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

                     A S I A   P A C I F I C

          Wednesday, October 25, 2023, Vol. 26, No. 214

                           Headlines



A U S T R A L I A

DAMAGE NEWCO: Second Creditors' Meeting Set for Oct. 30
DOME BUILDING: Goes Into Liquidation as AUD6.5MM Loan Unravels
FINLEY CAPITAL: Second Creditors' Meeting Set for Nov. 1
KCT TROLLEY: First Creditors' Meeting Set for Oct. 30
MERU FOODS: Second Creditors' Meeting Set for Nov. 2

R L SERVICES: Second Creditors' Meeting Set for Oct. 27


C H I N A

COUNTRY GARDEN: CDS Ruling on Failure-to-Pay Event Sought
GOME RETAIL: Denies News of Closing of All Stores; Stock Price Rise
SHENZHEN HAIDA: Founder Pares Stake in Firm to Raise Cash
WENS FOODSTUFF: Fitch Cuts LT Foreign Curr. IDR to BB, Outlook Neg


H O N G   K O N G

CHINA KANGDA: Gets Winding-Up Petition, Said to Owe HKD39 Million


I N D I A

ALI AGENCY: CRISIL Keeps D Debt Ratings in Not Cooperating
AQUA FOODS: CRISIL Lowers Rating on INR24.76cr Term Loan to D
ARHAM NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating
CHEMTROLS SAMIL: CRISIL Lowers Rating on INR8cr Cash Loan to C
DHANLAXMI COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating

DHARMRAJ ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating
DULLAT RESORT: CRISIL Keeps D Debt Rating in Not Cooperating
ENVISION SCIENTIFIC: CRISIL Lowers Rating on INR22.86cr Loan to D
EXTOL INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
FENIX PROCESS: CRISIL Keeps D Debt Ratings in Not Cooperating

FSD BUILDING: CRISIL Keeps D Debt Ratings in Not Cooperating
GREENBILT INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
GVRMP DHARWAD: CRISIL Keeps D Debt Ratings in Not Cooperating
INNOVATIVE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
ISR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating

KISANVEER SATARA: CRISIL Keeps D Debt Ratings in Not Cooperating
MATAJI DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating
RAGHAVA PROJECT: CRISIL Keeps D Debt Ratings in Not Cooperating
RANA FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
RASHMI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating

RAYBAN FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
SABITRI INDUSTRIES: CRISIL Keeps D Ratings in Not Cooperating
SATYA SAI: CRISIL Keeps D Debt Ratings in Not Cooperating
SUSHIL ANSAL: CRISIL Keeps D Debt Rating in Not Cooperating
VASAVI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating



J A P A N

RICOH CO: Egan-Jones Retains BB+ Senior Unsecured Ratings


N E W   Z E A L A N D

ELANZA FRESH: Thomas Lee Rodewald Appointed as Receiver
FRAYMAN LIMITED: Creditors' Proofs of Debt Due on Nov. 20
OMJ CONSTRUCTIONS: Court to Hear Wind-Up Petition on Oct. 26
SKIN CLINIC: Creditors' Proofs of Debt Due on Nov. 20
SUMMERS CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 31



P H I L I P P I N E S

CAPITAL A: AirAsia Phil. Racks Up PHP14B Losses in Last 2 Years
PHOENIX PETROLEUM: Divests from Loss-Making Singapore Subsidiary


S I N G A P O R E

AAX SINGAPORE: Court Enters Wind-Up Order
APEX STAR: Commences Wind-Up Proceedings
CDL HOSPITALITY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
H&C S HOLDINGS: Commences Wind-Up Proceedings
HALLMARK TRADERS: Creditors' Meeting Set for Nov. 7

LASER CLINICS: Commences Wind-Up Proceedings
LIPPO MALLS: Moody's Affirms 'Caa1' CFR, Outlook Remains Negative


S R I   L A N K A

SRI LANKA: Inflation Rate Eases to 0.8% in Sept vs 2.1% in Aug.

                           - - - - -


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A U S T R A L I A
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DAMAGE NEWCO: Second Creditors' Meeting Set for Oct. 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of Damage Newco
Pty Ltd has been set for Oct. 30, 2023 at 10:00 a.m. at the offices
of RSM Australia Partners at Level 13, 60 Castlereagh Street in
Sydney and via electronic means.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 27, 2023 at 4:00 p.m.

Richard Stone of RSM Australia Partners was appointed as
administrator of the company on Sept. 22, 2023.



DOME BUILDING: Goes Into Liquidation as AUD6.5MM Loan Unravels
--------------------------------------------------------------
Australian Financial Review reports that Melbourne-based Dome
Building Projects, which did high-end home building and renovation
work for customers in Melbourne's leafy inner-eastern suburbs, went
into liquidation on Oct. 20 after falling short on payment demands
to a former director.

Jason Stone and Paul Allen of PKF were appointed as liquidators to
South Melbourne-based Dome on the same day that directors Andrew
Crellin and Jamie Brockman said they failed to meet their financial
obligations to former director and shareholder Scott Wilcox, AFR
discloses.

AFR, citing company records, says that in November Mr. Wilcox, who
had stepped down as a director in August last year, lent an entity
linked to Mr. Crellin AUD6.5 million - secured against the
company's assets - to allow Mr. Crellin to purchase Mr. Wilcox's
two shares in the company.

"If Crellin is able to comply with the terms of the loan agreement,
the financial standing of the company will not be affected," an
explanatory memorandum to the agreement states. But it was not able
to meet those terms, the directors told customers, staff and
subcontractors in a letter.

"Due to the extraordinary financial hardship builders have endured
over the last 12 months we have been unable to meet our annual
obligation to the former director in full for this year," the
directors said in their Friday [Oct. 20] letter, seen by The
Australian Financial Review.

"We have been attempting to negotiate revised payment terms that
would still allow full payment to him in a manner that would also
allow the Dome business to survive. However, the revised payment
terms have not been accepted and ultimately negotiations have
failed."

There are some signs that home builders are through the worst of
the crunch they faced when caught by soaring COVID-era cost
escalations and the fixed-price contracts they'd signed with
customers.

Veteran developer Nigel Satterley told The Australian Financial
Review Property Summit last month that the country's largest
builders had weathered the "cyclone" of unprofitable contracts and
builder collapses that ripped through the sector.

Earlier this month ASX-listed and family-run home builder Simonds
Group said it had eked out its first profit after two years of
losses. But many companies remain vulnerable, AFR reports.

According to AFR, the collapse of Dome, which started in 2002
renovating Melbourne terrace homes and then focussed on high-end
residential projects, is the latest in a surge of
construction-industry insolvencies that as of last week numbered
783 - nearly one-third of all corporate failures in the year to
date.

"They did two on my street in the past year, both AUD3 million to
AUD4 million renovations," AFR quotes Melbourne buyer's agent David
Morrell as saying on Oct. 21.  "That's why people are paying up for
stuff that's done. [Collapses are] a major problem out there."

Last month, Dome said it had expanded to Byron Bay in conjunction
with Shaun Lockyer Architects, recalls AFR.

"With a legacy of two decades building homes across Victoria, we're
proud to announce we have gone national. Our new office in Byron
Bay, staffed by a dedicated and experienced team, marks an exciting
chapter in our journey," the company posted on its Facebook page on
September 19.


FINLEY CAPITAL: Second Creditors' Meeting Set for Nov. 1
--------------------------------------------------------
A second meeting of creditors in the proceedings of Finley Capital
Partners Pty Ltd has been set for Nov. 1, 2023 at 9:00 a.m. at the
offices of Mcleods Accounting at Level 9, 300 Adelaide Street in
Brisbane.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 31, 2023 at 5:00 p.m.

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


KCT TROLLEY: First Creditors' Meeting Set for Oct. 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of KCT Trolley
Services Pty Ltd will be held on Oct. 30, 2023, at 11:30 a.m. at
the offices of O'Brien Palmer at Level 9, 66 Clarence Street in
Sydney.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
the company on Oct. 18, 2023.


