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

                     A S I A   P A C I F I C

          Monday, October 2, 2023, Vol. 26, No. 197

                           Headlines



A U S T R A L I A

AUSTRALASIAN PROTECTIVE: First Creditors' Meeting Set for Oct. 9
CARROOK PTY: First Creditors' Meeting Set for Oct. 9
CLUCH PTY: Worrells Appointed as Administrators
FINLEY CAPITAL: First Creditors' Meeting Set for Oct. 9
HARMAC GROUP: Avoids Liquidation; Customers May Pay More

JRG CONSTRUCTIONS: First Creditors' Meeting Set for Oct. 6
MINERAL RESOURCES: Fitch Gives 'BB' Rating to $850M Sr. Unsec Notes
TASSLA TRADING: First Creditors' Meeting Set for Oct. 6
[*] Fitch Affirms 23 Classes From 9 Challenger/Interstar Deals


C H I N A

CAR INC: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
CHINA EVERGRANDE: Sold Luxury Yacht This Year, Sources Say


I N D I A

ABDUL RAHIMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
AMAZON ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
CORPORATE FASHION: CRISIL Keeps D Debt Ratings in Not Cooperating
DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
DHANPATI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating

FOUR STAR: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
HYPNOTIK CLOTHING: CRISIL Keeps D Debt Rating in Not Cooperating
IMPEX INDIA-DEHRADUN: CRISIL Keeps D Ratings in Not Cooperating
LUCKNOW URBAN: Banking License Cancelled, Set to be Liquidated
NAGAR NIGAM HALDWANI: Ind-Ra Gives BB+ LT Issuer Rating

NAGAR NIGAM KASHIPUR: Ind-Ra Gives BB LT Issuer Rating
NAGAR NIGAM RUDRAPUR: Ind-Ra Gives BB+ LT Issuer Rating
NANGALI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
NATH MOTORS: CRISIL Keeps D Debt Ratings in Not Cooperating
NATIONAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating

NEW ASIAN: CRISIL Keeps D Debt Rating in Not Cooperating Category
NEXUS HEALTH: CRISIL Keeps D Debt Rating in Not Cooperating
NUTRIFRESH FARM: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
PARAMOUNT WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
PINNACLE NEXUS: CRISIL Keeps D Debt Ratings in Not Cooperating

RAMA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
ROSY HOSIERY: CRISIL Keeps D Debt Rating in Not Cooperating
S. S. T. PACKAGING: CRISIL Keeps D Ratings in Not Cooperating
SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating
SEJAL PROPERTIES: Ind-Ra Keeps B NCDs Rating in Non-Cooperating

SGC LOGISTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
SHANKAR RAMCHANDRA: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
SOUTH INDIAN: CRISIL Keeps D Debt Ratings in Not Cooperating
SREI INFRASTRUCTURE: NCLAT to Hear Promoter's Plea on October 4
SUDAMA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating

TEMPLE CITY: CRISIL Keeps D Debt Rating in Not Cooperating
TOPLON INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
VINAYAGA IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
VREP CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Cooperating


N E W   Z E A L A N D

BROTHER MOTORS: Creditors' Proofs of Debt Due on Oct. 30
CONSTRUCT INTERIORS: Court to Hear Wind-Up Petition on Oct. 6
EURO SYSTEMS: Court to Hear Wind-Up Petition on Oct. 24
INGENEOUS LIMITED: Creditors' Proofs of Debt Due on Oct. 24
TREASURE PLUS: Calibre Partners Appointed as Receiver and Manager



P H I L I P P I N E S

RURAL BANK OF TALISAY: Placed Under PDIC Receivership


S I N G A P O R E

KINGSLEY INTERIOR: Court to Hear Wind-Up Petition on Oct. 20
NEW SILKROUTES: Puts 2 Units Into Creditors' Voluntary Liquidation
OAKS ASSET: Creditors' Proofs of Debt Due on Oct. 30
OPUS TIGER: Kroll Appointed as Provisional Liquidator
SINGAPORE EMERGENCY: Court Enters Wind-Up Order

THREE ARROWS: Co-Founder Zhu Arrested in Singapore
VOLTAGE 988: Court to Hear Wind-Up Petition on Oct. 20


S O U T H   K O R E A

KDB LIFE: Fitch Affirms 'BB+' Long-Term IDR, Outlook Negative


S R I   L A N K A

CO-OPERATIVE INSURANCE: Fitch Keeps 'BB(lka)' IFS Rating on RWN
SRI LANKA: Fitch Hikes LongTerm Local Currency IDR to 'CCC-'

                           - - - - -


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

AUSTRALASIAN PROTECTIVE: First Creditors' Meeting Set for Oct. 9
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australasian
Protective Coatings (NSW) Pty Ltd will be held on Oct. 9, 2023, at
11:00 a.m. at the offices of Mcleods Accounting Level 9, 300
Adelaide Street in Brisbane and via Microsoft Teams.

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


CARROOK PTY: First Creditors' Meeting Set for Oct. 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Carrook Pty
Ltd will be held on Oct. 9, 2023, at 11:00 a.m. via teleconference
facilities.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of Carrook Pty on September 27, 2023.

CLUCH PTY: Worrells Appointed as Administrators
-----------------------------------------------
Cluch Pty Ltd appoints Graeme Beattie of Worrells as Administrator
on Sept. 25, 2023.

Cluch Pty Ltd operates as a streaming platform in the production
and streaming of a number of sports, in association with various
state and national sports bodies and commenced in 2019 in New South
Wales.

Mr. Beattie said: "My team and I are conducting an urgent
assessment of the financial position of the company and operations
of the business, in order to determine whether it is in the
interests of creditors and stakeholders to continue to trade."

"I am also urgently seeking expressions of interest for purchase of
the business or the company's recapitalisation via a Deed of
Company Arrangement. Interested parties are requested to contact
Worrells to obtain a copy of the Information Memorandum."

Affected creditors and stakeholders are requested to contact
Worrells to discuss any matters and/or provide information to
assist the administrator's investigations.

Worrells advises it will continue to provide updates as more
information becomes available.

For further information regarding the sale process, please contact
Youssef Sarakbi at youssef.sarakbi@worrells.net.au


FINLEY CAPITAL: First Creditors' Meeting Set for Oct. 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Finley
Capital Partners Pty Ltd will be held on Oct. 9, 2023, at 9:00 a.m.
at the offices of Mcleods Accounting, Level 9, 300 Adelaide Street
in Brisbane.

Jonathan McLeod and Bill Karageozis of Mcleods Accounting were
appointed as administrators of the company on Sept. 26, 2023.


HARMAC GROUP: Avoids Liquidation; Customers May Pay More
--------------------------------------------------------
ABC News reports that customers of a Victorian builder will pay
more to have their home builds completed, as part of efforts to
help the financially pressured company avoid liquidation.

Harmac Group, which included the Harmac Homes, Harmac
Constructions, Harmac Urban Living and Ridge Homes brands, entered
voluntary administration in late August.

The ABC relates that the company avoided collapse, unlike other
Victorian companies like Ballarat-based residential builder Bond
Homes and Porter Davis, which were among the firms placed into
liquidation this year.

At a meeting on Sept. 26, a majority of creditors and customers
voted to approve the directors' deed of company arrangement instead
of winding the business up.

However, this means customers may have to pay more to get their
home build finished, the ABC relays.

"This has been assessed on an individual basis and customers have
all received personal notification about what this means for them
and their build.

"If a particular customer does not agree to this variation, the
voluntary administrator will cancel their contract with Harmac
Homes."

According to the ABC, Consumer Affairs Victoria told customers they
were not obliged to accept revised offers or vote for a deed of
company arrangement.

In a notice posted on its website, CAV urged customers to seek
financial and legal advice before making a decision.

The ABC relates that the Harmac Homes spokesperson said if the deed
was completed, subject to customers' approval of changes to their
contracts, Harmac Homes would return to the control of the
directors.

The spokesperson said most suppliers and trades contractors had
agreed to return to work and the company expected construction
would recommence by the middle of October, the report adds.


                         About Harmac Group

The Harmac Group is a home builder in Melbourne and regional
Victoria and has display homes in Bendigo, Werribee, Ballarat,
Donnybrook, Mickleham, Sunbury and Leopold.

Shaun Matthews and Barry Wight of Cor Cordis were appointed
Voluntary Administrators of the Harmac Group on Aug. 22, 2023.

The appointment is limited to the following entities:

   - Harmac Homes Pty Ltd ATF Harmac Homes Unit Trust
   - Harmac Constructions Pty Ltd ATF Harmac Constructions Unit
     Trust
   - Harmac Urban Living Pty Ltd ATF Harmac Urban Living Unit
     Trust
   - Ridge Homes Pty Ltd ATF Ridge Homes Unit Trust

Other entities in the group are not subject to the appointment of
Voluntary Administrators.


JRG CONSTRUCTIONS: First Creditors' Meeting Set for Oct. 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of JRG
Constructions Pty Ltd will be held on Oct. 6, 2023, at 10:00 a.m.
at Ainslie Football & Social Club, Antill Room, 52 Wakefield Avenue
in Ainslie and via electronic facilities.

Aaron Torline of Slaven Torline was appointed as administrator of
the company on Sept. 26, 2023.


MINERAL RESOURCES: Fitch Gives 'BB' Rating to $850M Sr. Unsec Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Australia-based Mineral Resources
Limited's (MinRes, BB/Stable) proposed USD850 million senior
unsecured notes a rating of 'BB'. The bonds are rated at the same
level as MinRes' Long-Term Issuer Default Rating (IDR), as they
constitute its unconditional, unsecured and unsubordinated
obligations.

MinRes intends to use the proceeds for general corporate purposes,
including capex associated with the development of iron ore,
lithium and gas assets. Fitch estimates that, following the bond
issuance and including the impact of its expanded capex pipeline,
MinRes' EBITDA net leverage will increase to 2.1x in the financial
year ending June 2024 (FY24), from its previous forecast of 1.4x.
This remains well below 3.0x, the level at which Fitch may takes
negative rating action. Fitch continues to believe MinRes'
financial profile is strong for its current rating.

However, Fitch thinks MinRes' updated capex plan will continue to
expose the company to execution risks after the completion of its
Onslow project, which may delay any positive rating action.

KEY RATING DRIVERS

Extension in Execution Risk: MinRes' proposed bond will help fund
its expanded capex plan. It plans to develop gas fields in the
Perth Basin with targeted production of 50-250 terajoules/day,
construct train 4 at Wodgina, both of which remain subject to
approvals, and is bidding for the Bald Hill lithium mine. MinRes'
IDR already reflects the execution risks related to its Onslow Iron
Ore project, which is scheduled to be completed in FY24.

The new projects will keep MinRes exposed to execution risk on
major projects until at least FY26, with construction of the Perth
basin project planned from FY24 to FY26. However, Fitch believes
the execution risk will remain at a level already incorporated in
the rating. MinRes' extensive experience in delivering mine and
infrastructure development projects in Western Australia,
capability to design, manage and construct large projects
internally and adequate rating headroom to absorb cost over-runs
and delays will help it manage the projects' delivery.

High Capex; Conservative Financial Policy: Strong cash flow from
MinRes' lithium operations and a solid cash position at FYE23 of
AUD1.4 billion are sufficient to fund increasing capex while
maintaining its targeted EBITDA leverage ratio at around 2x on a
long-term basis. Fitch forecasts MinRes' EBITDA net leverage,
including capex related to the approved and proposed projects, will
peak at 2.1x in FY24, which assumes sufficient headroom to its
negative sensitivity.

