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

                     A S I A   P A C I F I C

          Thursday, October 19, 2023, Vol. 26, No. 210

                           Headlines



A U S T R A L I A

ANGELO'S RESTAURANT: HoganSprowles Appointed as Administrators
HUMM ABS 2023-1: Moody's Assigns (P)Ba2 Rating to Class E-G Notes
NU VALUE: First Creditors' Meeting Set for Oct. 25
ODEUM PRODUCE: Administrators Seek 3 Weeks to Secure Rescue Deal
OPTION FUND: First Creditors' Meeting Set for Oct. 24

PEPPER PRIME 2023-1: S&P Assigns Prelim B (sf) Rating to F Notes
PROFIX REINFORCEMENT: First Creditors' Meeting Set for Oct. 26
SARA LEE: Placed in Voluntary Administration; Goes Up for Sale
SIMSAI CONSTRUCTION: Gets Wind Up Order; Up to 100 Homes in Limbo
SYRAH PTY: Second Creditors' Meeting Set for Oct. 23



C H I N A

CHINA: Tells Banks to Roll Over Local Gov't Debts as Risks Mount
COUNTRY GARDEN: Default Talk Swirls as Debt Deadline Passes
GEMDALE CORP: Moody's Cuts CFR to B3 & Alters Outlook to Negative


I N D I A

ALBUS INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
AMAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category
AMRITLAL NARESH: CARE Keeps C Debt Rating in Not Cooperating
ANANTHA PVC: CARE Lowers Rating on INR8cr LT Loan to D
ANISHA ENTERPRISES: CARE Lowers Rating on INR10cr Loan to D

ANNAPURNA PET: CARE Keeps D Debt Ratings in Not Cooperating
APEX SURATGARH: CARE Keeps C Debt Rating in Not Cooperating
ARUN ENGINEERING: CRISIL Keeps B- Debt Ratings in Not Cooperating
AZEN MEDICAL: CARE Keeps D Debt Rating in Not Cooperating
D. D. ENTERPRISES: CRISIL Withdraws B+ Rating on INR10.5cr Loan

DSR SONS: CRISIL Lowers Rating on INR7cr LT Loan to B
DUSHMANTA GIRI: CARE Keeps C Debt Rating in Not Cooperating
GTZ INDIA: CRISIL Withdraws B+ Rating on INR14cr Cash Loan
ITCOS GRANITO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
J P AND COMPANY: CARE Keeps C Debt Rating in Not Cooperating

LORD SHIVA: CARE Keeps D Debt Ratings in Not Cooperating Category
MEDNOMIC HEALTHCARE: CRISIL Reaffirms B Rating on INR12.5cr Loan
NIKHIL TOBACCOS: CRISIL Keeps D Debt Rating in Not Cooperating
R.S. GREEN: CARE Keeps D Debt Rating in Not Cooperating Category
S. S. RICE: CARE Keeps D Debt Ratings in Not Cooperating Category

SPICEJET: In Advanced Stages of Settlement With Celestial Aviation
SUGANTHI EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
VENKATESHKRUPA SUGAR: Ind-Ra Assigns BB+ Rating, Outlook Stable


M A L A Y S I A

MYAIRLINE: Founder Arrested to Help in Money Laundering Probe


N E W   Z E A L A N D

CRAWFORD RENTALS: Placed in Liquidation
E A ENERGY: Creditors' Proofs of Debt Due on Dec. 1
HIGHFIELD INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 14
HOMECUBES LIMITED: Creditors' Proofs of Debt Due on Nov. 8
SUA CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 3



S I N G A P O R E

ASIA AVIATION: Creditors' Meeting Set for Nov. 15
FLASH COFFEE: BDO Advisory Appointed as Provisional Liquidators
FLASH TECH: Creditors' Meeting Set for Oct. 31
KAIFENG JUFEEL: GS Holdings Demands Payment of SGD18.5MM Debt
MUNICH SG: Creditors' Meetings Set for Nov. 6



T H A I L A N D

THAI AIRWAYS: To Exit Bankruptcy in 2024

                           - - - - -


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

ANGELO'S RESTAURANT: HoganSprowles Appointed as Administrators
--------------------------------------------------------------
Christian Sprowles and Michael Hogan of HoganSprowles on Oct. 16,
2023, were appointed as administrators of Angelo's Restaurant Pty
Limited, trading as Angelo's Cabarita.

The administrators may be reached at:

          Christian Sprowles
          Michael Hogan
          HoganSprowles
          Level 9
          60 Pitt Street
          Sydney, NSW 2000


HUMM ABS 2023-1: Moody's Assigns (P)Ba2 Rating to Class E-G Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to the
notes to be issued by Perpetual Corporate Trust Limited in its
capacity as the trustee of the humm ABS Trust 2023-1.

Issuer: humm ABS Trust 2023-1

AUD195.65 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD18.06 million Class A1-G Notes, Assigned (P)Aaa (sf)

AUD27.09 million Class B-G Notes, Assigned (P)Aa2 (sf)

AUD13.55 million Class C-G Notes, Assigned (P)A2 (sf)

AUD13.85 million Class D-G Notes, Assigned (P)Baa2 (sf)

AUD17.16 million Class E-G Notes, Assigned (P)Ba2 (sf)

The AUD15.65 million of Class F Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
unsecured, retail, buy now pay later (BNPL) receivables originated
under the brand 'humm' by humm BNPL Pty Ltd (originator), a
subsidiary of Humm Group Limited ("hummgroup").

This is hummgroup's fifteenth term securitisation of the
originator's assets.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

-- the evaluation of the underlying receivables and their expected
performance. The portfolio includes a high proportion (35.6%) of
loans related to solar-related products;

-- the availability of excess spread to meet losses over the life
of the transaction;

-- the liquidity facility in the amount of 1.60% of the rated note
balance;

-- the interest rate swaps provided by National Australia Bank
Limited ("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)); and Westpac Banking
Corporation ("WBC", Aa3/P-1/Aa2(cr)/P-1(cr));

-- the experience of humm BNPL Pty Ltd as servicer, and the
back-up servicing arrangements with Perpetual Corporate Trust
Limited.

Initially, the Class A Notes (which include Class A1, and Class
A1-G Notes) benefit from 29.00% of note subordination. The Class
B-G, Class C-G, Class D-G and Class E-G Notes benefit from 20.00%,
15.50%, 10.90% and 5.20% respectively.

The transaction features a sequential/pro rata paydown structure.
If the pro rata conditions are not satisfied, principal collections
will be distributed sequentially to the Class A to Class F Notes
(pari passu between the Class A1 and A1-G Notes). If the pro rata
paydown conditions are satisfied, principal will be distributed pro
rata among Class A1 to Class F Notes (separate pro-rata paydown
conditions for Class A to Class E-G Notes, and conditions for Class
A to Class F Notes).

Key model and portfolio assumptions

Moody's Portfolio Credit Enhancement ("PCE") — representing the
loss that Moody's expects the portfolio to suffer in the event of a
severe recession scenario — is 28.0%. Moody's mean default for
this transaction is 4.6% with a seasonally adjusted mean default
assumption of 4.1%. The assumed recovery rate is 0%. Expected
defaults, recoveries and PCE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's cash flow model to rate consumer ABS.

Moody's assumed mean default rate is stressed compared to the
historical levels of 3.9%. The expected default captures Moody's
expectations of performance considering the current economic
outlook, while the PCE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.

Key pool features are as follows:

-- The weighted average interest rate of the portfolio is 10.2%
before benefiting from obligor monthly account keeping (MAK) fee
income. MAK income has boosted the average portfolio yield by
approximately 3% on the previous 5 humm ABS transactions.

-- The weighted average remaining term of the portfolio is 31.6
months. The weighted average seasoning of the initial portfolio is
8.9 months.

-- Solar, medical services, jewellery, home owner and non-home
owner receivables constitute 35.6%, 28.2%, 5.6%, 10.7% and 20.0% of
the portfolio respectively.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in December
2022.

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

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.

NU VALUE: First Creditors' Meeting Set for Oct. 25
--------------------------------------------------
A first meeting of the creditors in the proceedings of Nu Value
Homes Pty Ltd will be held on Oct. 25, 2023, at 9:30 a.m. via
virtual meeting of the creditors via zoom conference.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of the company on Oct. 16, 2023.


ODEUM PRODUCE: Administrators Seek 3 Weeks to Secure Rescue Deal
----------------------------------------------------------------
The West Australian reports that creditors of a major fruit and
vegetable wholesaler which went under with AUD15 million in debt
have been asked to give administrators three weeks to secure a
rescue deal.

Odeum Produce supplies fruit and vegetables to supermarket chains
across the country and trades under brands including Sunwest Farms,
Rockstar Melons and Mr Mushroom. Their range includes beans,
capsicum, chillies, melons, peas, strawberries and tomatoes, among
dozens of other offerings.

Stephen Dixon and Brett Orzel of Hamilton Murphy Advisory were
appointed as administrators of the company on Sept. 18, 2023.


OPTION FUND: First Creditors' Meeting Set for Oct. 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Option Fund
Pty Limited will be held on Oct. 24, 2023, at 11:00 a.m. via
virtual facilities only.

Bradd William Morelli and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of the company on Oct. 12, 2023.


PEPPER PRIME 2023-1: S&P Assigns Prelim B (sf) Rating to F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Pepper Prime
2023-1 Trust. Pepper Prime 2023-1 Trust is a securitization of
prime residential mortgages originated by Pepper Homeloans Pty Ltd.
(Pepper).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk considers the underwriting standards and
centralized approval process of the seller, Pepper.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.5% of the invested amount of all notes, subject
to a floor, principal draws, and an excess spread reserve that
builds from excess spread, are sufficient under its stress
assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded by
Pepper Money Ltd. on or before closing, available to meet
extraordinary expenses. The reserve will be topped up via excess
spread if drawn.

