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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

          Wednesday, October 11, 2023, Vol. 26, No. 204

                           Headlines



A U S T R A L I A

BLEND AND PACK: First Creditors' Meeting Set for Oct. 13
GENESIS CARE: Updates SFA & Swap Claims Pay Details
LAKEMBA STREET: First Creditors' Meeting Set for Oct. 17
NVN ENTERPRISES: First Creditors' Meeting Set for Oct. 12
RESIDENCE BUILDING: First Creditors' Meeting Set for Oct. 13

WASTE MANAGEMENT: First Creditors' Meeting Set for Oct. 16


C H I N A

CBAK ENERGY: Falls Short of Nasdaq Minimum Bid Price Requirement
CBAK ENERGY: Unit to Acquire 5% Stake in BAK Power for $35.6M
SUNAC CHINA: Foreign Proceeding Recognition Hearing Set for Oct. 31
WEST CHINA CEMENT: Moody's Cuts CFR & Senior Unsecured Debt to Ba3


I N D I A

ABIR INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
APSARA POWER: CRISIL Keeps B+ Debt Rating in Not Cooperating
ATHAVAN SOLAR: CRISIL Keeps B+ Debt Rating in Not Cooperating
EAST COAST: ICRA Keeps D Debt Ratings in Not Cooperating Category
ELLENBARRIE TEA: CRISIL Moves B+ Debt Rating from Not Cooperating

GENIE COMMERCIAL: CRISIL Keeps D Debt Rating in Not Cooperating
HARANAI SAHAKARI: ICRA Keeps B+ Debt Ratings in Not Cooperating
INDRATARA AGRO: CRISIL Withdraws B+ Rating on INR9.20cr Loan
LAXMI POLYCOAT: CRISIL Keeps B- Debt Ratings in Not Cooperating
MAA GAURI: ICRA Keeps D Debt Ratings in Not Cooperating Category

MALDIVES: Fitch Affirms Foreign Curr. IDR at 'B-', Outlook Negative
NEW KHODIYAR: CRISIL Keeps B+ Debt Rating in Not Cooperating
PON RAJANS: CRISIL Moves B+ Debt Ratings from Not Cooperating
R. P. INDUSTRIES: CRISIL Withdraws B Rating on INR10cr Cash Loan
RAIGARH CHAMPA: ICRA Keeps D Debt Ratings in Not Cooperating

RARE ROCKS: CRISIL Moves B+ Debt Ratings to Not Cooperating
SAI REGENCY: ICRA Keeps D Ratings in Not Cooperating Category
SAISUDHIR INFRA: ICRA Keeps D Debt Ratings in Not Cooperating
SAMDARIYA BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating
SATPURA FOODS: CRISIL Withdraws B+ Rating on INR8cr Cash Loan

SOMESHWARA FERTILIZERS: ICRA Keeps B+ Rating in Not Cooperating
SPAHJ INDIA: CRISIL Moves B Debt Rating from Not Cooperating
SPICEJET LTD: WLFC Asks NCLT to Issue Notice in Insolvency Case
SUDHEER TIMBERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
TULSIANI CONSTRUCTIONS: ICRA Keeps D Rating in Not Cooperating



I N D O N E S I A

STAR ENERGY: Fitch Affirms Sr. Notes Rating at BB-, Outlook Stable


M A L A Y S I A

CAPITAL A: Seeks Extension to Submit PN17 Exit Plan


N E W   Z E A L A N D

ABC SUPPLIES: Creditors' Proofs of Debt Due on Oct. 30
ACCURO HEALTH: A.M. Best Places B(Fair) FS Rating Under Review
BOTANIST OF AUCKLAND: Court to Hear Wind-Up Petition on Oct. 20
E STRUCTURES: Court to Hear Wind-Up Petition on Oct. 26
GENETIC DEVELOPMENT: Liquidators Pursue Livestock Shipping Claim

LET'S GO: Court to Hear Wind-Up Petition on Oct. 13
RITELINE ROOFING: Khov Jones Appointed as Receivers


S I N G A P O R E

BRAIN WONDERLAND: Creditors' Proofs of Debt Due on Nov. 9
CR PARTNER: Court to Hear Wind-Up Petition on Oct. 20
MANDALA ENERGY: Creditors' Proofs of Debt Due on Oct. 20
TOKYO SHINJU: Commences Wind-Up Proceedings
VIRESCO SINGAPORE: Court Enters Wind-Up Order


                           - - - - -


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

BLEND AND PACK: First Creditors' Meeting Set for Oct. 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Blend and
Pack Pty. Ltd. will be held on Oct. 13, 2023, at 1:30 p.m. via
Zoom.

Con Kokkinos and Nathan Deppeler of Worrells were appointed as
administrators of the company on Oct. 3, 2023.


GENESIS CARE: Updates SFA & Swap Claims Pay Details
---------------------------------------------------
Genesis Care Pty Limited, et al., submitted a First Amended
Disclosure Statement for its First Amended Joint Plan dated Sept.
28, 2023.

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

     Sale of Palette Life Sciences

Non-Debtor entity GenesisCare Ventures Pty Ltd. ("GC Ventures"), an
indirect wholly-owned subsidiary of the Company, owns a 10% stake
of Palette Life Sciences AB, corp. reg. no. 556785-1158. On July
25, 2023, Teleflex Incorporated, a Delaware Corporation, entered
into a stock purchase agreement with certain seller parties,
pursuant to which Teleflex will acquire all issued and outstanding
shares of common stock of Palette. Pursuant to the transaction with
Teleflex, GC Ventures expects to sell all shares that it holds in
Palette through the stock purchase agreement. If successfully
consummated, the sale of the Company's shares in Palette Life
Sciences AB is anticipated to result in gross proceeds to
GenesisCare of approximately $50 million. This closing is
anticipated to occur in the fourth quarter of 2023.

Class 3 consists of SFA Claims and Swap Claims. Except to the
extent that a Holder of an Allowed SFA Claim or Allowed Swap Claim
agrees in writing to less favorable treatment, in exchange for the
full and final satisfaction, settlement, release, and discharge of
its SFA Claim or Swap Claim, each Holder of an Allowed SFA Claim or
Allowed Swap Claim shall receive its Pro Rata share of (i) the New
Warrants, and (ii) Distributable Cash allocated to the SFA Claim or
Swap Claim, if any, pursuant to the Waterfall Recovery. The amount
of claim in this Class total $1,098.5 million. This Class will
receive a distribution of up to 1% of their allowed claims.

Class 5B consists of General Unsecured Claims Against the GC U.S.
Debtors. Subject to section 1129(a)(7)(A)(ii) of the Bankruptcy
Code, on the Effective Date each General Unsecured Claim against
the GC U.S. Debtors shall be discharged and released, and each
Holder of a General Unsecured Claim against the GC U.S. Debtors
shall not receive or retain any distribution, property, or other
value on account of such General Unsecured Claim against the GC
U.S. Debtors. The amount of claim in this Class total $42.5
million. This Class will receive a distribution of 0% of their
allowed claims.

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

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

As currently contemplated, it is expected that the Sale Transaction
Restructuring will occur and the Plan provides that any continuing
U.S. operations or assets will be limited to a wind-down following
the sale of substantially all of the assets comprising the Debtors'
U.S. business. The disposition of the U.S. business is currently
contemplated to be treated as an asset sale for U.S. federal income
tax purposes, with taxable income or loss resulting from such sales
and any proceeds thereof being used to satisfy Claims. No U.S. tax
attributes are expected to survive the restructuring.

It is further expected that Reorganized ROW TopCo will be taxable
as a corporation for U.S. federal income tax purposes.

A copy of the First Amended Disclosure Statement dated September
28, 2023, is available at https://urlcurt.com/u?l=XJvV97 from
Stretto, the claims agent.

Co-Counsel to the Debtors:

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

Co-Counsel to the Debtors:

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

          - and -

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

                      About GenesisCare

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

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

Judge David R. Jones oversees the case.

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

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


LAKEMBA STREET: First Creditors' Meeting Set for Oct. 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Lakemba
Street Development Pty Ltd will be held on Oct. 17, 2023, at 10:00
a.m. at the offices of Hamilton Murphy Advisory, Level 12, 503 Kent
Street, Sydney, in NSW and via virtual meeting technology.

Geoffrey Trent Hancock of Hamilton Murphy was appointed as
administrator of the company on Oct. 5, 2023.




NVN ENTERPRISES: First Creditors' Meeting Set for Oct. 12
---------------------------------------------------------
A first meeting of the creditors in the proceedings of NVN
Enterprises Pty Ltd, formerly traded as Ms Bentleigh Hair & Beauty,
will be held on Oct. 12, 2023, at 10:00 a.m. via teleconference.

Gaurav Mishra of Nesta Advisory was appointed as administrator of
the company on Oct. 2, 2023.



RESIDENCE BUILDING: First Creditors' Meeting Set for Oct. 13
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Residence
Building Group Pty Ltd will be held on Oct. 13, 2023, at 10:30 a.m.
via virtual meeting only.