Fitch expects MinRes to stay committed to its conservative balance
sheet and adopt a prudent approach in funding growth projects. The
company has historically demonstrated its commitment to maintaining
a strong balance sheet as it executes major projects, maintaining
leverage below its target level of 2.0x over the last four years
despite the execution of large development projects in its lithium
and iron ore segments.

Large-Scale Lithium Business: MinRes is one of the world's largest
spodumene concentrate producers and a joint-venture partner to the
world's largest lithium battery chemical supplier. It is therefore
well-positioned to respond to rising global demand for lithium. The
company has expanded its Mt Marion and Wodgina mines, which are
forecast to produce around 400,000 tonnes of SC6 equivalent in
FY24, with further expansion at these mines to around 800,000
tonnes of SC6 equivalent in the medium term if its latest capex
plan is realised.

Developing Scale and Diversification: Fitch believes the successful
completion of MinRes' current development pipeline will lead to an
improvement in its diversification. Fitch expects the EBITDA
contribution from MinRes' lithium business to increase
significantly over the next three-to-four years, while the
completion of the Onslow project will help offset the impact of
declining iron ore production at its existing assets and support
the diversification improvement. Over the longer term, Fitch
estimates that the new gas business may contribute up to 15% of
EBITDA on completion.

Unique Profit-Sharing Model: MinRes provides pit-to-ship,
life-of-mine services to mines. It acquires undeveloped resource
assets that can benefit from its mining infrastructure services.
MinRes funds a mine's design and construction in return for equity
before securing a life-of-mine contract that charges based on units
of production, with no direct exposure to commodity prices. It
monetises part of its stake over the medium term, and reinvests the
funds in its business. MinRes' model eliminates the risk of
contract loss and allows it to capture earnings from its
profit-sharing commodity operation.

Secured Debt in Capital Structure: Fitch expects MinRes' capital
structure to include secured debt. However, this should stay below
1.0x EBITDA. The rating on MinRes' senior unsecured debt could be
downgraded if the ratio of prior-ranking debt/consolidated
operating EBITDA rises to 3.5x or above, irrespective of any
movement in the IDR.

DERIVATION SUMMARY

MinRes' rating reflects its strong position in lithium mining, with
benefits from the upturn in the commodity cycle and increasing
production driven by the ongoing extension of its mines. MinRes
compares well against peers PT Adaro Indonesia (AI, BBB-/Stable),
PT Indika Energy Tbk (BB-/Stable) and First Quantum Minerals Ltd.
(FQM, B+/Rating Watch Negative), which currently lack
diversification in cash flow sources.

AI is similar to MinRes as it also integrates in-house mining
services. However, AI is better positioned on the cost curve. It
also has more flexibility in the timing and size of its capex plan.
AI's integrated power-generation business through its parent, PT
Adaro Energy Indonesia Tbk, reduces the negative impact of the
downturn in the thermal coal market.

MinRes and Indika have similar operational scale and exposure to
high execution risk at new developments. However, MinRes' financial
profile is stronger and its lithium production is at the expansion
stage, supported by strong demand for critical minerals. This
justifies a notch lower rating for Indika.

In contrast to MinRes, FQM has higher leverage and exposure to
high-risk profile countries. This justifies its two-notch lower
rating.

KEY ASSUMPTIONS

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

- Iron ore price in line with the Fitch price deck, adjusted for
impurity discounts

- Strong lithium demand in the near term moderating in later years,
with a spodumene concentrate price of around USD2,480 in FY24 and
USD1,040 by FY26

- Gradual ramp-up in export volume of spodumene concentrate from Mt
Marion and Wodgina

- Gradual increase in commercial production of lithium battery
chemicals from 17,000 tonnes in FY24 to 67,000 tonnes in FY26

- Dividend payout ratio at around 50% of underlying net profit
after tax

- Capex forecast includes Onslow Iron Ore project, Lockyer gas
plant and train 4 at Wodgina

RATING SENSITIVITIES

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

- EBITDA net leverage sustained below 2.0x

- The establishment of an operational record in the commercial
production of lithium battery chemicals

- Successful completion of the Onslow Iron ore project

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

- EBITDA net leverage rising above 3.0x for a sustained period

- Material loss of mining-service contracts

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: MinRes reported cash of around AUD1.4 billion at
FYE23 with group net debt of AUD1.6 billion (excluding lease
liabilities). The company's debt is largely made up of USD1.95
billion in senior unsecured notes maturing in 2027 and 2030. The
new bonds will increase MinRes' liquidity by USD850 million, which
will fund growth capex over the next two-three years.

ISSUER PROFILE

MinRes is a mining and mining services company based in Australia.
The mining segment operates iron ore and lithium mines located in
Western Australia. The company also holds an interest in gas
exploration and development assets in the Perth basin.

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           
   -----------            ------           
Mineral Resources
Limited

   senior unsecured    LT BB  New Rating

TASSLA TRADING: First Creditors' Meeting Set for Oct. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tassla
Trading Pty Ltd will be held on Oct. 6, 2023, at 10:00 a.m. online
via Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Sept. 25, 2023.


[*] Fitch Affirms 23 Classes From 9 Challenger/Interstar Deals
--------------------------------------------------------------
Fitch Ratings has affirmed 23 note classes from nine Challenger
Millennium and Interstar Millennium transactions.  These
transactions are securitisations of Australian conforming
residential mortgages originated through a network of mortgage
originators and brokers under the Challenger Millennium and
Interstar Millennium securitisation programmes.  The notes were
issued by Perpetual Trustees Victoria Limited in its capacity as
trustee.

   Entity/Debt                Rating            Prior
   -----------                ------            -----
Interstar Millennium
Series 2004-5 Trust

   B AU300INTA040          LT Bsf    Affirmed    Bsf

Interstar Millennium
Series 2006-1 Trust

   Class A AU300INTE018    LT AAsf   Affirmed    AAsf
   Class AB AU300INTE026   LT BBBsf  Affirmed    BBBsf
   Class B AU300INTE034    LT Bsf    Affirmed    Bsf

Interstar Millennium
Series 2006-3L Trust

   Class A2 AU0000INNHB3   LT AAAsf  Affirmed    AAAsf
   Class AB AU0000INNHC1   LT Asf    Affirmed    Asf
   Class B AU0000INNHD9    LT Bsf    Affirmed    Bsf

Interstar Millennium
Series 2006-2G Trust

   Class A1 USQ49677AA73   LT AAsf   Affirmed    AAsf
   Class A2 USQ49677AB56   LT AAsf   Affirmed    AAsf
   Class AB AU0000INBHC6   LT BBBsf  Affirmed    BBBsf
   Class B AU0000INBHD4    LT Bsf    Affirmed    Bsf

Interstar Millennium
Series 2005-2L Trust

   Class A1 46071TAA1      LT AAAsf  Affirmed    AAAsf
   Class A2 AU300INTC012   LT AAAsf  Affirmed    AAAsf
   Class AB AU300INTC020   LT Asf    Affirmed    Asf
   Class B AU300INTC038    LT Bsf    Affirmed    Bsf

Challenger Millennium
Series 2007-2L

   Class A AU0000CHUHA5    LT AAAsf  Affirmed     AAAsf
   Class AB AU0000CHUHB3   LT Asf    Affirmed     Asf
   Class B AU0000CHUHC1    LT Bsf    Affirmed     Bsf

Interstar Millennium
Series 2005-3E Trust

   Class B AU300INTD028    LT Bsf    Affirmed     Bsf

Challenger Millennium
Series 2007-1E

   Class B XS0280788976    LT Bsf    Affirmed     Bsf

Interstar Millennium
Series 2006-4H Trust

   A2 AU3FN0000816         LT Asf    Affirmed     Asf
   AB AU3FN0000824         LT BBsf   Affirmed     BBsf
   B AU3FN0000832          LT Bsf    Affirmed     Bsf

KEY RATING DRIVERS

Stable Asset Performance: Arrears as of end-July 2023 tracked
significantly above Fitch's 2Q23 Dinkum RMBS Index 30+ day arrears
of 1.07% and 90+ day arrears of 0.53%; 30+ day arrears ranged from
1.9% for Interstar 2006-4H to 8.7% for Interstar 2005-2L. The
transactions' arrear ratios tend to be volatile due to the small
size of the pools, but high arrears have not translated into large
losses, which ranged from 0.5% for Interstar 2006-1 to 2.3% for
Interstar 2006-4H. There has been one loss since the last review
across all transactions, which benefit from 100% lenders' mortgage
insurance (LMI) coverage.

LMI payment ratios have been strong and losses that are not covered
by LMI have been covered by excess spread. The asset model was not
performed for this review, in line with Fitch's APAC Residential
Mortgage Rating Criteria. The ratings of all notes, other than
class B, are constrained by exposure to asset concentration and
idiosyncratic risks as the portfolios pay down. The class B notes
are constrained to 'Bsf' based on the 'Rating Junior Notes with
100% LMI Cover' section of the criteria. The transactions continue
to deleverage, with more than 15 years of weighted-average
seasoning.

Credit Enhancement Supports Ratings: All rated notes, other than
class B, have sufficient subordination to maintain their ratings.
Challenger 2007-2L, Interstar 2006-3L and Interstar 2006-4H are
paying pro rata, as subordination triggers continue to be met.
Challenger 2007-1E, Interstar 2004-5 Trust and Interstar 2005-3E
only have the class B notes outstanding. The remaining transactions
have breached their arrears triggers and are paying sequentially,
building up credit enhancement.

There have been no changes to foreign-exchange swap margins or
applicable foreign-exchange stresses and no significant changes to
transaction structures or asset performance since the last cash
flow assessment. Therefore, an updated analysis was not completed.
Challenger 2007-1E, Interstar 2005-2L and Interstar 2006-2G are
exposed to foreign-currency risk should the Euribor or US-dollar
Libor turn negative, which would require the trusts to make
additional payments to the currency-swap provider in the relevant
foreign currency. Excess spread is likely to be sufficient to cover
any payments due.

Low Operational Risk: Advantedge Financial Services Pty Ltd, the
servicer of the transactions, is part of the National Australia
Bank Limited (A+/Stable) group and has extensive experience in
servicing and managing its mortgage portfolio, mitigating the
transactions' operational risk. Advantedge's mortgage collection
timelines, policies and procedures are in line with those of other
Australian conforming mortgage lenders.

Tight Labour Market to Support Outlook: Performance is supported by
Australia's continued economic growth and tight labour market,
despite interest rate hikes from May 2022 to June 2023. GDP growth
in the year to June 2023 was 2.1% and unemployment was 3.7% in
August 2023. Fitch expects GDP growth to moderate to 1.7% for the
full year before reducing to 1.5% in 2024, with unemployment rising
to 4.2% in 2024, from 3.8% in 2023. This reflects the expected
impact on Australia's economy from the China property downturn and
lagged effects of tighter monetary policy on consumption.

ESG - Transaction and Collateral Structure: Six transactions face
tail risk from lower credit enhancement build-up than Fitch
expected. This was caused by weak pro rata amortisation conditions
and has a negative impact on the credit profiles and is highly
relevant to the ratings, resulting in a rating constraint. The six
transactions are Interstar 2005-2L, Interstar 2006-1, Interstar
2006-2G, Interstar Millennium Series 2006-3L Trust, Interstar
2006-4H and Challenger Millennium Series 2007-2L.

RATING SENSITIVITIES

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

A deterioration in economic fundamentals and consumers' financial
position in Australia beyond Fitch's expectations, where available
credit enhancement cannot compensate for the higher credit losses
and cash flow stresses, all else being equal.

