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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

          Friday, October 20, 2023, Vol. 26, No. 211

                           Headlines



A U S T R A L I A

GENESIS CARE: Class 5A Unsecureds Unimpaired in Plan
GENESIS CARE: Comm. Taps Hall & Wilcox as Special Foreign Counsel
GENESIS CARE: Receives More Than 30 Bids for Assets
GLENCORE: To Close Mount Isa Mines, More Than 1,000 Jobs Impacted
INTELLIBUILD: Collapse Leaves Families With Half-Finished Homes

LA FORTUNA: First Creditors' Meeting Set for Oct. 25
LIBERTY FUNDING 2023-1: Moody's Gives B2 Rating to AUD11MM F Notes
NEW DOMAIN: First Creditors' Meeting Set for Oct. 25
NOBODY DENIM: Goes Into Voluntary Liquidation
OCEANIA RESOURCES: First Creditors' Meeting Set for Oct. 25

SAFA AUTO: First Creditors' Meeting Set for Oct. 27
SERENITY BEDDING: First Creditors' Meeting Set for Oct. 26


C H I N A

COUNTRY GARDEN: Bondholders Seek Talks After Missed Payment
COUNTRY GARDEN: Misses Payment on Dollar Bond, Say Creditors
COUNTRY GARDEN: Says Cannot Meet External Debt Obligations
GOME RETAIL: Denies Report on Shutting All Guangdong Stores


I N D I A

A SHAMA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
AADYA MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating
AIREFF DETOX: Liquidation Process Case Summary
AMAN CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5cr Loan
AMRITAPUR TEA: Insolvency Resolution Process Case Summary

ANAND ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
ANANDI WATER: CRISIL Keeps D Debt Rating in Not Cooperating
ANGEL PROMOTERS: CRISIL Keeps C Debt Rating in Not Cooperating
AXIS BANK: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
BROMEX PRIVATE: Voluntary Liquidation Process Case Summary

CHAMPARAN COLD: CRISIL Hikes Rating on INR6.67cr Term Loan to B+
CONTEMPORARY EXPORTS: Insolvency Resolution Process Case Summary
DAMARA GOLD: CRISIL Lowers Ratings on LT/ST Debts to D
FEDORA SEA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
FRANK LIFECARE: ICRA Keeps B+ Debt Ratings in Not Cooperating

HGC FOUNDATION: Voluntary Liquidation Process Case Summary
HGC INVESTMENTS: Liquidation Process Case Summary
HI-TECH ENGINEERS: CRISIL Withdraws B Rating on INR40cr Loan
ICICI BANK: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
INDIA DENIM: Insolvency Resolution Process Case Summary

JANMENJOY PRAMANIK: CRISIL Hikes Rating on INR1.79cr Loan to B+
K. K. FIBERS: CRISIL Withdraws B+ Rating on INR10cr Cash Loan
KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
MAHAVIR COAL: CRISIL Withdraws B+ Rating on INR16cr Cash Loan
MINING ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating

NHS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
NILKANTH COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
NIZAM DECCAN: CRISIL Keeps D Debt Ratings in Not Cooperating
ORISSA CONCRETE: ICRA Keeps D Debt Ratings in Not Cooperating
OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category

PEE AAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
PRADHVI MULTITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
PRAVEEN ELECTRICAL: CRISIL Keeps D Ratings in Not Cooperating
PREMEXO PEB: CRISIL Keeps B Debt Ratings in Not Cooperating
VERSATILE PHARMA: Insolvency Resolution Process Case Summary



M A L A Y S I A

AIRASIA X: Bursa Rejects Company's Bid to Uplift PN17 Status


N E W   Z E A L A N D

CIRCULATE SERVICES: Creditors' Proofs of Debt Due on Dec. 2
ELEVEN LIMITED: Court to Hear Wind-Up Petition on Oct. 30
PPR RICCARTON: Creditors' Proofs of Debt Due on Nov. 6
RURKA ENTERPRISE: Court to Hear Wind-Up Petition on Oct. 26
SEAL SECURITY: Creditors' Proofs of Debt Due on Nov. 17



S I N G A P O R E

GLP PTE: Fitch Cuts LT Foreign Currency IDR to 'BB', Outlook Stable
LUXE PRINT: Court to Hear Wind-Up Petition on Nov. 3


S R I   L A N K A

FINTREX FINANCE: Fitch Affirms 'B+(lka)' Rating, Off Watch Neg.
SENKADAGALA FINANCE: Fitch Lowers Sub. Debt Rating to 'BB+(lka)'

                           - - - - -


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

GENESIS CARE: Class 5A Unsecureds Unimpaired in Plan
----------------------------------------------------
Genesis Care Pty Limited, et al. submitted a First Amended Joint
Plan of Reorganization.

As of the Effective Date, the DIP Claims shall be Allowed and
deemed to be Allowed Claims in the full amount outstanding under
the DIP Credit Agreement. Upon the satisfaction of the Allowed DIP
Claims in accordance with the terms of the Plan, pursuant to the
U.S. Equitization Restructuring or the Sale Transaction
Restructuring, as applicable, or other such treatment as
contemplated by this Article II.C of the Plan on the Effective
Date, all Liens and security interests granted to secure the DIP
Claims shall be automatically terminated and of no further force
and effect without any further notice to or action, order, or
approval of the Bankruptcy Court or any other Entity.

Except to the extent that a Holder of an Allowed DIP Claim agrees
to less favorable treatment, on the Effective Date, in full and
final satisfaction, settlement, release, and discharge of, and in
exchange for such Allowed DIP Claim, each Holder of an Allowed DIP
Claim shall receive: (a) on account of Allowed DIP New Money
Claims, payment in full in Cash, or such Holder, in its discretion,
may elect to instead receive, in respect of some or all of the
aggregate amount of such Holder's Allowed DIP New Money Claim, a
share of the Exit Takeback Term Loans in an amount equal to that
amount (if any) of such Holder's Allowed DIP New Money Claim as to
which such election is made, provided that such election shall be
made by the delivery of written notice to the Debtors and their
legal and financial Professionals no later than the date determined
by the Debtors and the Required Lenders; and (b) on account of
Allowed DIP Roll-Up Claims, its Pro Rata share of the (i) the DIP
Equity Pool, subject to dilution by the ROW New Equity Interests
issued pursuant to the Management Incentive Plans, the exercise of
the New Warrants, the Rights Offering (if any), and the Put Option
Premium (if any), (ii) the Exit Takeback Term Loans, (iii)
Distributable Cash allocated to the DIP Roll-Up Claims, if any,
pursuant to the Waterfall Recovery, and (iv) Subscription Rights,
if any.

Under the Plan, Class 5A consists of all General Unsecured Claims
against the ROW Debtors. Each Holder of an Allowed General
Unsecured Claim against the ROW Debtors will receive either: (i)
Reinstatement of such Allowed General Unsecured Claim pursuant to
section 1124 of the Bankruptcy Code; or (ii) Payment in full in
Cash on (a) the Effective Date, or (b) the date due in the ordinary
course of business in accordance with the terms and conditions of
the particular transaction giving rise to such Allowed General
Unsecured Claim. Class 5A is unimpaired.

Class 5B consists of all General Unsecured Claims against the GC
U.S. Debtors. Subject to section 1129(a)(7)(A)(ii) of the
Bankruptcy Code, on the Effective Date each General Unsecured Claim
against the GC U.S. Debtors will be discharged and released, and
each Holder of a General Unsecured Claim against the GC U.S.
Debtors will not receive or retain any distribution, property, or
other value on account of such General Unsecured Claim against the
GC U.S. Debtors. Class 5B is impaired under the Plan.

Sources of consideration for plan distribution include: New Money
Exit Facilities, Takeback Facilities, New Equity Investment, ROW
New Equity Interests, Rights Offering, AUS Holdco New Equity
Interests, EUR Holdco New Equity Interests, GC U.S. New Equity
Interests and Issuance of the New Warrants.

On the Effective Date, the Reorganized Debtors will fund Cash
distributions under the Plan, in whole or in part, with (1) Cash on
hand and (2) Cash consideration received by the GC U.S. Debtors
pursuant to the Sale Transaction Restructuring.

Co-Counsel to the Debtors and Debtors in Possession:

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

          - and -

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

          - and -

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

A copy of the Plan of Reorganization dated September 27, 2023, is
available at https://tinyurl.ph/DpKWb from
restructuring.ra.kroll.com, the claims agent.

                      About GenesisCare

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

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

Judge David R. Jones oversees the case.

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

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

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


GENESIS CARE: Comm. Taps Hall & Wilcox as Special Foreign Counsel
-----------------------------------------------------------------
The official committee of unsecured creditors of Genesis Care Pty
Limited and its affiliates seek approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Hall & Wilcox as
its special foreign counsel.

The firm's services include:

     (a) conducting the Australian collateral review and analyzing
the existence, validity, perfection, and effectiveness of the
Lenders' liens, security interests, and encumbrances against the
Debtors' Australian assets and business operations;

     (b) examining all other aspects of the senior secured
financing entered into under the SFA and its accompanying
instruments and documents that in any way implicate Australian law
or other cross-border insolvency issues;

     (c) advising the Committee in its examination of the Debtors'
Australian business affairs and operations as well as analyzing any
related Australian-law issues;

     (d) examining the Debtors' Australian assets (including,
without limitation, potential claims and causes of action) that
might be unencumbered or otherwise available to satisfy unsecured
claims against the Debtors;

     (e) evaluating any proposed sale(s) and/or restructuring(s) of
the Debtors' Australian assets and businesses as well as any and
all related Australian or cross-border legal issues;

     (f) assessing any cross-border recognition and/or legal
assistance that the Debtors may seek in Australia with respect to
the Chapter 11 Cases;

     (g) advising the Committee in connection with creditor claims
brought under Australian law by and against the Debtors (whether or
not those Debtors are organized in Australia);

     (h) along with the Committee's U.S. counsel, analyzing any
Chapter 11 plan of reorganization proposed in these Chapter 11
Cases and evaluating the potential Australian law and cross-border
issues presented by such a Chapter 11 plan;

     (i) reviewing and commenting on Debtor pleadings and other
documents filed with the Court that present Australian or
cross-border issues;

     (j) assisting the Committee (and its U.S. counsel) in
preparing such applications, motions, memoranda, proposed orders,
and other pleadings as may be required in support of positions
taken by the Committee that may implicate Australian law or other
cross-border issues;

     (k) conferring with the professionals retained by the Debtors
and other parties-in-interest, as well as with such other
professionals as the Committee may select and employ;

     (l) performing all other services assigned by the Committee to
H&W as the Committee's special foreign counsel; and

     (m) assisting the Committee generally in performing such other
services as may be desirable or required for the discharge of the
Committee's duties pursuant to Bankruptcy Code Section 1103.  

Hourly rates of H&W attorneys who will primarily represent the
Committee in the Chapter 11 Cases:

     Scott Butler, Partner                 AU$735
     David Cooper, Partner                 AU$790
     Mark Inston, Partner                  AU$770
     Ann Watson, Special Counsel           AU$610
     Angelica Huang, Senior Associate      AU$565
     Michael Maconochie, Lawyer            AU$495
     Georgia Gamble, Lawyer                AU$400
     Nancy Harb, Lawyer                    AU$340

     Attorneys              AU$275 to AU$1,000 per hour
     Paraprofessionals      AU$180 to AU$360 per hour

The following is provided in response to the request for additional
information set forth in Paragraph  D.1. of the Revised
Guidelines.

   Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?

   Response: No.

   Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?

   Response: No.

   Question: If you represented the client in the twelve (12)
months prepetition, disclose your billing rates and material
financial terms for the prepetition engagement, including any
adjustments during the twelve (12) months prepetition. If your
billing rates and material financial terms have changed
postpetition, explain the difference and the reasons for the
difference.

   Response: H&W did not represent the Committee before being
selected as its special foreign counsel on August 24, 2023. H&W's
billing rates have not changed since the Petition Date. H&W has in
the past represented and may represent in the future certain
Committee members and/or their affiliates in matters unrelated to
the Chapter 11 Cases.

Scott Butler, a partner at Hall & Wilcox, assured the court that
the firm does not hold or represent an interest adverse to the
Committee, the Debtors, or the estates in the Chapter 11 Cases, and
is a "disinterested person" as defined by section 101(14) of the
Bankruptcy Code.

The firm can be reached through:

     Scott Butler
     Hall & Wilcox
     Level 18
     240 Queen Street
     Brisbane QLD 4000
     Australia
     Phone: +617 7 3231 7700

                      About GenesisCare

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

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

Judge David R. Jones oversees the case.

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

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

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

GENESIS CARE: Receives More Than 30 Bids for Assets
---------------------------------------------------
Amelia Pollard of Bloomberg Law reports that GenesisCare, an
Australian-based operator of cancer treatment centers, has received
more than 30 bids for the company's assets out of bankruptcy,
according to an attorney for the firm.