Leigh Prior of Agile Business Advisory was appointed as
administrator of the company on Oct. 3, 2023.



WASTE MANAGEMENT: First Creditors' Meeting Set for Oct. 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Waste
Management Group Pty Ltd will be held on Oct. 16, 2023, at 11:00
a.m. via Microsoft Teams.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of the company on Oct. 4, 2023.




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

CBAK ENERGY: Falls Short of Nasdaq Minimum Bid Price Requirement
----------------------------------------------------------------
CBAK Energy Technology, Inc. disclosed in a Form 8-K filed with the
Securities and Exchange Commission that the Company received a
letter from the listing qualifications department staff of The
Nasdaq Stock Market indicating that the Company is not in
compliance with the $1.00 minimum bid price requirement set forth
in Nasdaq Listing Rule 5550(a)(2) for continued listing on The
Nasdaq Capital Market.

The Bid Price Deficiency Notice has no immediate effect on the
listing of the Company's common stock, and the Company's common
stock continues to trade on the Nasdaq Capital Market under the
symbol "CBAT."

In accordance with Nasdaq listing rule 5810(c)(3)(A), the Company
has 180 calendar days from the date of the Bid Price Deficiency
Notice, or until March 25, 2024, to regain compliance with respect
to the Bid Price Requirement.  The Bid Price Deficiency Notice
states that to regain compliance with the Bid Price Requirement,
the closing bid price of the Company's common stock must meet or
exceed $1.00 per share for a minimum of ten consecutive business
days during the compliance period ending March 25, 2024.

If the Company fails to regain compliance with the Bid Price
Requirement by March 25, 2024, the Company may be eligible for an
additional 180-day compliance period to demonstrate compliance with
the Bid Price Requirement.  To qualify, the Company will be
required to meet the continued listing requirement for market value
of publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the Bid Price
Requirement, and will need to provide written notice to Nasdaq of
its intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary.  If the
Company does not qualify for the second compliance period or fails
to regain compliance with the Bid Price Requirement during the
second 180-day period, Nasdaq will notify the Company of its
determination to delist the common stock, at which point the
Company would have an opportunity to appeal the delisting
determination to a Hearings Panel.

The Company intends to actively monitor the closing bid price of
the Company's common stock between now and
March 25, 2024 and may, if appropriate, evaluate available options
to resolve the deficiency and regain compliance with the Bid Price
Requirement. While the Company is exercising diligent efforts to
maintain the listing of its common stock on Nasdaq, there can be no
assurance that the Company will be able to regain or maintain
compliance with Nasdaq listing standards.

                        About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications. Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.

CBAK Energy reported a net loss of $11.33 million for the year
ended Dec. 31, 2022, compared to net income of $61.56 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$244.03 million in total assets, $119.65 million in total
liabilities, and $124.38 million in total equity.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 14, 2023, citing that the Company has
accumulated deficit from recurring net losses and significant
short-term debt obligations maturing in less than one year as of
Dec. 31, 2022.  All these factors raise substantial doubt about its
ability to continue as a going concern.


CBAK ENERGY: Unit to Acquire 5% Stake in BAK Power for $35.6M
-------------------------------------------------------------
CBAK Energy Technology, Inc. announced that its wholly-owned
subsidiary, Nanjing CBAK New Energy Technology Co., Ltd, has
reached an agreement with Shenzhen BAK Battery Co., Ltd. to
acquire, from BAK Battery, a 5% stake in Shenzhen BAK Power Battery
Co., Ltd., an unrelated, well-respected power battery R&D and
manufacturing company.

Under the terms of the agreement, Nanjing CBAK will acquire a 5%
stake in BAK Power for RMB260 million (or approximately $35.57
million), based on a mutually agreed-upon fair market valuation of
RMB5.2 billion (or approximately $710 million).  As one of China's
leading companies in the development of model 46800 batteries, BAK
Power has agreed to supply its battery products to CBAK Energy,
creating synergy with models 46115 and 46157 batteries developed by
CBAK Energy and reinforcing product supply while establishing
non-compete agreements for certain key customers.

Founded in 2001, BAK Power, as one of the foremost lithium battery
manufacturers in China, is dedicated to developing a global new
energy business.  Leveraging its core technology of self-developed
lithium batteries, BAK Power focuses on promoting efficient power
supply for electric vehicles and providing stable energy storage
system products.  BAK Power is recognized for its research and
development of power batteries and advancing cylindrical lithium
battery technology.  BAK Power has consistently remained at the
forefront of the industry due to its forward-looking approach and
continuous innovation.

Existing main shareholders of BAK Power include renowned Chinese
financial institutions, including: China Cinda Asset Management
Co., Ltd., one of China's largest asset management companies;
Shenzhen Capital Group Co., Ltd., a top-tier Chinese private equity
firm; and CMS Capital Co., Ltd., one of the largest broker-owned
investment firms in China.

Yunfei Li, chairman and chief executive officer of CBAK Energy,
stated, "We're thrilled to be bringing CBAK Energy and BAK Power
together.  This strategic acquisition of a minority interest in BAK
Power will enable us to leverage our collective expertise and
resources to drive innovation and deliver advanced products to our
customers, enhancing our leading position in the power battery
industry and further strengthening our capability in cylindrical
lithium battery production and electric energy solutions."

                      About CBAK Energy

Liaoning Province, People's Republic of China-based CBAK Energy --
www.cbak.com.cn -- is a manufacturer of new energy high power
lithium batteries that are mainly used in light electric vehicles,
electric vehicles, electric tools, energy storage including but not
limited to uninterruptible power supply (UPS) application, and
other high-power applications. Its primary product offering
consists of new energy high power lithium batteries, but it is also
seeking to expand into the production and sale of light electric
vehicles.

CBAK Energy reported a net loss of $11.33 million for the year
ended Dec. 31, 2022, compared to net income of $61.56 million for
the year ended Dec. 31, 2021. As of Dec. 31, 2022, the Company had
$244.03 million in total assets, $119.65 million in total
liabilities, and $124.38 million in total equity.

Hong Kong, China-based Centurion ZD CPA & Co., the Company's
auditor since 2016, issued a "going concern" qualification in its
report dated April 14, 2023, citing that the Company has
accumulated deficit from recurring net losses and significant
short-term debt obligations maturing in less than one year as of
Dec. 31, 2022.  All these factors raise substantial doubt about its
ability to continue as a going concern.



SUNAC CHINA: Foreign Proceeding 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
requesting 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 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.


WEST CHINA CEMENT: Moody's Cuts CFR & Senior Unsecured Debt to Ba3
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior unsecured ratings of West China Cement Limited
(WCC) to Ba3 from Ba2, and maintained the negative outlook.

"The downgrade and negative outlook reflect WCC's weakened credit
and liquidity profiles driven by the company's rising leverage and
increasing reliance on short-term debt. This is because the
company's more aggressive business strategy has led to persistent
large capital spending in overseas projects, which carry higher
execution risks," says Roy Zhang, a Moody's Vice President and
Senior Analyst.

"The rating action also considers the challenging operating
environment facing WCC's domestic cement operations, though
tempered by its strong market position in the Shaanxi region," adds
Zhang.

RATINGS RATIONALE

WCC's corporate family rating reflects the company's dominant
market share in the production of cement in central and southern
Shaanxi Province, and its long track record of operations. The
rating also considers WCC's increasing business diversification
through its emerging presence in new markets outside of China, and
business synergies with Anhui Conch Cement Company Limited (A2
stable), which increased its shareholding in WCC to 29.14% as of
the end of 2022 from 21.1% as the end of 2020.

These strengths are counterbalanced by WCC's limited scale for its
rating level, industry cyclicality, limited diversification in
terms of product coverage, large investment requirement and
execution risks related to its overseas expansion projects; and
aggressive financial policy of relying on short-term financing.

WCC's domestic business is affected by weak demand due to muted
property sales. Lower average selling prices have also led to lower
revenue and margin. Moody's expects market conditions in China to
remain challenging over the next 12-18 months as property demand
will not likely rebound strongly. Weak demand and excess capacity
will constrain margin recovery for Chinese cement producers.

Rising revenue from WCC's overseas projects in Africa have largely
offset the decline in its domestic business. Its overseas revenue
increased by 157% in the first half of 2023. These projects also
carry higher margins because of favorable market conditions.

Incremental revenue contribution from these markets will likely
drive WCC's revenue growth and margin expansion. Moody's forecasts
the company will grow its revenue by 8%-15% over the next 12-18
months to RMB10 billion-RMB12 billion. Its EBITDA margin will
likely gradually recover to 37%-39% in 2024, from around 34% the
agency had projected for 2023 and 37.7% for 2022.

Moody's has considered potential execution risks as WCC expands
operations in Africa. Some mitigating factors include the company's
market diversification across different countries in Africa, cash
flow generating capability, US-dollar linked pricing mechanism and
track record of moving cash out of jurisdictions with currency
control measures. However, Moody's will continue to monitor how WCC
manages the execution risks.

