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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 9, 2023, Vol. 26, No. 202

                           Headlines



A U S T R A L I A

CROLLEY PTY: First Creditors' Meeting Set for Oct. 13
GOLDMAN & CO: First Creditors' Meeting Set for Oct. 12
METRO FINANCE 2023-2: Moody's Gives B1 Rating to AUD2.8MM F Notes
NORTHWEST FREIGHT: First Creditors' Meeting Set for Oct. 12
NOURISH FOODS: Acquired Out of Administration by Tempo Group

QUOTERITE PTY: First Creditors' Meeting Set for Oct. 11
SHIELD MERCANTILE: Second Creditors' Meeting Set for Oct. 12


C H I N A

CHINA EXPRESS: Posts CNY752.2MM Net Loss in First Half of 2023
CHINA SCE: Moody's Cuts CFR to Ca & Senior Unsec. Debt Rating to C
SUNAC CHINA: Foreign Recognition Hearing Set for Oct. 31
SUNAC CHINA: Wins Approval for Offshore Debt Restructuring


H O N G   K O N G

JP-EX CRYPTO: Hong Kong Tightens Scrutiny of Crypto Exchanges


I N D I A

ABHAY NUTRITION: CRISIL Keeps D Debt Ratings in Not Cooperating
ADITHI AUTOMOTIVES: CRISIL Keeps D Ratings in Not Cooperating
ALIN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
ASQUARE FOOD: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
B.K. PRINT: ICRA Keeps B+ Debt Ratings in Not Cooperating

BAHRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
BUDDHA GLOBAL: Insolvency Resolution Process Case Summary
CARNATION INDUSTRIES: Insolvency Resolution Process Case Summary
CHARMS CHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
EXCELL AUTOVISTA: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable

GLENMARK PHARMACEUTICALS: Fitch Affirms IDR at 'BB', Outlook Stable
GUPTA POLYMERS: Voluntary Liquidation Process Case Summary
HARIOM PROJECTS: Ind-Ra Keeps BB Loan Rating in NonCooperating
JABIL INDIA: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
JBM HOMES: Liquidation Process Case Summary

JBM SHELTERS: Liquidation Process Case Summary
KALPAK INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
KAPSONS ENGINEERS: ICRA Keeps D Debt Rating in Not Cooperating
KATERRA INDIA: Insolvency Resolution Process Case Summary
KATHPAL DAIRIES: CARE Keeps D Debt Rating in Not Cooperating

MACHHI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
MADHOOR BUILDWELL: CRISIL Keeps D Debt Ratings in Not Cooperating
MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
MAHARAJA OIL: ICRA Keeps D Debt Ratings in Not Cooperating
MAHARAJA REFINERIES: ICRA Keeps D Debt Ratings in Not Cooperating

MBE COAL & MINERAL: Insolvency Resolution Process Case Summary
NASHIK DISTRICT: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
PANACHE DIGILIFE: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
RAHUL SALES: Insolvency Resolution Process Case Summary
RAJMOTI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating

RSV EARTH: Insolvency Resolution Process Case Summary
S.K. SHOE: CRISIL Keeps D Debt Ratings in Not Cooperating
SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
SARASWATI UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
SARVESH CARS: ICRA Keeps D Debt Ratings in Not Cooperating

SHANKAR RICE: ICRA Keeps B+ Debt Rating in Not Cooperating
SIDHANATH SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
SMILAZ PSYLLUM: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
SORLET MEDIA: Voluntary Liquidation Process Case Summary
UNITED FORTUNE: CRISIL Keeps D Debt Ratings in Not Cooperating

UNNATI WRITING: CRISIL Keeps D Debt Ratings in Not Cooperating
VERSATILE MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
VIJAYA AERO: CRISIL Keeps D Debt Ratings in Not Cooperating
WOOLWAYS (INDIA): ICRA Keeps D Debt Ratings in Not Cooperating


I N D O N E S I A

PRIMA TERMINAL: $72.6MM Bank Debt Trades at 16% Discount


M A L A Y S I A

1MDB: Former Goldman Banker Ng to be Returned to Malaysia
SCOMI ENERGY: Has Four Months to Submit PN17 Regularisation Plan


N E W   Z E A L A N D

JERSEY INITIATIVES: Court to Hear Wind-Up Petition on Oct. 13
JESMOND SERVICES: Creditors' Proofs of Debt Due on Oct. 31
NUAN MANUFACTURING: Creditors' Proofs of Debt Due on Dec. 2
PARAMOUNT GROUP: Court to Hear Wind-Up Petition on Oct. 12
RITELINE ROOFING: Khov Jones Limited Appointed as Receiver



S I N G A P O R E

DREAM SPARKLE: Court Enters Wind-Up Order
EMERSON ELECTRIC: Creditors' Proofs of Debt Due on Nov. 4
KANGFU INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 20
PAPAGENO PTE: Creditors' Proofs of Debt Due on Nov. 5
RICH EAST TRADING: Creditors' Meeting Set for Oct. 19

[*] SINGAPORE: Asset Seizure Tops US$2BB as Laundering Probe Widens


S R I   L A N K A

BANK OF CEYLON: Fitch Affirms 'CCC-' LongTerm IDR, Outlook Stable

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CROLLEY PTY: First Creditors' Meeting Set for Oct. 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Crolley Pty
Ltd will be held on Oct. 13, 2023, at 10:30 a.m. at the offices of
Worrells at Suite 2, 63 The Esplanade in Maroochydore.

Paul Eric Nogueira of Worrells was appointed as administrator of
the company on Oct. 3, 2023.


GOLDMAN & CO: First Creditors' Meeting Set for Oct. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Goldman &
Co. Lawyers Pty Limited will be held on Oct. 12, 2023, at 10:30
a.m. via teleconference.

Steven Arthur Gladman and Richard Albarran of Hall Chadwick were
appointed as administrators of the company on Sept. 29, 2023.


METRO FINANCE 2023-2: Moody's Gives B1 Rating to AUD2.8MM F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited in its capacity as
trustee of Metro Finance 2023-2 Trust.

Issuer: Perpetual Corporate Trust Limited in its capacity as
trustee of Metro Finance 2023-2 Trust

AUD602.0 million Class A Notes, Assigned Aaa (sf)

AUD38.5 million Class B Notes, Assigned Aa2 (sf)

AUD18.9 million Class C Notes, Assigned A2 (sf)

AUD9.8 million Class D Notes, Assigned Baa2 (sf)

AUD16.1 million Class E Notes, Assigned Ba2 (sf)

AUD2.8 million Class F Notes, Assigned B1 (sf)

The AUD5.95 million Class G1 Notes and AUD5.95 million Class G2
Notes are not rated by Moody's.

The transaction is a cash securitization of a portfolio of
Australian prime commercial auto and equipment loans and leases and
novated leases secured by motor vehicles originated by Metro
Finance Pty Limited (Metro Finance, unrated). This is Metro
Finance's second auto and equipment asset backed securities (ABS)
transaction for 2023.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers for auto and
equipment assets in low volatility industries. Metro Finance
originates its lending through the commercial auto and equipment
broker and aggregator industry nationally. Significant origination
growth began in 2014.

RATINGS RATIONALE

The ratings take into account, among other factors:

-- The historical loss data. The static loss data used for Moody's
extrapolation analysis, which reflects Metro Finance's origination
history, was limited to the origination vintages between Q4 2014
and Q2 2022;

-- The evaluation of the underlying receivables and their expected
performance;

-- The fact that 73.0% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who meet
certain stringent requirements to access the loan without providing
financial statements. See below for further information on Metro
Finance's streamlined product;

-- The 41.3% exposure to loans with a balloon payment at the end
of the receivable term. The aggregate balloon exposure as a
percentage of current portfolio balance is 16.7%. Loans with a
balloon payment are subject to higher refinancing and,
consequently, default risk;

-- The evaluation of the capital structure;

-- The availability of excess spread over the life of the
transaction;

-- The liquidity facility in the amount of 2.00% of the invested
amount of the rated notes subject to a floor of AUD1,376,200;

-- The interest rate swap provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)). The notional amount under the
swap agreement may exceed or fall below the outstanding balance of
the rated notes in the event that prepayments deviate from the
assumed prepayment rate. Such deviations will expose the
transaction to being under-hedged or over-hedged. Over-hedging risk
is mitigated by the fact that break costs are charged to the
obligors and these funds will flow through to the trust as
collections. Further, Metro Finance has the ability to adjust the
notional schedule over the life of the transaction to better match
the paydown over time.

According to Moody's, the transaction benefits from various credit
strengths such as relatively high subordination to the senior
notes, the prime nature of the underlying borrower and the highly
diversified nature of the portfolio. However, Moody's notes that
the transaction features some credit weaknesses such as the
substantial portion of the portfolio extended on a streamlined
basis and the pro-rata amortization of rated notes under certain
conditions.

Initially, the Class A, Class B, Class C, Class D, Class E, Class F
and Class G1 Notes benefit from 14.0%, 8.5%, 5.8%, 4.4%, 2.1%, 1.7%
and 0.85% of note subordination, respectively. The notes will
initially be repaid on a sequential basis until the Class A notes
subordination percentage increases to 1.5 times from closing and
other performance parameters are met.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes, if the first call option
date has occurred or if cumulative portfolio defaults exceed 3.00%
of the initial portfolio notional within 24 months of the closing
date or 6.00% thereafter. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 2.20%, a
recovery rate of 35.00% and a portfolio credit enhancement of
15.00%. Moody's assumed default rate and recovery rate are stressed
compared to the extrapolated mean default of 1.16% and 61.03%
respectively.

The difference between the historical and assumed default rate and
recovery rate is in part explained by the additional stresses
assumed by Moody's to address the lack of a full economic cycle in
the historical data and the exposure to balloon loans in the
portfolio.

Moody's have also benchmarked the historical data for Metro Finance
to data from comparable Australian commercial auto and equipment
ABS originators. Moody's have also overlaid additional stresses
into Moody's default and PCE assumptions.

Methodology Underlying the Rating Action

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

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

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

NORTHWEST FREIGHT: First Creditors' Meeting Set for Oct. 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Northwest
Freight Services Kempsey Pty Limited and NWFS Employment Pty Ltd
will be held on Oct. 12, 2023, at 10:00 a.m. and 10:30 a.m
respectively, online via Microsoft Teams.

Kathleen Vouris, Richard Albarran and John Vouris of Hall Chadwick
were appointed as administrators of the company on Sept. 29, 2023.


NOURISH FOODS: Acquired Out of Administration by Tempo Group
------------------------------------------------------------
SmartCompany reports that Nourish Foods, the parent company of
children's snack food brand Whole Kids has been bought by retail
supplier Tempo Group just four weeks after it entered voluntary
administration.

Whole Kids, and its sister brands Offbeat and Just Add, will now
join the family-owned Tempo Group, which has operated since 2000
and specialises in supplying fast-moving consumer goods,
electronics, and private label brands to retailers in Australia,
New Zealand, the UK and North America.

According to SmartCompany, Tempo executive director Nicholas
Stergiotis described the acquisition of Nourish Foods, the price of
which has not been disclosed, as an "important strategic
investment" for the group, which he says is focused on expanding
its existing food and beverage portfolio in the health and wellness
space.

Whole Kids was founded by Monica Meldrum and James Meldrum in 2005
and manufactures a range of organic, additive-free and
allergen-friendly snacks for families.

Over the course of its 18 years, the certified B Corp raised
approximately AUD2.4 million via equity crowdfunding, supplying its
products to thousands of stores within Australia and abroad and
later coming under the parent brand of Nourish Foods.

In 2023, Nourish Foods added new brands Offbeat and Just Add to its
business.

In early September, the company called in administrators Tim Heesh
and Mark Everingham from TPH Advisory due to challenges accessing
working capital after a deal with a potential investor fell
through, SmartCompany recalls. John McInerney and Matt Byrnes of
Grant Thornton were subsequently appointed as joint and several
receivers and managers of the business, according to a statement
from Grant Thornton.

According to SmartCompany, Nourish Foods had been in the process of
attempting to raise more than AUD2 million via its third equity
crowdfunding raise on Birchal when talks with the potential
investor began. That campaign was paused as a result of the talks.

SmartCompany relates that Mr. Stergiotis said in a statement that
the acquisition means consumers will continue to be able to
purchase Nourish Foods' brands in Australia and New Zealand.

"For Tempo, this investment enhances our expanding food and
beverage division as we look forward to growing all the Nourish
brands and realising the vision that James and Monica have
created," he added.