MERU FOODS: Second Creditors' Meeting Set for Nov. 2
----------------------------------------------------
A second meeting of creditors in the proceedings of Meru Foods Pty
Ltd has been set for Nov. 2, 2023 at 10:00 a.m. via virtual meeting
only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 1, 2023 at 4:00 p.m.

Michael Slaven of Slaven Torline was appointed as administrator of
the company on Sept. 27, 2023.


R L SERVICES: Second Creditors' Meeting Set for Oct. 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of R L Services
Australia Pty Ltd has been set for Oct. 27, 2023 at 11:00 a.m. at
the offices of Hamilton Murphy Advisory at Level 21, 114 William
Street in Melbourne.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 26, 2023 at 4:00 p.m.

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of the company on Aug. 17, 2023.




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C H I N A
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COUNTRY GARDEN: CDS Ruling on Failure-to-Pay Event Sought
---------------------------------------------------------
Bloomberg News reports that the Credit Derivatives Determinations
Committees were asked if Country Garden Holdings's missed US dollar
bond interest payment would trigger credit default swaps (CDS) tied
to the developer's debt, according to a notice posted on Oct. 23.

According to Bloomberg, a panel of banks and investment managers
was asked by an eligible market participant if a failure-to-pay
event had occurred after the company skipped an interest payment on
its 6.15 per cent US dollar bonds due Sept. 17. A 30-day grace
period on the US$15.4 million interest payment expired last week,
and a default can be called after that.

China's former top builder has remained silent after saying to
Bloomberg News last week that it does not expect to meet all of its
offshore payments on time, citing China's home market weakness and
subdued sales. The company added that it hopes to seek a "holistic
solution" to its debt problems.

With US$186 billion of total liabilities, Country Garden is one of
the world's most indebted builders and has come to symbolise
China's broader property woes. Creditors are now examining whether
the the latest payment failure would trigger a cross-default on
other debt, and when the company will deliver a restructuring
blueprint.

Country Garden's debt now trades for pennies on the US dollar,
Bloomberg notes. The 6.15 per cent note due in 2025 last traded for
under 10 US cents, according to Trace.

                        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 News of Closing of All Stores; Stock Price Rise
-------------------------------------------------------------------
Yicai Global reports that Gome Retail Holdings' stock price climbed
after the cash-strapped Chinese retailer rebutted a report that
said it had closed all of its stores in China's Guangdong province
while also admitting that the number had dropped considerably.

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

On Oct. 16, Yicai learned from two home appliance suppliers in
southern China that Gome's electrical appliance unit had closed its
last remaining store in Guangdong. One of the suppliers also noted
that Gome still owes them money, and the matter has come to a
standstill.

After Gome's liquidity woes worsened last year, it has been closing
shops to cut expenses while seeking new funding to remain in
business, Yicai notes.

Last May, Gome raised about HKD776 million (USD99.2 million) after
placing 1.96 billion shares priced at 40 Hong Kong cents apiece
with at least six investors, Yicai recalls. It planned to use 60
percent of the funding 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 to repay debt, the firm said
on Oct. 6, Yicai relates.

Founded by Huang Guangyu in 1987, Gome started out as a small
electronics store in the capital city. The firm expanded quickly
over the years, becoming one of the country's biggest and most
well-known retail chains for electronics and home appliances, with
a vast network of bricks-and-mortar stores.

Gome has since come under intense pressure from other major
electronics retailers such as Suning, JD.Com, and Alibaba Group
Holding's Tmall, and Covid-19 outbreaks in China also forced it to
shutter stores and upended online deliveries.

For the six months ended June 30, Gome's operating income shrank 97
percent from a year earlier to CNY414.8 million (USD56.8 million),
Yicai discloses citing latest trading report. The firm's net loss
widened 19 percent to CNY3.5 billion (USD484 million).

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.


SHENZHEN HAIDA: Founder Pares Stake in Firm to Raise Cash
---------------------------------------------------------
Yicai Global, citing Red Star News, reports that the founder and
chairman of Shenzhen Haida Decoration Group is selling part of his
equity in the Chinese interior decoration company on social media
platform Wechat Moments to help the struggling firm, which is a
casualty of the downturn in the country's real estate sector, to
pay off its debts.

A number of parties are in touch with Gao Feng about the equity
sale, the news outlet under Chengdu Economic Daily reported on Oct.
23, citing a leaked screenshot that Gao allegedly posted on WeChat
Moments, Yicai relays.

The company, which is owed large sums by cash-strapped developers
such as Country Garden, has amassed CNY290 million (USD39.7
million) in overdue bank loans, Yicai discloses.

In the screenshot, which has been verified, Gao listed a number of
developers that owe money to the company, including Agile Group,
Excellence Group and Henghong.

Although the size of the share sale was not stated, Gao and his
wife own 100 percent of Haida and the Shenzhen-based company has
assets of almost CNY1 billion (USD136.9 million), according to
Yicai.

Yicai says demand for interior design services has plunged amid a
stagnant real estate market, the report said, citing Li Yujia,
chief researcher at Guangdong province's housing policy research
center. As a downstream supplier, Haida expanded rapidly when the
property market was hot, accumulating many bank loans, he added.

Haida, which was set up in 1992, also provides office and home
decoration and design services to tech giants such as Huawei
Technologies, ZTE and Tencent Holdings and these projects are
proceeding as normal, Gao said.


WENS FOODSTUFF: Fitch Cuts LT Foreign Curr. IDR to BB, Outlook Neg
------------------------------------------------------------------
Fitch Ratings has downgraded Chinese hog and broiler producer Wens
Foodstuff Group Co., Ltd.'s Long-Term Foreign-Currency Issuer
Default Rating (IDR) to 'BB' from 'BB+' with a Negative Outlook.
The agency has also downgraded Wens' senior unsecured and US dollar
note ratings to 'BB' from 'BB+'.

The downgrade reflects the prolonged industry oversupply, resulting
in persistent low hog prices and weakening Wens' medium-term
profitability. Hog prices have been below breakeven for most of
2023, which Fitch expects to result in an EBITDA loss for the year.
The ratings also reflect the inherent heightened volatility in the
pace and degree of a price rebound.

The Negative Outlook reflects the uncertainty in the pace of price
normalisation. EBITDA could turn positive quickly with Wen's
low-cost position, but the company would require at least a
mid-cycle level of profitability for its free cash flow (FCF) to
improve towards neutral. Increasing its production volume would
require high capex on maintaining more sows, making it harder to
break even in FCF generation.

Fitch would consider revising the Outlook to Stable if EBITDA
recovers such that FCF can improve sustainably towards neutral.
Wens has demonstrated the ability to control cost amid high grain
prices. Fitch believes Wens, as one of China's lowest-cost
breeders, will be one of the first beneficiaries once the industry
recovers.

KEY RATING DRIVERS

Industry Oversupply, Slow Capacity Reduction: Fitch believes the
oversupply in the Chinese hog-breeding industry will take time to
ease. The sow herd remains above the government target of 41
million, at 42.4 million at end-August 2023, mainly due to slow
capacity reduction. Large breeders have strong incentive to
increase capacity utilisation to lower unit costs and protect
market share.

Even after a significant loss in 2021, the top-10 breeders aim to
raise 2023 sales or production volume by 40% yoy on average after
22% growth in 2022 and 89% in 2021. Wens also continued to raise
hog production by 47% yoy in 1H23 and targets another increase in
production to 33 million heads in 2024.

Gradual Hog Price Normalisation: Hog prices have become harder to
predict and subject to more volatility due to bouts of African
swine fever infections that have hurt the profitability of hog
producers. Fitch estimates Wens' 2023 total EBITDA will be negative
as hog prices fell back to below CNY16.5/kg, the industry breakeven
price, in October 2023 after a short rebound in 3Q23. Fitch
estimates hog prices will gradually normalise from 2H24 and help
restore EBITDA margins to mid-cycle levels of around 10% by 2025,
but uncertainty remains.