Moody's estimates that WCC's total debt will reach RMB11 billion as
of the end of 2024, assuming some additional debt funding for
project expansion. Its debt to EBITDA will likely rise to 3.6x as
of the end of 2023 before falling to 2.8x as of the end of 2024,
supported by higher EBITDA from new projects.

WCC's liquidity is weak. The company had cash and cash-like sources
of about RMB1.7 billion as of the end of June 2023. This, together
with its operating cash flow, is insufficient to cover its debt
maturities, dividend payout and capital expenditure over the next
12-18 months.

Moody's notes that most of its short-term debt are from onshore
banks, and WCC has a track record of rolling over these debts,
given its market position and cash flow generation. In addition,
the company will likely continue to broaden its long-term funding
access to support its overseas projects.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

ESG considerations negatively impact WCC's ratings. The company's
exposure to environmental and social risks, including carbon
transition, natural capital, waste and pollution risks, is in line
with rated cement producers.

The rating action also factors in WCC's higher risk appetite given
execution risks related to its fast expansion in Africa and
aggressive financial policy of higher reliance on short-term
financing.  

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

Moody's could revise WCC's rating outlook to stable if the company
executes on its expansion plans, and manages to reduce its reliance
on short-term debt, resulting in adequate liquidity.

Downward rating pressure could emerge if WCC fails to improve its
leverage and short-term debt coverage because of falling revenue,
rising costs, aggressive expansion or unexpected shareholder
distributions. Specifically, Moody's could downgrade the rating if
the company's debt/EBITDA exceeds 4.0x on a sustained basis, or if
the company fails to improve its liquidity profile by securing
long-term funding.

The principal methodology used in these ratings was Building
Materials published in September 2021.

West China Cement Limited (WCC) is a leading cement producer in
terms of capacity in China's Shaanxi Province. As of the end of
June 2023, the company's annual capacity was 33.3 million tons.

Most of WCC's plants are located in the central and southern parts
of Shaanxi province. The company has established its presence in
Xinjiang and Guizhou in China, and in Mozambique, the Democratic
Republic of the Congo and Ethiopia in Africa through the
construction of new facilities and acquisitions.

The company was 32.3% owned by its founder and chairman, Zhang
Jimin, and 29.1% owned by Anhui Conch Cement Company Limited as of
the end of June 2023.



=========
I N D I A
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ABIR INFRASTRUCTURE: ICRA Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Abir Infrastructure Private
Limited in the 'Issuer Not Cooperating' category. The rating are
denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        96.95      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–        50.86      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term        186.05      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category

   Long Term-         2.50      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Abir Infrastructure Private Limited (AIPL) is a private limited
company, promoted by Mr. K. Gnyandeep and Mr. Y. Y. Butchi Babu in
2005. The company is engaged in the construction activities
primarily related to hydro power and thermal power projects.


APSARA POWER: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Apsara Power
India Private Limited (APIPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              12         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with APIPL for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of APIPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated January 06, 2023.

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

APIPL was incorporated in 2015. APIPL is engaged in operating wind
power plant at Karur, TN. APIPL is owned & managed by Mr. M
Chinnasami, Mr. R Krishnamoorthy and Mr. K Thangavelu.


ATHAVAN SOLAR: CRISIL Keeps B+ Debt Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Athavan Solar
Projects (ASP) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Rupee Term Loan       13.5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with Athavan
Solar Projects (ASP) for obtaining information through letter and
email dated August 24, 2023 among others, apart from telephonic
communication. However, the issuer has remained non cooperative and
the ratings on bank facilities of ASP continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated January 6, 2023.

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

ASP was incorporated in 2013, engaged in operating wind power plant
at Karur. ASP is owned & managed by  Mr. M Chinnasami, Mr. R
Krishnamoorthy and Mr.K Thangavelu.


EAST COAST: ICRA Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term rating of East Coast Energy 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–      4,927.00     [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term         668.00     [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. but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

ECEPL was developing a 1320 MW (2 X 660 MW) supercritical
coal-based power project near Kakarapalli village in the Srikakulam
district of Andhra Pradesh. The company is promoted by Asian Genco
Pte Limited, Cobalt Power Private Limited (majorly held by Navayuga
group), Athena Energy Ventures Private Limited, Abir Infrastucture
Limited & Associates and PTC India Financial Services Limited.


ELLENBARRIE TEA: CRISIL Moves B+ Debt Rating from Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Ellenbarrie Tea and
Industries Private Limited (ETIL) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating on bank facilities of ETIL to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          0.5        CRISIL A4 (Migrated from
                                      'CRISIL A4 ISSUER NOT
                                      COOPERATING')

   Cash Credit             5.75       CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

   Proposed Fund-          1.75       CRISIL B+/Stable (Migrated
   Based Bank Limits                  from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING')

The ratings continue to reflect the company's modest scale of
operations and modest operating efficiency amidst exposure to risks
posed by volatility in tea prices. These weaknesses are partially
offset by the extensive experience of its promoter and moderate
financial profile.

Analytical Approach:

Unsecured loans from promoters (Rs 12.88 crore as on March 31,
2023) have been treated as neither debt nor equity as these are
expected to remain in business over the medium term and has track
record of non-withdrawal over past 3 years.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue is estimated to be subdued at
around Rs 10 crore in fiscal 2023 against 12.6 crore in fiscal 2022
and is expected to remain muted with intense competition from large
players and limited area under cultivation. The revenues of the
company have declined over the past few fiscals from Rs 22 crore in
FY21 to lower bought leaf production to curtail circulation of
leaves having excess pesticide residue. The profitable improvement
in the scale of operations will remain a key rating sensitivity
factor.

* Business risk exposed to volatile tea industry: As tea is a
seasonal product, its yield depends on weather conditions.
Production could be hampered significantly in case of any variation
in rains, humidity, and temperature. In case of poor weather
conditions, decline in production and quality levels causes
volatility in realisations. Moreover, plantation operations are
fixed cost in nature, with labour accounting for around 50% of
total cost. Presence of several labour laws and unions restrict the
scope to reduce manpower. Hence, in case of a drop in production or
realisations, the company may witness a fall in its profitability.

Strengths:

* Extensive industry experience of the promoters: Benefits from the
four-decade-long experience of the promoters, their keen grasp of
industry dynamics, and healthy relationships with labourers,
customers, and raw material suppliers should continue to support
the business.

* Moderate financial profile: The networth of the company is
estimated to be modest at Rs 4.95 crore with a total debt of Rs 5.8
crore as on March 31, 2023 yielding a moderate gearing of 1.7 times
and total outside liability-adjusted tangible networth of 1.33
times as on March 31, 2023. However, the profitability is estimated
to remain moderate at over 17% leading to moderate interest cover
of 1.7 times for fiscal 2023. The capital structure is expected to
remain stable over the medium term in the absence of any
debt-funded capex and steady accretion of profits.

Liquidity: Stretched

Bank limit utilisation was adequate at around 47% for the 12 months
through March 2023. Annual cash accrual is expected at over Rs 0.75
crore against yearly term debt obligation of around Rs 0.25 crore,
over the medium term. The promoters are likely to extend equity and
unsecured loans to meet working capital requirement and debt
obligation if required.

Outlook: Stable

CRISIL Ratings believe ETIPL will continue to benefit from the
experience of its promoter.

Rating Sensitivity factors

Upward factors:

* Significant improvement in revenue over Rs 20 crore with stable
profitability leading to healthy accretion to reserves,
* Improvement in capital structure and debt protection metrics
while maintaining efficient working capital cycle

Downward factors:

* Decline in profitability or revenue leading to
lower-than-expected cash accrual below 0.50 crore,
* Large, debt-funded capital expenditure weakening capital
structure
* Substantial increase in working capital requirement affecting
financial or liquidity risk profile

ETIL, incorporated in 2010, is engaged in plantation and processing
of tea. The company commenced operations in May 2016. The promoter,
Mr. Shanti Prasad Agrawal, is based in West Bengal, and owns a tea
estate, Karala Valley Tea Garden, Dooars.


GENIE COMMERCIAL: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on the non-convertible debentures of
Genie Commercial Ventures Private Limited (GCVPL) continues at
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Non Convertible         85.0       CRISIL D (Issuer Not
   Debentures- LT                     Cooperating)

CRISIL Ratings has been consistently following up with GCVPL for
getting information through letter and email dated July 26, 2023,
apart from various 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, limited or dated information on the company. Such
non-cooperation by a rated entity may be a result of deterioration
in its credit risk profile. 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 GCVPL, thus restricting CRISIL
Ratings ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes the rating on GCVPL is
consistent with 'Assessing Information Adequacy Risk'.

Based on the last available information, the rating on the
non-convertible debentures of GCVPL continues at 'CRISIL D Issuer
Not Cooperating'.

A special-purpose vehicle formed by the Transcon group, GCVPL
executes real estate projects and holds units in ARL's Tirumala
Habitats project. Mr Rishi Todi and Mr Dharmesh Minawala have equal
shareholding in GCVPL, which currently holds 77,178 square feet in
Tirumala Habitats (received in lieu of the NCDs). The NCD repayment
is expected to be met from proceeds of the sale of units held by
GCVPL in Tirumala Habitats.