Nourish Foods founder and CEO Monica Meldrum said the company's
range will "continue to grow and innovate under the new ownership
of Tempo".

"The Whole Kids brand has a strong and loyal customer base, and has
been leading the market with innovative products for almost two
decades," she added.


QUOTERITE PTY: First Creditors' Meeting Set for Oct. 11
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Quoterite
Pty Ltd will be held on Oct. 11, 2023, at 10:00 a.m. via virtual
meeting only.

Steve Naidenov and Vincent Pirina of Aston Chace Group were
appointed as administrators of the company on Sept. 28, 2023.


SHIELD MERCANTILE: Second Creditors' Meeting Set for Oct. 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Shield
Mercantile Pty Ltd has been set for Oct. 12, 2023 at 11:30 a.m. at
the offices of Hall Chadwick Chartered Accountants at Level 40, 2
Park Street in Sydney and via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 11, 2023 at 5:00 p.m.

John Vouris and Kathleen Vouris of Hall Chadwick were appointed as
administrators of the company on Sept. 6, 2023.




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CHINA EXPRESS: Posts CNY752.2MM Net Loss in First Half of 2023
--------------------------------------------------------------
Caixin Global reports that China Express Airlines Co., Ltd.
reported a net loss of CNY752.2 million in the first half of 2023,
narrowing 21.1% year-on-year.

Meanwhile, the company posted CNY2.2 billion in revenue, up 77%
year-on-year.

At the end of the reporting period, it had CNY18.4 billion in total
assets and CNY15.1 billion in total liabilities, with a
liability-to-asset ratio of 82.1%, Caixin discloses.

China Express Airlines is a private regional airline based in
Chongqing. The airline was established in May 2006.


CHINA SCE: Moody's Cuts CFR to Ca & Senior Unsec. Debt Rating to C
------------------------------------------------------------------
Moody's Investors Service has downgraded China SCE Group Holdings
Limited's corporate family rating to Ca from Caa1 and the company's
senior unsecured rating to C from Caa2, and maintained the negative
outlook.

"The downgrade of China SCE's ratings with a negative outlook
reflects the company's weak liquidity and Moody's expectation of
weak recovery prospects for the company's creditors," says Alfred
Hui, a Moody's Analyst.

"The downgrade also considers China SCE's weakened financial
management following the company's missed payment on the instalment
of its syndicated loan," adds Hui.

RATINGS RATIONALE

On October 4, 2023, China SCE announced that the company has failed
to pay an instalment of principal and interest amounting to
approximately US$61 million, which has fallen due under its
syndicated loan agreement. The non-payment of the loan instalment
and interest also constitutes an Event of Default under China SCE's
offshore bonds [1].

This loan non-payment reflects China SCE's weak liquidity and
constrained financial flexibility. It could also trigger repayment
acceleration for its other debt obligations.

Moody's expects the recovery prospects for China SCE's creditors,
especially for its offshore bondholders, to be low in a bankruptcy
scenario, given its high debt leverage, material amount of
restricted cash, and large amount of liabilities at the operating
subsidiary level.

The rating also reflects environmental, social and governance (ESG)
considerations. The company's Credit Impact Score of CIS-5
indicates that the rating is lower than it would have been if ESG
risk exposures did not exist. In particular, the assessment of the
company's governance risk of G-5 considers its weak financial and
liquidity management, as well as management credibility, in view of
its failure to service the instalment payment of its syndicated
loan.

China SCE's senior unsecured ratings have been downgraded to C,
which is one notch below the CFR because of the risk of structural
subordination. This risk reflects the fact that most of the claims
are at the operating subsidiaries and have priority over claims at
the holding company level in a bankruptcy scenario. As a result,
the expected recovery rate for claims at the holding company will
be lower.

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

Moody's could further downgrade China SCE's CFR if the recovery
prospects for its creditors deteriorate.

An upgrade is unlikely, given the negative outlook.

However, positive rating momentum could develop if China SCE
improves its liquidity position materially and repays its maturing
debt obligations on time.

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

Founded in 1996, China SCE Group Holdings Limited listed on the
Hong Kong Stock Exchange in February 2010. As of June 30, 2023, the
company had a total land bank of around 31.64 million square meters
in terms of gross floor area, with nationwide coverage across
various geographical regions in China.

SUNAC CHINA: Foreign Recognition Hearing Set for Oct. 31
--------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
scheduled a hearing on Oct. 31, 2023, at 10:00 a.m. (Prevailing
Eastern Time) before the Hon. Philip Bentley, U.S. Bankruptcy
Court, Courtroom No. 601, at One Bowling Green, New York, New York
10004-1408, to consider approval of the recognition motion request
for entry of an order recognizing the Hong Kong Proceeding of Sunac
China Holdings Limited as a foreign main proceeding or, in the
alternative, a foreign non-main proceeding pursuant to Section 1517
of the Bankruptcy Code.

Any person or entity that wished to dial in to the hearing via
audio platform must register their appearance in the electronic
appearance portal located on the Court's website at
https://www.nysb.uscourts.gov/ecourt-appearances.  Appearance must
be entered no later than 4:00 p.m. (prevailing Eastern Time) on
Oct. 30, 2023.

Any objection to the recognition motion must be filed
electronically with the Court on the Court's electronic case filing
system in accordance with and except as provided in the general
order M-399 and the Court's procedures for the filing, signing and
verification of documents by electronic means, and served upon the
foreign representative's counsel, Sidley Austin LLP, 787 Seventh
Avenue, New York, New York 10019 (Attn: Anthony Gross), so as to be
received by 4:00 p.m. (Prevailing Eastern Time) on Oct. 24, 2023.

Copies of the recognition motion and all other documents filed in
this case can be accessed from the Court's website,
https://ecf.nysb.uscourts.gov or free of charge by visiting the
Debtor's noticing and information agent Kroll's website at
https://cases.ra.kroll.com/sunac.

                       About Sunac China

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

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

Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
21, 2023, Sunac China Holdings Limited sought creditor protection
in the United States under Chapter 15 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19.

U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15
proceedings.

Sidley Austin is the Legal Counsel to China Sunac.

SUNAC CHINA: Wins Approval for Offshore Debt Restructuring
----------------------------------------------------------
Bloomberg News reports that Sunac China Holdings Ltd. won court
approval for its multibillion-dollar offshore debt restructuring
plan, clearing the last key hurdle for it to become the country's
first major developer to overhaul such liabilities.

According to Bloomberg, Hong Kong Judge Jonathan Harris' sign-off
Oct. 5 sets Sunac apart from major industry peers including China
Evergrande Group still struggling to find a viable
debt-restructuring road map as an unprecedented housing crisis
unfolds. Sunac shares jumped as much as 12%, adding to a
sector-best rally in which the stock has soared 140% since the
start of September.

Bloomberg relates that the court ruling occurred 17 months after
Sunac, which was China's third-largest builder by contracted sales
in 2021, first defaulted on a dollar note. The company's case could
provide a template for peers, some of which have sought bond
extensions instead of holistic restructurings, the report notes.

Sunac, now ranked 16th, unveiled its proposal in March after
reaching agreement with a group of key bondholders, Bloomberg
recalls. Within weeks, the plan had support from those holding more
than 75% of the involved offshore debt. Creditors representing 98%
of claims that voted at a Sept. 18 meeting backed the proposal.

Bloomberg says the restructuring plan involves a small portion of
Sunac's CNY1 trillion ($137 billion) of liabilities. Judge Harris
said at Oct. 5's so-called sanction hearing that his only concern
was that "there's no reference to what is going on in the
mainland," referring to restructuring documents filed by lawyers.
"This is only part of a big story."

A government-driven effort started in 2020 to limit real estate
leverage growth was followed by plunging new-home sales in China
and a cash crunch among developers - resulting in record offshore
bond defaults, Bloomberg states. Home demand has weakened anew in
recent months after showing signs of recovery earlier this year.

Sunac's debt plan covers an estimated $10.2 billion of creditor
claims, $5.7 billion of which would be compensated with new dollar
bonds, Bloomberg notes. The remainder will be settled through
getting shares of its property-management arm and convertible
notes. A Sunac lawyer said at Oct. 5's hearing that the
restructuring is expected to meet all conditions and become
effective at the end of 2023, Bloomberg relays.

Dollar bondholders could see a recovery rate of 34% to 43%,
according to Bloomberg Intelligence analysts Daniel Fan and Adrian
Sim. That's well above the 10-15 cent range that Sunac's notes
continued to be indicated at Oct. 5, prices compiled by Bloomberg
show.

The developer last month sought Chapter 15 bankruptcy protection in
New York, a move sometimes required in finalizing a restructuring.

                         About Sunac China

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

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

Creditors of Sunac China Ltd have approved its $9 billion offshore
debt restructuring plan, the company said on Sept. 18, marking the
first approval of such debt overhaul by a major Chinese property
developer.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
21, 2023, Sunac China Holdings Limited sought creditor protection
in the United States under Chapter 15 of the Bankruptcy Code
(Bankr. S.D.N.Y. Case No. 23-11505) on Sept. 19.

U.S. Bankruptcy Judge Philip Bentley presides over the Chapter 15
proceedings.

Sidley Austin is the Legal Counsel to China Sunac.



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JP-EX CRYPTO: Hong Kong Tightens Scrutiny of Crypto Exchanges
-------------------------------------------------------------
Bloomberg News reports that Hong Kong's securities regulator and
police force set up a task force to assist with the detection of
suspicious activity at crypto exchanges, intensifying oversight of
the industry after the blowup at the JPEX platform.

The working group comprised of the city's Securities and Futures
Commission and law enforcement officials will "enhance
collaboration in monitoring and investigating illegal activities
related to virtual-asset trading platforms," the financial watchdog
said in a statement late on Oct. 4, Bloomberg relates.

According to Bloomberg, the tie-up comes as Hong Kong grapples with
the fallout from JPEX. Authorities allege the unlicensed crypto
platform defrauded investors of HK$1.6 billion ($204 million) and
have arrested at least 20 people as part of a probe.

Bloomberg says the saga threatens to complicate Hong Kong's push to
develop a global home for the digital-asset industry in a bid to
restore its image as a cutting-edge financial center. The city's
reputation has been hurt by claims of decreased autonomy from China
as well as memories of prolonged Covid-related curbs.

"This strengthens the reputation of Hong Kong as a safe and
compliant jurisdiction to do business in virtual assets," Bloomberg
quotes Vince Turcotte, a consultant at Cognitive GRC, which advises
firms applying for crypto licenses in the city, as saying. "The
formation of the task force is a proactive step to shore up
confidence in the new regime."

Hong Kong rolled out a new regulatory framework for virtual assets
mid-year and awarded the first mandatory licenses for trading
platforms in August, Bloomberg notes.

Bloomberg relates that officials are seeking to learn the lessons
of 2022's crypto bear market and ensuing bankruptcies by ensuring
investors are protected, while also creating clear paths for
companies to get permits.

Jurisdictions like Dubai, Singapore and the European Union have
also developed crypto frameworks, whereas the status of digital
assets remains hazy in the US.

According to the report, the new task force in Hong Kong includes
representatives from the commercial crime, cybersecurity and
technology crime, and financial intelligence and investigations
police bureaus. It also spans the SFC's enforcement and
intermediaries divisions.

The working group "is instrumental to fast-tracking of vital
intelligence exchange and joint collaboration in responses to the
challenges arising" from virtual-asset trading platforms, Eve
Chung, an assistant commissioner at the police force, said in the
statement, Bloomberg adds.

"The announcement of the combined task force should be welcome news
for everyone engaged in legitimate cryptocurrency trading and
another clear, black-and-white warning to those who operate in
shades of gray," Bloomberg quotes Jonathan Crompton, a partner at
law firm RPC in Hong Kong, as saying.

JP-EX Crypto Asset Platform Pty Ltd is a licensed and recognized
platform to facilitate the trading of digital asset and virtual
currency.




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ABHAY NUTRITION: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Abhay
Nutrition Private Limited (ANPL) 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              10          CRISIL D (Issuer Not
                                        Cooperating)

   Cash Credit              25          CRISIL D (Issuer Not
                                        Cooperating)

   Cash Credit              85          CRISIL D (Issuer Not
                                        Cooperating)

   Pledge Loan              50          CRISIL D (Issuer Not
                                        Cooperating)

   Proposed Long Term       11          CRISIL D (Issuer Not
   Bank Loan Facility                   Cooperating)

   Term Loan                22          CRISIL D (Issuer Not
                                        Cooperating)

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

ANPL was incorporated in 2008 and is promoted by the Mantri family.
The company processes cotton and other seeds for extracting oil and
producing fortified de-oiled cakes. It has its manufacturing units
in Jalna and Dhulia in Maharashtra. The day-to-day operations are
currently managed by Mr. Ashish Mantri.