Negative FCF to Narrow: Fitch expects Wens' negative FCF to narrow
as profitability improves, but the higher capex for a large herd
may delay the progress towards neutral FCF. Wens' investment slowed
significantly to CNY9.4 billion in 2022, from CNY13 billion in 2021
and CNY30 billion in 2020, as the industry entered the downturn.
Its business strategy has also shifted to increasing operational
efficiency.

Fixed-asset capex is flexible during difficult times but Fitch
believes an increasing portion of the capex will be for sow herd
maintenance. Fitch estimates around CNY9 billion in total capex per
year in 2023-2025.

Cost Leader: Wens remains one of the cost leaders in the
hog-breeding industry, which Fitch believes will allow
profitability to rebound more quickly when hog prices rise. Wens
has made solid progress in cutting costs despite high grain prices
in 2022-2023 and is likely to meet its target to cut average all-in
cost to below CNY16/kg in 2023. The cost has been around
CNY16.2-18/kg year to date and CNY16.2-16.4/kg in July-August,
compared with CNY17-20/kg in 2022 and CNY24/kg in 2021. The cost
reduction in 2023 was mainly due to improving operational
efficiency on greater efforts in disease control.

Deleveraging Capacity: Fitch expects Wens to deleverage, although
the pace will depend on a hog price recovery. Strong hog prices in
2H22 resulted in a lower EBITDA net leverage of 1.8x for the year.
Fitch expects mid-cycle EBITDA of CNY10 billion-15 billion in
2025-2026, leading to a moderate leverage profile of 2.0x-3.0x,
although 2024 EBITDA may still be weak due to sluggish market
sentiment.

Trade Payables Increase: Wens' management said it has increased
supplier financing in 2023 to fund operating cash flow. Fitch
estimates trade payable days will rise to 50 days in 2023 from 39
days in 2022, which may lead to around CNY5 billion in
working-capital inflow in 2025. Nonetheless, Fitch thinks the
longer trade payable days will be temporary and will revert to
historical levels in an upturn.

Market Position Maintained: Fitch believes some of Wens'
business-profile factors, such as market position and protein
diversification, are competitive against that of peers. Its hog
volume and poultry scale place it in a leading position in China's
protein industry. It also has broad domestic coverage, but protein
diversification may carry fewer benefits during downcycles due to
the high share of its hog business.

DERIVATION SUMMARY

Wens' credit profile is comparable with that of 'BB' category
protein peers. Its business profile is as strong as that of Minerva
S.A. (BB/Stable) and BRF S.A. (BB/Stable) for its normalised
mid-cycle EBITDA generation, broad coverage in domestic pork
consumption and protein diversification. Wens' mid-cycle leverage
is also comparable, but China's volatile hog cycle and high feed
inflation have dampened the company's deleveraging capacity.

Wens has a weaker financial profile than investment-grade protein
peers, such as China-based WH Group Limited (BBB+/Stable) and
US-based Pilgrim's Pride Corporation (BBB-/Stable), amid the
inherent volatility of China's hog-breeding industry. Wens'
mid-cycle EBITDA, market position and protein diversification
between swine and poultry show some low investment-grade
characteristics, but are offset by high leverage and minimal margin
stability amid the industry downturn.

KEY ASSUMPTIONS

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

- Hog sales volume of 26 million heads in 2023, 33 million in 2024
and 36 million in 2025 (2022: 18 million);

- Broiler sales volume to grow 10% in 2023 and 5% in 2024-2025
(2022: -2% yoy);

- Negative operating EBITDA margin in 2023 before improving towards
10% by 2025 (2022: 14.3%);

- Capex intensity (capex/revenue) of 7%-10% mainly on sow
maintenance and expansion, community farming and processing
facilities (2022: 11.2%);

- No dividend to be paid until net income turns positive, with a
payout rate of 30%.

RATING SENSITIVITIES

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

- Fitch may revises the Outlook to Stable if there is greater
visibility on negative FCF narrowing and EBITDA net leverage
improving sustainably to below 3.5x.

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

- EBITDA margin fails to return towards mid-cycle profitability of
around 10%;

- Widening negative FCF due to weak operating cash flow generation
or high capex.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: The company reported CNY4.7 billion in readily
available cash at end-1H23. Fitch- defined available cash was
CNY9.1 billion in 1H23, including CNY2.4 billion in cash in a
puttable bond account. Fitch has also treated CNY3 billion in
wealth-management products as 70% cash as management said the
products have guaranteed returns. The available cash is 0.7x the
CNY12.4 billion in short-term debt, all of which are short-term
bank loans and can be rolled over. Wens had CNY30 billion in
undrawn credit facilities at end-September 2023.

Wens also has CNY7.7 billion in other financial investments managed
mainly by its 100%-owned subsidiary, Wens Investment Limited. The
subsidiary's operations are separate from the parent's but
management said the cash is available to Wens and the investments
can be liquidated to provide a liquidity buffer when needed. Wens
repaid all outstanding onshore bonds in July-August 2023, except
for a CNY7.7 billion convertible bond due 2027. Wens has continued
to repurchase its US dollar bonds from the market. Its 2025 notes
have an outstanding USD216 million and 2030 notes have USD118
million remaining.

ISSUER PROFILE

Wens is the second-largest hog breeder and the largest
yellow-feather broiler breeder in China as of end-1H23. The company
also operates other poultry such as duck, pigeon, layer chicken and
animal farming-related businesses.

ESG CONSIDERATIONS

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

   Entity/Debt           Rating          Prior
   -----------           ------          -----
Wens Foodstuff
Group Co., Ltd.   LT IDR BB  Downgrade   BB+

   senior
   unsecured      LT     BB  Downgrade   BB+



=================
H O N G   K O N G
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CHINA KANGDA: Gets Winding-Up Petition, Said to Owe HKD39 Million
-----------------------------------------------------------------
The Business Times reports that China Kangda Food Company on Oct.
23 received a winding-up petition filed by Hong Kong High Quality
with the High Court of Hong Kong, over an alleged failure to repay
loans of HKD39 million (SGD6.8 million).

The controlling shareholder and director of Hong Kong High Quality
is a relative of Gao Yanxu - China Kangda's executive director, the
company said in a bourse announcement.

No winding-up order has been granted by the High Court of Hong
Kong, it added, BT relays.

According to BT, China Kangda said that it was in the process of
seeking legal advice, and had been in active negotiations with the
petitioner for an amicable settlement of the winding-up petition.

The first hearing for the case is scheduled for Dec. 27 at 9:30
a.m., at the High Court of Hong Kong, BT discloses.

"The company wishes to remind shareholders and potential investors
. . . that the shares of the company may be restricted as the
deposits of the shares into the central clearing and settlement
system may be suspended due to the petition," it said.

China Kangda Food Company Limited is a Hong Kong-based investment
holding company principally engaged in the production and sales of
foods. The Company operates through four segments. Processed Food
Products segment is engaged in the production and sales of
processed food products, such as canned products, chestnuts and
short necked clams, among others. Chilled and Frozen Rabbit Meat
segment is engaged in the production and sales of chilled and
frozen rabbit meat products. Chilled and Frozen Chicken Meat
segment is engaged in the production and sales of chilled and
frozen chicken meat products. Other Products segment is engaged in
the production and sales of chicken and rabbit meat byproducts, as
well as pet food products. The Company operates businesses in
China, Singapore, Russia, Japan, Korea and Malaysia, among others.




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

ALI AGENCY: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ali Agency
(Ali; part of Mahavir group) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             7.5        CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             8.5        CRISIL D (Issuer Not
                                      Cooperating)

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

For arriving at its rating, CRISIL Ratings has combined the
business and financial risk profiles of Ali and Mahavir
Enterprises. This is because both the firms, together referred to
as the Mahavir group, have a common management and significant
operational synergies.

Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.


AQUA FOODS: CRISIL Lowers Rating on INR24.76cr Term Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Aqua Foods Exim (AFE) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating' due to delay in repayment
of term debt obligations as confirmed by the company's banker.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           20          CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Long Term     0.74       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan              24.26      CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with AFE for
obtaining information through letter and email dated June 16, 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 AFE, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AFE
is consistent with 'Assessing Information Adequacy Risk'

Set up in 2019, AFE is setting up a processing unit for marine
products in Ratnagiri, Maharashtra. The firm is promoted by Mr
Mohammed Ayyub Moulana, Mr Abdul Azeez and Mr Abdul Ahad.


