

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

Incorporated in the year 2011, PMPL is engaged in the business for
manufacturing of plasma coated rebars, wire rods and wires. The
commercial operation started from April 2019. The manufacturing
facility of the company is located at Butibori, Nagpur.


R. P. STEEL: CARE Keeps D Debt Ratings in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of R. P.
Steel Industries (RPSI) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 12,
2022, placed the rating(s) of RPSI under the 'issuer
non-cooperating' category as RPSI had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RPSI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 29, 2023, August 08, 2023, August 18,
2023.

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

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

Incorporated in 1984, R. P. Steel Industries (RPSI), managed by Mr.
Parshotam Aggarwal and his son Mr. Salil Aggarwal, is engaged in
the trading of various kinds of steel products.


R. R. PIPES: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree R. R.
Pipes (SRRP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2022, placed the rating(s) of SRRP under the 'issuer
non-cooperating' category as SRRP had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SRRP
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2023, August 16, 2023, August 26,
2023.

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

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

Shree R.R. Pipes, a unit of RKD Pipes Private Limited (RKD)
established as a firm in 2012 by Mr. Sharad Gupta. The firm was
taken over by RKD pipes Private Limited (incorporated in 2012). RRP
is operating under RKD which has no other business
activity. Mr. Sharad Gupta and Ms. Ritu Agarwal are managing the
operations of RRP who are also director in RKD. The firm is
primarily engaged in trading of PVC tubes, GI pipes, Mild steel
tubes etc.


RAYEN STEELS: CARE Keeps B- Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Rayen
Steels Private Limited (RSPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 01,
2022, placed the rating(s) of RSPL under the 'issuer
non-cooperating' category as RSPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RSPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 17, 2023, June 27, 2023, July 8, 2023.

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

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

Incorporated in 2005, Rayen Steels Private Limited (RSPL) was
promoted by Mr. A Manohar, Mr. G Ramu and others. The company is
engaged in manufacturing of sponge iron in the city of Bellary,
Karnataka. The company has a total installed capacity of around
60,000 tons per annum. The company procures majority of raw
material i.e. iron ore from the iron ore mine situated in Bellary
district of Karnataka. The sponge iron manufactured by the company
is sold to the steel plants in the adjoining areas through brokers


RITZY POLYMERS: CARE Keeps B-/A4 Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Ritzy
Polymers (RP) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short      56.00      CARE B-; Stable/CARE A4;
   Term Bank                       ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 9,
2022, placed the rating(s) of RP under the 'issuer non-cooperating'
category as RP had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. RP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 26, 2023, August 5, 2023, August 15, 2023.

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

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

Established in 2003, Ritzy Polymers is a partnership firm engaged
in manufacturing of plasticizers mainly Di-Octyl Phthalate (DOP),
Di-Butyl Phthalate (DBP), & di-isononyl phthalate (DINP) and
trading of solvents/chemicals which includes oxo-alcohols.

The firm commenced its production activities in September 2004 at
its manufacturing plant located in Jammu.


ROUT INFRASTRUCTURE: CARE Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rout
Infrastructure Private Limited (RIPL) continue to remain in the
'Issuer Not Cooperating' category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 25,
2022, placed the rating(s) of RIPL under the 'issuer
non-cooperating' category as RIPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. RIPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 11, 2023, July 21, 2023, July 31, 2023.

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

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

Rout Infrastructure Private Limited (RIPL) was incorporated in
September 2008. Since its inception, the company has been engaged
in civil construction and other civil work in the segment like
roads, bridges, and other layout development projects. Currently,
day to day affairs of RIPL are managed by Mr. Bikram Rout
(Director) and Mrs. Bhagyalaxmi Rout (Director) who have experience
of around 22 years and 12 years respectively in similar line of
business. They are ably supported by a team of experienced
engineers and professionals.

RUPAMATA POWER: Ind-Ra Gives B+ Bank Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Rupamata Power Ltd.'s
(RPL) bank facilities at 'IND B+' with a Stable Outlook.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limit assigned with IND
     B+/Stable/IND A4 rating; and

-- INR300 mil. Term loan due on January 2030 assigned with IND
     B+/Stable rating.

Key Rating Drivers

The ratings reflect RPL's small scale of operations with a revenue
of INR20.38 million in FY23. The company commenced its
manufacturing operations in December 2022 and started generating
revenue in March 2023. RPL has a cane crushing capacity of 1,250
tons per day, which the management expects to be fully utilized
during FY24. The company achieved a revenue of INR41.69 million
during 1QFY24. Consequently, Ind-Ra expects the revenue to improve
significantly during the sugarcane crushing season 3QFY24 and
4QFY24, when the company would be able to fully utilize its
installed capacity. FY23 financials are provisional.

The ratings also factor in the RPL's modest EBITDA margin of 6.13%
in FY23 with a return on capital employed of 0.2%. The EBITDA
margins are susceptible to volatility in raw material prices.
Ind-Ra expects the margins to remain modest, amid high operating
and manufacturing cost, during the initial years of operations. The
credit metrics, however, are likely to improve during FY24, with
the rise in the scale of operations.