"The biggest focus has been our sale process," Steven Serajeddini,
an attorney for the company, said during a hearing on Monday. "It's
not simple because they come in different shapes and sizes"

The auction scheduled for Oct. 4, 2023, was moved to Oct. 11.

                      About GenesisCare

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

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

Judge David R. Jones oversees the case.

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

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

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

GLENCORE: To Close Mount Isa Mines, More Than 1,000 Jobs Impacted
-----------------------------------------------------------------
News.com.au reports that the future of more than 1,000 employees at
a major Queensland mine have been thrown into doubt after mineral
giant Glencore announced it would cease operations by 2025.

News.com.au relates that the Swiss-based mining giant announced on
Oct. 17 plans to shutter the Mount Isa Mines in the state's Gulf
Country after more than 60 years of copper mining in the region.

According to the report, Glencore said that despite studies into
extending the life of the mines, it had proven impossible to do so
given the remaining mineral resources were no longer "economically
viable".

Glencore's Zinc Assets Australia chief operating officer Sam
Strohmayr said the decision would be "disappointing" for employees,
suppliers, and the Mount Isa community.

"The reality of mining is that mines have a beginning, middle and
end. And unfortunately, after 60 years of operation, Mount Isa's
underground copper operations have now reached that end," the
report quotes Mr. Strohmayr as saying.

"We want to give our people as much time as possible to consider
the best options for them and their families, which is why we are
notifying our workers and the community almost two years before
these mines close.

"Our focus over the coming months will be to work closely with our
people and contractors, our suppliers and the Mount Isa community
to provide support as we move towards closure of these assets."

About 1,200 people are employed at the mine and associated copper
concentrator and supporting service, though Mr. Strohmayr said it
was "too early" to put a figure on how many would be made
redundant.

"We will work through a process of speaking to each worker and
discuss options around retention, redeployment, and retraining.
Redundancies are the last resort and will be offered only when
other options have been exhausted," he said.

News.com.au relates that Mr. Strohmayr said Glencore would continue
to invest in the long-term future of Mount Isa Mines, including the
George Fisher Mine - with a current life of mine to 2036 -
zinc-lead concentrator and lead smelter.

"We also expect the copper smelter and refinery to continue
operating to 2030, subject to approval of additional capital
investment," Mr. Strohmayr said.

"These are important strategic assets, not just for Glencore but
for the North West Minerals Province and the future of Queensland's
critical minerals industry."

In a statement to Facebook, Mount Isa City Council said it was
working with Glencore to make sure the "best interests" of the
Mount Isa community were at the centre of any changes, news.com.au
reports.

"Council is urging Glencore to make sure workers who live in Mount
Isa are made a priority for jobs so they can continue to support
their families and this community," the statement said.

"Council will work hard for the community, but we cannot do it
alone - we need the support of the state and federal governments to
guarantee good, secure jobs in industries with a bright future.

"Mount Isa is critical to the wealth and security of Queensland and
Australia. It has an incredible history of mining and minerals and
there is no question we will have a bright future too if our
community gets the support it deserves."

News.com.au adds that the council said it had been briefed by
Glencore and thanked the company for keeping the council "properly
informed now and into the future".


INTELLIBUILD: Collapse Leaves Families With Half-Finished Homes
---------------------------------------------------------------
News.com.au reports that a home builder in Perth has gone under,
one more company failure in a growing list that's a cause for
concern for the building and construction industry.

Joondalup-based builder Intellibuild Constructions has had its
registration renewal knocked back the Western Australian Building
Services Board on financial grounds, according to news.com.au.

While the company, trading as Boston Keys Pty Ltd, had applied for
a renewal, the board said they weren't "satisfied that the company
met the financial requirements set out in the Building Services
(Registration) Act 2011," news.com.au relays.

They had been trading since December 2019, just before the Covid-19
pandemic hit and devastated the building industry.

According to news.com.au, the company's collapse means customers
with defective or incomplete builds will be able to collect on home
indemnity insurance.

News.com.au relates that the 'about' section of Intellibuild's
website said the company is "made up of a team of experienced and
dedicated people providing a professional team service to deliver
innovative building solutions backed to its clients."

"We can deliver innovative buildings for residential, industrial
and commercial type projects than can offer creative design, cost
savings, fast construction time, energy efficient advantages over
other forms of construction not offered by many other builders," it
reads.

"Our core values are to deliver the best solution for our client."

Intellibuild joins a growing list of builders in Perth and around
the country who have gone under in 2023.


LA FORTUNA: First Creditors' Meeting Set for Oct. 25
----------------------------------------------------
A first meeting of the creditors in the proceedings of La Fortuna
Pty Ltd, trading as Australian Guards and Patrols, will be held on
Oct. 25, 2023, at 12:00 p.m. via virtual meeting by Microsoft
Teams.

Gavin Moss and Henry Kwok of Chifley Advisory Pty Ltd were
appointed as administrators of the company on Oct. 13, 2023.


LIBERTY FUNDING 2023-1: Moody's Gives B2 Rating to AUD11MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2023-1 SME.

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2023-1 SME

AUD650 million Class A1 Notes, Assigned Aaa (sf)

AUD200 million Class A2 Notes, Assigned Aaa (sf)

AUD50 million Class B Notes, Assigned Aa2 (sf)

AUD30 million Class C Notes, Assigned A2 (sf)

AUD19 million Class D Notes, Assigned Baa2 (sf)

AUD26 million Class E Notes, Assigned Ba2 (sf)

AUD11 million Class F Notes, Assigned B2 (sf)

The AUD14 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage loans
to self-managed superannuation funds (SMSFs, 70.2%),
small-to-medium enterprises (SMEs, 19.2%) or individuals (10.7%).
The mortgage loans are secured by commercial (60.9%), residential
(37.6%), or both commercial and residential (1.5%) properties
located in Australia. The loans were originated and are serviced by
Liberty Financial Pty Limited (Liberty, unrated).

Liberty is an Australian non-bank lender that started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as
auto loans, small commercial mortgage loans and personal loans. As
of June 2023, Liberty had total receivables of AUD13.5 billion.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

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

-- The credit enhancement provided by note subordination, the
guarantee fee reserve and excess spread;

-- The legal structure and availability of the liquidity
facility;

-- The experience of Liberty as servicer; and

-- Presence of Perpetual Trustee Company Limited as the back-up
servicer.

According to Moody's, the transaction benefits from various credit
strengths such as low weighted average loan to value (LTV) of the
underlying portfolio and a guarantee fee reserve. However, Moody's
notes that the transaction features some credit weaknesses such as
a proportion of bullet loans (5.7%) and alternative documentation
loans (10.6%) within the portfolio.

Key transactional features are as follows:

-- Class A1 and Class A2 Notes benefit from 35% and 15% of
subordination respectively.

-- Principal collections will be at first distributed
sequentially. Starting from the second anniversary from closing,
all notes (excluding the Class G Notes) may participate in
proportional principal collections distribution subject to the step
down conditions being satisfied. The step down criteria include,
among others, no charge offs on any of the notes and average
arrears greater than 60 days not exceeding 4.0% of the aggregate
loan amount. Principal paydown will revert to sequential once the
invested amount of the notes is 20.0% or less than that at closing,
or on and following the payment date in September 2027.

-- The guarantee fee reserve, which is unfunded at closing, will
build up to a limit of AUD5 million from excess spread. The reserve
will be available to cover (1) any required payment shortfalls
resulting from insufficient interest collections for that
collection period and (2) losses on the loans that are not covered
by excess spread.

Key portfolio features are as follows:

-- The weighted average scheduled LTV of the portfolio is 60.9%,
with only 2.1% of the loans with scheduled LTV above 80.0%

-- Around 5.7% of loans are non-amortising and require a lump sum
repayment at loan maturity, which can be up to five years.  Nearly
all of these loans (5.0% out of 5.7%) have been assessed on the
basis of borrower's declaration of their repayment capacity over
the term of the loan, without income verification.

-- Around 2.0% of the loans were granted to borrowers with prior
credit impairment (default, judgement or bankruptcy).

Key model and portfolio assumptions:

Due to the mixed nature of the pool, Moody's categorized it into
SME and residential loan sub-pools, and arrived at the following
assumptions for each sub-pool:

-- For the SME sub-pool, the portfolio credit enhancement (PCE) is
21.2% and median expected loss is 2.8%.

-- For the residential loan sub-pool, Moody's MILAN Stressed Loss
is 5.9% and median expected loss is 0.80%.

The PCE and MILAN Stressed Loss for the SME and residential loan
sub-pools respectively capture the loss Moody's expect the
portfolios to suffer in the event of a severe recessionary
scenario. The Portfolio EL for each sub-pool represents a stressed,
through-the-cycle expected loss relative to Australian historical
data.

The SME sub-pool, representing 59.4% of the overall portfolio,
primarily includes loans to company borrowers and SMSFs secured by
commercial properties. The residential loan sub-pool, representing
40.6% of the overall portfolio, primarily includes loans to
individuals.

Methodology Underlying the Rating Action:

The methodologies used in these ratings were "Residential
Mortgage-Backed Securitizations methodology" published in July
2023.

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

Factors that could lead to an upgrade of the notes include rapid
build-up of credit enhancement, due to sequential amortisation, or
better-than-expected collateral performance. The Australian
macroeconomic conditions and the housing market are primary drivers
of performance.

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

NEW DOMAIN: First Creditors' Meeting Set for Oct. 25
----------------------------------------------------
A first meeting of the creditors in the proceedings of New Domain
Developments Pty Ltd, trading as Blue Willows Residential Aged
Care, will be held on Oct. 25, 2023, at 12:00 p.m.

Damien Mark Hodgkinson and Mohammad Mirzan Bin Mansoor of Olvera
Advisors were appointed as administrators of the company on Oct.
17, 2023.


NOBODY DENIM: Goes Into Voluntary Liquidation
---------------------------------------------
News.com.au reports that a Victorian fashion company has become the
latest casualty in Australia's struggling retail sector after
collapsing into liquidation.

On Oct. 17, Melbourne-based retailer Nobody Denim went into
voluntary liquidation, news.com.au relates.

Nobody Denim supplied its apparel to The Iconic, David Jones and
more than 100 other operators across Australia and New Zealand.

The business reportedly made AUD5.6 million in revenue in the last
financial year, with a customer base of 60,000, news.com.au
discloses.

Nobody Denim had been operating for 23 years after John Condilis
founded the brand in 1999.

According to an ASIC notice, Shane Deane and Nicholas Giasoumi of
insolvency firm Dye and Co were appointed as liquidators on October
10.

The company owes AUD3.6 million to creditors, news.com.au
discloses. That included AUD2.64 million from its manufacturing
producer, Denim 108, according to fashion trade press publication
RagTrader.

It comes after The AFR reported that the retailer had axed 40 jobs
in August, raising questions about its cash flow.

But luckily for fans of the brand, Nobody Denim's assets have since
been sold to a competitor, meaning their products will still be
available to purchase, according to news.com.au.


OCEANIA RESOURCES: First Creditors' Meeting Set for Oct. 25
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Oceania
Resources Pty Ltd. will be held on Oct. 25, 2023, at 3:30 p.m. at
Level 11, 12-14 The Esplanade, in Perth, WA.

Christopher Pattinson and Daniel Bredenkamp of Pitcher Partners on
Oct. 14, 2023, were appointed as administrators of Oceania
Resources.


SAFA AUTO: First Creditors' Meeting Set for Oct. 27
---------------------------------------------------
A first meeting of the creditors in the proceedings of Safa Auto
Parts Pty Ltd, trading as Safa Auto Parts & Services, Safa Auto
Parts & Smash Repairs, will be held on Oct. 27, 2023, at 11:00 a.m.
at Conference Suite, Level 9, 40 St George's Terrace, in Perth,
WA.

Jennifer Elizabeth Low of Sheridans, Chartered Accountants was
appointed as administrator of the company on Oct. 17, 2023.


SERENITY BEDDING: First Creditors' Meeting Set for Oct. 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Serenity
Bedding Pty. Ltd. will be held on Oct. 26, 2023, at 10:30 a.m. at
Level 14, 570 Bourke Street, in Melbourne, Vic. or virtual meeting
technology.

Matthew Jess and Ivan Glavas of Worrells were appointed as
administrators of the company on Oct. 16, 2023.




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

COUNTRY GARDEN: Bondholders Seek Talks After Missed Payment
-----------------------------------------------------------
Reuters reports that Country Garden bondholders are forming groups
and seeking urgent talks with the troubled property developer after
it missed a US$15 million coupon repayment, putting it at risk of
default, according to three sources with direct knowledge of the
matter.

Reuters relates that two bondholder groups have emerged seeking
discussions about a potential debt restructuring package, with a
major one close to appointing either Moelis or PJT as financial
advisers, said the sources, who declined to be identified because
the information is confidential.

That group holds about $2 billion of the debt-laden Chinese
property developer's offshore bonds, one the sources said, and
consists of international and fund manager investors.