The NCDs were earlier listed on the Bombay Stock Exchange. They had
a tenure of 36 months. Investors were to be provided with an exit
through sale of the acquired area. These debentures have a
corporate guarantee from ARL. At the end of the tenure, these
debentures have a put option at 20% internal rate of return or
developer buyback value.


HARANAI SAHAKARI: ICRA Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-Term rating of Haranai Sahakari Soot Girni
Ltd. in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          3.55       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          4.12       [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.

HSSGL was registered in 1994 under the Maharashtra Co-operative
Society Act, 1960 for setting up a spinning unit of 25,000 spindles
of ring frame though it became operational in October 2009. HSSGL
is manufacturing carded warp cotton yarn of count 20s to 40s using
long staple cotton. The society in Phase I has installed 13,780
spindles which became operational FY'2016. In Phase II, the company
intends to take the total spindle count to 35,616 spindles, the
said project is expected to be completed and operational in
FY'2019.


INDRATARA AGRO: CRISIL Withdraws B+ Rating on INR9.20cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Indratara Agro Industries Private Limited (IAIPL) on the request of
the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            5.41        CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Term Loan              9.20        CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with Indratara
Agro Industries Private Limited (IAIPL) for obtaining information
through letters and emails dated July 19, 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 IAIPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IAIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
IAIPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

IAIPL, promoted by members of the Burad family, was established in
2014 to manufacture castor oil. Mr. Mahendra Kantilal Burad, Mr.
Rahul Ashokchand Burad, and Mr. Manish Ashokchand Burad will manage
its operations. The company has a castor oil manufacturing capacity
of 20,000 tonnes per annum; it also has a solvent extraction unit.


LAXMI POLYCOAT: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Shri Laxmi
Polycoat Pvt Ltd (SLPPL) continue to be 'CRISIL B-/Stable Issuer
Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.45        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term    2.00        CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan             5.55        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SLPPL
through emails dated September 21, 2023, among others, apart from
telephonic communication, for obtaining information. However, the
issuer has remained non-cooperative. Also, CRISIL Ratings has tried
to reach out to the lenders of SLPPL to confirm timely debt
servicing but awaits feedback.

'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 company's management,
CRISIL Ratings did not receive any information on the financial
performance or strategic intent of SLPPL, which restricts the
ability of CRISIL Ratings to take a forward-looking view on the
entity's credit quality. CRISIL Ratings believes the rating action
on SLPPL is consistent with 'Assessing Information Adequacy Risk'.

Therefore, CRISIL Ratings has continues its rating at 'CRISIL
B-/Stable Issuer Not Cooperating' on the long-term bank facilities
of SLPPL on account of inadequate information and lack of
management cooperation.

Incorporated in 2012, SLPPL is engaged in weaving. The company is
promoted and managed by Mr Naresh Mittal and his family members.


MAA GAURI: ICRA Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
ICRA has kept the Long-Term rating of Maa Gauri Poultry 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–         4.10      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–         4.90      [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.

Incorporated in 2006, Maa Gauri Poultry Private Limited ('MGPPL' or
'the company') is a family managed company engaged in the
production of table eggs and trading in wheat, paddy, rice, animal
feed and poultry feed. The company is based out of Nagpur,
Maharashtra and sells the eggs to nearby distributors and traders.
The promoters have been in the poultry business since 1996.


MALDIVES: Fitch Affirms Foreign Curr. IDR at 'B-', Outlook Negative
-------------------------------------------------------------------
Fitch Ratings has affirmed Maldives' Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'B-' with a Negative Outlook.

KEY RATING DRIVERS

Negative Outlook: The 'B-' rating reflects a favourable GDP growth
outlook, based on strong prospects for the tourism sector over the
medium term, high per capita GDP relative to 'B' category peers and
continued bilateral and multilateral financing support facilitated
by the country's geopolitical strategic importance. This is
balanced against the country's high and rising government debt
burden, low foreign-reserve buffers, and its vulnerability to
shocks that could undermine prospects for the tourism industry.

The Negative Outlook reflects the risk of heightened external
financing and liquidity strains, which could imperil the currency
peg to the US dollar amid rising external debt servicing, weakening
foreign reserves and tight global financial conditions.

Low Foreign-Reserve Buffers: Fitch expects foreign reserves to
remain under considerable pressure in light of sizeable import
bills on elevated energy and food prices, and continued
intervention by the Maldives Monetary Authority (MMA) to support
the currency peg. The MMA has drawn USD100 million on a USD200
million currency swap line with the Reserve Bank of India in
December 2022. Gross foreign reserves fell by 16.6% in 8M23 to
USD694 million. Fitch estimates foreign-reserve coverage of current
external payments at 1.1 months in 2023, well below the projected
'B' median of 3.5 months.

Rising External Debt Servicing: Fitch expects the refinancing
outlook will remain challenging for the sovereign's external debt
over the next few years. The government has USD232 million in
external debt-servicing obligations and USD298 million in publicly
guaranteed obligations due in 2024. A further decline in reserve
buffers could increase the risk of the sovereign's ability to meet
its debt-servicing obligations. The sovereign's external debt
servicing will rise further to USD363 million in 2025, and reach a
peak of USD887 million in 2026, including repayment of a USD500
million sukuk.

The government maintains a portion of its US dollar revenue, such
as airport development fees, in a Sovereign Development Fund (SDF)
intended in principle for US dollar bond amortisation. The SDF
contained the equivalent of about USD474 million in August 2023.
However, the foreign-currency-denominated cash balance remained low
at around USD30 million.

Persistently High CAD: Fitch forecasts the current account deficit
(CAD) to modestly decline to about 14.0% of GDP in 2024 from an
estimated 15.1% in 2023, driven by moderating global commodity
prices and buoyant tourism receipts. The CAD will stay much higher
than the 3.2% median deficit projected for 'B' category peers,
which mainly reflects the Maldives' heavy reliance on imports of
basic food products, energy and capital goods in light of its high
fuel intensity and sustained public investments.

Slow Fiscal Consolidation: Fitch forecasts the fiscal deficit will
narrow modestly to 11.3% of GDP in 2023 from 11.6% in 2022. Fitch
expects stronger expenditure primarily due to a delay in unwinding
fuel and electricity subsidies in an election year (2.8% of GDP)
and accelerated capex on main infrastructure projects, more than
offsetting the increase in the tourism and general goods and
services tax revenue collection. Fitch projects the fiscal deficit
to remain high at 10.1% in 2024 due to sustained debt-funded
infrastructure development and elevated recurrent spending, despite
expected reduction in subsidies.

High Public Debt: Fitch projects general government debt will rise
to 101.7% of GDP in 2025 from 96.4% in 2022, well above the
projected 'B' median of 53.9%. Its baseline expects the debt ratio
will rise gradually over the medium term, as Fitch assumes slower
fiscal consolidation than the government's medium-term fiscal
strategy. Fitch expects a combination of high public debt and
rising interest payments will leave the Maldives increasingly
vulnerable to shocks, in the absence of more tangible reform
progress in effective revenue mobilisation and expenditure
rationalisation.

Sizeable Government Guarantees: The outstanding
government-guaranteed debt increased to 17.1% of GDP by end-2022
from 15.6% a year ago. The debt could result in the crystallisation
of contingent liabilities on the sovereign balance sheet, though
its baseline does not expect the risk to materialise at this
stage.

Political Stability: Opposition candidate Dr Mohamed Muizzu won the
presidential run-off vote on 30 September 2023. The change in
government implies some near-term policy uncertainty, but Fitch
expects a smooth political transition and continuation of economic
policies to support the tourism sector and boost infrastructure
development in the medium term. Muizzu has pledged to raise GDP per
capita to USD17,000 within five years, boost foreign reserves net
of the MMA's short-term foreign-currency liabilities to more than
USD500 million and facilitate fiscal consolidation, although
details are few so far.

Strong Growth Prospects: Fitch forecasts the economy will expand by
7.2% in 2023 and average 6.6% in 2024-2025. Fitch expects tourist
arrivals will hit a record high of 1.9 million in 2023, or 11.6%
above its 2019 level. Medium-term growth prospects will be
underpinned by stronger tourism inflows and continued
infrastructure developments, including a new passenger terminal
scheduled to become operational in 1H25.

Low Banking-Sector Risks: The domestic banking sector remains
well-capitalised, with a reported regulatory Tier 1 capital ratio
of 44.8% by end-2Q23, up from 42.2% at end-2Q22, amid steady
internal capital generation. Regulatory non-performing loans
remained largely stable at 6.0% of total loans at end-2Q23, down
from 9.4% at end-4Q19. High dollarisation in the banking system
with about half of the total deposits denominated in foreign
currency constrains potential sovereign support, given the low
level of foreign reserves.

ESG - Governance: The Maldives has an ESG Relevance Score (RS) of
'5[+]' and '5' for Political Stability and Rights and the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption, respectively. Theses scores reflect the high weight
that the World Bank Governance Indicators (WBGI) have in its
proprietary Sovereign Rating Model. The Maldives has a medium WBGI
ranking at the 46th percentile, reflecting the recent peaceful
political transition, a moderate level of rights for participation
in the political process, institutional capacity and corruption,
and an established rule of law.