ADITHI AUTOMOTIVES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Adithi
Automotives Private Limited (AAPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

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

   Proposed Cash           6          CRISIL D (Issuer Not
   Credit Limit                       Cooperating)

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

AAPL is an authorized dealer for Ashok Leyland owned and managed by
Mr. Gonaguntla Jayaprakash and Ms. Gunuguntla Manoja. It has 8
showrooms in Hospet, Belgaum and Hubli. Bellary (Karnataka) based,
AAPL was incorporated in the 2012. The company is engaged in
trading, repairing of light commercial vehicles and trading of
spare parts.


ALIN CASHEWS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Alin Cashews
(AC) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4          CRISIL D (Issuer Not
                                      Cooperating)

   Foreign Bill            1          CRISIL D (Issuer Not
   Purchase                           Cooperating)

   Packing Credit          4          CRISIL D (Issuer Not
                                      Cooperating)

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

Set up as a partnership firm in 2006, AC processes raw cashew nuts
and sells cashew kernels. AC operates 7 facilities in Kollam,
Kerala with capacity to process around 10 tonnes of cashew kernel
per day. The operations are managed by the partners Mr Shihanshah
and Mrs Shiny Shihanshah.


ASQUARE FOOD: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Asquare Food and
Beverages Private Limited's (AFBPL) bank facilities as follows:

-- INR80 mil. Cash credit assigned with IND BB+/Stable/ IND A4+
     rating; and

-- INR270 mil. Term loans due on March 2030 assigned with IND BB+

     /Stable rating.

Key Rating Drivers

The rating reflects AFBPL's modest credit metrics due to modest
margins, with net financial leverage (adjusted net debt/operating
EBITDAR) of 4.98x in FY23 (FY22: 7.9x) and interest coverage
(operating EBITDAR/gross interest expense +rent) of 2.07x (1.68x).
In FY23, the credit metrics improved due to an increase in EBITDA
to INR71.83 million (FY22: INR57.95 million). Ind-Ra expects the
credit metrics to improve further over the near term on account of
improvement in the EBITDA and scheduled repayment of long-term
loans.

The ratings reflect AFBPL's modest EBITDA margins due to the nature
of the business. of 13.34% in FY23 (FY22: 9.96%) with ROCE was
11.6% (FY22: 8.8%). In FY23, the EBITDA Margin improved due to a
decline in cost of sales and other direct expenses In FY24, Ind-Ra
expects EBITDA margin to remain at similar levels, though raw
material prices are susceptible to volatility in case of lower crop
yield.

The ratings factor in AFBPL's small scale of operations, with
revenue of INR538.54 million in FY23 (FY22: INR581.80 million).
The revenue fell marginally in FY23 due to a decline in the
wholesale business. The share of sales from online platforms rose
to 62% in FY23 (FY22: 17%), supported by the increased marketing
activities by the company. The company earned a revenue of INR430
million during 5MFY23. In FY24, the management expects the revenue
to increase to INR900 million.  Ind-Ra expects the revenue to
improve in the near term on account of an increase in the number of
orders executed by the company, backed by an increase in demand for
spices in the domestic and global markets.

Liquidity Indicator–Stretched: AFBPL's average maximum
utilization of its fund-based limits was 83.95% and that of its
non-fund-based limits was 100% during the 12 months ended July
2023. The net working capital cycle stretched to 185 days in FY23
(FY22: 158 days) as the inventory holding period elongated to 172
days (85 days). The company's payable period was 75 days in FY23
(FY22: 50 days) and debtor days were 88 (123).  The cash flow from
operations turned positive at INR2.15 million in FY23 (FY22:
negative INR11.84 million), mainly on account of the improvement in
EBITDA. The free cash flow remained negative at INR3.77 million in
FY23 (FY22: negative INR14.35 million) due to the undertaking of
capex of INR5.92 million during the year. The cash and cash
equivalents stood at INR0.15 million at FYE23 (FY22: INR0.69
million), against repayment obligations of INR47.9 million and
INR68.1 million for FY24 and FY25, respectively. AFBPL does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

The ratings, however, is supported by the promoter's experience of
almost a decade in the manufacturing and marketing of spices.|

Rating Sensitivities

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or pressure on the
liquidity position on a sustained basis, could lead to a negative
rating action.

Positive: Substantial increase in the scale of operations, along
with an improvement in the overall credit metrics with the net
leverage below 3.5x and an improvement in liquidity profile, on a
sustained basis, could lead to a positive rating action.

Company Profile

AFBPL is a private limited company based in Raipur, Chhattisgarh.
Incorporated in July 2015, the company is engaged in the processing
of raw spices such as coriander, turmeric, chilly, jeera, and black
pepper into powder form and its range includes essential spices
powder as well as vegetarian and non-vegetarian spice mixes under
the brand name of Zoff. The company has state-of the-art facilities
such as air classifying mills, instead of hammer mills, to grind
spices.



B.K. PRINT: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has kept the Long-Term rating of B.K. Print And Pack in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          4.90       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.35       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Established in July 2010, B.K. Print And Pack is engaged in the
manufacturing of corrugated boxes and mono cartons for a range of
industries which includes FMCG, automobile, consumer durables,
liquor, and engineering industries. The firm manufactures five
ply-corrugated cartons and printed cartons. The firm's
manufacturing unit, located in Haridwar, is a fully automated plant
with an installed capacity of 1000 metric tonnes per day. The
primary raw material – kraft paper and duplex board are purchased
from various traders and paper mills located mainly in Uttarakhand.
The client profile of firm includes reputed customers present
across diverse industries such as beverage, FMCG, pharmaceutical,
etc.

BAHRA EDUCATIONAL: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Bahra Educational And
Charitable Society in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–         5.25      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-        15.27      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term–        24.48      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

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

Bahra Educational and Charitable Society (BECS) was formed in 2009
and has set up a state private university in Shimla named Bahra
University. Bahra University has six constituent colleges which
offer engineering, management, computer applications,
pharmacy, hospitality and law courses. The total student strength
across the six colleges during AY 2016-17 is ~1800 students.


BUDDHA GLOBAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Buddha Global Limited

Registered office:
        Shop No. 4053 to 55,
        Southern Site, Naya Bazar
        Delhi - 110006

        Corporate office:
        S-402, Greater Kailash,
        Part1, New Delhi, 110048

Insolvency Commencement Date: September 12, 2023

Estimated date of closure of
insolvency resolution process: March 11, 2024 (180 Days)

Court: National Company Law Tribunal, New Delhi Bench-III

Insolvency
Professional: Santanu Kumar Samanta
              C-170 Golf View Apartments, Saket South,
              National Capital Territory of Delhi 110017
              Email: santanukumar@yahoo.com

              Immaculate Resolution Professionals Private Limited
              Unit No. 112, First Floor, Tower-A,
              Spazedge Commercial Complex,
              Sector-47, Sohna Road, Gurgaon-122018
              Email: ibc.buddhaglobal@gmail.com
  
Last date for
submission of claims: September 26, 2023



CARNATION INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Carnation Industries Limited
9/C, Kumar Para Road, 2nd Floor,
        Liluah Howrah, WB-711204 India

Insolvency Commencement Date: September 12, 2023

Estimated date of closure of
insolvency resolution process: March 10, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Anubrala Gangoly
       16/2, Tempie Gardens, Biock-P, New Alisore (Mordal)
              Temple Lane), Kolkata, West Benga-700053
              Email: ca.a.gangoly@gmail.com
                     carnationinsolvency@gmail.com

Last date for
submission of claims: September 26, 2023


CHARMS CHEM: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Charms Chem
Private Limited (CCPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             4          CRISIL D (Issuer Not
                                      Cooperating)

   Inland/Import           0.5        CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

   Proposed Fund-          1.09       CRISIL D (Issuer Not
   Based Bank Limits                  Cooperating)

   Term Loan               0.55       CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in 2001, CCPL manufactures herbal extracts and
phytochemicals which find application in oncology drugs and
nutraceutical products. The company is promoted by Mr. Milind
Honavar and Mrs. Sangeeta Honavar, and its manufacturing units are
located in Kurkumbh and Jejuri near Pune (Maharashtra).


EXCELL AUTOVISTA: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the ratings of
Excell Autovista Private Limited's (EAPL) bank facilities as
follows:

-- INR944.5 mil. Fund-based working capital limit affirmed with
     IND BB+/Stable/IND A4+ rating;

-- INR80 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating; and

-- INR284.7 mil. Term loan due on March 2026 affirmed with IND
     BB+/Stable rating.

Ind-Ra had earlier migrated EAPL to the non-cooperating category on
non-submission of monthly no-default statement for a continuous
period of three months. However, the company has now provided the
agency with all the requisite no-default statements, along with
other information. The affirmation reflects EAPL's financial and
operational performance in FY23, which is in line with Ind-Ra's
estimates.

Key Rating Drivers

Medium Scale of Operations: As per FY23 provisional financials,
EAPL's revenue grew to INR9,942 million (FY22: INR7,039 million)
owing to increase in demand for passenger vehicles (PVs) and the
opening of a new showroom-cum-service center in Roha, Raigad in
November 2022.  EAPL generates around 80% of its revenue from the
dealership of Maruti Suzuki India Limited's (MSIL) PVs from its
seven showrooms. It also has two True Value showrooms, which deal
in pre-owned PVs, and nine service centers. EAPL has also opened a
new showroom in Kolad, Raigad, which became operational in April
2023. MSIL is a market leader in India's PV segment of India
accounting for 42% of the domestic sales during FY23 (FY22: 43%,
FY21: 50%).  EAPL booked revenue of INR462.5 million in 5MFY24.

Modest Profitability:  The EBITDA margins ranged from 2.7% to 3.3%
during FY19-FY23 (FY23: 2.54%, FY22: 2.75%), primarily on the
account of the dealership business model and the revenue being
concentrated in the sales of vehicles,  which earns lower margin
compared to the services and spare parts segment. The return on
capital employed was 16.6% in FY23 (FY22: 13.5%). Ind-Ra expects
the margins to remain stable over the medium term owing to the
similar nature of operations.

Weak Credit Metrics: EAPL's credit metrics improved, although
remained weak in FY23. The interest coverage (operating
EBITDA/gross interest expense) improved to 2.4x in FY23 (FY22:
2.1x) and net leverage (adjusted net debt/operating EBITDA) to 3.3x
(4.0x), mainly due an increase in the absolute EBITDA to INR241.45
million (INR193.45 million), despite an increase in the debt to
INR984 million (INR933 million). Ind-Ra expects the credit metrics
to improve further in FY24, owing to the scheduled debt repayment
and a likely increase in the absolute EBITDA.

Liquidity Indicator - Stretched: At FYE23, the company's cash and
cash equivalents stood at INR197.46 million (FYE22: INR163.08
million), of which around INR150 million was in the form fixed
deposits earmarked as securities against working capital limits.
The cash flow from operations declined to INR15.61 million in FY23
(FY22: INR23.32 million), mainly due to an increase in working
capital requirement. The net working capital cycle remained almost
stable at 27 days in FY23 (FY22: 28 days). However, the free cash
flow turned negative to INR11.7 million in FY23 (FY22: INR3.77
million) due to capex of INR27.3 million (INR20.55 million)
undertaken for setting up new showrooms. Ind-Ra expects the
liquidity to remain stable during the medium term. It has scheduled
debt repayments of INR78.5 million and INR78.4 million in FY24 and
FY25, respectively.

Cyclical Nature of the Auto Industry; Intense Competition: EAPL
operates in a cyclical auto industry, which is susceptible to
macro-economic factors. Its operations remain dependent on the sale
of MSIL's PVs, exposing the company to cyclical downturns in the PV
segment, as well as risks of a lower demand for MSIL's vehicles and
increased competition from other dealers of MSIL. Furthermore,
EAPL's operations are concentrated in Maharashtra, exposing the
company to geo-political risks.

Established Market Position; Experienced Promoters: EAPL was
incorporated in 2005 and has been a dealer of MSIL's PVs since more
than a decade. The company has nine showrooms, five service centers
and four stock yards across Mumbai, Navi Mumbai and Pune, and is
expanding in Raigad. The ratings also factor in the promoters' over
a decade of experience in the automobile sector.