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

The rating sensitivity section provides insight into the
model-implied sensitivities the transactions face when assumptions
- weighted-average foreclosure frequency or recovery rates - are
modified, while holding others equal. The modelling process uses
the modification of default and loss assumptions to reflect asset
performance in up and down environments. The results should only be
considered as one potential outcome, as the transactions are
exposed to multiple dynamic risk factors.

The class B notes have no credit enhancement other than LMI and
excess income. These notes may be downgraded if there is a
significant drop in performance or the payment of LMI claims or a
substantial decrease in excess spread.

Fitch's previous rating sensitivities for each respective
transaction were discussed in:

- rating action commentary for Interstar 2005-2L, Interstar 2006-1,
Interstar 2006-2G, Interstar 2006-3L, Interstar 2006-4H and
Challenger 2007-2L, published 5 March 2019

- rating action commentary for Interstar 2005-3E, published 18
December 2018

- rating action commentary for Interstar 2004-5 and Challenger
2007-1E, published 5 April 2018

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

The rated notes are either at the highest level on Fitch's scale or
are constrained from an upgrade by non-model related rating caps
due to transaction structural features and/or asset concentration.
The ratings cannot be upgraded and, as such, upgrade sensitivity
stresses are not relevant.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. Fitch has not reviewed the results of
any third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. Subsequent performance has been consistent with the
agency's expectations, given the operating environment, and Fitch
is therefore satisfied that the asset pool information relied upon
for its initial rating analysis was adequately reliable.

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG CONSIDERATIONS

Interstar 2005-2L, Interstar 2006-1, Interstar 2006-2G, Interstar
2006-3L Trust, Interstar 2006-4H and Challenger 2007-2L have an ESG
Relevance Score of '5' for Transaction and Collateral Structure due
to tail risk, which has a negative impact on the credit profile and
is highly relevant to the ratings.

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.




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

CAR INC: Moody's Affirms 'B3' CFR & Alters Outlook to Stable
------------------------------------------------------------
Moody's Investors Service has affirmed CAR Inc.'s corporate family
rating and senior unsecured rating at B3, and changed the outlook
to stable from negative.

"The rating affirmation with a stable outlook reflects Moody's
expectation that CAR's liquidity and maturity profile will improve
with the company's imminent redemption of its 2024 USD bond, which
further underscores the company's track record of refinancing,"
says Gerwin Ho, a Moody's Vice President and Senior Credit
Officer.

"The stable outlook reflects Moody's expectation that CAR's
operations will continue to gradually improve driven by recovering
domestic travel demand. This rebound will support the company's
earnings, reduce leverage and improve its ability to refinance its
short-term debts," adds Ho.

RATINGS RATIONALE

On August 25, CAR announced it will redeem in full all outstanding
9.75% USD bonds due March 2024 on September 27. The bonds will be
redeemed at a price equal to 103.65625% of the principal plus
accrued and unpaid interest. As of August 25, the principal amount
of the bonds outstanding was USD155 million. The company has
indicated it will use internal funds to pay for the redemption.

CAR had unrestricted cash of RMB1.6 billion against short-term debt
of RMB3.9 billion as of June 30, 2023. The debt includes the
outstanding portion of its USD bonds due March 2024. Nonetheless,
the company has some financial flexibility as seen by the short
lead time for its fleet acquisitions, its asset-light network and
the ease with which it can dispose of assets.

Moody's expects CAR to execute its bond redemption as announced
given its track record of refinancing maturities. During the first
half of 2022, CAR repaid USD279 million of bonds outstanding that
were due in May 2022. Through a tender offer in early March, the
company repaid USD94.964 million of the principal amount of the USD
bonds maturing in March 2024.

In addition, CAR raised USD175 million in January 2021 through the
issuance of a convertible bond to Mcqueen SS Ltd., a subsidiary of
an investment fund that is managed by MBK Partners.

CAR was privatized in July 2021 by Indigo Glamour Company Limited.
Indigo Glamour is a subsidiary of MBK Partners Fund IV, a private
investment fund managed by private equity firm MBK Partners.

As of June 30, 2023, CAR had total facilities from financial
institutions amounting to RMB16.1 billion, of which RMB5.9 billion
were unused. The size of the company's total and unused facilities
had risen from RMB10.8 billion and RMB3.8 billion, respectively, as
of December 31, 2022.

CAR's B3 CFR is supported by the company's leading position in
China's growing car rental market. The B3 rating also considers the
company's business model, which has a certain level of financial
flexibility as seen by the short lead time for its fleet
acquisitions, its asset-light network, and ease of asset disposal.

At the same time, the rating is constrained by the company's weak
liquidity, direct competition from other car rental companies and
indirect competition from non-car rental companies that provide
transportation services.

As a leading car rental company and benefitting from a 26%
expansion in average fleet size and strong demand immediately after
the relaxation of the zero COVID policy in China, CAR's rental
revenue rose 70% in the first six months of 2023 compared with the
same period a year ago, as higher rental rates and utilization also
boosted rental revenues.

Moody's expects CAR's auto rental revenue, which made up 76% of
total revenue in the first six months of 2023, to grow above 50%
over the next 12-18 months when compared with 2022. Growth will be
mainly driven by a larger fleet size, improved rental pricing and
utilization amid recovering demand for auto rental as domestic
travel normalizes. According to China's Ministry of Culture and
Tourism, domestic travel increased by 64% year on year to about
2.38 billion person-times during the first six months of 2023.

Revenue from used-vehicle sales will likely rise by over 40% over
the next 12-18 months when compared with the level in 2022, as the
company generates liquidity by disposing more used vehicles
compared with that in 2022. As a result, Moody's expects CAR's
overall revenue to increase by more than 50% over the next 12-18
months when compared with 2022.

CAR's leverage, as measured by Moody's adjusted debt/EBITDA, fell
to 3.9x over the 12 months ended June 30, 2023 from 5.1x in 2022.
This lower leverage reflects its higher EBITDA, driven mainly by
stronger auto rental demand and profitability.

CAR's total adjusted debt rose to RMB10.7 billion as of June 30,
2023, from RMB9.1 billion as of December 31, 2022. The increase in
debt reflects a rise in borrowing including finance leases to
support the company's car rental fleet renewal and expansion.

Nonetheless, Moody's expects the company's leverage to further
improve to around 3.2x-3.4x over the next 12 to 18 months as EBITDA
growth, which is driven by a larger fleet size and better rental
pricing and utilization, outpaces the rise in debt, as compared
with levels in 2022.

CAR's higher level of secured borrowing resulting from increased
sales and leaseback obligations, as evident from the proportion of
auto rental vehicles pledged in terms of value rising to 77% as of
June 30, 2023 from 58% as of December 31, 2022, has reduced its
financial flexibility.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

CAR's exposure to governance risk reflects its financial policy in
the context of liquidity management, high controlling shareholder
ownership of voting shares and the fact that a majority of its
board members are non-independent. The company's exposure to
environmental and social risks reflects the wider equipment and
transportation rental industry's exposure to environmental and
social risks.

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

Upward rating pressure could arise if CAR: (1) demonstrates
continuous improvement in liquidity and access to funding; (2)
maintains its leading market position, grows in scale, and
demonstrates resilience in down-cycles; (3) demonstrates stable
profit margins; and (4) maintains prudent financial management.

On the other hand, downward rating pressure could arise if CAR
exhibits: (1) weakening liquidity or access to funding; (2)
declining revenues and profitability or (3) a deterioration in its
credit profile due to increased competition, shareholder
distributions, or aggressive expansion and acquisitions.

The principal methodology used in these ratings was Equipment and
Transportation Rental published in February 2022.

Founded in 2007 and headquartered in Beijing, CAR Inc. provides car
rental services, including car rentals and fleet rentals, in China.

CHINA EVERGRANDE: Sold Luxury Yacht This Year, Sources Say
----------------------------------------------------------
Reuters reports that China Evergrande Group sold its luxury
superyacht for about US$32 million earlier this year, said two
sources, further shrinking the developer's offshore assets as its
cash crunch worsened and it scrambled to pull together a debt
revamp plan.

According to Reuters, Evergrande's offshore bondholders are
expected to sharpen their focus on offshore assets as the
developer's debt restructuring plan flounders with the founder now
being investigated over suspected "illegal crimes".

Reuters relates that the debt restructuring process was further
complicated last week after Evergrande said it was unable to issue
new debt due to an investigation into its main China unit. Analysts
have said delays to the debt restructuring raise the risk of the
company being liquidated.

Evergrande sold the 60-metre (197 foot) superyacht Event for EUR30
million (US$32 million) as part of a process to sell down non-core
assets, said the two sources with knowledge of the matter,
declining to be named as the information is not public yet, Reuters
relays.

A third source with knowledge of the matter confirmed the sale of
the yacht.

With Evergrande founder and chairman Hui Ka Yan now under
investigation, analysts and investors are questioning who will run
the company's operations and what will happen to the offshore debt
restructuring plan, according to Reuters.

Evergrande is the world's most indebted developer with more than
$300 billion in total liabilities. Its financial woes, which first
became public in 2021, has weighed on the Chinese economy as well
as the global markets.

After defaulting on its dollar bond in late 2021, 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.

Reuters reported on Sept. 26 that a major Evergrande offshore
creditor group was planning to join a liquidation court petition
filed against the developer if it does not submit a new debt revamp
plan by the end of October.

Compared to its $31.7 billion in total offshore liabilities,
Evergrande has far fewer assets outside China. The sale of the
superyacht, Event, means foreign creditors of the company will have
fewer options in any potential liquidation process, Reuters
states.

Event was delivered in 2013 and was given the World Superyacht
Award in the following year, according to its Dutch manufacturer
Amels website. It was estimated to be worth $60 million in some
Chinese media reports in the past two years.

Reuters says Event was registered in Evergrande's name, the sources
said, which meant the proceeds would be returned to the developer,
which has seen some of its own and the founder's offshore assets
divested or seized by lenders for defaulting on loans.

                       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.



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

ABDUL RAHIMAN: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abdul Rahiman
Engineer & Contractor - Udupi (AREC) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          5          CRISIL D (Issuer Not
                                      Cooperating)

   Secured Overdraft       7.5        CRISIL D (Issuer Not
   Facility                           Cooperating)

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

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

Detailed Rationale

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

AREC, setup in 2005 by Mr. Abdul Rahiman, is engaged in
construction of roads for government departments. The firm is based
out of Udupi (Karnataka).


AMAZON ENTERPRISES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amazon
Enterprises Private Limited (AEPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.95        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term    0.47        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             3.58        CRISIL D (Issuer Not
                                     Cooperating)

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

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

Detailed Rationale

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


CORPORATE FASHION: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Corporate
Fashion Private Limited (CFPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Cash Credit              6.54       CRISIL D (Issuer Not
                                       Cooperating)

   Letter of Credit         1.25       CRISIL D (Issuer Not
                                       Cooperating)

   Long Term Loan           0.25       CRISIL D (Issuer Not
                                       Cooperating)

   Long Term Loan           1.06       CRISIL D (Issuer Not
                                       Cooperating)

   Standby Letter           0.90       CRISIL D (Issuer Not
   of Credit                           Cooperating)

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

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

Detailed Rationale

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

CFPL was incorporated in fiscal 2011, promoted by Mr Prateek
Sharma, Mr Vijay Pal Singh, and Mr Prakash Jat. The company, based
in Bhilwara, Rajasthan, manufactures readymade garments, mainly
trousers for men, and also trades in fabric and readymade garments.
Commercial operations began in 2014.


DAUJI AND CO: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dauji and Co.
(DC) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Post Shipment         8          CRISIL D (Issuer Not
   Credit                           Cooperating)

   Pre Shipment          1          CRISIL D (Issuer Not
   Packing Credit                   Cooperating)

   Proposed Short        0.99       CRISIL D (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility         

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

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

Detailed Rationale

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

DC was set up in 1976 as a partnership firm by Mr. Dauji Johari and
his family members. The firm trades in polished diamonds, and is
based in Mumbai. It currently has three partners: Mr. Dauji Johari,
Mr. Sharad Johari, and Ms. Prabha Johari.