-- The legal structure of the trust, which has been established as
a special-purpose entity and meets S&P's criteria for insolvency
remoteness.

  Preliminary Ratings Assigned

  Pepper Prime 2023-1 Trust

  Class A1, A$626.25 million: AAA (sf)
  Class A2, A$78.75 million: AAA (sf)
  Class B, A$13.50 million: AA (sf)
  Class C, A$12.00 million: A (sf)
  Class D, A$8.25 million: BBB (sf)
  Class E, A$4.80 million: BB (sf)
  Class F, A$3.45 million: B (sf)
  Class G, A$3.00 million: Not rated


PROFIX REINFORCEMENT: First Creditors' Meeting Set for Oct. 26
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Profix
Reinforcement Pty Ltd will be held on Oct. 26, 2023, at 2:00 p.m.
at the offices of Hamilton Murphy Advisory, Level 21, 114 William
Street, in Melbourne, Vic or via virtual meeting technology.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Oct. 16, 2023.


SARA LEE: Placed in Voluntary Administration; Goes Up for Sale
--------------------------------------------------------------
The Sydney Morning Herald reports that Sara Lee, the household name
behind frozen cheesecakes, pies, crumbles and ice creams, has
appointed voluntary administrators after suffering higher operating
costs and supply chain issues that disrupted operations over the
past 12 months.

Established in Australia in 1971, the dessert manufacturer on Oct.
17 appointed FTI Consulting's Vaughan Strawbridge, Kathryn Evans
and Joseph Hansell as administrators and will keep operations
running in a bid to restructure the business.

According to SMH, Mr. Strawbridge said Sara Lee was an iconic brand
with more than 200 staff employed at its manufacturing facility on
the Central Coast of NSW.

"We are working with Sara Lee's management team and staff to
continue operations while we secure the future of the business. We
are immediately commencing a process to sell or restructure the
business and continue its long history of manufacturing in
Australia," the report quotes Mr. Strawbridge as saying. "We expect
a lot of interest in the business and will work with those parties
and stakeholders to achieve an outcome as soon as possible to
secure the ongoing business and provide clarity to its loyal and
committed staff and customers."

SMH says the popular products, which include a range of
cheesecakes, chocolate Bavarian cake, apple pies and crumbles,
sticky date pudding and ice cream range, are sold in Woolworths and
Coles.

The business was founded in the 1930s by Chicago resident Charles
Lubin, who made a fresh cheesecake and named it after his daughter
Sara Lee. Demand for Mr. Lubin's products grew, which led to him
perfecting a frozen line of products that met his high standards.

Australian operations were set up in Central Coast's Lisarow in
1971, where it continues to make cakes every day. In June 2021, New
Zealand private equity firm South Island Office (SIO) purchased the
Sara Lee brand from Canadian frozen food multinational giant McCain
for AUD36.5 million, the report notes.

SMH, citing documents recently filed to corporate regulator ASIC,
discloses that the Australian business was recently profitable,
making nearly AUD27.7 million in profits after tax between May 28,
2021, and July 2, 2022.

But the report, prepared by auditor BDO and submitted to ASIC in
early September, reveals the frozen dessert business was "reliant
on the continued support from its shareholders and banker" and
undershot financial profit projections, SMH relays.

"This presents a material uncertainty which may cast doubt in
regard to the company's ability to continue as a going concern and
therefore it may be unable to realise its assets and discharge its
liabilities in the normal course of business."

While demand for Sara Lee's products are strong, higher operation
costs resulted in Sara Lee Australia "trading at a loss this
financial year", the report, as cited by SMH, stated. A capital
raising of AUD3 million was undertaken to improve the business'
liquidity position.

SMH adds that after the reporting period concluded in July 2022,
Sara Lee's Australian business faced a series of challenges that
disrupted the business, including the closure of rail lines between
NSW and Western Australia due to La Nina flooding that led to a
supply shortage in Western Australia; strike action at a packing
supplier that temporarily halted the supply of boxes to Sara Lee
for two weeks; and the collapse of trucking group Scott's
Refrigerated Logistics earlier this year, which impacted the
storage of frozen products and resulted in a one-week closure.

The cake maker increased prices across all its products in May this
year.


SIMSAI CONSTRUCTION: Gets Wind Up Order; Up to 100 Homes in Limbo
-----------------------------------------------------------------
News.com.au reports that one of Perth's biggest builders appears to
be on the ropes financially as the Australian Taxation Office
issues it with a wind up order.

According to news.com.au, Simsai Construction Group, an Osborne
Park based builder which oversees First Home Buyers Direct, Multi
Develop 360, and Express Homes, is understood to have up to 100
properties in the pipeline.

News.com.au relates that the WA government's Building and Energy
Division said they're closely monitoring the situation Simsai finds
itself in.

"Building and Energy understands Simsai has several works in
progress," the report quotes a Building and Energy spokesperson as
saying.

"As part of its assessment, Building and Energy will seek details
from the company about these projects."

Winding up orders, also known as compulsory liquidation, are
usually issued by courts on behalf of administrators, forcing a
company to cease trading so its assets can be sold in order to pay
creditors.

Simsai itself remains defiant in the face of the ATO's wind-up
order, news.com.au says.

"We are aware of the order and we hope to have it sorted in the
next two to three weeks," a spokesperson told The West Australian
newspaper.  "We are not going to comment further."

The company was founded in 2009, and was up for major Housing
Industry Association awards in 2011 and 2016.

First Home Buyers Direct touts itself on its website as "one of the
best first home builders in Perth," offering house and land
packages from "as little as AUD295 per week," with no progress
payments, the report notes.

SYRAH PTY: Second Creditors' Meeting Set for Oct. 23
----------------------------------------------------
A second meeting of creditors in the proceedings of Syrah Pty Ltd
has been set for Oct. 23, 2023, at 3:00 p.m. via Virtual Meeting by
Microsoft Teams.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 20, 2023, at 4:00 p.m.

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




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

CHINA: Tells Banks to Roll Over Local Gov't Debts as Risks Mount
----------------------------------------------------------------
Reuters reports that China has told state-owned banks to roll over
existing local government debt with longer-term loans at lower
interest rates, two sources with knowledge of the matter said, as
part of Beijing's efforts to reduce debt risks in a faltering
economy.

Reuters relates that debt-laden municipalities represent a major
risk to the world's second-largest economy and its financial
stability, economists said, amid a deepening property crisis, years
of over-investment in infrastructure and huge bills to contain the
COVID-19 pandemic.

Local government debt reached CNY92 trillion ($12.58 trillion), or
76% of the country's economic output in 2022, up from 62.2% in
2019, Reuters discloses.

Part of that is debt issued by local government financing vehicles
(LGFVs), which cities use to raise money for infrastructure
projects, often at the urging of the central government when it
needs to boost economic growth. Empty coffers could make it harder
for Beijing to kickstart a sputtering economic recovery, the report
says.

According to Reuters, the People's Bank of China (PBOC) issued
orders last week to major state lenders to extend terms, adjust
repayment plans, and reduce interest rates on outstanding loans to
LGFVs, according to the sources.

Loans that were due in 2024 or before will be categorized as
"normal" instead of non-performing if they overdue, and that won't
affect banks' performance evaluations, one of the sources said.
Reuters is reporting these measures for banks to defuse local debt
risks for the first time.

The sources didn't specify how much of debt will be restructured,
Reuters notes.

To ensure banks do not incur heavy losses from the debt
restructuring, interest rates on rolled over loans should not be
below China's Treasury bond rates, said one source, adding that
loan terms should not exceed 10 years. China's benchmark 10-year
government bond is now yielding around 2.7%, while the benchmark
one-year loan prime rate is 3.45%.

The two sources declined to be identified as the policies were
confidential, Reuters notes.

"The borrowing costs of LGFVs' loans are usually about 4%, and in
some regions and cases the costs could be even higher at about 5%
to 8%," said a banker, who declined to be identified as he is not
authorized to speak to media, Reuters relays.

"A large-scale loan extension and interest rate reduction will deal
a heavy blow to banks' operations," he said.

Reuters relates that despite the mounting local fiscal mess,
China's central government has taken a cautious stance on resolving
the debt issues to avoid risks of moral hazard: Investors could be
encouraged to take even greater risks if they assume Beijing will
always come to the rescue of local governments or state companies.

China's deepening property crisis has added to the pressure on
municipalities, with developers in no shape to buy more land,
traditionally a key source of local revenue. Since the sector's
debt crisis unfolded in mid-2021, companies accounting for 40% of
Chinese home sales have defaulted, most of them private
developers.

The People's Bank of China (PBOC) and the National Financial
Regulatory Administration didn't immediately reply to Reuters'
request for comments.


COUNTRY GARDEN: Default Talk Swirls as Debt Deadline Passes
-----------------------------------------------------------
Reuters reports that a Country Garden $15 million coupon payment
deadline has expired without word of payment, fuelling expectations
that China's biggest private property developer has defaulted on
its offshore debt as the nation's real estate woes deepen.

According to Reuters, non-payment would trigger cross defaults in
other Country Garden bonds as is standard in bond contracts. The
company has almost $11 billion of offshore bonds and a default
would set the stage for one of China's biggest corporate debt
restructurings.

One bondholder of the tranche in question, who declined to be
identified discussing confidential information, said he had not
received payment on the coupon as a 30-day grace period ended,
Reuters relates.