Rating Sensitivities

Positive: A sustained increase in the scale of operations, leading
to an improvement in the overall credit metrics with the net
leverage remaining below 3.5x and an improvement in the liquidity
position, all on a sustained basis, could lead to a positive rating
action.

Negative: A decline in the scale of operations or the net leverage
increasing above 4.5x or deterioration in the liquidity position,
on a sustained basis, could lead to a negative rating action.

Company Profile

Incorporated in 2005, EAPL is primarily an authorized dealer of
MSIL. Madhup Agarwal and Sunny Agarwal are the promoters.


GLENMARK PHARMACEUTICALS: Fitch Affirms IDR at 'BB', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed India-based Glenmark Pharmaceuticals
Ltd's Long-Term Issuer Default Rating (IDR) at 'BB' after the
announcement of its planned divestment of a 75% stake in its active
pharmaceutical ingredient (API) business held under subsidiary
Glenmark Life Sciences Limited (GLS). The Outlook is Stable.

Fitch believes Glenmark will use most of the net proceeds to repay
debt. This and Glenmark's prudent approach to growth investments
and shareholder returns will help it maintain negative net debt to
EBITDA, which is significantly below the positive rating
sensitivity level of 1.5x. Nonetheless, Glenmark's revenue scale
and EBITDA margins, which are key metrics Fitch uses to measure the
company's business profile, are unlikely to improve to levels
commensurate with a higher rating.

The planned disposal is unlikely to affect its assessment of
Glenmark's cost competitiveness and market position despite some
reduction in margins. The Stable Outlook reflects Glenmark's
comfortable leverage headroom and its expectation of positive free
cash flow before litigation settlement payments.

KEY RATING DRIVERS

Sale to Boost Leverage Headroom: The stake sale, which is likely to
be completed by March 2024, will generate nearly INR50 billion in
proceeds net of taxes, which exceeds net debt of INR31.9 billion at
end-March 2023, excluding GLS. Fitch thinks Glenmark can sustain a
negative net debt position, as it is not considering sizeable
growth investments in the next few years. Fitch also does not
expect a major rise in shareholder returns. Fitch forecasts
Glenmark's consolidated net debt to EBITDA, excluding GLS, to
remain at around -1.0x, despite litigation settlement payments
exceeding USD90 million in FY24-FY25.

Business Profile Intact After Divestment: External sales from GLS
contributed 11% of Glenmark's revenue in the financial year ended
March 2023 (FY23), but healthy growth in markets such as India and
Europe will help to limit the loss of revenue from the disposal.
Glenmark's reliance on GLS for API sourcing is limited at 15%-20%
of its needs. Glenmark is GLS's largest customer, accounting for
close to one-third of its sales. The impact on Glenmark's
profitability in the unlikely scenario of discontinued supplies
from GLS will be small as it has alternative suppliers on
comparable terms.

GLS generates higher margins than Glenmark's formulation business,
underscored by its 30% contribution to consolidated EBITDA in FY23.
Nonetheless, Glenmark's strategy to cut R&D spending to around
7%-8% of sales and further ramp up higher-margin sales of Ryaltris,
its maiden novel drug, after good progress since the launch will
limit the margin reduction to around 14% over FY24 and FY25 - pro
forma for the disposal - from around 16% in FY23 after
proportionally including GLS. The sale is unlikely to hurt
Glenmark's position in its key formulation markets and geographic
diversification.

Small, Yet Diversified: Glenmark has low revenue and operating
EBITDA compared with major global generic drug makers, but this is
offset by the company's adequate geographical diversification
across pure and branded generic markets, including the US, which
accounted for 27% of revenue in FY23, excluding the API business,
India (35%) and Europe (16%). Scale and diversification help
generic drug makers maintain stable margins. Glenmark also has
adequate competitive positions in its core dermatology and
respiratory therapy segments.

Regulatory, Litigation Risks: Below-peer production-facility
diversification exposes Glenmark to above-average risk from adverse
regulatory actions that could hurt US sales and product approvals.
The US Food and Drug Administration took adverse action at three
plants in 2022. Glenmark is a defendant in other cases after it
agreed to settle suits involving generic Zetia for USD87.5 million
and a US drug-price fixing case for USD30 million recently. Fitch
treats this as an event risk, as there is poor visibility over
liability. Pricing pressure could rise from changes to laws
governing drug price negotiations in the US.

Solid Long-Term Domestic Prospects: The Indian government's focus
on boosting mass healthcare access supports pharmaceutical demand.
Glenmark's formulation business ranks 14th in India, with a revenue
market share of 2.1% in June 2023, according to IQVIA MAT. Stronger
shares in dermatology (7.4%), respiratory (5.7%) and cardiovascular
(5.2%) underpin Glenmark's position in the fragmented and
physician-driven market. India's robust long-term growth prospects
limit the impact on profitability from continued pricing pressure
in the US generic pharmaceutical market.

Risks in Novel Drugs: Glenmark faces high inherent risks around
novel drug development due to its small scale and limited record.
This is despite the approval of Ryaltris in the US in early 2022.
R&D spending weighs on profitability and free cash generation,
although Glenmark expects further cuts after reducing it to 9.5% of
sales in FY23, from 14.7% in FY19. Fitch expects Glenmark to take a
collaborative approach to R&D spending, in line with its strategy.

The company has signed multiple partnerships for its R&D assets and
plans to sell a stake in Ichnos Sciences Inc., a subsidiary holding
novel drug assets. Nonetheless, a more aggressive approach may
pressure credit metrics and financial flexibility, outweighing the
benefits of lower dependence on the highly competitive generic drug
business. Glenmark aims to launch or monetise its R&D drugs in
advanced stages of development, which could provide significant
earnings. However, Fitch does not consider this in its rating case
due to the uncertainty and potential delays in the approval
process.

DERIVATION SUMMARY

Glenmark has smaller scale and diversification than large generic
pharmaceutical companies, such as Viatris Inc. (BBB/Stable) and
Teva Pharmaceutical Industries Limited (BB-/Stable). The larger
peers also have deeper launch pipelines, with a focus on more
complex products. This mitigates price-erosion risk, especially in
the US. Glenmark is rated three notches below Viatris due to its
weaker business profile and profitability, which are partly
counterbalanced by Viatris' higher leverage. Glenmark is rated a
notch above Teva, as Teva's stronger business profile is offset by
higher leverage amid continued pricing pressure on generic drugs in
the US and litigation.

Glenmark is rated two notches below Hikma Pharmaceuticals PLC
(BBB-/Positive), underscoring Hikma's larger scale and robust
market positioning, particularly in the US injectables market.
Hikma also has a stronger financial profile, which is characterised
by higher profitability and cash generation.

Glenmark is rated at the same level as Grunenthal Pharma GmbH & Co.
Kommanditgesellschaft (BB/Stable), which has a similar scale and
operational scope. Glenmark has greater product and geographic
diversification, but this is counterbalanced by Grunenthal's
stronger market position in its core segments, underscored by its
higher profitability and cash generation.

Ache Laboratorios Farmaceuticos S.A.'s (BB+/Stable) smaller scale
and lower geographical diversification are offset by its strong
competitive position in Brazil and a record of low financial
leverage. Ache's Foreign-Currency IDR is capped by Brazil's Country
Ceiling of 'BB+'.

KEY ASSUMPTIONS

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

- Revenue, excluding GLS, to increase by mid-single digits annually
over FY24-FY25;

- EBITDA margin, excluding GLS, to remain between 14% and 15% over
FY24-FY25 (FY23: 13.3%);

- Capex, excluding GLS, to average around 5% over FY24-FY25;

- Stable annual dividend payouts at below 10% of net income.

RATING SENSITIVITIES

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

- Sustained increase in scale to at least USD2 billion in sales
with EBITDA margin of at least 17%, excluding the API business,
and;

- Sustained positive free cash flow generation; and

- Financial leverage, measured by consolidated net debt/EBITDA,
excluding GLS, sustained at below 1.5x.

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

- A weaker competitive position or adverse regulatory action by the
US Food and Drug Administration;

- Deterioration in financial leverage to above 3.0x.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Glenmark had readily available cash, after
excluding GLS, of INR11.6 billion at end-March 2023. This
comfortably covered INR5.0 billion of short-term debt maturing in
FY24, including INR3.5 billion in working-capital debt that Fitch
expects Glenmark to roll over in the normal course of business.

Total debt maturities over FY25 and FY26 are manageable, at INR6.6
billion. Reduced capex and interest payments after the stake sale
will enable positive free cash generation over FY24 and FY25. This
will help meet a substantial portion of drug litigation and
antitrust settlement payments over FY24 and FY25. Completion of the
GLS stake sale and use of proceeds for debt repayment will further
boost Glenmark's liquidity and financial flexibility.

ISSUER PROFILE

Glenmark is an India-based pharmaceutical company focused on
branded and generic formulation and novel drug development
businesses.

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
   -----------                ------          -----
Glenmark
Pharmaceuticals Ltd     LT IDR BB  Affirmed   BB

GUPTA POLYMERS: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Gupta Polymers Private Limited
A-106, Wazirpur Industrial Area
        Delhi-110052

Liquidation Commencement Date:  September 16, 2023

Court: National Company Law Tribunal, New Delhi Bench

Liquidator: Ms. Jyoti Narang
     H-3/63, First Floor,
            Vikaspur, New Delhi-110018
            Email: jyoti.acs@gmail.com
            Phone: +91 9899763039
                   +91 1145113039

Last date for
submission of claims: October 15, 2023

HARIOM PROJECTS: Ind-Ra Keeps BB Loan Rating in NonCooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Hariom Projects
Private Limited's  bank facility rating in the non-cooperating
category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn; and

-- INR110 mil. Non-Fund-based working capital limit** maintained
     in non-cooperating category and withdrawn

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

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

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

Key Rating Drivers

Ind-Ra has maintained the ratings in the non-cooperating category
as the issuer did not participate in the rating exercise, despite
requests by the agency through emails and phone calls and has not
provided information pertaining to the sanctioned bank facilities
and utilization, business plans and projections for the next three
years, information on corporate governance.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no objection certificate from the lender. This is
consistent with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra
will no longer provide analytical and rating coverage for the
company.

Company Profile

The company was incorporated in April 1989 as a partnership firm
under the name Hariom Builders. It was converted into a private
limited company under the name Hariom Projects Private Limited in
2003. HPPL is engaged in building construction activities and is a
leading contractor of Military Engineer Services. It undertakes
building works projects for the army, air force and navy in
Gujarat, Rajasthan and Maharashtra and north eastern states.

JABIL INDIA: Ind-Ra Withdraws BB+ LongTerm Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jabil India
Manufacturing Private Limited's Long-Term Issuer Rating of 'IND
BB+' as follows:

-- The 'IND BB+' rating on the Long-Term Issuer Rating
     is withdrawn.

Key Rating Drivers

Ind-Ra is no longer required to maintain the rating as the company
has no debt outstanding and the Long-Term Issuer Rating has been
withdrawn based on the request from the issuer.  This is consistent
with Ind-Ra's Policy on Withdrawal of Ratings. Ind-Ra will no
longer provide analytical coverage on the same.

Company Profile

JIMPL, a part of the Jabil group, was incorporated in December
2019. It is a wholly-owned subsidiary of Jabil Circuit Singapore
PTE Ltd which in-turn is a wholly-owned subsidiary of
Florida-based, NYSE-listed Jabil Inc, the parent company of the
Jabil group. JIMPL has set up a manufacturing unit at MIDC Zone,
Ranjangaon. The plant, spread across 99,342 square feet,
manufactures e-pencil housing & hard tip and plastic parts of
AirPods, including charging case and ear plugs.


VINIR ENGINEERING: Ind-Ra Keeps BB Rating in Non-Cooperating
------------------------------------------------------------
India Ratings Maintains Vinir Engineering's Bank Facilities in
Non-Cooperating Category and Withdraws Ratings
Oct 04, 2023|Diversified

India Ratings and Research (Ind-Ra) has maintained Vinir
Engineering Private Limited's (VEPL) bank facilities' rating in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR250 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn;

-- INR170 mil. Non-fund-based facilities # maintained in non-
     cooperating category and withdrawn; and

-- INR36.2 mil. Term loan ## maintained in non-cooperating
     category and withdrawn.