DHANPATI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanpati Agro
Udyog Private Limited (Dhanpati) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          6.5         CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            2.07        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Dhanpati was established in 2010 as a private-limited company by
Mr. Brahmanand Jaiswal and his sons, Mr. Saurabh Jaiswal and Mr.
Subhash Jaiswal. The company processes majorly basmati and
non-basmati rice at its plant at Gorakhpur, Uttar Pradesh. Dhanpati
has total milling and sorting capacity of 10 tonne per hour.


FOUR STAR: Ind-Ra Affirms BB Bank Loan Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Four Star International's bank facilities:

-- INR90 mil. Non-fund-based limits assigned with IND A4+ rating;

-- INR113.5 mil. Term loan due on June 2029 assigned with IND BB/

     Stable rating;

-- INR16.5 mil. Proposed fund-based working capital limits
     assigned with IND BB/Stable/IND A4+ rating;

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

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

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

Rating Sensitivities

Positive: A substantial increase in the scale of operations, along
with an improvement in the credit metrics with the interest
coverage increasing above 2.0x and/or an improvement in the
liquidity profile, all on a sustained basis, will be positive for
the ratings.

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

Company Profile

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



HYPNOTIK CLOTHING: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Hypnotik
Clothing Private Limited (HCPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit       6.75        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

HCPL was set up in December 2010, by Mr Vijay Golani and Ms Resham
Chellaram. The company exports readymade garments primarily to the
US. Garments are manufactured on a job-work basis from various
players in Karnataka, Maharashtra and Gujarat. HCPL manufactures
about 30% of its total volume and the balance is outsourced.


IMPEX INDIA-DEHRADUN: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Impex
India-Dehradun (II-D) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Term Loan      0.87       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               9.13       CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

II-D was established as a partnership concern between Mr Rajendra
Mimani, Mrs Saroj Mimani, and Mr Ashish Mimani-with equal profit
sharing ratio-in 1973. The firm was involved in a marketing
business, but has now undertaken a solar power project, backed by a
long-term power purchase agreement with UPCL.


LUCKNOW URBAN: Banking License Cancelled, Set to be Liquidated
--------------------------------------------------------------
The Hindustan Times reports that the Reserve Bank of India on Sept.
29 said it has cancelled the banking licence of Lucknow Urban
Co-operative Bank, as the lender does not have adequate capital and
earning prospects.

The Hindustan Times relates that the Commissioner and Registrar of
Cooperative, Uttar Pradesh, has also been requested to issue an
order for winding up the bank and appoint a liquidator for the
cooperative bank, the Reserve Bank said.

On liquidation, every depositor would be entitled to receive a
deposit insurance claim amount of his/her deposits up to a monetary
ceiling of INR5 lakh from Deposit Insurance and Credit Guarantee
Corporation (DICGC).

As per the data submitted by the bank, 99.53 per cent of the
depositors are entitled to receive the full amount of their
deposits from DICGC, the RBI said.

Giving reasons behind the cancellation of the license, the central
bank said Lucknow Urban Co-operative Bank does not have adequate
capital and earning prospects, according to the report.

"The bank with its present financial position would be unable to
pay its present depositors in full," it said, adding public
interest would be adversely affected if the bank is allowed to
carry on its banking business any further.

Consequent to the cancellation of its license, the bank has been
prohibited from conducting the business of 'banking', which
includes, among other things, acceptance of deposits and repayment
of deposits with immediate effect.


NAGAR NIGAM HALDWANI: Ind-Ra Gives BB+ LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagar Nigam
Haldwani-Kathgodam (NN-HK) 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 reflects NN-HK's low own sources to fund revenue
expenditure. The corporation's own revenue/total revenue income
ratio remained below 30% during FY18-FY22. The tax revenue averaged
17.97% during the period. However, the revenue account remained in
surplus during this period (FY22: INR15.67 million, FY21: INR12.63
million). The operating margin improved marginally to 3.48% in FY22
(FY21: 3.46%) owing to an increase in revenue surplus. NN-HK's
revenue sources mainly comprised of tax revenue, non-tax revenue
and revenue grants. During FY18-FY22, the tax revenue grew at a
CAGR of 2.73% to INR27.54 million (FY21: INR25.42 million) and
revenue grants at a CAGR of 0.43% to INR410.49 million (INR343.95
million).

The rating is also constrained by NN-HK's high dependency on the
state government for grants and contributions with an average
dependency ratio of almost 76% over FY18-FY22 (FY22: 74.51%, FY21:
77.60%). The revenue grants contributed almost 82.03% to the total
revenue income during FY18-FY22. The operating ratio remained close
to 97%, on an average, during FY18-FY22, and has remained at 96.89%
for FY22 (FY21: 97%). The establishment expenditure averaged 68.85%
of the total revenue expenditure during FY18-FY22. The major
portion of establishment expenditure comes from employee expenses,
which accounts on an average 54.30% of the total expenditure and
79.30% of the establishment expenditure over FY18-FY22. Ind-Ra
expects the share of establishment expenditure in the total revenue
expenditure to remain high in the medium term due to the impending
implementation of pay hikes, at the state and ULB level, along the
lines of recommendations of the Seventh Pay Commission.

Further, the corporation's service delivery levels for the sewerage
and solid waste segments remains below the service level benchmarks
set by the Ministry of Urban Development. However, efficiency in
collection of municipal solid waste was 100%, meeting the
benchmark. The coverage on the storm water drainage network
remained at 41% in FY22 (FY21: 41%), which is below 50% of the
benchmark level. The property tax collection efficiency improved to
98.39% in FY23 (FY22: 82%).

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
INR311.70 million at FYE22 (FYE21: INR422.40 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.

The rating benefits from the ULB's adequate capital utilization
(capital expenditure/capital income) to fund capex. The ratio has
consistently improved from FY20 (FY22: 2.92x, FY21: 0.92x). Capital
expenditure grew at a CAGR of 25.01% over FY18-FY22 (FY22:
INR195.24 million,  FY21: INR126.62 million). The grants/
contribution for capital works was the major contributor to capital
income and grew at a CAGR of 28.62% to INR66.83 million during
FY18-FY22 (FY21: INR90.38 million).

Further, the corporation has maintained current demand of property
tax collection above 75% over FY18-FY22. The arrear collection was
100% during FY18-FY22, except for FY20. Ind-Ra expects the property
tax collection to remain above 75% as NN-HK has started using
geographic information system mapping, which would further help in
tax collection.

Rating Sensitivities

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

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

Company Profile

Haldwani city was established in 1834. The Town Act was implemented
in Haldwani in 1885 after which, it was declared a municipality on
February 1, 1897. The Municipality of Haldwani was soon
disestablished and Haldwani was constituted as a notified area in
1904. In 1907, it got the status of town area. The
Haldwani-Kathgodam Municipal Council was established on 21
September 1942, and was upgraded to a municipal corporation on 21
May 2011. It is the third largest municipal corporation in
Uttarakhand after Dehradun and Haridwar. The ULB has a jurisdiction
over an area of 42.59 sq.km with a population of 3,81,123 with a
total number of 65,353 households. The municipal corporation
consists of democratically elected members, which is headed by a
mayor, and administers the city's infrastructure and public
services.


NAGAR NIGAM KASHIPUR: Ind-Ra Gives BB LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagar Nigam
Kashipur (NNK) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

Key Rating Drivers

The rating reflects NNK's inability to generate enough revenue
income from its own sources to fund its revenue expenditure. The
corporation's own revenue contributed below 10% to the total
revenue income during FY18-FY22, while its tax revenue accounted
for 4.59%. The revenue account remained in surplus during this
period except for FY19, when NNK booked a deficit of INR6.92
million. Its operating margin declined to 18.77% in FY22 (FY21:
34.91%).

NNK's revenue sources mainly comprise tax revenue, non-tax revenue
and revenue grants. Its tax revenue expanded at a CAGR of 4.11%
over FY18-FY22. The share of the state's grants and contributions
increased to 85.12% in FY22 (FY21: 79.87%).

NNK's dependency on the state government (grants and contributions)
remains very high. The revenue grants contributed almost 82.31% to
the total revenue income during FY18-FY22, while its dependence on
grant income stood at average 85.01% as per the dependency ratio.

NNK's capital utilization (capital expenditure/capital income)
ratio marginally improved to 2.35x in FY22 (FY21: 2.33x). The ratio
remained above 1x except for FY19, reflecting adequate utilization
of capital receipts to fund capital expenditure. Its capital
expenditure declined at a CAGR of 1.89% over FY18-F22. NNK's
grants/contribution for capital works declined during FY22, due to
lower allocation in finance commission grant devolution. Ind-Ra
expects NNK's capital utilization ratio to remain above 1x in the
medium- to long term.

NNK's operating ratio remained close to 81.90% on average during
FY18-FY22 and increased to 81.20% for FY22 (FY21: 65.10%). The
establishment expenditure accounted for 68.69% on average of total
revenue expenditure during FY18-FY22. Employee expenses formed an
average 77.46% of establishment expenditure and 53.28% of the total
expenditure over FY18-FY22. Ind-Ra expects the share of
establishment expenditure in total revenue expenditure to remain
high in the medium-term due to impending implementation of pay
hikes, at the state and urban local bodies (ULB) level, along the
lines of recommendations of the seventh pay commission.

The corporation's service delivery of the sewerage and solid waste
segments remained lower than the benchmark set by the ministry of
urban development. Its efficiency in the collection of municipal
solid waste (MSW) was 96% in FY22 (FY21: 95%). The household
coverage for waste collection stood at 95% in FY22 (FY21: 94%). NNK
was able to scientifically dispose of 82% of the waste collected
during FY22 (FY21: 80%), while NNK could collect only 20% of the
user charges during FY22 (FY21: 18%).

The corporation maintained the current demand of property tax
collection above 70% over FY18-FY22. The arrear collection remained
above 100% over FY18-FY20, except FY21 due to COVID-19 disruptions.
Although its arrear collection picked up in FY22, it remained below
50%. Ind-Ra expects the property tax collection to gradually
increase its tax collection as NNK has started using geographic
information system mapping.

Liquidity Indicator - Adequate: The ULB has not availed any
borrowings. Its capital works are being 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 INR426.5
million at FYE22 (FYE21: INR359.6 million). As 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 the grants and a 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 could lead to a negative
rating action.

Company Profile

Kashipur is a city of Udham Singh Nagar district of Uttarakhand,
and one of its seven subdivisions. Located in the western part of
the district, it is Kuamon's third most populous city and the sixth
most populous city in the state. NNK was formed in 2013 after the
upgradation from Kashipur municipal council. Kashipur is divided
into 40 wards. The municipal corporation consists of democratically
elected members, is headed by a mayor and administers the city's
infrastructure and public services.


NAGAR NIGAM RUDRAPUR: Ind-Ra Gives BB+ LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagar Nigam
Rudrapur (NNR) 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 reflects NNR's inability to generate enough revenue
income from its own sources to fund its revenue expenditure. The
share of the corporation's own revenue to its total revenue income
remained below 15% during FY18-FY22, while its tax revenue
constituted 8.42% of its total revenue. The revenue account
remained in surplus during FY18-FY22. Although its operating margin
marginally improved to 29.03% in FY22 (FY21: 27.32%); it has been
declining significantly since FY18 (73.81%).