Reuters says Country Garden reiterated on Oct. 18 that it expects
to be unable to meet all of its offshore debt obligations and hopes
to seek a "holistic" solution to its difficulties.

Its statement did not directly address the question of whether
there had been a default and representatives of the company
declined to comment.

"If they don't pay within the grace period, it will be a default,"
Reuters quotes Cedric Rimaud, analyst at GimmeCredit, an
independent corporate bond research house, referring to Country
Garden's missed payment, as saying.

Scores of other Chinese property developers have defaulted, reeling
from liquidity problems since 2021 when the government introduced
measures to rein in the sector's very high debt levels.

Reuters says the industry accounts for one-fourth of China's
economic activity and its prolonged woes have dragged on the
world's second-biggest economy, often rattling global financial
markets.

Country Garden's missed payment comes on the heels of an
investigation into the chairman of beleaguered peer China
Evergrande, which has also defaulted and has been at the centre of
the sector's debt crisis, Reuters notes.

Shares in Country Garden have lost some 70% of their value this
year but gained some ground on Oct. 18, rising 2.7%.

Its dollar bonds are currently worth about 6 cents compared with 70
cents at the start of the year, according to LSEG data, and
bondholders say they expect the debt to be restructured, Reuters
relays.

"I think Country Garden offshore US dollar bond pricing speaks for
itself as to the current expectations," Reuters quotes Real Estate
Foresight co-founder Robert Ciemniak who publishes on Smartkarma as
saying.

A U.S. asset manager holding Country Garden's dollar bonds added:
"We are ready to walk away with some losses, but just hope the
restructuring process could be efficient and less painful when
compared to other companies like Evergrande."

The asset manager declined to be identified.

Country Garden is, however, in better shape with its onshore debt,
having gained some breathing room with three-year payment
extensions for eight bonds worth CNY10.8 billion ($1.5 billion),
Reuters notes.

                        About Country Garden

Country Garden Holdings Company Limited --
https://www.countrygarden.com.cn/en/home -- an investment holding
company, invests, develops, and constructs real estate properties
primarily in Mainland China. The company operates in two segments,
Property Development and Construction. It develops residential
projects, such as townhouses and condominiums; and car parks and
retail shops. The company also develops, operates, and manages
hotels. In addition, it researches and develops robots; sells
electronic hardware and food; and provides interior decoration,
agriculture, landscape design, investment and management
consulting, cultural activity planning, and real estate consulting
services.

As reported in the Troubled Company Reporter-Asia Pacific in
September 2023, Moody's Investors Service has downgraded Country
Garden Holdings Company Limited's corporate family rating to Ca
from Caa1 and its senior unsecured rating to C from Caa2. The
outlook remains negative.

"The rating downgrades with negative outlook reflect Country
Garden's tight liquidity and heightened default risk, as well as
the likely weak recovery prospects for the company's bondholders,"
said Kaven Tsang, a Moody's Senior Vice President.

GEMDALE CORP: Moody's Cuts CFR to B3 & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Gemdale Corporation to B3 from Ba3 and the CFR of Famous
Commercial Limited, Gemdale's wholly-owned subsidiary, to Caa1 from
B1.

Moody's has also downgraded the backed senior unsecured rating on
the bonds to Caa1 from B1 and the backed senior unsecured rating to
(P)Caa1 from (P)B1 on the medium-term note (MTN) program issued by
Gemdale Ever Prosperity Investment Limited (Gemdale Ever
Prosperity) and guaranteed by Famous. Gemdale Ever Prosperity's
offshore bonds are supported by Gemdale through keepwell deeds and
deeds of equity interest purchase undertaking.

At the same time, Moody's has changed the rating outlook to
negative. Previously, the ratings were under review for downgrade.

This action concludes the review for downgrade initiated on August
28, 2023.

"The rating downgrade reflects Gemdale's materially weakened credit
profile and high refinancing risks due to its declining contracted
sales, deteriorating liquidity and large amount of debt maturing
over the next 12 to 18 months," says Kelly Chen, a Moody's Vice
President and Senior Analyst.

"The negative outlook reflects uncertainties over the company's
ability to improve its funding access and operations, amid
uncertain recovery prospects for China's property market," adds
Chen.

RATINGS RATIONALE

Moody's expects Gemdale's contracted sales to fall to around RMB159
billion in 2023 and RMB145 billion in 2024 amid the challenging
operating environment. The company's reduced land acquisitions to
preserve liquidity over the past 12-18 months will also limit its
sales over the next one to two years. During the first 9 months of
2023, Gemdale's contracted sales dropped 25% year on year to
RMB121.9 billion, materially underperforming the market and weaker
than what Moody's previously expected. The weak contracted sales
will weigh on the company's operating cash flow and liquidity.

Moody's expects the company's liquidity to be weak over the next
12-18 months. Gemdale has a sizable amount of debt maturing,
including around RMB23 billion of onshore and offshore bonds
becoming mature or puttable before the end of 2024. As of end of
June 2023, Gemdale's unrestricted cash balance reduced to RMB45.5
billion from RMB54.4 billion as of the end of 2022, due to weakened
operating cash flow from lower contracted sales. Moody's expects
the company to repay most of these debts using internal cash given
its weakened funding access, which will put pressure on its
liquidity profile.

Gemdale is also exposed to joint venture (JV) partnerships, in
which the company may need to provide additional funding support to
the projects, particularly if the JV partner is in financial
distress.

While Gemdale may continue to obtain long-term bank loans by
pledging its investment properties (IPs) to replenish its liquidity
over the next 6-12 months, these transactions entail high execution
uncertainties given the prevailing difficult market conditions. As
of end of June 2023, Gemdale has pledged IPs with a book value of
RMB14.9 billion, against the total book value of RMB26.6 billion.

Moody's also projects Gemdale's credit metrics will weaken over the
next 12-18 months given its revenue and profit margin will decline
along with its shrinking operations over the same period.
Specifically, Gemdale's debt/EBITDA will deteriorate to 7.3x over
the next 12-18 months, compared with 5.1x for the 12 months ended
June 2023, and its EBIT/interest coverage will stay weak at around
2.4x over the same period.

Gemdale's CFR continues to reflect its established brand name and
long operating track record in China's property market, against its
declining contracted sales and financial metrics; and significant
exposure to its JV projects, which lowers the transparency of its
credit metrics.

Meanwhile, the downgrade of Famous' CFR to Caa1, which incorporates
a two-notch parental uplift, follows the downgrade of its parent
Gemdale and reflects the company's weak liquidity.

Moody's support assumption considers (1) Gemdale's full ownership
of Famous; (2) Famous' status as Gemdale's primary platform to
raise funds from offshore debt capital markets; and (3) Gemdale's
track record of providing financial support to Famous.

Famous' standalone credit profile is constrained by the small scale
of its operations, its weak financial metrics and potential
volatility in its sales performance.

The Caa1 backed senior unsecured ratings on the bonds and the
(P)Caa1 backed senior unsecured rating on the MTN program
guaranteed by Famous are not affected by subordination to claims at
the operating companies. This is because Moody's expects support
from Gemdale will flow through Famous rather than directly to its
main operating companies, thereby mitigating any differences in
expected loss that could result from structural subordination.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Gemdale's track record of diversified
ownership and board of directors, as well as its established
governance standards as required by the Shanghai Stock Exchange.

Moody's has also taken into account Famous' private company status
and low corporate transparency. However, Gemdale's 100% ownership
of the company, established governance structure and history of
providing support to its subsidiary mitigate these risks.

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

An upgrade of the ratings is unlikely in the near term, given the
negative outlook.

However, Moody's could revise Gemdale's rating outlook to stable if
the company strengthens its access to long-term funding, improves
sales and financial metrics, and maintains sufficient liquidity.

A significant reduction in contingent liabilities associated with
its JV projects or a reduced likelihood of providing funding
support to its JV projects could also be positive for the rating.

However, Gemdale's rating could be downgraded if its contracted
sales and/or operating cash flows weaken beyond Moody's
expectations, or if the company's access to funding deteriorates
further.

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

Incorporated in China and listed on the Shanghai Stock Exchange,
Gemdale Corporation is a leading developer in China's residential
property sector. As of the end of 2022, the company's land bank
totaled around 52 million square meters (sqm) in saleable gross
floor area (GFA) across about 78 cities in China.

Incorporated in Hong Kong SAR, China in 1995, Famous Commercial
Limited is a wholly-owned subsidiary of Gemdale Corporation. The
company also serves as Gemdale's funding vehicle in overseas
markets.



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

ALBUS INDIA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Albus India
Limited (AIL) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Term Loan                11        CRISIL D (Issuer Not
                                      Cooperating)

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

AIL was set up in 2011 by Mr. Gaurav Agrawal and his two brothers -
Mr. Gautam Agrawal and Mr. Gokul Agrawal. The company manufactures
low carbon ferro manganese. Its manufacturing unit is located in
Vishakhapatnam (Andhra Pradesh), and commenced operations in August
2015.


AMAR COTTEX: CARE Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Amar Cottex
Private Limited (ACPL) continues to remain in the 'Issuer Not
Cooperating' category.

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

Rationale & Key Rating Drivers

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

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

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

Rajkot-based ACPL was incorporated in March 2011, by Mr Nilesh
Devjibhai Sakhiya and Mr Naranbhai Karsanbhai Ramani as a private
limited company. ACPL is engaged in the cotton ginning and pressing
activity and started commercial production from November 2011. Mr
Jayraj Vekariya is managing the overall business operation of ACPL.
ACPL has installed capacity of 6,800 metric tonnes per annum (MTPA)
as on March 31, 2015, for cotton bales at its sole manufacturing
facility located at Rajkot (Gujarat).