Note: ISSUER NOT COOPERATING: The issuer did not cooperate, based
on the best available information

## Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being
withdrawn

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

* Maintained at 'IND BB (ISSUER NOT COOPERATING)'/'INDA4+ (ISSUER
NOT COOPERATING)' before being withdrawn

Key Rating Drivers

The ratings have been maintained in the non-cooperating category
before being withdrawn 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
about interim financial statements, sanctioned bank facilities and
utilization levels, business plans and projections for the next
three years, information on corporate governance, and management
certificate.

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

Company Profile

Incorporated in 1983, Vinir Engineering is a family-owned concern
engaged in the industrial forging business.


JBM HOMES: Liquidation Process Case Summary
-------------------------------------------
Debtor: JBM Homes Private Limited
No. 47, Bazaar Road, Pallavaram
        Chennai-600043, Tamil Nadu

Liquidation Commencement Date:  September 12, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Mr. Venkataraman Subramanian
     Flat No. A 4, Ramar Kutil,
            3/5 Second Main Road,
            Gandhi Nagar, Adyar
            Chennai-600 020, Tamil Nadu
            Email: ipvenkataraman@gmail.com

            2nd Floor, Hari Krupa,
            No. 71/1, Mc Nicholas Road
            (Off Poonamalle High Road),
            Chetpet, Chennai-600 031
            Phone: 044-2836 1636
            Email: jbhomesliq@gmail.com

Last date for
submission of claims: October 12, 2023


JBM SHELTERS: Liquidation Process Case Summary
----------------------------------------------
Debtor: JBM Shelters Private Limited
No. 47, Bazaar Road, Pallavaram
        Chennai-600043, Tamil Nadu

Liquidation Commencement Date:  September 12, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Mr. Venkataraman Subramanian
     Flat No. A 4, Ramar Kutil,
            3/5 Second Main Road,
            Gandhi Nagar, Adyar
            Chennai-600 020 Tamil Nadu
            Email: ipvenkataraman@gmail.com

            2nd Floor, Hari Krupa,
            No. 71/1, Mc Nicholas Road
            (Off Poonamalle High Road),
            Chetpet, Chennai-600 031
            Phone: 044-2836 1636
            Email: jbsheltersliq@gmail.com

Last date for
submission of claims: October 12, 2023


KALPAK INDUSTRIAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kalpak
Industrial Technologies (India) Private Limited (KITIPL) continue
to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            3.5         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              5           CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              2.5         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              4           CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              5           CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in 1996, KITIPL is engaged in manufacturing of
machined components and special types of fasteners such as
automotive components, stud and anchor bolts. Based in Maharashtra,
the company is owned and managed by Mr Prasad Kolte


KAPSONS ENGINEERS: ICRA Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Kapsons Engineers Private
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

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

Incorporated in 2007, Kapsons Engineers Private Limited (KEPL) is
an authorized dealer for passenger vehicles of Honda Cars India
Limited (HCIL). The company is promoted by the Kapoor family, with
Mr. Jawahar Lal Kapoor and Mr. Atul Kapoor (son of Mr. Jawahar Lal
Kapoor) serving as the directors of the company. KEPL's customers
are majorly based of Gurgaon and Noida.


KATERRA INDIA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Katerra India Pvt Ltd
Site No. L196, HSR Layout, Sector VI,
        BBMP Old Ward No. 66,
        New Ward No. 174,
        Agara South Bangalore
        Karnataka-560034, India

Insolvency Commencement Date: September 8, 2023

Estimated date of closure of
insolvency resolution process: March 10, 2024

Court: National Company Law Tribunal, Bengaluru Bench

Insolvency
Professional: Mr. Pankaj Srivastava
       5, 5th Cross Navya Nagar,
              Jakkur, Bangalore
              Karnata, 560064,  
              Email: psri@live.com

              58, 3rd Cross, Vinayak Nagar,
              Hebbal, Bengaluru-560024,
              Phone: 080-23902344
              Email: ip.katerra@outlook.com

Last date for
submission of claims: September 26, 2023


KATHPAL DAIRIES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kathpal
Dairies (KD) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.60       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

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

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

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

Kathpal Dairies (KDS) is a proprietorship firm established in
October, 2010 by Mr. Rakesh Kumar. KDS is engaged in processing of
milk which includes pasteurization and chilling at its facility
located in Moga, Punjab.


MACHHI RAM: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Machhi Ram
Kishan Chand Sidana (MRKCS) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             20         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit              5         CRISIL D (Issuer Not
                                      Cooperating)

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

MRKCS, a partnership firm set up in 1983, mills and processes
basmati rice, and caters to wholesalers and distributors, both in
the domestic and export markets. The plant at Jalalabad (Punjab)
has milling capacity of 4 tonne per hour. Mr Surinder Kumar and Mr
Vimal Kumar manage the business.


MADHOOR BUILDWELL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Madhoor
Buildwell Private Limited (MBPL) continue to be 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Cash Credit           10           CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            4           CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Working      14           CRISIL D (Issuer Not
   Capital Facility                   Cooperating)

   Rupee Term Loan        7.5         CRISIL D (Issuer Not
                                      Cooperating)

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

MBPL has been undertaking real estate development and civil
contraction activities in Nashik since 1994. The founder-promoter
and chairman, Late Mr Ratilal Shivdas Patel, was in the business
for over five decades. His sons - Mr Pradip Ratilal Patel, Mr
Arvind Ratilal Patel, and Mr Chetan Ratilal Patel - currently
manage the business.


MAHARAJA INDUSTRIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings of Sri Maharaja
Industries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Short-term        33.75      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Industries
(SMI) is engaged in trading of refined, bleached and deodorized
(RBD) Palm oil. Based out of Erode (Tamil Nadu), the entity sells
refined palm oil to wholesalers across Southern states such as
Tamil Nadu, Andhra Pradesh and Kerala. Besides this, the entity
also operates a theatre and theme park (facilities leased from
Maharaja Theme Parks Private Limited, associate entity) in Erode.
The entity has discontinued its business operation since September
2016.

MAHARAJA OIL: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings of Sri Maharaja
Oil Imports and Exports India Private Limited in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        14.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term        55.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long-term/         1.00      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

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

SMOIEPL is engaged in trading of RBD palm olein and caters
predominantly to the South Indian market. SMOIEPL incorporated in
1991 as 'Sri Maharaja Dyeing and Processing Private Limited', (a
dyeing company) was changed to 'Sri Maharaja Oil Imports and
Exports India Private Limited' in 2011-12, in-line with change in
business activity (trading). Based out of Erode (Tamil Nadu), the
company is managed by Mr. K. Paramasivam and his son Mr. P.
Sathyamoorthy. SMOIEPL is a part of the Maharaja group, a
diversified business group based in Erode (Tamil Nadu) with
presence in 2 sectors including edible oil trading/refining,
textiles, educational institutions, hospitality and entertainment.
The entity has discontinued its business operation since September
2016.


MAHARAJA REFINERIES: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings of Sri Maharaja
Refineries in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

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

   Short-term        39.38      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

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

Established in 1996 by Mr. K. Paramasivam, Sri Maharaja Refineries
is engaged in trading of refined, bleached and deodorized (RBD)
Palm oil. Based out of Erode (Tamil Nadu), the entity sells refined
palm oil to wholesalers across Southern states such as Tamil Nadu,
Andhra Pradesh and Kerala. The entity has discontinued its business
operation since September 2016.


MBE COAL & MINERAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: MBE Coal & Mineral Technology India Private Limited

Registered Address:
        Plot 1A, Sector B, Industrial Growth Centre
        Nimpura P.O. Rakhajungle Kharagpur
        Midnapore West Midnapore WB 721301 India

        Corporate Office Address:
Ecospace Campus-2B, 6th Floor,
        Plot No. 11F/12, New Town, Rajarhat,
        North 24 Pgs, Kolkata-700156, West Bengal

Insolvency Commencement Date: September 12, 2023

Estimated date of closure of
insolvency resolution process: March 10, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Mr.  Soumendra Podder
       1/427 Gariahat Road (South) 4th Floor,
              Kolkata, West Bengal-700068
              Email: soumenpodder@hotmail.com

              Sumedha Management Solutions Pvt. Ltd
              6A Geetanjali Apartment
              8B Middleton Street
              Kolkata, West Bengal-700 701
              Email: ip.mbecoal@gmail.com

Last date for
submission of claims: September 26, 2023


NASHIK DISTRICT: Ind-Ra Assigns BB+ Loan Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Nashik District
Police Co-operative Credit Society Limited's (NDPC) bank facility
as follows:

-- INR50 mil. Fund-based working capital limit assigned with IND
     BB+/Stable rating; and

-- INR450 mil. Bank loans assigned with IND BB+/Stable rating.

Key Rating Drivers

Moderate Profitability: NDPC's interest income increased to
INR109.92 million in FY23 (FY22: INR76.59 million), driven by
growth in loans and advances to INR1,299.37 million (INR919.65
million). However, the society's net interest income declined to
INR71.46million in FY23 (FY22: INR82.79million) due to an increase
in interest expenses. Also, the net interest margin declined
substantially to 5.83% in FY23 (FY22: 8.38%) due to a new borrowing
and lower lending rates (average during FY19-FY23: 9%).
Furthermore, the net profit margin declined substantially to 58.4%
in FY23 (FY22: 92.2%). As of August 2023, NDPC's average cost of
borrowings was 9.43% and average lending rate was 9.84%, resulting
in a low average interest spread of 41bp. As per the regulations of
the State Cooperative Act, the society can have a maximum interest
spread of 3%; however, the management has maintained a spread of
less than 1% for the benefit of its members.

Moderate Capitalization: The society's equity to total assets ratio
reduced to 54.16% in FY23 (FY22: 96.54%) and equity to total loans
and advances reduced to 59.71% (110.44%) due to new bank
borrowings. NDPC collects an amount of INR2,000 per month per
member towards its share capital account, which is used for lending
purposes. The debt burden is at comfortable levels with debt/equity
of 0.80x in FY23 (FY22: 0.02x), as the long-term debt was taken for
the first time in FY23. The capital adequacy ratios are not
applicable to NDPC as per byelaws.

Limited Scale of Operations; High Concentration Risk: The ratings
reflect NDPC's limited scale of operations, as the society takes
deposits and offers loans only to the members of the society, who
are employees of the Nashik police department. This also indicates
the high geographical concentration.

Strong Recovery Mechanism: NDPC's gross NPAs are nil for both FY22
and FY23, due to the society's strong recovery mechanism. As NDPC
lends only to its members, who are employees of the Nashik police
department, the loan recoveries are deducted from the borrower's
salary and only the balance amount is credited to their bank
accounts. Furthermore, the society collects funds every month from
members in the form of capital. The members' capital is limited to
INR0.10 million as per byelaws and any excess amount is transferred
to the deposit account, which can also be used for the recovery of
loans, if required.

Liquidity Indicator – Adequate: NDPC's available funds (cash and
unrestricted investments) amounted to INR127.98 million at FYE23
(FYE22: INR131.24million), providing a moderate financial cushion
to both debt (FY23: 56.31%) and operating expenditure (FY23:
263.96%). The principal and interest repayments for external
borrowings for FY24 and FY25 are INR39 million and INR51 million,
respectively, which is well covered. The cash and bank balances are
likely to remain adequate to meet the debt service obligations over
FY24-FY25. The average monthly utilization on the fund-based
working capital facility of INR50 million was 85.7% for the 12
months ended August 2023. NDPC is not require to prepare Asset and
liability management statement as per their bylaws; however, the
funds in the form of capital and deposits apart from recoveries
provide adequate cushion to liquidity.

Rating Sensitivities

Positive: Events that may collectively lead to a positive rating
action are:

-- a sustained increase in the scale of operations
-- adequate liquidity buffers to manage its liabilities
commensurate with expansion in the loan book

Negative: Events that may, individually or collectively, lead to a
negative rating action are:

-- a sustained decline in the loan book
-- the debt/equity exceeding 3.0x.

Company Profile

NDPC was established by the employees of Nashik district police
department in 1950, for the welfare of the police employed in the
Nashik district. The society has the main objective of accepting
deposits from its members and providing credit facilities to them.
It is managed by its director body, which consists of 14 directors
who are employees of the Maharashtra Police working in Nashik
district and are elected by members. Its members base was around
5,400 during FY19-FY23. NDPC is registered under the Maharashtra
Co-operative Societies Act and is not regulated by the Reserve Bank
of India.