Country Garden on Oct. 18 was due to pay a $15 million coupon
payment on a bond due September 2025 when a 30-day grace period
ended, but two bondholders told Reuters they were yet to receive
it.

Non-payment would put the developer at risk of default on its
nearly $11 billion of outstanding offshore bonds and could trigger
one of China's biggest corporate debt restructurings.

According to Reuters, the company said on Oct. 18 it it was
unlikely to be able to meet most of its upcoming offshore debt
payments.

Country Garden has appointed Houlihan Lokey, China International
Capital Corporation (CICC) and law firm Sidley Austin as advisers
to examine its capital structure and liquidity position and
formulate a "holistic" solution, Reuters discloses.

"The focus now is on how Country Garden's debt restructuring will
proceed from here," said CreditSights, who noted its dollar bond
prices have already priced in expectations of an imminent
restructuring, adding the road to restructuring is likely to be
"long and bumpy".

Country Garden's bonds were bid at 4.39 to 5.33 cents on the dollar
on Oct. 19, according to data by Duration Finance.

Approval of restructuring plan could provide room for the developer
to dispose assets and maintain operation, which could be helpful in
stabilizing the market in the medium term, HSBC said in a report,
Reuters relays.

According to Reuters, Country Garden said on Oct. 19 its founder
Yeung Kwok Keung and chairperson Yang Huiyan, his daughter, are at
work as usual, according to the official WeChat account, denying
online reports of the pair leaving the country.

Founder Yeung Kwok Keung quit Country Garden's board in March and
daughter Yang Huiyan became chairperson. Yeung remains a special
adviser.

Yeung was shown in photos receiving chairman of state-owned China
National Agricultural Development Group (CNADC) in the company
headquarters in Shunde, Guangdong province, on Oct. 17, Reuters
relates citing a separate company post late on Oct. 18.

CNADC chairman Cao Jianglin was cited as saying Country Garden is
"a corporate with responsibility and devotion to the country", in a
rare visit and remark by SOE official regarding a troubled
developer, adds Reuters.

                        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.


COUNTRY GARDEN: Misses Payment on Dollar Bond, Say Creditors
------------------------------------------------------------
The Financial Times reports that Country Garden has missed its
final deadline for the coupon payment on a dollar bond, according
to three creditors, making what was once China's biggest developer
by sales the latest casualty of the country's property sector
crisis.

Bondholders told the Financial Times that they had not received an
interest payment due at midnight US Eastern time on Oct. 17 for a
$500 million Country Garden bond maturing in September 2025. The
developer was due to make a $15.4 million coupon repayment this
week.

Country Garden declined to comment on the specific coupon payment.
A spokesperson reiterated on Oct. 18 that it "will not be able to
meet all of its overseas debt repayment obligations," the FT
relays.

The FT notes that Country Garden, the largest developer in China by
sales from 2017 to 2021, has been battling to stave off default for
weeks.

China's property slowdown, which accelerated following the 2021
default of Evergrande, has humbled the country's private developers
and dragged on economic growth.

There have been severe construction delays, a sharp fall in housing
transactions and a wider loss of confidence in the sector, which
generates more than a quarter of China's economic activity and is
the most important source of household wealth, the FT states.

Country Garden was until recently seen as more financially stable
than many of its peers. Several state banks last year unveiled new
credit lines to companies including Country Garden as part of
government support for the property market. But Country Garden's
sales kept falling, the report notes.

The company's shares have become a penny stock after falling about
70 per cent this year, while its bonds are trading at 5 cents on
the dollar.

The FT says Beijing, which initially added to funding pressures on
developers in 2020 when it unveiled curbs on leverage, has stopped
short of any major bailouts and instead emphasised the need to
complete unfinished projects.

While developers have typically defaulted on their offshore bonds,
the status of their mainland bonds is unclear, according to the
FT.

In August, missed payments from Zhongrong, a Chinese shadow bank
that lent money to developers, fuelled fears of spillover effects
from the property sector to the wider economy.

Country Garden has international debts worth $11 billion and total
liabilities of about $200 billion as of the end of June, the FT
discloses. That compares with about $20 billion and $340 billion,
respectively, at Evergrande.

Evergrande, the world's most indebted developer, faces a winding up
hearing in Hong Kong at the end of the month, the FT notes. Its
restructuring plan, two years in the making, was derailed in
September after the company cited an unspecified "investigation".

Advisers to international bondholders have warned that the "base
case" is a liquidation of the group, which has hundreds of projects
across China, if a deal is not reached, adds the FT.

                        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.

COUNTRY GARDEN: Says Cannot Meet External Debt Obligations
----------------------------------------------------------
Nikkei Asia reports that Country Garden Holdings, a private real
estate developer at the center of China's property sector crisis,
said Oct. 18 that it is unable to fulfill all of its offshore debt
obligations.

Nikkei Asia relates that the distressed Chinese developer issued a
statement saying, "The company is incapable of meeting all the
repayment obligations of its external debt items in time."

Country Garden was facing a deadline to make an interest payment of
US$15 million on Oct. 17, which was under a 30-day grace period
after it missed the payment date on Sept 18. Reuters reported that
the Oct. 17 deadline was midnight in New York, which is noon on
Oct. 18 in China.

Nikkei Asia says the company did not specify which debt obligations
it was not able to fulfill on time, including the $15 million
interest payment.

However, the company said it hopes to negotiate a "comprehensive
solution" to resolve its financial crisis.

According to the report, the company said it has already hired
professional legal and financial consultants to assess the status
of its capital structure and liquidity, looking to find an
objective solution to protect the rights of all stakeholders
involved.

In an official disclosure made to the Hong Kong exchange on Oct.
10, Country Garden President Mo Bin acknowledged that the company
had already failed to meet HK$470 million (US$60 million) in debt
obligations, without disclosing further details, Nikkei Asia
reports. Mo emphasized that the company lacked sufficient cash to
"meet all its offshore payment obligations," essentially
forewarning Oct. 18's statement.

Country Garden's contracted sales for the first nine months of the
year amounted to CNY154.98 billion ($21.2 billion), down 43.9% from
the year before and 65.4% lower than the same period in 2021,
Nikkei Asia discloses. In September, the developer's contracted
sales totaled 6.17 billion yuan, dropping 80.7% and 86.5% compared
with 2022 and 2021, respectively.

According to Nikkei Asia, the company recorded a net loss of
CNY48.9 billion during the first six months of this year. Its
outstanding debts in the form of senior notes, convertible bonds,
corporate bonds and bank and other borrowings stood at CNY257.9
billion as of the end of June, with 108.7 billion yuan payable
within a year. The company had cash and cash equivalents of
CNY101.1 billion.

                        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.


GOME RETAIL: Denies Report on Shutting All Guangdong Stores
-----------------------------------------------------------
Yicai Global reports that shares of Gome Retail Holdings jumped
after the cash-strapped Chinese retailer rebutted a report that it
has closed all of its stores in Guangdong province but noted that
their number has dropped significantly.

Gome rose 4.9 percent to 4 Hong Kong cents (1 US cent) as of 2:35
p.m. in Hong Kong on Oct. 19, after soaring by as much as 9.8
percent in the morning trading session. The stock price sank 16
percent on Oct. 18.

Gome had two self-operated stores and 107 franchised outlets in
Guangdong as of the end of September, compared to 14 and 181,
respectively, at the end of June, the Beijing-based firm said on
Oct. 18, Yicai relays. The company is optimizing its online and
offline business integration strategy, so it will continue to
adjust the numbers, it added.

On Oct. 16, Yicai learned from two home appliance suppliers in
southern China that Gome's electrical appliance unit closed its
last remaining store in Guangdong.

One supplier noted that Gome still owes them money, and the payback
is at a standstill. "Not only did the firm not pay wages and make
payments, but Gome Electric Appliances also failed to pay expenses
of some properties, leading to lawsuits by the owners, with local
courts closing its stores, resulting in some manufacturers' sample
TVs and refrigerators not being returned, and the products being
lost," the person pointed out, notes the report.

Gome's liquidity problems worsened last year, closing many shops to
cut expenses while seeking funding to survive.

In May last year, Beijing-based Gome placed 1.96 billion shares to
no less than six independent investors priced at 40 Hong Kong cents
apiece, raising around HKD776 million (USD99.1 million). It planned
to use 60 percent of the proceeds to expand its online and offline
platform business, 10 percent to repay debt, and the rest for
general capital, but the money ended up going for repaying debt by
the end of last year, it announced on Oct. 6.

Gome's revenue shrank 97 percent to CNY414.8 million (USD56.7
million) in the six months ended June 30 from a year earlier, it
said in an earning report in September. Net loss widened 19 percent
to CNY3.5 billion (USD478.4 million), Yicai discloses.

Headquartered in Hong Kong, GOME Retail Holdings Limited (HK:0493)
-- https://www.gome.com.hk/-- together with its subsidiaries,
engages in the retail of electrical appliances, consumer electronic
products, and general merchandise in the People's Republic of
China. The company also sells its products online through
self-operated and platform models. In addition, it is involved in
the provision of logistics and procurement, storage and delivery,
IT development, and business management services; retailing of
mobile phones and accessories; and property holding activities. As
of Dec. 31, 2021, it operated 4,195 stores in 1,439 cities. The
company was formerly known as GOME Electrical Appliances Holding
Limited and changed its name to GOME Retail Holdings Limited in
2017.




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

A SHAMA: ICRA Keeps B+ Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
ICRA has kept the long-term ratings of A Shama Rao Foundation in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         69.50       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated         0.25       [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with A Shama Rao Foundation, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Established in April 1988, A Shama Rao Foundation (ASRF) is a part
of the Srinivas Group of Colleges and Vijayalakshmi Group of
Colleges, which run many educational institutes offering various
courses ranging from pre-university to post graduation. The group
operates with 18 institutions at present, offering courses in hotel
management, medical, nursing, pharmacy, physiotherapy, management,
engineering and hospitality among others. The colleges of the Group
are located on three campuses in and around Mangalore namely
Pandeshwar, Valachil and Mukka. The Trust has five trustees, with
Mr. A Raghavendra Rao as its current President. ASRF established
Srinivasa University in 2013, which commenced operations in the
academic year 2015-16. The university offers courses in the fields
of management, engineering, commerce, allied health sciences, hotel
management, social science and humanities.


AADYA MOTOR: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Aadya Motor
Car Company Private Limited (AMCCPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          41         CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             41.75      CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             74         CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term      13.26      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                8         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               31.99      CRISIL D (Issuer Not
                                      Cooperating)

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

AMCCPL, set up in 2009 by Mr. V Ramananand Rao, is an authorised
dealer for Audi cars in Mumbai. The company, with trade name, Audi
Mumbai West, operates one showroom in Andheri, Mumbai.


AIREFF DETOX: Liquidation Process Case Summary
----------------------------------------------
Debtor: Aireff Detox Pvt. Ltd
303, Sigma IT Park, Rabale TTC Industrial Area,
        Behind Dhirubhai Ambani Life Sciences,
        Rabate Navi Mumbai Raigarh MH 400701 India
  
Liquidation Commencement Date:  June 21, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Umesh Balaram Sonkar
     10, Om Shanti CHS, Plot No. 8/10/12,
            Rd No. 4,Sector-11, New Panvel-410206
            Email: rosonkar1603@gmail.com
            Mobile No: 7874447169

Last date for
submission of claims: 30 days from August 7, 2023


AMAN CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR5cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Aman Construction.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         4         CRISIL A4 (Reaffirmed)

   Cash Credit            5         CRISIL B+/Stable (Reaffirmed)

   Proposed Non
   Fund based limits      3.09      CRISIL A4 (Reaffirmed)

   Term Loan              0.71      CRISIL B+/Stable (Reaffirmed)


The ratings continue to reflect the firm's modest scale of
operations and susceptibility to risks inherent in tender-based
business. These weaknesses are partially offset by the extensive
experience of the partners in the construction industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Although, revenue increased to
INR47.36 crore during fiscal 2023, from INR32.99 crore in fiscal
2022, continues to remain modest. Tender-based operations and
intense competition constrain scalability, and operating margin of
firm.

* Susceptibility to risks inherent in tender-based business:
Revenue and profitability entirely depend on the ability to win
tenders. Because of intense competition, players have to bid
aggressively to get contracts, constraining profitability. Also,
the firm had modest order book of INR44 crore as on Sept 2023.
Owing to cyclicality inherent in the construction industry, ability
to maintain operating margin at 7-8% will remain a key
monitorable.

Strengths:

* Extensive experience of the partners: The partners have
experience of more than two decades in the construction industry.
Their expertise, understanding of market dynamics and healthy
relationships with suppliers and customers will continue to support
the business.

Liquidity: Stretched

Bank limit utilisation was high at 90% on average during the 12
months through August 2023. Expected cash accrual of INR0.88-1.20
crore per annum will sufficiently cover yearly term debt obligation
of INR0.60 crore over the medium term. Current ratio was 1.14 times
as on March 31, 2023.

Outlook: Stable

CRISIL Ratings believes Aman Construction will continue to benefit
from the extensive experience of the partners and established
relationships with clients.