Liquidity Indicator - Poor : RPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. The cash flow from operations stood at
negative INR72.77 million in FY23 and is likely to further
deteriorate in FY24 due to higher working capital requirements with
the rise in scale. Furthermore, the free cash flow stood at
negative INR155.77 million in FY23. The net working capital cycle
is likely to be elongated in FY24 on account of the company's high
inventory requirements, due to the seasonality of its business.
RPL's average maximum utilization of its fund-based limits was
62.70%  during the 12 months ended August 2023. The debt repayment
obligations for FY24 and FY25 amount to INR38.4 million each. The
cash and cash equivalents stood at INR119.68 million at FYE23,
including short-term fixed deposits.  

However, the ratings are supported by the promoters' nearly 10
years of experience in manufacturing jaggery products. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

Positive: A substantial increase in the scale of operations and
operating profitability, along with an improvement in the overall
credit profile and the liquidity profile, with the net leverage
being below 4.5x, all on a sustained basis, could lead to a
positive rating action.

Negative: A substantial decrease in the scale of operations or
operating profitability, or deterioration in the overall credit or
the liquidity profile, on a sustained basis, could lead to a
negative rating action.

Company Profile

Incorporated in December 2011, RPL manufactures jaggery powder. The
company has a cane crushing capacity of 1,250 tons per day  and
commenced operations in December 2022.



SAVITRI SWADESHI: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Savitri
Swadeshi Bikri Kendra (SSBK) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2022, placed the rating(s) of SSBK under the 'issuer
non-cooperating' category as SSBK had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SSBK
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2023, August 16, 2023, August 26,
2023.

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

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

Gurgaon-based (Haryana) SSBK was established as a proprietorship
firm in 2012 by Mrs Nutan Sharma. The firm is currently being
managed by Mr Trilok Sharma and Mr Shyam Sunder Sharma. SSBK has
distributorship of Patanjali Ayurvedic Limited (PAL) and Divya
Pharmacy (DP).


SCG EXPORTS: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of SCG
Exports Private Limited (SEPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank     340.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated July 13, 2022,
placed the rating(s) of SEPL under the 'issuer non-cooperating'
category as SEPL had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. SEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 29, 2023, June 8, 2023, June 18, 2023.

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

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

SCG Exports Private Ltd (SEPL), promoted by the Gouti family
commenced its operations in January 2007. SEPL started its
operation by selling 'hand-made gold Jewellery' to Middle East
markets where its entire hand-made jewellery are sold to SCG
Jewellers LLC (SJL) and ALL Amirats Jeweller LLC (AAJL), (not
related) based in Dubai, which in turn caters to countries in the
Middle East. During FY14, SEPL forayed into Indian markets.

SEJAL PROPERTIES: Ind-Ra Corrects September 1, 2023 Rating Release
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectifies Sejal Properties
Private Limited (SPPL) rating release published on September 1,
2023 to include the Stable Outlook on the rating.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has migrated the rating of
Sejal Properties Private Limited's (SPPL) non-convertible
debentures (NCDs) to the non-cooperating category. The rating will
now appear as 'Provisional IND B (ISSUER NOT COOPERATING)'/Stable
on the agency's website.

The detailed rating action is:

-- INR1.450 bil. Proposed NCDs* migrated to non-cooperating
     category with Provisional IND B (ISSUER NOT COOPERATING)/
     Stable rating.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information. The ratings were last reviewed
on 21 November 2022. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

*The rating is provisional and pending execution of documents as
detailed in Annexure I. The final rating, upon the receipt of the
executed documents consistent with the draft documents, shall be
assigned within 90 days from the date of issuance of the
instrument. The provisional rating may be extended by another 90
days, subject to Ind-Ra's policy, if the execution of the documents
is pending.

The absence of the envisaged documentation would have resulted in a
rating not being assigned to the instruments by the agency.

Key Rating Drivers

SPPL had not submitted the no-default statement (NDS) for three
consecutive months as on the first working day of September 2023 to
Ind-Ra despite continuous requests and follow-ups by the agency.
Moreover, Ind-Ra has been unable to validate the company's timely
debt servicing through other sources it considers reliable. Hence,
as per regulatory guidelines, SPPL has been migrated to the
non-cooperative category. Therefore, investors and other users are
advised to take appropriate caution while using these ratings.

NDS, in the format prescribed by the Securities and Exchange Board
of India, is required to be shared by all rated companies every
month on the first working day as a confirmation that all financial
obligations are being serviced on time.

Company Profile

Established in 1995, SPPL is a real estate company of the
Kolkata-based Kanoria Foundation Limited.

SHAMBHU TEXTILES: CARE Lowers Rating on INR18.75cr Loan to C
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Shambhu Textiles Mills Private Limited (STMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   revised from CARE B-; Stable

   Short Term Bank      1.25       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 19,
2022, placed the rating(s) of STMPL under the 'issuer
non-cooperating' category as STMPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. STMPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 5, 2023, July 15, 2023,
July 25, 2023.

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

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

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

The ratings also factored in decline in scale of operations,
accumulation of net losses, deterioration in capital structure as
well as debt coverage indicators in FY22 over FY21.