RATING SENSITIVITIES

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

- External Finances: Heightened external liquidity pressures as a
result of a failure to build up foreign-currency reserve buffers or
increasing difficulties in refinancing external maturities.

- Public Finances: A sustained rise in general government debt or
government guarantees to state-owned enterprises, for example, due
to failure to implement credible fiscal consolidation policies.

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

- External Finances: Strengthening of external buffers through
accumulation of foreign-currency reserves.

- Public Finances: Significant progress in implementing a credible
fiscal consolidation strategy, putting public debt on a declining
medium-term trajectory.

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

Fitch's proprietary SRM assigns the Maldives a score equivalent to
a rating of 'B-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

- Structural: +1 notch, to adjust for the negative impact of the
SRM of the Maldives' take-up of the Debt Service Suspension
Initiative (DSSI), which prompted a reset of the "years since
default or restructuring event" variable.

In this case, Fitch judges that the Maldives' participation in the
DSSI, unlike some other forms of restructuring, does not signal
reduced capacity and willingness to meet obligations to
private-sector creditors beyond other factors incorporated in the
rating.

Fitch has lowered this adjustment on structural factors from +2
notches previously because of an increase in the SRM score, driven
by the fading negative impact of the Maldives' take-up of the DSSI
on the model variable.

- Public Finances: -1 notch, to reflect the risk of large
government guarantees crystallising on the sovereign balance sheet,
and the presence of non-linear risks from high public debt not
fully captured in the SRM.

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

COUNTRY CEILING

The Country Ceiling for the Maldives is 'B', one notch above the LT
FC IDR. This reflects moderate constraints and incentives, relative
to the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
+1 notch above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

ESG CONSIDERATIONS

The Maldives has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As the
Maldives has a percentile rank above 50 for the respective
Governance Indicator, this has a positive impact on the credit
profile.

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

The Maldives has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As the Maldives has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.

The Maldives has an ESG Relevance Score of '4' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for the Maldives, as for all sovereigns. As
the Maldives had a fairly recent restructuring of public debt in
2020, this has a negative impact on the credit profile.

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

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

NEW KHODIYAR: CRISIL Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of New Khodiyar
Cotton Company (NKCC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with NKCC for
obtaining information through letter and email dated August 25,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of NKCC continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated January 06, 2023.

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

NKCC was established in 1999 as a partnership firm by Mr Mukesh
Patel, Mr Ramesh Patel, Mr Shailesh Patel, Mr Mahesh Patel, Mrs
Daxyaben Patel and Mrs Narmadaben Patel. The firm gins cotton.


PON RAJANS: CRISIL Moves B+ Debt Ratings from Not Cooperating
-------------------------------------------------------------
Due to non-receipt of No Default Statements (NDS) for three
consecutive months, CRISIL Ratings, in line with SEBI guidelines,
had migrated the rating for bank loan facilities of Pon Rajans
Pattu Mahal (PRPM) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, the rated entity has now shared NDS with CRISIL Ratings.
Consequently, CRISIL Ratings is migrating the rating on bank
facilities of PRPM to 'CRISIL B+/Stable' from 'CRISIL B+/Stable
Issuer Not Cooperating.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Secured Overdraft       8        CRISIL B+/Stable (Migrated
   Facility                         from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Term Loan               9.25     CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

The rating continues to reflect the firm's modest scale of
operations amid intense competition and a below-average financial
risk profile. These weaknesses are partially offset by the
extensive experience of the owners in the readymade garment
retailing industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Revenue was
modest at Rs 29.06 crore in Fiscal 2023. The Apparel retail
Industry is intensely competitive with numerous organized and
unorganized players across the country constraining scale. This
limits operating flexibility and constrains bargaining power with
customers and suppliers.

* Below-average financial risk profile: The capital structure is
leveraged as indicated by a gearing at 2.61 time and networth of
Rs.7.01 crore as on March 31, 2023. Debt protection metrics were
moderate, with interest coverage and net cash accrual to adjusted
debt ratios of 2.28 times and 0.10 time, respectively, for fiscal
2023.

Strengths:

* Extensive industry experience of the partners: The partners have
experience of more than five decades in the apparel retail
industry. This has given them an understanding of the dynamics of
the market and enabled them to establish relationships with
suppliers and customers.

Liquidity: Stretched

Bank limit utilization is moderate at around 89.77 percent for the
past twelve months ended August 2023. Cash accrual are expected to
be over Rs 2 - 3 crore which are sufficient against term debt
obligation of Rs 1 - 2 crore over the medium term.

The current ratio is low at 0.88 times on March 31, 2023. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CRISIL Ratings believes PRPM should continue to benefit from the
extensive experience of the partners.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in the scale of operations and operating
margin, leading to cash accrual of more than Rs.3 crore
* Sustained improvement in financial risk profile and working
capital cycle

Downward factors:

* Decline in net cash accrual to less than Rs.2 crore on account of
lower revenue or operating profit
* Increase in the working capital requirement weakening the
financial risk profile

PRPM, established in 2016, is owned and managed by Mr Ponnaiyan
Krishnamoorthy and his family members, based in Thiruvannamalai,
Tamil Nadu The firm retails readymade garments.


R. P. INDUSTRIES: CRISIL Withdraws B Rating on INR10cr Cash Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
R. P. Industries (RPI) on the request of the company and receipt of
a no objection certificate from its bank. The rating action is in
line with CRISIL Ratings' policy on withdrawal of its ratings on
bank loans.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             10         CRISIL B/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Fund-           6         CRISIL B/Stable/Issuer Not
   Based Bank Limits                  Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with RPI for
obtaining information through letters and emails dated June 15,
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 RPI. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RPI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
RPI continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2006 by by Mr. Ishawarbhai Mali and his wife Mrs.
Gomti Mali. RPI manufactures pharmaceutical intermediates.


RAIGARH CHAMPA: ICRA Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has kept the Long-term rating of Raigarh Champa Rail
Infrastructure 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–       355.46      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long Term-       634.54      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

RCRIPL incorporated in 2009, is a special purpose vehicle promoted
by the Hyderabad based KSK Group. RCRIPL is developing a railway
siding and other associated infrastructure for transportation of
coal for the 3600 MW coal-based power project of KSK Mahanadi Power
Company Limited (KMPCL) at Nariyara village in Janjgir-Champa
district of Chhattisgarh from the nearest
railway station. RCRIPL is a 100% subsidiary of KSK Energy Company
Private Limited which is a step-down subsidiary of KSK Power Ventur
Plc.


RARE ROCKS: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Rare
Rocks (RR) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           0.25       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit            4.75      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       1         CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Packing Credit
   in Foreign Currency    3         CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Fund-
   Based Bank Limits      2.1       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Working Capital
   Term Loan              0.65      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Working Capital
   Term Loan              1.25      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

CRISIL Ratings has been consistently following up with Rare Rocks
(RR) for obtaining information through letter and email dated
August 07, 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 RR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RR is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of RR to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

RR was formed as a partnership firm by Mr Majeti Rakesh and family
members in 2010. Based in Andhra Pradesh, the firm processes and
exports granite blocks to the US and UK.


SAI REGENCY: ICRA Keeps D Ratings in Not Cooperating Category
-------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Sai Regency
Power Corporation 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–        22.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long-term–       257.47      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term/        80.03      [ICRA]D/[ICRA]D; ISSUER NOT
   Short Term                   COOPERATING; Rating Continues to
   Unallocated                  remain under 'Issuer Not
                                Cooperating' Category

   Short-term        20.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Continues to remain under the
   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 but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

SRPCPL was incorporated in 2004 and is promoted by the Hyderabad
based KSK group. The company has set up a 57.95 MW natural gas
based combined cycle power plant at district Ramanathapuram, Tamil
Nadu. The project commenced commercial operations in March 2007 and
supplies the power through power purchase agreements (PPAs) signed
with industrial consumers in the state of Tamil Nadu. The power is
wheeled through transmission & distribution network of the state
utilities. The natural gas for the project is sourced from the ONGC
fields in Tamil Nadu – Ramnad Zone, Cuavery basin.



SAISUDHIR INFRA: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-Term ratings of Saisudhir Infrastructures
Limited in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–       147.68      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Long Term-        13.42      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

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

Saisudhir Infrastructures Limited (SSIL) is incorporated in 1999
and was promoted by Mr. D. Shreedhar Reddy. SSIL has an expertise
in water supply & waste water treatment segment. The projects
executed are in the field of water distribution networks, sewerage
treatment plants etc. Over the past 3-4 years, the company has
diversified into other business segmentslike- solid waste
management plants, power transmission and sub-stations, solar power
projects, building construction and irrigation projects.