Rating Sensitivity factors

Upward factors

* Steady growth in revenue and stable operating margin resulting in
cash accrual above INR1.20 crore
* Improvement in the financial risk profile

Downward factors

* Decline in cash accrual to less than INR0.65 crore
* Stretched working capital cycle

Based in Bhuj, Gujarat, Aman Construction undertakes civil
construction works, such as construction of buildings, roads, dams,
pipelines and sump. The partners, Mr Manoj C Joshi and Mr Sandip M
Joshi, manage the operations.


AMRITAPUR TEA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Amritapur Tea Company Limited
Raipur Tea Estate, Post Office-Rangdhamali,
        Jalpaiguri, West Bengal 735121

Insolvency Commencement Date: September 27, 2023

Estimated date of closure of
insolvency resolution process: March 25, 2024

Court: National Company Law Tribunal, Kolkata Bench

Insolvency
Professional: Soumitra Lahiri
       Flat No-14D & E, Tower-32, Genexx Valley,
              Joka, Diamond Harbour Road,
              Kolkata - 700104
              Email: slahiri0207@gmail.com
                     ibc.amritapur@gmail.com

Last date for
submission of claims: October 12, 2023


ANAND ELECTRICALS: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Anand
Electricals (AE) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          1          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             2          CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit        2          CRISIL D (Issuer Not
                                      Cooperating)

   Proposed Long Term     10          CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

Formed in 2005 as a proprietorship firm by Mr. Ramakrishna Vetal,
AE, an EPC contractor, undertakes projects to set up transmission
lines and towers for public and private entities.


ANANDI WATER: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Anandi Water
Parks Resorts & Club Private Limited (AWPRCPL) continues to be
'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan                5         CRISIL D (Issuer Not
                                      Cooperating)

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

AWPRCPL, established in 2002 in Lucknow, owns and operates a water
park, a resort, clubs, a marriage hall, and a 75-room hotel. The
company is promoted by Mr. Pankaj Agrawal and his family.


ANGEL PROMOTERS: CRISIL Keeps C Debt Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Angel
Promoters Private Limited (APPL) continues to be 'CRISIL C Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               20         CRISIL C (Issuer Not
                                      Cooperating)

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

Established in 2006 in Sahibabad, Uttar Pradesh (UP), by Mr. DB
Jain and his son, Mr. Abhishek Jain, APPL is engaged in real estate
development and has currently undertaken a hotel-cum-banquet halls
project in Sahibabad, which is expected to commence operations in
2016-17. The company completed a group housing project,Angel
Mercury, in Indirapuram, UP, in 2012.


AXIS BANK: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed India-based Axis Bank Limited's
Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook is
Stable.

The agency has also affirmed the bank's Government Support Rating
(GSR) at 'bb+', and its Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS

Support-Driven IDR: Axis' Long-Term IDR is driven by its GSR. The
GSR is one notch below India's sovereign rating (BBB-/Stable),
reflecting Fitch's expectation of a moderate probability of
extraordinary state support for Axis relative to large state banks.
The Stable Outlook mirrors that on the sovereign rating. Axis' VR
is one of the highest among Fitch-rated Indian banks and has a
positive bias, reflecting its expectation of further improvement in
key financial metrics, notably asset quality and earnings.

Moderate Systemic Importance: Axis' systemic importance is driven
by its size and share of system loans and deposits, which were 6%
and 5%, respectively, at the end of the financial year to 31 March
2022 (FYE22), and its nationwide retail deposit franchise. However,
the probability of support is lower for Axis than for large state
banks due to Axis' private ownership.

Supportive Operating Environment (OE): Fitch has revised the OE
score to 'bb+' from 'bb', reflecting its view of structural
improvements since the onset of the pandemic. Healthy business
sentiment, resilient financial markets and the government's capital
spending can buffer global economic headwinds and inflation. India
also exhibits robust medium-term growth potential, supported by
resilient investment prospects. Fitch believes the growth
potential, combined with an already large and diversified economy,
is conducive for banks to do consistently profitable business,
provided risks are well-managed.

Established Domestic Franchise: Axis' business profile score of
'bb+' reflects Axis' strong local franchise and above-average
capitalisation, which should support sustained business and revenue
generation through the cycle. The bank's appetite for growth is
likely to further increase in an improving economy, similar to
other large private banks, and therefore its ability to manage and
control risks in a sustained manner is important to its overall
assessment.

Above-Average Growth Plans: Axis's risk profile score is aligned
with the asset-quality score, but its high loan growth, which in
the past has reflected an above-average risk appetite (similar to
other large private banks), weighs on the score. Axis has managed
risks better but there is a fast build-up in unseasoned risks, with
new loan growth of 21.7% yoy in 1QFY24, and plans to grow by
400bp-600bp above the sector average. Hence, through-the-cycle
performance remains key.

Fitch expects broad-based growth across segments, but sustained
rapid expansion would test the bank's enhanced risk framework if
operating conditions become less benign, especially given the
build-up in personal and credit-card loans in the loan mix.

Asset Quality Metric to Improve: Fitch has revised the outlook on
Axis' asset-quality score to positive, from stable, as Fitch
expects the current impaired-loan ratio (1QFY24: 2.1%) to be
sustained over the next two years, driving the four-year average
towards the upper end of the 'bb' range in terms of implied score.
Specific loan-loss cover improved further by 100bp over FY23 to
about 80% in 1QFY24 and contingent provisions amount to roughly
1.4% of loans, which should further buffer downside risks.

Profitability Upside Remains: Fitch revised the outlook on earnings
and profitability to positive from stable as Fitch expects Axis to
maintain profitability at or above current levels, provided credit
costs remain in check. Operating profit/risk-weighted assets (RWAs)
improved to 3.6% in 1Q24, from 3.4% in FY23, due to a higher net
interest margin, robust income growth and stable credit costs,
which more than offset higher operating costs.

Organic CET1 Accretion: Fitch expects Axis' common equity Tier 1
(CET1) ratio (1Q24: 14.4% including profit) to further improve,
supported by internal accruals which will provide more support to
the 'bb' score. The CET1 ratio may rise more than its expectations
if the bank is able to sustain the current quarterly additions to
its CET1 ratio while also raising fresh equity.

Management's plan to defer raising fresh capital to mitigate the
impact of acquisitions is a change from its previous stance
although Axis enjoys access to capital markets, should it need
funds. Fitch expects the bank to maintain adequate buffers well
over Fitch's 10% 'bb' amid its ambitious growth plans.

Stable Funding: Axis' loan/deposit ratio (LDR) remained elevated at
around 93% in 1QFY24 based on preliminary disclosures. Customer
deposits account for around 85% of total non-equity funding in
1QFY24, of which roughly 80% were retail. Fitch expects a slight
increase in the LDR, although below previous years' highs (FY18:
104%), which reflects its expectation that Axis will continue to
expand its deposit franchise, despite high loan growth. The bank's
stable funding and liquidity position also benefits from a
liquidity coverage ratio of 123% and a net stable funding ratio of
135%.

RATING SENSITIVITIES

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

Fitch would downgrade the GSR and, in turn, the IDR, if Fitch
believes the sovereign's ability and propensity to support Axis has
weakened. This could be the case if the sovereign rating is
downgraded. Similarly, a change in the Outlook on the sovereign to
Negative would lead to a corresponding revision in the Outlook on
Axis's IDR.

VR

Fitch expects the VR to be stable in the near term, but recent
improvements have increased rating headroom, thereby limiting the
prospect of negative action. Nevertheless, the VR could be
downgraded if Fitch believes that the bank's risk profile has
deteriorated to a point where it can pose a risk in a less benign
OE, and become a more binding constraint on its loss-absorption
buffers. This could manifest through weakening in all the following
three key financial metrics:

- a drop in the CET1 ratio to below 12%, without a credible plan to
restore it back to 15%-16%; alongside

- a reversal in the asset-quality trend, with the four-year average
impaired-loan ratio exceeding 5%; and

- four-year average operating profit/RWA ratio sustained below
1.25%.

A lower risk profile score - though not its base case - could also
weigh on the VR, particularly if it were to manifest in a
deterioration in one or more of the above financial metrics.

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

A sovereign rating upgrade, which appears unlikely in the near
term, could lead to an upgrade in the bank's GSR and IDR if it
coincided with a strengthening of the sovereign's ability and, more
importantly, propensity to support the bank, in Fitch's view.

Similarly, a positive change in the Outlook on the sovereign rating
could lead to a corresponding revision in the Outlook on the bank's
IDR, provided Fitch expects the sovereign's ability and propensity
to extend support to improve commensurately.

The VR could be upgraded if Fitch assesses that there is a
sustainable improvement in the bank's risk and financial profiles.
The improvements could be manifested through any one or a
combination of the following three key financial metrics:

- four-year average impaired-loan ratio approaching 2%; or

- four-year operating profit/RWA ratio sustained above 3.5%; or

- the CET1 ratio sustained at or above 16%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's medium-term note programme is rated at the same level as
the Long-Term IDR, in line with Fitch's criteria.

The Long-Term IDR (xgs) is driven by its VR, while its Short-Term
IDR (xgs) is in accordance with its Long-Term IDR (xgs) and the
short-term rating mapping outlined in Fitch's criteria. Senior
unsecured long-term ratings (xgs) are assigned at the level of the
Long-Term IDR (xgs).

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The programme rating would be downgraded if the Long-Term IDR is
downgraded, and upgraded in the event the IDR is upgraded.

Axis' Long-Term IDR (xgs) will move in tandem with the bank's VR.
Axis's Short-Term IDR (xgs) is primarily sensitive to changes in
the bank's Long-Term IDR (xgs) and would be mapped as per Fitch's
criteria. A change in the bank's Long-Term IDR (xgs) would lead to
a similar change in its senior unsecured long-term rating (xgs).

VR ADJUSTMENTS

The OE score of 'bb+' is above the implied category score of 'b'
for the following adjustment reasons: economic performance
(positive), and size and structure of the economy (positive).

The business profile score of 'bb+' has been assigned below the
implied category score of 'bbb' due to the following adjustment
reason(s): business model (negative).

The funding and liquidity score of 'bbb-' is above the implied
category score of 'bb' for the following reason: deposit structure
(positive).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Axis's IDR and the Outlook are linked to India's sovereign
Long-Term IDR via the GSR, which reflects its view of the
probability of extraordinary state support, if needed.

ESG CONSIDERATIONS

Fitch has revised Axis' ESG Relevance Score for Financial
Transparency to the sector default score of '3' from '4'. The
change highlights the change in Fitch's view that risks from
Covid-19-affected loans under forbearance have receded. Fitch
believes that a large proportion of these stressed loans may be
covered by a government guarantee, which minimises the risk of
losses from the portfolio. The quality and frequency of financial
reporting and audit processes are also commensurate with a score of
'3', and do not weigh materially on its assessment of the bank's
intrinsic creditworthiness.

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

   Entity/Debt                        Rating             Prior
   -----------                        ------             -----
Axis Bank Limited   LT IDR             BB+    Affirmed   BB+
                    ST IDR             B      Affirmed   B
                    Viability          bb     Affirmed   bb
                    Government Support bb+    Affirmed   bb+
                    LT IDR (xgs)       BB(xgs)Affirmed   BB(xgs)
                    ST IDR (xgs)       B(xgs) Affirmed   B(xgs)

   senior
   unsecured        LT                 BB+    Affirmed   BB+

   senior
   unsecured        LT (xgs)           BB(xgs)Affirmed   BB(xgs)

BROMEX PRIVATE: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: Bromex Private Limited
AJ-131, Flat T1, Kalpataru Apartments 1st Street,
        9th Main Road, Anna Nagar Chennai
        Chennai TN 600040 India

Liquidation Commencement Date:  September 16, 2023

Court: National Company Law Tribunal, Chennai Bench

Liquidator: Shanmugakani Saraskumar
     132A, NTR Street,
            Rangarajanpuram Main Road,
            Kodambakkam, Chennai-600024
            Mobile No: 9444011294
            Email: saraskcsca@gmail.com

Last date for
submission of claims: October 16, 2023


CHAMPARAN COLD: CRISIL Hikes Rating on INR6.67cr Term Loan to B+
----------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Champaran Cold Storage Pvt Ltd (CCSPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' and reaffirmed its 'CRISIL A4'
rating on the short-term bank facilities of the company.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility     2.76        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     0.57        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Term Loan              6.67        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects improvement in business and financial risk
profile. Revenue has seen an improvement of 25% to INR6.57 crore
along with high operating margins ranging between 25-30% in the
last three fiscals. The financial risk profile also improved, as
indicated by net cash accrual and gearing of INR1.34 crore and 0.79
time, respectively, as on March 31, 2023, vis-à-vis INR1.21 crore
and 1.82 time, respectively, a year earlier. Liquidity remains
strong backed by healthy liquid funds and sufficient cushion in
bank lines. Unsecured loans infused by the promoters aid the
liquidity and financial risk profile.