Ahmedabad-based (Gujarat) STMPL was incorporated in September, 1996
by Mr. Anil Agrawal and Mr. Nilesh Agrawal. STMPL is primarily
engaged in the business of cotton and polyester fabric processing
(bleaching, printing and dyeing) and trading of grey fabric. The
fabrics processed by STMPL are used for making saree and dress
material for ladies garments. The company has a capacity of 285Lakh
Meters Per Annum for processing of fabric at its sole processing
unit located in Ahmedabad (Gujarat). Under fabric processing
operations, customers supply the grey cloth, while STMPL mainly
performs job-work activities like dyeing, printing & embroidery job
work on the same. Further, it is also into trading of grey cloth.


SHASHTI CAR: CARE Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shashti
Car Private Limited (SCPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 18,
2022, placed the rating(s) of SCPL under the 'issuer
non-cooperating' category as SCPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 4, 2023, July 14, 2023, July 24, 2023.

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

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

Tamil Nadu based, Shashti Car Private Limited (SCPL) was
incorporated in the year 2004 as a Private Limited Company by Mr.
S. Sudhan (Director) and Mrs. S.Padmini. The operations of the
company started in the year 2005. The company is an authorized
dealer of Maruti Suzuki India Limited. The Company is engaged in
sale of new vehicles and spare parts as well as servicing of
vehicles. The company derives 96% of the revenue from sale of
vehicles and sale of spare parts and remaining 4% from the services
rendered by the company to its customers.


SHREEJI CONSTRUCTION: CARE Keeps B- Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Shreeji
Construction Company (SCC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      4.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

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

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

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

Surat (Gujarat) based, SCC is a partnership firm incorporated in
1995 and is promoted by Mr. Labhubhai Dangsiya, Mr. Piyush
Dangsiya, Ms. Truptiben Dangsiya and Ms. Hansaben Dangsiya. SCC is
a turnkey civil contractor engaged into Road Construction. SCC is a
registered "AA" Class contractor with Road & Building (R&B)
department, Government of Gujarat. The firm sublets 20% of its work
orders to other local sub-contractors.


SHREERAKSHYAN INFRACON: Ind-Ra Gives BB Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shreerakshyan
Infracon Private Limited's bank facilities as follows:

-- INR40 mil. Fund-based working capital limits assigned with IND

     BB/Stable/IND A4+ rating; and

-- INR190 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

Key Rating Drivers

The ratings reflect SRIPL's small scale of operations as indicated
by revenue of INR517.63 million in FY23 (FY22: INR276.06 million).
The growth in revenue was mainly due to receipt of a higher number
of orders for the construction of canals and bridges in Odisha, and
the timely execution of work orders. During 5MFY24, SRIPL booked
revenue of INR110 million. As of July 2023, it had an unexecuted
order book of INR784.66 million(1.51x of FY23 revenue) to be
executed till FY25, giving medium-term revenue visibility.
According  to the nature of the business, the company bills higher
revenue in the second half of the year. As a result, management
expects SRIPL to book revenue of INR550 million in FY24.  Ind-Ra
expects the revenue to improve further in FY24, given the company's
existing order book. FY23 financials are provisional.

Liquidity Indicator - Stretched: SRIPL's average maximum
utilization of the fund-based and non-fund-based limits was 95.80%
and 87.69%, respectively, during the 12 months ended August 2023.
SRIPL does not have any capital market exposure and relies on banks
and financial institutions to meet its funding requirements. SIRPL
has repayment obligations of INR32 million in FY24 and INR22.4
million in FY25. The cash flow from operations turned positive to
INR7.61 million in FY23 (FY22: negative INR18.33million) due to an
increase in EBITDA. Consequently, the free cash flow improved to
INR0.11 million in FY23 (FY22: negative INR38.23 million). The
company's net working capital cycle improved to 65 days in FY23
(FY22: 104 days) due to a decline in the inventory holding period
to 34 days (102 days). The inventory was higher in FY22 as the
company made bulk purchases at the end of the year, which were
normalized during FY23. The cash and cash equivalents stood at
INR10.81 million at FYE23 (FYE22: INR4.26 million).

The ratings also factor in the company's modest credit metrics with
the gross interest coverage (operating EBITDA/gross interest
expenses) of 3.22x in FY23 (FY22: 3.24x) and net leverage (adjusted
net debt/operating EBITDAR) of 2.37x (3.02x). In FY23, the credit
metrics improved due to the increase in the EBITDA to INR49.97
million (FY22: INR39 million). However, Ind-Ra expects the credit
metrics to remain stable in FY24, due to lack of a major capex plan
in the near term and the scheduled repayment of term loans.

However, the ratings are supported by SRIPL's healthy EBITDA
margins of 9.65% in FY23 (FY22: 14.13%) with a return on capital
employed of 16.5% (10.8%). Despite the revenue growth, the margins
decreased in FY23 due to an increase in the costs of materials
consumed due to a delay in execution of some projects. Ind-Ra
expects the EBITDA margins to remain at similar levels in FY24, due
to no major change in its cost structure owing to the similar
nature of orders.

The ratings are also supported by the promoters' more than two
decades of experience in executing civil construction contracts for
government and semi-government  departments in Odisha.

Rating Sensitivities

Negative: A substantial decline in the scale of operations, leading
to deterioration in the credit metrics and liquidity position, all
on a sustained basis, will lead to a negative rating action.

Positive: A substantial increase in the scale of operations while
maintaining the credit metrics and an improvement in the liquidity
position, all on a sustained basis, will lead to a positive rating
action.