AMRITLAL NARESH: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Amritlal
Naresh Kumar (ANK) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       1.50       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term          11.00       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 24,
2022, placed the rating(s) of ANK under the 'issuer
non-cooperating' category as ANK had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. ANK
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 10, 2023, July 20, 2023, July 30, 2023.

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

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

ANK was established by Mr. Amritlal Naresh Kumar Gupta in the year
1997, as a proprietorship concern. ANK is engaged in the trading of
imported timber. It primarily imports round timber logs from
Singapore and Malaysia, which is subsequently sawn and sized into
various sizes as per the requirement of the customers. The facility
is located in Gandhidham, Kutch near Kandla port which facilitates
easy imports and transportation of the products. ANK imports
various types of timber such as Meranti, Kapur, Saal, Razzaq, Pine
wood, etc. Mr. Amritlal Naresh Kumar Gupta and his son Mr. Sushil
Kumar jointly manage the operations of ANK.


ANANTHA PVC: CARE Lowers Rating on INR8cr LT Loan to D
------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Anantha PVC Pipes Private Limited (APPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-; Stable

   Short Term Bank      7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4
  
Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 15,
2022, placed the rating(s) of APPPL under the 'issuer
non-cooperating' category as APPPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. APPPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 1, 2023, August 11,
2023, August 21, 2023, October 3, 2023.

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

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

The ratings assigned to the bank facilities of APPPL have been
revised on account of delays in debt servicing recognized from
Annual Report of FY22, available from registrar of the companies as
well as publicly available information i.e. CIBIL Check.

Anantha PVC Pipes Private Limited (APPPL), incorporated in 2006, is
part of Nandyal (Andhra Pradesh) based Nandi Group of companies.
Promoted by Mr. Sajjala Sreedhar Reddy, APPPL is engaged in the
business of manufacturing of rigid Polyvinyl Chloride (PVC) pipes
and fittings (installed capacity of 12,800 MTPA) at its facilities
located at Hampapuram (Andhra Pradesh). The products are widely
used in irrigation, telecommunication, potable water supplies,
electrical industry, construction industry, sewerage and drainage
etc. Besides, the company is also engaged in trading of resins and
chemicals.


ANISHA ENTERPRISES: CARE Lowers Rating on INR10cr Loan to D
-----------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Anisha Enterprises (AE), as:

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated February 20,
2023, placed the rating(s) of AE under the 'issuer non-cooperating'
category as AE had failed to provide information for monitoring of
the rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 3, 2023.

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

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

The ratings assigned to the bank facilities of AE have been revised
on account of delays in debt servicing recognized from publicly
available information i.e. CIBIL check.

Anisha Enterprises (AE) was established and started the commercial
operations in the year May 2017 by Mr. Srimannarayana as a
proprietorship concern. Initially, the firm was engaged in the
business of trading of Tobacco, Pulses and Shrimp. At present
the firm is engaged in the wholesale and retail trading of
different kinds of pulses and shrimp. The firm generates 95% of the
revenue from the trading of pulses and remaining 5% from sale of
shrimp. The firm sells both pulses and shrimp in the states of
Andhra Pradesh and purchases the same from the farmers located
around Prakasham district, Andhra Pradesh.


ANNAPURNA PET: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Annapurna
Pet Private Limited (APPL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      19.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     11.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 26,
2022, placed the rating(s) of APPL under the 'issuer
non-cooperating' category as APPL had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. APPL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 12, 2023, August 22, 2023, September 28,
2023.

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

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

Incorporated in 2011, by Mr. Vijay Bajoria, Mr. Vimal Bajoria, Mr.
Krishna Tulsian, Mr. Suresh Murarka & Mr. Sunil Goyal, Annapurna
Pet Private Limited (APPL) is engaged in manufacturing of
polyethylene terephthalate (PET) pre-forms and bottle caps, used in
the manufacturing of plastic bottles/containers. The company
commenced commercial operations from March 1, 2013. The entity has
manufacturing facility located at Valsad (Gujarat).

APEX SURATGARH: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Apex
Suratgarh Multispeciality Hospital Private Limited (ASMHPL)
continues to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.94       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 12,
2022, placed the rating(s) of ASMHPL under the 'issuer
non-cooperating' category as ASMHPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.

ASMHPL continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated July 29, 2023, August 8, 2023, August 18, 2023.

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

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

Apex Suratgarh Multispecialty Hospital Private Limited (ASMHPL) was
incorporated in 2014 and started it operations from December 2016.
ASMHPL has been promoted by Dr. Sachin Jhanwar (MS – Master of
Surgery, Fellow of Royal Colleges of Surgeons, UK), Dr. Vijay
Beniwal (MS- Master of Surgery), Dr. Sanjay Bajaj (MD- Doctor of
Medicine), Dr. Rajender Kumar Chhabra (MD- Doctor of Medicine,
Fellow of American Colleges of Physicians, USA) and Mr. Arvind
Bansal. The company operates a hospital providing quality services
and patient care to the people in the vicinity of Sriganga Nagar
(Rajasthan). The hospital has specialized departments in
Cardiology, Endoscopy, Radiology, Cytology, Histopathology and few
others for its patients and visitors.

ARUN ENGINEERING: CRISIL Keeps B- Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Arun Engineering
Projects Private Limited (AEPPL) continue to be ''CRISIL
B-/Stable/CRISIL A4 Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee         12.5       CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit             5         CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      7.5       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with AEPPL for
obtaining information through letter and emails dated August 28,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of AEPPL continues to be ''CRISIL B-/Stable/CRISIL A4
Issuer Not Cooperating'.

The entity did not provide the No Default Statements (NDS) for the
last three months. Therefore, the issuer is being classified as
'non cooperative' in line with Clause 11. 3 of SEBI Master circular
dated July 3, 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 AEPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AEPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
AEPPL continues to be ''CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating'.

AEPPL was originally set up in 1972 as a proprietorship by the late
Mr R A Harry at Bengaluru; it got reconstituted as a
private-limited company in 1998. The company provides engineering,
procurement, and construction services in the water supply and
underground drainage water system segments.


AZEN MEDICAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Azen
Medical Welfare and Research Society (AMWRS) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      16.85       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 14,
2022, placed the rating(s) of AMWRS under the 'issuer
non-cooperating' category as AMWRS had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement.
AMWRS continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 31, 2023, August 10, 2023, August 20,
2023.

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

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

Azen Medical Welfare & Research Society (AMWRS), registered under
Registration of Societies Act, 1860 was established in March, 2000.
The society remained non-operational till 2011. In the year 2011,
AMWRS has undertaken a project to setup a general hospital with
cancer treatment centre with other facilities like pathology
centre, outdoor and indoor patient treatment etc. at Dimapur in
Nagaland. During June 2015 the project has got completed with a
project cost of INR45.00 crore and the operation has started from
July 2015. In this initial stage, the hospital has started with 100
beds and daily average 225 indoor and outdoor patient consultation.
The day to day affairs of the hospital is looked after by Mr.
Yashitsungba Ao, Chairman, with the help of the Managing Director
Mr. Y. Along Aier and other 16 members.


D. D. ENTERPRISES: CRISIL Withdraws B+ Rating on INR10.5cr Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of D. D. Enterprises (Pune) (DDE; part of the DDE group), as:

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          9.5        CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit             4.5        CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit             0.5        CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Proposed Bank          10.5        CRISIL A4/Issuer Not
   Guarantee                          Cooperating (Withdrawn)

   Proposed Cash           5.0        CRISIL B+/Stable/Issuer Not
   Credit Limit                       Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with DDE for
obtaining information through letter and email dated December 24,
2022 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 DDE. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on DDE is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, CRISIL Ratings has
Continued the ratings on the bank facilities of DDE to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of DDE and Ingenesys
Engineering and Consulting Pvt Ltd (IECPL). This is because the two
entities, together referred to as the DDE group, are under a common
management, have fungible cash flows, and derive considerable
synergies from each other. Furthermore, CRISIL has treated
unsecured loans of INR1.04 crore as on March 31, 2016, extended to
the DDE group by its promoters, as neither debt nor equity. This is
because these loans are expected to be retained in the business
over the medium term.

CRISIL Ratings has withdrawn its rating on the bank facilities of
DDE on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

                         About the Group

The DDE group, promoted by Mr Sanjay Dubey and family, is based in
Pune (Maharashtra). Established in 1990, DDE is a partnership firm;
it designs and manufactures sterile process plant equipment used by
pharmaceutical and biotech companies.  


DSR SONS: CRISIL Lowers Rating on INR7cr LT Loan to B
-----------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
DSR Sons India Engineers Private Limited (DSR) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee           2         CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Cash Credit              5.7       CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

   Long Term Loan           2.3       CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

   Proposed Long Term       7         CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL BB-/Stable')

The downgrade in rating reflects deterioration in the financial
risk profile and liquidity profile of the firm. The firm's capital
structure has deteriorated as reflected in increase of Total
outside liabilities/Total Net worth (TOL/TNW) and gearing to 1.85
times and 2.03 times, respectively as on March 31, 2023 against
gearing and Total outside liabilities/Total Net worth (TOL/TNW) of
0.47 times and 0.98 times, respectively, as on March 31, 2022 due
to increase in debt level of INR20.67 crore in fiscal 2023 from
INR4.96 crore in fiscal 2022. This leads to increase in repayment
while NCA expected around INR0.73–INR1 crore per annum remains
insufficient to meet debt obligations. Improvement in operating
performance resulting in better liquidity and financial profile
would remain key rating monitorable over the medium term.