NNR's revenue sources mainly comprise tax revenue, non-tax revenue
and grants. The tax revenue expanded at a CAGR of 21.70% over
FY18-FY22. The share of grants and contributions increased to
83.04% in FY22 (FY21: 74.71%).

NNR's dependency on the state government (grants and contributions)
remained very high, with the revenue grants contributing almost
82.36% to the total revenue income during FY18-FY22. NNR's
dependence on grant income stood at 86.71% on average over
FY18-FY22.

Its capital utilization (capital expenditure/capital income) ratio
has consistently been above 1x and improved to 6.91x in FY22 (FY21:
3.91x), reflecting its adequate utilization of capital receipts to
fund capital expenditure. Its capital expenditure rose at a CAGR of
41.58% over FY18-FY22. The share of grants/contribution for capital
works declined in FY22, due to lower allocation in the finance
commission grant devolution. Ind-Ra expects NNR's capital
utilization ratio to remain above 1x in the medium- to long-term.

NNR's operating ratio remained close to 46.29% on average during
FY18-FY22 and increased to 72.68% in FY22 (FY21: 42.23%). Its
establishment expenditure accounted for 82.33% on average of the
total revenue expenditure during FY18-FY22. Employee expenses made
up 66.96% of the total expenditure and 68.58% of the establishment
expenditure over FY18-FY22. Ind-Ra expects the share of
establishment expenditure in the total revenue expenditure to
remain high in the medium term, due to the impending implementation
of pay hikes, at the state and ULB level, along the lines of
recommendations of the seventh pay commission.

The corporation's performance of delivery of the sewerage and solid
waste segments remained below the benchmark set by the ministry of
urban development. Its efficiency in collecting municipal solid
waste increased to 80% in FY22 (FY21: 75%); however, the scientific
disposal of solid waste was 30%. The coverage on the storm water
drainage network remained at 77% in FY22 (FY21: 77%).

The corporation maintained current demand of property tax
collection above 75% over FY18-FY22. The arrear collection was 100%
during FY18-FY22, except for FY20 (73%).  Ind-Ra expects the
property tax collection to remain above 75% as NNR has started
using geographic information system mapping, which would further
help in tax collection.

Liquidity Indicator - Adequate: The ULB has not availed any
borrowings. Its capital works are being 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 was in deficit. Cash and bank balances stood at INR95.90
million at FYE22 (FYE21: INR403.00 million). As 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 its own revenue sources, lower
dependence on grants and decrease in the share of establishment
expenditure would be positive for the rating.

Negative: Sustained deterioration in the share of its own revenue,
further worsening in the operating ratio could lead to a negative
rating action.

Company Profile

Rudrapur serves as the headquarters of the Udham Singh Nagar
district. Rudrapur city is governed by the civic body of Rudrapur
municipal corporation and known as NNR.  It is one of the eight
nagar palika parishads in the Udham Singh Nagar district with an
area of 27.65 square km. In order to expand its municipal councils,
the Uttarakhand government upgraded the Rudrapur city
administration from municipality to municipal corporation on 28
February 2013. The NNR is divided into 20 wards which is governed
by 20 elected municipal councilors and a mayor.  The municipal
corporation consists of democratically elected members, is headed
by a mayor and administers the city's infrastructure and public
services.



NANGALI AGRO: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Nangali
Agro Tech Private Limited (SNA) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            22        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 1996 and promoted by Mr. Vijay Kumar, Mr. Satish
Kumar, and Mr. Anil Kumar, SNA manufactures wheatbased products
such as flour, maida, and sooji. Unit in Gurdaspur has processing
capacity of 120 tonne per day for each product.


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

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Inventory Funding      26.25       CRISIL D (Issuer Not
   Facility                           Cooperating)

   Proposed Long Term     33.75       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2002, NMPL is an authorised dealer for passenger
vehicles and spare parts of Honda Cars India Ltd (Honda) since
April 2013. The company operates showrooms in Delhi and Faridabad
under the brand, Delight Honda, equipped with 3S (sales, service
and spares) facilities.


NATIONAL RICE: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of National Rice
Mill (NRM) continue to be 'CRISIL D Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           4.89       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    1.62       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

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

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

Detailed Rationale

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

Formed in 2006, NRM is engaged in milling and processing of par
boiled rice. It has an installed paddy milling capacity of 84
tonnes per day (increased from 72 tonnes per day). Its rice mill is
located in Hooghly (West Bengal). The day to day operations of the
firm is being managed by managing partners Mr. B .B. Dey. The other
partner, being his wife Mrs. Lekha Dey.


NEW ASIAN: CRISIL Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of New Asian
Infrastructure Development Private Limited (NAIDPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             25         CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

NAIDPL operates a setup a 7MW hydro power project in Nilwande in
Ahmednagar, Maharashtra on BOT basis. The unit commenced production
from November 2015. The company is promoted by Mr. Syed Abdur
Rasheed and his sons, Mr. Syed Abdur Zubair and Mr. Syed Abdur
Umair.


NEXUS HEALTH: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nexus Health
and Beauty Care Private Limited (NHBPL) continues to be 'CRISIL C
Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

NHBPL, incorporated in 2005 by Parwanoo (Himachal Pradesh) based
Thakur family, manufactures household FMCG goods at its Parwanoo,
Himachal Pradesh based unit. The operations are managed by Mr
Rajinder Singh Thakur.


NUTRIFRESH FARM: Ind-Ra Hikes Loan Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Nutrifresh Farm
Tech India Private Limited's (NFFTIPL) bank loans to 'IND BB+' from
'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The detailed rating actions are:

-- INR33.50 mil. Fund-based working capital limits Long-term
     rating upgraded/Short-term rating affirmed with IND BB+/
     Stable/IND A4+ rating; and

-- INR186.50 mil. Term loan due on March 2028 upgraded with IND
     BB+/Stable rating.

The upgrade reflects an improvement in NFFTIPL's revenue in FY23,
on back of an increase in its production capacity as well as the
demand for its products.

Key Rating Drivers

NFFTIPL's revenue surged to INR610 million in FY23 (FY22: INR277.47
million), mainly on account of an increase in the demand for
pesticide- and residue-free vegetables/exotic  fruits and a higher
number of orders from new and existing customers. Also, the
company's production area increased to 33 acres in FY23 from 10
acres earlier. However, the scale of operations remains small. For
5MFY24, NFFTIPL had booked a revenue of INR459.29 million. In FY24,
Ind-Ra expects the firm's scale of operations to remain at the
similar level, in view of the consistent demand. FY23 numbers are
provisional in nature.

The ratings also factor in NFFTIPL's modest EBITDA margins of
17.26% (FY22: 10.07%) with a return on capital employed of 7%
(4.90%).  The margin increased in FY23 due to an increase in the
production capacity, better rates in work orders and the
management's improved strategy to secure orders from new  and
existing customers. During 5MFY24, NFTIPL booked an EBITDA of
INR122 million (EBITDA margin: around 27%). Ind-Ra expects the
EBITDA margin in FY24 to remain in line with that in FY23 and on
account of no major change in the cost structure of company.

Liquidity Indicator - Stretched: The average maximum utilization of
NFFTIPL's fund-based limits was 97.52%  during the 12 months ended
August 2023. The cash flow from operations turned negative at
INR35.98 million in FY23 (FY22: INR245.6 million), due to an
increase in the working capital  requirements. The free cash flow
too turned negative at INR270.75 million in FY23 (FY22: INR535.28
million) on account of a capital expenditure of INR234.97 million
during the year. The company's net working capital cycle shortened
to 54 days in FY23 (FY22: 93 days) due to an improvement in its
debtor days to 55 (87).  The cash and cash equivalents stood at
INR24.30 million at FYE23. NFFTIPL does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirements. NFFTIPL has scheduled repayment obligations
of INR18.10 million and INR21.74 million in FY24 and FY25,
respectively.

The ratings reflect NFFTIPL' comfortable credit metrics with an
interest coverage (operating EBITDA/gross interest expenses) of
4.21x in FY23 (FY22: 3.67x ) and a net leverage (adjusted net
debt/operating EBITDAR) of 3.42x (9.14x ). In FY23, the credit
metrics  improved due to an increase  in the absolute EBITDA (FY23:
INR105.31 million; FY22: INR27.95 million). However, the total debt
includes unsecured loans of INR77.93 million from promoters which
are not chargeable to interest. In FY24, Ind-Ra expects the credit
metrics to improve  due to scheduled debt repayments.

However, the ratings are supported by the promoters' nearly
decade-long experience in the farming industry. This has
facilitated the company to establish strong relationships with
customers as well as suppliers.

Rating Sensitivities

Positive: A significant improvement in the scale of operations
while maintaining the overall credit metrics and an improvement in
the liquidity profile, all on a sustained basis, could lead to a
positive rating action.

Negative: Deterioration in the scale of operations, leading to
deterioration in the overall credit metrics and liquidity profile,
all on a sustained basis, could lead to a negative rating action.

Company Profile

NFFTIPL was incorporated in 2019, by its promoters Ganesh Sambhaji
Nikam and Sanket Mehta.  The company is engaged in hydroponic
farming of over 42 stock keeping unit of fruits/vegetables/leafy
greens on 33 acres of controlled environment agriculture hydroponic
Farms. The company has six units  based in Pune, Maharashtra.



PARAMOUNT WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Paramount
Wheels Private Limited (PWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                          Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            20.75       CRISIL D (Issuer Not
                                      Cooperating)

   Drop Line               4.25       CRISIL D (Issuer Not
   Overdraft Facility                 Cooperating)

   Inventory Funding       5          CRISIL D (Issuer Not
   Facility                           Cooperating)

   Inventory Funding      10          CRISIL D (Issuer Not
   Facility                           Cooperating)

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

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

Detailed Rationale

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

PWPL, incorporated in 2010, was promoted by Mr Sanjeev Arora and Mr
Rajeev Arora. It is an authorised dealer of MSIL on Mira Bhayandar
road near Mumbai for passenger cars manufactured by MSIL. It
operates from four sales outlets located in Mira Road (parent
outlet), Wada (extended outlet) and Dahisar (true value outlet) and
has also commissioned a Nexa showroom in March 2017. Along with the
sales outlets, the company also has four service outlets in Mira
Road, Wada and Goregaon, one driving school outlet in Mira Road. In
addition to sale of vehicles and spare parts, the company provides
a diversified portfolio of value added services including
insurance, registration, trade finance and annual maintenance
contracts.


PINNACLE NEXUS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pinnacle
Nexus Limited (PNL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Packing Credit         18         CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Short Term     3         CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

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

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

Detailed Rationale

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

For arriving at the rating, CRISIL Ratings has combined the
business and financial risk profiles of PNL and United Fortune
International Pvt Ltd (UFIPL). This is because the two companies,
together referred to as the Pinnacle group, are engaged in the same
business, have common customers and suppliers, and are managed by
the same promoter family.

PNL was established in June 2007 in Navi Mumbai (Maharashtra). The
company is promoted by Mr. Sohail Munshi, who is its chairman and
managing director. The company trades in readymade garments (RMGs),
fabric, leather garments, and imitation jewellery, and primarily
exports to the Middle East, Asia, and Africa.


RAMA KRISHNA: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rama Krishna
Spintex Private Limited (RKSPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.7        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit          33          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan            35          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             2.3        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

RKSPL, incorporated in February 2007 at Bathinda (Punjab), spins
yarn, including grey cotton yarn, stubbed cotton yarn, and waxed
cotton yarn, which are used to manufacture denim fabric. Mr Makhan
Lal Mangla is the promoter.


ROSY HOSIERY: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Rosy Hosiery
Mills (RHL) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

RHL is a Ludhiana based partnership firm established by Mr. Kewal
Kalra and Mr. Krishna Rai in 1958. The firm is engaged in
manufacturing of ready-made textile products like Leggings, fabrics
lycra tops, sweaters etc.