ARHAM NON WOVEN: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Arham Non
Woven Private Limited (ANWPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             3          CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              11.55       CRISIL D (Issuer Not
                                      Cooperating)

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

ANWPL was incorporated in January 2014 by Mr. Dharmesh Jain and Mr.
Nishant Daga. The company, based in Surat, manufactures technical
textile fabric made out of polypropylene. The plant is located at
Mangrol in Surat (Gujarat). It started commercial operations in
January 2015.


CHEMTROLS SAMIL: CRISIL Lowers Rating on INR8cr Cash Loan to C
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Chemtrols Samil India Private Limited  (CSIPL) to
'CRISIL C' from 'CRISIL B-/Stable' and reaffirmed its 'CRISIL A4'
rating on the short term bank facility.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          2          CRISIL A4 (Reaffirmed)

   Bank Guarantee          4.5        CRISIL A4 (Reaffirmed)

   Cash Credit             8          CRISIL C (Downgraded from
                                      'CRISIL B-/Stable')

   Long Term Loan          0.5        CRISIL C (Downgraded from
                                      'CRISIL B-/Stable')

The ratings reflect the modest scale of operations, stretched
working capital cycle, below average financial risk profile and
poor liquidity. The weaknesses are partially offset by the
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Stretched working capital cycle: Operations are working capital
intensive as reflected in gross current assets of 450 days as on
March 31, 2023, driven by high receivables and inventory of 287 and
137 days, respectively. Debtor days are high as 80% of project
value is received on supply and the balance is received on
installation. In addition, approximately 33% of debtors were due
for more than 6 months as on March 31, 2023. Inventory is high as
the company has to keep it to cater the needs of the customers.
Working capital cycle is expected to remain large over the medium
term as the around 50% of the company's customers by value are
PSU's.

* Modest scale of operations: Revenue of INR15.43 crore in fiscal
2023 reflects modest scale of operations, leading to pricing
pressure and limited operational flexibility. Intense competition
in the industry will continue to constrain scale of operations.
While the company has reported revenues of around INR10 crores till
September 2023 in fiscal 2024, significant ramp up in scale of
operations remains a key monitorable for the medium term.

* Modest financial risk profile: The financial risk profile of the
company is marked with net worth of INR2.18 crores as of 31st March
2023 due to continued losses. The total outside liabilities to
adjusted net worth (TOL/ANW) has been high at 9.75 times and
interest coverage of 0.77 times as on March 31,2023 as compared to
8.98 times and 0.31 times, respectively as on March 31, 2022. Debt
protection measures remain weak with interest coverage and NCATD of
0.77 and 0.0028 times in fiscal 2023. Sustained improvement in
capital structure and debt protection measures with improved
profitability remains a key sensitivity factor.

Strengths:

* Extensive experience of the promoters: Benefits from the
extensive experience of the promoters and parent companies' strong
track record spanning several decades in the industrial components
industry should continue to support the business. The company get
benefit from its major customers like IOC, BHEL, L&T, Flowserve
etc.

Liquidity: Poor

Bank limit is fully utilised for the past twelve months ended July
2022, with instances of over utilisation. Cash accruals are
expected to be insufficient against the repayments of 0.62 and 0.24
crore in fiscal 2024 and fiscal 2025 respectively. Fund support
from promoters will be required for liquidity. Cash Balance
available as on March 2023 is INR1.95 crores.

Rating Sensitivity Factors

Upward factors  

* Sustained improvement in revenue and profitability leading to
positive net cash accruals of above INR1 Crore.

* Improvement in working capital cycle and financial risk profile.


Downward factors   

* A further decline in the revenues or continued weakness in
operating profitability leading to delay in servicing of debt
obligations or overdrawing of bank limits for more than 30 days.

* Any further debt funded capital expenditure or stretched working
capital cycle affecting the financial risk profile and liquidity

CSIPL was set up in 2001, as a joint venture of the Chemtrols group
of India and Samil Industry Company Ltd, Korea. Mr K Nandakumar is
the chairman of the company. It manufactures industrial components
such as level gauges, level switches, valves, spray nozzles, and
gas conditioning and dust suppression systems. The manufacturing
unit is located in Ambernath.


DHANLAXMI COTEX: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dhanlaxmi
Cotex (DC) continue to be 'CRISIL D Issuer Not Cooperating'.

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

   Cash Term Loan           2         CRISIL D (Issuer Not
                                      Cooperating)

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

Set up in 2013, DC is a partnership firm promoted by the Patel
family. The firm undertakes cotton ginning and pressing operations
at its production facility in Kadi (Gujarat). DC started its
commercial production in October 2014.


DHARMRAJ ALUMINIUM: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dharmraj
Aluminium Industries Private Limited (DAIPL) continues to be
'CRISIL D Issuer Not Cooperating'.

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

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

DAIPL, incorporated in 2011, manufactures aluminium ingots. The
company is currently promoted and managed by Mr. Vijay C Gujar and
Mr. Bharat B Gujar. DAIPL has a manufacturing facility in
Aurangabad (Maharashtra) with a capacity of 18,000 tonne per
annum.


DULLAT RESORT: CRISIL Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Dullat Resort
(DR) continues to be 'CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan                7         CRISIL D (Issuer Not
                                      Cooperating)

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

Established in 2015, Dullat resort is in Mohali region and
operating with 24 rooms. Firm is promoted by Avtar Sing and
Rupinder singh.


ENVISION SCIENTIFIC: CRISIL Lowers Rating on INR22.86cr Loan to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Envision Scientific Private Limited (EP) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating' due to
delay in the interest as well as principal recovery in the Foreign
currency demand loan and Foreign currency term loan facility, as
confirmed by the company's banker.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            22.86       CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL BB+/Stable
                                      ISSUER NOT COOPERATING')

   Cash Credit            10          CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL BB+/Stable
                                      ISSUER NOT COOPERATING')

   Cash Credit             4.25       CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL BB+/Stable
                                      ISSUER NOT COOPERATING')

   Long Term Loan         39.94       CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL BB+/Stable
                                      ISSUER NOT COOPERATING')

   Proposed Long Term      1.38       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Downgraded
                                      from 'CRISIL BB+/Stable
                                      ISSUER NOT COOPERATING')

   Working Capital         1.57       CRISIL D (ISSUER NOT
   Term Loan                          COOPERATING; Downgraded
                                      from 'CRISIL BB+/Stable
                                      ISSUER NOT COOPERATING')

CRISIL Ratings has been consistently following up with EP for
obtaining information through letter and email dated August 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 EP, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EP is
consistent with 'Assessing Information Adequacy Risk'.

Established in 1996 as a proprietorship by Mr Narendra Kumar, EP
imports and trades in polymers such as low density polyethylene,
linear low-density polyethylene, high-density polyethylene,
polypropylene and polypropylene copolymer; along with engineering
plastics such as nylon polyamides 6 and 66, polycarbonates and
polybutylene terephthalate.


EXTOL INDUSTRIES: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Extol
Industries Limited (EIL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Working Capital        12.5        CRISIL D (Issuer Not
   Facility                           Cooperating)

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

Incorporated in 1997, EIL is owned and managed by Mr. Gyanendra
Bhatnagar and his family members. EIL operates wind turbine
generator facility in Raisen (Madhya Pradesh). The facility started
operations in September 2014.


FENIX PROCESS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Fenix Process
Technologies Private Limited (FPTPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          8          CRISIL D (Issuer Not
                                      Cooperating)

   Cash Credit             6.5        CRISIL D (Issuer Not
                                      Cooperating)
   Export Packing
   Credit                  8          CRISIL D (Issuer Not
                                      Cooperating)
   Proposed Long Term
   Bank Loan Facility      1.02       CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               6.48       CRISIL D (Issuer Not
                                      Cooperating)

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

Incorporated in 2006 and based in Pune, FPTPL is promoted by Mr. M
V Rao. The company undertakes process engineering and
manufacturing, involving the provision of complete design,
engineering, and equipment solutions for distillation and other
mass-transfer operations.