The ratings continue to reflect its modest scale of operations,
Intensive working capital cycle and moderately high financial risk
profile. These weaknesses are offset by its promoter's extensive
experience.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The scale of operations is modest as
reflected in operating income of INR14.80 crore in the fiscal
2023.Till August 2023, company reported operating income of over
INR8 crore with available work order of INR21 crore, revenue is
likely to be improved over the medium term.  CRISIL Ratings
believes that revenue shall remain volatile due to geographical
concentration and high dependence on infrastructure development in
its region of operation for tender floatation.  

* Intensive working capital cycle: DSR working capital requirements
are high as evidenced by the gross current asset (GCA) days of
around 613 days as on March 31, 2023, against 287 days as on March
31,2022. High GCA days are mainly driven by high inventory days of
173 days and debtor days of 141 days, GCA days is expected to be
similar level over the medium term.

* Moderately high financial risk profile: The financial risk
profile is moderate. Gearing and Total outside liabilities/
Tangible net worth is Moderate to be around 1.85 times and 2.03
times as on 31st March 2023 and is expected to improve further over
the medium term. Debt protection metrics are moderate with interest
coverage and net cash accrual to adjusted debt to be around 1.96
times and 2.14 times for the fiscal FY23. CRISIL Ratings believes
the debt protection metrics shall improve over the medium term, in
the absence of any further capex funded debt.

Strength:

* Promoter's extensive experience: The Promoters have an experience
of more than a decade in the civil construction industry. CRISIL
Ratings believes their established relationship with various
stakeholders in the industry should continue to support its
business risk profile over the medium term.

Liquidity: Stretched

Bank limit utilization is moderate at 63% in the past 12 months
ending June 2023. NCA expected of in the range INR0.73–INR1 crore
per annum will remain insufficient against the repayment
obligations of INR1.50 crore per annum. Expected enhancement in the
working capital requirement and need based Unsecured loan will
support liquidity.

Current ratio is 2.28 times as on 31st March 2023

Outlook: Stable

CRISIL Ratings believes that DSR shall benefit from its promoter's
experience over the medium term.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in scale of operation by 20% and sustenance
of operating margin of 15-16% leading to higher accrual of above
INR1.50 crore.
* Sustained improvement in financial risk profile

Downward factors:

* Decline in scale of operation of less than 20% with lesser
profitability margin at 10% leading to lower cash accrual.
* Deterioration in working capital cycle leading to stretch in
liquidity.

DSR incorporated in 2008 is engaged in civil construction works,
primarily road construction in Chennai and its outskirts, Tamil
Nadu. Its operations are managed by Mr. DS Ravikumar, Managing
director of the company.


DUSHMANTA GIRI: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dushmanta
Giri (DG) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category  

Rationale & Key Rating Drivers

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

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

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

Dushmanta Giri (DG) was initially established in 1977 as a
proprietorship entity by Shri Dushmanta Giri to execute civil
contract work for Govt. of West Bengal. It was converted to
partnership firm on January, 20, 2012 by Shri Dushmanta Giri (60%
stake), Smt. Piu Giri (20% stake) and Shri Dwaipayan Giri (20%
stake), based out of Midnapore, West Bengal. The partnership firm
has been reconstituted in February 19, 2012 after the demise of
Shri Dushmanta Giri and the current partners are Smt. Piu Giri(50%
stake) and Shri Dwaipayan Giri (50% stake). DG is a small sized
West Bengal based firm engaged in providing different types of
construction services, which include construction of roads,
buildings etc.


GTZ INDIA: CRISIL Withdraws B+ Rating on INR14cr Cash Loan
----------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
GTZ India Private Limited (GTZIPL) on the request of the company
and receipt of a no objection certificate from its banks. The
rating action is in line with CRISIL Ratings' policy on withdrawal
of its ratings on bank loans.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee         0.59        CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Cash Credit           14           CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

   Letter of Credit       4           CRISIL A4/Issuer Not
                                      Cooperating (Withdrawn)

   Term Loan              2.41        CRISIL B+/Stable/Issuer Not
                                      Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with GTZIPL for
obtaining information through email dated August 30, 2022,
September 29, 2022, January 28, 2023 and March 13, 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 firm. 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 GTZIPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
GTZIPL is consistent with 'Assessing Information Adequacy Risk'.
Based on the best available information, the rating on bank
facilities of GTZIPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

Incorporated in 1973, GTZIPL manufactures metal-finishing chemicals
for use in varied industries, including steel mills,
auto-ancillaries, and fastener units. It also started commercial
operations for its organic synthesis unit in fiscal 2015. Its
operations are managed by Mr Arun Kumar Sawalka.

Status of non cooperation with previous CRA:

GTZIPL has not cooperated with Brickwork Ratings India Private
Limited which has classified it as non-cooperative vide release
dated 30 March 2020. The reason provided by Brickwork Ratings India
Private Limited is non-furnishing of information for monitoring of
ratings.


ITCOS GRANITO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Itcos Granito
LLP (IGL) continue to be ''CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          4         CRISIL A4 (Issuer Not
                                     Cooperating)

   Cash Credit            10         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Term Loan               5.62      CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Working Capital         3.88      CRISIL B+/Stable (Issuer Not
   Term Loan                         Cooperating)

CRISIL Ratings has been consistently following up with IGL for
obtaining information through letter and emails dated September 12,
2023 among others, apart from telephonic communication. However,
the issuer has remained non cooperative and the ratings on bank
facilities of IGL continues to be ''CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating'.

The entity did not provide the No Default Statements (NDS) for the
last three months. Therefore, the issuer is being classified as
'non cooperative' in line with Clause 11. 3 of SEBI Master circular
dated July 3, 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 IGL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on IGL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
IGL continues to be ''CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

IGL, a partnership firm set up in 2017, manufactures ceramic tiles
at its facility in Morbi (Gujarat), with installed capacity of
68,000 tonne per annum. Mr Haresh Bhadja, Mr Pravin Bhadja and
their family members are the partners.


J P AND COMPANY: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of J P and
Company (JPC) continues to remain in the 'Issuer Not Cooperating'
category.

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated August 30,
2022, placed the rating(s) of JPC under the 'issuer
non-cooperating' category as JPC had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. JPC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 16, 2023, July 26, 2023, August 5, 2023.

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

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

Indore-based JPC was originally formed in 2013 as a partnership
concern by Maltani Family. However, in December, 2015, the firm was
taken over by Wadhwani Family. JPC was established with an
objective to set up a hotel in Indore (Madhya Pradesh). The hotel
will have facility of total 121 rooms includes; 89 Typical Rooms,
30 Jr. Suite rooms, 2 Suite rooms along with separate Vegetarian
and Non-Vegetarian restaurant, Gym, Swimming Pool, 3 banquet hall
and bar. JPC has envisaged that project will be completed in the
month of May, 2017 and is expected to commence its operations from
May, 2017. Brief Financial: Latest financials were not available as
it was a project stage entity at the time of initial rating.


LORD SHIVA: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Lord Shiva
Construction Co Private Limited (LSCCPL) continue to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      10.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           7.50       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.38       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale and Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 05,
2022, placed the rating(s) of LSCCPL under the 'issuer
non-cooperating' category as LSCCPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. LSCCPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 22, 2023, August 1, 2023,
August 11, 2023.

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

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

Haryana-based Lord Shiva Construction Co. Pvt. Ltd. (LSC) was
incorporated in July 1992 and is currently being managed by Mr Anil
Jain and his wife Mrs Sunita Jain. The company is engaged in
construction works which involve construction of roads and civil
construction (buildings). In road segment, LSC executes contracts
mainly for PWD (Public Work Department), Haryana, and in civil
construction the company had constructed buildings for government
colleges based out of Haryana.


MEDNOMIC HEALTHCARE: CRISIL Reaffirms B Rating on INR12.5cr Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
bank loan facility of Mednomic Healthcare Private Limited (MHPL).

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan     3.5        CRISIL B/Stable (Reaffirmed)

   Term Loan             12.5        CRISIL B/Stable (Reaffirmed)

   Term Loan              1.69       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the leveraged capital structure and
high geographical concentration in revenue. These weaknesses are
partially offset by the extensive industry experience of the
promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition: The healthcare segment has many
organized and unorganized players who will continue to pose a
challenge for MHPL.

* Expected leveraged capital structure: Gearing is likely to be
weak and debt protection metrics modest. The project is
aggressively funded at a debt-equity ratio of 1.56 times as on
March 31, 2023 which is expected to increase with further
onboarding of debt.

Strength:

* Longstanding presence of the promoter: Experience of over two
decades of the promoter, his strong understanding of market
dynamics, and healthy relations with patients should continue to
support the business. The hospital is expected to witness healthy
occupancy after commencement.

Liquidity: Stretched

Total project cost of INR22 crore is funded through term loan of
INR17 crore and promoter funds of about INR8 Cr. There has been a
cost overrun of INR5-6 crore due to delays in construction, however
it has been funded by unsecured loans brought in by the promoters.
Promoters have the willingness and the ability to bring in funds as
and when required.

Liquidity is supported by sufficient moratorium of 12 months from
the commencement date; debt repayments commence from September
2024.

Outlook: Stable

CRISIL Ratings believes MHPL will benefit from the extensive
experience of its promoter.