PANACHE DIGILIFE: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Panache Digilife
Limited's (PDL) bank facilities at 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limit affirmed with
     IND BB+/Stable/IND A4+ rating;

-- INR90 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating;

-- INR250 mil. Proposed fund-based working capital limit affirmed

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

-- INR46 mil. (reduced from INR65.5 mil.) Term loan due on
     December 31, 2026 affirmed with IND BB+/Stable rating.

Key Rating Drivers

The affirmation reflect PDL's continued modest credit metrics with
gross interest coverage (operating EBITDA/gross interest expense)
of 1.56x in FY23 (FY22: 1.36x, FY21: 2.30x) and net financial
leverage (adjusted net debt/operating EBITDA) of 8.64x (9.25x,
5.02). The improvement in credit metrics was due to an improvement
in the absolute EBITDA to INR61.41 million (FY22: INR44.52
million), despite an increase in the total debt to INR353.17
million (INR241 million). In FY24, Ind-Ra expects the credit
metrics to improve due to a likely further increase in the absolute
EBITDA and release of a corporate guarantee provided to its
subsidiary, Technofy Digital Private Limited on account of
repayment of outstanding term loan from the proceeds from sale of
land of the subsidiary. In 1QFY24, the interest coverage stood at
0.05x.

The ratings further reflect PDL's continued modest EBITDA margin,
which improved marginally to 5.50% in FY23 (FY22: 5.22%) due to
better absorption of employee cost. The return on capital employed
was 8.8% in FY23 (FY22: 6.7%). In FY24, Ind-Ra expects the EBITDA
margin to slightly improve with a likely growth in revenue. In
1QFY24, its EBITDA margin was 0.91x.

The ratings continue to reflect PDL's medium scale of operations.
The revenue grew to INR1,117.96 million in FY23 (FY22: INR852.76
million) due to the execution of a higher number of orders. In
1QFY24, the company booked revenue of INR59.65 million. Ind-Ra
expects the revenue to improve further in FY24 due to improved
customer retention.

Liquidity Indicator - Stretched: PDL's combined average maximum
utilization of the fund-based and non-fund-based limits was 85.18%
, during the 12 months ended September 2023. The cash flow from
operations turned negative to INR17.51 million in FY23 (FY22:
INR35.73 million) due to unfavorable changes in working capital.
Consequently, the free cash flow turned negative to INR28.66
million in FY23 (FY22: INR34.74 million). The cash and cash
equivalents stood at INR2.34 million at FYE23 (FYE22: INR9.07
million). The net working capital cycle remained elongated,
although improved to 184 days in FY23 (FY22: 198 days) due to a
reduction in the inventory holding period to 94 days (129 days).
PDL does have capital market exposure and relies on banks and
financial institutions to meet its funding requirements. It has
scheduled repayments of INR14.4 million and INR8.3 million in FY24
and FY25, respectively.

PDL acquired the remaining 50% stake in its subsidiary, ICT
Infratech Services Private Limited in August 2023 for INR0.15
million. Moreover, in August 2023, it acquired a 26% stake in
Cadcord Technologies Private Limited (CTPL)  for INR2.6 million.
CTPL  manufactures digital signage, undertakes fabrication of metal
sheets for IT products and provides design solutions. With the CTPL
acquisition, PDL will have a vertical integration for metal sheet
fabrication for its products.  

The ratings, however, continue to be supported by PDL's promoters'
over two decades of experience in the IT hardware designing and
manufacturing industry. This has facilitated the company to
establish strong relationships with its customers as well as
suppliers.

Rating Sensitivities

Negative: Any decline in the revenue or operating profitability,
leading to deterioration in the credit metrics with the gross
interest coverage remaining below 1.8x , and deterioration in the
liquidity position on a sustained basis, could be a negative for
the ratings.

Positive: A substantial growth in the revenue and operating
profitability, leading to an improvement in the credit metrics and
an improvement in the liquidity position, both on a sustained
basis, could be positive for the ratings.

Company Profile

Incorporated in March 2007, PDL is an IT hardware manufacturing
company. Its registered office is located in Thane, Maharashtra.
Amit Rambhia is the chairman and managing director of PDL.


RAHUL SALES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Rahul Sales Limited
SCO 151-152 IInd Floor Sector 8 C Chandigarh

Insolvency Commencement Date: September 14, 2023

Estimated date of closure of
insolvency resolution process: March 12, 2024 (180 Days)

Court: National Company Law Tribunal, Chandigarh Bench

Insolvency
Professional: Mr. Khushvinder Singhal
              House No. 399, Sector12-A,
              Panchkula-Haryana 134112
              Email: kvsinghal@gmail.com
                     rahulsales.cirp@gmail.com
              Mobile No: +91-9914030030

Last date for
submission of claims: September 28, 2023


RAJMOTI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shree Rajmoti
Industries (SRI) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit           21.25        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit           34.50        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            4.25        CRISIL D (Issuer Not
                                      Cooperating)

   Pledge Loan           25           CRISIL D (Issuer Not
                                      Cooperating)

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

SRI, set up as a partnership firm in 1962, manufactures and trades
in double-filtered and refined groundnut oil and other edible oils.
The firm is promoted by Mr. Sameer Shah, Mr. Shyam Shah, and Mr.
Bhavdeep Vajubhai Vala.


RSV EARTH: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: RSV Earth Enterprises Private Limited
12, Alipur, Gijuauri, Post Chanderu
        Bulandshahr Uttar Pradesh-203001

Insolvency Commencement Date: September 15, 2023

Estimated date of closure of
insolvency resolution process: March 13, 2024

Court: National Company Law Tribunal, Allahabad Bench

Insolvency
Professional: Anurag Nirbhaya
       204, Sagar Plaza,
              Plot No. 19, District Centre,
              Laxmi Nagar, New Delhi-110092
              Email: anurag@canirbhaya.com
                     cirp.rsv@gmail.com
  
Last date for
submission of claims: September 29, 2023


S.K. SHOE: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of S.K. Shoe
Fashion (SKSF) continue to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            0.15        CRISIL D (Issuer Not
                                      Cooperating)

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

   Proposed Working       2.84        CRISIL D (Issuer Not
   Capital Facility                   Cooperating)

   Term Loan              0.01        CRISIL D (Issuer Not
                                      Cooperating)

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

Established in 2010, SKSF is a proprietorship firm of Mr. R
Karthikeyan. The firm manufactures footwear. It undertakes
sub-contracting work for footwear brands such as PA Footwear, Prime
Shoes and Vistas Shoes.


SAI RADHA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-term ratings of Sai Radha Pharma (India)
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         17.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2012, SRPL is involved in the retail and wholesale
distribution of pharmaceutical products. The Sai Radha Group has
presence in pharmaceutical distribution since 1989 through a retail
store operated under a partnership firm Radha Medicals and General
Stores. In 2007, the Sai Radha Group ventured into wholesale
distribution business through acquisition of Panchavati Pharma.
With a view to consolidate the entire pharmaceutical distribution
business under one company, Mr. Manohar Shetty started SRPL in
January 2012.SRPPL has four retail stores at present, two in Udupi
and two in Mangalore.

SARASWATI UDYOG: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Saraswati
Udyog India Limited (SUIL) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             26         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             12         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Term Loan          40         CRISIL D (Issuer Not
                                      Cooperating)

   Inland/Import           10         CRISIL D (Issuer Not
   Letter of Credit                   Cooperating)

   Long Term Loan           2         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      13         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Working Capital          2         CRISIL D (Issuer Not
   Demand Loan                        Cooperating)

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

SUIL, incorporated in 1991, is engaged in manufacturing of coated
duplex board which are used in packaging. The company manufactures
these boards at its facility located in Namakkal, Tamil Nadu. The
company is being managed by Mr. Balusamy.Anandan.


SARVESH CARS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has kept the Long-term ratings of Sarvesh Cars and Motors
Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          8.90       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          3.57       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2009 by Mr. B. Gnanaprakash and his wife Ms.
Ashwini, Sarvesh Cars and Motors Private Limited ("SCMPL") is an
authorized dealer for Ford India Private Limited, for Vellore,
Kanchipuram, Tiruvannamalai and Pondicherry regions. In addition to
new models, SCMPL also sells spare parts, accessories and provides
service to passenger cars in Vellore.


SHANKAR RICE: ICRA Keeps B+ Debt Rating in Not Cooperating
----------------------------------------------------------
ICRA has kept the long-term rating of Shankar Rice Mill in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          9.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2008, SRM is a partnership firm that mills and
processes basmati and non-basmati rice. Its plant at Karnal,
Haryana has a milling capacity of 3 metric tonne per hour. The firm
is promoted by Mr. Ashok Kumar, Mr. Shishan Kumar, Mr. Shiv Charan
Dass and Mr. Mangal Sain.


SIDHANATH SUGAR: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sidhanath
Sugar Mills Limited (SSML) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Pledge Loan             75         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Working        20         CRISIL D (Issuer Not
   Capital Facility                   Cooperating)

   Rupee Term Loan         10         CRISIL D (Issuer Not
                                      Cooperating)

   Sugar Pledge            40         CRISIL D (Issuer Not
   Cash Credit                        Cooperating)

   Term Loan               25         CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in 2000 and promoted by Mr Dilip Mane, SSML
manufactures sugar at its plant in Tirhe, Maharashtra, which has an
installed capacity of 6,000 tonne crushing per day. It also has a
26-megawatt co-generation power plant.


SMILAZ PSYLLUM: Ind-Ra Affirms BB+ Loan Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Smilaz Psyllum
Impex LLP's bank loan facilities at 'IND BB+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR1.0 bil. Fund-based working capital limit affirmed with
     IND BB+/Stable/IND A4+ rating;

-- INR50 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR32.8 mil. Term loan due on April 1, 2027 assigned with
     IND BB+/Stable rating;

-- INR40 mil. Proposed term loan assigned with IND BB+/Stable
     rating; and

-- INR15.4 mil. Derivative limit assigned with IND A4+ rating.


Key Rating Drivers

The ratings reflect SPILLP's small scale of operations as indicated
by revenue of INR993 million based on the provisional FY23
financials (FY22: INR586.08 million). In FY23, the revenue had
improved due to an increase in repeat orders and addition of
customers. During April to July 2023, SPILLP booked revenue of
INR546.364 million. It had an order book of INR1,000 million as of
30 June 2023, to be executed by March 2024. Ind-Ra and management
thus expect the revenue to improve in FY24. The top five customers
accounted for 98% of the total revenue, and the top five suppliers
accounted for 74% of the total purchase of raw materials in FY23.

The ratings also factor in SPILLP's modest EBITDA margin of 4.99%
in FY23 (FY22: 4.58%) with an ROCE of 9.2% (5.4%). In FY23, the
EBITDA margin improved due to a marginal decline in freight
expenses. Ind-Ra expects the EBITDA margin to remain at a similar
level in FY24 due to the similar nature of orders in hand.

The ratings also reflect SPILLP's average credit metrics as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 3.09x in FY23 (FY22: 4.04x) and the net leverage
(total adjusted net debt/operating EBITDAR) of 3.79x (4.04x). In
FY23, the interest coverage declined due to an increase in interest
expenses and the net leverage improved due to an increase in EBITDA
to INR49.52 million (FY22: INR26.85 million). Ind-Ra expects the
credit metrics to decline in FY24 as the company will incur INR50
million debt-led capex to increase its production capacity by 1,500
metrics tons per annum.

Liquidity Indicator - Stretched: SPILLP's average maximum
utilization of the fund-based limits was 89.03% during the 12
months ended August 2023. The cash flow from operations was
negative INR156.69 million in FY23 (FY22: negative INR153.39
million) and the free cash flow was negative INR160.54 million
(negative INR172.22 million). The net working capital cycle was
long at 135 days in FY23 (FY22: 111 days) and it elongated  due to
an increase in the inventory days. The cash and cash equivalents
were INR3.05 million at FYE23 (FYE22: INR10.02 million).
Furthermore, SPILLP does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements. SPILLP has scheduled debt repayments of INR8.7
million each in FY24 and FY25.

The ratings are supported by the company's promoters experience of
over three decades in the pharma manufacturing industry, leading to
its established ties with reputed customers such as the Procter &
Gamble Company, Lupin Limited and Caremoli Group.

Rating Sensitivities

Positive:  A significant increase in the scale of operations with
an improvement in the credit metrics and liquidity with interest
coverage remaining above 2.5x, all on a sustained basis, could lead
to a positive rating action.  