FSD BUILDING: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of FSD Building
Materials Private Limited (FSD) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Overdraft Facility      30         CRISIL D (Issuer Not
                                      Cooperating)

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

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

FSD, incorporated in 2010, is promoted by Mr Yahya Farouk Darvesh,
Ms Hanifa Farouk Darvesh, and Mr Zakaria Farouk Darvesh based in
Mumbai. The family has been engaged in the timber industry for over
100 years. The company trades in timber, medium-density fibreboard,
and wood-based chemicals, and is managed by Ms Hanifa Farouk
Darvesh and Mr Zakaria Farouk Darvesh.


GREENBILT INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Greenbilt
Industries Private Limited (Greenbilt) continues to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      21         CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

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

Promoted by Mr Aditya Agrawal, Greenbilt was incorporated on June
4, 2012. The company is setting up a manufacturing unit of aerated
autoclave concrete blocks, with an installed capacity of 1,71,000
cubic meter per annum at Durg district (Chhattisgarh).


GVRMP DHARWAD: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GVRMP Dharwad
Ramanagar Tollway Private Limited (GDRTPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               50         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               35         CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan               65         CRISIL D (Issuer Not
                                      Cooperating)

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

GDRTPL is a special purpose vehicle (SPV) set up as a joint venture
between GVR Infra Projects Limited (51%), RMN Infrastructures Ltd
(25%) and Prathyusha Group (24%) in 2010. GDRTPL has entered into a
30 year concession agreement with Karnataka Road Development
Corporation Limited to widen and maintain SH-34 from Dharwad to
Ramanagar (Karnataka) for a total length of 61.4 kms on BOT-toll
basis.


INNOVATIVE INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Innovative
Infraprojects Private Limited (IIPL) continues to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               17.8       CRISIL D (Issuer Not
                                      Cooperating)

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

IIPL, incorporated in 2009, develops residential and commercial
real estate projects in Dhanbad, Jharkhand. Its daily operations
are managed by Mr. Kashish Vyas.


ISR INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of ISR Infra
Private Limited (IIPL) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

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

   Cash Credit              2.17      CRISIL D (Issuer Not
                                      Cooperating)

   Open Cash Credit         5         CRISIL D (Issuer Not
                                      Cooperating)

   Working Capital          0.83      CRISIL D (Issuer Not
   Term Loan                          Cooperating)

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

Established in 2010, IIPL undertakes civil projects such as
construction of roads and bridges. Visakhapatnam, Andhra
Pradesh-based IIPL is promoted by Mr Srinivas Rao and family.


KISANVEER SATARA: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kisanveer
Satara Sahakari Sakhar Karkhana Limited (KSSSKL) continue to be
'CRISIL D Issuer Not Cooperating'.

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

   Proposed Long Term     147.77      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating)

   Term Loan               53.23      CRISIL D (Issuer Not
                                      Cooperating)

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

KSSSKL is a cooperative sugar mill, at Bhuinj in Satara district of
Maharashtra. It was set up in 1968, by the late Mr Kisan Mahadeo
(Abasaheb) Veer and Mr Prataprao Bhosale. The society is currently
chaired by Mr Madan Bhosale.


MATAJI DYEING: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Mataji Dyeing
Mills Private Limited (MDMPL) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             7          CRISIL D (Issuer Not
                                      Cooperating)

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

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

Incorporated in 2012 by Mr Bajrang Kelania, MDMPL took over the
operations of Mataji Dyeing, a proprietary firm of the promoter.
The company is involved in weaving, dyeing, finishing, and trading
of fabrics, and is based in Pali, Rajasthan. It produces two types
of fabrics: Rubia for saree blouses and Poplin for saree
petticoats.

In fiscal 2017, the promoter started Mataji Weaving Mills for
backward integration and reducing material cost. The firm procures
yarns and outsources weaving to looms in Bhiwandi in Maharashtra.
The grey cloth is supplied to MDMPL.


RAGHAVA PROJECT: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings the ratings on bank facilities of Raghava Project
Constructions Private Limited (RPCPL) continue to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          3.25       CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      0.75       CRISIL D (Issuer Not
                                      Cooperating)

   Overdraft Facility      2.5        CRISIL D (Issuer Not
                                      Cooperating)

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

RPCPL was set up in 2012 by Mr. B Raghava Rao and Mrs. B Sudha
Rani. The company executes civil contracts in Andhra Pradesh. It is
based in Vijayawada, Andhra Pradesh.


RANA FARMS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rana Farms
and Foods Private Limited (RFPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             3.6        CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          5          CRISIL D (Issuer Not
                                      Cooperating)

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

Set up in 1985 by Mr. R Ravindran, RFPL is engaged in layer farming
for production and sell of white shell eggs to wholesalers located
in Tamil Nadu, Kerala, Karnataka, Bangalore etc. The company has
its own poultry farm spread across an area of around 545acres in
Namakkal district of Tamil Nadu. Currently RFPL has egg production
capacity of around 2,00,000 eggs per day.


RASHMI STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rashmi Steels
(RS) continue to be 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             15         CRISIL D (Issuer Not
                                      Cooperating)

   Letter of Credit         0.65      CRISIL D (Issuer Not
                                      Cooperating)

   Rupee Term Loan          5.35      CRISIL D (Issuer Not
                                      Cooperating)

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

Registered in 2001, INRis a proprietorship firm engaged in trading
of ferrous and nonferrous scrap and has recently commenced
aluminium extrusion. The firm is based out of Mumbai with its
warehousing facility located in Bhuleshwar, Mumbai and has a
factory located near Baroda, Gujarat for aluminium extrusion. The
firm is promoted by Mr. Babulal G Bohra


RAYBAN FEEDS: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Rayban Feeds
and Hatcheries Private Limited (RFHPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             12         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan          11         CRISIL D (Issuer Not
                                      Cooperating)

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

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

Incorporated in 2011, RFHPL is engaged in poultry farming. The
company was incorporated as a joint venture between the Elahi and
Vadivel families, based in Hapur, Uttar Pradesh,-and Coimbatore,
Tamil Nadu, respectively. It has a registered office in Coimbatore
while its poultry farming unit is in Hapur; the unit commenced
operations in fiscal 2014.


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

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            28.5        CRISIL D (Issuer Not
                                      Cooperating)

   Term Loan              42.5        CRISIL D (Issuer Not
                                      Cooperating)

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

SIPL, incorporated in November 2009 and promoted by Mr. Dillip
Kumar Agarwalla, commissioned a 37-tonne-perhour raw and par-boiled
rice processing unit in Jajpur, Odisha, in June 2014. Commercial
operations commenced in October 2014.


SATYA SAI: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Satya Sai
Constructions (SSSC) continue to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Bank Guarantee          7.5        CRISIL D (Issuer Not
                                      Cooperating)

   Open Cash Credit        4.5        CRISIL D (Issuer Not
                                      Cooperating)

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

Established in 1999 by Mr Krishnam Raju, SSSC undertakes civil
construction works, such as construction of government buildings
and houses in Andhra Pradesh and Telangana.


SUSHIL ANSAL: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sushil Ansal
Foundation (SAF) continues to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Term Loan               24.8       CRISIL D (Issuer Not
                                      Cooperating)

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

SAF was established in December 2010. The trust is currently
running AITM, located at Sushant Golf City, Lucknow; Sushant Golf
City is a township being set up by a group company, Ansal
Properties and Infrastructure Ltd. AITM offers several technical
and management courses affiliated with the requisite authorities;
it has a total intake capacity of 600 students. The trust is also
in the process of expanding the infrastructure to set up a private
university, Ansal University, in the same campus, for which the
approvals are under process.