Rating Sensitivity factors

Upward factors:

* Improved financial risk profile.
* Timely ramp-up and stabilization of operations with revenue of
more than INR24 crore fiscal 2024 onwards and accrual of over
INR1.5 crore

Downward factors:

* Cash accrual of less than INR0.80 crore, which will not be
adequate to meet debt obligation going forward affecting the
liquidity profile of the company.
* Further stretch in liquidity or financial risk profile

Established in 2016 by Dr Arup Kumar Nath, MHPL is setting up an
80-bed healthcare facility, Advanced Urology and Kidney Diseases
Hospital, which will specialise in urology, nephrology and
gynaecology.


NIKHIL TOBACCOS: CRISIL Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Nikhil
Tobaccos (NT) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit/         30         CRISIL D (ISSUER NOT
   Overdraft                       COOPERATING; Rating Migrated)
   facility              

CRISIL Ratings has been consistently following up with NT for
obtaining information through letter and email dated August 28,
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 NT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NT 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 NT to 'CRISIL D Issuer not cooperating'.

Established in 2012, NT is owned and managed by Mrs Suma Gutta. The
firm trades in tobacco and is located in Andhra Pradesh.


R.S. GREEN: CARE Keeps D Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of R.S. Green
Foods Private Limited (RGFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.47       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 27,
2022, placed the rating(s) of RGFPL under the 'issuer
non-cooperating' category as RGFPL had failed to provide
information for monitoring of the rating and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. RGFPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated August 13, 2023, August 23,
2023, September 2, 2023.

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

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

R.S. Green Foods Private Limited (RGF) was incorporated in December
2011 and the operations of the company are currently being managed
by Ms. Balwant Kaur and Mr Taman Raj. The company is engaged in
processing as well as trading of paddy at its manufacturing unit
located at Patiala, Punjab. The company also undertakes milling of
rice for government and other private entities.

S. S. RICE: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S. S. Rice
Mill (SSRM) continue to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.20       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      2.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 16,
2022, placed the rating(s) of SSRM under the 'issuer
non-cooperating' category as SSRM had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SSRM
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 2, 2023, August 12, 2023, August 22,
2023.

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

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

S. S. Rice Mill was established in 2016, commenced its operation in
December 2017, with an objective to enter into the rice milling and
processing business. The manufacturing unit is located at
Dongargarh, Rajnandgaon, Chhattisgarh. The current installed
capacity of the unit is 28,800 tons per annum. The entity is
procuring raw paddy from the local farmers. Mr. Prateek Jain (aged
40 years) having five years of experience and Mr. Vinod Lalwani
(aged 43 years) having 10 years of experience in similar line of
business, looks after the day to day operations of the firm along
with other partners and a team of experienced professionals. Brief
financials: Latest financials were not available as the firm was a
project stage entity at the time of initial rating. Status of
non-cooperation with previous CRA: CRISIL has continued the rating
assigned to the bank facilities of SSRM into Issuer Not Cooperating
category vide press release dated April 21, 2023 on account of its
inability to carry out a review in the absence of the requisite
information from the firm. Brickwork has moved rating assigned to
the bank facilities of SSRM into Issuer Not Cooperating category
vide press release dated September 12, 2023 on account of its
inability to carry out a review in the absence of the requisite
information from the firm.

SPICEJET: In Advanced Stages of Settlement With Celestial Aviation
------------------------------------------------------------------
The Economic Times reports that Spicejet Ltd and aircraft lessor
Celestial Aviation Services Ltd informed the National Company Law
Tribunal on Oct. 17 that both parties are in the advanced stages of
settlement.

Celestial Aviation Services Ltd had approached the tribunal to
initiate insolvency proceedings against the low-cost airline for a
default of $29.9 million for nine aircraft in August.

"We are trying to settle the matter, and most likely, it will get
settled," the counsel for Spicejet told the bench.

ET says the NCLT, on request of both counsels, deferred the matter
to November 7.

Spicejet is facing insolvency proceedings from two other aircraft
lessors, Aircastle (Ireland) Ltd and Wilmington Trust SP Services
(Dublin) Ltd, and an engine lessor, Willis Lease Finance
Corporation Ltd, according to ET.

It has argued against the maintainability of all these petitions.

ET had last month reported that Aircastle had rejected the
airline's offer to allocate shares in lieu of its dues.

According to ET, the company has reached out to multiple lessors
with a similar offer; however, till now, only Carlyle Aviation
Partners, which had the highest exposure to the airline, has agreed
to acquire a 5.91% stake.

SpiceJet, last month, allotted 48.1 million shares on a
preferential basis to nine aircraft lessors to help clear Rs 231
crore in dues.

The airline has been marred in legal troubles, ET notes. Earlier
this month, the airline was given time till October 16 by the Delhi
High Court to negotiate a settlement with another one of its engine
lessors, Engine Lease Finance BV, which is also a lessor in the Go
First case.

ET says the engine lessor had asked the court to restrain the
airline from using one of its engines, as it had terminated the
lease agreement.

The condition of the airline industry, with Go first filing for
voluntary insolvency, has prompted a relook of the insolvency law,
the report states. The government has exempted aircraft and
aircraft engines from a mandatory moratorium on assets, which would
allow them to reclaim their assets.

                           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.

In August 2023, aircraft lessor Celestial Aviation Services Ltd had
approached the tribunal to initiate insolvency proceedings against
the low-cost airline for a default of $29.9 million for nine
aircraft.


SUGANTHI EDUCATIONAL: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Suganthi
Educational Trust (SET) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      63.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Rationale & Key Rating Drivers

CARE Ratings Ltd. had, vide its press release dated September 8,
2022, placed the rating(s) of SET under the 'issuer
non-cooperating' category as SET had failed to provide information
for monitoring of the rating and had not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. SET
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 25, 2023, August 4, 2023, August 14, 2023.

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

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

Suganthi Educational Trust (SET) was established in the year 1996
by Dr G. Kathamuthu, founder chairman of the trust, to provide
higher education for engineering and management students. SET
belongs to GKM group. SET operates through GKM College of
Engineering & Technology (GKMCET), GKM Institute of Marine Sciences
& Technology (GKMMST), GKM Polytechnic College (GKMPC), GKM College
of Physical Education (GKMCPE) and GKM Vidyashram (GKMV). GKM group
of educational institution provides education from Pre-KG to post
graduation and various certificate courses.


VENKATESHKRUPA SUGAR: Ind-Ra Assigns BB+ Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Venkateshkrupa Sugar
Mills Ltd.'s (VSML) bank facilities as follows:

-- INR1,692.4 bil. Term loan due on March 2030 assigned with IND
     BB+/Stable rating;

-- INR1.420 bil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating;

-- INR200 mil. Proposed term loan assigned with IND BB+/Stable
     rating; and

-- INR387.6 mil. Proposed working capital term loan assigned with
     IND BB+/Stable rating.

Key Rating Drivers

Average Credit Metrics; Deterioration Likely over Near Term: In
FY23 (provisional numbers), VSML's interest coverage (operating
EBITDAR/gross interest expense) rose to 2.63x (FY22: 2.13x; FY21:
1.92x) due to a reduction in interest costs during the year,
resulting from reduced utilization of fund-based working capital
limits during the year. However, the net financial leverage (Ind-Ra
adjusted net debt/operating EBITDA) worsened significantly to 5.11x
in FY23 (FY22: 3.6x; FY21: 7.02x) because of an increase in the
overall debt levels to INR1,741.67 million (FYE22: INR1,390.93
million; FYE21: INR2,093.01 million) on account of new long-term
loans availed for debt-funded capex. The agency expects the credit
metrics to deteriorate in the short term owing to increased
interest costs and overall debt levels. However, the metrics might
improve in the medium term, depending on the entity's ability to
improve its overall EBITDA after a successful ramp-up of the
capex.

New Operational Segment; Debt-Funded Capex undertaken by Company:
VSML is venturing into the business of production and sale of
ethanol by setting up a distillery with a blending capacity of 180
kiloliters per day (KLPD).  As per the management's estimates, the
project requires an initial investment of INR1,480 million, out of
which a sum of INR1,302.20 million will be funded by long-term debt
and the rest through the company's internal accruals. The project
will also see the crushing capacity of VSML's sugar mill expand to
6,500 tons of cane per day (TCD) from 5,000TCD; for which the cost
of INR100 million will be funded entirely through internal
accruals. As per the management, the expansion project is nearing
completion and shall be commissioned by the end of October 2023,
diversifying the entity's revenue streams for FY24.

Modest EBITDA Margins; Profitability to Improve Post Capex: VSML's
EBITDA margins have been modest due to the regulated nature of the
sugar industry, wherein the sales are controlled by the
government's quota regulations and the price paid for sugarcane is
regulated by the fair and remunerative pricing  policy. In FY23,
the company's EBITDA margin improved slightly to 8.73% (FY22:
8.26%; FY21:14.94%), led by the improved realization from sugar
sales.  In FY22, despite the significant increase in the scale of
operations, the EBITDA margin had declined sharply owing to a fall
in the export prices of sugar, an increase in sugarcane costs, and
the liquidation of inventory piled up at FYE21. The ROCE of the
company was 6.8% FY23 (FY22: 6.8%; FY21: 6.6%). Ind-Ra expects the
EBITDA margin and the ROCE to improve in the near-to-medium term
once the company starts gaining operational synergies from the
newly set up distillery segment, which would offer higher
profitability than the sugar and byproducts segments.