The ratings continue to reflect exposure to risks arising from
Exposure to risks arising from intense competition and stringent
regulations in the industry. These weaknesses are partially offset
by the extensive experience of the promoter in the cold storage
industry and comfortable debt protection metrics.

Analytical Approach

Unsecured loans of INR7.44 crore are treated as neither debt nor
equity due to non-interest-bearing nature and no withdrawals.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks arising from intense competition and stringent
regulations: The Company's cold storage unit is in Bihar, where the
industry is highly regulated. High fragmentation limits the
bargaining power and forces players such as CCSPL to offer
discounts to ensure healthy capacity utilization.

Strengths:

* Extensive experience of the promoter: The promoter has five
decades of experience in the cold storage industry; his strong
understanding of market dynamics and healthy relationships with
farmers and traders should continue to support the business.

* Comfortable debt protection metrics: Interest coverage and net
cash accrual to total debt ratios were 4.40 times and 0.12 time,
respectively, in fiscal 2023. The metrics are expected to remain
stable over the medium term.

Liquidity: Stretched

Bank limit utilization is high at around 88.3 percent for the past
twelve months ended June 2023. Cash accruals are expected to be in
the range of INR1.5-2 crore which are sufficient against term debt
obligation of INR0.20-0.30 crore over the medium term.

Current ratio are low at 0.42 times on March 31, 2023. The
promoters are likely to extend support in the form of equity and
unsecured loans to meet its working capital requirements and
repayment obligations.

Outlook: Stable

CCSPL will continue to benefit from the extensive experience of the
promoters.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in revenue levels of more than 30% along
with sustenance of margins leading to higher-than-expected cash
accruals.
* Improvement in financial risk profile

Downward factors:

* Revenue dropping by 20% and steep decline in profitability,
resulting in lower-than-expected cash accrual.
* Sizeable stretch in the working capital cycle weakening the
liquidity and financial risk profile.

Incorporated in March 1974, CCSPL is engaged in providing cold
storage facility to the potato and fruit  farmers and traders in
Motirari ,Birpur  (Bihar). The company has installed capacity of
100000 Quintal as on date. The day to day operations are managed by
Mr.Rajendra Gupta.


CONTEMPORARY EXPORTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Contemporary Exports LLP
C-536, 1st Floor, Defence Colony,
        New Delhi-110 024

Insolvency Commencement Date: September 20, 2023

Estimated date of closure of
insolvency resolution process: March 18, 2024

Court: National Company Law Tribunal, New Delhi Bench

Insolvency
Professional: Neeraj Kumar Jain
       RP 114, Maurya Enclaves, Near TV Tower,
              Pitam Pura, New Delhi 110 034
              Email: neerajjainus@gmail.com

              158/1 Gwalior Road, Opp, Baikunthi Devi Girls
College,
              Baluganj, Agra-282 003
              Email: contemporaryexportscirp.@gmail.com
Last date for
submission of claims: October 9, 2023


DAMARA GOLD: CRISIL Lowers Ratings on LT/ST Debts to D
------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Damara Gold Private Limited (DGPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating' based on publicly available information.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Rating      -          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Short Term Rating     -          CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with DGPL for
obtaining information through letters and emails dated April 25,
2023, October 3, 2023 and October 7, 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 Damara Gold Private Limited,
which restricts CRISIL Ratings' ability to take a forward looking
view on the entity's credit quality. CRISIL Ratings believes that
rating action on Damara Gold Private Limited is consistent with
'Assessing Information Adequacy Risk'.

DGPL, is a Mumbai based company, is involved in manufacture and
wholesale of gold jewellery. The company has manufacturing facility
based in Mumbai.

Status of noncooperation with previous CRA

DGPL has not cooperated with Brickwork Ratings India Private
Limited (Brickwork) which has classified it as non-cooperative vide
release dated March 19, 2019. The reason provided by Brickwork is
non-furnishing of information for monitoring of ratings.


FEDORA SEA: ICRA Keeps B+ Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the long-term rating for the bank facilities of
Fedora Sea Foods Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Fedora Sea Foods Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Fedora Sea Foods Private Limited was incorporated in the year 2011
by Mr. K. Narahari Reddy who has decade long experience in the Aqua
Farms and Hatchery business. The company is engaged in the
production of Vannamei seeds, shrimps and also started prawn feed
manufacturing from May 2015 having capacity of 24000 MTPA used in
cultivation of shrimps. The company is in Nellore, which is the
aquaculture belt of A.P.


FRANK LIFECARE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the long-term ratings for the bank facilities of
Frank Lifecare Private Limited in the 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         14.40       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Term Loan                      to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          0.60       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

As part of its process and in accordance with its rating agreement
with Frank Lifecare Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 1993 in the name of Frank Pharmaceutical Private
Limited, the company was earlier engaged in the manufacturing of
High-Density Polypropylene and High Density Polyethylene bags.
Later, the promoters decided to set up a hospital by the name of
Frank Institute of Medical Sciences in the Sonipat district of
Haryana. Subsequent to the decision to construct a hospital, the
promoters divested the packaging business of the company in 2014.
The construction of the proposed hospital was finished in March
2015 and the hospital commenced operations in April 2015 as per the
scheduled timeline.


HGC FOUNDATION: Voluntary Liquidation Process Case Summary
----------------------------------------------------------
Debtor: HGC Foundation Private Limited
SB-12B-01 & SB-12B-02,12B Floor,
        Empire Tower Cloud City Campus,
        Off. Thane Belapur Road,
        Airoli Navi Mumbai,
        Mumbai City, MH 400708

Liquidation Commencement Date:  September 22, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Sudha Pravin Navandar
     D-519/520, Neelkanth Business Park,
            Nathani Road,Vidhyavihar West,
            Mumbai - 400 086
            Email: sudha@prnco.in
            Mobile: 93243 51841

Last date for
submission of claims: October 21, 2023


HGC INVESTMENTS: Liquidation Process Case Summary
-------------------------------------------------
Debtor: HGC Investments Private Limited
SB-12B-01 & SB-12B-02,12B Floor,
        Empire Tower Cloud City Campus,
        Off. Thane Belapur Road,
        Airoli Navi Mumbai,
        Mumbai City, MH 400708
  
Liquidation Commencement Date:  September 22, 2023

Court: National Company Law Tribunal, Mumbai Bench

Liquidator: Sudha Pravin Navandar
     D-519/520, Neelkanth Business Park,
            Nathani Road, Vidhyavihar West,
            Mumbai - 400 086
            Email: sudha@prnco.in
            Mobile: 93243 51841

Last date for
submission of claims: October 21, 2023


HI-TECH ENGINEERS: CRISIL Withdraws B Rating on INR40cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Hi-Tech Engineers and Consultants Private Limited (HECPL; a part of
the Hitech group) on the request of the company and receipt of a no
objection certificate from its bank. The rating action is in line
with CRISIL Ratings' policy on withdrawal of its ratings on bank
loans.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bank Guarantee          40        CRISIL B/Stable/A4/Issuer Not

                                     Cooperating (Withdrawn)

   Bank Guarantee          15        CRISIL A4/Issuer Not
                                     Cooperating (Withdrawn)

   Proposed Working         1        CRISIL B/Stable/Issuer Not
   Capital Facility                  Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with HECPL for
obtaining information through letters and emails dated February 25,
2023 and April 29, 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 HECPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on HECPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
HECPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

Analytical Approach

To arrive at the ratings, CRISIL Ratings has combined the business
and financial risk profiles of HECPL, Hind Construction Hitech
Joint Venture (JV), and Spark Electricals-Hitech JV, together
referred to as the Hitech group. This is because HECPL has 99%
stake and strong operational linkages with the subsidiaries

Hitech Engineers and Consultants Private Ltd (HECPL), setup in 1991
as a partnership firm and latter was converted in to Private
Limited in the year 2005. Company is headed by Mr. Rajiv Bansal and
his wife Mrs. Anubha Bansal. The firm is based out of Delhi.

HECPL, which was set up in 1991, is engaged in installation and
supply of electrical equipments such as cables, panels, ducts, and
high-performance transformers, to industries, commercial complexes,
corporate offices and residential buildings. The company entered
into a JV agreement with Hind Construction (Hind Construction and
Hitech Engineers & Consultants Pvt Ltd) in fiscal 2016 and Spark
Electricals (Spark Electricals and Hitech Engineers & Consultants
Pvt Ltd) in fiscal 2018. These JVs were formed to bid for tenders
floated by Rajasthan government state power utilities.

Status of noncooperation with previous CRA

HECPL has not cooperated with Credit Analysis & Research Ltd(CARE),
which has classified it as non-cooperative vide release dated 04th
May 2017. The reason provided by CARE is non-furnishing of
information for monitoring of ratings.


ICICI BANK: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed ICICI Bank Limited's (ICICI) Long-Term
Issuer Default Rating (IDR) at 'BB+'. The Outlook is Stable.

The agency has also affirmed the bank's Government Support Rating
(GSR) at 'bb+' and its Viability Rating (VR) at 'bb'.

KEY RATING DRIVERS

Support-Driven IDR: ICICI's IDR is driven by its GSR, which is a
notch below India's Long-Term IDR (BBB-/Stable) and a notch above
the VR. It reflects Fitch's expectation of a moderate probability
of extraordinary state support from the government for ICICI
relative to other large state banks. The Stable Outlook on the IDR
mirrors the Outlook on the sovereign IDR. ICICI's VR is among the
highest for rated Indian banks, and has a positive bias, given its
expectations of further improvement in key financial metrics,
notably asset quality and earnings.

Moderate Systemic Importance: ICICI's GSR reflects Fitch's view
that there is a moderate probability of extraordinary state support
for the bank, if required, due to its private ownership, despite
the bank's large size and systemic importance. ICICI's systemic
importance is underpinned by a large market share of about 7% of
system loans and 6% of deposits at the end of the financial year to
March 2022 (FY22), and a large retail deposit franchise.

Supportive Operating Environment (OE): Fitch has revised the OE
score to 'bb+' from 'bb', reflecting its view of structural
improvements since the onset of the pandemic. Healthy business
sentiment, resilient financial markets and the government's capital
spending can buffer global economic headwinds and inflation. India
also exhibits robust medium-term growth potential, supported by
resilient investment prospects. Fitch believes the growth
potential, combined with an already large and diversified economy,
is conducive for banks to do consistently profitable business,
provided risks are well-managed.

Large Domestic Franchise: ICICI's business profile score of 'bb+'
reflects its strong retail-focused domestic franchise and
above-average capitalisation, which should support sustained
generation of revenue and business opportunities through the cycle.
ICICI's appetite for growth could further increase under improving
economic conditions and thus sustained ability to control risks is
important to its overall assessment.

Sustained Loan Growth: ICICI's risk profile score of 'bb' is
closely linked with its asset quality, but its high loan growth and
above-average risk appetite weigh on the score. Lending has picked
up across all segments since FY23, contributing to the bank's
above-average loan growth, which Fitch expects to continue under
the buoyant economic conditions. ICICI's improved earnings and
capital buffers should be adequate to cover risks, but sustained
high growth in categories, such as unsecured retail lending, could
test underwriting and risk controls in a more challenging
environment.

Improving Asset Quality: Fitch has revised the outlook on ICICI's
asset quality score to positive from stable given the probability
of further improvement in the four-year average impaired-loan
ratio. The bank's impaired-loan ratio of 2.9% in 1QFY24 was similar
to that in FY23, as fresh impairments (mainly from the retail and
rural books) were offset by recoveries and write-offs. Loan
impairment charges/average loans rose by 38bp to 0.5%, but loan
loss cover was stable at around 83%, while contingency provisions
of around 1.3% create headroom for ICICI to absorb risks.

Profitability to Remain Elevated: Fitch has maintained the positive
outlook on ICICI's earnings and profitability score as Fitch
expects the bank to maintain profitability at or above current
levels, provided credit costs remain in check. ICICI's operating
profit/risk-weighted assets (OP/RWA) rose by 50bp to 4.5% in 1Q24
from FYE23. Robust net interest margin, above-average loan growth
and a slower increase in credit costs (compared to pre-impairment
profit) more than offset the increase in risk density (RWA/total
assets).

Above-Average Capitalisation: ICICI's common equity Tier 1 (CET1)
ratio fell by about 50bp to 16.7% in 1Q24 (after including profits)
from FYE23. It has been consistently above the peer average with
headroom to absorb risks, given its net impaired loan/CET1 ratio of
2.9%. Fitch expects the CET1 ratio to hover around current levels
for the next two years.

Stable Funding: ICICI's loan/customer-deposit ratio (LDR) is close
to 90%, but its funding and liquidity position is supported by a
strong deposit franchise. Retail deposits form 75%-80% of total
deposits, while the average low-cost deposit ratio is about 43%.
Fitch expects the LDR to rise but stay below prior years' (FY17:
101%), as Fitch expects ICICI's deposit franchise to expand despite
high loan growth. Liquidity is also supported by a liquidity
coverage ratio of 121.6% and net stable funding ratio of 124.5%.