SAMDARIYA BUILDERS: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the Long-Term ratings of Samdariya Builders Pvt. Ltd.
in the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] B+(Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-        29.57      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Rating Continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Long-term–        20.19      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Term Loan                    'Issuer Not Cooperating'
                                Category

   Long-term–         0.24      [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. but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Samdariya Builders Private Limited (SBPL) is a group company of
Samdariya Group, Jabalpur, and the group was incorporated
in 1947 to carry on the business as builders, contractors,
developers, colonizers and real estate agents. The company also
operates a mall "Samdariya Mall" at civic centre Jabalpur, in the
central hub of Jabalpur city, which was the first Mall of Jabalpur.
Samdariya Mall is a shopping and entertainment destination for
Jabalpur. It's a mix of Multiplex Cinema, Hyper Market, Retail
Area, Entertainment Area and Restaurant and Food Court. Apart from
this, the company also has interest in developing real estate
projects. This apart, the company is also engaged in the business
of Cement trading, construction, Jewelery wholesaling and mall
operations.


SATPURA FOODS: CRISIL Withdraws B+ Rating on INR8cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Satpura Foods Private Limited (SFPL) on the request of the company
and receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              8         CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with Satpura
Foods Private Limited (SFPL) for obtaining information through
letters and emails dated December 24, 2022 and February 17, 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 SFPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SFPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
SFPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SFPL was set up in May 2008, by the promoter, Mr Ankur Rai at
Piparaiya, Madhya Pradesh, and commercial production began in
2014.The company manufactures and processes rice and related
products, and has an installed capacity of 4 tonnes per hour. It
processes varieties of basmati rice under the brand White Lilly,
and sells 75% of its output to the Food Corporation of India (FCI;
rated 'CRISIL AAA (SO/Stable)') and the rest to
traders/wholesalers/merchant exporters, across the country, mainly
in North India

Status of non cooperation with previous CRA

SFPL has not cooperated with Brickwork Ratings India Private Ltd,
which has classified it as non-cooperative vide release dated 21st
Jan 2020. The reason provided Brickwork Ratings is non-furnishing
of information for monitoring of ratings.


SOMESHWARA FERTILIZERS: ICRA Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
ICRA has kept the Long-term and short-term ratings of Sri
Someshwara Fertilizers & Chemicals in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         12.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Short Term-        10.07       [ICRA]A4 ISSUER NOT
   Non Fund Based                 COOPERATING; Rating continues
   Others                         to remain under 'Issuer Not
                                  Cooperating' category

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

Sri Someshwara Fertilizers & Chemicals was incorporated as a sole
proprietorship concern in 1990 and commenced commercial operations
in 1991. The firm is engaged in the wholesale and retail trading of
chemicals and chemical fertilizers such as
Nitrogen Phosphorous-Potassium (NPK), Single Super Phosphate, Urea,
Monoammonium Phosphate, Borax, Zinc Sulphate and Gypsum. The firm
is based in Mandya district of Karnataka.


SPAHJ INDIA: CRISIL Moves B Debt Rating from Not Cooperating
------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Spahj
India Trading Private Limited (SITPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Working       20        CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SITPL for
obtaining information through letter and email dated September 11,
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 SITPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SITPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SITPL to 'CRISIL B/Stable Issuer not
cooperating'.

SITPL was incorporated in 2019 by Anupama Haridas and Shreedharan
Pillai Haridas. The company is engaged in business of trading of
metals, non-metals, plant and machineries, used vehicles,
miscellaneous scrap, surplus items, etc in Andaman and Tamil Nadu.
Company has also ventured into the pharma sector focusing on
supplying pharma products to government and private institutions.


SPICEJET LTD: WLFC Asks NCLT to Issue Notice in Insolvency Case
---------------------------------------------------------------
The Economic Times reports that Willis Lease Finance Corporation
requested the National Company Law Tribunal, Delhi, to issue a
notice in the insolvency case filed against Spicejet on Oct. 9.

According to the report, the senior counsel for WLFC argued that
the company was within its rights to file an insolvency petition
against Spicejet under Section 9 of the Insolvency and Bankruptcy
Code, 2016.

ET relates that the counsel referred to the mail correspondence
between WLFC and Spicejet to establish that the servicer was
handling debt negotiations in this case. The counsel also referring
to the service agreement showed that the agreement allowed it on
behalf of the operational creditors to collect dues.

The service agreement allows WLFC to "take reasonable efforts to
enforce rights and remedies of the lessor under the lease in event
of loan payment by the relevant due date," on behalf of the engine
lessors, ET relays.

"Service agreement, mails and forbearance agreement have to be read
in conjunction," the counsel said, claiming that these establish
the right of WLFC to file an insolvency application.

Spicejet has argued against the maintainability of WLFC's
application claiming that it is neither the operational creditor
nor an assignee of debt, but a mere service provider.

ET says the counsel for the airline claimed that there was no
assignment agreement but just a service agreement.

The tribunal inquired what prevented the lessor from approaching
the tribunal to file an insolvency petition against the airline.

Spicejet counsel, at an earlier date, had also raised concerns
about four operational creditors filing a single insolvency
application, which is not permissible under IBC, 2016.

"We had 13 lease deeds and different lessors, and we did not wish
to initiate multiple proceedings," the senior counsel for WLFC
claimed.

The tribunal will hear further arguments from airline's senior
counsel on October 17, ET notes.

Spicejet is also facing four other petitions from aircraft lessors
for initiation of corporate insolvency proceedings. Spicejet has
argued against maintainability of three of those petitions.

                          About Spicejet

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.

As recently reported in the Troubled Company Reporter-Asia Pacific,
aircraft lessor Wilmington Trust SP Services (Dublin) Ltd has filed
a petition for initiating the corporate insolvency resolution
process against SpiceJet.  

This is the third case filed against the airline, according to The
Economic Times.  Two other cases under Section 9 of the Insolvency
and Bankruptcy Code, 2016, have been filed by aircraft lessor
Aircastle (Ireland) Ltd and engine lessor Willis Lease Finance
Corporation.

Aircastle (Ireland) filed a CIRP petition against Spicejet on April
28, 2023, while Willis Lease Finance Corporation filed its petition
on April 12, 2023.


SUDHEER TIMBERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sudheer
Timbers Private Limited (STPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            17         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Foreign Letter         10         CRISIL B+/Stable (Issuer Not
   of Credit                         Cooperating)

CRISIL Ratings has been consistently following up with STPL for
obtaining information through letter and email dated August 24,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of STPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Earlier, the entity did not provide the No Default Statements (NDS)
for the three consecutive months. Therefore, the issuer was
classified as 'non cooperative' in line with Clause 11. 3 of SEBI
CRA Operational Circular dated January 06, 2023.

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

STPL, incorporated in July 2016 and managed by Mr N.V. Samba Siva
Rao and Mr N.V. Seshagiri Rao, trades in timber logs


TULSIANI CONSTRUCTIONS: ICRA Keeps D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has kept the Long-Term rating of Tulsiani Constructions &
Developers Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D: ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        30.00      [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 but despite repeated requests by ICRA, the entity's management
has remained non-cooperative. The current rating action has been
taken by ICRA basis best available/dated/limited information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity. The rating action has been
taken in accordance with ICRA's policy in respect of
non-cooperation by a rated entity available at www.icra.in.

Tulsiani Constructions & Developers Limited (TCDL) is a flagship
company of the Tulsiani Group which has several companies
undertaking real estate project in Lucknow, Allahabad and other
regions of Uttar Pradesh. TCDL is promoted by Allahabad based
Tulsiani family and is engaged in the business of construction of
residential and commercial building in Allahabad for last 14 years.
TCDL is currently undertaking three residential projects in Lucknow
and Aallahabad region.




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

STAR ENERGY: Fitch Affirms Sr. Notes Rating at BB-, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed the rating on Star Energy Geothermal
(Wayang Windu) Ltd.'s (SEGWW) USD580 million fully amortising 6.75%
senior secured notes due 2033 at 'BB-'. The Outlook is Stable.

RATING RATIONALE

The affirmation reflects SEGWW's stable operating metrics, solid
operational record and a financial profile that aligns with its
expectations. Fitch expects a reliable supply of geothermal
resources, subject to appropriate and timely maintenance and
drilling campaigns.

SEGWW's Indonesia-based project benefits from long-term contracts
to utilise geothermal resources and sell electricity to the
state-owned power company, PT Perusahaan Listrik Negara (Persero)
(PLN, BBB/Stable). Its take-or-pay electricity sales contract (ESC)
with a flat tariff for Unit 1 and fixed-indexed-tariff for Unit 2
eliminates most volume and merchant price risks.

SEGWW's financial profile under the current Fitch rating case (FRC)
shows an average annual debt service coverage ratio (DSCR) of 1.35x
with a minimum of 1.29x. The average annual DSCR shows marginal
improvement compared with the previous FRC at 1.33x and is similar
to its previous positive rating sensitivity and the ratio for a
'BB' rated facility of this type under its Renewable Energy Project
Rating Criteria. However, its current expansion plan brings
execution risk and raises uncertainty over its future credit
profile.