S. S. T. PACKAGING: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S. S. T.
Packaging Private Limited (SSTPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                          Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            0.5         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     0.2         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan              5.2         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

SSTPL was incorporated on January 12, 2016, by the promoter, Mr
Tanmay Kumar. The company commenced operations from February 2018.
It manufactures polystyrene-based disposable plastic glasses, cups,
and similar products. The manufacturing facility is located in
Govindpur, Kolkata, with a capacity of 8,500 tonne per annum.


SCORODITE STAINLESS: CRISIL Keeps D Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Scorodite
Stainless India Private Limited (SSPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

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

   Cash Credit          23          CRISIL D (Issuer Not
                                    Cooperating)

   Letter of Credit      9          CRISIL D (Issuer Not
                                    Cooperating)

   Term Loan             5          CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2006, SSPL is promoted by the Rajasthan-based
Sanghvi brothers. The activities were earlier being carried out
under Sanghvi Metal Corporation, which was established in 1979.
SSPL manufactures, trades in, and exports stainless steel, and
duplex, super duplex, welded, and seamless carbon steel pipes,
tubes, and 'U' tubes.


SEJAL PROPERTIES: Ind-Ra Keeps B NCDs Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the provisional
ratings of Sejal Properties Private Limited's (SPPL) proposed
non-convertible debentures (NCDs) in the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR1.450 bil. Proposed NCDs* maintained in the non-cooperating

     category and withdrawn.

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

*Maintained at 'Provisional IND B (ISSUER NOT COOPERATING)'/
Stable before being withdrawn

Key Rating Drivers

The ratings have been maintained in the non-cooperating category as
the issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency through emails and
phone calls.

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.

The no-default statement, 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.

Ind-Ra is no longer required to maintain the ratings, as the issuer
did not proceed with the NCDs as envisaged. This is consistent with
the Ind-Ra's Policy on Withdrawal of Ratings.

Company Profile

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



SGC LOGISTIC: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of SGC Logistic
Solutions Limited (SGCLSL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          12.5        CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit           2.5        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Incorporated in 2006, SGCLSL is a company engaged in the
transportation of beer and liquor. The company's headquarters are
located in Delhi and has presence spread over to North East states,
Bihar, West Bengal,Maharashtra, Gujarat, Rajasthan, Punjab, Haryana
and agents all over India.


SHANKAR RAMCHANDRA: Ind-Ra Keeps BB+ Loan Rating in NonCooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shankar
Ramchandra Earth Movers Private Limited's (SREPL) ratings of bank
facilities in the non-cooperating category and has simultaneously
withdrawn it.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit* maintaining in
     non-cooperating category and withdrawn;

-- INR240 mil. Non-fund-based working capital limit** maintaining

     in non-cooperating category and withdrawn; and

-- INR69.08 mil. Term loan*** due on February 16, 2025
     maintaining in non-cooperating category and withdrawn.

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

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

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

***Maintained at 'IND BB+ (ISSUER NOT COOPERATING)' before being
withdrawn           
   
Key Rating Drivers

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

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

Company Profile

Incorporated in 1994, SREPL is a class IA contractor in the
engineering, procurement and construction segment. The company is
engaged in civil construction works related to roads, bridges,
irrigation and railways.


SOUTH INDIAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of South Indian
Constructions (SIC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         6         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            5         CRISIL D (Issuer Not
                                    Cooperating)

   Cash Credit            7.5       CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

Set up in 1992, SIC undertakes civil construction contracts for
various statutory bodies of the Kerala and Tamil Nadu governments.
The operations of the firm are managed by the proprietor Mr. Vinod
Kumar.


SREI INFRASTRUCTURE: NCLAT to Hear Promoter's Plea on October 4
---------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Sept. 25 deferred hearing in a plea in the
insolvency case of SREI Infrastructure to October 4 after the
company sought time to submit a rejoinder to a response by the
Reserve Bank of India (RBI).

According to Livemint.com, Adisri Commercial, former promoter of
SREI Infrastructure, had appealed to the NCLAT challenging the
decision of Kolkata bench of the National Company Law Tribunal.

During the previous hearing, NCLAT had asked the RBI to file a
reply to the plea within three weeks, which the banking regulator
did.

In October 2021, the NCLT's Kolkata bench in its order allowed the
RBI's plea under section 227 of the Insolvency and Bankruptcy Code,
2016, thus admitting Srei Equipment under Corporate Insolvency
Resolution Process (CIRP).

An earlier plea by Commercial challenging the NCLT order was
dismissed by NCLAT in December 2022, the report recalls.

In its latest plea, Commercial argued that its initial appeal was
dismissed due to a filing delay and was not evaluated on its
merits, as it was denied notice, according to Livemint.com. The
company claims it doesn't owe the debt as asserted by the RBI and
wasn't given the chance to prove the absence of debt.

Livemint.com relates that the RBI argued that revisiting the
dismissed appeal would disrupt the Corporate Insolvency Resolution
Process, reset the timeline, and set a risky precedent. The Supreme
Court's previous dismissal of the appeal raises doubts about
recalling the order.


                         About Srei Group

SREI Infrastructure Finance Ltd. is a non-banking financial
institution. The company has three principal lines of business in
financing: infrastructure equipment finance, infrastructure
projects finance and renewable energy product finance.
Infrastructure equipment finance is the largest business division
of the Company.

On Oct. 4, 2021, the Reserve Bank of India superseded the board of
directors of Kolkata-based Srei Infrastructure and said that it
will initiate insolvency proceedings with the National Company Law
Tribunal (NCLT), according to The Economic Times.  The RBI cited
governance concerns and defaults by the company and appointed
Rajneesh Sharma, former chief general manager, Bank of Baroda as an
administrator of the company.

The insolvency resolution process against the company started on
Oct. 8, 2021.

In August 2023, the Kolkata bench of NCLT approved the resolution
plan of National Asset Reconstruction Company (NARCL) for takeover
of twin Srei firms under Insolvency and Bankruptcy Code, according
to Livemint.com. The resolution plan had received approval from the
RBI.

Since the approval of the resolution plan, NARCL has disbursed
approximately INR2,580 crore to creditors.


SUDAMA COTTON: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sudama Cotton
Ginning and Processing Factory (SCG) continues to be 'CRISIL D
Issuer Not Cooperating'.

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

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

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

Detailed Rationale

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

SCG was established by Mr Suresh Kumar and Mr Ashwini Kumar in
1987, and is based in Punjab. It manufactures cotton bales, cotton
seed oil, and cotton oil cakes. It sells cotton bales to spinning
mills and local traders in Punjab. It has already started
operations of mustard oil processing in April 2016.


TEMPLE CITY: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Temple City
Developers Private Limited (TCDPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL D (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

TCDPL, based in Odisha, was established in 1995 and was taken over
by Mr. Pradeep Kumar Mangaraja in 2003-04 (refers to financial
year, April 1 to March 31) from its earlier promoters. The company
commenced operations in April 2013. TCDPL trades in iron ore fines
and construction materials; its operations are managed by Mr.
Pradeep Kumar Mangaraja and Mr. Bijaya Kumar Pradhan.


TOPLON INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Toplon
Industries Private Limited (TIPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4.5        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          6.5        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      2.5        CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

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

Detailed Rationale

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

TIPL is setting up a manufacturing unit in Kathua (Jammu and
Kashmir) for grinding PET from PET bottles and scrap. The proposed
capacity of the facility is 3,000 kilogram per hour. The company is
promoted by Mr Daljit Singh Rana and Mr Kush Aggarwal.


VINAYAGA IMPEX: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vinayaga
Impex Private Limited (VIPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             3.4        CRISIL D (Issuer Not
                                      Cooperating)

   Export Bill             4.5        CRISIL D (Issuer Not
   Rediscounting                      Cooperating)

   Inland/Import           0.25       CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

   Overdraft Facility      2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Packing Credit          2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      1.39       CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               0.46       CRISIL D (Issuer Not
                                      Cooperating)

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

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

Detailed Rationale

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

Started in 2003, VIPL is a Delhi-based company that manufactures
garments and fabrics. It is managed by Mr. B M Arora, Mr. Arjun
Dev, and Mr. Pradeep Nanda. Its manufacturing unti is based in
Ludhiana (Punjab).


VREP CONSTRUCTION: CRISIL Keeps C Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vrep
Construction and Consultants Private Limited (VCCPL) continue to be
'CRISIL C/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        4.5        CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           0.5        CRISIL C (Issuer Not
                                    Cooperating)

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

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

Detailed Rationale

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

VCCPL initially established as a partnership firm by Mr. S.
Saikumar (Mechanical engineering with 25 years of experience and
background for setting up of Industrial project for beverages,
breweries, dairy, garments, soaps & detergents etc) in 2008 with
registered office in Bangalore, Karnataka, was converted into a
private limited company in 2012. The company undertakes civil
works, mainly commercial and residential projects, from private
players by bidding through tenders. The promoters of the company
have over 25 years of experience in the construction industry.




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

BROTHER MOTORS: Creditors' Proofs of Debt Due on Oct. 30
--------------------------------------------------------
Creditors of Brother Motors Limited and Tuhoe Ngati Whakaue
Trucking Limited are required to file their proofs of debt by Oct.
30, 2023, to be included in the company's dividend distribution.

Brother Motors Limited commenced wind-up proceedings on Sept. 22,
2023. Tuhoe Ngati Whakaue Trucking Limited commenced wind-up
proceedings on Sept. 25, 2023.

The company's liquidator is:

          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 2241


CONSTRUCT INTERIORS: Court to Hear Wind-Up Petition on Oct. 6
-------------------------------------------------------------
A petition to wind up the operations of Construct Interiors Limited
will be heard before the High Court at Auckland on Oct. 6, 2023, at
10:00 a.m.

Riteline Roofing Limited filed the petition against the company on
Aug. 18, 2023.

The Petitioner's solicitor is:

          Natalie Tabb
          Barrister and Solicitor
          2 Windfall Grove
          Greenhithe
          Auckland


EURO SYSTEMS: Court to Hear Wind-Up Petition on Oct. 24
-------------------------------------------------------
A petition to wind up the operations of Euro Systems Limited will
be heard before the High Court at Rotorua on Oct. 24, 2023, at
10:00 a.m.

BOC Limited filed the petition against the company on Aug. 30,
2023.

The Petitioner's solicitor is:

          Gregory David Trainor
          c/- MacLean & Associates Lawyers
          Unit 4, 31 Tyne Street
          Addington
          Christchurch


INGENEOUS LIMITED: Creditors' Proofs of Debt Due on Oct. 24
-----------------------------------------------------------
Creditors of Ingeneous Limited are required to file their proofs of
debt by Oct. 24, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 22, 2023.

The company's liquidators are:

          Adam Botterill
          Damien Grant
          Waterstone Insolvency
          PO Box 352
          Auckland 1140


TREASURE PLUS: Calibre Partners Appointed as Receiver and Manager
-----------------------------------------------------------------
Neale Jackson and Brendon James Gibson of Calibre Partners on Sept.
26, 2023, were appointed as receivers and managers of Treasure Plus
Limited and Xianzhen Huang.

The receivers may be reached at:

          Neale Jackson
          Brendon James Gibson
          Calibre Partners
          Level 21
          88 Shortland Street
          Auckland




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

RURAL BANK OF TALISAY: Placed Under PDIC Receivership
-----------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Talisay (Cebu), Inc. from doing business
in the Philippines through MB Resolution No. 1223.  A dated Sept.
21, 2023, which also directed the Philippine Deposit Insurance
Corporation (PDIC), as Receiver, to proceed with the takeover and
liquidation of the bank.