VASAVI AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Vasavi
Agro Foods (SVAF) continue to be 'CRISIL D Issuer Not
Cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit             19         CRISIL D (Issuer Not
                                      Cooperating)

   Long Term Loan           2         CRISIL D (Issuer Not
                                      Cooperating)

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

Set up in fiscal 2013 as a partnership firm, SVAF processes paddy
into rice, rice bran, broken rice, and husk; it commenced
commercial production in December 2013. The rice mill is located at
Karatagi in Koppal (Karnataka). The operations are managed by the
chief partner Mr Y Vasudev Shetty.




=========
J A P A N
=========

RICOH CO: Egan-Jones Retains BB+ Senior Unsecured Ratings
---------------------------------------------------------
Egan-Jones Ratings Company on October 12, 2023, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Ricoh Company, Ltd. EJR also withdraws rating on
commercial paper issued by the Company.

Headquartered in Ota City, Tokyo, Japan, Ricoh Company, Ltd.
manufactures and markets office automation equipment, electronic
devices, and photographic instruments.




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

ELANZA FRESH: Thomas Lee Rodewald Appointed as Receiver
-------------------------------------------------------
Thomas Lee Rodewald of Rodewald Consulting Limited on Oct. 17,
2023, was appointed as receiver and manager of Elanza Fresh
limited.

The liquidators may be reached at:

         C/- Rodewald Consulting Limited
         Level 1, The Hub
         525 Cameron Road
         PO Box 15543
         Tauranga 3144


FRAYMAN LIMITED: Creditors' Proofs of Debt Due on Nov. 20
---------------------------------------------------------
Creditors of Frayman Limited are required to file their proofs of
debt by Nov. 20, 2023, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Oct. 16, 2023.

The company's liquidator is:

         John Marshall Scutter
         Fervor Limited
         Level 1, 17–19 Seaview Road
         Paraparaumu Beach


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

The Commissioner of Inland Revenue filed the petition against the
company on Sept. 7, 2023.

The Petitioner's solicitor is:

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


SKIN CLINIC: Creditors' Proofs of Debt Due on Nov. 20
-----------------------------------------------------
Creditors of The Skin Clinic Marlborough Limited are required to
file their proofs of debt by Nov. 20, 2023, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on Oct. 14, 2023.

The company's liquidators are:

         Geoff Falloon
         Biz Rescue Limited
         PO Box 27
         Nelson 7040


SUMMERS CONSTRUCTION: Court to Hear Wind-Up Petition on Oct. 31
---------------------------------------------------------------
A petition to wind up the operations of Summers Construction Nz
Limited will be heard before the High Court at Wellington on Oct.
31, 2023, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 22, 2023.

The Petitioner's solicitor is:

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




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

CAPITAL A: AirAsia Phil. Racks Up PHP14B Losses in Last 2 Years
---------------------------------------------------------------
Bilyonaryo.com reports that things are getting turbulent in Tony
Fernandes' Air Asia Philippines (AirAsia) adventure as the budget
carrier has taken a nosedive, racking up a jaw-dropping PHP14
billion in losses over the past two years.

Isla Lipana & Co., the auditing firm, isn't pulling any punches and
is openly questioning whether Mr. Fernandes can navigate AirAsia
through financial storm clouds, Bilyonaryo.com relates.

In the firm's latest annual report, Isla Lipana said AirAsia's
massive losses - PHP7.9 billion in 2022 and PHP6.4 billion in 2021
- have pushed its capital deficiency to PHP39.9 billion or 60 times
its original capital, Bilyonaryo.com discloses.

Beyond these losses, AirAsia is grappling with unpaid obligations
to creditors and aircraft lessors.

As of 2022, AirAsia is mired in a liability quagmire, with P11
billion in dues and demandable payments and another P24 billion due
within a year, Bilyonaryo.com says.

According to Bilyonaryo.com, the airline's struggle to meet its
obligations predates the pandemic. In 2018, it failed to meet
financial commitments related to a PHP1.78 billion loan from BDO
Unibank. The carrier managed to postpone payments to BDO as well as
restructure its lease contracts with aircraft suppliers.

Bilyonaryo.com relates that Isla Lipana said these figures indicate
that a "material uncertainty" exists on its ability to continue as
a going concern.

The PWC affiliate's audit showed AirAsia's cash reserves at a
dangerously low PHP84 million; unpaid refunds to consumers at
PHP774 million; and payables to suppliers rising 18 percent
year-on-year to PHP16.9 billion.

AirAsia's parent company, Malaysia's Capital A, submitted a letter
to Isla Lipana maaping out a plan to lift the carrier out of its
deep financial hole, according to Bilyonaryo.com.

This plan involves expanding operations in Japan, China, and Hong
Kong, increasing agent numbers, introducing new products,
maximizing cargo-related profits, improving yields and take-up
rates, and stringent cost controls, Bilyonaryo.com relates.

Isla Lipana, however, remained steadfast in its assessment, with
the auditing firm stating, "Our opinion remains unchanged on this
matter" in a report dated May 2023.

Apparently, the auditor gave little weight on the financial
capacity of Capital A, where Mr. Fernandes sits as CEO and
executive director, which itself is facing serious financial
problems of its own.

                          About Capital A

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

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

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
18, 2022, Capital A is in the midst of formulating a plan to
regularize its financial condition to address its Practice Note 17
(PN17) status.  

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

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

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

In October 2023, Capital A has requested for an extension to submit
its regularisation plan to Bursa Malaysia, making it the third
request made by the financially-distressed company. In a filing to
the bourse, Capital A said it had sought for an extension until
Dec. 31, 2023.


PHOENIX PETROLEUM: Divests from Loss-Making Singapore Subsidiary
----------------------------------------------------------------
Bilyonaryo.com reports that Duterte crony Dennis Uy is exiting from
Phoenix Petroleum's (PNX) regional trading arm based in Singapore.

According to Bilyonaryo.com, the PNX board chaired by Mr. Uy
approved the firm's divestment from PNX Petroleum Singapore Pte.
Ltd. through a share buy back.

"The divestment is consistent with and pursuant to the liability
management exercise (LME) in order to generate additional working
capital to support core business operations," said PNX.

Bilyonaryo.com relates that PNX Singapore reversed its PHP308
million foreign currency gain in 2022 to a PHP24 million loss. This
accounting error was just one of several in PNX's annual financial
report, causing their losses to surge by a whopping 269 percent
year-on-year, reaching PHP3.2 billion last year.

PNX, however, continued to pile up the losses to PHP2.061 billion
in the first half of this year.

PNX reduced its stake in its Singapore unit from 100 percent in
2021 to 85 percent in 2022, Bilyonaryo.com notes. PNX has PHP1.167
billion in total investments in the company.

PNX Singapore was established and registered in Singapore in
October 2017. It enables PNX's direct procurement from refineries
within the region, thanks to its substantial demand as well as sale
of petroleum products to local and regional clients.

                      About Phoenix Petroleum

Phoenix Petroleum Philippines, Inc. is engaged in the marketing and
distribution of petroleum products on a wholesale and retail basis
as well as the operation of gas stations, oil depots, storage
facilities and allied services.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
30, 2023, Dennis Uy's financial troubles have deepened as Phoenix
Petroleum's (PNX) navigates an extraordinary surge in losses.

PNX reported losses of PHP2.061 billon in the first half this year,
1,617 percent more than its PHP121 million loss in 2022,
Bilyonaryo.com disclosed.

While Uy-led management previously blamed PNX's PHP3.2 billion loss
last year to the spiraling cost of crude oil, the prevailing
scenario has seen the average price of Dubai crude (benchmark of
Asian refineries) dwindling by a quarter to $77.37 per barrel.

According to Bilyonaryo.com, PNX's setback came primarily from its
ballooning financial expenses which hit PHP1.9 billion this year,
43 percent more than the PHP1.3 billion last year.



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

AAX SINGAPORE: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on Oct. 17, 2023, to
wind up the operations of AAX Asia Private Limited and AAX
Singapore Private Limited.