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

Company Profile

Established in 2020, SPILLP is a family-owned business based out of
Jaipur, Rajasthan. They have a production capacity of 4,800 metric
tons per annum to manufacture psyllium husk. The promoters are M.B.
Goyal, Mukta Goyal, Vibhor Goyal and Smilax Healthcare Private
Limited.


SORLET MEDIA: Voluntary Liquidation Process Case Summary
--------------------------------------------------------
Debtor: Sorlet Media And Entertainment Private Limited
Ground Floor, E-44/3 Okhla Industrial Area, Phase-2 South Delhi
110020

Liquidation Commencement Date:  September 11, 2023

Court: National Company Law Tribunal, New Delhi Bench

Liquidator:  Mr. Loveneet Handa
      201, 2nd Floor, Park View Complex 48,
             Near Reliance Fresh, Hasanpur,
             I.P. Extension, Patparganj, Delhi 110092
             Email: loveneet.cs@gmail.com
             Contact No: 9818664478

Last date for
submission of claims: October 10, 2023

UNITED FORTUNE: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of United
Fortune International Private Limited (UFIPL) 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 UFIPL 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 UFIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on UFIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
UFIPL continues to be 'CRISIL D Issuer Not Cooperating'.

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.

UFIPL was established in December 2011 in Mumbai. The company is
promoted by Mr. Sohail Munshi's younger brother, Mr. Ahtesham
Munshi. It trades in RMGs and fabric; it exports to the Middle
East, Asia, and Africa.

The two companies are ISO 9001:2008-certified and
government-recognised star export houses.


UNNATI WRITING: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Unnati
Writing Products Private Limited continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             11         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan                3         CRISIL D (Issuer Not
                                      Cooperating)

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

Unnati was set up as a partnership firm by Mr Sudarshan Gupta, his
brother Mr Suranjan Gupta, and Mr Raj Kumar Goel in 2001. It was
reconstituted as a private limited company in 2009. The company
manufactures ball pens, fountain pens, roller pens, and gel pens.


VERSATILE MOBILE: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Versatile
Mobile Distributors Private Limited (VSTMDL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          3.15       CRISIL D (Issuer Not
                                      Cooperating)

   Bank Guarantee          2          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             3.85       CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             5          CRISIL D (Issuer Not
                                      Cooperating)

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

VSTMDL, incorporated in 2008, is a distributor of mobile phones of
brands such as Apple and HTC. It operates mainly in Hyderabad and
is promoted by Mr. V Ramesh and Mr. T Manohara Rao.


VIJAYA AERO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Vijaya Aero
Blocks Private Limited (VABPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

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

   Long Term Loan         24.5        CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in 2012, VABPL manufactures AAC bricks and blocks at
the manufacturing unit in Mahabub Nagar District, Telangana. The
company started commercial operations in January 2016, and
operations are managed by Mr. Prasanna Kumar and Mr. Ram Prasad.


WOOLWAYS (INDIA): ICRA Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term and Short-Term ratings of Woolways
(India) Limited in the 'Issuer Not Cooperating' category. The
ratings are denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term/         10.00       [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

WIL was incorporated in 1994 as a public limited company. It is
engaged in the manufacturing of readymade garments from its two
manufacturing facilities at Ludhiana, Punjab. The company is
promoted by Mr. Rakesh Nayar and his wife, Mrs. Babita

Nayar, who have over three decades of experience in readymade
garment manufacturing. The company has its own brands for
children's wear, 'Unikid'. The company also manufactures knitting
garments for other players. WIL markets its product through its 21
retail outlets spread across northern and central India. WIL also
has tie-ups with online aggregators for marketing and selling its
products online. The company derives around 15-20% of its revenues
from exports to Middle Eastern markets, such as Saudi Arabia and
the United Arab Emirates (UAE), as well as to China.




=================
I N D O N E S I A
=================

PRIMA TERMINAL: $72.6MM Bank Debt Trades at 16% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Prima Terminal
Petikemas PT is a borrower were trading in the secondary market
around 84.3 cents-on-the-dollar during the week ended Friday,
October 6, 2023, according to Bloomberg's Evaluated Pricing service
data.

The $72.6 million facility is a Term loan that is scheduled to
mature on September 28, 2030.  The amount is fully drawn and
outstanding.

PT Prima Terminal Petikemas focuses on infrastructure development
of container terminals. The Company offers services such as
container loading and unloading, warehouse and container yard,
electricity, water and sewage installations, and transportation
services. Prima Terminal Petikemas serves customers in Indonesia.




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

1MDB: Former Goldman Banker Ng to be Returned to Malaysia
---------------------------------------------------------
Reuters reports that former Goldman Sachs banker Roger Ng, facing
10 years in prison after being convicted in New York of helping
loot billions of US dollars from Malaysia's 1MDB sovereign wealth
fund, will be returned to that country, where he faces related
charges.

Reuters relates that Chief US district judge Margo Brodie in
Brooklyn on Oct. 5 ordered Ng's surrender to the US Marshals
Service by Oct. 6 so he could be turned over to Malaysian law
enforcement, who would transport him to their country.

Ng would be required upon returning to the United States to begin
his prison term, prosecutors said in an earlier letter to Brodie,
Reuters relays. Ng's lawyers agreed to the proposed schedule, the
letter said.

Ng's surrender date had been delayed from Sept. 6, after US
prosecutors said they needed more time to communicate with Kuala
Lumpur about first letting him stand trial there, Reuters relays.

A day earlier, Singapore's central bank banned Ng, also known as Ng
Chong Hwa, for life, saying his "severe misconduct" made it
"contrary to public interest to allow him to carry on business as a
representative", according to Reuters.

The case stemmed from about US$6.5 billion in bonds that Goldman
helped 1MDB sell in 2012 and 2013.

US prosecutors said officials, bankers and their associates
embezzled about US$4.5 billion of that sum.

Ng is a Malaysian national and Goldman's former head of investment
banking in Malaysia.

Brodie sentenced Ng in March, 11 months after jurors found him
guilty of helping former Goldman boss Tim Leissner embezzle money
from 1MDB, launder the proceeds, and bribe government officials to
win business, Reuters recalls.

Mr. Leissner's much-delayed sentencing is now scheduled for March
19, 2024. Jho Low, a Malaysian financier and the scheme's suspected
mastermind, was also indicted but remains at large.

Reuters notes that Goldman settled with authorities in October
2020, agreeing to pay US$2.9 billion and having its Malaysian unit
plead guilty to a corruption charge.

Ng had been arrested in Malaysia in November 2018, and agreed to be
extradited to the United States.

                             About 1MDB

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

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

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

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

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

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

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

SCOMI ENERGY: Has Four Months to Submit PN17 Regularisation Plan
----------------------------------------------------------------
theedgemalaysia.com reports that Scomi Energy Services Bhd said it
has four months to submit its regularisation plan to Bursa
Securities for approval.

In September this year, the oil and gas and transport solutions
industries service provider had been granted a further extension
till Jan. 31, 2024 to do so.

"The board of directors wishes to announce that the company is in
the midst of preparing and finalising its regularisation plan,"
Scomi Energy said in a filing with Bursa Malaysia on Oct. 2.

It added that it will make the necessary announcement with regards
to any development on the matter, theedgemalaysia.com relays.

Concessionaire PJD Link (M) Sdn Bhd had announced in October 2022
that it was seeking a listing on Bursa Malaysia via a reverse
takeover (RTO) of Scomi Energy, whose shares surged following the
announcement, theedgemalaysia.com recalls.

theedgemalaysia.com relates that the RTO was to be part of the
regularisation plan that would lift Scomi Energy from its PN17
status. However, on July 17, Scomi Energy announced that the
framework agreement it inked with the concessionaire for the RTO
had been "mutually terminated with immediate effect", but did not
elaborate.

This follows the announcement by the Selangor state government on
the termination of the controversial Petaling Jaya Dispersal (PJD)
Link project by PJD Link (M), ahead of the state polls on Aug. 12,
the report says.

Nonetheless, Selangor Menteri Besar Datuk Seri Amirudin Shari was
later quoted as saying that the PJD Link project might be revived
if it complied with requirements set by the state government.

                         About Scomi Energy

Based in Malaysia, Scomi Energy Services Berhad --
https://scomienergy.com.my/ -- provides marine vessel
transportation services. The Company offers marine logistical
services to the coal industry and offshore marine support services
to oil and gas operators and contractors. Scomi Energy Services
serves the coal, oil and gas industries in South East Asia.

Scomi Energy Services Bhd slipped into Bursa Malaysia's Practice
Note 17 status in January 2020.  Bursa said Scomi Energy had met
the criteria subject to Paragraph 2.1 (e) of Practice Note No. 17
(PN17) of its Main Market listing requirements.  Bursa said it
would continue to monitor the company's progress in compliance with
the listing requirements. On Oct. 31, 2019, Scomi Energy triggered
the PN17 criteria after its shareholders' equity on a consolidated
basis fell below 50 per cent of its issued share capital as at June
30, 2019.



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

JERSEY INITIATIVES: Court to Hear Wind-Up Petition on Oct. 13
-------------------------------------------------------------
A petition to wind up the operations of Jersey Initiatives Limited
will be heard before the High Court at Auckland on Oct. 13, 2023,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 28, 2023.

The Petitioner's solicitor is:

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


JESMOND SERVICES: Creditors' Proofs of Debt Due on Oct. 31
----------------------------------------------------------
Creditors of Jesmond Services Limited are required to file their
proofs of debt by Oct. 31, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 2, 2023.

The company's liquidators are:

         Steven Khov
         Kieran Jones
         Khov Jones Limited
         PO Box 302261
         North Harbour
         Auckland 0751


NUAN MANUFACTURING: Creditors' Proofs of Debt Due on Dec. 2
-----------------------------------------------------------
Creditors of Nuan Manufacturing Limited are required to file their
proofs of debt by Dec. 2, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Sept. 25, 2023.

The company's liquidators are:

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


PARAMOUNT GROUP: Court to Hear Wind-Up Petition on Oct. 12
----------------------------------------------------------
A petition to wind up the operations of Paramount Group (NZ)
Limited will be heard before the High Court at Christchurch on Oct.
12, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 1, 2023.

The Petitioner's solicitor is:

         Gabrielle McGillivray
         Inland Revenue, Legal Services
         PO Box 1782
         Christchurch 8140


RITELINE ROOFING: Khov Jones Limited Appointed as Receiver
----------------------------------------------------------
Steven Khov and Kieran Jones of Khov Jones Limited on Oct. 5, 2023,
were appointed as receivers of Riteline Roofing Limited.

The receivers may be reached at:

         Khov Jones Limited
         PO Box 302261
         North Harbour
         Auckland 0751





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

DREAM SPARKLE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Sept. 29, 2023, to
wind up the operations of Dream Sparkle Pte. Ltd.

DBS Bank Ltd. filed the petition against the company.

The company's liquidators are:

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


EMERSON ELECTRIC: Creditors' Proofs of Debt Due on Nov. 4
---------------------------------------------------------
Creditors of Emerson Electric (South Asia) Pte. Ltd. are required
to file their proofs of debt by Nov. 4, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Sept. 29, 2023.

The company's liquidator is:

          Sam Kok Weng
          c/o 7 Straits View
          Marina One East Tower, Level 12
          Singapore 018936


KANGFU INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 20
---------------------------------------------------------------
A petition to wind up the operations of Kangfu International 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. 29, 2023.

The Petitioner's solicitors are:

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


PAPAGENO PTE: Creditors' Proofs of Debt Due on Nov. 5
-----------------------------------------------------
Creditors of Papageno Pte. Ltd. are required to file their proofs
of debt by Nov. 5, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 29, 2023.

The company's liquidator is:

          Farooq Ahmad Mann
          c/o 3 Shenton Way
          #03-06C Shenton House
          Singapore 068805


RICH EAST TRADING: Creditors' Meeting Set for Oct. 19
-----------------------------------------------------
Rich East Trading Pte Ltd will hold a meeting for its creditors on
Oct. 19, 2023, at 10:30 a.m., at 15 Paya Lebar Road #B1-03 Staytion
@ Paya Lebar MRT in Singapore.

Agenda of the meeting includes:

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

   b. to confirm the members' nomination of liquidator;

   c. to consider and if thought fit, appoint a Committee of
      Inspection consisting of not more than 5 members, for the
      purpose of winding up the Company; and

   d. Any other business.