The PDIC took over the bank on Sept. 22, 2023.

Rural Bank of Talisay (Cebu), Inc. is a single-unit rural bank with
Head Office located on Cebu South Road, Tabunok, Talisay City,
Cebu. Latest available records show that as of March 31, 2023,
Rural Bank of Talisay (Cebu), Inc. has 3,102 deposit accounts with
total deposit liabilities of PHP93.1 million, of which 69.4% or
PHP64.7 million are insured deposits.

The PDIC assured depositors that all valid deposits and claims will
be paid up to the maximum deposit insurance coverage of
PHP500,000.00 per depositor.

Individual account holders of valid deposits with balances of
PHP100,000.00 and below, who have no outstanding obligations or
have not acted as co-makers of obligations with Rural Bank of
Talisay (Cebu), Inc. are not required to file deposit insurance
claims. These individual depositors must ensure that they have
complete and updated addresses with the bank. Depositors may update
their addresses by submitting a Mailing Address Update Form (MAUF)
until Oct. 5, 2023 either through the PDIC representatives in the
bank premises, or by sending a scanned copy of said Form and valid
ID to email address, talisay-pad@pdic.gov.ph. MAUF will be made
available at the bank premises or may be downloaded from the PDIC
website at www.pdic.gov.ph. Insurance payments for valid deposits
with balances of PHP100,000.00 and below will be made through
postal money order and targeted to be sent via mail starting on
Oct. 18, 2023.

For business entities and all other depositors, filing of claims
for insured deposit is targeted to start by Oct. 25, 2023.

Borrowers are likewise reminded to continue paying their loan
obligations with the closed Rural Bank of Talisay (Cebu), Inc. and
to transact only with designated PDIC representatives.

For more information on the requirements and procedures for filing
deposit insurance claims and settlement of loan obligations,
depositors and borrowers of the bank are enjoined to attend the
Depositors-Borrowers' Forum scheduled on Oct. 16, 2023. Details of
the Forum i.e., time and venue, will be announced later.

As provided for by the PDIC Charter, the PDIC shall likewise accept
Letters of Intent from interested banks and non-bank institutions
for possible purchase of assets and assumption of liabilities (P&A)
as a mode of liquidating the Rural Bank of Talisay (Cebu), Inc.
Letters of intent should be submitted within 60 days from takeover
date subject to compliance with the requirements prescribed under
the Guidelines in Pre-qualifying Proponents and Evaluating the
Proposals for Purchase of Assets and Assumption of Liabilities Mode
of Liquidating Closed Banks which can be accessed in the PDIC
website.

All clients of the bank may communicate with PDIC through any of
the following modes: Public Assistance Hotline during office hours
at (02) 8841-4141, Toll-Free Hotline at 1-800-1-888-PDIC (7342)
during office hours for those outside Metro Manila, e-mail to
talisay-pad@pdic.gov.ph or Facebook private message. For visits to
the PDIC Public Assistance Center, clients are highly encouraged to
request for an appointment which may be secured through telephone,
e-mail or Facebook private message.




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

KINGSLEY INTERIOR: Court to Hear Wind-Up Petition on Oct. 20
------------------------------------------------------------
A petition to wind up the operations of Kingsley Interior Pte Ltd
will be heard before the High Court of Singapore on Oct. 20, 2023,
at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 25, 2023.

The Petitioner's solicitors are:

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


NEW SILKROUTES: Puts 2 Units Into Creditors' Voluntary Liquidation
------------------------------------------------------------------
The Business Times reports that the indirect subsidiaries of
mainboard-listed New Silkroutes Group, Healthsciences International
(HSI) and HSI Dental, will be placed into creditors' voluntary
liquidation, said the company on Sept. 29.

According to BT, the two subsidiaries were placed into voluntary
liquidation following the passing of resolutions at HSI's
extraordinary general meeting on Sept. 28. The move also followed
HSI Dental's written resolutions and confirmations by the
subsidiaries' creditors at their meetings on Sept. 29.

In February, New Silkroutes sold three of its The Dental
Hub-branded clinics to Catalist-listed Quantum Healthcare for a
consideration of SGD1.7 million, BT recalls.

The vendors of the three clinics are private companies which,
before the sale, were 70 per cent owned by HSI Dental, which is in
turn owned by HSI.

Shares of New Silkroutes have been suspended from trading since
Nov. 15, 2021, the report notes.

Based in Singapore, New Silkroutes Group Limited (SGX:BMT) --
http://www.newsilkroutes.org/-- is an investment holding company
focused on healthcare and energy. The Company owns and operates
primary care medical and dental facilities in Singapore and
Vietnam, as well as pharmacy management systems in Singapore and
China. New Silkroutes's energy division is involved in physical oil
trades in SEA and North Asia.


OAKS ASSET: Creditors' Proofs of Debt Due on Oct. 30
----------------------------------------------------
Creditors of Oaks Asset Investments Pte. Ltd. and Pine Asset
Investments Pte. Ltd. are required to file their proofs of debt by
Oct. 30, 2023, to be included in the company's dividend
distribution.

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

The company's liquidator is:

          Goh Tiong Hong
          c/o 63 Circular Road #02-01
          Singapore 049417


OPUS TIGER: Kroll Appointed as Provisional Liquidator
-----------------------------------------------------
Jason Kardachi of Kroll was appointed as provisional liquidator of
Opus Tiger 2 Pte. Ltd., Opus Tiger 3 Pte. Ltd. and Opus Tiger 4
Pte. Ltd. on Sept. 15, 2023.

The company's provisional liquidator can be reached:

          Jason Kardachi
          Kroll Pte. Limited
          One Raffles Place
          Tower 2 #10-62
          Singapore 048616


SINGAPORE EMERGENCY: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Singapore entered an order on Sept. 22, 2023, to
wind up the operations of Singapore Emergency Medical Assistance
Pte. Ltd.

The company's liquidators are:

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


THREE ARROWS: Co-Founder Zhu Arrested in Singapore
--------------------------------------------------
Claire Huang at The Business Times reports that the co-founder of
bankrupt cryptocurrency hedge fund Three Arrows Capital has been
arrested at Changi Airport in Singapore.

BT relates that Teneo, the joint liquidators of Three Arrows, on
Sept. 29 confirmed that Zhu Su was apprehended on Friday afternoon
[Sept. 29] while attempting to travel out of Singapore following a
committal order granted by the Singapore courts against him.

According to BT, Teneo had applied for and obtained the order
against Zhu on Sept. 25 "as a consequence of his deliberate failure
to comply with a court order" that compelled him to cooperate with
the liquidators' investigations.

The statement said Zhu, who is remanded, is looking at four months
in jail, BT relays.

A similar order has been granted against Three Arrows' co-founder
Kyle Davies - who is also looking at four months in jail, according
to Teneo - but his whereabouts are unknown.

Both Zhu and Davies are aged 36 and Singapore citizens, BT notes.

According to BT, Teneo said Zhu will be held in prison for four
months, during which it seeks to engage him on matters relating to
the failed hedge fund, including recovery of assets that are
property of the firm or acquired using the firm's funds.

Two weeks ago, the Monetary Authority of Singapore said the two men
were issued prohibition orders that banned them for nine years from
taking part in the management, acting as a director or becoming a
substantial shareholder of any regulated capital market services
company in Singapore, BT recalls.

Under the ban, which took effect on Sept. 13, the duo cannot
perform any regulated activity under the Securities and Futures Act
2001.

BT notes that the arrest comes more than a year since Three Arrows
filed for bankruptcy.

The hedge fund was among the most prominent crypto firms to have
collapsed in 2022, when billions of investors' assets were wiped
out from the market following a string of high-profile crashes.

Creditors claim Three Arrows owes up to US$3.5 billion, BT
discloses. Liquidators are seeking to recover around US$1.3 billion
from Zhu and Davies, who allegedly racked up the losses when the
company was already insolvent.

                    About Three Arrows Capital

Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.  As of April 2022, the
Debtor was reported to have over $3 billion of assets under its
management.

Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands.  Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.  

The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments.  After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.

On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
VIHCOM2022/0117.

Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.

On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.

VOLTAGE 988: Court to Hear Wind-Up Petition on Oct. 20
------------------------------------------------------
A petition to wind up the operations of Voltage 988 Pte Ltd will be
heard before the High Court of Singapore on Oct. 20, 2023, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Sept. 21, 2023.

The Petitioner's solicitors are:

          Adsan Law LLC
          300 Beach Road
          #26-00 The Concourse
          Singapore 199555




=====================
S O U T H   K O R E A
=====================

KDB LIFE: Fitch Affirms 'BB+' Long-Term IDR, Outlook Negative
-------------------------------------------------------------
Fitch Ratings has affirmed KDB Life Insurance Co., Ltd.'s (KDB
Life) Insurer Financial Strength (IFS) Rating of 'BBB-' (Good) and
its Long-Term Issuer Default Rating (IDR) of 'BB+'. The Outlook
remains Negative.

Fitch assesses KDB Life's IFS Rating on a standalone basis, without
any uplift on Korea Development Bank's (AA-/Stable) majority
ownership. KDB Life's IFS Rating reflects the company's 'Moderate'
company profile and 'Good' financial performance.

KEY RATING DRIVERS

Outlook Remains Negative: The Negative Outlook reflects KDB Life's
tightened capital buffer and high financial leverage. It also
reflects the uncertainty over the insurer's potential ownership
change.

Narrowed Solvency Buffer: The company's capitalisation, based on
Fitch's Prism Model score, remained at the 'Adequate' level on an
IFRS4 basis at end-2022. It reported a Korean Insurance Capital
Standard (K-ICS) ratio with transitional measure of 140.7% at
end-1H23, above the regulatory minimum of 100%. The low K-ICS ratio
was due mainly to the sharp decline in available capital under the
new regime with a relatively small contractual service margin (CSM)
and more stringent required capital.

KDB Life issued capital supplementary bonds in 1H23 and started
utilising quota share reinsurance to reduce its required capital.
Fitch believes the company's capital pressure will be partially
eased by its fresh equity injection and issuance of capital
supplementary bonds in 2H23.

High Financial Leverage: KDB Life maintained a high financial
leverage ratio of 62% at end-2022 (2021: 52%). The ratio remained
high at end-1H23 despite the new IFRS17 accounting standard that
uses the market value of insurance liabilities. This was due mainly
to the investment reclassification under IFRS9, which changes most
held-to-maturity financial assets valued at cost to fair value
through other comprehensive income at mark-to-market value.

As such, higher bond valuation losses from interest rate hikes
reduced shareholders' capital. Fitch believes the leverage position
will improve after the fresh equity injection, but pressure is
unlikely to ease substantially.

High Asset-Risk Exposure: The risky-asset ratio remained high and
was significantly above Fitch's guideline for the 'BBB' IFS Rating
category. This followed a large drop in shareholders' equity as a
result of unrealised bond valuation losses. KDB Life has increased
its asset allocation to alternative investments since 2018 to
improve its risk-adjusted returns. Its alternative investments, at
below 20% of total invested assets, are largely in real estate and
infrastructure. It is maintaining its alternative investment
strategy but is likely to invest in assets with lower risk charges
to secure its K-ICS ratio.

Stable Profitability: KDB Life's insurance CSM was KRW558 billion
in 1H23, with annualised amortised CSM accounting for around 8%.
Profitability under IFRS17 improved in 1H23 due to a rise in
new-business CSM after the company focused more on profitable
protection and health-type policies. Rising interest rates
typically lead to higher investment yields.