Company Profile

Incorporated in 2014, Odisha-based SRIPL is engaged in the
construction of canals and roads for various government
departments. Hara Gopal Patro and Sonika Patro   are the promoters.

SSIPL LIFESTYLE: CARE Lowers Rating on INR71.80cr Loan to B+
------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SSIPL Lifestyle Private Limited (SLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            71.80      CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term            1.00      CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SLPL to monitor
the rating(s) vide e-mail communications dated June 9, 2023,
September 11, 2023, among others and numerous phone calls. However,
despite repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE Ratings Ltd. has reviewed the rating
on the basis of the best available information which however, in
CARE Ratings Ltd.'s opinion is not sufficient to arrive at a fair
rating. The rating on SSIPL Lifestyle Private Limited's bank
facilities will now be denoted as CARE B+; Stable/CARE A4; ISSUER
NOT COOPERATING.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by SSIPL Lifestyle
Private Limited with CARE Ratings Ltd.'s efforts to undertake a
review of the rating outstanding. CARE Ratings Ltd. views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings are constrained on account of low
profitability margins coupled with leveraged capital structure
marked by high overall gearing at group level, low cash accruals
and operational cash flows with weak debt coverage indicators and
exposure to intense competition. However, these rating constraints
are partially offset by experienced promoters and management team,
and long track record of operations supported by healthy
relationship with reputed brands.

Analytical approach: Consolidated

SSIPL Lifestyle Private Limited (SLPL) is a wholly owned subsidiary
of SSIPL Retail Limited (SRL). Due to SRL's control over the
management of SLPL and similar line of business of both companies,
consolidated approach has been considered.
Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on July 15, 2022, the following were the
rating strengths and weaknesses.

Key rating weaknesses

* Low profitability margins: The total operating income of the
group grew by 24.76% to INR472.12 crore in FY22 (Provisional) (PY:
INR378.43 crore) due to low base effect on account of covid-19
impact on the retail industry in FY21 (refers to the period from
April 01 to March 31). The group reported PBILDT margin of 4.29% in
FY22 vis-à-vis operating loss of ~INR144.00 crore in FY21. During
FY21, the group offered huge discounts on products of Lotto brand
to liquidate its inventory which resulted in operating loss.
However, the group reported net loss of INR10.36 crore in FY22 (PY:
Net loss of INR68.20 crore) on account of high interest and
depreciation expense.

* Leveraged capital structure: The capital structure of the group
continues to remain levered as reflected by overall gearing of
3.77x as on March 31, 2022 (PY: 4.66x). The improvement in overall
gearing was on account of substantial reduction in working capital
borrowing as on balance sheet date. Debt coverage indicators of the
group also remained weak as reflected by PBILDT interest coverage
of 1.06x and total debt/GCA of 92.93x in FY22.

* Exposure to intense competition in the footwear industry: The
group faces competition from organized and unorganized players in
manufacturing of footwear industry therefore has to offer low
pricing to retain major brand. With growing presence of e-commerce
segment, the group even faces competition from online channels.

Key rating strengths

* Experienced promoters and management team: The group is promoted
by Mr. Rishab Soni. He has been associated with SSIPL since 1995
and has been the Managing Director since 2008. He holds a Diploma
in footwear designing from Arsutoria Institute of Design and
Development, Milan, Italy. He has been instrumental in building
SSIPL's partnerships with international brands such as Nike,
Levi's, Lotto, and Puma and has a vast experience of 20 years in
manufacturing, licensing, distribution of footwear and retailing of
branded merchandise. The other two promoters are Sunil Taneja and
Anil Mathur. Sunil Taneja is a Whole-Time Director and has been on
board since 2005. He has about 32 years of work experience as a
qualified Chartered Accountant and has 6 years of experience with
Nike Sport Shoe Division as a General Manager. Anil Mathur is a
Non-Executive and Non-Independent Director. He has been on board
since 2011 as General Manager - Brand Management and has 17 years
of work experience. He has completed his MBA from the Asian
Institute of Management, Manila, Philippines in 2009 and completed
a management education program from the Indian Institute of
Management, Ahmedabad in 2005.

* Long track record of operations supported by healthy relationship
with brands: The group earns revenue from various brands like NIKE,
Lotto, Levis etc. which are in business with the group for more
than a decade. The group entered into a Product
Supply Agreement on 1st February 2011 for retailing business of the
Lotto products and has exclusive sub-licensee of Brand Lotto in
India. It also has exclusive Master Franchise agreement with Levis
since July 2007 for retailing of its products. SSIPL group has a
well-established relationship with Nike (one of the biggest
customers of the group; 21% of TOI of FY22(provisional) and is one
of the largest retailers for Nike in India, accounting for sizeable
proportion of Nike's total retail sales in the country. During
FY19, it lost its contract manufacturing business from Nike as the
brand shifted its contract manufacturing to other geographies to
save on GST. To compensate for the revenue the group added
manufacturing of Puma, Bata, and ASICS but profitability continues
to be affected. The group has a total of 236 stores of different
brands located pan India.