[*] SINGAPORE: Asset Seizure Tops US$2BB as Laundering Probe Widens
-------------------------------------------------------------------
Bloomberg News reports that Singapore authorities seized or froze
assets worth more than SGD2.8 billion (US$2 billion) in one of the
city-state's largest money laundering investigations, a senior
official said on Oct. 3 while signaling the government could
tighten immigration rules to curb illicit inflows.

The amount disclosed to parliament by Second Minister for Home
Affairs Josephine Teo is higher than the SGD2.4 billion previously
announced, Bloomberg says. The assets included 152 properties, 62
vehicles, thousands of bottles of liquor, cryptocurrencies, gold
bars and jewellery.

Bloomberg relates that the probe, which saw 10 foreigners with
Chinese origins charged in August for alleged forgery and
laundering proceeds from scams and illegal online gambling, is
ongoing, she said. The city-state will review how to tighten its
immigration verification checks, though "the crooks will still try
to find a way around," said Ms. Teo.

"Singapore takes money laundering seriously," the minister said,
notes the report. "We do not turn a blind eye to any risks, once we
become aware of them."

Ms. Teo denied the probe was at the behest of China, Bloomberg
relays. "Singapore does not need another country to tell us what to
do to enforce our laws, nor will we do anything unless it is in our
own interests," she said.

According to Bloomberg, Singapore has long capitalized on its
reputation for clean governance and zero tolerance for crime to
attract foreign investments and the well-to-do. The city-state is
working with international counterparts and local regulators will
take action against those who have fallen short, said Ms. Teo, who
also heads the Ministry for Communications and Information.

Bloomberg adds that Singapore is also looking into how one or more
of the accused may have been linked to single family offices with
incentives, and will tighten the rules where necessary. An
inter-ministry panel will also be set up to enhance safeguards
against money laundering.

The case is shining a light on fund flows from abroad and whether
the $2 trillion financial sector driving the city-state's economy
as well as its property sector have done enough to block dubious
transactions.  Ms. Teo said the authorities had caught wind of the
use of suspected forged documents to substantiate sources of funds
back in 2021 and launched a comprehensive probe early the following
year, Bloomberg relays.

Bloomberg notes that Singapore has seen an influx of affluent
Asians, including those from China, seeking safe investments amid
crackdowns in the mainland and pandemic restrictions.

Cross-border wealth inflows into Singapore totaled $1.5 trillion
last year, Bloomberg discloses citing an estimate by Boston
Consulting Group. This makes the country the world's third largest
offshore financial hub after Switzerland and Hong Kong where the
wealthy park their assets.

"This police investigation has strengthened our reputation as a
serious, high quality financial center, and for law and order,"
Bloomberg quotes Ms. Teo as saying.

At least 240 individuals were convicted of money laundering
offenses from 2020 to 2022 with the police seizing more than SGD1.2
billion worth of assets, she added.

Banks in the wealthy island-nation are increasing scrutiny of some
Chinese-born clients with other citizenships, the report says.

"Criminals are becoming increasingly sophisticated," Indranee
Rajah, Second Minister for Finance, told parliament, Bloomberg
relays. "Even as we identify new areas to tighten, criminals will
invariably find new loopholes to exploit."




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S R I   L A N K A
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BANK OF CEYLON: Fitch Affirms 'CCC-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Bank of Ceylon's (BOC) Long-Term
Local-Currency Issue Default Rating (IDR) at 'CCC-' and removed it
from Rating Watch Negative (RWN). The Outlook is Stable.

At the same time, Fitch has affirmed the National Long-Term Ratings
of the following banks, removed them from RWN and assigned Stable
Outlooks:

- BOC at 'A(lka)'

- People's Bank (Sri Lanka) at 'A(lka)'

- Commercial Bank of Ceylon PLC at 'A(lka)'

- Hatton National Bank PLC at 'A(lka)'

- Sampath Bank PLC at 'A(lka)'

- National Development Bank PLC at 'A-(lka)'

- Seylan Bank PLC at 'A-(lka)'

- DFCC Bank PLC at 'A-(lka)'

- Nations Trust Bank PLC at 'A-(lka)'

- Pan Asia Banking Corporation PLC at 'BBB-(lka)'

- Union Bank of Colombo PLC at 'BBB-(lka)'

- Amana Bank PLC at 'BB+(lka)'

- Sanasa Development Bank PLC at 'BB+(lka)'

- Housing Development Finance Corporation Bank of Sri Lanka at
'BB+(lka)'

Fitch has also affirmed Cargills Bank Limited's (CBL) National
Long-Term Rating at 'A(lka)' and removed it from RWN. Fitch has
assigned a Negative Rating Outlook.

The RWN on these banks' senior and subordinated debt ratings, where
assigned, has also been removed.

BOC's Long-Term Foreign-Currency IDR of 'CC', Short-Term IDR of
'C', Viability Rating of 'cc' and Government Support Rating of 'ns'
were not considered in this review.

KEY RATING DRIVERS

Downside Risks to Banks Easing: The removal of the RWN on BOC's
Long-Term Local-Currency IDR and the national ratings of all the
above banks reflects its view that near-term downside risks have
substantially reduced as reflected in the upgrade of Sri Lanka's
Long-Term Local-Currency IDR to 'CCC-' from 'RD'. Please see Fitch
Upgrades Sri Lanka's Long-Term Local-Currency IDR to 'CCC-',
published 28 September 2023.

The successful conclusion of the local-currency sovereign debt
restructuring, including the exclusion of banks' holdings of
treasury securities from the domestic debt optimisation programme,
has alleviated some of the pressure on the banks' capital positions
from weakening loan quality and rupee depreciation as well as any
immediate funding and liquidity stresses.

Manageable Risks from Foreign-Currency Bonds: The restructuring of
Sri Lanka's foreign-currency debt, including the defaulted
sovereign bonds that banks hold, has not been completed, but Fitch
believes that incremental risks to banks' capital from the
restructuring are likely to be manageable, given their limited
exposure to these bonds (3.6% of total assets at end-1H23) and high
provision coverage. That said, access to foreign-currency wholesale
funding remains challenged by the sovereign's weak credit profile,
but the stress on banks' foreign-currency liquidity has largely
eased relative to the crisis period.

Negative Outlook on CBL: The Negative Outlook on CBL's national
rating reflects downside risks from its increasing size relative to
that of its ultimate parent, CT Holdings PLC (CTH), which could
constrain the parent's ability to provide extraordinary support in
times of need. At end-1H23, the bank's assets accounted for 193% of
group equity and 51% of group assets.

The removal of parental support considerations due to rising
relative size could result in a downgrade of CBL's rating to a
level that reflects its standalone credit strength. Fitch views
this to be significantly weaker than the support-driven rating of
'A(lka)' due to its weak financial profile and small and developing
franchise.

RATING SENSITIVITIES

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

BOC's Long-Term Local-Currency IDR

Fitch would downgrade BOC's Long-Term Local-Currency IDR if Fitch
perceives there is an increased likelihood that the bank would
default on or seek a restructuring of its local-currency
denominated senior obligations to non-government creditors.

National ratings of all banks, except CBL

A deterioration in the banks' key credit metrics beyond its
base-case expectations relative to peers could trigger a downgrade
on the banks' ratings, which are driven by their intrinsic
financial strength.

National rating of CBL

CBL's rating is sensitive to changes in CTH's credit profile as
well as Fitch's opinion around the ability or propensity of CTH to
extend timely extraordinary support. A continued increase in CBL's
balance sheet relative to that of CTH that makes extraordinary
support more onerous for the parent, could lead to a multiple-notch
downgrade in CBL's national rating to reflect its standalone credit
strength.

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

BOC's Long-Term Local-Currency IDR

An upgrade of BOC's Long-Term Local-Currency IDR would most likely
result from an improvement in Sri Lanka's operating environment,
which could occur after the successful completion of the
restructuring of the remainder of the foreign-currency sovereign
debt.

National ratings of all banks, except CBL

Positive rating action on the sovereign may lead to an upgrade in
the banks' ratings. A sustained improvement in the banks' key
credit metrics beyond its base-case expectations relative to peers,
could also lead to an upgrade of the banks' ratings.

National rating of CBL

There is limited upside potential given the Negative Outlook on the
bank's national rating.

BOC and PB have a 1.78% equity stake each in Fitch Ratings Lanka
Ltd. No shareholder other than Fitch, Inc. is involved in the
day-to-day rating operations of, or credit reviews undertaken by,
Fitch Ratings Lanka Ltd.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

RWN Removed on Senior Debt Ratings: Fitch has also taken
corresponding rating action on the banks' national scale senior
debt ratings, where assigned. Sri Lanka rupee-denominated senior
debt, where applicable, is rated at the same level as the banks'
National Long-Term Ratings in accordance with Fitch's criteria.
This is because the issues rank equally with the claims of the
banks' other senior unsecured creditors.

SUBORDINATED DEBT

The removal of the RWN on the banks' outstanding and proposed
subordinated debt, where applicable, corresponds to the action
taken on these banks' national ratings. Sri Lanka rupee-denominated
subordinated debt, where applicable, is rated two notches below
banks' National Long-Term Ratings. This is in line with its
baseline notching for loss severity for this type of debt and its
expectations of poor recovery.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Senior and subordinated debt ratings will move in tandem with the
National Long-Term Rating

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

CBL's National Long-Term Rating is driven by support from its
ultimate parent, CTH.

ESG CONSIDERATIONS

BOC has an ESG Relevance Score of '4' for Governance Structure due
to ownership concentration, with a 100% state shareholding and
several related-party transactions with the state and state-owned
entities, which has a negative impact on the credit profile and is
relevant to the rating in conjunction with other factors.

BOC has an ESG Relevance Score of '4' for Financial Transparency.
It reflects its view that the recent regulatory forbearance
measures announced by the Central Bank of Sri Lanka could distort
the true solvency and liquidity position of the bank, thereby
limiting financial transparency. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This 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
   -----------            ------                   -----
People's Bank
(Sri Lanka)       Natl LT A(lka)        Affirmed   A(lka)

Union Bank of
Colombo PLC       Natl LT BBB-(lka)     Affirmed   BBB-(lka)

Seylan Bank
PLC               Natl LT A-(lka)       Affirmed   A-(lka)

   Subordinated   Natl LT BBB(lka)      Affirmed   BBB(lka)

SANASA
Development
Bank PLC          Natl LT BB+(lka)      Affirmed   BB+(lka)

Amana Bank PLC    Natl LT BB+(lka)      Affirmed   BB+(lka)

Cargills Bank
Limited           Natl LT A(lka)        Affirmed   A(lka)

DFCC Bank PLC     Natl LT A-(lka)       Affirmed   A-(lka)

   senior
   unsecured      Natl LT A-(lka)       Affirmed   A-(lka)

   subordinated   Natl LT BBB(lka)      Affirmed   BBB(lka)

National
Development
Bank PLC          Natl LT A-(lka)       Affirmed   A-(lka)

   subordinated   Natl LT BBB(lka)      Affirmed   BBB(lka)

   subordinated   Natl LT BBB(EXP)(lka) Affirmed   BBB(EXP)(lka)

Sampath Bank PLC  Natl LT A(lka)        Affirmed   A(lka)

   subordinated   Natl LT BBB+(lka)     Affirmed   BBB+(lka)

Hatton National
Bank PLC          Natl LT A(lka)        Affirmed   A(lka)

   senior
   unsecured      Natl LT A(lka)        Affirmed   A(lka)

   subordinated   Natl LT BBB+(lka)     Affirmed   BBB+(lka)

Commercial Bank
of Ceylon PLC     Natl LT A(lka)        Affirmed   A(lka)

   subordinated   Natl LT BBB+(lka)     Affirmed   BBB+(lka)

   subordinated   Natl LT BBB+(EXP)(lka)Affirmed   BBB+(EXP)(lka)

Housing
Development
Finance
Corporation
Bank of
Sri Lanka         Natl LT BB+(lka)      Affirmed   BB+(lka)

   senior
   unsecured      Natl LT BB+(lka)      Affirmed   BB+(lka)

Bank of Ceylon    LC LT IDR CCC-        Affirmed   CCC-
                  Natl LT A(lka)        Affirmed   A(lka)

   subordinated   Natl LT BBB+(lka)     Affirmed   BBB+(lka)

Pan Asia Banking
Corporation PLC   Natl LT BBB-(lka)     Affirmed   BBB-(lka)

Nations Trust
Bank PLC          Natl LT A-(lka)       Affirmed   A-(lka)

   subordinated   Natl LT BBB(lka)      Affirmed   BBB(lka)


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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