Liquidity Indicator - Stretched: For the 12 months ended September
2023, VSML's average maximum utilization of its fund-based working
capital limits was 41.17%. The entity's cash flow from operations
turned negative at INR44.56 million in FY23 (FY22: positive
INR906.3 million; FY21: negative INR221.5 million), primarily due
to unfavorable changes in the working capital. In FY22, the cash
flow from operations had improved sharply owing to a decline in
inventory days due to the release of inventory piled up at FYE21.
The net working capital cycle as per Ind-Ra's calculations
stretched to 122 days in FY23 (FY22: 84 days) on account of a
decline in the creditor days to 69 (106). The inventory days were
almost stable at 184 days in FY23 (FY22: 187 days; FY21: 597 days).
The free cash flow turned negative at INR386.67 million in FY23
(FY22: INR771.68 million; FY21: negative INR355.09 million) on
account of the capex of INR348.43 million incurred during the
year.

VSML has historically had a weak current ratio, which remained
constant at 0.9x in FY23 (FY22: 0.9x; FY21: 1x), on account of high
short-term debt levels and high levels of operational creditors.
The company's cash and cash equivalents stood at INR334.18 million
at FYE23 (FYE22: INR370.35 million), against scheduled debt
repayment obligations of INR171.8 million and INR354 million in
FY24 and FY25, respectively, with an average debt service coverage
ratio of 1x for the period.  The agency expects the cash flow from
operations to improve in the near-to-medium term due to the
liquidation of the sugar inventory as the entity will now divert a
significant quantity of crushed sugarcane juice to the distillery
for the production of ethanol out of sugarcane juice syrup.
However, the free cash flow is likely to be impacted considerably
in the near term because of the incurring of capex of around
INR1,175 million in FY24.

Medium Scale of Operations; Revenue Growth Likely  in FY24: In
FY23, despite an increase in realizations to INR33,563 per MT
(FY22: INR32,725 per MT; FY21: INR32,630 per MT), VSML's revenue
fell slightly to INR3,155 million (FY22: INR3,431.88 million; FY21:
INR1,700.86 million) owing to a decline in export sales. The
overall sugar sales in FY23 declined to 81,628 metric tons (MT) in
FY23 (FY22: 95,258 MT) due to the reduced quantity notified by the
export release order of the government. In FY22, the company's
revenue had grown by 101.77% yoy due to its previous expansion
project, which had enhanced the sugar mill's crushing capacity to
5,000TCD from 2,500TCD, higher demand in the sugar industry, and a
rise in export sales, including exports under the open general
license. The EBITDA of the company fell slightly to INR275.58
million in FY23 (FY22: INR283.64 million; FY21: INR254.19 million)
because of the drop in revenue. The agency expects the revenue and
EBITDA to improve significantly in FY24 and the medium term, backed
by operational synergies resulting from the distillery segment,
which will become operational in 2HFY24. The distillery is
estimated to be operational for an average of 250 days a year and
will produce ethanol from sugarcane juice syrup, with a higher
realization of INR65.60 per liter during the crushing season, and
from B-heavy molasses for an estimated 90 days in the off-season,
with a realization of INR60.61 per liter, as per the prevailing
market prices.

Integrated Operations; Established Track Record: VSML's new
distillery segment will benefit from the synergies from the
integrated nature of operations. The sugarcane juice syrup and
B-heavy molasses required as raw material by the distillery unit
would be produced in-house by the sugar mill. This will enable the
entity to maximize its profitability in the distillery segment and
also lessen its heavy working capital requirement, as the sugarcane
juice diverted to the distillery will lead to a reduction in the
production, and thus, the inventory of sugar.

Furthermore, VSML has an operational track record of more than a
decade in the sugar industry, and its promoters, Sandeep Taur and
Sachin Taur, previously worked in the agricultural sector. The
entity has an established relationship with the farmers in the
region and has a catchment area encompassing at least 100 nearby
villages for the procurement of sugarcane.

Regulatory Risks: The sugar industry is regulated and vulnerable to
government policies as it is classified as an essential commodity.
Besides setting quotas for sugar exports, the government has
implemented various regulations such as fixing the raw material
prices in the form of fair and remunerative prices. All these
factors impact the cultivation patterns of sugarcane in the region,
and thus, affect the profitability of sugar companies.

Agro-climatic Risks: Being an agri-commodity, the sugarcane crop is
dependent on climatic conditions and is vulnerable to pests and
diseases that could not only impact the yield per hectare but also
the recovery rate. These factors can have a significant impact on
VSML's profitability. Furthermore, the high dependence on a single
crop variety could affect the yields and recovery rate. In
addition, the cyclical nature of sugar production results in
volatility in sugar prices. However, sharp declines in sugar prices
have been restricted after the introduction of minimum support
prices by the central government.

Rating Sensitivities

Negative: A substantial deterioration in the scale of operations,
further deterioration in the overall liquidity profile, with
substantial cost overruns in the projected capex, or the credit
metrics worsening, all on a sustained basis, will be negative for
the ratings.

Positive: A substantial improvement in the overall liquidity
profile along with an improvement in the current ratio, the
successful ramp-up of the capex, and an improvement in the credit
metrics, with the net financial leverage falling below 3.5x, all on
a sustained basis, will be positive for the ratings.

Company Profile

Incorporated in 2001 by Sandeep Taur and Sachin Taur, VKSML
commenced operations in the sugar industry in 2011 with an initial
crushing capacity of 2,500TCD.  The company is in the process of
enhancing its crushing capacity to 6,500TCD from 5,000TCD while
also setting up a 180KLPD distillery to venture into the business
of production and sale of ethanol. The distillery is likely to
become operational by November 2023 in view of the management.  



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

MYAIRLINE: Founder Arrested to Help in Money Laundering Probe
-------------------------------------------------------------
The Business Times reports that the founder of a suspended
Malaysian budget airline has been arrested on suspicion of
financial crimes, police said on Oct. 18.

MYAirline abruptly halted operations last week, citing financial
pressures, less than a year after it began flying, BT says.

The airline, which services mostly domestic routes with nine
aircraft, said that operations would stop "until further notice".

According to BT, Ramli Mohamed Yoosuf, director of the police
commercial crime investigation department, said MYAirline founder
and major shareholder Allan Goh Hwan Hua, his 55-year-old wife and
his 26-year-old son had been arrested on Oct. 17.

"Police have obtained a four-day remand from Wednesday for them to
assist investigations under the anti-money laundering,
anti-terrorism financing and proceeds of unlawful activities act
2001," Ramli told AFP.

MYAirline, which began flying in December, said its suspension
would allow for a "shareholder restructuring and recapitalisation"
but gave no timeline for operations to resume.

"We have worked tirelessly to explore various partnership and
capital raising options to prevent this suspension," the carrier's
board of directors said in a statement last week.

"Unfortunately, the constraints of time have left us with no
alternative but to take this decision."

MYAirline, Malaysia's second budget carrier after AirAsia, operates
a fleet of nine Airbus A320-200 planes that fly from Kuala Lumpur
to other parts of Malaysia, as well as Bangkok.




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

CRAWFORD RENTALS: Placed in Liquidation
---------------------------------------
Iain Andrew Nellies of Insolvency Management Limited on Oct. 11,
2023, was appointed as liquidator of Crawford Rentals Limited.

The company's liquidator can be reached at:

          Iain Andrew Nellies
          Insolvency Management Limited
          PO Box 1058
          Dunedin 9054


E A ENERGY: Creditors' Proofs of Debt Due on Dec. 1
---------------------------------------------------
Creditors of E A Energy Plus Limited, Demacia Homes Limited, Raj
Trucking Limited, Bellyfire Life Limited, Better To Give Limited,
First Choice Holding Limited and Wards Venture Group Limited
(trading as Functional Fitness) are required to file their proofs
of debt by Dec. 1, 2023, to be included in the company's dividend
distribution.

E A Energy Plus Limited, Bellyfire Life Limited, Better To Give
Limited, First Choice Holding Limited and Wards Venture Group
Limited commenced wind-up proceedings on Oct. 6, 2023.

Demacia Homes Limited and Raj Trucking Limited commenced wind-up
proceedings on Oct. 9, 2023.

The company's liquidator is:

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


HIGHFIELD INVESTMENTS: Creditors' Proofs of Debt Due on Nov. 14
---------------------------------------------------------------
Creditors of Highfield Investments Limited (formerly NZ Mep
Fabrications Limited) are required to file their proofs of debt by
Nov. 14, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 10, 2023.

The company's liquidators are:

          Iain Bruce Shephard
          Jessica Jane Kellow
          BDO Wellington
          Level 1
          50 Customhouse Quay
          Wellington 6011


HOMECUBES LIMITED: Creditors' Proofs of Debt Due on Nov. 8
----------------------------------------------------------
Creditors of Homecubes Limited are required to file their proofs of
debt by Nov. 8, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 10, 2023.

The company's liquidators are:

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


SUA CONSTRUCTION: Court to Hear Wind-Up Petition on Nov. 3
----------------------------------------------------------
A petition to wind up the operations of Sua Construction Limited
will be heard before the High Court at Auckland on Nov. 3, 2023, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 31, 2023.

The Petitioner's solicitor is:

          Cloete Van Der Merwe
          Inland Revenue, Legal Services
          5 Osterley Way
          Manukau City
          Auckland 2104





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

ASIA AVIATION: Creditors' Meeting Set for Nov. 15
-------------------------------------------------
Asia Aviation Company Pte Ltd will hold a meeting for its creditors
on Nov. 15, 2023, at 2:00 p.m., via electronic means.