The company's liquidator is:

          Luke Anthony Furler
          Quantuma (Singapore)
          137 Amoy Street
          #02-03, Far East Square
          Singapore 049965


APEX STAR: Commences Wind-Up Proceedings
----------------------------------------
Members of Apex Star Investment Pte Ltd, on Oct. 13, 2023, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidators are:

          Saw Meng Tee
          Ong Shyue Wen
          EA Consulting Pte Ltd
          (a subsidiary of EisnerAmper PAC)
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


CDL HOSPITALITY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Rating
(IDR) on Singapore-based CDL Hospitality Real Estate Investment
Trust (H-REIT) at 'BB+'. The Outlook is Stable.

The affirmation with Stable Outlook is underpinned by Fitch's
expectations that H-REIT's revenue per available room (RevPAR) will
continue to recover over the next 12-18 months, albeit at a slower
pace, which will improve EBITDA net leverage. However, Fitch does
not expect the trust's credit profile to recover to pre-pandemic
levels over the next few years due to a lower mix of revenue from
master leases with fixed-rents and long-stay assets, and higher
leverage due to asset developments and contracted acquisitions.

KEY RATING DRIVERS

Business Recovery to Moderate: Fitch expects H-REIT's EBITDA to
recover to SGD130 million in 2023, slightly higher than its
pre-pandemic level of SGD129 million in 2019. However, EBITDA
growth is likely to slow, and Fitch projects EBITDA at about SGD138
million in 2024, as global flight capacities and travel volumes
gradually return to normal. Fitch expects the trust's occupancy
rates to recover to around 83% in 2024, closer to pre-pandemic
levels, which should mitigate potentially softer average daily
rates (ADRs) amid improving hotel supply and economic challenges in
some markets.

H-REIT's RevPAR recovered strongly on higher ADRs and occupancy
rates, driving improved cashflows in 2023. RevPAR in key markets
such as Singapore, Australia and the UK, all exceeded pre-pandemic
levels in 1H23, driven by high ADRs, while occupancy has lagged
2018-2019 levels.

Reducing Fixed-Rent Income: Fitch expects the mix of fixed rent in
H-REIT's revenue to reduce to around 15% by 2026, below
pre-pandemic levels of about 30%. The increase in fixed rent from
the step-up after the end of H-REIT's five-year rent abatement
agreement with Pullman Hotel Munich and Hotel Cerretani Firenze,
signed in 2021 and 2020, respectively, will be more than offset by
the acquisition of the Moxy Hotel Clarke Quay Singapore in 2025,
which is expected to operate via a management contract.

With this, H-REIT's credit profile will move closer towards a
pure-play hotel operator with higher exposure to almost overnight
re-pricing of its room-inventory. To capture this heightened risk,
Fitch has tightened the leverage and interest coverage thresholds
applicable to the trust's 'BB+' rating

Gradual Diversification into Longer-Stay Assets: The planned
opening of a built-to-rent residential property, The Castings in
the UK, in 2H24 supports the trust's plan to diversify into
longer-stay assets and away from hotels, to achieve more revenue
visibility. Fitch expects the property to generate revenue of about
SGD2 million in 2024, and rise to a steady-state of about SGD7.6
million by 2026.

Slow Deleveraging from Investments: Fitch projects EBITDA net
leverage to improve to around 8.0x in 2023-2024, from 9.8x in 2022,
on improving RevPAR and cashflows. However, this is counterbalanced
by higher debt to fund the Castings development in the next nine to
12 months, and the potential acquisition of the Moxy Hotel in 2025.
Fitch has assumed the trust will fund 60% of Moxy's purchase price
of SGD475 million with equity, to keep the loan-to-value ratio
below 40%, in line with its track record. Fitch expects H-REIT's
leverage to remain adequate for its rating over the medium term.

Manageable Interest-Rate Risk: Fitch projects the trust's interest
costs to rise to SGD45 million in 2023, from SGD30 million in 2022,
amid rising market interest rates. Consequently, the trust's
interest coverage will reduce to 2.9x in 2023, but remain healthy
and above the 2.5x threshold below which Fitch may consider
negative rating action. Fitch expects H-REIT to maintain its mix of
fixed/hedged interest rates (1H23: 47.9%) in the near term as Fitch
expects market interest rates to fall in the next one to two
years.

Rating Based on Consolidated Profile: H-REIT is part of a stapled
group, CDL Hospitality Trusts (CDLHT), which consists of H-REIT and
CDL Hospitality Business Trust (HBT). Under the stapling deed, each
stapled security consists of one unit of H-REIT and one unit of
HBT, and is treated as a single instrument. H-REIT's rating is
based on the consolidated profile of H-REIT and HBT given Fitch's
view that there are strong operating and strategic linkages between
the two trusts, as provided for in the stapling deed.

DERIVATION SUMMARY

H-REIT's IDR is comparable with peers such as Capitaland Ascott
Real Estate Investment Trust (Ascott REIT, BBB/Stable), Whitbread
PLC (BBB/Stable) and Host Hotels & Resorts, Inc. (BBB-/Positive).

Ascott REIT, rated two notches above H-REIT, has a larger and more
geographically diverse property portfolio with 105 properties
across 15 countries. Ascott REIT has a higher proportion of income
from fixed rent and long-stay properties, as well as longer
average-stay tenancies than hotels as it caters to the
serviced-residence segment. Fitch expects Ascott REIT's gross
profits from master leases and long-stay properties to remain at
50%-60% over the next few years, which provides it with stronger
cash flow visibility. The trust also benefits from best-in-class
access to capital through economic cycles.

Similarly, Whitbread is rated two notches above H-REIT. Although
pure-play hotel operators are exposed to higher fixed costs and
almost overnight repricing of revenues, Whitbread's significantly
larger operating scale with EBITDAR of around USD1.1 billion in the
financial year ended 2 March 2023 and more conservative leverage of
2.6x supports the higher rating. Furthermore, Whitbread's portfolio
of freehold property enhances its financial flexibility.

Host is rated one notch above H-REIT as it has a substantially
larger operating scale with EBITDA of USD1.46 billion, from 73
high-quality upmarket hotels across the US and five hotels in
Brazil and Canada. This mitigates the risks from exposure to almost
overnight repricing of its room inventory. Conversely, H-REIT has a
proportion of fixed rent that limits cashflow declines during
sector downturns, but its scale is much smaller and it is less
diversified. The Positive Outlook on Host reflects that it will
deleverage to below 3.0x in the next 12 months.

KEY ASSUMPTIONS

- Revenue of SGD264.3 million in 2023, improving to SGD275.3
million in 2024 and SGD338.1 million in 2025.

- EBITDA margin to improve slightly to 49.4% in 2023 and 50.2% in
2024, before falling to 47.1% in 2025 with the inclusion of Moxy
Hotel Clarke Quay.

- Moxy Hotel acquisition cost of SGSD475 million financed through
40:60 debt-equity split in 2025.

- Maintenance capex of SGD15 million in 2023 and SGD20 million a
year in 2024-2026.

RATING SENSITIVITIES

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

- Fitch does not expect positive rating action in the next two
years as the trust's business profile and leverage will remain
weaker than pre-pandemic levels, by its estimates.

- Over the longer term, a sustained increase in H-REIT's revenue
contribution from fixed-rent and long-stay assets, with EBITDA net
leverage returning to pre-pandemic levels.

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

- EBITDA interest coverage sustained below 2.5x

- EBITDA net leverage remaining above 8.5x due to a slower recovery
and/or debt-funded acquisitions, and net debt/investment property
value sustained above 50%.

- A sustained decline in the mix of revenue from fixed-rents and
long-stay assets, without a meaningful reduction in EBITDA net
leverage.

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: As of 1H23, H-REIT had SGD63.8 million of
cash on hand and SGD185 million in undrawn committed revolving
credit facilities and term loans. This comfortably covers the
trust's SGD86 million debt maturities until June 2024. H-REIT has a
track record of healthy access to domestic banks to support its
liquidity through downturns.