RATING SENSITIVITIES

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

IDR AND GSR

Fitch would downgrade the GSR, and in turn, the bank's IDR, if
Fitch believes that the sovereign's ability and propensity to
support ICICI have weakened, which could be the case if the
sovereign rating were downgraded.

Similarly, a change in the sovereign rating Outlook to Negative
would lead to a corresponding revision in the Outlook of ICICI's
IDR.

VR

Fitch expects the VR to be stable in the near term, but recent
improvements have increased rating headroom, thereby limiting the
prospect of negative action. Nevertheless, the VR can be downgraded
if Fitch believes that the bank's risk profile has deteriorated to
a point where it can pose risk in a less benign OE, and become a
more binding constraint on its loss-absorption buffers.

This could manifest through a significant weakening in all the
following three key financial metrics:

- a drop in ICICI's CET1 ratio to below 12%, despite its better
capital flexibility, without a credible plan to restore it to
closer to 15%-16%; alongside

- a reversal in the asset-quality trend with the four-year average
impaired-loan ratio rising above 5%; and

- four-year average OP/RWA ratio sustained below 1.25%.

A lower risk profile score for ICICI - though not its base case -
could also weigh on the VR, particularly if it is also accompanied
by deterioration in one or more of the above-mentioned financial
metrics.

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

IDR AND GSR

ICICI's IDR is driven by its GSR. A sovereign rating upgrade, which
appears unlikely in the near term, could lead to an upgrade in the
bank's IDR if it coincides with a strengthening of the sovereign's
ability and, more importantly, propensity to support the banks, in
Fitch's view.

Similarly, a positive change in the sovereign rating Outlook could
lead to a corresponding revision in the Outlook of ICICI's IDR,
provided the sovereign's ability and propensity to extend support
is expected to improve commensurately.

VR

The VR could be upgraded if the improving OE were to translate into
an improved risk profile score and financial profile. It is
possible through any one or a combination of the following three
key financial metrics:

- four-year average impaired-loan ratio approaching 2%;

- four-year OP/RWA ratio sustained above 3.5%;

- CET1 ratio sustained at or above current levels.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The Long-Term IDR (xgs) is driven by ICICI's VR, while its
Short-Term IDR (xgs) is in accordance with its Long-Term IDR (xgs)
and the short-term rating mapping outlined in Fitch's criteria.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

ICICI's Long-Term IDR (xgs) will move in tandem with the bank's VR.
ICICI's Short-Term IDR (xgs) is primarily sensitive to changes in
the bank's Long-Term IDR (xgs) and would be mapped as per Fitch's
criteria.

VR ADJUSTMENTS

The OE score of 'bb' is above the implied category of 'b' for the
following adjustment reasons: economic performance (positive), and
size and structure of the economy (positive).

The business profile score of 'bb+' has been assigned below the
implied category score of 'bbb' for the following adjustment
reason: business model (negative).

The funding and liquidity score of 'bbb' is above the implied
category of 'bb' for the following reason: deposit structure
(positive).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

ICICI's IDR and Outlook are linked to India's sovereign Long-Term
IDR via the GSR, which reflects its view of the probability of
extraordinary state support, if needed.

ESG CONSIDERATIONS

Fitch has revised ICICI's ESG Relevance Score for Financial
Transparency to the sector default of '3' from '4'. The change
highlights the change in Fitch's view that risks from
Covid-affected loans under forbearance have receded. Fitch believes
that a large proportion of the stressed loans may be covered by
government guarantees, which minimises the risk of losses from this
portfolio. The quality and frequency of financial reporting and
audit processes are also commensurate with a score of '3', and do
not weigh materially on its assessment of the bank's intrinsic
creditworthiness.

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

   Entity/Debt                         Rating             Prior
   -----------                         ------             -----
ICICI Bank Limited   LT IDR             BB+    Affirmed   BB+
                     ST IDR             B      Affirmed   B
                     Viability          bb     Affirmed   bb
                     Government Support bb+    Affirmed   bb+
                     LT IDR (xgs)       BB(xgs)Affirmed   BB(xgs)
                     ST IDR (xgs)       B(xgs) Affirmed   B(xgs)

INDIA DENIM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: India Denim Limited
Survey No 145 & 146 Village Dholka Bagodara Road,
        Village Walthera Dist
        Taluka Dholka Ahmedabad

Insolvency Commencement Date: September 22, 2023

Estimated date of closure of
insolvency resolution process: March 20, 2024

Court: National Company Law Tribunal, Ahmedabad Bench

Insolvency
Professional: Mr. Rahul Nareshbhai Shah
       20, Sudershan Society, Part 2,
              Near Naranpura Bus Stop, Naranpura,
              Ahmedabad, Gujarat-380014
              Email: carahulnshah@gmail.com

              9B, Vardan Tower, Nr. Vimal House
              Lakhudi Circle, Navrangpura
              Ahmadabad, Gujarat-380015
             E-mail: cirp.indiadenim@gmail.com

Last date for
submission of claims: October 10, 2023


JANMENJOY PRAMANIK: CRISIL Hikes Rating on INR1.79cr Loan to B+
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Janmenjoy Pramanik
International Pvt Ltd (JPIPL) to 'CRISIL B/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL Ratings is
migrating the rating on bank facilities of JPIPL to 'CRISIL
B+/Stable' from 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Packing Credit      1.79       CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan           0.21       CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

The rating continues to reflect exposure to intense competition,
leading to low operating margin and modest scale of operations.
These weaknesses are partially offset by extensive experience of
the promoter in trading chemicals and minerals, and sound operating
efficiency.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to intense competition and modest scale of operations:
The chemicals and minerals trading industry is highly fragmented
owing to low entry barriers such as small initial investment and
minimal complexity of operations. The consequent intense
competitive pressure and the trading nature of business will
continue to constrain scalability, pricing power and
profitability.

Strengths:

* Extensive experience of promoter: The promoter has over two
decades of experience in trading chemicals and minerals; his strong
market understanding and healthy relations with suppliers and
customers should continue to support the business.

* Sound operating efficiency: Healthy operating efficiency, marked
by a strong return on capital employed ratio of 48.73 for fiscal
2023, will remain driven by the experienced management.

Liquidity: Stretched

Bank limit utilisation is high around 100% percent for the past
twelve months ended August 23. Cash accruals are expected to be
over INR1.20 crore which are sufficient against term debt
obligation of INR0.85-1.10 crore over the medium term.

Current ratio are moderate at 1.37 times on March 31, 2023.

Outlook: Stable

CRISIL Ratings believes JPIPL will continue to benefit from the
extensive experience of its promoter and the longstanding relation
with principals to partially mitigate the inherent risks in the
trading business.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in topline by over 40-45% along with
sustenance of margins leading to higher-than-expected cash
accruals.
* Significant improvement in the working capital cycle and
liquidity risk profile

Downward factors:

* Steep decline in revenue and profitability due to weak demand,
resulting in lower-than-expected cash accrual below INR1 crore
* Sizeable stretch in receivables or huge pile-up of inventory

JPIPL, incorporated in 2016, is owned and managed by Mr Sunil
Pramanik. The company is based in Kolkata and manufactures
chemicals and minerals; the product portfolio comprises 50-60
varieties.


K. K. FIBERS: CRISIL Withdraws B+ Rating on INR10cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
K. K. Fibers (KKF; part of the KK group) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

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

   Proposed Long Term       1.31      CRISIL B+/Stable/Issuer Not
   Bank Loan Facility                 Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with KKF for
obtaining information through letters and emails dated July 19,
2023, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

Detailed Rationale

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

The KK group, based in Khargone, Madhya Pradesh, is promoted by the
Agrawal family. KKF, a partnership firm established in 2006, gins
and presses raw cotton and sells cotton seeds. It has an in-house
oil mill for extracting oil from cotton seeds. KKFL, incorporated
in fiscal 2012, also gins and presses raw cotton


KHOSLA INTERNATIONAL: ICRA Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
ICRA has kept the long-term rating of Khosla International in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        29.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

As part of its process and in accordance with its rating agreement
with Khosla International, ICRA has been trying to seek information
from the entity so as to monitor its performance. Further, ICRA has
been sending repeated reminders to the entity for payment of
surveillance fee that became due. Despite multiple requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information and in line with the aforesaid
policy of ICRA, the rating has been continued to the "Issuer Not
Cooperating" category. The rating is based on the best available
information.

Incorporated in the year 2002, KI is a partnership firm engaged in
milling and processing and basmati and non-basmati rice. The firm
is mainly engaged into production and export of parboiled rice. KI
has its plant located in Batala, Punjab with a milling capacity of
6tons/hour.

MAHAVIR COAL: CRISIL Withdraws B+ Rating on INR16cr Cash Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Mahavir Coal Resources
Private Limited (MCRPL) to 'CRISIL B+/Stable/Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its rating on bank
facility of MCRPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of MCRPL
from 'CRISIL B+/Stable/Issuer Not Cooperating' to 'CRISIL
B+/Stable'. The rating action is in line with CRISIL Ratings'
policy on withdrawal of bank loan ratings.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit              9         CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING';
                                      Rating Withdrawn)

   Cash Credit             16         CRISIL B+/Stable (Migrated
                                      from 'CRISIL B+/Stable
                                      ISSUER NOT COOPERATING';
                                      Rating Withdrawn)

MCRPL was originally established in 1990 as a proprietorship
concern by Mr. Uttam Chand Jain; the firm was reconstituted as a
private limited company in 2008. MCRPL trades in coal. It procures
coal mainly from Coal India Ltd (CIL) and CIL's subsidiaries, and
sells to companies such as Jaypee Cement Ltd, ACC Ltd, Ambuja
Cements Ltd, and RSWM Ltd. MCRPL's warehouses are located in Katni
(Madhya Pradesh), Bilaspur (Chhattisgarh), and Nagpur
(Maharashtra). The company's registered office is in Katni.


MINING ASSOCIATES: ICRA Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
ICRA has kept the long-term and short-term ratings of Mining
Associates Pvt. Ltd. in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-         10.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based-                    COOPERATING; Rating continues
   Cash Credit                    to remain under 'Issuer Not
                                  Cooperating' category

   Long Term/         18.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Non-Fund Based                 Rating Continues to remain
                                  under issuer not cooperating
                                  category

As part of its process and in accordance with its rating agreement
with Mining Associates Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 2003, MAPL provides mining services including
survey, exploration and geotechnical services for coal and other
minerals like copper, uranium, zinc etc. The company is based in
Asansol, West Bengal and operates in different parts of India.

The company has tied up with leading consultants for availing
quality mining consultancy services that helps MAPL in delivering
its services efficiently.


NHS INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of NHS Industries
(NHS) continues to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility      2.5        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               8.4        CRISIL D (Issuer Not
                                      Cooperating)

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

NHS, based in Bengaluru, was established in November 2016 as a
proprietorship firm by Mr Bhargava Reddy. The firm manufactures
HDPE/PP (high-density polyethylene / polypropylene) woven sacks.


NILKANTH COTTON: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Nilkanth
Cotton Fibers (NCF) continues to be 'CRISIL D Issuer Not
Cooperating'.

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

   Proposed Long Term       5         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan                2.25      CRISIL D (Issuer Not
                                      Cooperating)

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

NCF was formed as a partnership firm by members of the Sakarvadiya
family in 2014. The firm has an operating unit at Gondal (Rajkot).


NIZAM DECCAN: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Nizam Deccan
Sugars Limited (NDSL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            50.7        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            24.6        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit            19          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             9          CRISIL D (Issuer Not
                                      Cooperating)
   Letter of credit
   & Bank Guarantee        0.5        CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Long Term
   Bank Loan Facility     48.09       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              16.14       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              17.20       CRISIL D (Issuer Not
                                      Cooperating)

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

NDSL, incorporated in 2002, manufactures sugar and extra neutral
alcohol, and generates power. NDSL has three sugar plants in
Telangana. The company also has a distillery unit, and a
20-megawatt biomass-based power generation plant. Dr. G Ganga Raju
and family (promoters of the Laila group of companies) hold a 51
per cent stake in NDSL; the balance 49 per cent stake is held by
Nizam Sugars Ltd. The Laila group is engaged in diverse businesses
including sugar, paper, nutraceuticals, and education.


ORISSA CONCRETE: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has kept the Long-term and Short-term ratings of Orissa
Concrete & Allied Industries Ltd. in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term–        10.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based                   Rating Continues to remain under
   Cash Credit                  'Issuer Not Cooperating'
                                Category

   Short-term         8.00      [ICRA]D; ISSUER NOT COOPERATING;
   Non-fund based               Rating continues to remain under
   Others                       'Issuer Not Cooperating'
                                Category
As part of its process and in accordance with its rating agreement
with Orissa Concrete & Allied Industries Ltd., ICRA has been trying
to seek information from the entity so as to monitor its
performance. Further, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due. Despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Incorporated in 1979, OCAIL is a closely held company belonging to
the Raipur-based Agarwal family. OCAIL has facilities at Raipur,
Chhattisgarh for manufacturing of concrete sleepers for railways,
with an annual capacity of 4.25 lakh sleepers per
annum.