Liquidity: Adequate

The liquidity profile of the group remains adequate with free cash
and bank balance to the tune of INR25.24 crore as on March 31,
2022. Further, the group is scheduled to repay INR17.80 crore in
FY23 against projected gross cash accruals of INR22.40 crore in
FY23. Average utilization of working capital borrowings for SRL
stood ~90% for the trailing 12 months ended March 2022. Average
utilization of working capital borrowings for SLPL (SSIPL Lifestyle
Private Limited) stood ~85% for the trailing 12 months ended March
2022. The operating cycle of the group stood comfortable at 51 days
in FY22 (PY: 107 days). The group is projected to incur capex of
~Rs.2.00 crore in FY23 pertaining to regular maintenance which
shall be funded through internal accruals.

The SSIPL group is an integrated sportswear company and has
diversified into manufacturing, retailing and distribution of
international sports & lifestyle brands. It has a nationwide
network of exclusive and multi-brand stores spread across 90+
cities with 4 lakh square feet of retail presence. It has built
strategic partnership with key international sportswear brands in
the Indian market and the group is also the largest retail partner
to Levi's and Clarks. SSIPL Retail Limited, flagship company of
SSIPL group, is into manufacturing of shoes for Puma, Lotto, and
its own brand Mmojah, also operates several Nike stores pan India.
SSIPL Lifestyle Private Limited is only into retail business and
operates exclusive brand outlets of Lotto, Levis, United Colours
Benetton (UCB) etc.

SSIPL RETAIL: CARE Lowers Rating on INR72.50cr Loan to B+
---------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
SSIPL Retail Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term            72.50      CARE B+; Stable; ISSUER NOT
   Bank Facilities                 COOPERATING; Revised from
                                   CARE BB-; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term           12.00      CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Rationale and key rating drivers

CARE Ratings Ltd. has been seeking information from SSIPL Retail
Limited to monitor the rating(s) vide e-mail communications dated
June 9, 2023, September 11, 2023, among others and numerous phone
calls. However, despite repeated requests, the company has not
provided the requisite information for monitoring the ratings.

In line with the extant SEBI guidelines, CARE Ratings Ltd. has
reviewed the rating on the basis of the best available information
which however, in CARE Ratings Ltd.'s opinion is not sufficient to
arrive at a fair rating. The rating on SSIPL Retail Limited's bank
facilities will now be denoted as CARE B+; Stable/CARE A4; ISSUER
NOT COOPERATING.

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

The ratings have been revised on account of non-availability of
requisite information due to non-cooperation by SSIPL Retail
Limited with CARE Ratings Ltd.'s efforts to undertake a review of
the rating outstanding. CARE Ratings Ltd. views information
availability risk as a key factor in its assessment of credit risk.
Further, the ratings are constrained on account of low
profitability margins coupled with leveraged capital structure
marked by high overall gearing at group level, low cash accruals
and operational cash flows with weak debt coverage indicators and
exposure to intense competition. However, these rating constraints
are partially offset by experienced promoters and management team,
and long track record of operations supported by healthy
relationship with reputed brands.

Analytical approach: Consolidated

SSIPL Lifestyle Private Limited (SLPL) is a wholly owned subsidiary
of SSIPL Retail Limited (SRL). Due to SRL's control over the
management of SLPL and similar line of business of both companies,
consolidated approach has been considered.

Outlook: Stable

Detailed description of the key rating drivers:

At the time of last rating on July 15, 2022, the following were the
rating strengths and weaknesses.

Key rating weaknesses

* Low profitability margins: The total operating income of the
group grew by 24.76% to INR472.12 crore in FY22 (Provisional) (PY:
INR378.43 crore) due to low base effect on account of covid-19
impact on the retail industry in FY21 (refers to the period from
April 1 to March 31). The group reported PBILDT margin of 4.29% in
FY22 vis-à-vis operating loss of ~INR144.00 crore in FY21. During
FY21, the group offered huge discounts on products of Lotto brand
to liquidate its inventory which resulted in operating loss.
However, the group reported net loss of INR10.36 crore in FY22 (PY:
Net loss of INR68.20 crore) on account of high interest and
depreciation expense.

* Leveraged capital structure: The capital structure of the group
continues to remain levered as reflected by overall gearing of
3.77x as on March 31, 2022 (PY: 4.66x). The improvement in overall
gearing was on account of substantial reduction in working capital
borrowing as on balance sheet date. Debt coverage indicators of the
group also remained weak as reflected by PBILDT interest coverage
of 1.06x and total debt/GCA of 92.93x in FY22.

* Exposure to intense competition in the footwear industry: The
group faces competition from organized and unorganized players in
manufacturing of footwear industry therefore has to offer low
pricing to retain major brand. With growing presence of e-commerce
segment, the group even faces competition from online channels.

Key rating strengths

* Experienced promoters and management team: The group is promoted
by Mr. Rishab Soni. He has been associated with SSIPL since 1995
and has been the Managing Director since 2008. He holds a Diploma
in footwear designing from Arsutoria Institute of Design and
Development, Milan, Italy. He has been instrumental in building
SSIPL's partnerships with international brands such as Nike,
Levi's, Lotto, and Puma and has a vast experience of 20 years in
manufacturing, licensing, distribution of footwear and retailing of
branded merchandise. The other two promoters are Sunil Taneja and
Anil Mathur. Sunil Taneja is a Whole-Time Director and has been on
board since 2005. He has about 32 years of work experience as a
qualified Chartered Accountant and has 6 years of experience with
Nike Sport Shoe Division as a General Manager. Anil Mathur is a
Non-Executive and Non-Independent Director. He has been on board
since 2011 as General Manager - Brand Management and has 17 years
of work experience. He has completed his MBA from the Asian
Institute of Management, Manila, Philippines in 2009 and completed
a management education program from the Indian Institute of
Management, Ahmedabad in 2005.