Agenda of the meeting includes:

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

   b. to appoint or confirm the appointment of Liquidator(s) by
      members of the Company;

   c. to resolve that the Joint and Several Liquidators be at
      liberty to open, maintain and operate any bank account or an

      account for monies received by them as Joint and Several
      Liquidators of the Company, with such bank as the Joint and
      Several Liquidators sees fit;

   d. to appoint a Committee of Inspection of not more than 5
      members, if thought fit;

   e. to fix the remuneration of the Joint and Several Liquidators

      based on their scale of fees, if no Committee of Inspection
      be formed;

   f. to resolve that the books, accounts and records of the
      Company and of the Joint and Several Liquidators be
      destroyed one day after the dissolution of the Company
      pursuant to Section 195(3) of the Insolvency, Restructuring
      and Dissolution Act 2018, if no Committee of Inspection be
      formed;

   g. to approve the Joint and Several Liquidators' powers
      pursuant to Sections 144(1)(b), (c), (d), (e) and (f) of the

      Insolvency, Restructuring and Dissolution Act 2018, if no
      Committee of Inspection be formed; and

   h. Any other business.


FLASH COFFEE: BDO Advisory Appointed as Provisional Liquidators
---------------------------------------------------------------
Mr. Leow Quek Shiong, Mr. Gary Loh Weng Fatt and Ms. Seah Roh Lin
of BDO Advisory on Oct. 11, 2023, were appointed as provisional
liquidators of Flash Coffee Pte. Ltd.

The company's provisional liquidators can be reached at:

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


FLASH TECH: Creditors' Meeting Set for Oct. 31
----------------------------------------------
Flash Tech Pte. Ltd. will hold a meeting for its creditors on Oct.
31, 2023, at 2:30 p.m. at 60 Paya Lebar Road #04-23 Paya Lebar
Square, in Singapore.

Agenda of the meeting includes:

   a. to a full statement of the Company's affairs together with a

      list of creditors and the estimated amounts of their
      claims;

   b. to confirm members' nomination of liquidator(s);

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.


KAIFENG JUFEEL: GS Holdings Demands Payment of SGD18.5MM Debt
-------------------------------------------------------------
The Business Times reports that GS Holdings has issued a letter of
demand to its non-independent and non-executive chairman Zhang
Rongxuan and his company Kaifeng Jufeel Biotechnology to recover a
SGD18.5 million debt.

If Mr. Zhang or his company does not respond to the demand by Nov.
7, or is not able to back up his proposals for settling the debt
with evidence that he has the ability to do so, the board of
directors at GS Holdings may consider taking legal action against
him and his company.

BT relates that GS Holdings also announced in a bourse filing on
Oct. 17 that the board has decided to suspend Mr. Zhang from his
duties as the non-independent and non-executive chairman of the
company with immediate effect.

The board had taken into account the nominating committee's
recommendation and views before concluding that suspending Mr.
Zhang was necessary, stated the filing, BT relays.

The decision to issue a letter of demand to Mr. Zhang and suspend
him came about after talks to acquire the healthcare and wellness
business of a Chinese company failed.

This potential acquisition was proposed by Mr. Zhang as a means to
settle part of his debt to GS Holdings, according to the company's
interim financial statements for the quarter ended June 30, 2023.

The Chinese company, which is wholly owned by an individual
shareholder, had plans to expand its elderly care business
overseas, particularly in South-east Asia, indicated the financial
statements released on Aug. 14.

According to BT, the owner had informed GS Holdings' management
that she was willing to help Mr. Zhang settle a portion of the
SGD18.5 million debt as part of their private arrangement.

However, preliminary due diligence performed by GS Holdings found
that the Chinese company had to implement several measures to
improve its business processes and accounting records. Time and
resources were needed to fulfil those requirements.

Hence, it decided not to proceed with the acquisition due to
commercial reasons and the substantial time and resources required
to complete the deal, said GS Holdings in a bourse filing on Oct.
12.

With the deal off, the owner of the Chinese company is no longer
willing to help Mr. Zhang settle part of his debt owed to GS
Holdings, the report notes.


MUNICH SG: Creditors' Meetings Set for Nov. 6
---------------------------------------------
Munich SG Pte. Ltd., Munich H2 Pte. Ltd. and Bavaria G3 Pte. Ltd.
will hold a meeting for its creditors on Nov. 6, 2023, at 3:30
p.m., 4:30 p.m. and 5:30 p.m., respectively, by way of video
conference via Zoom (deemed venue: 50 Havelock Road, #02-767
Singapore 160050).

Agenda of the meeting includes:

   a. to a full statement of the Company's affairs together with a

      list of creditors and the estimated amounts of their
      claims;

   b. to nominate Liquidator(s) or confirm the nomination of
      Liquidator(s) by member(s);

   c. to appoint a Committee of Inspection if deemed necessary;
      and

   d. Any other business.

Mr. Lau Chin Huat and M.r Yeo Boon Keong of Technic Inter-Asia Pte
Ltd were appointed as Joint and Several Provisional Liquidators of
the abovenamed companies on Oct. 10, 2023.




===============
T H A I L A N D
===============

THAI AIRWAYS: To Exit Bankruptcy in 2024
----------------------------------------
Airline Weekly reports that there is light at the end of the Thai
Airways pandemic bankruptcy restructuring. Airline Weekly says the
airline is on track to complete the integration of its Thai Smile
subsidiary by the beginning of January, and then exit bankruptcy
protection later in the year.

According to Airline Weekly, the two events, all part of the
Bangkok-based Star Alliance carrier's broader restructuring, aim to
create a more streamlined and profitable Thai flag carrier. The
airline only returned to the black in the fourth quarter of last
year after posting more than $100 million in losses during the
preceding decade. In the first half of this year, Thai Airways
generated THB21.3 billion ($585 million) in operating profits, or a
THB13.9 billion net profit, the report discloses.

Thai Airways is just one of many carriers that used the pandemic to
restructure their businesses. In Asia, Philippine Airlines (PAL)
and China's HNA Group, which owns Hainan Airlines, went through
their own bankruptcy restructurings, the report says. PAL has
emerged as a much more profitable airline than it was before. And
elsewhere in the world, carriers including Latam Airlines,
Norwegian Air, and Virgin Australia all underwent seemingly
successful court-led restructurings.

Airline bankruptcies were necessary for many airlines in countries
that opted not to provide any Covid aid when passenger numbers -
and revenues - fell to almost zero during the crisis, the report
notes. Restructurings were mostly, but not entirely, concentrated
among legacy carriers in these markets. Where governments did
provide aid, for example in the U.S. and Western Europe, major
airlines were largely able to navigate the crisis without the
support of the courts.

Thai Airways' seemingly successful turnaround has the airline
eyeing growth once the restructuring is complete, Airline Weekly
says.

Resuming routes to Europe - for example, Milan - and Japan, as well
as adding frequencies in existing markets like Sydney, is Thai
Airways' focus next year, Head of Scheduling Thiti Arayakhun said
at the Routes World conference in Istanbul on Oct. 17, Airline
Weekly relays. More markets in Europe and China are eyed for 2025.

Thai Airways will operate roughly 61% of its 2019 capacity in the
fourth quarter, including Thai Smile, Cirium Diio data show.

The main restriction on Thai Airways' expansion is aircraft, says
Airline Weekly. The airline will operate 69 planes once the
integration of Thai Smile is complete in January, Arayakhun said.
It expects four new Airbus A350-900 deliveries by year-end, and
another five new aircraft next year. Those planes will allow it to
resume longhaul routes and flights.

Asked about returning to the U.S., Arayakhun said Thai Airways
would not consider adding flights until the Federal Aviation
Administration upgrades Thailand's safety rating to Category 1 from
Category 2, Airline Weekly relates. Airlines from countries rated
Category 2 cannot add new flights to the U.S. and they are limited
in their ability to partner with U.S. carriers; Thai Airways and
United Airlines are both in the Star Alliance. Thai Airways last
served Los Angeles in 2015, according to Cirium Diio schedules.

In the meantime, Thai Airways launched a partnership with Singapore
Airlines earlier this year that covers the latter carrier's flights
to both North America and Africa, Airline Weekly reports.
Additional connectivity is planned to Australia, Europe, and India
in the future.

Airline Weekly notes that Thai Airways must complete the
integration of Thai Smile, its quasi-budget subsidiary that
operates an all-Airbus A320 narrowbody fleet on shorthaul routes,
before it can turn to growth. That is due to wrap on January 5 with
the induction of its last four A320s into the Thai Airways fleet.
However, as far as passengers are concerned, all Thai Smile flights
will be Thai Airways flights from January 1.

"Thai Smile will cease to exist" in January, Arayakhun said.

A Thai Airways presentation to investors from September shows it
completing its bankruptcy restructuring in 2024, adds Airline
Weekly.

                        About Thai Airways

Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand.  The company provides air transportation, freight and
mail services on domestic and international routes including Asia,
Europe, North America, Africa and South West Pacific. The Company
is a state enterprise which is controlled by the government and
partly owned by the public.

As reported in Troubled Company Reporter-Asia Pacific in May 2020,
Thailand's cabinet approved a plan to restructure troubled Thai
Airways International Pcl's finances through a bankruptcy court,
the Southeast Asian country's prime minister said on May 19, 2020.

The plan for a court-led restructuring of the national carrier
replaces a previous proposal of a government-backed rescue package
that was heavily criticised in the country.

Thai Airways on May 27, 2020 said it appointed board members as
rehabilitation planners in a bankruptcy court submission.

On Sept. 14, 2020, Thailand's Central Bankruptcy Court approved
Thai Airways debt restructuring.

Thai Airways posted losses every year after 2012, except in 2016.
In 2019, it reported losses of THB12.04 billion.

The company's shareholders' equity turned negative at minus THB18.1
billion ($580 million) as of June. While its total liabilities
ballooned to THB332.1 billion, a 36.7% increase from the end of
2019, its cash and cash equivalents fell by 35.5% to THB13.9
billion, according to the Nikkei Asia.


                           *********


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

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

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

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

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



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