Mid-Sized Domestic Player: Fitch ranks KDB Life's company profile
as 'Moderate' based on a 'Moderate' business profile and
'Moderate/Favourable' corporate governance profile compared with
other life insurers in South Korea. The ranking is underpinned by
its position as a mid-sized life insurer in the country, a
'Somewhat Diversified' business portfolio and a 'Moderate' business
risk profile. Fitch scores its company profile at 'bbb' under its
credit-factor scoring guidelines.

RATING SENSITIVITIES

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

- A significant decline in KDB Life's capitalisation, measured by
the Fitch Prism Model score, as well as deterioration in the
leverage position for a sustained period;

- A prolonged deterioration in profitability;

- A significant decrease in parent Korea Development Bank's
ownership of KDB Life, or other corporate actions that may result
in a weaker assessment of the parent's support for the subsidiary.

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

- A significant strengthening in the company profile in terms of a
stronger market franchise and better operating scale;

- A sustained improvement in KDB Life's Fitch Prism Model score.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
KDB Life Insurance
Co., Ltd.           LT IDR BB+  Affirmed     BB+
                    LT IFS BBB- Affirmed    BBB-



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

CO-OPERATIVE INSURANCE: Fitch Keeps 'BB(lka)' IFS Rating on RWN
---------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on Sri
Lanka-based Co-operative Insurance Company PLC's (CICPLC) 'BB(lka)'
National Insurer Financial Strength (IFS) Rating.

KEY RATING DRIVERS

Elevated Risks: The RWN reflects higher downside risks to the
insurer's credit profile due to challenges stemming from Sri
Lanka's ongoing economic crisis. These include heightened
investment and liquidity risks, pressure on the insurer's
regulatory capital position, and weaker underwriting
profitability.

Improved Corporate Governance: Fitch has revised CICPLC's corporate
governance assessment to 'Less Favourable', from 'Least
Favourable', in light of recent changes to its governance
structure. The regulator lifted restrictions on the company's
operations on 25 May 2023 after the board complied with minimum
regulatory requirements. However, its assessment of CICPLC's
governance structure and corporate transparency is weaker than
peers.

CICPLC has also made several senior management changes. It reported
multiple governance lapses in April 2023, including issues related
to the composition of the board of directors and compliance with
the listing rules of the Colombo Stock Exchange. Its insurance
operations were restricted by the regulator for nearly one and a
half months, and furthermore its trading was halted on the Colombo
Stock Exchange for about two months until 22 June 2023.

Moderate Company Profile: Fitch regards CICPLC's company profile as
'Moderate' compared with that of other insurers in Sri Lanka
because of a 'Moderate' business profile and 'Less Favourable'
corporate governance. CICPLC's business profile reflects its
adequate franchise, which is buoyed by its ownership by
co-operative societies, modest operating scale and an average risk
appetite. CICPLC accounted for 4.2% of the non-life sector's gross
premiums in 2022 (2021: 4.1%).

High Investment Risk: CICPLC's investment portfolio, similar to
that of other Sri Lankan insurers, consists mainly of government
securities, corporate bonds and term deposits with domestic
financial institutions. Fitch believes the sovereign's weak credit
profile and continued stress in the domestic banking system
underscore CICPLC's investment risks. However, Fitch expects
pressure on its investment and capital profile to ease, as the
government's proposed debt restructuring will not have a direct
impact on the local-currency government debt holdings of insurers,
banks and non-banking financial institutions.

Fitch believes the domestic banking system's foreign-currency
liquidity, although somewhat improved compared with 2022, may still
pose challenges to CICPLC's capacity to meet its foreign-currency
obligations, such as premium payments to foreign reinsurers and
claim obligations arising from foreign-currency policies. The
company has stated that it does not possess any
foreign-currency-denominated policies.

Weaker Underwriting Profitability: CICPLC's underwriting
profitability is under pressure, resulting in a underwriting loss
of LKR682 million in 1H23. Its gross premiums declined by 15%
during 1H23 due to the regulatory suspension. The Fitch-calculated
combined ratio rose to 132% in 1H23 (2022: 104%) on a higher claim
ratio of 79% (2022: 62%) and expense ratio of 53% (2022: 42%) due
to inflation and the depreciation of the Sri Lankan rupee.

Pressure on Capitalisation: CICPLC's regulatory risk-based capital
adequacy ratio was 257% by end-1H23 (end-2022: 204%). Fitch expects
earnings pressure due to stressed underwriting profitability to
pressure its capital. The capital position of CICPLC's fully owned
life subsidiary, Cooplife Insurance Limited, was satisfactory at
343% at end-2022, but Fitch believes any significant capital
infusion into the subsidiary may keep CICPLC's capital buffers in
check.

RATING SENSITIVITIES

Fitch expects to resolve the RWN once the impact of Sri Lanka's
economic crisis on CICPLC's credit profile becomes more apparent.
This may take longer than six months.

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

- Deterioration in CICPLC's company profile, including a weaker
franchise and competitive positioning or Fitch's perception that
CICPLC's corporate governance practices will have deteriorated

- Rising investment and asset risks, including a downgrade of the
ratings of financial institutions or the sovereign

- Sustained deterioration in financial performance or weaker
risk-management practices

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

- There is limited scope for upward rating action, given the RWN.

- Fitch's perception that there is a sustained improvement in
CICPLC's corporate governance practices

   Entity/Debt            Rating                            Prior
   -----------            ------                            -----
Co-operative
Insurance
Company PLC   Natl LT IFS BB(lka)Rating Watch Maintained  BB(lka)

SRI LANKA: Fitch Hikes LongTerm Local Currency IDR to 'CCC-'
------------------------------------------------------------
Fitch Ratings has upgraded Sri Lanka's Long-Term Local-Currency
Issuer Default Rating (IDR) to 'CCC-' from 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below. The Long-Term Foreign-Currency
IDR has been affirmed at 'RD' and the Country Ceiling at 'B-'.

The Short-Term Local-Currency IDR has been downgraded to 'RD' from
'C' following the exchange of treasury bills held by the central
bank and subsequently upgraded to 'C' in line with the Sovereign
Rating Criteria, as Fitch believes the local-currency debt exchange
has now been completed.

KEY RATING DRIVERS

Local-Currency Debt Exchange Completed: The upgrade of Sri Lanka's
Long-Term Local-Currency IDR to 'CCC-' reflects the completion of
the local-currency portion of Sri Lanka's domestic debt
optimisation (DDO) plan, launched in July 2023, following the
exchange of the Central Bank of Sri Lanka's (CBSL) treasury bills
and provisional advance into new treasury bonds and bills on 21
September 2023.

Fitch assumes the debt restructuring will lower Sri Lanka's gross
financing needs over the medium term, in line with the targets
under the IMF's Extended Fund Facility, and support an improvement
in the country's debt metrics over time. Local-currency
restructuring could accelerate progress towards the restructuring
of external debt.

Government Debt Remains High: General government debt and the
interest costs faced by the government will remain high, despite
the debt restructuring. Sri Lanka's gross general government
debt-to-GDP ratio is set to fall only gradually to just above 100%
of GDP by 2028, from 128% of GDP in 2022, according to IMF
programme forecasts published in March 2023, which incorporated a
local- and foreign-currency debt restructuring scenario. The IMF
scenario forecast the government interest-to- revenue ratio will
decline to 42% by 2028, from over 70% in 2022.

Lower Financing Needs: The authorities expect the completion of the
local-currency debt exchange to lower Sri Lanka's gross government
financing needs (GFN)/GDP by about 1.5pp over 2027-2032, according
to documents published in July. External debt restructuring, which
authorities expect to reduce GFN by an additional 2.6pp, remains
critical to achieving the target of reducing GFN below 13% by
2027-2032, from 34% in 2022.

Reduction in Terms: The DDO on the local-currency debt entailed an
extension of maturities on certain categories of domestic debt and
offered several options, including nominal haircuts, currency
redenomination and maturity extensions. Outstanding treasury bills
purchased by the CBSL in the primary market were converted into 10
step-down fixed-coupon new treasury bonds and 12 existing treasury
bills.

Stronger Revenue Generation Key: Fitch believes IMF programme
implementation, in particular fiscal measures, will be central to
achieving debt sustainability. The risks remain significant, in its
view, as a record of weak revenue generation presents challenges to
achieving a faster reduction in the budget deficit and the general
government debt-to-GDP ratio.

Authorities have taken several tax measures since May 2022 to
improve revenue collection, including raising the corporate income
tax rate to 30% from 24%, increasing the VAT rate to 15% from 8%,
and raising fuel excise taxes. This resulted in revenue collection
rising 43% yoy in 1H23. Additional measures in the pipeline include
removing product-specific VAT exemptions before 2024 and
introducing a property tax before 2025.

External Metrics Improving: Sri Lanka's foreign-exchange (FX)
reserves have been improving, with gross FX reserves rising to
USD3.6 billion in August 2023, from USD1.9 billion at end-2022,
partly the result of IMF disbursements and suspension of external
debt servicing. However, without access to international capital
markets, the sovereign remains dependent on official financing
sources. Fitch expects a gradual pick-up in exports in 2024-2025
after a contraction in 2023. Overseas worker remittance inflows are
also rising. Fitch therefore expects the current account deficit to
stabilise at 1.6% of GDP over 2024-2025.

Slow Economic Recovery: GDP contracted by 2.7% yoy in 2Q23, slowing
from the 12% contraction in 1Q23. Agriculture and services grew in
2Q23, but industry continued to shrink, although at a slower pace
from 1Q23. Fitch expects GDP to contract by 1.4% yoy in 2023 before
growing by 3.3% and 3.5% in 2024 and 2025, respectively. Inflation,
measured by the Colombo CPI, averaged around 30% yoy until August
2023 but continued the decline from end-2022. The CBSL has cut the
standing deposit facility rate by a cumulative 350bp since January
2023. Fitch expects another rate cut before end-2023.

Downside Risks to Banks Easing: The exclusion of banks' holdings of
treasury securities from the DDO has alleviated some of the
pressure on their capital positions from weakening loan quality and
rupee depreciation as well as any immediate funding and liquidity
stresses. Fitch believes any incremental risk to the banks' capital
from foreign-currency debt restructuring is likely to be manageable
given their limited exposure to the defaulted sovereign bonds (3.6%
of their combined total assets at end-1H23) and high provision
coverage.

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

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

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

RATING SENSITIVITIES

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

- The Local-Currency IDRs would be downgraded if further
restructuring or a default on local-currency debt becomes probable
due to an unsustainable debt burden or inability to raise revenue.

- The Long-Term Foreign-Currency IDRs are at the lowest level and
cannot be downgraded further.

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

- A sustained decline in the general government debt-to-GDP ratio
that is underpinned by strong implementation of a medium-term
fiscal consolidation strategy and improved growth performance.

- Completion of the foreign-currency commercial debt restructuring
that Fitch judges to have normalised the relationship with
private-sector creditors may result in an upgrade.

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

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC 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

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

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

ESG CONSIDERATIONS

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

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

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

Sri Lanka has an ESG Relevance Score of '5' for Creditor Rights as
willingness to service and repay debt is highly relevant to the
rating and is a key rating driver with a high weight. Sri Lanka's
Long-Term Foreign-Currency IDR is 'RD' as the sovereign is in
default on its foreign-currency debt obligations.

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

   Entity/Debt                    Rating            Prior
   -----------                    ------            -----
Sri Lanka          LT IDR          RD   Affirmed    RD
                   ST IDR          C    Affirmed    C
                   LC LT IDR       CCC- Upgrade     RD
                   LC ST IDR       RD   Downgrade   C
                   LC ST IDR       C    Upgrade     RD
                   Country Ceiling B-   Affirmed    B-


                           *********


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

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

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

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