OZONE HOMES: ICRA Keeps D Debt Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA has kept the Long-term ratings for the NCD programme of Ozone
Homes Private Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   NCD/DebtBonds/
   NCD/LTD           180.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating Continues to remain
                                 under issuer not cooperating
                                 category

As part of its process and in accordance with its rating agreement
with Ozone Homes Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance.
Further, ICRA has been sending repeated reminders to the entity for
payment of surveillance fee that became due. Despite multiple
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with the aforesaid policy of ICRA, the rating has been
continued to the "Issuer Not Cooperating" category. The rating is
based on the best available information.

Ozone Homes Private Limited (OHPL) is a special purpose vehicle
(SPV) of the Ozone group which is currently developing Ozone
Autograph, a residential real estate project in Dadar, Mumbai. OHPL
has some unsold inventory in Ozone Gardenia, a completed project in
Chennai. OHPL also owns 11 units in Ozone Metrozone project,
Chennai which has been provided as security for the rated NCD
programme. Tuscan Consultants & Developers Private Limited (TCDPL)
is the majority shareholder of the company, with a shareholding of
99.8%. TCDPL is 100% owned by Mr. S Vasudevan, who is the chairman
of the Ozone group.


PEE AAR: CRISIL Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Pee Aar
International Private Limited (PALPB) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Foreign Bill
   Purchase                11         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility       1         CRISIL D (Issuer Not
                                      Cooperating)

   Packing Credit          11         CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Short Term
   Bank Loan Facility       0.1       CRISIL D (Issuer Not
                                      Cooperating)
   Standby Line
   of Credit                4.4       CRISIL D (Issuer Not
                                      Cooperating)

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

Set up in 2003 by Mr. Rakesh Kumar Miglani and family as a
partnership firm and reconstituted as a private limited company in
2008, PAIL manufactures ready-made garments for men and children
and trousers for women. It exports these products mainly to the
Middle-East and Latin American countries. The company has its
manufacturing unit in Ludhiana (Punjab) with a capacity of 10,000
pieces per day.


PRADHVI MULTITRADE: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Pradhvi
Multitrade Private Limited (PMPL) continues to be 'CRISIL D Issuer
Not Cooperating'.

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

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

Incorporated in February 2011, Pradhvi Multitrade Pvt Ltd (PMPL) is
promoted by Mr Rajpal Singh. Company was not operational until
November 2012 and started trading in processed fabrics in Dec
2012.


PRAVEEN ELECTRICAL: CRISIL Keeps D Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Praveen
Electrical Works (PEW) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          11         CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility       6         CRISIL D (Issuer Not
                                      Cooperating)

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

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

PEW was set up in 1994 as a sole proprietorship firm by Mr Prakash
C Angadi. The firm undertakes turnkey projects for laying
electrical cables and poles, and electrification projects. It has a
facility in Karnataka.


PREMEXO PEB: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Premexo PEB
LLP (PPEL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            0.15        CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Long Term Loan         0.5         CRISIL B/Stable (Issuer Not
                                      Cooperating)

   Proposed Cash          3.85        CRISIL B/Stable (Issuer Not
   Credit Limit                       Cooperating)

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

PPEL was established in July 2016 as partnership concern by Mr Jay
Sitapara, Mr Sanjay Jethaloja, Mrs Gita Jethloja, Mr Anil Saradava,
Mr Ashish Bevarava, Mr Mitesh Bavarava and other 6 partners. The
firm designs, manufactures and installs PEB's. The unit is located
at Morbi, Gujarat with a total installed capacity of 3000 tonne per
month as on March 31, 2018, and the operations commenced in
February 2018.


VERSATILE PHARMA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s. Versatile Pharma Private Limited
Plot No. 92, Phase-II, Ida Cherlapally,
        Hyderabad Telangana 500051

Insolvency Commencement Date: August 24, 2023

Estimated date of closure of
insolvency resolution process: February 20, 2024

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency
Professional: Kalvakolanu Murali Krishna Prasad
       8-27, Plot No. 106, Mythripuram Colony,
              Karmanghat, Vyshalinagar (PO),
              Hyderabad - 500079
              Email: kmk123ip@gmail.com
                     cirpvpp123@gmail.com

Last date for
submission of claims: September 18, 2023




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

AIRASIA X: Bursa Rejects Company's Bid to Uplift PN17 Status
------------------------------------------------------------
New Straits Times reports that Bursa Malaysia Securities Bhd has
rejected AirAsia X Bhd's application for the proposed relief &
Practice Note 17 upliftment, and instead given it until January 17,
2024 to submit its regularisation plan.

In a filing with Bursa Securities, AirAsia X said it will consider
all available options (including the possibility of an appeal) and
announce the next course of action to be undertaken in due course,
NST relates.

According to the report, Bursa Securities via a letter dated
October 18, 2023, confirmed that it has resolved to reject the
company's application for the proposed relief & PN17 Upliftment;
and to grant the company an extension of time up to January 17,
2024 to submit its regularisation plan to the regulatory
authorities.

NST says AirAsia X submitted an application to uplift its PN17
status without submitting a regularisation plan on July 20,2023, on
the improved financial performance of the company and its
subsidiaries.

The company reported a net profit of MYR5.5 million for the second
quarter ended June 30, 2023, compared with a net loss of MYR652.5
million for the same quarter a year ago, NST discloses. This was on
a more than four fold jump in revenue to MYR512.9 million.

                          About AirAsia X

AirAsia X Berhad (AAX) -- http://www.airasiax.com/-- is a
long-haul, low-cost airline operating primarily in the Asia-Pacific
region.

AAX had triggered the criteria for PN17 classification in October
2021, after its external auditors, Messrs Ernst & Young PLT, had
expressed a disclaimer of opinion in the airline's audited
financial statements for the 18-month financial period ended June
30, 2021.  

AAX then logged a net loss of MYR33.72 billion for the period,
while its current liabilities exceeded current assets by MYR34.21
billion, while its shareholders' deficit stood at MYR33.58 billion.



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

CIRCULATE SERVICES: Creditors' Proofs of Debt Due on Dec. 2
-----------------------------------------------------------
Creditors of Circulate Services Limited and Panelbuild Limited are
required to file their proofs of debt by Dec. 2, 2023, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Oct. 12, 2023.

The company's liquidators are:

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


ELEVEN LIMITED: Court to Hear Wind-Up Petition on Oct. 30
---------------------------------------------------------
A petition to wind up the operations of Eleven Limited will be
heard before the High Court at Hamilton on Oct. 30, 2023, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 14, 2023.

The Petitioner's solicitor is:

          Charles David Walmsley
          Inland Revenue, Legal Services
          21 Home Straight
          PO Box 432
          Hamilton


PPR RICCARTON: Creditors' Proofs of Debt Due on Nov. 6
------------------------------------------------------
Creditors of PPR Riccarton Limited, Wangland Limited, Wangland
Albany Limited and W3 Construction Limited are required to file
their proofs of debt by Nov. 6, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 6, 2023.

The company's liquidator is:

          Mohammed Tazleen Nasib Jan
          Liquidation Management Limited
          PO Box 50683
          Porirua 5240


RURKA ENTERPRISE: Court to Hear Wind-Up Petition on Oct. 26
-----------------------------------------------------------
A petition to wind up the operations of Rurka Enterprise Limited
will be heard before the High Court at Auckland on Oct. 26, 2023,
at 10:45 a.m.

Innovative Kitchen & Joinery Limited filed the petition against the
company on Sept. 12, 2023.

The Petitioner's solicitor is:

          Peter James Broad
          Level 1, 1/208 Great South Road
          Papatoetoe
          Auckland


SEAL SECURITY: Creditors' Proofs of Debt Due on Nov. 17
-------------------------------------------------------
Creditors of Seal Security Solutions Limited are required to file
their proofs of debt by Nov. 17, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 12, 2023.

The company's liquidators are:

          Pritesh Patel
          PO Box 23296
          Manukau City
          Auckland 2241




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

GLP PTE: Fitch Cuts LT Foreign Currency IDR to 'BB', Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has downgraded Singapore-based GLP Pte. Ltd.'s
Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior
unsecured ratings to 'BB', from 'BBB-'. The Outlook is Stable.
Fitch has also downgraded the ratings on outstanding debt
instruments. All ratings have been removed from Rating Watch
Negative.

The downgrade reflects GLP's weakened financial profile, with
delayed deleveraging via asset monetisation leading to a
deterioration in interest coverage and debt structure.

The company retains stable bank funding access and is in the
process of obtaining new major credit facilities. This, together
with recently completed asset monetisation transactions, should
help address its short-term capital market debt repayment needs.

KEY RATING DRIVERS

Deleveraging via Transaction Delayed: The sale of GLP's majority
interest in its Chinese logistic asset portfolio to a strategic
buyer is taking longer than Fitch expected. GLP says the
transaction is still ongoing, but some of the projects considered
under the transaction have already been disposed of to third
parties or GLP managed funds. Fitch believes the scale of GLP's
near-term asset monetisation has reduced against the agency's
expectation, resulting in a negative impact on GLP's financial
profile. However, the company has stated that it aims to achieve at
least USD10 billion in asset moneitsations.

Deterioration in Coverage: Fitch expects GLP's interest coverage to
decline further in the near-term, after a surge in interest
payments in 1H23 amid US-dollar interest rate hikes and the
company's increased bank borrowings. Fitch estimates that coverage,
as measured by recurring EBITDA/cash interest expenses, dropped to
1.3x in 1H23, from 1.5x in 2022. This remains below Fitch's
negative rating threshold of 2.5x.

Stable Bank Funding Access: Fitch believes GLP's relationships with
key banking partners remain stable. The company is in the process
of obtaining new bank facilities that could expand its credit
headroom. GLP's bank borrowings reached USD9.6 billion in 1H23,
from USD8.1 billion at end-2022, and now account for 63% of total
debt, against 56% in 2022. The majority of this increase stemmed
from unsecured borrowings from regional and global banks. Only a
small portion of GLP's bank borrowings are contingent on the
company's rating level.

Asset Monetisation to Address Maturities: GLP had short-term
borrowings of USD6.5 billion as of end-June 2023 (2022: USD3.8
billion), against available cash of USD2.5 billion. The company
says the majority of the short-term maturities are revolving credit
facilities that will be rolled over and expects to repay USD2
billion in bonds due in 2024 using cash on hand and proceeds from
asset monetisation.

GLP received USD0.3 billion in disposal proceeds since 1H23 and has
completed USD1.6 billion in asset monetisation transactions, with
proceeds to be received in 2H23 and 1Q24. Assets that can generate
USD2.1 billion in net proceeds are at an advanced stage of
negotiation and should be completed by early 2024. GLP believes the
transactions are highly certain and proceeds received will be
available for immediate debt repayment needs.

Capex Deprioritised: Fitch estimates that GLP received USD0.9
billion in cash inflow from disposals in 1H23, against cash outflow
from investment activities of USD2.2 billion. GLP said a
significant portion of the outflow relates to cash settlements for
historical or non-recurring transactions, with current period
capital expenditure of USD0.6 billion. GLP's committed capex over
the next 12 months is USD0.6 billion, with the company prioritising
near-term debt repayment ahead of balance-sheet investment needs.
Fitch believes a reduction in near-term balance-sheet investment
spending will support GLP's ratings.

High-Quality Diversified Assets: Fitch believes GLP benefits from
its large and extensive global network. GLP's tenants are
sufficiently diversified by geography, industry and revenue
contribution. The weighted-average lease expiry is long, at 3.6
years (2022: 3.5 years), with a 90% lease ratio.

Improved Leverage, Changing Business Profile: Fitch expects
leverage to improve with ongoing asset disposals and the potential
completion of the strategic transaction. Lower consolidated revenue
from GLP's logistic rental segment should be replaced by the
contribution from new businesses, such as data centres, freezer
services and asset and property management fee income over the
medium term.

However, the replacement of on-balance-sheet investment property
asset-rental income with other income streams may affect the
company's leverage threshold, as rating sensitivities for
Fitch-rated data-centre and other business service companies tend
to be more conservative than for property investors.

DERIVATION SUMMARY

GLP's scale and asset quality is comparable with that of
Singapore-based Mapletree Industrial Trust (BBB+/Stable) and
Mapletree Logistics Trust (BBB+/Stable). However, GLP's ratings are
constrained by its liability profile and coverage. The company's
short-term borrowings stand at 43% of total debt and the
concentration of capital market maturities in 2024 and 2025 creates
refinancing risk.

KEY ASSUMPTIONS

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

- 2023 revenue growth of 23% (1H23: 34%), with a 2023-2026 revenue
CAGR of 6%.