* Long track record of operations supported by healthy relationship
with brands: The group earns revenue from various brands like NIKE,
Lotto, Levis etc. which are in business with the group for more
than a decade. The group entered into a Product
Supply Agreement on 1st February 2011 for retailing business of the
Lotto products and has exclusive sub-licensee of Brand Lotto in
India. It also has exclusive Master Franchise agreement with Levis
since July 2007 for retailing of its products. SSIPL group has a
well-established relationship with Nike (one of the biggest
customers of the group; 21% of TOI of FY22 (provisional) and is one
of the largest retailers for Nike in India, accounting for sizeable
proportion of Nike's total retail sales in the country. During
FY19, it lost its contract manufacturing business from Nike as the
brand shifted its contract manufacturing to other geographies to
save on GST. To compensate for the revenue the group added
manufacturing of Puma, Bata, and ASICS but profitability continues
to be affected. The group has a total of 236 stores of different
brands located pan India.

Liquidity: Adequate

The liquidity profile of the group remains adequate with free cash
and bank balance to the tune of INR25.24 crore as on March 31,
2022. Further, the group is scheduled to repay INR17.80 crore in
FY23 against projected gross cash accruals of INR22.40 crore in
FY23. Average utilization of working capital borrowings for SRL
stood ~90% for the trailing 12 months ended March 2022. Average
utilization of working capital borrowings for SLPL (SSIPL Lifestyle
Private Limited) stood ~85% for the trailing 12 months ended March
2022. The operating cycle of the group stood comfortable at 51 days
in FY22 (PY: 107 days). The group is projected to incur capex of
~Rs.2.00 crore in FY23 pertaining to regular maintenance which
shall be funded through internal accruals.

The SSIPL group is an integrated sportswear company and has
diversified into manufacturing, retailing and distribution of
international sports & lifestyle brands. It has a nationwide
network of exclusive and multi-brand stores spread across 90+
cities with 4 lakh square feet of retail presence. It has built
strategic partnership with key international sportswear brands in
the Indian market and the group is also the largest retail partner
to Levi's and Clarks. SSIPL Retail Limited, flagship company of
SSIPL group, is into manufacturing of shoes for Puma, Lotto, and
its own brand Mmojah, also operates several Nike stores pan India.
SSIPL Lifestyle Private Limited is only into retail business and
operates exclusive brand outlets of Lotto, Levis, United Colours
Benetton (UCB) etc.


THREE STAR: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Three Star
Marine Exports (TSME) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       0.21       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      9.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

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

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

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

Three Star Marine Exports (TSME) is a partnership firm established
in 2011 by Mr. K. K. Ashraf, Mr. Harshad, Mr. Naushad, Mr.
Suharabi, Mr. Nasmudeen and Mr. P. M. Ahmedkutty. TSME is engaged
in export of processed sea food products with the present installed
capacity of 10 tons per day. The sea food products include Shrimp,
Cuttlefish, Squid, Octopus, Fish, Ribbon fish, Seafood mix etc. The
sea food products are sold under the brand name "TME".

VIMAL PLATINUM: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Vimal
Platinum Private Limited (VPPL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.15       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 6,
2022, placed the rating(s) of VPPL under the 'issuer
non-cooperating' category as VPPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. VPPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 23, 2023, August 2, 2023, August 12, 2023.

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

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

VPPL was incorporated in March 9, 2007 by Mr. Prakash Laddha,
Mr.Rakesh Laddha and Mr. Naveen Chordia . VPPL is engaged in the
business of manufacturing of synthetics grey fabrics (includes
artificial or synthetic filament and non–filament fibers). The
company also manufactures grey fabric on job work basis. Further,
the company sells grey and finished fabric in the market where it
gets finished work done on grey fabrics from other processor on job
work fabrics. The plant of the company is located at Bhilwara.

YADAV TRACTOR: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Yadav
Tractor Company (YTC) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.43       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

   Short Term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 20,
2022, placed the rating(s) of YTC under the 'issuer
non-cooperating' category as YTC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. YTC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 6, 2023, August 16, 2023, August 26,
2023.

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

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

Lucknow (Uttar Pradesh) based Yadav Tractor Company (YTC) was
formed in 1990 by Mr. Dwarika Prasad Yadav and Mr. Ram Singh Yadav
as a partnership concern and shares equal profit & loss. YTC is an
authorized dealer of Mahindra tractors and operates total four
showrooms along with workshops for after sale services at Lucknow.
Also, the firm is engaged in the trading of implements, spare
parts, insecticides and pesticides.




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

J. FRONT: Egan-Jones Retains 'B' Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on September 19, 2023, maintained its
'B' foreign currency and local currency senior unsecured ratings on
debt issued by J. Front Retailing Co., Ltd.  EJR also withdraws
rating on commercial paper issued by the Company.

Headquartered in Tokyo, Japan, J. Front Retailing Co., Ltd. is a
holding company established through the merger of Daimaru and
Matsuzakaya.