SEGWW is planning to add 45MW to its installed capacity from
end-2025 to 1H26. The additional capacity will be from modification
work in Unit 1 and 2 and development of Unit 3. The additional
capacity may improve SEGWW's revenue, but the overall impact on its
credit profile will depend on the final funding structure and a
detailed financial projection.

In addition, SEGWW's low excess operating cash generation could
limit its ability to fund capex if the spending needs to be
accelerated or the company faces other unexpected costs. However,
its cash reserves provide some cushion against capex or costs that
are higher than it expects.

KEY RATING DRIVERS

Robust Operating Record; Fully Exposed to Cost Overruns: Operation
Risk - Weaker

SEGWW has solid operating experience with high average availability
and capacity factors of more than 95% for both generation units
since it started operating, excluding a 2015 outage. However, it is
exposed to cost overruns and underperformance risk as it operates
the power plants itself. These risks are mitigated by well-budgeted
operating costs. SEGWW has a detailed investment plan for drilling
new wells and maintaining existing wells until 2033, which
GeothermEx, an external technical consultant, has reviewed and is
satisfied with. Still, GeothermEx said capex timing is uncertain
due to the assets' nature.

Its factor assessment is constrained by a lack of detailed
operating cost analysis and verification by a third-party technical
advisor. A reserve account will prefund 25% of the well drilling
cost in each half-year period for major drilling programmes with
capex exceeding USD100 million over the next two years. The reserve
account will also provide for the next six months of planned
maintenance costs. Fitch also considers its single-site operation
with only two units as a limiting factor. Its expansion plan would
somewhat alleviate the operational risk, as the planned additional
capacity is modest.

Well-Supported Production Forecast: Revenue Risk - Volume:
Midrange

The volatility and decline inherent in geothermal resources
introduce supply risk to electricity generation. However, SEGWW has
maintained the steam supply through its continuous well
intervention programme and make-up well drilling, most recently in
2020-2021. Steam supply was 541 kilogram/second (kg/s) at end-June
2023, which was 91kg/s above requirement. SEGWW's resources are
sufficient to support 280 megawatts (MW) of electricity generation
for 30 years or 390MW for 20 years, according to GeothermEx's
February 2018 study.

Curtailment risk is limited by the take-or-pay nature of the ESC,
which requires PLN to pay for 95% of the rated capacity of each
generator if PLN does not dispatch all the electricity nominated by
SEGWW due to failure in the power company's electrical system.

Supportive Long-Term Power Purchase Agreement (PPA): Revenue Risk -
Price: Stronger

SEGWW is not exposed to merchant price risk since all the
electricity it generates is sold to PLN according to long-term
ESCs. SEGWW receives a fixed tariff of 10.59 US cents (USc)/kWh for
Unit 1, starting June 2022 until its ESC's expiry in 2030, when
Unit 1 will be open for price negotiation. SEGWW would be required
to add USD50 million to the debt reserve account if it does not
receive an acceptable extension by end-2028 to provide a cash
cushion between 2030 and the scheduled bond maturity in 2033.

Tariff for unit 2 is indexed using straightforward, broad-based
publicly available indexation formulas until February 2031, after
which the tariff will be flat. The tariff is denominated in US
dollars but partially indexed to the US dollar-rupiah exchange rate
such that SEGWW's revenue in US dollar terms will decline if the
Indonesian rupiah depreciates against the US dollar. SEGWW does not
enter into foreign-exchange hedges, leaving it exposed to
exchange-rate risk.

Fully Amortising Debt: Debt Structure - Midrange

The senior rank, fully amortised and fixed coupon rate of the debt
are all stronger features. The six-month debt service reserve
account is a midrange attribute and the lock-up regime, at 1.1x
backward-looking DSCR, is considered weak and there is no cash
sweep mechanism. The full amortisation that begins in the first
year results in steady deleveraging, but the annual cash flows and
DSCRs are sensitive to capex timing.

Incurrence of additional debt would be subject to the
forward-looking DSCR being at least 1.3x. However, the additional
debt to fund Unit 3's development could expose SEGWW to higher
interest rates and possible ring-fencing of the Unit 3 cash flows
and security, depending on the type of debt issued. The project
debt is denominated in US dollars, providing a natural hedge
against US dollar revenue. However, some costs, particularly
employee compensation costs, are denominated in rupiah, which
exposes the project to foreign-exchange risk.

PEER GROUP

Fitch rates Star Energy Geothermal (Salak-Darajat) Restricted Group
(SEGSD RG), SEGWW's sister company, at 'BBB-'/Stable. Both
companies operate under long-term take-or-pay ESCs with PLN and
their geothermal resources are validated by engineering
consultants. However, SEGSD RG's rating is higher than SEGWW's as
it benefits from economies of scale, a longer operating history,
lower required capex/MW of installed capacity and stronger reserve
requirements within its debt structure. SEGSD RG's DSCR under the
FRC is also much higher at 1.64x, supported by a lower initial debt
load, despite SEGWW's higher tariff.

SEGSD RG benefits from economies of scale and diversification from
operating 654.5MW of installed capacity across nine generation
units in two sites. Meanwhile, SEGWW operates only two units in a
single site with 230.5MW in installed capacity. The Darajat
operation is characterised by its dry steam reservoir, which has
cost advantages over Wayang Windu. SEGSD RG's lower capex/MW is
partly because it does not own and operate four out of its nine
units, which are operated and maintained by PLN. It also benefits
from detailed cost analysis by a technical advisor, which is absent
for SEGWW.

SEGSD RG's debt structure benefits from a stronger reserve feature,
with a major maintenance reserve account (MMRA) equal to a third of
total capex in the next three years. In comparison, SEGWW's MMRA
equals its planned maintenance costs for the next six months and
prefunding of 25% of the major drilling programme for each
half-year period over the next two years. In addition, SEGSD RG's
distribution lock-up ratio of 1.15x on the basis of 12-month
backward-looking DSCR is higher than SEGWW's 1.10x.

RATING SENSITIVITIES

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

- Projected average DSCR dropping below 1.25x in the FRC.

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

- Projected average DSCR sustained above 1.35x in the FRC after the
inclusion of a detailed expansion plan and its planned funding
structure.

- Clarity over Unit 1's ESC contract renewal after the expiry in
2030.

TRANSACTION SUMMARY

SEGWW is part of the Star Energy Group, the largest geothermal
energy producer in Indonesia and the third largest in the world.
SEGWW has the exclusive right to use geothermal resources in the
Wayang Windu area in West Java, Indonesia, about 40km south of the
city of Bandung. SEGWW operates two power generation units with a
combined gross installed capacity of 230.5MW. Unit 1, which has
113.5MW, began commercial operations in June 2000, while Unit 2's
117MW started in March 2009.

CREDIT UPDATE

SEGWW has maintained its strong operational performance, evident
from its high availability factor at end-1H23 of 99.8% and 100% for
Unit 1 and Unit 2, respectively. Availability factor for Unit 1
fell slightly from 2022's 100% due to scheduled shutdowns and
turnarounds for 12 days in 1H23, which were absent in 2022. There
are no scheduled shutdowns and turnarounds in 2024. Average net
capacity factor declined to 96% and 96.9% for Unit 1 and Unit 2,
from 96.3% and 97% in 2022, respectively, due mainly to the planned
downtime.

Tariff for Unit 1 has been flat since June 2022 at 10.589 USc/kWh
while Unit 2's tariff is tied to both inflation and exchange-rate
changes. However, the impact of inflation indexation outweighs that
of the exchange rate in tariff setting and, as a result, the recent
rise in inflation contributed to a higher average tariff in 1H23,
despite the weaker rupiah. SEGWW's tariff increased by 1.1% by
end-1H23 from end-2022. The EBITDA and EBITDA margin were better
than expected and beat the forecasts in its rating case. The
reported actual DSCR in 2022 was 1.73x, higher than Fitch's base
case (FBC) and rating case estimate of 1.34x and 1.27x,
respectively.

Star Energy Group Holdings Pte. Ltd. (SEGHPL) acquired Electricity
Generating Public Company Limited's (EGCO) 20% stake in Star Energy
Geothermal Pte. Ltd. (SEGPL), the parent company of SEGWW. SEGHPL
also acquired a 50% stake in DGA SEG B.V., which owns another 20%
of SEGPL, from Mitsubishi Corporation. Both transactions were
finalised in end-2022 and increased SEGHPL's effective ownership of
SEGPL to 90% from 60% previously.

FINANCIAL ANALYSIS

The FBC assumes a capacity factor of 97% for both generation units
and uses management's forecast for operating expense (opex) and
capex. Under the FBC, SEGWW has an average annual DSCR of 1.47x and
a minimum DSCR of 1.39x.

The FRC applies several stresses. Fitch assumes a capacity factor
of 95% for both units, in line with the lowest level in recent
years, as well as 15% and 5% stresses to opex and capex,
respectively. FRC results in an average annual DSCR of 1.35x and a
minimum DSCR of 1.29x. Both FBC and FRC exclude the additional
capacity the company is planning.