ISSUER PROFILE

H-REIT's stapled group, CDLHT, has a portfolio comprising 19
operational properties, including a total of 4,280 rooms and a
retail mall, collectively valued at SGD2.8 billion in December
2022. Its build-to-rent project in the pipeline, The Castings, will
have 352 apartment units.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
CDL Hospitality
Real Estate
Investment Trust    LT IDR BB+  Affirmed   BB+

H&C S HOLDINGS: Commences Wind-Up Proceedings
---------------------------------------------
Members of H&C S Holdings Pte. Ltd. and H&C S Investments Pte. Ltd.
on Oct. 13, 2023, passed a resolution to voluntarily wind up the
company's operations.

The company's liquidators are:

          Saw Meng Tee
          Ong Shyue Wen
          EA Consulting Pte Ltd
          (a subsidiary of EisnerAmper PAC)
          1 North Bridge Road
          #23-05 High Street Centre
          Singapore 179094


HALLMARK TRADERS: Creditors' Meeting Set for Nov. 7
---------------------------------------------------
Hallmark Traders Pte Ltd will hold a meeting for its creditors on
Nov. 7, 2023, at 10:30 a.m., at 3 Shenton Way #03-06C Shenton
House, in Singapore.

Agenda of the meeting includes:

   a. to nominate liquidator(s) or to confirm members' nomination
      of liquidator(s);

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

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

   d. to consider any other matters which may be brought before
      the meeting.

Mr. Farooq Ahmad Mann of M/s Mann & Associates was appointed as
Provisional Liquidator of the company on Oct. 17, 2023.


LASER CLINICS: Commences Wind-Up Proceedings
--------------------------------------------
Members of Laser Clinics Singapore Pte Ltd, on Oct. 12, 2023,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Mick Aw
          Bernard Juay
          c/o 10 Anson Road
          #29-16 International Plaza
          Singapore 079903


LIPPO MALLS: Moody's Affirms 'Caa1' CFR, Outlook Remains Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed Lippo Malls Indonesia Retail
Trust's (LMIRT) Caa1 corporate family rating and the Caa1 backed
senior unsecured rating on the bonds issued by LMIRT Capital Pte.
Ltd., a wholly-owned subsidiary of LMIRT. The bonds are guaranteed
by the trustee of LMIRT.

At the same time, Moody's has maintained the negative outlook on
both entities.

On October 16, the trust announced that it had amended and restated
its existing SGD term loans of SGD245 million. The amended loan
facility totals SGD198 million and will amortize over three years.
The difference of SGD47 million between the old and restated loans
will be repaid using part of its SGD96 million cash balance as of
June 30, 2023.

"While LMIRT has addressed its near-term bank loan maturities, the
trust's Caa1 ratings reflect its continued exposure to significant
refinancing risk, with its $232 million US dollar bond maturing in
June 2024. There are no concrete refinancing plans in place," says
Rachel Chua, a Moody's Vice President and Senior Analyst.

"At the same time, this transaction constitutes a distressed
exchange, because pushing the loan maturity date beyond the June
2024 and February 2026 bond maturities in a tight funding
environment represents default avoidance and an economic loss
relative to the original promise to pay," adds Chua.

The negative outlook reflects LMIRT's refinancing risk in a tight
funding market, with its bond maturing in June 2024. The material
refinancing risk further exacerbates the likelihood of a payment
default or a distressed exchange for the US dollar bonds.

RATINGS RATIONALE

LMIRT's very weak liquidity and significant refinancing needs with
the looming June 2024 maturity of its US dollar bond are a
pertinent credit risk, amid its limited market access.

The trust's sponsor, Lippo Karawaci Tbk (P.T.) (B3 stable), has
extended its onshore banking relationships to LMIRT. It is,
however, unclear how these discussions are progressing.

The Caa1 CFR also reflects the company's unsustainable capital
structure, weak financial management and the continued uncertainty
surrounding its pace of recovery from the pandemic in an
environment of inflation and slower growth.

While the transaction reduces a small amount of debt and the
corresponding interest expense, Moody's expects LMIRT's credit
metrics to remain weak.

Over the next two years, its interest cover as measured by adjusted
debt/EBITDA will stay at 2.1x-2.2x and will worsen if interest
rates spike further. As of June 30, 2023, only 39.2% of the trust's
debt are fixed rate.

Moody's also estimates LMIRT's adjusted leverage, as measured by
adjusted debt/EBITDA, will remain at around 7.8x-8.0x over the next
two years. This assumes the trust's portfolio occupancy rate will
increase, albeit gradually, towards 84% in 2024 and 85% in 2025. As
of June 30, 2023, its portfolio occupancy was 81.4%.

LMIRT's liquidity is weak. The trust had cash and cash equivalents
of SGD96 million as of June 30, 2023, which together with its
annual operating cash flows of around SGD50 million, will not
sufficiently address its upcoming US dollar bond maturity in June
2024. The trust will have to rely on external funding to address
its cash flow requirements.

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

Moody's is unlikely to upgrade the ratings or revise the outlook to
stable prior to the company addressing its refinancing needs
through 2024 and improving its liquidity profile.

Failure to make any progress on refinancing will result in further
rating downgrades.

The principal methodology used in these ratings was REITs and Other
Commercial Real Estate Firms published in September 2022.

Lippo Malls Indonesia Retail Trust (LMIRT) is a real estate
investment trust that has been listed on the Singapore Stock
Exchange since November 2007. As of September 30, 2023, it had a
portfolio of 22 retail malls and seven retail spaces across major
cities in Indonesia, with a total appraised value of around SGD1.7
billion.



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

SRI LANKA: Inflation Rate Eases to 0.8% in Sept vs 2.1% in Aug.
---------------------------------------------------------------
Reuters reports that Sri Lanka's consumer price inflation rate
eased to 0.8% year-on-year in September from 2.1% in August, the
statistics department said on Oct. 23.

The National Consumer Price Index (LKNCPI=ECI) captures broader
retail price inflation and is released with a lag of 21 days every
month.

Food prices fell 5.2% in September after declining 5.4% in August,
from a year earlier, the Department of Census and Statistics said
in a statement, Reuters relays.

Prices for non-food items, however, climbed 5.9% in September after
rising 9% year-on-year in August.

According to Reuters, Sri Lanka experienced record high inflation
after its economy was pummelled by the worst financial crisis in
decades.

But since June, its inflation has come down sharply, partly due to
the statistical base effect, but also helped by a stronger rupee
currency, and improved harvests.

Sri Lanka raised power prices for households by 18% last week but
the increase is unlikely to significantly push up inflation,
analysts said.

"We expect inflation to end the year at about 5%. A small increase
is expected as the base effect is coming to an end from September
but the impact from price adjustments is not expected to be
severe," Reuters quotes Dimantha Mathew, head of research at First
Capital Research, as saying.

Sri Lanka secured a staff level agreement on the first review of
its $2.9-billion bailout from the International Monetary Fund (IMF)
on Oct. 20 but it still needs approval from the global lender's
Executive Board.

Reuters says the island needs to finalise debt restructuring talks
with main bilateral lenders including Japan and India as well as
bondholders to get past the first review and secure a second
tranche of about $330 million.

The battered economy is still expected to contract by 2% in 2023
after shrinking 7.8% last year, the report notes.

                          About Sri Lanka

Sri Lanka, formerly known as Ceylon and officially the Democratic
Socialist Republic of Sri Lanka, is an island country in South
Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal,
and southeast of the Arabian Sea; it is separated from the Indian
subcontinent by the Gulf of Mannar and the Palk Strait. Sri Lanka
shares a maritime border with India and the Maldives. Sri
Jayawardenepura Kotte is its legislative capital, and Colombo is
its largest city and financial centre.

The island nation defaulted on its foreign debt for the first time
in its history in April last year as the worst financial crisis
since independence from Britain in 1948 crushed its economy.

As recently reported in the Troubled Company Reporter-Asia Pacific,
Fitch Ratings has upgraded Sri Lanka's Long-Term Local-Currency
Issuer Default Rating (IDR) to 'CCC-' from 'RD' (Restricted
Default). Fitch typically does not assign Outlooks to sovereigns
with a rating of 'CCC+' or below. The Long-Term Foreign-Currency
IDR has been affirmed at 'RD' and the Country Ceiling at 'B-'.

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


                           *********


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

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

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

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

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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



                *** End of Transmission ***