TOBU RAILWAY: Egan-Jones Hikes Senior Unsecured Ratings to BB
-------------------------------------------------------------
Egan-Jones Ratings Company on September 22, 2023, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Tobu Railway Co., Ltd. to BB from BB-.

Headquartered in Tokyo, Japan, Tobu Railway Co., Ltd. mainly
provides passenger rail and bus transportation services in the
Kanto area.




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

FUTURE FORESTRY: Creditors' Proofs of Debt Due on Dec. 29
---------------------------------------------------------
Creditors of Future Forestry NZ Limited are required to file their
proofs of debt by Dec. 29, 2023, to be included in the company's
dividend distribution.

The High Court at Napier appointed Rhys Cain and Larissa Logan of
Ernst & Young as liquidators on Sept. 21, 2023.


GORGE LIMITED: Creditors' Proofs of Debt Due on Oct. 29
-------------------------------------------------------
Creditors of Gorge Limited are required to file their proofs of
debt by Oct. 29, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 21, 2023.

The company's liquidators are:

          Wendy Somerville
          Richard Nacey
          c/o PwC
          PwC Wellington
          PO Box 243
          Wellington 6140


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

Probis Financial Services Limited filed the petition against the
company on Aug. 11, 2023.

The Petitioner's solicitor is:

          Matt Kersey
          Russell McVeagh
          Level 30, 48 Shortland Street
          Auckland


MEDIAR LIMITED: Creditors' Proofs of Debt Due on Nov. 10
--------------------------------------------------------
Creditors of Mediar Limited and Cartridge World Northland Region
Limited are required to file their proofs of debt by Nov. 10, 2023,
to be included in the company's dividend distribution.

Mediar Limited commenced wind-up proceedings on Sept. 19, 2023.
Cartridge World Northland Region Limited commenced wind-up
proceedings on Sept. 21, 2023.

The company's liquidators are:

          Garry Whimp
          Benjamin Francis
          Blacklock Rose Limited
          PO Box 6709
          Victoria Street West
          Auckland 1142


TLC CONTRACTORS: Court to Hear Wind-Up Petition on Oct. 13
----------------------------------------------------------
A petition to wind up the operations of TLC Contractors will be
heard before the High Court at Auckland on Oct. 13, 2023, at 10:45
a.m.

Yakka TDC Limited filed the petition against the company on July
21, 2023.

The Petitioner's solicitor is:

          Peter Thomas Hall
          Simpson Western
          Level 4, Takapuna Finance Centre
          159 Hurstmere Road
          Takapuna
          Auckland 0620




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

PHOENIX PETROLEUM: Dennis Uy Plans Layoffs to Prevent More Losses
-----------------------------------------------------------------
Bilyonaryo.com reports that Duterte crony Dennis Uy has approved a
major retrenchment to stop Phoenix Petroleum (PNX) from sinking
deeper in red ink.

Based on documents uncovered by Bilyonaryo.com, PNX sought tax
exemptions on separation benefits for its employees from the Bureau
of Internal Revenue back in March.

"The retrenchment is reasonably necessary and likely to prevent
business losses," said PNX, which racked up a staggering PHP6.7
billion in losses from 2021 to the first of 2023 (80 percent were
incurred in last 18 months).

"The losses, if already incurred, are not merely de minimis, but
substantial, serious, actual and real, or if only expected, are
reasonably imminent, with appropriate supporting evidence of said
losses," it added, notes the report.

Bilyonaryo.com says PNX, which has 595 retail stations as of
end-2022, did not reveal how many of its 654 employees (including
249 supervisors and 268 rank and file employees) would be affected
by the layoffs. But it assured that the selection of employees to
be let go would be based on fair and rational criteria.

The company had previously reduced its workforce by 30 percent,
bringing the total number of employees down to 753 as of the end of
2020 from 1,076 in 2019, Bilyonaryo.com notes.

Bilyonaryo.com relates that PNX stressed that this retrenchment is
being carried out "in good faith for the advancement of its
interest and not to defeat or circumvent the employees' right to
security of tenure."

Over the past few years, PNX has been optimizing its supply chains
and rationalizing road transport operations, including a
significant 61 percent reduction in capital expenditures in 2022,
Bilyonaryo.com notes.

                       About Phoenix Petroleum

Phoenix Petroleum Philippines, Inc. is engaged in the marketing and
distribution of petroleum products on a wholesale and retail basis
as well as the operation of gas stations, oil depots, storage
facilities and allied services.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
30, 2023, Dennis Uy's financial troubles have deepened as Phoenix
Petroleum's (PNX) navigates an extraordinary surge in losses.

PNX reported losses of PHP2.061 billon in the first half this year,
1,617 percent more than its PHP121 million loss in 2022,
Bilyonaryo.com disclosed.

While Uy-led management previously blamed PNX's PHP3.2 billion loss
last year to the spiraling cost of crude oil, the prevailing
scenario has seen the average price of Dubai crude (benchmark of
Asian refineries) dwindling by a quarter to $77.37 per barrel.

According to Bilyonaryo.com, PNX's setback came primarily from its
ballooning financial expenses which hit PHP1.9 billion this year,
43 percent more than the PHP1.3 billion last year.