The achieved coverage level reflects the higher lifecycle capex
risks associated with geothermal facilities than that of other
renewable projects. DSCR is below 1.40x, which is the 'BBB-'
threshold for concentrated solar power in Fitch's Renewable Energy
Project Rating Criteria, but above the 'BB-' threshold of 1.20x.
Underperformance of the geothermal resource, higher-than-expected
capex, or reduced operational efficiency could impair SEGWW's
ability to service its debt payments.

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
   -----------              ------          -----
Star Energy
Geothermal
(Wayang Windu) Ltd.

   Star Energy
   Geothermal
   (Wayang Windu)
   Ltd./Debt/2 LT        LT BB-  Affirmed   BB-



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

CAPITAL A: Seeks Extension to Submit PN17 Exit Plan
---------------------------------------------------
Business Times reports that Capital A Bhd has requested for an
extension to submit its regularisation plan to Bursa Malaysia,
making it the third request made by the financially-distressed
company.

In a filing to the bourse, Capital A said it had sought for an
extension until Dec. 31, Business Times relates.

"On behalf of the board of directors of the company, RHB Investment
Bank Bhd wishes to announce that the company had on Oct 5, 2023
submitted an application to Bursa Malaysia for an extension of time
until Dec. 31, 2023 for the company to submit its regularisation
plan," it said.

According to NST, the initial deadline given to the company was on
Jan. 7, which was then pushed back to July 7 and then Oct. 7.

In a recent interview with Business Times, Capital A chief
executive officer Tan Sri Tony Fernandes said the company was on
target to submit its regularisation plan by Oct. 7 in a bid to exit
its Practice Note 17 (PN17) status.

                          About Capital A

Capital A Bhd, formerly known as AirAsia Group Bhd, provides
low-cost air carrier service. The company provides services on
short-haul, point-to-point domestic and international routes.

AirAsia, headquartered in Malaysia, operates from hubs in Malaysia,
Thailand, Indonesia, Philippines and India. The airline's Malaysia
and Thailand operations are undertaken via AirAsia Bhd and Thai
AirAsia Co Ltd while AirAsia Group's Indonesia and Philippines
operations are managed under PT Indonesia AirAsia and Philippines
AirAsia Inc.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, AirAsia Group Bhd (AAGB) is in the midst of formulating a
plan to regularize its financial condition to address its Practice
Note 17 (PN17) status.  According to The Star, Bursa Malaysia on
Jan. 13 dismissed AAGB's appeal seeking to extend an 18-month
relief period from being classified as a PN17 company that ended on
Jan. 7, 2022.

AirAsia triggered the PN17 suspended criteria in July 2020 after
its external auditors, Ernst & Young PLT, issued an unqualified
audit opinion with material uncertainty relating to going concern
in respect of its audited financial statements for the financial
year ended Dec. 31, 2019 (FY19) and its shareholders' equity on a
consolidated basis was 50% or less of its share capital.

AirAsia also triggered the prescribed criteria pursuant to
Paragraph 8.04 and Paragraph 2.1(a) of PN17 of Bursa's Main Market
Listing Requirements (Main LR), where AirAsia's shareholders'
equity on a consolidated basis was 25% or less of its share capital
and the shareholders' equity is less than MYR40 million based on
the audited financial statements for FY20.

Following relief measures introduced by Bursa and the Securities
Commission Malaysia, AirAsia was not classified as a PN17 listed
issuer and was not required to comply with the obligations under
Paragraph 8.04 and PN17 of the Main LR for a period of 18 months
from the date of the first relief announcement, theedgemarkets.com
said.  The date of the first relief announcement was July 8, 2020,
and the 18-month period ended on Jan. 7, 2022.  Under the relief
measures, companies that triggered any of the suspended criteria
between April 17, 2020 and June 30, 2021, would not be classified
as a PN17 and Guidance Note 3 (GN3) company for 12 months.




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

ABC SUPPLIES: Creditors' Proofs of Debt Due on Oct. 30
------------------------------------------------------
Creditors of ABC Supplies Limited are required to file their proofs
of debt by Oct. 30, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Sept. 28, 2023.

The company's liquidator is:

          Victoria Toon
          Corporate Restructuring Limited
          PO Box 10100
          Dominion Road
          Auckland 1446



ACCURO HEALTH: A.M. Best Places B(Fair) FS Rating Under Review
--------------------------------------------------------------
AM Best has placed under review with developing implications the
Financial Strength Rating of B (Fair) and the Long-Term Issuer
Credit Rating of "bb" (Fair) of Accuro Health Insurance Society
Limited (Accuro) (New Zealand).

These Credit Rating (rating) actions follow the announcement on 28
September 2023, that the Boards of Union Medical Benefits Society
Limited (UniMed) and Accuro have signed a Letter of Intent to
transfer the Accuro insurance portfolio to UniMed. The portfolio
transfer is subject to Accuro members first voting in support and
then regulatory approval by the Reserve Bank of New Zealand. If
this approval is received, then the aim is to complete the
transaction in early 2024.

The ratings have been placed under review with developing
implications, as AM Best needs to assess the impact of the planned
transaction on Accuro's rating fundamentals. The ratings will
remain under review pending completion of the transaction, and
until AM Best can assess the post-transaction rating fundamentals
of Accuro fully.

BOTANIST OF AUCKLAND: Court to Hear Wind-Up Petition on Oct. 20
---------------------------------------------------------------
A petition to wind up the operations of The Botanist Of Auckland
Limited will be heard before the High Court at Auckland on Oct. 20,
2023, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 5, 2023.

The Petitioner's solicitor is:

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



E STRUCTURES: Court to Hear Wind-Up Petition on Oct. 26
-------------------------------------------------------
A petition to wind up the operations of E Structures Limited will
be heard before the High Court at Christchurch on Oct. 26, 2023, at
10:00 a.m.

PIL Group Limited filed the petition against the company on Sept.
18, 2023.

The Petitioner's solicitor is:

          Jeffrey Gray Ussher
          Level 19
          191 Queen Street
          Auckland


GENETIC DEVELOPMENT: Liquidators Pursue Livestock Shipping Claim
----------------------------------------------------------------
BusinessDesk reports that liquidators of a live export outfit have
been able to find some funding to be able to take a claim against a
shipping company that didn't turn up for its voyage more than two
years ago.  It comes after PricewaterhouseCoopers' Malcolm Hollis
and Wendy Somerville told creditors six months ago they couldn't
get any funding for it, BusinessDesk relates.  The non-completion
of the voyage by MV Al Kuwait ultimately led to Genetic Development
(NZ) Exports Limited Partnership's insolvency, the report notes. It
was put into liquidation by the high court at Hamilton, adds the
report.

The High Court at Hamilton appointed Malcolm Hollis and Wendy
Somerville of PwC as liquidators on Sept. 5, 2022.


LET'S GO: Court to Hear Wind-Up Petition on Oct. 13
---------------------------------------------------
A petition to wind up the operations of Let's Go Beverages Nz
Limited will be heard before the High Court at Auckland on Oct. 13,
2023, at 10:00 a.m.

Lindsay & Francis filed the petition against the company on Aug.
29, 2023.

The Petitioner's solicitor is:

          Kim Charles Francis
          Level 16, Shortland Centre
          55 Shortland Street
          Auckland CBD
          Auckland 1010


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

The receivers may be reached at:

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




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

BRAIN WONDERLAND: Creditors' Proofs of Debt Due on Nov. 9
---------------------------------------------------------
Creditors of Brain Wonderland Pte. Ltd. are required to file their
proofs of debt by Nov. 9, 2023, to be included in the company's
dividend distribution.

The company commenced wind-up proceedings on Oct. 3, 2023.

The company's liquidators are:

          Lam Seng Tiong
          Tan Suah Pin
          c/o 133 New Bridge Road
          #24-01/02 Chinatown Point
          Singapore 059413



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

The Petitioner's solicitors are:

          I.N.C. Law LLC
          4 Battery Road, #26-01
          Bank of China Building
          Singapore 049908



MANDALA ENERGY: Creditors' Proofs of Debt Due on Oct. 20
--------------------------------------------------------
Creditors of Mandala Energy Lemang Pte. Ltd. are required to file
their proofs of debt by Oct. 20, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 3, 2023.

The company's liquidator is:

          Cosimo Borrelli
          c/o Kroll Pte. Limited
          One Raffles Place, Tower 2
          #10-62 Singapore 048616


TOKYO SHINJU: Commences Wind-Up Proceedings
-------------------------------------------
Members of Tokyo Shinju Singapore Pte Ltd, on Sept. 29, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidators are:

          Mr. Masao Yamashika
          Mr. Yiong Kok Kong
          Avic DKKY Pte. Ltd.
          180 Cecil Street, #12-04
          Singapore 069546



VIRESCO SINGAPORE: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Singapore entered an order on Sept. 29, 2023, to
wind up the operations of Viresco Singapore Pte. Ltd.

Omni Machinery Pte. Ltd. filed the petition against the company.

The company's liquidator is:

          Ms. Oon Su Sun
          c/o Finova Advisory Pte Ltd
          182 Cecil Street
          #23-02 Frasers Tower
          Singapore 069547




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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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