- 2023-2026 recurring EBITDA margin of 46% (1H23: 55%)

- 2H23 and 2024 net asset monetisation cash proceeds, excluding
asset-level debt repayments, of USD1.5 billion and USD2.9 billion,
respectively (1H23: USD1.1 billion)

- 2H23 and 2024 capital expenditure, inclusive of acquisitions, of
USD0.9 billion and USD1.3 billion, respectively (1H23: USD1.9
billion).

RATING SENSITIVITIES

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

- Net debt/recurring EBITDA below 10x on a sustained basis (2022:
12x)

- Consolidated recurring EBITDA/interest above 1.75x on a sustained
basis

- Sustained improvement in debt structure, with the liquidity ratio
reaching 1.0x (2022: 1.0x)

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

- Slower than expected asset monetisation or higher than expected
investment cash outflow

- Insufficient increase in committed bank financing

- Consolidated recurring EBITDA/interest of below 1.25x for a
sustained period

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: GLP had total debt of USD15.2 billion at
end-June 2023, USD6.5 billion of which was short term, against an
available cash balance of USD2.5 billion and USD0.5 billion in
unused committed banking facilities. GLP says that of the
short-term maturities, approximately USD3.4 billion are revolving
credit facilities that will be rolled over. The company is in the
process of obtaining new banking facilities and expects to repay
USD2.0 billion in bonds due in 2024 using cash on hand, proceeds
from asset monetisation and credit headroom.

In accordance with Fitch's policies, the issuer appealed and
provided additional information to Fitch that resulted in a rating
action that is different than the original rating committee
outcome.

ISSUER PROFILE

GLP is a global investor and manager of logistic and internet data
centre assets. It manages a gross floor area of more than 85
million square metres, with estimated assets under management of
over USD124 billion as of end-June 2023.

ESG CONSIDERATIONS

GLP has an ESG Relevance Score of '4' for Group Structure, due to
GLP's complex group structure with various forms of operating
entities. This has a negative impact on the credit profile and is
relevant to the ratings in conjunction with other factors.

GLP has an ESG Relevance Score of '4' for Financial Transparency,
due to less frequent or detailed disclosures. This has a negative
impact on the credit profile and is relevant to the ratings in
conjunction with other factors.

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
GLP Pte. Ltd.       LT IDR BB  Downgrade   BBB-

   senior
   unsecured        LT     BB  Downgrade   BBB-

   subordinated     LT     B+  Downgrade   BB

LUXE PRINT: Court to Hear Wind-Up Petition on Nov. 3
----------------------------------------------------
A petition to wind up the operations of Luxe Print Pte Ltd will be
heard before the High Court of Singapore on Nov. 3, 2023, at 10:00
a.m.

Maybank Singapore Limited filed the petition against the company on
Oct. 12, 2023.

The Petitioner's solicitors are:

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




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

FINTREX FINANCE: Fitch Affirms 'B+(lka)' Rating, Off Watch Neg.
---------------------------------------------------------------
Fitch Ratings has affirmed Fintrex Finance Limited's National
Long-Term Rating of 'B+(lka)' and has removed the rating from
Rating Watch Negative (RWN). The Outlook is Stable.

KEY RATING DRIVERS

Less Severe Economic Risk: The removal of the RWN reflects its view
that further rating downside is less probable, with the sovereign
(Long-Term Local-Currency Issuer Default Rating: CCC-) completing
the local-currency portion of its domestic debt optimisation. This
addresses one element of risk to sector funding and liquidity.
Fitch expects the operating environment to remain weak in light of
strained household finances and fragile investor confidence, but it
should stabilise amid a gradual economic recovery, with easing
inflation and interest rates.

Eased economic risk should temper pressure on the finance and
leasing sector's operating performance and liquidity profile,
although the pace of recovery may vary with each company's business
mix and franchise strength. Fitch expects sector growth to remain
weak with lingering asset quality pressure in the financial year
ending March 2024 (FY24), but to improve in FY25 as economic growth
recovers. Declining interest rates should ease funding cost
pressure, but could hit asset yields for lenders with shorter
asset-repricing cycles.

Standalone Profile Drives Rating: Fintrex's National Long-Term
Rating reflects its small franchise in the Sri Lankan finance and
leasing company (FLC) sector, high growth appetite with more
pronounced customer concentration risk and a weaker funding and
liquidity profile than larger FLCs.

Low Market Share: Fintrex is among Sri Lanka's smaller FLCs, with a
share of below 1% of the sector's total loans and deposits as of
end-June 2023. Its balance sheet size exposes it to greater
borrower and depositor concentration risk than at larger FLCs. That
said, the company has rebalanced its portfolio away from
higher-risk two-wheeler financing towards more mainstream
four-wheeler passenger-vehicle financing, which should lower the
volatility in its business performance over time.

High Growth Appetite: Fintrex's high growth appetite raises its
risk profile, particularly as it looks to develop less familiar
gold-backed lending. Its small equity base of LKR2.9 billion at
FYE23 also presents a narrow buffer relative to the regulator's
minimum capital requirement of LKR2.5 billion, leaving its capital
base vulnerable to adverse events and regulatory risk.

Steadying Asset Quality: Fintrex's regulatory non-performing loan
(NPL) ratio deteriorated to 11.4% by FYE23, from 6.2% at FYE22, due
to rising repayment pressure and tightened NPL recognition rules.
However, the ratio remains below the industry average of 16.0%
(FYE22: 9.1%) and asset quality should stabilise as economic
pressures abate. Nonetheless, improvement may be slowed by
slippages from Stage 2 loans, while high large-loan concentration
may cause lumpier loan impairments from time to time.

Profitability to Recover: Fitch expects ongoing loan repricing and
gradually easing interest rates to support a profit recovery in
FY24. Fintrex recorded a pre-tax loss of LKR219 million in FY23, as
its net interest margin narrowed to 4.1%, from 12.6% in FY22, due
to a sharp rise in funding costs and the lagged pass-through to
lending rates, as fixed-rate exposures dominate its assets. Loan
disbursements have also been muted amid a weak economy and
escalating borrowing costs.

Rising Leverage: The debt/tangible equity ratio remained stable at
2.9x at FYE23 (FYE22: 2.9x), as the company's eroded equity base of
-11% from net losses was offset by loan book contraction of 15%.
This level is slightly below industry average, but is unlikely to
be sustained once loan growth resumes, given the company's high
growth target and tolerance for increasing leverage.

Increased Deposit Funding: Fintrex's strategy to mobilise customer
deposits gained pace in FY23, after it replaced most of its
maturing longer-term bank borrowings with customer deposits. The
deposit base more than doubled and accounted for a much higher 61%
of total funding by FYE23 (FYE22: 21%), primarily through low-value
retail deposits. However, the company's deposits carry higher cost
than those of larger FLCs and depositor concentration remains high,
despite an improvement over the past few years.

RATING SENSITIVITIES

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

The rating is sensitive to a change in Fintrex's credit profile
relative to other Sri Lankan issuers. This may result from a
material shift towards higher-risk asset classes that raises
asset-quality and profit volatility, or a further erosion in the
company's absolute capital base closer to the minimum regulatory
requirement.

Fitch may also take negative rating action if there is renewed
weakness in market variables or funding and liquidity conditions,
increasing the risk to the company's asset exposures, profitability
and balance-sheet buffers. If extreme, such stresses could result
in a multiple-notch downgrade.

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

The rating may be upgraded if the company expands its franchise
sustainably and materially raises its absolute capital base. This
assumes that the operating environment improves and Fintrex does
not significantly alter its strategy of focusing on less-risky
asset classes, while maintaining stable asset quality with adequate
balance-sheet buffers to cushion against shocks.

   Entity/Debt             Rating               Prior
   -----------             ------               -----
Fintrex Finance
Limited             Natl LT B+(lka)  Affirmed   B+(lka)

SENKADAGALA FINANCE: Fitch Lowers Sub. Debt Rating to 'BB+(lka)'
----------------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka-based Senkadagala Finance
PLC's (Senka) National Long-Term Rating to 'BBB(lka)' from
'BBB+(lka)'. The Outlook is Stable. Fitch has also downgraded
Senka's subordinated debt rating to 'BB+(lka)' from 'BBB-(lka)',
and removed the Rating Watch Negative (RWN) from all of Senka's
ratings.

KEY RATING DRIVERS

Weakened Asset Quality Drives Downgrade: Senka's exposure to more
economically vulnerable borrowers has led to greater asset-quality
deterioration in recent years, against its better-than-peer
performance in the past. Its reported 90-day past-due loan ratio
climbed to 19.8% in 1QFY24 (financial year end-March) amid weakened
borrower repayment capacity, and Fitch expects asset-quality
pressure to persist for some time even as the economy gradually
recovers. Still, Senka's higher capitalisation than the industry
and longer-tenor funding structure support its credit profile.

RWN Resolved: The removal of the RWN reflects its view that further
downside to Senka's ratings is less imminent following the
completion of the local-currency portion of the sovereign's
domestic debt optimisation (DDO), which addresses one element of
risk to sector funding and liquidity. The operating environment
will remain weak in light of strained household finances and
fragile investor confidence, but should stabilise on a gradual
economic recovery with easing inflation and interest rates.

Eased macroeconomic risk will temper the pressure on the sector's
operating performance and liquidity profile although the pace of
recovery may vary depending on individual entities' business mix
and franchise strength. Fitch expects sector growth to remain weak
with lingering asset-quality pressure in FY24, but this may improve
in FY25 as economic growth recovers. Declining interest rates
should ease pressure on funding costs but could hit asset yields
for lenders with shorter asset-repricing cycles.

Modest Franchise in Vehicle Financing: Senka is a mid-sized finance
and leasing company (FLC) with about 2% share of sector assets and
1% of deposits. Its main business is in vehicle financing with a
higher exposure than peers to commercial vehicles, such as buses,
lorries and tractors. These segments are more susceptible to
economic weakness and have driven greater asset-quality
deterioration for Senka in recent years.

Senka also focuses on lower- to middle-income self-employed
individuals, and small- to mid-sized enterprises. Management has
developed enhanced tools to identify better-quality customer
profiles and price for higher credit risk, although the
effectiveness of the tools is yet to be tested.

Volatile Profitability: Gradually easing funding costs should
benefit its net interest margin (NIM), but lingering asset-quality
pressure may continue to weigh on credit costs and profitability.
Pretax profit/average assets narrowed to 2.3% in FY23 (FY22: 4.1%)
amid higher funding costs and operating expense inflation, while
interest-earning assets also contracted. Management aims to
maintain operating cost control while expanding the branch network
gradually to tap newer growth areas.

Reduced Leverage: Senka's leverage declined to around 3.4x
debt/tangible equity by FYE23 (FYE22: 4.0x) with its core capital
ratio increasing to 25.5% by end-1QFY24 (industry: 21.8%) due to
more contained growth. This provides a reasonable buffer to absorb
credit and other losses. Fitch expects management to maintain
relatively conservative capitalisation and modest growth in the
near term.

Confidence-Sensitive Funding, Liquidity: Funding conditions are
gradually improving relative to the stress over the past 12-18
months, but remain susceptible to shocks. Senka has lower reliance
on short-term funding and roughly 45% of total liabilities were due
beyond one year at FYE23. Its greater usage of wholesale funding
leaves it more sensitive to lender confidence, but it has also
contributed to a positive short-term asset-liability maturity
profile, which many peers lack.

RATING SENSITIVITIES

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

The National-Long-Term Rating is sensitive to changes in Senka's
standalone credit profile relative to Fitch-rated issuers on the
Sri Lankan national scale. A downgrade could result from higher
leverage or a substantial erosion of capital buffers due to
asset-quality deterioration and weakening profitability. Increased
risk appetite, as evident in a shift of business mix towards
riskier products and more vulnerable customer segments, could also
lead to negative rating action.

Fitch may also take negative rating action if there is renewed
weakness in market variables or funding and liquidity conditions,
leading to increased risk to the company's asset exposures,
profitability and balance-sheet buffers. Such stresses if extreme
could result in a multiple-notch downgrade.

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

An improved operating environment, together with enhancement in the
company's credit profile relative to peers on the Sri Lankan
national scale could lead to an upgrade of the company's ratings. A
significant shift towards less-risky asset classes with sustained
asset-quality performance, profitability and adequate capital
buffers could also lead to positive rating action.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Senka's Sri Lankan rupee-denominated subordinated debt is rated two
notches below its National Long-Term Rating. This reflects its
expectation of high loss severity and poor recoveries for such debt
in the event of default. Fitch applies the Bank Rating Criteria in
rating this instrument, as Fitch views the prudential capital
framework for finance companies to be closer to that for banks in
Sri Lanka. Fitch has not applied additional notching to the notes
for non-performance risk as they do not contain going-concern
loss-absorption features, in accordance with Fitch criteria.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

Any change in Senka's National Long-Term Rating would lead to
corresponding action on its subordinated debt rating.

   Entity/Debt            Rating                Prior
   -----------            ------                -----
Senkadagala
Finance PLC       Natl LT BBB(lka)  Downgrade   BBB+(lka)

   Subordinated   Natl LT BB+(lka)  Downgrade   BBB-(lka)


                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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