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

GUOCO ASSETS: Commences Wind-Up Proceedings
-------------------------------------------
Members of Guoco Assets Pte. Ltd. and Guocoland Vietnam (S) Pte.
Ltd. on Sept. 20, 2023, passed a resolution to voluntarily wind up
the company's operations.

The company's liquidator is:

          Ms. Wong Peck Ling
          14 Robinson Road
          #12-01/02 Far East Finance Building
          Singapore 048545


JMS MANUFACTURING: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 15, 2023, to
wind up the operations of JMS Manufacturing & Processing Pte. Ltd.

RHB Bank Berhad filed the petition against the company.

The company's liquidators are:

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


LOMOTIF PRIVATE: Court to Hear Wind-Up Petition on Oct. 6
---------------------------------------------------------
A petition to wind up the operations of Lomotif Private Limited
will be heard before the High Court of Singapore on Oct. 6, 2023,
at 10:00 a.m.

Tan Xi Wen, Adele filed the petition against the company on Sept.
11, 2023.

The Petitioner's solicitors are:

          Jacque Law LLC
          61 Robinson Road
          #14-01A 61 Robinson
          Singapore 068893


NO SIGNBOARD: Court Withdraws Gugong's IP Injunction Application
----------------------------------------------------------------
The Business Times reports that No Signboard's controlling
shareholder GuGong was granted permission by the High Court on
Sept. 25 to withdraw its intellectual property (IP) injunction
application, five days after both parties reinstated their IP sales
and purchase agreement.

BT relates that the High Court also ordered Catalist-listed No
Signboard to pay GuGong legal costs of SGD6,500 with "reasonable
disbursements".

The latest update to the legal dispute between both parties was
provided by No Signboard in a Singapore Exchange filing on Sept.
26.

According to BT, No Signboard, which is best known for its seafood
brand, said that its board is currently seeking legal advice on
arbitration proceedings.

BT notes that the legal dispute between the restaurant operator and
its largest shareholder pertains to a disagreement over a
settlement offer that both parties had initially agreed upon.

The settlement offer included reinstating an IP sales and purchase
agreement, and an independent contractor agreement, which were
originally entered into on Dec. 9, 2022.

BT says the IP sales and purchase agreement allows No Signboard to
sell GuGong all its rights, title and interest in the trademarks
and brand insignia associated with the enterprise and operations of
its seafood and restaurant business.

The independent contractor agreement allows the restaurant operator
to engage GuGong's services for operational matters. These include
setting up new outlets in Asia, identifying potential opportunities
in line with its strategic plan and assisting in the transition of
daily operations to the new management.

Disputes over the agreements arose after No Signboard terminated
them in March this year, BT relates. It said the move would
purportedly "expedite the completion" of a proposed investment.

GuGong subsequently alleged that the restaurant operator's
"unilateral termination" was "unlawful and in breach of the
agreements", and demanded a retraction of the notice of
termination.

In June this year, both sides agreed to work towards a resolution
on the dispute after GuGong failed to accept the final settlement
offer by the June 21 deadline, BT recalls.

On Sept. 20, the High Court ordered the reinstatement of the
independent contractor agreement.

On the same day, both parties reinstated the IP sales and purchase
agreement and indicated to the court their in-principle agreement
to withdraw the IP sales and purchase agreement injunction
application, says BT.

BT notes that No Signboard has made the news in recent years over
its struggle in the pandemic years to a requisition from GuGong to
oust the board, and the arrest of substantial shareholder and
former director Su Haijin in the billion-dollar money-laundering
bust.

Shares of No Signboard have been suspended from trading since Jan.
24, 2022, adds BT.

                         About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.

No Signboard has reported a net loss of SGD6.4 million for the year
ended Sept. 30, 2021, narrowing from SGD9.8 million in 2020. The
company reported a net loss of SGD4.9 million for the year ended
Sept. 30, 2019.

As reported in the Troubled Company Reporter-Asia Pacific on May
30, 2022, The Business Times said No Signboard Holdings said the
Singapore High Court has granted it and two of its subsidiaries a
moratorium lasting till Oct. 29, 2022.

On April 29, the embattled restaurant operator and wholly owned NSB
Hotpot and NSB Restaurants applied for moratorium relief spanning 6
months, under Section 64 of the Insolvency, Restructuring and
Dissolution Act.  They sought court orders that no resolution shall
be passed to wind up the companies and that no legal process shall
be commenced or continued against any property of the applicants,
among other things.

RAYCOM ENGINEERING: Creditors' Meeting Set for Oct. 3
-----------------------------------------------------
Raycom Engineering & Aerospace Pte Ltd will hold a meeting for its
creditors on Oct. 3, 2023, at 4:00 p.m., via videoconference.

Agenda of the meeting includes:

   a. to provide an update on the status of liquidation;

   b. to appoint a Committee of Inspection, if thought fit;

   c. to approve the remuneration of the liquidator; and

   d. Any other business.


STEEL JUNCTION: Court to Hear Wind-Up Petition on Oct. 20
---------------------------------------------------------
A petition to wind up the operations of Steel Junction Engineering
Pte Ltd will be heard before the High Court of Singapore on Oct.
20, 2023, at 10:00 a.m.

RHB Bank Berhad filed the petition against the company on Sept. 19,
2023.

The Petitioner's solicitors are:

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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